text
stringlengths 0
11M
| link
stringclasses 1
value | source
stringclasses 16
values |
|---|---|---|
May 2, 2018 / 9:08 AM / Updated 7 minutes ago BRIEF-Goodix says is supplier to Samsung of fingerprint sensor for India Reuters Staff
STOCKHOLM, May 2 (Reuters) - Goodix:
* Says enters partnership with Samsung Electronics
* Says its fingerprint sensor has been commercialized on Samsung’s new smartphone model Galaxy J7 Duo to deliver biometric solutions for consumers in India
* Goodix spokesman says it is its first collaboration with Samsung on fingerprint sensors, have worked together on display before (Reporting by Olof Swahnberg) | ashraq/financial-news-articles | https://www.reuters.com/article/goodix-samsung-fingerprint-sensor/brief-goodix-says-is-supplier-to-samsung-of-fingerprint-sensor-for-india-idUSL8N1S92B3 |
May 22, 2018 / 2:06 AM / Updated 44 minutes ago Motor racing - Williams head to Monaco with more pain in prospect Alan Baldwin 4 Min Read
LONDON (Reuters) - It has been 15 years since Williams last won in Monaco, with Juan Pablo Montoya in 2003 after team mate Ralf Schumacher started from pole position, but scoring even a point would be something this weekend. FILE PHOTO: F1 Formula One - Williams Formula One Launch - London, Britain - February 15, 2018 Williams' Chief Technical Officer Paddy Lowe during the launch Action Images via Reuters/Paul Childs
Once a dominant team of champions, with nine constructors’ crowns and 114 grand prix wins, Williams return to the principality as tail-enders — last overall and with just four points from five races.
While that is better than 2013, when Williams failed to score in the opening nine races and ended the campaign with a mere five points, the slump has still been a shock to the system and there seems to be no quick fix.
At Spain’s Circuit de Catalunya the weekend before last, Russian rookie Sergey Sirotkin was last of those still running at the chequered flag while Canadian team mate Lance Stroll was 11th of 14.
Sirotkin has yet to open his account while all four points to date were produced by Stroll in one race — in Azerbaijan last month.
Processional Monaco offers little — for the team that took Alan Jones, Keke Rosberg, Nelson Piquet, Nigel Mansell, Alain Prost, Damon Hill and Jacques Villeneuve to titles — to get too excited about.
“I think what we’ve seen is that the issues we have are better and worse at different circuits,” said technical head Paddy Lowe after the race in Barcelona, a track he described as particularly unforgiving. Formula One - F1 - Azerbaijan Grand Prix - Baku City Circuit, Baku, Azerbaijan - April 28, 2018 Williams' Sergey Sirotkin during practice REUTERS/David Mdzinarishvili
“Monaco will be another thing altogether. I’m not going to predict where that lands, we’ll have to see.” NOT GOOD ENOUGH
Williams clambered back to finish third overall in 2014 and 2015, impressive for a privately-owned family team operating on a far smaller budget than the manufacturers, and have been fifth for the past two years.
But they have plenty to work on before they can start climbing back up the table again, with the Mercedes-powered car unbalanced and hard to handle.
The lack of performance, despite having the best engines available, is also likely to have a commercial impact. Title sponsors Martini have already announced they are off at the end of the year. Formula One - F1 - Azerbaijan Grand Prix - Baku City Circuit, Baku, Azerbaijan - April 27, 2018 Williams' Lance Stroll during practice REUTERS/David Mdzinarishvili
“We all carry responsibility. The car isn’t good enough, it’s not what it should be,” said Lowe in Barcelona.
“There are some issues with it, which fortunately we think we understand and we’re very busy doing a lot of work to fix those issues.
“We’re not writing off this season,” he added.
While Lowe was reluctant to give details, the car appears to be suffering an aerodynamic issue with the rear floor.
Lowe said that the problems were apparent right from the start of testing in March, with the drivers — the sport’s youngest and least experienced lineup — unable to drive it anywhere near the limit.
“You see the pace is really quite bad,” said Lowe. “There are many things that are good about the car and they are unable to show themselves because the car is let down by one particular aspect,” said the Briton.
“We have put in place...a recovery programme to bring back the performance, bring back the car to the level at which we intended to operate and that programme is timed up to the mid-season point.
“We just lost our way in some critical areas which we now understand.” Reporting by Alan Baldwin, editing by Toby Davis | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-motor-f1-monaco-williams/motor-racing-williams-head-to-monaco-with-more-pain-in-prospect-idUKKCN1IN06W |
NBA This Year's NBA Finals Are Once Again a Battle of Entrepreneurs LeBron James #23 of the Cleveland Cavaliers and Kevin Durant #35 of the Golden State Warriors react in the third quarter in Game 4 of the 2017 NBA Finals at Quicken Loans Arena on June 9, 2017 in Cleveland, Ohio. Jason Miller Getty Images By Aric Jenkins 2:35 PM EDT
For the fourth consecutive year, the Golden State Warriors and Cleveland Cavaliers will meet in the NBA Finals in what promises to be a battle of skill, grit and, yes, entrepreneurship.
Of course, each team’s owner and general manager possesses a level of business acumen to make it this far, but let’s narrow our focus a bit. The 2018 NBA Finals will be an entrepreneurship battle between LeBron James and Kevin Durant. You thought I was going to say Stephen Curry, didn’t you?
Curry and James will wage another battle — the battle of each team’s superstars, the faces of the franchises — but when it comes to investment, Durant appears to have an edge on his teammate. And, if we really want to stick to the game itself, Durant is the reigning NBA Finals MVP.
But anyway, back to business, Durant and James have both proven to be immaculate businessmen. The latter recently grew his investment in Liverpool Football Club by roughly five times thanks to a 2% stake he acquired for $6.5 million in 2011. With the English soccer team recently reaching the Champions League Final, that stake is now said to be worth approximately $32 million, according to ESPN.
James’ impressive portfolio doesn’t stop there. He made a cool $30 million-plus when Apple acquired Beats by Dre for $3 billion in 2014. It’s believed to be the biggest equity cash payout for a pro athlete, well, ever. And before that, James and business partner Maverick Carter sank $1 million into the Blaze Pizza chain, which is now worth an estimated $45 million.
How about James’ opponent, Durant? The nine-time all-star has cozied up to life in the Bay Area, so much so that he founded his own Silicon Valley start-up, the Durant Company. The venture has investments in tech companies such as Postmates and Acorns, as well as a number of entertainment developments and hotel and restaurant properties. A New York Times profile called Durant himself “Silicon Valley’s hottest start-up.”
Some of Durant’s other investments include Coinbase (digital currency), Pieology (pizza) and LimeBike (bike-share). The Durant Company usually throws in $250,000 to $1 million during the early stages. Just like the company’s positioning among Silicon Valley, Durant told ESPN that his dealings and education in business became a lot easier once he came to the Bay. “I have mentors like Ron Conway [early-stage Google and PayPal investor] and Ben Horowitz [co-founder of Silicon Valley venture capital fund Andreessen Horowitz] and good friendships with guys like Chris Lyons [chief of staff for Andreessen Horowitz]. I mean, you just go to dinner with these guys, hang out with them.”
On the court, Durant and James come Thursday night will look to cement their legacies among the best to ever play the game. James is vying for his fourth NBA title in his eighth straight appearance in the Finals. Durant will seek yet another Finals MVP in a career that has established him as one of the NBA’s most prolific scorers ever.
But another legacy seems to be pretty clear: no matter what happens in these Finals, Durant and James are making enough smart investments to make sure they’ll have plenty of money post-NBA. | ashraq/financial-news-articles | http://fortune.com/2018/05/30/2018-nba-finals-lebron-durant/ |
May 5, 2018 / 9:41 AM / in an hour Hawaii's Big Island on high alert after earthquakes, lava fissures Terray Sylvester 4 Min Read
PAHOA, Hawaii (Reuters) - Hawaii’s Big Island remains on high alert on Saturday after the Kilauea volcano spewed lava into residential areas, forcing hundreds to evacuate, and a series of earthquakes, including a powerful tremor, shook the island.
Scientists and local officials warned residents that seismic and volcanic activity may continue after a 6.9 tremor shook buildings on the island’s southeast corner a little after noon (2200 GMT) on Friday and more lava fissures were reported in a residential subdivision, where residents have been ordered to leave.
“Until we see earthquake activity dying down and the ground stops moving, it’s likely that this activity is going to continue,” said Tina Neal, a scientist in charge at the USGS Hawaii Volcano Observatory after a community meeting attended by about 300 people on Friday.
Some attendees shed tears as they asked officials about looting, travel restrictions and safety precautions at the Puna Geothermal Venture, a power plant in the eruption area.
“Today’s been a challenging day for everyone,” Neal said.
The meeting came hours after the 6.9 tremor caused buildings to shake at the Community Center in Pahoa town, one of two evacuation centers in the area hastily set up after lava started burbling up through fissures in the ground in neighborhoods nearby.
Friday also saw several more eruptive lava fissures, each several hundred yards long, in the Leilani Estates subdivision in the Puna District about a dozen miles (19 km) from the volcano. Lava emerges from the ground after Kilauea Volcano erupted, on Hawaii's Big Island May 3, 2018, in this still image taken from video obtained from social media. Jeremiah Osuna/via REUTERS
The Hawaii County Civil Defense Agency said in an alert that a total of six fissures had occurred. Although no significant lava flows have yet formed, additional outbreaks of lava, which can reach temperatures of about 2,100 degrees Fahrenheit (1,150 Celsius), were expected, the agency said.
Kilauea, one of the world’s most active volcanoes and one of five on the island, has been in constant eruption for 35 years. Lava flows from the volcano have covered 48 square miles (125 square km), according to the U.S. Geological Survey. Scientists say it is nearly impossible to predict how long an eruption will last.
On Thursday, Kilauea began spewing lava into residential areas after a series of earthquakes over the past week. Starting around 11 a.m. on Friday, the island experienced a flurry of earthquakes, culminating in the massive magnitude 6.9 tremor.
Some 1,700 residents in Leilani Estates and Lanipuna Gardens subdivisions were ordered to evacuate on Thursday after public works officials reported steam and lava erupting from fissures in the road, the Civil Defense agency said.
No injuries or deaths were reported, but Hawaii Governor David Ige activated the Hawaii National Guard to provide emergency help. Slideshow (3 Images)
Two houses have been destroyed, officials said.
Civil defense officials have warned the public about high levels of sulfur dioxide near the volcano, one reason for the evacuation orders. The gas can cause skin irritations and breathing difficulties. Additional reporting by Brendan O'Brien in Milwaukee; Editing by Toby Chopra | ashraq/financial-news-articles | https://www.reuters.com/article/us-hawaii-volcano/hawaiis-big-island-on-high-alert-after-earthquakes-lava-fissures-idUSKBN1I608N |
OSLO, May 8 (Reuters) - Norway’s $1 trillion sovereign wealth fund, the world’s largest, said on Tuesday it would support a resolution to be presented at the annual general meeting of U.S. energy infrastructure firm Kinder Morgan on Wednesday regarding its methane emissions.
“We will support the shareholder resolution asking for a report reviewing Kinder Morgan’s policies, actions and plans to measure, monitor, mitigate, disclose and set quantitative reduction targets for methane emissions from all operations, including storage and transportation,” it said in a statement. (Reporting by Gwladys Fouche, editing by Terje Solsvik)
| ashraq/financial-news-articles | https://www.reuters.com/article/norway-swf/norways-wealth-fund-says-to-support-methane-emission-motion-at-kinder-morgan-agm-idUSO9N1CX029 |
WASHINGTON, May 25, 2018 /PRNewswire/ -- The National Capital Bank of Washington (NCB) announced today Keshaun R. Clark has joined the Bank as Vice President, Business Development Officer. Based in the Bank's newest office location in the Courthouse community of Arlington, Virginia, Clark will focus on establishing and growing business relationships and community partnerships.
With two decades in the retail banking industry, Clark brings extensive experience in business development, relationship building and community engagement. Most recently, from WashingtonFirst, she held the position of Vice President, Branch Manager and previously at Virginia Commerce Bank in a similar role – both in the Alexandria market, where she opened new offices.
"We are delighted to have a community banker of Keshaun's caliber join NCB's talented business development team," said Debra Keats, Chief Retail Administration Officer. Keshaun's knowledge and successful track record in developing new business relationships will further strengthen NCB's exceptional service delivery to businesses and individuals in our market."
A long-time resident of Northern Virginia, Clark is a graduate of Northern Virginia Community College and an active member of several community organizations including Project Discovery, Bryce Project and the Arlington Chamber of Commerce. She is a former Director of the Northern Virginia Black Chamber of Commerce, and previously served as an Ambassador for the Alexandria Chamber of Commerce, a Team Lead for BNI in Alexandria and a Financial Educator for the Alexandria Chapter of NAACP.
The National Capital Bank of Washington was founded in 1889 and is Washington's Oldest Bank. NCB is headquartered on Capitol Hill with offices in the Friendship Heights community in Northwest D.C., and most recently the Courthouse community in Arlington, Virginia. NCB also operates residential mortgage and commercial lending offices and a wealth management services division. NCB product and service offerings include personal and business deposit accounts, robust online and mobile banking, sophisticated treasury management solutions, remote deposit capture and merchant processing – all delivered with top-rated personal service. NCB is well-positioned to serve all the banking needs of those in our community. For more information about NCB, visit www.nationalcapitalbank.com . The Bank trades under the symbol NACB.
View original content with multimedia: http://www.prnewswire.com/news-releases/the-national-capital-bank-of-washington-names-keshaun-clark-business-development-officer-300654834.html
SOURCE The National Capital Bank of Washington | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/25/pr-newswire-the-national-capital-bank-of-washington-names-keshaun-clark-business-development-officer.html |
SANTA MONICA, Calif. and VANCOUVER, British Columbia, May 24, 2018 /PRNewswire/ -- Global content leader Lionsgate (NYSE: LGF.A, LGF.B) today reported revenue of $4.1 billion and net income attributable to Lionsgate shareholders of $474 million, or fully diluted EPS of $2.15 on 220.4 million diluted weighted average common shares outstanding for fiscal 2018 (year ended March 31, 2018). Adjusted net income attributable to Lionsgate shareholders was $332 million or adjusted diluted EPS of $1.51, operating income was $249 million, and adjusted OIBDA was $604 million.
The Company generated $330 million in free cash flow during the fiscal year which, combined with proceeds from the sale of its stake in EPIX, enabled it to reduce net debt by $650 million.
Net income for the fiscal year includes a discrete net tax benefit of $259 million resulting from the impact of the change in U.S. federal corporate tax rates on net deferred tax liabilities as well as internal capital restructuring related to debt refinancing transactions in the fourth quarter, partially offset by an increase in deferred tax valuation allowances.
"Our strong quarter capped a successful year in which we exceeded our internal and consensus financial expectations with significant contributions across our film, television and Starz platforms," said Lionsgate Chief Executive Officer Jon Feltheimer. "We enter fiscal 2019 well positioned to continue growing our worldwide content platform, deepening our key talent relationships, and rolling out Starz as a truly global consumer brand. Today I'm pleased to announce that we've taken a major step forward in this initiative by launching STARZPLAY branded channels in the UK and Germany on Amazon Prime Video."
Fourth Quarter Results
For the fourth quarter ended March 31, 2018, the Company reported revenue of $1.04 billion, net income attributable to Lionsgate shareholders of $91 million or fully diluted EPS of $0.41 on 221.8 million diluted weighted average common shares outstanding. Adjusted net income attributable to Lionsgate shareholders in the quarter was $55 million or adjusted diluted EPS of $0.25, with operating income of $48 million and adjusted OIBDA of $136 million.
Segment Results
With Lionsgate's acquisition of Starz, fiscal 2018 results are not directly comparable to prior reporting periods, so the following segment results will be discussed as compared to the prior year on a combined pro forma basis.
Media Networks segment revenues increased by 5% to $1.53 billion due to strong over-the-top (OTT) revenue growth, driven by a 101% increase in OTT subscribers during the fiscal year, along with revenues from worldwide digital media licensing arrangements. Segment profits increased by 5% in the year to $469 million.
Motion Picture segment revenues decreased by 11% in fiscal 2018 due to a smaller theatrical slate and comparison to a prior year that included the blockbuster hit La La Land. Segment profits increased by 36% to $179 million, and the Company will achieve ultimate profitability on over 90% of its fiscal 2018 theatrical releases.
Television Production segment revenues of $805 million compared to $843 million in the prior year due to the composition of the television slate. Segment profits increased by 6% to $67 million in the fiscal year.
Lionsgate's backlog, or already contracted future revenue on the licensing of film and television product not yet recorded, was $1.2 billion at March 31, 2018.
Lionsgate senior management will hold its analyst and investor conference call to discuss its fiscal 2018 fourth quarter and full year financial results at 5:00 PM ET/2:00 PM PT this afternoon, May 24. Interested parties may listen to the live webcast by visiting the events page on the Lionsgate corporate website or via https://services.choruscall.com/links/lgf180524pmsLXxtx.html . A full replay will become available later this afternoon, May 24, by clicking the same link.
ABOUT LIONSGATE
The first major new studio in decades, Lionsgate is a global content platform whose films, television series, digital products and linear and over-the-top platforms reach next generation audiences around the world. In addition to its filmed entertainment leadership, Lionsgate content drives a growing presence in interactive and location-based entertainment, gaming, virtual reality and other new entertainment technologies. Lionsgate's content initiatives are backed by a 16,000-title film and television library and delivered through a global licensing infrastructure. The Lionsgate brand is synonymous with original, daring and ground-breaking content created with special emphasis on the evolving patterns and diverse composition of the Company's worldwide consumer base.
For further information, investors should contact:
James Marsh
310-255-3651
[email protected]
For media inquiries, please contact:
Peter Wilkes
310-255-3726
[email protected]
The matters discussed include , including those regarding the performance of future fiscal years. Such statements are subject to a number of risks and uncertainties. Actual results in the future could differ materially and adversely from those described in the as a result of various important factors, including the substantial investment of capital required to produce and market films and television series, increased costs for producing and marketing feature films and television series; budget overruns; limitations imposed by our credit facilities and notes; unpredictability of the commercial success of our motion pictures and television programming; risks related to acquisition and integration of acquired businesses; the effects of dispositions of businesses or assets, including individual films or libraries; the cost of defending our intellectual property; technological changes and other trends affecting the entertainment industry; litigation relating to the acquisition of Starz; impact of the Tax Cuts and Jobs Act; other trends affecting the entertainment industry; and the other risk factors as set forth in Lionsgate's Annual Report on Form 10-K filed with the Securities and Exchange Commission on May 24, 2018. The Company undertakes no obligation to publicly release the result of any revisions to these that may be made to reflect any future events or circumstances.
Additional Information Available on Website
The information should be read in conjunction with the financial statements and footnotes contained in the Company's Annual Report on Form 10-K for the year ended March 31, 2018, which will be posted on the Company's website at http://investors.lionsgate.com/financial-reports/sec-filings , when filed with the Securities and Exchange Commission. Trending schedules containing certain financial information will also be available at http://investors.lionsgate.com/governance/governance-documents .
LIONS GATE ENTERTAINMENT CORP.
CONSOLIDATED BALANCE SHEETS
March 31,
2018
March 31,
2017
(Unaudited, amounts in millions)
ASSETS
$
378.1
$
321.9
Restricted cash
—
2.8
Accounts receivable, net
946.0
908.1
Program rights
253.2
261.7
Other current assets
195.8
195.9
Total current assets
1,773.1
1,690.4
Investment in films and television programs and program rights, net
1,692.0
1,729.5
Property and equipment, net
161.7
165.5
Investments
164.9
371.5
Intangible assets
1,937.7
2,046.7
Goodwill
2,740.8
2,700.5
Other assets
458.6
472.8
Deferred tax assets
38.8
20.0
Total assets
$
8,967.6
$
9,196.9
LIABILITIES
Accounts payable and accrued liabilities
$
447.7
$
573.0
Participations and residuals
504.5
514.9
Film obligations and production loans
327.9
367.2
Debt - short term portion
79.1
77.9
Dissenting shareholders' liability
869.3
—
Deferred revenue
183.9
156.9
Total current liabilities
2,412.4
1,689.9
Debt
2,478.3
3,047.0
Participations and residuals
438.3
359.7
Film obligations and production loans
171.3
116.0
Other liabilities
46.4
50.3
Dissenting shareholders' liability
—
812.9
Deferred revenue
70.3
72.7
Deferred tax liabilities
91.9
440.2
Redeemable noncontrolling interest
101.8
93.8
Commitments and contingencies
EQUITY
Class A voting common shares, no par value, 500.0 shares authorized, 81.8 shares issued (March 31, 2017 - 81.1 shares issued)
628.7
605.7
Class B non-voting common shares, no par value, 500.0 shares authorized, 129.3 shares issued (March 31, 2017 - 126.4 shares issued)
2,020.3
1,914.1
Retained earnings
516.6
10.6
Accumulated other comprehensive loss
(9.7)
(16.0)
Total Lions Gate Entertainment Corp. shareholders' equity
3,155.9
2,514.4
Noncontrolling interests
1.0
—
Total equity
3,156.9
2,514.4
Total liabilities and equity
$
8,967.6
$
9,196.9
LIONS GATE ENTERTAINMENT CORP.
CONSOLIDATED STATEMENTS OF INCOME
Three Months Ended
Year Ended
March 31,
March 31,
2018
2017
2018
2017
(Unaudited, amounts in millions, except per share amounts)
Revenues
$
1,040.2
$
1,256.1
$
4,129.1
$
3,201.5
Expenses
Direct operating
583.1
721.5
2,309.6
1,903.8
Distribution and marketing
227.9
285.0
897.6
806.8
General and administration
116.9
122.0
454.4
355.4
Depreciation and amortization
39.9
39.9
159.0
63.1
Restructuring and other
24.0
16.4
59.8
88.7
Total expenses
991.8
1,184.8
3,880.4
3,217.8
Operating income (loss)
48.4
71.3
248.7
(16.3)
Interest expense
Interest expense
(31.5)
(41.2)
(137.2)
(99.7)
Interest on dissenting shareholders' liability
(14.8)
(15.5)
(56.5)
(15.5)
Total interest expense
(46.3)
(56.7)
(193.7)
(115.2)
Interest and other income
2.7
2.7
10.4
6.4
Loss on extinguishment of debt
(11.6)
(12.1)
(35.7)
(40.4)
Gain on sale of equity interest in EPIX
—
—
201.0
—
Gain on Starz investment
—
—
—
20.4
Impairment of long-term investments and other assets
—
—
(29.2)
—
Equity interests income (loss)
(18.0)
(0.5)
(52.8)
10.7
Income (loss) before income taxes
(24.8)
4.7
148.7
(134.4)
Income tax benefit
114.4
56.8
319.4
148.9
Net income
89.6
61.5
468.1
14.5
Less: Net loss attributable to noncontrolling interest
1.7
0.1
5.5
0.3
Net income attributable to Lions Gate Entertainment Corp. shareholders
$
91.3
$
61.6
$
473.6
$
14.8
Per share information attributable to Lions Gate Entertainment Corp. shareholders:
Basic net income per common share
$
0.43
$
0.30
$
2.27
$
0.09
Diluted net income per common share
$
0.41
$
0.28
$
2.15
$
0.09
Weighted average number of common shares outstanding:
Basic
210.3
204.4
208.4
165.0
Diluted
221.8
223.6
220.4
172.2
Dividends declared per common share
$
0.09
$
—
$
0.09
$
0.09
LIONS GATE ENTERTAINMENT CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Three Months Ended
Year Ended
March 31,
March 31,
2018
2017
2018
2017
(Unaudited, amounts in millions)
Operating Activities:
Net income
$
89.6
$
61.5
$
468.1
$
14.5
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
39.9
39.9
159.0
63.1
Amortization of films and television programs and program rights
408.9
512.1
1,641.7
1,414.0
Interest on dissenting shareholders' liability
14.8
15.5
56.5
15.5
Amortization of debt discount and financing costs
3.3
4.8
14.3
12.9
Non-cash share-based compensation
13.9
2.5
88.4
76.9
Other non-cash items
14.4
0.6
20.1
4.3
Distribution from equity method investee
—
—
—
14.0
Gain on Starz investment
—
—
—
(20.4)
Loss on extinguishment of debt
11.6
12.1
35.7
40.4
Equity interests loss (income)
18.0
0.5
52.8
(10.7)
Gain on sale of equity interest in EPIX
—
—
(201.0)
—
Impairment of long-term investments and other assets
—
—
29.2
—
Deferred income tax benefit
(110.2)
(54.1)
(299.5)
(163.4)
Changes in operating assets and liabilities:
Restricted cash
—
—
2.8
0.1
Accounts receivable, net and other assets
(57.1)
(140.7)
(8.6)
(87.8)
Investment in films and television programs and program rights, net
(438.3)
(432.2)
(1,526.4)
(1,092.0)
Accounts payable and accrued liabilities
38.5
73.4
(181.7)
152.9
Participations and residuals
24.2
79.5
62.6
205.3
Film obligations
(0.3)
(6.9)
5.1
17.1
Deferred revenue
(54.2)
(25.7)
(29.9)
(98.1)
Net Cash Flows Provided By Operating Activities
17.0
142.8
389.2
558.6
Investing Activities:
Proceeds from the sale of equity method investee, net of transaction costs
—
—
393.7
—
Investment in equity method investees
(5.8)
(7.3)
(53.4)
(20.6)
Distributions from equity method investee
—
0.9
—
3.1
Business acquisitions, net of cash acquired
—
(45.2)
(1.8)
(1,102.6)
Capital expenditures
(17.5)
(9.5)
(45.9)
(25.2)
Net Cash Flows Provided By (Used In) Investing Activities
(23.3)
(61.1)
292.6
(1,145.3)
Financing Activities:
Debt - borrowings
3,551.0
92.0
3,712.6
4,002.8
Debt - repayments
(3,343.5)
(514.9)
(4,335.7)
(2,766.9)
Production loans - borrowings
20.2
65.3
319.7
296.0
Production loans - repayments
(65.6)
(9.2)
(332.8)
(632.6)
Dividends paid
—
—
—
(26.8)
Distributions to noncontrolling interest
(2.2)
(1.0)
(8.2)
(6.9)
Exercise of stock options
13.2
24.4
44.9
25.4
Tax withholding required on equity awards
(5.9)
(9.2)
(22.9)
(40.9)
Net Cash Flows Provided By (Used In) Financing Activities
167.2
(352.6)
(622.4)
850.1
Net Change In Cash And Cash Equivalents
160.9
(270.9)
59.4
263.4
Foreign Exchange Effects on Cash
0.5
(1.9)
(3.2)
0.8
Cash and Cash Equivalents - Beginning Of Period
216.7
594.7
321.9
57.7
Cash and Cash Equivalents - End Of Period
$
378.1
$
321.9
$
378.1
$
321.9
LIONS GATE ENTERTAINMENT CORP.
SEGMENT INFORMATION
The Company has three reportable business segments: (1) Motion Pictures, (2) Television Production and (3) Media Networks (which was not a reportable segment prior to the quarter ended December 31, 2016).
Motion Pictures consists of the development and production of feature films, acquisition of North American and worldwide distribution rights, North American theatrical, home entertainment and television distribution of feature films produced and acquired, and worldwide licensing of distribution rights to feature films produced and acquired. As a result of the Starz Merger, beginning December 8, 2016, the Motion Pictures segment includes Starz's third-party distribution business.
Television Production consists of the development, production and worldwide distribution of television productions including television series, television movies and mini-series, and non-fiction programming.
Media Networks (which was not a reportable segment prior to the quarter ended December 31, 2016) consists of (i) Starz Networks, which includes the licensing of premium subscription video programming to U.S. multichannel video programming distributors ("MVPDs") including cable operators, satellite television providers and telecommunication companies, and over-the-top ("OTT") providers, and on a direct-to-consumer basis (ii) Content and Other, which includes the licensing of the Media Networks' original series programming to digital media platforms, international television networks, home entertainment and other ancillary markets and (iii) Streaming Services, which represents the Lionsgate legacy start-up direct to consumer streaming services on its subscription video-on-demand ("SVOD") platforms which were moved under the Media Networks segment in connection with the Starz Merger.
In the ordinary course of business, the Company's reportable segments enter into transactions with one another. The most common types of intersegment transactions include licensing motion pictures or television programming from the Motion Pictures and Television Production segments to the Media Networks segment. In addition, intersegment transactions include distribution fees charged to the Media Networks segment by the Television Production segment for the distribution of Media Networks' original series programming in ancillary markets. While intersegment transactions are treated like third-party transactions to determine segment performance, the revenues (and corresponding expenses or assets recognized by the segment that is the counterparty to the transaction) are eliminated in consolidation and, therefore, do not affect consolidated results.
LIONS GATE ENTERTAINMENT CORP.
SEGMENT INFORMATION (Continued)
Segment information by business unit is presented in the table below. The Media Networks segment was not previously a reportable segment prior to the quarter ended December 31, 2016, and reflects Starz Networks and Content and Other from the date of acquisition of Starz (December 8, 2016), and the Lionsgate direct to consumer streaming services on SVOD platforms for the historical periods presented.
Three Months Ended
Year Ended
March 31,
March 31,
2018
2017
2018
2017
(Unaudited, amounts in millions)
Segment revenues
Motion Pictures
$
424.9
$
654.0
$
1,822.1
$
1,920.6
Television Production
252.7
242.6
805.3
837.4
Media Networks
365.7
370.8
1,532.5
456.6
Intersegment eliminations
(3.1)
(11.3)
(30.8)
(13.1)
$
1,040.2
$
1,256.1
$
4,129.1
$
3,201.5
Gross contribution
Motion Pictures
$
61.3
$
82.8
$
292.6
$
237.8
Television Production
35.4
22.4
107.5
91.9
Media Networks
140.5
155.5
570.2
183.6
Intersegment eliminations
0.3
(2.8)
(1.9)
(3.2)
$
237.5
$
257.9
$
968.4
$
510.1
Segment general and administration
Motion Pictures
$
32.1
$
30.8
$
113.2
$
105.3
Television Production
12.0
9.4
40.3
32.1
Media Networks
25.3
30.7
100.9
45.0
$
69.4
$
70.9
$
254.4
$
182.4
Segment profit
Motion Pictures
$
29.2
$
52.0
$
179.4
$
132.5
Television Production
23.4
13.0
67.2
59.8
Media Networks
115.2
124.8
469.3
138.6
Intersegment eliminations
0.3
(2.8)
(1.9)
(3.2)
Total segment profit
$
168.1
$
187.0
$
714.0
$
327.7
Corporate general and administrative expenses
(32.1)
(24.3)
(110.3)
(92.6)
Adjusted OIBDA (1)
$
136.0
$
162.7
$
603.7
$
235.1
(1)
See "Use of Non-GAAP Financial Measures" for the definition of Adjusted OIBDA and reconciliation to the most directly comparable GAAP financial measure.
LIONS GATE ENTERTAINMENT CORP.
SEGMENT INFORMATION (Continued)
The following table sets forth revenues and segment profit by product line for the Media Networks segment for the three months and years ended March 31, 2018 and 2017:
Three Months Ended
Year Ended
March 31,
March 31,
2018
2017
2018
2017
(Unaudited, amounts in millions)
Media Networks Revenue:
Starz Networks
$
350.5
$
340.6
$
1,404.1
$
423.4
Content and Other
12.3
28.9
121.3
30.3
Streaming Services (1)
2.9
1.3
7.1
2.9
$
365.7
$
370.8
$
1,532.5
$
456.6
Media Networks Segment Profit:
Starz Networks
$
122.4
$
127.3
$
468.0
$
165.9
Content and Other
0.5
8.1
40.2
8.2
Streaming Services (1)
(7.7)
(10.6)
(38.9)
(35.5)
$
115.2
$
124.8
$
469.3
$
138.6
(1)
Streaming Services represents the Lionsgate legacy start-up direct to consumer streaming service initiatives on SVOD platforms which are now included in the Media Networks segment.
LIONS GATE ENTERTAINMENT CORP.
PRO FORMA COMBINED SEGMENT INFORMATION
The following table sets forth segment information for the year ended March 31, 2017 on a pro forma combined basis as if the Starz Merger and our segment reorganization occurred on April 1, 2016, compared with the actual consolidated segment information for the year ended March 31, 2018:
ACTUAL
PRO FORMA
COMBINED
Year Ended March 31,
2018
2017
(Unaudited, amounts in millions)
Segment revenues
Motion Pictures
$
1,822.1
$
2,040.2
Television Production
805.3
843.2
Media Networks
1,532.5
1,458.9
Intersegment eliminations
(30.8)
(23.8)
$
4,129.1
$
4,318.5
Gross contribution
Motion Pictures
$
292.6
$
250.3
Television Production
107.5
97.9
Media Networks
570.2
569.6
Intersegment eliminations
(1.9)
(6.9)
$
968.4
$
910.9
Segment general and administration
Motion Pictures
$
113.2
$
118.5
Television Production
40.3
34.8
Media Networks
100.9
122.5
$
254.4
$
275.8
Segment profit
Motion Pictures
$
179.4
$
131.8
Television Production
67.2
63.1
Media Networks
469.3
447.1
Intersegment eliminations
(1.9)
(6.9)
Total segment profit
$
714.0
$
635.1
Corporate general and administrative expenses
(110.3)
(92.3)
Adjusted OIBDA (1)
$
603.7
$
542.8
(1)
See "Use of Non-GAAP Financial Measures" for the definition of Adjusted OIBDA and reconciliation to the most directly comparable GAAP financial measure.
NOTE: The pro forma combined amounts above for the year ended March 31, 2017 were determined by combining the historical financial information of Lionsgate and Starz for each respective period, applying the new Lionsgate segment structure, and applying the acquisition related accounting. However, the effects of purchase accounting are not part of the definition of segment profit, and have been excluded accordingly. In addition, the combined information does not apply any operating costs synergies. The amounts are presented for illustrative purposes and are not necessarily indicative of the combined financial results that might have been achieved for the periods had the acquisition taken place on April 1, 2016, nor are they indicative of the future combined results of Lionsgate and Starz.
LIONS GATE ENTERTAINMENT CORP.
PRO FORMA COMBINED SEGMENT INFORMATION (Continued)
The following table sets forth revenues by product line on a pro forma combined basis for the Media Networks segment for the year ended March 31, 2017, compared with the actual consolidated Media Networks segment information for the year ended March 31, 2018:
ACTUAL
PRO FORMA
COMBINED
Year Ended March 31,
2018
2017
(Unaudited, amounts in millions)
Media Networks Revenue:
Starz Networks
$
1,404.1
$
1,374.8
Content and Other
121.3
81.2
Streaming Services (1)
7.1
2.9
$
1,532.5
$
1,458.9
Media Networks Segment Profit:
Starz Networks
$
468.0
$
473.7
Content and Other
40.2
8.9
Streaming Services (1)
(38.9)
(35.5)
$
469.3
$
447.1
(1)
Streaming Services represents the Lionsgate legacy start-up direct to consumer streaming service initiatives on SVOD platforms which are now included in the Media Networks segment.
LIONS GATE ENTERTAINMENT CORP.
USE OF NON-GAAP FINANCIAL MEASURES
This earnings release presents the following important financial measures utilized by Lions Gate Entertainment Corp. (the "Company," "we," "us" or "our") that are not all financial measures defined by generally accepted accounting principles ("GAAP"). The Company uses non-GAAP financial measures, among other measures, to evaluate the operating performance of our business. These non-GAAP financial measures are in addition to, not a substitute for, or superior to, measures of financial performance prepared in accordance with United States GAAP.
Adjusted OIBDA: Adjusted OIBDA is defined as operating income (loss) before adjusted depreciation and amortization ("OIBDA"), adjusted for adjusted share-based compensation ("adjusted SBC"), purchase accounting and related adjustments, and restructuring and other costs.
Adjusted depreciation and amortization represents depreciation and amortization as presented on our consolidated statement of operations, less the depreciation and amortization related to the amortization of purchase accounting and related adjustments associated with the acquisition of Starz and Pilgrim Media Group. Accordingly, the full impact of the purchase accounting is included in the adjustment for "purchase accounting and related adjustments", described below. Adjusted share-based compensation represents share-based compensation excluding immediately vested stock awards granted as part of the Company's annual bonus program issued in lieu of cash bonuses (which are, when granted, included in segment or corporate general and administrative expense), and excluding the impact of the acceleration of certain vesting schedules for equity awards pursuant to certain severance arrangements, which are included in restructuring and other expenses, when applicable. Restructuring and other includes restructuring and severance costs, certain transaction and related costs, and certain unusual items, when applicable. Purchase accounting and related adjustments represent the amortization of non-cash fair value adjustments to certain assets acquired in the acquisition of Starz, Pilgrim Media Group and Good Universe.
Adjusted OIBDA is calculated similar to how the Company defines segment profit and manages and evaluates its segment operations. Segment profit also excludes corporate general and administrative expense.
Free Cash Flow: Free cash flow is defined as net cash flows provided by (used in) operating activities, less capital expenditures, plus or minus the net increase or decrease in production loans. The adjustment for the production loans is made because the GAAP based cash flows from operations reflects a non-cash reduction of cash flows for the cost of films and television programs associated with production loans prior to the time the Company actually pays for the film or television program. The Company believes that it is more meaningful to reflect the impact of the payment for these films and television programs in its free cash flow when the payments are actually made.
Adjusted Net Income (Loss) Attributable to Lions Gate Entertainment Corp. Shareholders: Adjusted net income (loss) attributable to Lions Gate Entertainment Corp. shareholders is defined as net income (loss) attributable to Lions Gate Entertainment Corp. shareholders, adjusted for share-based compensation, purchase accounting and related adjustments, restructuring and other items, loss on extinguishment of debt, and unusual gains or losses, net of the tax effect of the adjustments at the applicable blended statutory rate and net of the impact of the adjustments on non-controlling interest.
Adjusted Basic and Diluted EPS : Adjusted basic earnings (loss) per share is defined as adjusted net income (loss) attributable to Lions Gate Entertainment Corp. shareholders divided by the weighted average shares outstanding. Diluted EPS is similar to basic EPS but is adjusted for the effects of securities that are diluted based on the level of adjusted net income (loss), similar to GAAP.
LIONS GATE ENTERTAINMENT CORP.
USE OF NON-GAAP FINANCIAL MEASURES (Continued)
These measures are non-GAAP financial measures as defined in Regulation G promulgated by the SEC and are in addition to, not a substitute for, or superior to, measures of financial performance prepared in accordance with United States GAAP.
We use these non-GAAP measures, among other measures, to evaluate the operating performance of our business. We believe these measures provide useful information to investors regarding our results of operations and cash flows before non-operating items. Adjusted OIBDA is considered an important measure of the Company's performance because this measure eliminates amounts that, in management's opinion, do not necessarily reflect the fundamental performance of the Company's businesses, are infrequent in occurrence, and in some cases are non-cash expenses. Free Cash Flow is considered an important measure of the Company's liquidity because it provides information about the ability of the Company to reduce net corporate debt, make strategic investments, dividends and share repurchases. Adjusted Net Income (Loss) Attributable to Lions Gate Entertainment Corp. Shareholders and Adjusted EPS are considered important measures of the Company's business operations as, similar to Adjusted OIBDA, these measures eliminate amounts that, in management's opinion, do not necessarily reflect the fundamental performance of the Company's businesses.
These non-GAAP measures are commonly used in the entertainment industry and by financial analysts and others who follow the industry to measure operating performance. However, not all companies calculate these measures in the same manner and the measures as presented may not be comparable to similarly titled measures presented by other companies due to differences in the methods of calculation and excluded items.
A general limitation of these non-GAAP financial measures is that they are not prepared in accordance with U.S. generally accepted accounting principles. These measures should be reviewed in conjunction with the relevant GAAP financial measures and are not presented as alternative measures of operating income, cash flow, net income (loss), or earnings (loss) per share as determined in accordance with GAAP. Reconciliations of the adjusted metrics utilized to their corresponding GAAP metrics are provided below.
LIONS GATE ENTERTAINMENT CORP.
RECONCILIATION OF OPERATING INCOME (LOSS)
TO ADJUSTED OIBDA
The following table reconciles the GAAP measure, operating income (loss) to the non-GAAP measure, Adjusted OIBDA:
Three Months Ended
Year Ended
March 31,
March 31,
2018
2017
2018
2017
(Unaudited, amounts in millions)
Operating income (loss)
$
48.4
$
71.3
$
248.7
$
(16.3)
Adjusted depreciation and amortization (1)
10.0
9.7
39.3
22.8
Restructuring and other (2)
24.0
16.4
59.8
88.7
Adjusted share-based compensation expense (3)
14.0
27.1
85.6
77.1
Purchase accounting and related adjustments (4)
39.6
38.2
170.3
62.8
Adjusted OIBDA
$
136.0
$
162.7
$
603.7
$
235.1
(1)
Adjusted depreciation and amortization represents depreciation and amortization as presented on our consolidated statements of income less the depreciation and amortization related to the non-cash fair value adjustments to property and equipment and intangible assets acquired in the acquisition of Starz and Pilgrim Media Group which are included in the purchase accounting and related adjustments line item above, as shown in the table below:
Three Months Ended
Year Ended
March 31,
March 31,
2018
2017
2018
2017
(Unaudited, amounts in millions)
Depreciation and amortization
$
39.9
$
39.9
$
159.0
$
63.1
Less: Amount included in purchase accounting and related adjustments
(29.9)
(30.2)
(119.7)
(40.3)
Adjusted depreciation and amortization
$
10.0
$
9.7
$
39.3
$
22.8
(2)
Restructuring and other includes restructuring and severance costs, certain transaction and related costs, and certain unusual items, when applicable, as shown in the table below:
Three Months Ended
Year Ended
March 31,
March 31,
2018
2017
2018
2017
(Unaudited, amounts in millions)
Restructuring and other:
Severance (a)
Cash
$
11.4
$
3.2
$
21.5
$
26.7
Accelerated vesting on equity awards
—
—
2.9
2.4
Total severance costs
11.4
3.2
24.4
29.1
Transaction and related costs (b)
7.8
13.2
22.2
59.6
Development expense (c)
4.8
—
13.2
—
$
24.0
$
16.4
$
59.8
$
88.7
a)
Severance costs in the fiscal year ended March 31, 2018 were primarily related to the restructuring of the Motion Pictures business in connection with the acquisition of Good Universe and additional workforce reductions in connection with the Starz Merger. Severance costs in the fiscal year ended March 31, 2017 were primarily related to workforce reductions for redundancies in connection with the Starz Merger.
(b)
Transaction and related costs in the fiscal years ended March 31, 2018 and 2017 reflect transaction, integration and legal costs incurred associated with certain strategic transactions. In fiscal 2018, these costs were primarily related to the sale of EPIX, the Starz Merger, the legal fees associated with the Starz class action lawsuits and certain other legal matters. In fiscal 2017, these costs were primarily related to the Starz Merger, the legal fees associated with the Starz class action lawsuits, and an arbitration award of $5.8 million and related legal expenses.
(c)
Development expense in the fiscal year ended March 31, 2018 represents write-downs resulting from the restructuring of the Motion Pictures business in connection with the acquisition of Good Universe and new management's decisions around the creative direction on certain development projects which were abandoned in the fiscal year.
(3)
Adjusted share-based compensation represents share-based compensation excluding amounts related to immediately vested stock awards granted as part of the Company's annual bonus program (which are, when granted, included in segment and corporate general and administrative expense) and excludes share-based compensation included in restructuring and other. The following table reconciles total share-based compensation expense to adjusted share-based compensation expense:
Three Months Ended
Year Ended
March 31,
March 31,
2018
2017
2018
2017
(Unaudited, amounts in millions)
Share-based compensation
$
14.0
$
5.1
$
88.5
$
79.5
Less:
Bonus related share-based compensation included in segment and corporate general and administrative expense (a)
—
22.0
—
—
Amount included in restructuring and other (b)
—
—
(2.9)
(2.4)
Adjusted share-based compensation
$
14.0
$
27.1
$
85.6
$
77.1
(a) During the quarter ended March 31, 2017, the Company determined it would pay its annual fiscal 2017 bonus in cash instead of immediately vested stock amounts as previously intended and accrued. Accordingly, share-based compensation for the three months ended March 31, 2017 was reduced by the reversal of stock-based compensation bonus recorded in previous periods which are now reflected as cash-based bonus expense. For the three months ended March 31, 2017, this amount adjusts the share-based compensation to reflect share-based compensation excluding the bonus reversal.
(b) Represents share-based compensation expense included in restructuring and other expenses reflecting the impact of the acceleration of certain vesting schedules for equity awards pursuant to certain severance arrangements.
(4)
Purchase accounting and related adjustments represent the amortization of non-cash fair value adjustments to certain assets acquired in the acquisition of Starz, Pilgrim Media Group and Good Universe. The following sets forth the amounts included in each line item in the financial statements:
Three Months Ended
Year Ended
March 31,
March 31,
2018
2017
2018
2017
(Unaudited, amounts in millions)
Purchase accounting and related adjustments:
Direct operating
$
8.1
$
6.7
$
44.5
$
17.5
General and administrative expense
1.6
1.3
6.1
5.0
Depreciation and amortization
29.9
30.2
119.7
40.3
$
39.6
$
38.2
$
170.3
$
62.8
LIONS GATE ENTERTAINMENT CORP.
RECONCILIATION OF PRO FORMA COMBINED OPERATING INCOME
TO PRO FORMA COMBINED ADJUSTED OIBDA
The reconciliation of pro forma combined operating income to pro forma combined Adjusted OIBDA for the fiscal year ended March 31, 2017 is as follows:
PRO FORMA
COMBINED
Year Ended
March 31, 2017
(Unaudited, amounts in
millions)
Operating income
$
223.8
Adjusted depreciation and amortization (1)
37.0
Restructuring and other (2)
123.2
Adjusted share-based compensation expense (3)
96.0
Purchase accounting and related adjustments (4)
62.8
Adjusted OIBDA
$
542.8
(1)
Adjusted depreciation and amortization represents depreciation and amortization as presented on our condensed consolidated statements of income less the depreciation and amortization related to the non-cash fair value adjustments to property and equipment and intangible assets acquired in the acquisition of Starz and Pilgrim Media Group which are included in the purchase accounting and related adjustments line item above.
PRO FORMA
COMBINED
Year Ended
March 31, 2017
(Unaudited, amounts in
millions)
Depreciation and amortization
$
77.3
Less: Amount included in purchase accounting and related adjustments
(40.3)
Adjusted depreciation and amortization
$
37.0
(2)
Restructuring and other includes restructuring and severance costs, certain transaction and related costs, and certain unusual items, when applicable.
(3)
Adjusted share-based compensation represents share-based compensation excluding amounts related to immediately vested stock awards granted as part of the Company's annual bonus program (which are, when granted, included in segment and corporate general and administrative expense) and excludes share-based compensation included in restructuring and other. The following table reconciles share-based compensation expense to adjusted share-based compensation expense:
PRO FORMA
COMBINED
Year Ended
March 31, 2017
(Unaudited, amounts in
millions)
Share-based compensation
$
98.4
Less:
Amount included in restructuring and other (a)
(2.4)
Adjusted share-based compensation
$
96.0
(a) Represents share-based compensation expense included in restructuring and other expenses reflecting the impact of the acceleration of certain vesting schedules for equity awards pursuant to certain severance arrangements.
(4)
Purchase accounting and related adjustments represent the amortization of non-cash fair value adjustments to certain assets acquired in the acquisition of Starz, Pilgrim Media Group and Good Universe. The following sets forth the amounts included in each line item in the financial statements:
PRO FORMA
COMBINED
Year Ended
March 31, 2017
(Unaudited, amounts in
millions)
Purchase accounting and related adjustments:
Direct operating
$
17.5
General and administrative expense
5.0
Depreciation and amortization
40.3
$
62.8
LIONS GATE ENTERTAINMENT CORP.
RECONCILIATION OF NET INCOME ATTRIBUTABLE TO LIONS GATE ENTERTAINMENT CORP. SHAREHOLDERS TO ADJUSTED NET INCOME ATTRIBUTABLE TO LIONS GATE ENTERTAINMENT CORP. SHAREHOLDERS, AND ADJUSTED BASIC AND DILUTED EPS
Three Months Ended
Year Ended
March 31,
March 31,
2018
2017
2018
2017
(Unaudited, amounts in millions, except per share amounts)
Reported Net Income Attributable to Lions Gate Entertainment Corp. Shareholders
$
91.3
$
61.6
$
473.6
$
14.8
Adjusted share-based compensation expense (1)
14.0
27.1
85.6
77.1
Restructuring and other
24.0
16.4
59.8
88.7
Purchase accounting and related adjustments (2)
39.2
37.5
168.5
62.1
Loss on extinguishment of debt
11.6
12.1
35.7
40.4
Gain on sale of equity interest in EPIX
—
—
(201.0)
—
Gain on Starz investment
—
—
—
(20.4)
Impairment of long-term investments and other assets
—
—
29.2
—
Tax impact of above items (3)
(29.4)
(32.9)
(52.3)
(80.6)
Impact of corporate tax rate change on net deferred tax liabilities and other discrete items (4)
(94.1)
—
(259.1)
—
Noncontrolling interest impact of above items
(1.7)
(1.5)
(8.2)
(8.0)
Adjusted Net Income Attributable to Lions Gate Entertainment Corp. Shareholders
$
54.9
$
120.3
$
331.8
$
174.1
Reported Basic EPS
$
0.43
$
0.30
$
2.27
$
0.09
Impact of adjustments on basic earnings per share
(0.17)
0.29
(0.68)
0.97
Adjusted Basic EPS
$
0.26
$
0.59
$
1.59
$
1.06
Reported Diluted EPS
$
0.41
$
0.28
$
2.15
$
0.09
Impact of adjustments on diluted earnings per share
(0.16)
0.26
(0.64)
0.90
Adjusted Diluted EPS (5)
$
0.25
$
0.54
$
1.51
$
0.99
Adjusted weighted average number of common shares outstanding:
Basic
210.3
204.4
208.4
165.0
Diluted
221.8
223.6
220.4
177.5 | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/24/pr-newswire-lionsgate-reports-results-for-fourth-quarter-and-full-year-fiscal-2018.html |
May 7 (Reuters) - Central China Securities Co Ltd :
* APRIL NET PROFIT RMB18.7 MILLION * APRIL OPERATING INCOME RMB 86.2 MILLION Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-central-china-securities-co-posts/brief-central-china-securities-co-posts-april-net-profit-rmb18-7-mln-idUSFWN1SE0BH |
May 2 (Reuters) - X FAB SILICON FOUNDRIES EV:
* Q1 EBITDA OF USD 20.2 MILLION, DOWN 20% YEAR-ON-YEAR
* Q1 NET PROFIT OF USD 13.6 MILLION, UP 21% YEAR-ON-YEAR
* EXPECTS Q2 2018 REVENUE OF USD 154-159 MILLION AND EBITDA MARGIN OF 18-20%
* Q1 REVENUE USD 143.5 MILLION VERSUS USD 147.9 MILLION YEAR AGO
* GUIDANCE FOR 2018 REMAINS UNCHANGED AND IS BASED ON AVERAGE EXCHANGE RATE OF 1.23 USD/EURO Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-x-fab-silicon-foundries-ev-q1-ebit/brief-x-fab-silicon-foundries-ev-q1-ebitda-down-at-20-2-million-dollars-idUSFWN1S916B |
TINTON FALLS, N.J., May 1, 2018 /PRNewswire/ -- | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/pr-newswire-commvault-announces-new-governance-initiatives-to-support-strategic-transformation-plan.html |
BENGALURU, May 1(Reuters) - Gold prices inched lower early on Tuesday, hovering close to a nearly six-week low touched in the previous session, as the U.S. dollar held firm near a 3-1/2-month high. FUNDAMENTALS * Spot gold fell 0.1 percent to $1,314.00 per ounce at 0106 GMT. Prices slipped to $1,310.11 on Monday, their lowest since March 21. * U.S. gold futures for June delivery eased 0.3 percent to $1,315.10 per ounce. * The dollar index was little changed at 91.832. The greenback touched 91.986 on Friday, its highest since since Jan. 11. * Most markets in Asia are closed for a Labour Day holiday. * Federal Reserve officials are scheduled to convene on Tuesday and Wednesday for a regular policy meeting. The central bank is widely expected to stand pat on policy and investors will be watching for hints of a rate hike in June. * U.S. consumer prices accelerated in the year to March, with a measure of underlying inflation surging to near the Fed's 2 percent target as weak readings from last year dropped out of the calculation. * President Donald Trump has postponed a decision on imposing steel and aluminum tariffs on Canada, the European Union and Mexico until June 1, and has reached an agreement in principle with Argentina, Australia and Brazil, a source familiar with the decision said on Monday. * South Korean trust in North Korea has surged since last week's feel-good summit at which their leaders declared an end to hostilities and to work towards denuclearisation of the peninsula. * Sales of U.S. Mint American Eagle gold coins dropped to their weakest April since 2007, while silver coin purchases for the month rose 10 percent higher than last year, U.S. government data showed on Monday. * India raised gold holdings by 2.2 tonnes to 560.3 tonnes in 2018 March -IMF Data DATA AHEAD (GMT) 1400 U.S. ISM manufacturing PMI Apr 1400 U.S. Construction spending Mar U.S. Federal Reserve starts two-day monetary policy meeting (Reporting by Eileen Soreng in Bengaluru; editing by Richard Pullin)
| ashraq/financial-news-articles | https://www.reuters.com/article/global-precious/precious-gold-inches-down-as-dollar-stays-firm-near-3-1-2-month-peak-idUSL3N1S809P |
Incoming NYSE president on IPOs, new technology 2 Hours Ago The first female president in the New York Stock Exchange's 226-year history, incoming NYSE President Stacey Cunningham speaks to CNBC about the outlook for public listings on the exchange and how new technology is shaping trading. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/22/incoming-nyse-president-on-ipos-new-technology.html |
May 14 (Reuters) - Molecular Templates Inc:
* MOLECULAR TEMPLATES, INC. REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS
* Q1 REVENUE $500,000 VERSUS $1.9 MILLION * CURRENT CASH BALANCE IS EXPECTED TO FUND OPERATIONS INTO LATE 2019 Source text for Eikon: Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. 0 : 0 narrow-browser-and-phone medium-browser-and-portrait-tablet landscape-tablet medium-wide-browser wide-browser-and-larger medium-browser-and-landscape-tablet medium-wide-browser-and-larger above-phone portrait-tablet-and-above above-portrait-tablet landscape-tablet-and-above landscape-tablet-and-medium-wide-browser portrait-tablet-and-below landscape-tablet-and-below Apps Newsletters Reuters Plus Advertising Guidelines Cookies Terms of Use Privacy
All Quote: s delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.
© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-molecular-templates-q1-loss-per-sh/brief-molecular-templates-q1-loss-per-share-0-32-idUSASC0A23Q |
May 14, 2018 / 2:50 AM / Updated 8 hours ago Soccer: Juventus draw at Roma to clinch seventh Serie A title in a row Reuters Staff 2 Min Read
MILAN (Reuters) - Juventus wrapped up their seventh successive Serie A title, and their fourth league and cup double in a row, with one match to spare when a 0-0 draw at AS Roma gave them the point they needed on Sunday. Soccer Football - Serie A - AS Roma vs Juventus - Turin, Italy - May 13, 2018 Juventus' supporters celebrate in downtown Turin after winning the league. REUTERS/Massimo Pinca
The Turin side, who won the Coppa Italia on Wednesday with a 4-0 win over AC Milan at the same Stadio Olimpico, took a four-point lead over second-placed Napoli with one match left to play.
Napoli will finish as runners-up for the second time in the last three seasons after winning 2-0 at Sampdoria in a match briefly interrupted in the second half because of anti-Neapolitan chants by home supporters.
Juventus maintained their perfect domestic record in their four seasons under Massimiliano Allegri. They have also reached two Champions League finals in that period.
Roma, already qualified for next season’s Champions League, dominated the first half and Edin Dzeko, Radja Nainggolan and Lorenzo Pellegrini all just missed the target as the hosts looked dangerous.
Paulo Dybala had the ball in the net two minutes after halftime but he was fractionally offside and Roma were reduced to 10 men when Nainggolan, already booked, was sent off for an ugly foul on Dybala in the 68th minute.
The game petered out after that as Juve coasted home. Slideshow (4 Images) | ashraq/financial-news-articles | https://in.reuters.com/article/soccer-italy-juv/soccer-juventus-draw-at-roma-to-clinch-seventh-serie-a-title-in-a-row-idINKCN1IF066 |
EU president lashes out at Trump over Iran, trade Wednesday, May 16, 2018 - 01:46
U.S. President Donald Trump has ''rid Europe of all illusions'' by quitting the Iran nuclear deal and driving trade disputes, the European Union chairman said on Wednesday, underlining the depth of trans-Atlantic discord.
U.S. President Donald Trump has "rid Europe of all illusions" by quitting the Iran nuclear deal and driving trade disputes, the European Union chairman said on Wednesday, underlining the depth of trans-Atlantic discord. //reut.rs/2Gpysxa | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/16/eu-president-lashes-out-at-trump-over-ir?videoId=427488179 |
AMSTERDAM (Reuters) - Activists in Amsterdam on Wednesday launched the ‘Datavakbond’ or “data labor union”, which hopes to elect leaders to negotiate directly with Facebook and Google over what they do with users’ data.
FILE PHOTO: Silhouettes of mobile users are seen next to a screen projection of Facebook logo in this picture illustration taken March 28, 2018. REUTERS/Dado Ruvic/File Photo Possible demands could include payment for the data users supply to the companies, more information about how the data is used, and a direct channel for communicating grievances.
“Right now, we work for Google and Facebook producing data, and we’re getting feathers and beads in exchange,” said Paul Tang, a member of European Parliament from the Dutch Labour party, at the union’s establishment in Amsterdam.
“What we want...is to get across the table from Google and Facebook to talk about reasonable compensation, or at least better working conditions.”
Tang said that although governments have a role in regulating the internet giants, users should also organize themselves and seek to influence the companies directly.
The Union’s founding chairman Bas van der Gaag, a high school maths teacher, said that although it is based in the Netherlands, it hopes to win members internationally.
Membership is free, and those that join will be encouraged to help craft the organization. Later they may vote on specific demands, for instance for the company to provide a paid, but advertising-free, version of Facebook. Within the first hour of its launch, 250 people joined.
Van der Gaag said volunteers are working on tools to make it possible for the union to organize a ‘strike’, which would involve temporarily depriving the companies of some of the most valuable information they sell to advertisers, such as location data.
Facebook CEO Mark Zuckerberg testified in European Parliament on Tuesday to answer questions about how political consultancy Cambridge Analytica improperly got hold of the personal data of 87 million Facebook users, including up to 2.7 million in the EU.
Facebook did not immediately respond on Wednesday to a request for comment on the establishment of the union.
Reporting by Toby Sterling; Editing by Alexandra Hudson
| ashraq/financial-news-articles | https://www.reuters.com/article/us-netherlands-tech-data-labour-union/facebook-users-unite-data-labour-union-launches-in-netherlands-idUSKCN1IO2M3 |
Toronto, CA, May 17, 2018 (GLOBE NEWSWIRE) -- Cancer informatics and digital pathology workflow solution provider Inspirata ® , Inc. announced today that healthcare sales executive, Daniel (Dan) Gauvreau, has joined the company’s Canadian subsidiary, Artificial Intelligence in Medicine, Inc. (AIM), as Vice President, Sales and Marketing, effective May 7, 2018.
Based in the company’s Canadian headquarters in Toronto, Dan will be responsible for Canadian-based sales of AIM’s Artificial Intelligence (AI) and Natural Language Processing (NLP) tools that extract cancer-related data from clinical documents, such as pathology reports, molecular testing reports, treatment plans and clinician’s notes. He also will gradually assume responsibility for sales and customer support for Inspirata’s digital pathology workflow solution in Canada.
“Dan has a wealth of experience in B2B and B2G sales, particularly in the healthcare sector,” says AIM CEO, Jack Golabek. “He has a proven record of success with companies such as Cardinal Health, Iron Mountain, Eclipsys and Infor, where his leadership enabled sales teams to win projects exceeding $15M.”
Prior to joining Inspirata/AIM, Dan led sales and marketing at Mozzaz, a producer of mobile/digital health monitoring apps that hospitals and clinics use for patient engagement and digital patient management. Dan has a master’s degree in Informatics from the University of Illinois in Chicago and a bachelor’s degree in commerce specializing in finance from Concordia University in Montreal.
“We believe Dan’s background in sales leadership across a wide array of health IT solutions will enable him to provide effective strategies for our expanding product and solution portfolio in Canada,” says Inspirata CEO Satish Sanan.
About AIM, Inc.
Artificial Intelligence in Medicine, Inc. (AIM) is an Inspirata subsidiary that is focused on using informatics to improve healthcare by designing, developing and deploying software information systems for the healthcare industry and cancer control. AIM was acquired by Inspirata January 2, 2018. For more information, visit http://www.aim.ca/about/ .
About Inspirata, Inc.
Inspirata ® , Inc. offers the most comprehensive cancer diagnostics workflow solution available for precision diagnosis today. The solution, which employs a unique “solution-as-a-service” business and delivery model, accelerates anatomic and molecular pathology workflows and facilitates whole slide imaging and image analytics, prognostic and predictive assays, remote consultations and tumor boards. This comprehensive solution includes an Enterprise Service Bus (ESB) to help to solve interoperability issues and a Natural Language Processing Engine (NLP) for structuring data. Inspirata amalgamates this structured data into a central multi-institutional and multi-modal big data cancer repository for clinical, research and educational purposes. Its use will extend to physicians, patients, researchers and pharma among others. This comprehensive solution facilitates a modern precision diagnosis to build a strong foundation for precision medicine. For more information, please visit www.inspirata.com or contact [email protected] .
Marjorie Bulone Inspirata, Inc. 813-570-8905 [email protected]
Source:Inspirata, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/globe-newswire-healthcare-sales-executive-daniel-gauvreau-joins-inspirata-canada-as-vice-president-sales-and-marketing-for-aim-inc.html |
Porto parade trophy with fans after Portuguese title triumph 10:31am BST - 01:40
FC Porto players and staff parade the Portuguese Primeira League trophy after winning first title since 2012/3 season
FC Porto players and staff parade the Portuguese Primeira League trophy after winning first title since 2012/3 season //reut.rs/2FXsMKQ | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/08/porto-parade-trophy-with-fans-after-port?videoId=424660575 |
WASHINGTON, May 29 (Reuters) - Less than a week after the Trump administration threatened to impose tariffs of up to 25 percent on foreign-built automobiles, the U.S. government on Tuesday said it would hold public hearings on whether the import of vehicles and auto parts represents national security risks.
The Commerce Department announced in the Federal Register that it would hold two days of public comments in July on its probe of auto imports. Already, the tariff proposal has drawn condemnation from Republican lawmakers and business groups. A group representing major automakers said last week that it was “confident that vehicle imports do not pose a national security risk.”
The administration launched an investigation to determine whether vehicle and parts imports were threatening the industry’s health and ability to develop advanced technologies. The probe could lead to new U.S. tariffs similar to those imposed on imported steel and aluminum in March.
The U.S. Chamber of Commerce noted U.S. auto production has doubled over the past decade, and said tariffs “would deal a staggering blow to the very industry it purports to protect and would threaten to ignite a global trade war.”
The department’s notice sought written comments by June 22 with rebuttal comments due by July 6. Public hearings are planned for July 19-20 in Washington.
“There is evidence suggesting that, for decades, imports from abroad have eroded our domestic auto industry,” Commerce Secretary Wilbur Ross said in a statement last week, promising a “thorough, fair and transparent investigation.”
The notice said Commerce wants input on issues including “domestic production needed for projected national defense requirements” and how the analysis changes if it considers U.S.-owned automotive capacity versus foreign-owned automakers.
The department is also seeking comments on whether “innovation in new automotive technologies is necessary to meet projected national defense requirements” and on “displacement of any domestic automobiles and automotive parts causing substantial unemployment, decrease in the revenues of government, loss of investment or specialized skills and productive capacity.”
Last week’s probe announcement sparked a broad selloff in shares of Asian automakers including Toyota Motor Corp, Nissan Motor Co, Honda Motor Co and Hyundai Motor Co, which count the United States as a key market.
President Donald Trump had told automakers this month he was considering tariffs of up to 25 percent on imported passenger vehicles, up from 2.5 currently.
The administration is also trying to renegotiate the North American Free Trade Agreement to return more auto production to the United States. Some officials say the auto tariff probe is aimed in part at prodding Canada and Mexico to reach agreement on new auto provisions. U.S. auto tariffs do not apply to vehicles assembled under NAFTA. (Reporting by David Shepardson; Editing by David Gregorio)
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-trump-autos/u-s-sets-public-hearings-on-auto-import-tariff-probe-idUSL2N1T00XL |
TOKYO (Reuters) - The dollar hovered near a five-month high against a group of major currencies on Wednesday, as a surge in the benchmark 10-year Treasury yield above 3 percent reignited a rally that had lost steam last week.
FILE PHOTO: U.S. Dollar banknotes are seen in this photo illustration taken February 12, 2018. REUTERS/Jose Luis Gonzalez/Illustration/File Photo The dollar index versus a basket of six major peers stood at 93.270 after rallying to 93.457 overnight, its highest since Dec. 22. It was still 0.05 percent higher than Tuesday.
The dollar has gained since mid-April as easing tensions in the Korean Peninsula and moves by China and the United States to avoid a full-blown trade war allowed investors to focus on the yield advantage the United States enjoys over other countries.
The advance stalled last week after weaker-than-expected April U.S. inflation data, but regained traction overnight as strong U.S. consumer spending numbers sent long-term Treasury yields surging to a seven-year peak of 3.095 percent.
The 10-year Treasury yield had hovered around 3 percent since late last month on concerns about rising inflation and a ballooning federal budget gap. But until Tuesday, it was unable to convincingly break above 3 percent. [US/]
“The dollar stands to benefit, particularly against the euro, on higher Treasury yields. But against the yen, its advance could stall if the negative impact of higher yields on equities is prolonged,” said Junichi Ishikawa, senior FX strategist at IG Securities in Tokyo.
The uptick in U.S. yields which unnerved equity markets and sent Wall Street shares significantly lower on Tuesday. The yen’s tends to draw demand in times of market turmoil and investor risk aversion.
“The next focal point is trying to figure out the yield levels which are bearable for equities,” Ishikawa said.
Broader risk sentiment was also dented after North Korea on Wednesday opted to suspend high-level talks with South Korea and said it may reconsider holding a summit with the United States if Washington continues to unilaterally insist on Pyongyang giving up its nuclear programme.
“North Korea hardening its stance again at an earlier than expected juncture is a risk that bears watching,” said Daisuke Karakama, chief market economist at Mizuho Bank in Tokyo.
The euro was 0.05 percent lower at $1.1833 after brushing $1.1815, its weakest since late December.
The dollar edged down 0.05 percent to 110.285 yen, having risen to 110.450 overnight, its strongest since Feb. 5.
The yen barely budged after data showed Japan’s economy contracted for the first time in nine quarters during January-March.
The Australian dollar was largely flat at $0.7475 after sliding 0.7 percent overnight. The New Zealand dollar last traded at $0.6874 after plumbing a five-month trough of $0.6851.
The pound was a shade weaker at $1.3501 after slipping to $1.3452 on Tuesday, its lowest since Dec. 29.
Reporting by Shinichi Saoshiro; Editing by Simon Cameron-Moore
| ashraq/financial-news-articles | https://www.reuters.com/article/uk-global-forex/dollar-near-five-month-high-after-benchmark-treasury-yield-soars-above-3-percent-idUSKCN1IH02Z |
HAUPPAUGE, N.Y.--(BUSINESS WIRE)-- Vicon Industries, Inc. (NYSE American:VII), a global producer of video security solutions, today announced its financial results for its second quarter ended March 31, 2018.
Vicon’s Chief Executive Officer, Saagar Govil, said, "The current quarter sales and order rate reflect a marked improvement across all market segments as compared with the prior year period. Our margins also improved to 41.0% as compared with 37.4% in the prior period. We continue to focus on margin improvements as we transition to our more cost effective new camera offering, as well as continue to build market demand for our new Valerus software platform.”
Vicon’s Chief Operating Officer, John Badke, added, “At the end of the quarter, we successfully released our first Valerus video management system (VMS) software enhancement of 2018. In addition to new enterprise system features, this release included a legacy VMS integration gateway, which provides a cost effective upgrade solution to our vast legacy system installed base. The customer reaction to this new product has been extremely positive and it is expected to gain increasing traction in converting our installed base to our new platform. We also recently announced the release of our second 2018 Valerus enhancement scheduled for the middle of the summer. This release will include add on enterprise system features as well as industry leading, powerful video analytics capability.”
“At the end of March 2018, we announced Cemtrex, Inc’s investment in Vicon, making them the Company’s principal shareholder. We have since begun work with the Cemtrex team to leverage their worldwide capabilities. The collaboration is expected to yield operating efficiencies and expanded software capabilities to help us expedite our technology roadmap. Finally, the Company will likely require additional financing over the next twelve months to implement its planned business objectives and strategies," Mr. Badke continued.
Second Quarter Fiscal 2018 Financial Results
Revenues for the second quarter of fiscal 2018 increased 22% to $7.3 million as compared to $6.0 million in the second quarter of fiscal 2017. The $1.3 million increase in the current quarter included a $1.0 million, or 23%, increase in sales in the Americas market and a $262,000, or 19%, increase in EMEA market sales. Order intake for the current quarter increased $246,000 to $7.1 million as compared to $6.8 million in the second quarter of fiscal 2017. The Company continues to invest in the promotion of its new Valerus video management system platform and recently launched camera line offering, which is expected to ultimately improve the Company's market competitiveness.
Gross profit margins were 41.0% for the second quarter of fiscal 2018 as compared to 37.4% for the second quarter of fiscal 2017. This margin improvement resulted from the Company's transition to a new camera line. The Company continues to enhance its Valerus video management system capabilities, which are expected to ultimately allow the Company to better compete on enterprise level market opportunities that generate higher profit margins.
Total operating expenses increased $208,000 to $4.3 million in the current quarter, compared to $4.1 million for the second quarter of 2017, due to increased sales and marketing expenses in the U.S. for new product line promotion and ongoing market channel rebuilding efforts.
Net loss for the second quarter of fiscal 2018 was $1.5 million, or $.08 per basic and diluted share, as compared to a net loss of $1.9 million, or $.20 per basic and diluted share, in the second quarter of fiscal 2017.
About Vicon
Vicon Industries, Inc. (NYSE American: VII) is a global producer of video management systems and system components for use in security, surveillance, safety and communication applications by a broad range of end users. Vicon’s product line consists of various elements of a video system, including video management software, recorders and storage devices and capture devices (cameras). Headquartered in Hauppauge, New York, the Company also has offices in Yavne, Israel and the United Kingdom. More information about Vicon, its products and services is available at www.vicon-security.com .
Special Note Regarding Forward-looking Statements
This press release contains " " within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to our new product offerings and our proposed fundraising activities. These are based on management's current expectations and are subject to certain risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by such forward looking statements. These risks and uncertainties include, but are not limited to: our history of losses and negative cash flows; our need for additional financing; market acceptance of our products; our ability to manufacture and develop effective products and solutions; indebtedness to our secured lender; current and future economic conditions that may adversely affect our business and customers; potential fluctuation of our revenues and profitability from period to period which could result in our failure to meet expectations; our ability to maintain adequate levels of working capital; our ability to incentivize and retain our current senior management team and continue to attract and retain qualified scientific, technical and business personnel; our ability to expand our product offerings or to develop other new products and services; our ability to generate sales and profits from current product offerings; rapid technological changes and new technologies that could render certain of our products and services to be obsolete; competitors with significantly greater financial resources; introduction of new products and services by competitors; challenges associated with expansion into new markets; failure to stay in compliance with all applicable NYSE American requirements that could result in a delisting of our common stock; and, other factors discussed under the heading "Risk Factors" contained in our Registration Statement on Form S-3 filed with the Securities and Exchange Commission on January 5, 2018. All information in this press release is as of the date of the release and we undertake no duty to update this information unless required by law.
-Financial Tables on Following Pages-
Table of Operations
Vicon Industries, Inc. Condensed Statements of Operations (Unaudited) Three Months Ended Six Months Ended March 31, March 31, 2018 2017 2018 2017 Net sales $ 7,322,000 $ 6,003,000 $ 15,069,000 $ 12,608,000 Gross profit 2,999,000 2,246,000 5,958,000 4,819,000 Operating expenses: Selling, general and administrative expense 3,154,000 2,802,000 6,110,000 5,483,000 Engineering and development expense 1,145,000 1,289,000 2,321,000 2,429,000 Total operating expenses 4,299,000 4,091,000 8,431,000 7,912,000 Operating loss (1,300,000 ) (1,845,000 ) (2,473,000 ) (3,093,000 ) Loss before income taxes (1,452,000 ) (1,903,000 ) (2,769,000 ) (3,205,000 ) Income tax expense — — — — Net loss $ (1,452,000 ) $ (1,903,000 ) $ (2,769,000 ) $ (3,205,000 ) Loss per share:
Basic $ (.08 ) $ (.20 ) $ (.17 ) $ (.34 ) Diluted $ (.08 ) $ (.20 ) $ (.17 ) $ (.34 ) Shares used in computing loss per share:
Basic 17,553,000 9,348,000 15,844,000 9,348,000 Diluted 17,553,000 9,348,000 15,844,000 9,348,000
View source version on businesswire.com : https://www.businesswire.com/news/home/20180514006375/en/
Vicon Investor Relations
Cindy Schneider, 631-650-6201
[email protected]
Source: Vicon Industries, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/business-wire-vicon-reports-financial-results-for-the-second-quarter-ended-march-31-2018.html |
A historic win at Malaysia's general election by the opposition alliance led by the country's former leader, Mahathir Mohamad, will likely send markets on a wild ride, although analysts said long-term prospects appeared encouraging.
Pakatan Harapan, the opposition coalition, had the support of 135 members of the 222-member parliament, Mahathir said at a press conference on Thursday. That exceeded the 112 seats needed for a simple majority, upsetting the incumbent Barisan Nasional coalition.
Uncertainty will likely be a focus in the short term for markets following the surprise result.
"The Malaysia election outcome is a huge upset, no pollster was expecting this. This upset ranks up there with Brexit and [the] Trump election," said Aninda Mitra, senior sovereign analyst at BNY Mellon Investment Management.
"The bottom line is that while a long-term fix of governance, institutions and public life is now in sight, near-term policy uncertainty will be high," Mitra added.
Among the issues feared by investors is "an unfamiliar change of government as Barisan Nasional has ruled since independence and potential for riots and/or a messy handover of power," Nizam Idris, head of foreign exchange and rates strategy at Macquarie Group, said in a note.
Manan Vatsyayana | AFP | Getty Images Former Malaysian prime minister Mahathir Mohamad (C) answers a question during a press conference in Kuala Lumpur on May 10, 2018. In knee-jerk fashion to the surprise result, the iShares MSCI Malaysia ETF dropped 6.03 percent overnight. The Malaysian ringgit also fell more than 2 percent in offshore forward markets, Reuters said.
Markets in Malaysia, meanwhile, could take a hit when they reopen on Monday. The country's stock exchange is closed on Thursday and Friday in conjunction with a special holiday.
"Financial markets are likely to react badly to the result," Capital Economics economists Gareth Leather and Alex Holmes wrote in a note.
"Forward markets are already pricing in a 2 percent decline in the [Malaysian] ringgit and a 3 percent fall in the stock market," they said.
Large-cap Malaysian stocks with government connections that are likely to fall hard include Maybank, Tenaga Nasional, Telekom and CIMB, Gerald Ambrose, chief executive officer of Aberdeen Standard Investments, told CNBC.
The benchmark FTSE Bursa Malaysia Kuala Lumpur Composite Index had risen 1 percent a day before Wednesday's vote, ending a four-day losing streak.
A long-term positive? While more clarity was required when it came to assessing Pakatan Harapan's economic policies, one pledge it has made has been to scrap the Goods and Services Tax introduced in 2015.
Mahathir said Thursday in a press conference that the GST would be canceled and that Malaysia would go back to using a sales tax, Reuters reported.
"In the near term, there is likely to be a sharp deterioration in the fiscal position, if as expected, Mahathir pushes ahead with plans to scrap the country's Goods and Services tax," Capital Economics said in a note.
show chapters The importance of young candidates in Malaysia's election: Professor 16 Hours Ago | 03:26 The country, now in "uncharted territory," would likely see greater reliance on oil-related revenues and a narrowing of the government's revenue base if it goes ahead with its GST plans, Anushka Shah, senior analyst at Moody's Investor Service, said in a Thursday note.
Moody's said some of those campaign promises would be credit negative for Malaysia if no other adjustments were made.
Still, analysts were optimistic about the change of party control following more than 60 years of Barisan Nasional in charge.
The election outcome raises "the possibility that Malaysia could finally start to tackle some of the institutional problems that are holding back the country's long-run prospects," Capital Economics said, assessing that the 1MDB scandal was a "key factor" for the opposition's win.
"[T]his has to be a massive positive for Malaysia in the long term," Ambrose said in an email.
WATCH: What happened to 1MDB's money? show chapters What happened to Malaysia's 1MDB money? 8:36 AM ET Thu, 1 March 2018 | 05:44 — CNBC's Sri Jegarajah contributed reporting to this report. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/09/malaysia-election-whats-ahead-for-markets-economy.html |
May 2, 2018 / 4:36 AM / Updated 39 minutes ago StanChart speeds along road to recovery, but long way to go Reuters Staff 3 Min Read
HONG KONG/LONDON (Reuters) - Standard Chartered Plc ( STAN.L ) beat expectations with a 20 percent rise in first quarter pre-tax profit on Wednesday, but disappointing income showed the long road ahead for its returns to hit targets after years of restructuring. A logo of Standard Chartered is displayed at the financial Central district in Hong Kong, China November 23, 2017. REUTERS/Bobby Yip
Pre-tax profit for StanChart, which focuses on Asia, Africa and the Middle East, rose to $1.26 billion in the quarter to the end of March, from $1.05 billion in the same period a year ago, helped by improvements in asset quality.
However revenues — closely watched by investors who want to see growth driven by income rather than lower impairments — fell short of market expectations at $3.9 billion, despite being the bank’s best since the second quarter of 2015.
This underscores the challenge for StanChart in meeting its already modest targets.
“Overall the key disappointment will be that the strong income start flagged at the full year hasn’t persisted,” said Richard Smith, analyst at KBW in London.
The first-quarter profit jump follows some early signs of success including a return to dividend payments, for StanChart, which has undergone a sweeping restructuring under the leadership of Chief Executive Bill Winters since 2015.
StanChart shares rose 1 percent in London by 0745 GMT, echoing earlier gains in the lender’s Hong Kong-listed shares.
StanChart in February unveiled a new medium-term goal of an 8 percent return on equity, as it recovers from a restructuring that saw the key profitability metric fall into the negative. It has not announced the timetable for achieving the goal. NO SHORTCUTS
Achieving the target will involve improving income across all of the bank’s main business lines, with the first quarter showing mixed results.
While income for its private banking business climbed 23 percent from the same first-quarter period a year ago, albeit off a low base, income in the key financial markets trading business rose only 2 percent.
That compares with record profits for the quarter posted by U.S. investment banks, which reaped bumper trading profits in the first two months of the year as investors reacted to volatility across stock, bond, currency and commodity markets.
StanChart posted an annualized return on equity of 7.6 percent in the March quarter, compared to 6.3 percent in the first quarter of 2017.
“There are no shortcuts but we are gathering momentum and gaining in confidence,” Finance Director Andy Halford told reporters on a conference call on Wednesday.
StanChart did show continued signs of improving its balance of bad loans, with net impairment on financial assets in the quarter 29 percent lower than in the previous period.
Losses from bad debts had plagued StanChart in the recent past, but the bank has since tightened limits on who can make decisions about such big loans and decreased internal limits for exposure to a single client. Reporting by Sumeet Chatterjee, Emma Rumney and Lawrence White; Editing by Muralikumar Anantharaman and Keith Weir | ashraq/financial-news-articles | https://uk.reuters.com/article/us-stanchart-results/standard-chartered-first-quarter-pre-tax-profit-climbs-20-percent-beats-forecasts-idUKKBN1I30CG |
May 15 (Reuters) - Akamai Technologies Inc:
* AKAMAI ANNOUNCES PROPOSED OFFERING OF CONVERTIBLE SENIOR NOTES
* AKAMAI TECHNOLOGIES INC - PROPOSES TO OFFER $1 BILLION IN AGGREGATE PRINCIPAL AMOUNT OF CONVERTIBLE SENIOR NOTES DUE 2025
* AKAMAI TECHNOLOGIES INC - WILL GRANT INITIAL PURCHASERS OPTION TO PURCHASE UP TO AN ADDITIONAL $150 MILLION IN PRINCIPAL AMOUNT OF NOTES ON SAME TERMS
* AKAMAI TECHNOLOGIES INC - INTENDS TO USE A PORTION OF PROCEEDS TO PAY COST OF CERTAIN CONVERTIBLE NOTE HEDGE TRANSACTIONS
* AKAMAI TECHNOLOGIES INC - INTENDS TO USE ABOUT $50 MILLION OF PROCEEDS TO REPURCHASE SHARES OF ITS COMMON STOCK FROM PURCHASERS OF NOTES IN OFFERING
* AKAMAI - ALSO INTENDS TO USE A PORTION OF PROCEEDS TO REPAY AT MATURITY ALL OF ITS $690 MILLION OUTSTANDING OF 0.0% CONVERTIBLE SENIOR NOTES DUE 2019 Source text for Eikon: Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-akamai-technologies-announces-prop/brief-akamai-technologies-announces-proposed-offering-of-convertible-senior-notes-idUSASC0A2GO |
May 2 (Reuters) - THL Credit Inc:
* THL CREDIT REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS AND DECLARES A DIVIDEND OF $0.27 PER SHARE Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-thl-credit-declares-dividend-of-02/brief-thl-credit-declares-dividend-of-0-27-per-share-idUSASC09Z4I |
MOSCOW (Reuters) - Russian opposition leader Alexei Navalny was sentenced to 30 days in jail by a Moscow court on Tuesday for his role in organising nation-wide protests against President Vladimir Putin on May 5.
Russian opposition leader Alexei Navalny (C), who was detained at a recent protest called under the slogan "Putin is not our tsar", walks past journalists as he arrives at a court building in Moscow, Russia May 15, 2018. REUTERS/Tatyana Makeyeva Some 1,600 anti-Kremlin activists, including Navalny, were detained during protests held ahead of Putin’s inauguration for a fourth term as president.
Navalny had called for demonstrations in more than 90 towns and cities under the slogan “Putin is not our tsar” to protest what he says is Putin’s autocratic rule.
Putin, 65, won re-election overwhelmingly in March, extending his grip over Russia for six more years - a tenure of 24 years that would make him Moscow’s longest-serving leader since Soviet dictator Josef Stalin.
Navalny, who has been detained and jailed several times for organising similar protests, was barred from running in Russia’s presidential election for what he says was a false pretext.
“30 days of arrest for the right to go out on the street of your city and tell the authorities: ‘I am not your slave and will never be one. I do not need a new tsar’,” Navalny said via his Twitter account after the decision.
He was also sentenced to 15 days in detention on a separate charge of refusing to comply with a police order. This will run concurrently with the first sentence and he should not be in jail for any longer than 30 days.
Reporting by Polina Ivanova; writing by Maria Kiselyova, Gabrielle Tétrault-Farber and Polina Devitt; Editing by Richard Balmforth
| ashraq/financial-news-articles | https://in.reuters.com/article/russia-navalny/russian-opposition-leader-navalny-jailed-for-30-days-over-protest-idINKCN1IG267 |
(Adds detail, context)
CAPE TOWN, May 24 (Reuters) - The South African government has appointed Phakamani Hadebe as chief executive of struggling state power firm Eskom, ending a string of interim appointments that stretches back to 2016.
Hadebe has been leading efforts to stabilise Eskom, a company at the heart of corruption scandals surrounding ousted president Jacob Zuma, as interim CEO since January after an intervention by then-Deputy President Cyril Ramaphosa.
Ramaphosa, who replaced Zuma as South Africa’s president in February, has made reforming state-owned firms a priority as he seeks to bolster economic growth and stave off sovereign credit ratings downgrades.
Eskom is regularly cited by ratings agencies as one of the main threats to the country’s creditworthiness.
“Cabinet has approved the appointment of Mr Phakamani Hadebe as the new group chief executive of Eskom. This is a reflection of the excellent work he has done over the last few months at the institution,” Public Enterprises Minister Pravin Gordhan told reporters.
Eskom has not had a permanent CEO since Brian Molefe resigned in November 2016 after a report linked him to the Gupta family, whose relationship with Zuma is the subject of a South African judicial inquiry into state corruption.
The Guptas and Zuma deny wrongdoing.
Under Hadebe’s watch as interim CEO, Eskom averted a liquidity crisis by securing billions of rand in emergency funding from banks.
Hadebe is the former head of investment banking at Barclays Africa and before that was CEO of Land Bank.
Despite a shortage of coal at some power stations, Hadebe said this month that there would be no power blackouts this year.
Hadebe has said he aims to deliver a turnaround strategy for Eskom by September which could include the disposal of some assets. (Reporting by Wendell Roelf; writing by Alexander Winning; editing by Tiisetso Motsoeneng and Jason Neely)
| ashraq/financial-news-articles | https://www.reuters.com/article/eskom-ceo/update-1-south-africa-confirms-hadebe-as-ceo-of-struggling-eskom-idUSL5N1SV250 |
Silicon Valley investors are worried that China's tech sector will eat their lunch.
The idea came up at a Bay Area debate earlier this week when Sequoia Capital venture partner Mike Vernal posited that China will soon overtake the U.S. in areas like artificial intelligence and autonomous vehicles.
"The Chinese government and the Chinese tech leaders are marching in lockstep towards innovation," he said on stage at an event hosted by The Churchill Club . "So I think there's a real risk that in three to five years' time, we wake up and realize that China is far ahead of the U.S. and Silicon Valley."
The four other investors on stage — David Cowan from Bessemer, Sarah Guo from Greylock, Nicole Quinn from Lightspeed and Tomasz Tunguz from Redpoint — largely agreed with Vernal's prediction.
In China, the government is eager to clear hurdles for self-driving cars, data sharing, or factory automation, while start-ups in the U.S. get caught up in regulation, Vernal said.
Not only is the Chinese government more aligned with the country's tech sector, but start-ups there have access to much larger data sets to train their AI algorithms, due to both the size of the population and fewer concerns or regulations around privacy, added Tunguz.
Each investor had to present two technology trends that they thought would take off in three to five years and this was one of Vernal's pitches:
The only investor who didn't agree with Vernal's prediction was Cowan, who argued that technology isn't a winner-take-all situation and that innovation in China will benefit economies and consumers everywhere.
Guo rebuffed that notion.
"Technology overall is not a zero-sum game, but for any of the companies we invest in, sometimes it is," she said.
Chinese startups relating to artificial intelligence are already attracting more funding: They received 48 percent of global AI funding versus 38 percent in the US, according to CB Insights .
One way that Silicon Valley could maintain its status as a global innovation hub is to continue to make it a place where people from all around the world want to work, Guo added.
'Wide-eyed optimism about China' Several of the VCs brought up their opposition to President Trump's immigration reform plans, which could cause a brain-drain in Silicon Valley .
"This is not a criticism about China — it's wide-eyed optimism about China," Vernal said. "It's more of a criticism of the US. I am deeply patriotic ... but I fear that China will become a more forward-leaning society and we descend into bickering and complacency."
show chapters China's in the 'driver's seat' after Trump scuttles summit, says Max Baucus 8 Hours Ago | 03:38 Sequoia is arguably Silicon Valley's most successful venture capital firm, having invested in giants like Apple, Google, Oracle, YouTube and Yahoo over its nearly five decades. Vernal joined in 2016 from Facebook, where he spent more than eight years, most recently leading its search group.
In the early days of Facebook, the company resented the fast-imitation of social network knock-offs in Russia and China, he says, but now it's looking with envy at China's extremely popular WeChat messaging app .
"Today, if you look at WhatsApp or Messenger, both of them pale in comparison to WeChat, which is just a force to be beheld in China," he said. "In many ways, the Messenger and WhatsApp teams wish they had something as influential, and powerful, and ubiquitous as WeChat."
Another Sequoia partner, Mike Moritz, recently came under fire for an opinion piece comparing Silicon Valley's work ethic unfavorably to China's, where he says tech employees often work ten hour days, six days a week. Critics called his take tone deaf , and said it glorified unhealthy work practices.
Here's the full list of the top tech trends that the VCs presented at the event: | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/25/why-silicon-valley-investors-are-scared-of-china.html |
If you find yourself stumped while brainstorming, consider adopting one of Steve Jobs' strategies for generating new ideas.
The late Apple founder was known to do much of his creative thinking while taking a walk. He regularly held brainstorming meetings while walking, especially if the discussion was about a serious subject.
In the book " Steve Jobs " by Walter Isaacson, the author recalls inviting Jobs to speak on a panel. Jobs declined the speaking engagement but noted that he would attend the event so the two could take a walk and talk. "I didn't yet know that taking a long walk was his preferred way to have a serious conversation," writes Isaacson. "It turned out that he wanted me to write a biography of him."
The Apple founder's longtime friend Robert Friedland also recalls seeing Jobs "always walking around barefoot." On the Apple campus, Jobs and chief designer Jony Ive were often seen taking walks as they brainstormed new designs and concepts.
show chapters Entrepreneur who sold Siri to Steve Jobs: These are 4 keys to launching a successful business 9:51 AM ET Wed, 24 May 2017 | 01:10 Though Isaacson initially thought Jobs' request to go on a walk was "odd," science suggests that walking is useful when brainstorming ideas. According to research from Stanford University , walking boosts creative thinking by an average of 60 percent.
To gauge the effects of walking on creativity, researchers asked 176 college students to complete certain tasks while sitting, and then again while walking. In one experiment, participants were given several sets of three objects and told to come up with alternative uses for them. The researchers found that participants were "overwhelmingly" more creative when walking as opposed to sitting. They also found that creative thinking from walking remained high shortly after sitting back down.
"Walking opens up the free flow of ideas," the researchers write in the study.
These findings have major implications for the workplace, where employees spend most of the day sitting at desks. "Walking is an easy-to-implement strategy to increase appropriate novel idea generation," the authors write. "When there is a premium on generating new ideas in the workday, it should be beneficial to incorporate walks."
show chapters Why the co-founders of Siri first turned down a buyout offer from Steve Jobs 1:27 PM ET Fri, 9 June 2017 | 01:38 However, the researchers found that sitting is a better option when you need to solve a problem that only has one right answer. In the study, test subjects were asked to come up with a single word that combines with the words "cottage, Swiss, and cake." Subjects who were sitting were better able to figure out that the correct answer was cheese.
Jobs wasn't the only executive known to favor walking meetings. Facebook CEO Mark Zuckerberg , Twitter co-founder Jack Dorsey and Linkedin CEO Jeff Weiner all share this habit.
Dorsey tells Fortune that he prefers the outdoors. He adds, "If I'm with a friend we have our best conversations while walking." Weiner notes in a 2013 LinkedIn post that he also enjoys an outdoor view, and will take a "walking 1:1 over office meetings any day."
"This meeting format essentially eliminates distractions," he wrote, "so I find it to be a much more productive way to spend time."
Like this story? Like CNBC Make It on Facebook .
Don't miss: Jeff Bezos: You can have a job or a career, but if you have this you've 'hit the jackpot'
show chapters Tim Cook says Apple founder Steve Jobs had this unique gift 5:07 PM ET Tue, 12 Sept 2017 | 02:55 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/08/how-steve-jobs-odd-habit-can-help-you-brainstorm-ideas.html |
GE has a power problem and so does its stock 11:15am BST - 01:48
General Electric investors are still reeling from the biggest one-day stock drop in nine years and better days may not be ahead as the former economic bellwether struggles to re-energize its power business.
General Electric investors are still reeling from the biggest one-day stock drop in nine years and better days may not be ahead as the former economic bellwether struggles to re-energize its power business. //reut.rs/2GLjq4Y | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/24/ge-has-a-power-problem-and-so-does-its-s?videoId=429856656 |
MUMBAI (Reuters) - Indian Oil Corp (IOC), the country’s top refiner, will turn to its traditional oil suppliers, mostly in the Middle East, if U.S. sanctions against Iran result in supply disruptions, its head of finance said.
An Indian Oil tanker driver waits outside a fuel depot in Mumbai, October 6, 2017. REUTERS/ Danish Siddiqui/Files U.S. President Donald Trump earlier this month pulled out of a 2015 international nuclear pact with Iran, and said he would impose sanctions on Tehran - and companies that continue to work with it - unless it curbed its influence in the Middle East.
Other signatories of the pact - France, Germany, Britain, Russia and China - said they would try to salvage the deal and keep Iran’s oil trade and investment flowing.
“So far we haven’t cut any volumes from Iran. We have to see how strongly the U.S. takes up sanctions. From our side, we would like to continue. Otherwise we will look to our traditional suppliers,” A.K. Sharma said.
IOC, which controls 1.6 million barrels per day (bpd) of refining capacity or about a third of the country’s overall capacity, plans to buy 140,000 bpd of Iranian oil in 2018/19 and has an option to buy an additional 40,000 bpd.
State refiners such as IOC have raised imports after Iran agreed to steep shipping discounts.
“Iran’s high sulphur oil can be replaced with other crudes. It is just a case of economics. Replacing will mean slightly cost disadvantage,” Sharma added.
A woman walks past a logo of Indian Oil outside a fuel station in New Delhi, August 29, 2016. REUTERS/Adnan Abidi/Files IOC chairman Sanjiv Singh said the government had so far not directed refiners to cut imports from Iran. “We have to see how situation unfolds in future,” he said.
Previously, India obtained a waiver from Western sanctions as the country had cut imports from the Islamic Republic.
“We are working on a strategy. We are working on alternate plans if those volumes go down, then how do we manage the situation,” Singh said.
IOC is Iran’s biggest Indian oil client. The company meets about 70 percent of its oil needs through annual contracts deals, mainly with Middle Eastern producers.
It makes sense for IOC to look for alternatives to Iranian oil from other parts of the Middle East, due to geographical proximity and similarities in the oil produced.
A private security guard wearing a jacket of Indian Oil stands outside a fuel station in New Delhi, August 29, 2016. REUTERS/Adnan Abidi/Files However, an IOC official said separately the company could also tap the spot market to buy U.S. oil. “There is an option to buy U.S. oil like Mars, but we will do that if arbitrage is favorable,” the official said.
IOC recently bought 3 million barrels of U.S oil via a tender.
Writing by Promit Mukherjee; Editing by Mark Potter
Reuters Plus | ashraq/financial-news-articles | https://in.reuters.com/article/iran-nuclear-india/indian-oil-to-turn-to-traditional-suppliers-to-meet-iran-oil-shortfall-idINKCN1IN23N |
U.S. stocks edge higher 10-year Treasury yields fall after inflation data Crude oil upturn continues U.S. stocks rose Thursday, as fears of runaway inflation abated to help send the Dow Jones Industrial Average higher for a sixth consecutive session.
The blue-chip index added 156 points, or 0.6%, to 24699 in recent trading to extend its climb since May 3. The S&P 500 rose 0.6%, while the Nasdaq Composite also added 0.6%.
The... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/asian-stocks-broadly-rise-but-pain-looms-in-malaysia-1525919676 |
CALGARY, Alberta, April 30, 2018 (GLOBE NEWSWIRE) -- Builders Capital Mortgage Corp. (TSX VENTURE:BCF) (Builders Capital or the company) today released financial results for the three and twelve months ended December 31, 2017. The three-month period represents the fourth quarter of the company’s 2017 fiscal year.
“Our fourth quarter financial performance continued to reflect lingering impacts of the lengthy downturn in Alberta’s economy,” said Sandy Loutitt, President of Builder Capital. “While topline results strengthened slightly, our earnings were negatively affected by a block of unproductive inventory assets resulting from foreclosures in 2017. Despite this impact, our share structure continued to work as intended, with Class A shareholders receiving their full, planned quarterly dividend both in the fourth quarter and for the full year.”
The company was also successful in increasing its mortgage portfolio by 20.4% in 2017 as a result of a number of financing initiatives. These included raising $2.6 million in new capital during the year, increasing the available limit on its line of credit by $1 million, and securing a $1.3 million loan against property held for resale.
“These funds have since been invested into profitable mortgages, which going forward, will help to mitigate the negative impact that unproductive assets have on earnings. Even with the increased financing, our debt-to-equity remains very conservative at approximately 22.3%,” added Loutitt.
Fourth Quarter Financial Results
Mortgage revenue for the three months ended December 31, 2017 increased slightly to $842,000, from $835,000 in Q4 2016. The Q4 2017 revenue represents annualized gross revenue of 12.5% of gross share capital, compared to 14.0% in Q4 2016. It consisted of $776,000 in interest and $65,000 in lender fees charged to borrowers. The lender fees for the quarter were 3% below the management fees paid to Builders Capital Management Corp. for the period.
Fourth quarter operating expenses of $107,000, excluding a provision for mortgage losses and interest expense, were up by $25,000 from $83,000 last year. The year-over-year increase primarily reflects one-time legal costs incurred in the arranging of additional financing, together with additional management fees paid as a result of the increase in share capital.
Management set aside $137,000 during the quarter to fund potential loan losses. To date, the company has accumulated a total of $1.32 million to provide for loan losses, of which $996,000 has been applied against specific foreclosed properties or discharged mortgages. The company bases its planned quarterly provision for loan losses on an analysis of historical bad debts by its portfolio manager and a current analysis of the construction finance marketplace.
The increased provision for mortgage losses, combined with the company’s strategy of charging slightly lower rates to borrowers in order to ensure a full mortgage portfolio and higher-quality lending opportunities, was reflected in bottom-line results. Fourth quarter total comprehensive income decreased by 20.3% to $533,000, or $0.20 per share, from $669,000, or $0.28 per share, in Q4 2016. The Q4 2017 income translates to earnings of $0.31 per Class A Non-Voting Share, compared to earnings of $0.48 per Class A Non-Voting Share in 2016.
“I’m pleased to report that we subsequently sold one of our foreclosed properties worth $820,000 in February 2018 and we are optimistic about our ability to sell all of the remaining properties in due course,” added Loutitt.
Twelve-Month Financial Results
For the 2017 fiscal year, mortgage revenue was $3.4 million, virtually unchanged from 2016. Full-year 2017 revenue comprised $3.1 million in interest and $266,000 in lender fees, representing annualized gross revenue of 13.3% of the weighted average gross share capital, compared to 14.4% in 2016. Lender fees for the 2017 year exceeded management fees by 5%.
Full-year operating expenses, excluding a provision for mortgage losses and interest expense, were within expectations at 11.2% of revenues, compared to 9.9% in 2016.
For the 12-month period, comprehensive income of $2.4 million, or $0.94 per share, declined by 12.3% from $2.7 million, or $1.15 per share, in 2016. This translates to earnings of $1.53 per Class A Non-Voting Share, compared to earnings of $1.97 per Class A Non-Voting Share in 2016.
Financing Activity
Financing activity in 2017 included:
A public offering of 219, 975 Class A Non-Voting shares at $10.00 per share for gross proceeds of $2, 199,750. This offering closed on May 31, 2017. A private placement of 50,000 Class A Non-Voting shares at $10.00 per share for gross proceeds of $500,000, which closed on July 25, 2017. A private placement of an additional 52,000 Class A Non-Voting shares at $10.00 per share for gross proceeds of $520,000, which closed on November 8, 2017.
Mortgage Portfolio
At December 31, 2017, Builders Capital’s mortgage portfolio consisted of 26 mortgage loans with an aggregate value of $28.1 million. All mortgage transactions conducted during the year were consistent with the company’s tight focus on financing short-term, wood-frame residential construction in strong urban markets. During 2017, $25.3 million in mortgages were purchased or funded and $14.3 million was received as mortgage repayments. The acquisition of $1.3 million in mortgages and sale of $6.9 million in mortgages helped to ensure full cash utilization and create the required liquidity.
Distributions
On December 14, 2017, based on income for the fourth quarter, the company’s Board of Directors declared a dividend of $0.2016 per Class A Non-Voting Share to shareholders of record on December 31, 2017. This distribution was paid on January 31, 2018. The dividend amount was calculated to provide an annualized 8% return for the quarter on the $10.00 initial Class A Non-Voting Share price. Fourth quarter earnings generated by the company exceeded the amount required to pay planned Class A Non-Voting Share dividends by a healthy 1.9 time s.
Subsequent to the year-end on January 23, 2018, again based on income for the fourth quarter of 2017, the company’s Board declared a dividend of $0.2521 per share to Class B Non-Voting shareholders of record on that date. This distribution was also paid on January 31, 2017.
Market Outlook
With Alberta’s recession finally in the rear-view mirror, the market outlook has improved and is largely favourable for all three of the company’s key provincial markets.
Alberta’s recovering economy is driving increasing employment levels, and with net population growth also beginning to accelerate, employment in the province is expected to exceed pre-recession levels in 2018. Canada Mortgage and Housing Corporation (“CMHC”) predicts that Alberta’s resale market will transition from a buyers’ market to more balanced conditions in 2018. CMHC further forecasts that single-detached housing starts in Alberta for 2018, which the company believes is a good indicator of its potential market, will be between 13,000 and 18,200 units, with starts expected to remain at similar levels of between 13,100 and 18,500 units in 2019. Based on these projections, the company anticipates overall more profitable markets for Alberta home builders in 2018 than in either 2016 or 2017, and accordingly, a more profitable market for its mortgages.
In British Columbia, the economy is expected to continue to grow in 2018 and 2019, supported by a low Canadian dollar, high consumer spending and a strong housing sector. However, construction of single-detached homes is expected to move closer to historical norms through this same period, following two years of elevated levels of activity. CMHC predicts single-detached housing starts of between 11,000 and 11,600 units in 2018 and between 10,600 and 11,100 units in 2019. These levels are sufficient to ensure that BC continues to be a strong growth market for Builders Capital in the near term.
In Saskatchewan, CMHC forecasts that economic expansion in 2017 and 2018 will drive an upward trend in home construction. Single-detached housing starts for 2018 are forecast to range from 2,400 to 3,400 units, increasing to between 2,400 and 3,600 units in 2019.
Overall, management believes that the levels of housing starts forecast by CMHC across its key markets are more than adequate to support the growth of the company’s business in the near term. It also expects that margins on new construction will remain viable, particularly in Alberta, where building costs have generally decreased and selling prices are expected to gradually strengthen.
While the outlook is improving, the company cautions that the extended downturn has taken its toll on builders in the Alberta market and it is possible that Builders Capital will need to take additional steps to collect on some of its mortgage assets over the coming months. However, the company is optimistic that it has weeded out the most significant vulnerabilities in its portfolio, and is confident in its ability to enforce current mortgages .
The company also has multiple strategies in place to limit downside risk. Builders Capital takes a cautious approach to leverage and maintains a prudent debt-to-equity ratio. By investing only in short-term mortgages, the company maintains the liquidity necessary to preserve capital. It generally restricts mortgage lending to 75% of what it believes the fair market value of a property at any given time to be, ensuring that it holds a targeted minimum of 25% of the value of the project in owner’s equity. Investors are also protected by the general allowance for doubtful accounts the company sets aside each quarter before paying dividends. Finally, safeguards built into Builders Capital’s share structure give public Class A Non-Voting shareholders priority on all capital, as well as income distributions over Class B Non-Voting shareholders. Even if fourth quarter earnings had been only 65% of their actual figure, Builders Capital would still have been in a position to pay Class A shareholders their full, planned quarterly dividend.
“Given the improving market conditions in Alberta, and continued strength in both BC and Saskatchewan, we are well positioned to continue sourcing high-quality lending opportunities that appropriately balance risk while maintaining attractive returns for shareholders.”
A more detailed discussion of the company’s financial results can be found in Builders Capital’s 2017 Management’s Discussion and Analysis, which will be posted along with unaudited interim condensed financial statements for the quarter on the company’s website ( www.builderscapital.ca ) and SEDAR ( www.sedar.com ) on April 30, 2018.
About Builders Capital
Builders Capital is a mortgage lender providing short-term course of construction financing to builders of residential, wood-frame properties in Western Canada. The company was formed on March 28, 2013 but did not commence active operations until December 12, 2013, on the closing of its initial public offering, following which it acquired a portfolio of mortgages from two predecessor companies.
Builders Capital’s investment objective is to generate attractive returns, relative to risk, in order to provide stable and steady distributions to shareholders while remaining focused on capital preservation and staying within the criteria mandated for mortgage investment corporations, as defined in the Income Tax Act .
As an MIC, Builders Capital is not subject to income tax provided that it distributes all of its taxable income as dividends to shareholders within 90 days of its December 31 st year-end. Such dividends are generally treated by shareholders as interest income, so that each shareholder is in the same tax position as if their proportionate share of mortgage investments made by the company had been made directly by the shareholder.
Forward-Looking Information
This news release contains forward-looking statements within the meaning of applicable securities legislation, including statements with respect to management’s beliefs, estimates and intentions, and similar statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “outlook”, “objective”, “may”, “will”, “expect”, “intent”, “estimate”, “anticipate”, “believe”, “should”, “plans” or “continue” or similar expressions suggesting future outcomes or events. Such forward-looking statements reflect management’s current beliefs and are based on information currently available to management. These statements are not guarantees of future performance and are based on estimates and assumptions that are subject to risks and uncertainties which could cause actual results to differ materially from the forward-looking statements contained in this news release. These include, among other things, risks associated with mortgage lending, competition for mortgage lending, real estate values, interest rate fluctuations, environmental matters and the general economic environment. The company cautions that the foregoing list is not exhaustive, as other factors could adversely affect its results, performance or achievements. Readers are cautioned against undue reliance on any forward-looking statements. Although the forward-looking information contained in this news release is based upon what management believes are reasonable assumptions, there can be no assurance that actual results will be consistent with these forward-looking statements. Except as required by applicable law, Builders Capital undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
For more information, please contact:
John Strangway, Chief Financial Officer
Telephone: (403) 685-9888
Email: [email protected]
Website: www.builderscapital.ca
Source:Builders Capital Mortgage Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/04/30/globe-newswire-builders-capital-mortgage-corp-reports-2017-fourth-quarter-and-full-year-results.html |
OTTAWA (Reuters) - Canada’s decision on Tuesday to buy a troubled oil pipeline is a big risk that could cost Prime Minister Justin Trudeau important voter support in a major province, but insiders say failure to act decisively to boost energy exports might hurt his chances to win re-election in 2019.
Workmen inspect steel pipe to be used in the oil pipeline construction of Kinder Morgan Canada's Trans Mountain Expansion Project at a stockpile site in Kamloops, British Columbia, Canada May 29, 2018. REUTERS/Dennis Owen Trudeau’s Liberal government said it will buy Kinder Morgan Canada Ltd’s ( KML.TO ) Trans Mountain pipeline for C$4.5 billion ($3.5 billion) in hopes of saving a project that faces major political and environmental opposition.
“I think this could end up being the biggest gamble of his mandate,” said pollster Nik Nanos, noting Trudeau came to power in late 2015 promising to do more for the environment.
“This is a very risky political move in terms of the prime minister’s personal brand and the brand of the Liberal party, but weighed against the needs of the economy, the Liberals probably see this as a necessary move.”
Liberal insiders hope the move will help dispel criticism that Trudeau dithers on big issues, ditching some campaign promises and consulting endlessly on others with little actual achievement after three years in office.
Party operatives dispute that Trudeau has frittered away his time in power but they concede the accusations of inaction are taking a toll.
The main opposition Conservative party is becoming more competitive in polls, and even took the lead in one Nanos Research survey released on Tuesday, which showed Conservatives at 36 percent public support and the Liberals at 33 percent.
“It is better in this case to take action - even if it turns out to be the wrong choice - than do nothing,” said a well-placed Liberal source, who requested anonymity because of the sensitivity of the situation.
Trans Mountain runs from the Alberta oil sands to the Pacific province of British Columbia, and a planned expansion is a centerpiece of Trudeau’s energy policy and key to helping meet carbon emission agreements.
Opposition is fierce in British Columbia, where the Liberals won an unexpectedly large number of seats in 2015, yet Trudeau says the expansion must go ahead so exporters can ship oil to global markets.
Senior Liberals play down the chances of a political massacre in the 2019 election, noting recent polls show a slim majority of people in British Columbia back the pipeline.
The pipeline’s biggest supporters are in western provinces like Alberta where Liberals traditionally do poorly.
The government has “staked so much on this that if they don’t come out with a deal of some sort, that will be highly problematic for them politically,” said Monica Gattinger, director of the Institute for Science, Society and Policy at the University of Ottawa.
The Liberals, who promise to balance the needs of the natural resources industry with the environment, blocked one proposed pipeline to the Pacific coast in 2016. The proponents behind a similar line to the Atlantic pulled out in 2017 after the national energy regulator imposed more conditions.
Additional reporting by Leah Schnurr in Ottawa; Editing by David Gregorio
| ashraq/financial-news-articles | https://www.reuters.com/article/us-kinder-morgan-cn-pipeline-trudeau-ana/pipeline-move-a-risk-for-canadas-trudeau-but-inaction-worse-idUSKCN1IU2OW |
HIGHLANDS RANCH, Colo., Advanced Emissions Solutions, Inc. (NASDAQ:ADES) (the “Company" or “ADES”) today announced strategic leadership changes as well as a planned workforce reduction to align the Company's personnel resources with the current needs of its business. Ron Hanson, the Company's current Senior Vice President of Operations will continue to serve the Company through September 2018. Sharon Sjostrom, the Company's current Chief Product Officer will continue to serve the Company through June 2018. The Board of Directors (the "Board") has approved the elimination of these positions as of those respective dates. L. Heath Sampson, President and CEO of the Company, will assume Mr. Hanson's responsibilities related to operations.
Mr. Sampson stated, “I’d like to thank both Ron and Sharon for the significant contributions they have made to our Company. Their contributions and leadership have been key factors to our successes during their employment with the Company. Additionally, as we make broader changes to our organization to continue to align our resources and personnel to the needs of our business, I would also like to thank all of the individuals impacted by these changes. Collectively, these individuals have made significant contributions to our Company and we appreciate all they have done. As a result of these actions, we expect to generate annualized expense savings of approximately $3.0 million - $3.3 million, primarily from savings in employee salaries and benefits. We have the right team in place to continue to execute against our strategic priorities, and we look forward to the opportunities that 2018 will bring."
About Advanced Emissions Solutions, Inc.
Advanced Emissions Solutions, Inc. serves as the holding entity for a family of companies that provide emissions solutions to customers in the power generation and other industries.
ADA-ES, Inc. (“ADA”) is a wholly-owned subsidiary of Advanced Emissions Solutions, Inc. (“ADES”) that provides emissions control solutions for coal-fired power generation and industrial boiler industries. With more than 25 years of experience developing advanced mercury control solutions, ADA delivers proprietary environmental technologies, equipment and specialty chemicals that enable coal-fueled boilers to meet emissions regulations. These solutions enhance existing air pollution control equipment, maximizing capacity and improving operating efficiencies. Our track record includes securing more than 40 US and international patents for emissions control technology and systems and selling the most activated carbon injection systems for power plant mercury control in North America. For more information on ADA, and its products and services, visit www.adaes.com .
Tinuum Group, LLC (“Tinuum Group”) is a 42.5% owned joint venture by ADA that provides ADA’s patented Refined Coal (“RC”) CyClean™ technology to enhance combustion of and reduce emissions of NOx and mercury from coals in cyclone boilers and ADA’s patented M-45™ and M-45-PC™ technologies for Circulating Fluidized Bed boilers and Pulverized Coal boilers respectively.
Caution on Forward-Looking Statements
This press release contains within the meaning of Section 21E of the Securities Exchange Act of 1934, which provides a “safe harbor” for such statements in certain circumstances. The include statements or expectations regarding the proposed realignment, restructuring and shifting of the Company’s business operations, timing for the transition period of such leadership changes and workforce reductions, the estimated costs incurred as a result of these leadership changes and workforce reductions, estimates of annualized savings and related matters. These statements are based on current expectations, estimates, projections, beliefs and assumptions of the Company’s management. Such statements involve significant risks and uncertainties. Actual events or results could those discussed in the as a result of various factors, including, but not limited to, uncertainties that may delay or negatively impact the timing of the leadership changes and workforce reductions, disruption to business operations as a result of the leadership changes and workforce reduction; inability to successfully implement the leadership changes and workforce reduction or refocus the Company’s business and operations; loss of key personnel and other factors discussed in greater detail in the Company’s filings with the Securities (“SEC”). You are cautioned not to place undue reliance on such statements and to consult the Company’s SEC filings for additional risks and uncertainties that may apply to the Company’s business and the ownership of its securities. The Company’s are presented as of the date made, and the Company disclaims any duty to update such statements unless required by law to do so.
Source: Advanced Emissions Solutions, Inc.
Investor Contact:
Alpha IR Group
Ryan Coleman or Chris Hodges
312-445-2870
[email protected]
Source:Advanced Emissions Solutions, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/globe-newswire-advanced-emissions-solutions-announces-leadership-transitions-and-business-alignment-changes.html |
May 29, 2018 / 12:29 AM / Updated 9 hours ago JAB set to buy Pret a Manger for $2 billion: FT Reuters Staff 2 Min Read
(Reuters) - Luxembourg-based JAB Holdings is set to buy British sandwich chain Pret A Manger for 1.5 billion pounds ($2.0 billion), including debt, from its private equity owners, the Financial Times reported late on Monday.
The deal could be unveiled as soon as Tuesday, the report said, citing three unnamed sources with direct knowledge of the situation. on.ft.com/2xhqbMu
Pret’s private equity owner, Bridgepoint, bought the chain at the height of the buyout boom in 2008 for 500 million euros.
JAB, the family office of Europe’s billionaire Reimann clan, has built up the world’s second-largest coffee business over the past five years. It controls packaged brands such as Kenco and Douwe Egberts; retail chains like Peet’s and Espresso House; and Keurig, the leading at-home single-serve brewer system in the United States.
Reuters reported last year that Philippines fast food chain Jollibee Foods Corp ( JFC.PS ) was exploring a bid worth over $1 billion for Pret.
Pret A Manger and JAB Holdings did not respond to a request for comment outside regular business hours.
($1 = 0.7514 pounds) | ashraq/financial-news-articles | https://www.reuters.com/article/us-pret-m-a-jab-holdings/jab-set-to-buy-pret-a-manger-for-2-billion-ft-idUSKCN1IU011 |
May 15 (Reuters) - Bunge Ltd:
* BUNGE MAKES INITIAL FILING IN BRAZIL FOR IPO OF ITS SUGAR MILLING BUSINESS
* HAS PREPARED THE SUGAR MILLING BUSINESS TO OPERATE AS A STAND-ALONE COMPANY AND RECENTLY OBTAINED DEBT FINANCING FOR THE BUSINESS
* FILING OF REGISTRATION REQUEST WITH BRAZILIAN SECURITIES COMMISSION FOR POTENTIAL IPO OF BUNGE AÇÚCAR & BIONERGIA
* FOLLOWING EXECUTION OF IPO, BUNGE WOULD BE MAJORITY SHAREHOLDER Source text for Eikon: Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-bunge-makes-initial-filing-in-braz/brief-bunge-makes-initial-filing-in-brazil-for-ipo-of-its-sugar-milling-business-idUSFWN1SM19V |
Fabian Cancellara of Switzerland—a.k.a. “Spartacus”—is considered one of the greatest professional cyclists ever, a multiple world champion and two-time Olympic gold medalist who captured eight Tour de France stages and took brilliant victories in one-day races like Paris-Roubaix and the Tour of Flanders.
Phil Gaimon, meanwhile, is an ex-American pro who spent two seasons at the elite World Tour level, and whose biggest victory may have been at the opening stage of the Tour de San Luis in Argentina in 2014.
... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/a-feudthen-the-summers-craziest-bike-race-1526574203 |
DENVER, May 09, 2018 (GLOBE NEWSWIRE) -- Glowpoint, Inc. (NYSE American:GLOW) (“Glowpoint” or the “Company”), a managed service provider of video collaboration and network applications, today announced financial results for the first quarter ended March 31, 2018.
First Quarter Financial Highlights
Cash of $3.1 million, working capital of $3.8 million and no debt as of March 31, 2018.
Revenue of $3.5 million, net loss of $1.3 million, and adjusted EBITDA (“AEBITDA”) of $0.1 million. AEBITDA is a non-GAAP financial measure. See “Non-GAAP Financial Information” later in this release for a reconciliation of this non-GAAP financial measure.
Closed a registered direct offering of 0% Series C Convertible Preferred Stock in January 2018 for net proceeds to the Company of $1.5 million.
Retired $1.8 million of outstanding debt obligations in the first quarter, resulting in no outstanding debt as of March 31, 2018.
Stockholders’ equity of $12.5 million as of March 31, 2018.
“We are pleased to have further strengthened our balance sheet during the first quarter of 2018 through the completion of our Series C equity round in January which, along with improving the Company’s liquidity position, also resulted in the retirement of all outstanding debt. Our simplified capital structure provides the Company a foundation on which to pursue both organic and inorganic growth initiatives including the release of our next generation UCaaS 1 support platform this summer,” said Glowpoint President and CEO Peter Holst. “According to Gartner Research 2 , global spending on Unified Communications (UC) will reach $45.7 billion in 2022, and technology strategic planners positioning UC solutions must plan for expected shortages of skilled support resources as the UC market evolves. Time-to-market has always been a challenge for IT teams seeking to deploy and adopt communication services to their fullest potential and, as market demand for UC grows rapidly, we’ve worked closely with our customers, partners and prospects to design a service platform that shortens innovation and adoption cycles while also addressing their needs to substantially reduce complexity and cost. Leading IT organizations identify the customer experience as a top priority by accelerating the adoption and dissemination of services that engage customer interaction and response. With recent advancements in machine learning and emerging architectures that simplify applications into functional components, business users can not only expect faster innovation, but also far greater flexibility in adoption, support and customization to meet their specific objectives.”
Glowpoint’s results from operations and financial condition are more fully discussed in our Quarterly Report on Form 10-Q for the three months ended March 31, 2018 on file with the Securities and Exchange Commission (the “SEC”). Investors are encouraged to carefully review the Company’s Form 10-Q for a complete analysis of its results from operations and financial condition.
About Glowpoint
Glowpoint, Inc. (NYSE American:GLOW) is a managed service provider of video collaboration and network applications. Our services are designed to provide a comprehensive suite of automated and concierge applications to simplify the user experience and expedite the adoption of video as the primary means of collaboration. Our customers include Fortune 1000 companies, along with small and medium sized enterprises in a variety of industries. To learn more please visit www.glowpoint.com .
Non-GAAP Financial Information
Adjusted EBITDA (“AEBITDA”), a non-GAAP financial measure, is defined as net loss before depreciation and amortization, income tax expense, stock-based compensation, impairment charges, and interest and other expense, net. AEBITDA is not intended to replace operating loss, net loss, cash flow or other measures of financial performance reported in accordance with generally accepted accounting principles (GAAP). Rather, AEBITDA is an important measure used by management to assess the operating performance of the Company and is used in determining achievement of performance-based stock awards. AEBITDA as defined here may not be comparable to similarly titled measures reported by other companies due to differences in accounting policies. Therefore, AEBITDA should be considered in conjunction with net loss and other performance measures prepared in accordance with GAAP, such as operating loss or cash flow provided by (used in) operating activities, and should not be considered in isolation or as a substitute for GAAP measures, such as net loss, operating loss or any other GAAP measure of liquidity or financial performance. A reconciliation of AEBITDA to net loss is shown in the attached schedules.
Forward looking and cautionary statements
This press release and any oral statements made regarding the subject of this release contain forward-looking statements as defined under Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, that address activities that Glowpoint assumes, plans, expects, believes, intends, projects, estimates or anticipates (and other similar expressions) will, should or may occur in the future are forward-looking statements. The forward-looking statements are based on management’s current belief, based on currently available information, as to the outcome and timing of future events, and involve factors, risks, and uncertainties that may cause actual results in future periods to differ materially from such statements. A list and description of these and other risk factors can be found in the Company’s Annual Report on Form 10-K for the year ending December 31, 2017 and in other filings made by the Company with the SEC from time to time, including the Company’s Quarterly Report on Form 10-Q for the three months ended March 31, 2018. Any of these factors could cause Glowpoint’s actual results and plans to differ materially from those in the forward-looking statements. Therefore, Glowpoint can give no assurance that its future results will be as estimated. Glowpoint does not intend to, and disclaims any obligation to, correct, update or revise any information contained herein.
INVESTOR CONTACT:
Investor Relations
Glowpoint, Inc.
+1 303-640-3840
[email protected]
www.glowpoint.com
1 Unified Communications (UC) as a Service (UCaaS) is a sophisticated solution unifying a variety of communication services on a single platform and accessible through the cloud.
2 Gartner Research Forecast Analysis: Unified Communications, Worldwide, 1Q18 Update, April, 2018
GLOWPOINT, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except par value, stated value and shares) March 31, 2018 (unaudited) December 31, 2017 ASSETS Current assets: Cash $ 3,068 $ 3,946 Accounts receivable, net 1,295 1,220 Prepaid expenses and other current assets 696 715 Total current assets 5,059 5,881 Property and equipment, net 1,007 1,159 Goodwill 7,100 7,750 Intangibles, net 594 626 Other assets 8 8 Total assets $ 13,768 $ 15,424 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Current portion of long-term debt $ — $ 1,194 Accounts payable 309 337 Accrued expenses and other liabilities 714 1,003 Accrued sales taxes and regulatory fees 247 259 Total current liabilities 1,270 2,793 Long term liabilities: Long-term debt, net of current portion — 369 Total long-term liabilities — 369 Total liabilities 1,270 3,162 Stockholders’ equity: Preferred stock, Series A-2, convertible; $.0001 par value; $7,500 stated value; 7,500 shares authorized, 32 shares issued and outstanding and liquidation preference of $237 at March 31, 2018 and December 31, 2017, respectively — — Preferred stock, Series B, convertible; $.0001 par value; $1,000 stated value; 2,800 shares authorized, 375 shares issued and outstanding and liquidation preference of $375 at March 31, 2018 and 450 shares issued and outstanding and liquidation preference of $450 at December 31, 2017 — — Preferred stock, Series C, convertible; $.0001 par value; $1,000 stated value; 1,750 shares authorized, 1,275 shares issued and outstanding and liquidation preference of $1,275 at March 31, 2018 and none at December 31, 2017 — — Common stock, $.0001 par value; 150,000,000 shares authorized; 47,318,000 shares issued and 46,485,000 outstanding at March 31, 2018 and 45,161,000 issued and 44,510,000 outstanding at December 31, 2017 5 5 Treasury stock, 833,000 and 651,000 shares at March 31, 2018 and December 31, 2017, respectively (405 ) (352 ) Additional paid-in capital 184,688 183,114 Accumulated deficit (171,790 ) (170,505 ) Total stockholders’ equity 12,498 12,262 Total liabilities and stockholders’ equity $ 13,768 $ 15,424
GLOWPOINT, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS and GAAP to Non-GAAP Reconciliation (In thousands, except per share data) (Unaudited) Three Months Ended March 31, 2018 2017 Revenue $ 3,474 $ 4,080 Operating expenses: Cost of revenue (exclusive of depreciation and amortization) 2,147 2,448 Research and development 250 287 Sales and marketing 177 140 General and administrative 898 1,016 Impairment charges 650 — Depreciation and amortization 232 459 Total operating expenses 4,354 4,350 Loss from operations (880 ) (270 ) Interest and other expense, net (405 ) (371 ) Loss before income taxes (1,285 ) (641 ) Income tax expense — (27 ) Net loss (1,285 ) (668 ) Preferred stock dividends 3 3 Net loss attributable to common stockholders $ (1,288 ) $ (671 )
Net loss attributable to common stockholders per share: Basic and diluted net loss per share $ (0.03 ) $ (0.02 ) GAAP to Non-GAAP Reconciliation: Net loss $ (1,285 ) $ (641 ) Depreciation and amortization 232 459 Interest and other expense, net 405 371 Income tax expense — 27 EBITDA (648 ) 216 Stock-based compensation 50 164 Impairment charges 650 — Adjusted EBITDA $ 52 $ 380
GLOWPOINT, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited and in thousands) Three Months Ended March 31, 2018 2017 Cash flows from operating activities: Net loss $ (1,285 ) $ (668 ) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation and amortization 232 459 Bad debt expense (recovery) 5 (4 ) Amortization of debt discount 104 18 Stock-based compensation expense 50 164 Impairment charges 650 — Deferred tax provision — 27 Changes in assets and liabilities: Accounts receivable (80 ) (2 ) Prepaid expenses and other current assets 19 (60 ) Accounts payable (28 ) 83 Accrued expenses and other liabilities (127 ) 56 Accrued sales taxes and regulatory fees (12 ) (55 ) Net cash provided by (used in) operating activities (472 ) 18 Cash flows from investing activities: Purchases of property and equipment (48 ) (36 ) Net cash used in investing activities (48 ) (36 ) Cash flows from financing activities: Principal payments under borrowing arrangements (1,832 ) — Proceeds from Series C preferred stock issuance, net of expenses of $223 1,527 — Purchase of treasury stock (53 ) (12 ) Net cash used in financing activities (358 ) (12 ) Decrease in cash and cash equivalents (878 ) (30 ) Cash at beginning of period 3,946 1,140 Cash at end of period $ 3,068 $ 1,110 Supplemental disclosures of cash flow information: Cash paid during the period for interest $ 316 $ 266 Non-cash investing and financing activities: Accrued preferred stock dividends $ 3 $ 3
Source:Glowpoint, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/globe-newswire-glowpoint-announces-first-quarter-2018-results.html |
Starbucks has jumped the shark. To put that more precisely, American liberalism has jumped the shark.
In April two black men walked into a Starbucks in Philadelphia. They were there to use the bathroom, not to order anything Starbucks sold. They said they were on business. The manager said they wouldn’t leave.
The manager called the cops,... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/starbucks-homeless-problem-1527114340 |
ST. PAUL, Minn.--(BUSINESS WIRE)-- Advantus Capital Management Inc., a wholly owned asset management subsidiary of Securian Financial Group, Inc., changed its name to Securian Asset Management Inc., effective May 1, 2018.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180501005339/en/
David Kuplic, Securian Asset Management president (Photo: Business Wire)
The name change will help the St. Paul, Minnesota-based asset manager build a stronger brand in the institutional asset management market. The company remains the same legal entity, with no change in ownership or control.
“Brand recognition is important, and by rebranding to Securian Asset Management, we expect to gain greater market awareness for our institutional asset management capabilities,” said David Kuplic, Securian Asset Management’s president.
“Additionally, the timing of this change just makes sense. We are working more closely with Securian Financial than perhaps ever before, leveraging our collective expertise to build new, mutually beneficial capabilities in emerging growth opportunities like pension risk transfer. These new capabilities, along with our established areas of expertise, will serve as the base of our reinvigorated focus on external asset growth moving forward,” added Kuplic.
A history of finding investment value
As of the end of March 2018, Securian Asset Management manages over $37 billion for institutional clients, including corporations, endowments and foundations, government entities and pension plan managers. It specializes in fixed income, managed volatility, real estate securities, alternative investments, dividend-paying investments and private credit—including privately placed bonds and commercial mortgage loans.
Securian Asset Management also manages mutual funds, retirement investments and variable insurance fund investments.
ABOUT SECURIAN FINANCIAL GROUP
Since 1880, Securian Financial Group and its affiliates have provided financial security for individuals and businesses in the form of insurance, investments and retirement plans. Now one of the nation’s largest financial services providers, Securian is the holding company parent of a group of companies that offer a broad range of financial services.
DOFU 05-2018
481646
View source version on businesswire.com : https://www.businesswire.com/news/home/20180501005339/en/
Securian Financial Group
Jeff Bakken, 651-665-7558
Media Relations
[email protected]
Source: Securian Financial Group, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/business-wire-advantus-capital-management-rebrands-as-securian-asset-management.html |
WASHINGTON—President Donald Trump criticized former Secretary of State John Kerry on Monday for meeting with foreign officials to discuss ways to save the nuclear deal with Iran.
“The United States does not need John Kerry’s possibly illegal Shadow Diplomacy on the very badly negotiated Iran Deal. He was the one that created this MESS in the first place!” Mr. Trump tweeted.
Mr.... RELATED VIDEO What Is the 2015 Iran Nuclear Deal? Iran reached a historic agreement with major world powers over its nuclear program in 2015. Under the deal, what did Iran give up and how is it benefiting? WSJ’s Niki Blasina explains. To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/trump-blasts-kerrys-shadow-diplomacy-on-iran-nuclear-deal-1525717617 |
WASHINGTON—President Donald Trump said Friday that his lawyer Rudy Giuliani will “get his facts straight” and praised him as a “great guy,” two days after the former New York City mayor stunned the White House and the president’s legal team with remarks about payments to an adult film star who alleged a sexual affair with Mr. Trump.
Mr. Giuliani, a recent addition to the president’s legal team, said Wednesday on Fox News that the president had reimbursed his lawyer, Michael Cohen, for the October 2016 payment of $130,000 to... RELATED VIDEO Trump's Responses to the Stormy Daniels Allegations President Donald Trump said Thursday that his lawyer Michael Cohen was reimbursed for a payment Mr. Cohen made to former adult film star Stormy Daniels to keep her quiet about an alleged sexual encounter with Mr. Trump. Here are some of the responses by Mr. Trump and the White House to the allegations over the past few months. Photo: Getty | ashraq/financial-news-articles | https://www.wsj.com/articles/trump-giuliani-will-get-his-facts-straight-1525450034 |
May 2 (Reuters) - China Vanguard You Champion Holdings Ltd :
* UNIT SIGNED NON-LEGALLY BINDING LOI WITH TAHITI BLACK PEARL POE RAUA NUI FOR DEVELOPMENT OF BUSINESS IN HAINAN Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-china-vanguard-you-champion-holdin/brief-china-vanguard-you-champion-holdings-says-unit-signed-loi-with-tahiti-poe-raua-nui-for-business-in-hainan-idUSFWN1S910S |
May 14, 2018 / 8:04 PM / in 17 minutes IMF says supports Argentina floating exchange rate as peso tumbles Walter Bianchi , Luc Cohen 4 Min Read
BUENOS AIRES (Reuters) - The International Monetary Fund (IMF) said on Monday a target exchange rate for the peso will not be a condition of a financing deal with Argentina, as the currency closed more than 6 percent weaker at a record low of 25 per U.S. dollar. People walk by an electronic board showing currency exchange rates in Buenos Aires' financial district, Argentina May 14, 2018. REUTERS/Martin Acosta
Argentina requested a “high access stand-by arrangement” from the IMF last week after the peso depreciated rapidly, prompting the central bank to sell reserves and hike interest rates to 40 percent in a bid to contain one of the world’s highest inflation rates as well as stop the peso slide.
The bank sold $400 million in reserves on Monday as part of its effort to halt the peso’s slide, traders said. During all of last week, the peso weakened 6.30 percent, and for the first 11 days of May it weakened 12.03 percent.
The Merval stock index opened 0.7 percent lower on Monday before rising 1.4 percent by the late afternoon.
In a statement, an IMF spokesman said the Fund had not discussed any specific target for the exchange rate with Argentine authorities during negotiations in Washington.
“Argentina has a floating, market-determined exchange rate, and we fully support that,” the spokesman said. “The exchange rate should continue to be determined by market forces, with the central bank continuing to use all the policy tools that are at its disposal.”
In an earlier statement, the IMF said its board would discuss Argentina at an informal meeting scheduled for Friday. The Fund said that meeting was “part of our usual process of briefing the board on negotiations for high access IMF programs.” POLITICAL RISKS
Weak fundamentals, skittishness regarding devaluation and concern over Argentina’s drought-hit soy harvest are pressuring the peso lower.
Traders were also looking ahead to the maturity of 670 billion pesos ($27.32 billion) worth of central bank notes known as Lebacs on Tuesday, representing more than half the total stock of outstanding Lebacs and 67 percent of the monetary base.
Interest rates on the notes have been rising in secondary markets, as the bank is widely expected to hike rates in Tuesday’s auction to entice traders to roll over their maturing notes.
“The possibility of a complete renewal of the maturing (Lebacs) is not expected,” consultancy Portfolio Personal said in a note, adding that in the four auctions so far this year, 14 percent of maturing Lebacs had not been renewed.
The IMF negotiations carry political risks for President Mauricio Macri. Many Argentineans blame IMF-backed policies of the late 1990s for the country’s 2001-2002 economic meltdown. Some opposition politicians and activists have voiced concerns that the deal being drawn up in Washington will require painful fiscal belt tightening.
Unions marched through the city centre on Monday to protest the IMF deal and Macri’s increases in utilities prices, part of his effort to reduce the fiscal deficit.
In a statement, Macri’s office said he had spoken by phone with U.S. President Donald Trump on Monday morning, and that Trump had said he supported Macri’s discussions with the IMF. The United States has the most voting power of any IMF member country, with 16.5 percent of the votes. Reporting by Walter Bianchi, Hugh Bronstein and Gabriel Burin; writing by Luc Cohen; editing by Chizu Nomiyama and Jonathan Oatis | ashraq/financial-news-articles | https://www.reuters.com/article/uk-argentina-peso/imf-says-supports-argentina-floating-exchange-rate-as-peso-tumbles-idUSKCN1IF2SN |
May 31, 2018 / 5:38 PM / Updated 2 hours ago U.S. bond, rates futures open interest tumbles for second day Reuters Staff 2 Min Read
May 31 (Reuters) - Open interest on U.S. Treasury and interest rate futures fell sharply on Wednesday for a second straight day, suggesting that more traders were exiting bets they had placed on bond market weakness, CME Group data released on Thursday showed.
The combined outstanding positions in CBOT Treasury and CME rates futures fell 703,461 to 29.67 million contracts on Wednesday, following a 462,065 drop on Tuesday.
Total open interest on bond and rates options, however, rose 561,119 to 49.9 million on Wednesday after a 479,376 increase the day before.
On Tuesday, prices on U.S. bond and rates futures jumped on record volume as investors piled into them in a safe-haven stampede prompted by concerns about a global trade war and political turmoil in Italy.
On Wednesday, trading volume in bond and rates futures and options retreated to 21.78 million contracts from a record high of 39.65 million set on Tuesday, according to CME data.
Total futures and options futures on CME exchanges stood at 31.14 million contracts, far fewer than the all-time peak of 51.89 million totaled on Tuesday. (Reporting by Richard Leong; Editing by David Gregorio) | ashraq/financial-news-articles | https://www.reuters.com/article/usa-bonds-openinterest/u-s-bond-rates-futures-open-interest-tumbles-for-second-day-idUSL2N1T21FJ |
May 2, 2018 / 4:14 PM / Updated 36 minutes ago End of ETA met with both relief and resentment in Basque Country Vincent West , Miguel Pereira 5 Min Read
SAN SEBASTIAN, Spain (Reuters) - Thirty-three years after Basque separatists ETA killed police chief Carlos Diaz Arcocha with a car bomb, his daughter says the group, whose dissolution was made public on Wednesday, achieved nothing and sowed only fear and sadness. Anais Funosas (Bake Bidea), Agus Hernan (Foro Social) and Raymond Kendall (International Contact Group), give a news conference, to offer information concerning the dissolution of armed Basque separatists ETA, due for May 4 in the French town of Cambo-Les-Bains, in Bayonne, France, April 23, 2018. REUTERS/Vincent West
“In principle it is good news that they are not killing. Of course, it’s great that there are no more victims, but under no circumstances should we be thanking ETA,” Teresa Diaz Bada said.
“All these years of terrorism were for nothing,” she said in her office in the coastal town of San Sebastian, where a black and white photograph of her father sits on the desk.
Diaz Arcocha was one of around 850 people ETA killed in an ultimately futile 50-year campaign to create an independent state in northern Spain and southern France, a toll for which it apologised last month.
ETA had been expected to announce its final dissolution, ending Western Europe’s last significant militant movement, later this week. But a letter dated April 16 and published by Diario online newspaper on Wednesday declared that ETA had “completely dissolved all its structures and ended its political initiative”.
In the letter, ETA said it wanted to “open a new political cycle”. But the end of its campaign has not erased bitterness towards militants who killed 21 people in a single attack at a Barcelona supermarket in 1987. In 1980, the bloodiest year in ETA’s history, it was responsible for about 100 deaths.
Arnaldo Otegi, leader of Basque pro-independence party EH Bildu, who served time in jail for his links with ETA, emphasised the group’s renunciation of violence.
“A chapter in which the independence movement used violent methods is closing,” he said. But he criticised the Spanish government, which holds around 225 ETA members in jail.
He compared Spain’s treatment of the Basque independence movement to that of the northeastern region of Catalonia, where Madrid has imposed direct rule to curb a secession bid, and judges have jailed pro-independence leaders.
“They keep laying out coercive measures, not just against the Basques but against the Catalans,” he said, adding that creating a Basque republic “could only be done through peaceful and democratic means”. ECONOMIC PROSPERITY
The savagery of ETA’s bomb attacks contributed to an erosion of popular support. Some say the Spanish state, which responded with illegal armed squads known as Anti-Terrorist Liberation Groups (GAL), should also apologise.
Several government and security officials later served jail time for their involvement in the GAL campaign.
“There were deaths and victims on all sides,” local pensioner Inaki, who declined to give his last name, said in a central square in San Sebastian.
“There were victims on ETA’s orders that there should never have been, but there shouldn’t have been so many victims of the state either,” Inaki said.
Between 1983 and 1986, the GAL killed 27 people, at least nine of them unconnected to ETA, and wounded many more, according to Paddy Woodworth, who has written in depth about ETA.
The Spanish government has said that all it wants from the situation is the dissolution of ETA.
Polls on support for independence vary, but one carried out in November by the university of Deusto showed just 14 percent of people in favour.
One factor credited with reining in popular agitation for Basque independence is economic prosperity tied to a high level of fiscal autonomy.
The region has one of the highest rates of economic output per capita and one of the lowest unemployment rates in Spain.
The Basque tax arrangement, which has its roots in the 19th century, is among the most generous of any region in Europe, and has been jealously eyed by pro-independence politicians in Catalonia.
“With such high levels of economic wellbeing, employment and all that, I think there were political deals made so as not to disturb the beast that was ETA,” said Teresa Diaz.
But Otegi said the economic deal left the region with control over around only half of its public resources, and his party would push for more. “We demand our total sovereignty in economic and social matters,” he said. Additional reporting and writing by Isla Binnie; Editing by Richard Balmforth and Mark Heinrich | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-spain-eta-reaction/end-of-eta-met-with-both-relief-and-resentment-in-basque-country-idUKKBN1I32AC |
VANCOUVER, British Columbia, May 30, 2018 (GLOBE NEWSWIRE) -- The following issues have been halted by IIROC / L’OCRCVM a suspendu la négociation des titres suivants :
Company / Société : Lifestyle Delivery Systems Inc. CSE Symbol / Symbole CSE : LDS Reason / Motif : Pending Company Contact / Renseignements attendus de la société Halt Time (ET) / Heure de la suspension (HE) 9:35 IIROC can make a decision to impose a temporary suspension (halt) of trading in a security of a publicly-listed company. Trading halts are implemented to ensure a fair and orderly market. IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada.
L’OCRCVM peut prendre la décision de suspendre (ou d’arrêter) temporairement les opérations à l’égard d’un titre d’une société cotée en bourse. Les arrêts des opérations sont mis en oeuvre afin d’assurer le bon fonctionnement d’un marché équitable. L’OCRCVM est l’organisme d’autoréglementation national qui surveille l’ensemble des courtiers en placement et l’ensemble des opérations effectuées sur les marchés des titres de capitaux propres et les marchés des titres de créance au Canada.
Please note that IIROC is not able to provide any additional information regarding a specific trading halt. Information is limited to general enquiries only.
Veuillez prendre note que l'OCRCVM n'est pas en mesure de fournir d'informations supplementaires au sujet d'une suspension des negociations en particulier. L'information est restreinte aux questions generales.
IIROC Inquiries
1-877-442-4322 (Option 2)
Source:Investment Industry Regulatory Organization of Canada | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/globe-newswire-iiroc-trading-halt-suspension-de-la-negociation-par-locrcvm--lds.html |
May 7, 2018 / 8:01 AM / Updated 8 hours ago Cricket: All-rounder Hardik Pandya keeps champions Mumbai afloat in IPL Reuters Staff 3 Min Read
MUMBAI (Reuters) - Perennial slow starters Mumbai Indians are on course for a trademark late-season charge into the Indian Premier League (IPL) playoffs, thanks largely to some impressive performances by all-rounder Hardik Pandya.
The defending champions, owned by India’s richest man Mukesh Ambani, lost their first five matches but still reached the 2014 playoffs before completing a fairytale tournament victory a year later after losing their opening four fixtures.
The 2016 edition saw the Rohit Sharma-led side win one out of their first four matches before they appeared to shed the tardy-starter tag last season, going on to win their third IPL title after 10 wins in 14 group stage games.
The lack of victories at the start of the campaign returned to haunt them again this season as Mumbai lost five of their opening six games, appearing doomed to miss out on the playoffs as their title defence faltered.
They have, however, managed to arrest the slide with three wins in four matches as Pandya’s all-round abilities came to the fore in his side’s turnaround.
Pandya stole the show in Mumbai’s 13-run win over the Kolkata Knight Riders on Sunday with an unbeaten 35 off 20 balls and then dented the opposition’s seemingly comfortable chase with figures of two for 19.
The double strike means the seamer has claimed 14 victims to become the leading wicket-taker in the tournament as Mumbai moved up to fifth in the eight-team standings, two points behind the fourth and final playoff spot.
“Really, really happy for him,” Hardik’s elder brother and team mate Krunal said after Sunday’s win over KKR.
“He has been bowling really well and he has transformed himself as a bowler. He has improved over a period of time and that’s a great sign for a cricketer.
“The way he’s batting also, he’s in touch. And everybody knows he is a gun fielder. I am happy that everything is coming out good for him.”
The 24-year-old seamer and hard-hitting batsman cemented his spot in the Indian side last year in all three formats of the game and is considered the team’s cleanest striker of the ball.
On Sunday, he kept the KKR batsmen in check with smart changes of pace during his four-over quota, including an 18th over that went for only six runs.
“As a team, we believe we can do it. We have done it in the past though obviously it’s difficult,” Pandya said at the post-match press conference when asked if his team can once again go all the way.
“I don’t like anything which comes easy. I like difficult things. This is a challenge and I will love to take it.” Reporting by Sudipto Ganguly; Editing by John O'Brien | ashraq/financial-news-articles | https://in.reuters.com/article/cricket-india-ipl-mumbai/cricket-all-rounder-hardik-pandya-keeps-champions-mumbai-afloat-in-ipl-idINKBN1I80MQ |
Record Quarter Drives Increase in Full Year Production Guidance
All amounts are in United States dollars, unless otherwise stated.
TORONTO, May 01, 2018 (GLOBE NEWSWIRE) -- Alamos Gold Inc. (TSX:AGI) (NYSE:AGI) (“Alamos” or the “Company”) today reported its financial results for the first quarter ended March 31, 2018 and reviewed its operating, exploration and development activities.
“We delivered another record quarter of production and given the strong start to the year, we’ve increased full year production guidance to a range of 490,000 to 530,000 ounces. The increase was driven by stronger than expected performances from our Mulatos and Island Gold mines, the latter establishing a new record in its first full quarter as part of Alamos. Our financial performance continues to improve with strong free cash flow growth expected from our operations into the second half of the year reflecting higher production and lower costs,” said John A. McCluskey, President and Chief Executive Officer.
First Quarter 2018 Highlights
Produced a record 128,900 ounces of gold, above budget and 34% higher than the first quarter of 2017 driven by strong performances from Mulatos and Island Gold. This marks the fourth consecutive quarter of record production Increased 2018 production guidance at both Mulatos and Island Gold, bringing Company-wide guidance to a range of 490,000 to 530,000 ounces of gold Island Gold reported record quarterly gold production of 28,100 ounces, in its first full quarter as part of Alamos. Mine-site all-in sustaining costs 1 of $633 per ounce were well below guidance and the operation generated $9.8 million in mine-site free cash flow 1 . As a result of this strong performance, production guidance at Island Gold has been increased to between 95,000 and 105,000 ounces for 2018 Sold 130,045 ounces of gold at an average realized price of $1,331 per ounce for record revenues of $173.1 million Cost of sales of $1,113 per ounce, total cash costs 1 of $789 per ounce and all-in sustaining costs ("AISC") 1 of $935 per ounce were all down from the first quarter of 2017, with total cash costs and AISC decreasing 5% and 8%, respectively Reported adjusted net earnings 1 of $12.3 million or $0.03 per share 1 , reflecting adjustments for unrealized foreign exchange losses recorded within both deferred taxes and foreign exchange of $10.8 million, as well as other one-time items Reported net earnings of $0.6 million, or $0.00 per share Generated cash flow from operating activities of $58.8 million ($62.6 million or $0.16 per share, before changes in working capital 1 ), reflecting record production, lower cash costs and stronger operating margins Generated $24.3 million in mine-site free cash flow 1 , and $7.3 million of company-wide free-cash flow 1 in the first quarter, both ahead of budget, reflecting a higher realized gold price and stronger production at Mulatos and Island Gold Ended the quarter with no debt and $231.8 million in cash and cash equivalents, up from $200.8 million as of December 31, 2017 Liquidated the Company's equity positions in AuRico Metals and Corex Gold, generating proceeds of $24.9 million and realizing a gain of $14.3 million recorded directly in retained earnings (deficit) Announced a semi-annual dividend of $0.01 per share, or $3.9 million, paid to shareholders on April 30, 2018
(1) Refer to the “Non-GAAP Measures and Additional GAAP Measures” disclosure at the end of this press release for a description and calculation of these measures.
Highlight Summary Three Months Ended March 31, 2018 2017 Financial Results (in millions) Operating revenues $ 173.1 $ 121.0 Cost of sales (1) $ 144.7 $ 110.1 Earnings from operations $ 18.5 $ 2.2 Net earnings $ 0.6 $ 0.1 Adjusted net earnings (loss) (2) $ 12.3 ($ 5.1 ) Cash provided by operations before working capital and cash taxes (2) $ 62.6 $ 34.2 Cash provided by operating activities $ 58.8 $ 20.1 Capital expenditures (sustaining) (2) $ 10.7 $ 9.3 Capital expenditures (growth) (2),(3) $ 40.8 $ 24.3 Operating Results Gold production (ounces) (4) 128,900 96,200 Gold sales (ounces) 130,045 98,755 Per Ounce Data Average realized gold price $ 1,331 $ 1,225 Average spot gold price (London PM Fix) $ 1,329 $ 1,219 Cost of sales per ounce of gold sold (includes amortization) (1) $ 1,113 $ 1,115 Total cash costs per ounce of gold sold (2) $ 789 $ 827 All-in sustaining costs per ounce of gold sold (2) $ 935 $ 1,014 Share Data Earnings per share, basic $ 0.00 $ 0.00 Adjusted earnings per share, basic (2) $ 0.03 ($ 0.02 ) Weighted average common shares outstanding (basic) (000’s) 389,254 284,748 Financial Position (in millions) Cash and cash equivalents (5) $ 231.8 $ 200.8 (1) Cost of sales includes mining and processing costs, royalties, and amortization expense.
(2) Refer to the “Non-GAAP Measures and Additional GAAP Measures” disclosure at the end of this press release and associated MD&A for a description and calculation of these measures.
(3) Includes capitalized exploration and La Yaqui Phase I development.
(4) Gold production from Island Gold has been included in this table for the period subsequent to November 23, 2017 only. Gold production from Island Gold for the three months ended March 31, 2017 was 23,772 ounces.
(5) Comparative Cash and cash equivalents balance as at December 31, 2017.
Three Months Ended March 31, 2018 2017 (1) Gold production (ounces) Young-Davidson 41,000 40,400 Mulatos 46,000 40,000 Island Gold (1) 28,100 — El Chanate 13,800 15,800 Gold sales (ounces) Young-Davidson 44,790 43,827 Mulatos 44,659 38,675 Island Gold (1) 27,503 — El Chanate 13,093 16,253 Cost of sales (in millions) (2) Young-Davidson $ 57.0 $ 50.3 Mulatos $ 43.6 $ 40.0 Island Gold (1) $ 27.5 — El Chanate $ 16.6 $ 19.8 Cost of sales per ounce of gold sold (includes amortization) Young-Davidson $ 1,273 $ 1,148 Mulatos $ 976 $ 1,034 Island Gold (1) $ 1,000 — El Chanate $ 1,268 $ 1,218 Total cash costs per ounce of gold sold (3) Young-Davidson $ 824 $ 710 Mulatos $ 786 $ 827 Island Gold (1) $ 553 — El Chanate $ 1,176 $ 1,144 Mine-site all-in sustaining costs per ounce of gold sold (3),(4) Young-Davidson $ 994 $ 851 Mulatos $ 842 $ 920 Island Gold (1) $ 633 — El Chanate $ 1,191 $ 1,187 Capital expenditures (growth and sustaining) (in millions) (3) Young-Davidson $ 22.9 $ 18.6 Mulatos (5) $ 7.2 $ 11.4 Island Gold (1),(5) $ 13.9 — El Chanate $ 0.1 $ 0.6 Other $ 7.4 $ 3.0 (1) Operating and financial results from Island Gold are included in Alamos’ consolidated financial statements for the period subsequent to November 23, 2017. Gold production from Island Gold for the three months ended March 31, 2017 was 23,772.
(2) Cost of sales includes mining and processing costs, royalties and amortization.
(3) Refer to the “Non-GAAP Measures and Additional GAAP Measures” disclosure at the end of this press release for a description and calculation of these measures.
(4) For the purposes of calculating mine-site all-in sustaining costs, the Company does not include an allocation of corporate and administrative and share based compensation expenses.
(5) Includes capitalized exploration.
Outlook and Strategy
2018 Guidance Total Young-
Davidson Mulatos Island
Gold El
Chanate Turkey (5) Other (2) Original Revised Gold production (000’s ounces) Revised Guidance 200-210 155-165 95-105 40-50 — — 490-530 Original Guidance 200-210 150-160 90-100 40-50 — — 480-520 Cost of sales, including
amortization (in millions) (4) $233 $160 $102 $58 — — $536 $ 550 Cost of sales, including
amortization ($ per ounce) (4) $1,125 $1,000 $1,025 $1,285 — — $1,075 $ 1,080 Total cash costs ($ per ounce) (1) $675 $800 $575 $1,200 — — $740 $ 740 All-in sustaining costs
($ per ounce) (1) — — $950 $ 950 Mine-site all-in sustaining costs
($ per ounce) (1),(3) $850 $900 $825 $1,200 — — — — Amortization costs
($ per ounce) (1) $450 $200 $450 $85 — — $335 $ 340 Capital expenditures (in millions) Sustaining capital (1) $35-40 $8-10 $25-27 — — — $68-77 $68-77 Growth capital (1) $35-40 $18-20 $25-28 — $25 $46 (2) $224-234
$149-159 Total capital expenditures (1) $70-80 $26-30 $50-55 — $25 $46 $292-$311 $217-$236 (1) Refer to the "Non-GAAP Measures and Additional GAAP" disclosure at the end of this press release and associated MD&A for a description of these measures.
(2) Includes capitalized exploration at all operating sites and development projects.
(3) For the purposes of calculating mine-site all-in sustaining costs at individual mine sites, the Company does not include an allocation of corporate and administrative and share based compensation expenses to the mine sites.
(4) Cost of sales includes mining and processing costs, royalties, and amortization expense.
(5) Capital guidance at Kirazlı reduced to $25 million from the original budget of $100 million.
The Company continues to deliver on its strategic priorities of increasing cash flow from its operations while advancing its portfolio of low-cost development projects. In 2017, this included reporting record gold production and an 8% reduction in all-in sustaining costs.
This strong operational performance continued into the first quarter of 2018 with production of 128,900 ounces of gold, exceeding budget and setting a new quarterly record. This marks the fourth consecutive quarter of record production. Reflecting the strong start to the year, the Company has increased its 2018 production guidance at both Island Gold and Mulatos by 5,000 ounces, bringing the revised production guidance to a range of 490,000 to 530,000 ounces, representing a 19% increase over 2017 (based on the mid-point of guidance). All-in sustaining costs are expected to average $950 per ounce, supporting increasing operating margins and mine-site free cash flow. Capital spending at the four operating mines is expected to total between $146 and $165 million for the year.
Consistent with budget, production in the second quarter of 2018 is expected to be approximately 125,000 ounces, at slightly higher all-in sustaining costs than the first quarter as a result of additional sustaining capital. The Company expects stronger production from Young-Davidson to offset slightly lower production from Island Gold and Mulatos. In the second half of 2018, the Company anticipates stronger gold production, lower total cash costs and a lower rate of capital spending, all of which is expected to contribute to higher mine-site free cash flow compared to the first half of the year.
Young-Davidson produced 41,000 ounces in the first quarter and is expected to produce between 200,000 and 210,000 ounces for the full year at mine-site all-in sustaining costs of $850 per ounce. Similar to 2017, the Company expects stronger gold production in the second quarter and more notably in the second half of 2018 driven by higher underground grades and mining rates. Combined with lower total cash costs and a reduced rate of capital spending, this will drive stronger mine-site free cash flow in the second half of 2018.
Island Gold produced 28,100 ounces of gold in the first quarter, exceeding its budget and setting a new quarterly record. Given the outperformance in the first quarter, the operation is now expected to produce between 95,000 and 105,000 ounces in 2018, a 5% increase from previously guided levels, at mine-site all-in sustaining costs of $825 per ounce. The Phase I expansion of the Island Gold mill to 1,100 tpd remains on track and is expected to be completed by the end of the third quarter. This is anticipated to drive production growth at lower costs in 2019 and beyond. Accordingly, the Company expects significant free cash flow growth in 2019.
In parallel to the Phase I mill expansion, the Company is pursuing an aggressive exploration program at Island Gold which has been successful in driving nearly a 400% increase in Mineral Reserves and a 60% increase in the Mineral Reserve grade since 2014.
Ongoing exploration success will be incorporated into an evaluation of the most effective and economic approach to a Phase II expansion of the operation beyond 1,100 tpd.
Total production from the Mulatos district (including La Yaqui Phase I) increased to 46,000 ounces in the first quarter, also exceeding budget. As a result, Mulatos is now expected to produce between 155,000 to 165,000 ounces in 2018, a 3% increase from previously guided levels, at mine-site all-in sustaining costs of $900 per ounce.
El Chanate produced 13,800 ounces in the first quarter and is expected to produce 40,000 to 50,000 ounces for the full year. This is down from 2017 reflecting lower mining rates with mining activities expected to cease mid-2018. Given the long leach cycle at El Chanate, the Company expects to benefit from ongoing gold production beyond 2018 through residual leaching. This will be lower cost and higher margin production, with mining activities completed, and is expected to drive higher mine-site free cash flow from the operation.
The Company expects combined annual gold production of at least 500,000 ounces from its existing operations in 2019 and 2020 with low cost production growth from Island Gold replacing production from El Chanate. Consolidated all-in sustaining costs are expected to decrease in 2019 reflecting the completion of the Phase I expansion at Island Gold and end of the 5% royalty at Mulatos, with a further decline expected in 2020 reflecting higher underground mining rates at Young-Davidson. Similarly, capital spending at existing operations is expected to trend lower in 2019 and 2020 reflecting the completion of the Phase I expansion at Island Gold and lower mine infrastructure at Young-Davidson. Increased production combined with declining operating costs is expected to result in strong free cash flow growth over the next three years.
Capital spending on development projects, including capitalized exploration, is dependent on timing of receipt of the GSM (Business Opening and Operation) permit for the Kirazlı project, located in Turkey. On April 18, 2018, a snap election was called in Turkey with early parliamentary and presidential elections scheduled to be held on June 24, 2018. The Company does not anticipate receiving the GSM permit until after the election, which will delay construction activities planned for this year. As a result, the Company is revising its 2018 capital budget for Kirazlı to $25 million, down from $100 million, with spending focused on specific infrastructure projects, notably road, powerline, and water reservoir construction. The Company will update its 2018 capital budget once the GSM permit has been received allowing for the ramp up of full scale construction activities.
In addition to capital spending in Turkey, a total of $46 million is budgeted for development at Cerro Pelon, La Yaqui Grande and Lynn Lake as well as capitalized exploration at all sites. Total exploration spending of $36 million will be focused on Island Gold and Mulatos for the remainder of the year.
The Company is well positioned to fund this growth having significantly de-risked its balance sheet over the past year. The Company is debt free with growing cash flow from its operations and over $630 million of cash and available liquidity under the Company's credit facility.
First Quarter 2018 Results Young-Davidson Operational and Financial Review Three Months Ended March 31, 2018 2017 Gold production (ounces) 41,000 40,400 Gold sales (ounces) 44,790 43,827 Financial Review (in millions) Operating Revenues $ 59.5 $ 53.6 Cost of sales (1) $ 57.0 $ 50.3 Earnings from operations $ 2.5 $ 3.3 Cash provided by operating activities $ 27.4 $ 18.5 Capital expenditures (sustaining) (2) $ 7.6 $ 6.1 Capital expenditures (growth) (2) $ 15.3 $ 12.5 Mine-site free cash flow (2) $ 4.5 $ (0.1 ) Cost of sales, including amortization per ounce of gold sold (1) $ 1,273 $ 1,148 Total cash costs per ounce of gold sold (2) $ 824 $ 710 Mine-site all-in sustaining costs per ounce of gold sold (2),(3) $ 994 $ 851 Underground Operations Tonnes of ore mined 585,060 576,019 Tonnes of ore mined per day ("tpd") 6,501 6,400 Average grade of gold (4) 2.35 2.56 Metres developed 3,144 3,242 Mill Operations Tonnes of ore processed 669,287 694,624 Tonnes of ore processed per day 7,437 7,718 Average grade of gold (4) 2.22 2.18 Contained ounces milled 46,193 48,774 Average recovery rate 90 % 89 % (1) Cost of sales includes mining and processing costs, royalties and amortization.
(2) Refer to the “Non-GAAP Measures and Additional GAAP Measures” disclosure at the end of this press release and associated MD&A for a description and calculation of these measures. Total cash costs and mine-site AISC are exclusive of net-realizable value adjustments.
(3) For the purposes of calculating mine-site all-in sustaining costs, the Company does not include an allocation of corporate and administrative and share based compensation expenses.
(4) Grams per tonne of gold ("g/t Au").
Young-Davidson produced 41,000 ounces of gold in the first quarter of 2018, higher than the same period of 2017 but lower than the fourth quarter of 2017 due to lower underground mining rates and mined grades. The Company mined 585,060 tonnes of ore from underground in the first quarter, or 6,501 tpd, representing an increase over the prior year period. Underground mining rates were lower in the first quarter than in the fourth quarter of 2017, as a result of temporary constraints related to the paste fill sequence.
In addition, underground grades in the first quarter of 2.35 g/t Au were lower than the previous quarter and the same period of 2017 primarily as a result of mine sequencing. As previously guided, gold production is expected to increase in the second quarter and second half of 2018, with grades and underground mining rates expected to increase through the year.
During the first quarter, 669,287 tonnes, or 7,437 tpd, were processed through the mill with grades averaging 2.22 g/t Au, slightly higher from the prior year period. Mill throughput decreased compared to the fourth quarter of 2017 due to a scheduled liner change in January. Mill recoveries of 90% were in line with expectations and marginally higher than the prior year period.
Financial Review
For the three months ended March 31, 2018, revenues of $59.5 million were $5.9 million higher than the prior-year period, reflecting more ounces sold and a higher realized gold price.
In the first quarter of 2018, cost of sales of $57.0 million were higher than the prior year period reflecting higher tonnes mined and input costs. Cost of sales reflects mining and processing costs, royalties, and amortization expense.
Total cash costs in the first quarter were $824 per ounce, representing a 16% increase from the first quarter of 2017. The increase was attributable to higher gross costs driven by an increase in paste fill, maintenance and labour costs. Underground mining costs were higher than the prior year period due to a combination of increased paste fill activities and a higher allocation of development costs to operating expense, which impacts cost per tonne. The stronger Canadian dollar had a nominal impact on total cash costs compared to the prior year as the Company has hedged the majority of its Canadian dollar operating and capital costs at budgeted foreign exchange rates for the first half of 2018. Mine-site AISC were $994 per ounce, 17% higher than the prior year period reflecting higher total cash costs and sustaining capital expenditures.
Capital expenditures totaled $22.9 million in the first quarter, 23% higher than the same period of 2017, reflecting the higher proportion of capital expected in the first half of 2018 as outlined in the Company's guidance. Capital spending in the first quarter was focused primarily on lateral development in the upper and lower mines, and lower mine infrastructure. Total capital expenditures in the first quarter included $7.6 million of sustaining capital and $15.3 million of growth capital.
Young-Davidson generated mine-site free cash flow of $4.5 million in the first quarter, lower than in recent quarters as a result of lower production and higher costs. The Company expects mine-site free cash flow to grow in subsequent quarters as production and operating margins increase and capital spending declines.
Island Gold Operational and Financial Review Three Months Ended March 31, 2018 2017 (1) Gold production (ounces) (1) 28,100 — Gold sales (ounces) (1) 27,503 — Financial Review (in millions) Operating Revenues $ 36.6 — Cost of sales (2) $ 27.5 — Earnings from operations $ 9.0 — Cash provided by operating activities $ 23.7 — Capital expenditures (sustaining) (3) $ 2.2 — Capital expenditures (growth) (3),(6) $ 11.7 — Mine-site free cash flow (3) $ 9.8 — Cost of sales, including amortization per ounce of gold sold (2) $ 1,000 — Total cash costs per ounce of gold sold (3) $ 553 — Mine-site all-in sustaining costs per ounce of gold sold (3),(4) $ 633 — Underground Operations Tonnes of ore mined 84,655 91,710 Tonnes of ore mined per day ("tpd") 941 1,019 Average grade of gold (5) 11.06 8.64 Metres developed 1,555 2,083 Mill Operations Tonnes of ore processed 82,105 83,365 Tonnes of ore processed per day 912 926 Average grade of gold (5) 11.07 9.18 Contained ounces milled 29,224 24,594 Average recovery rate 96 % 97 % (1) Financial results from Island Gold are included in Alamos’ consolidated financial statements for the period subsequent to November 23, 2017. Gold production from Island Gold for the three months ended March 31, 2017 was 23,772.
(2) Cost of sales includes mining and processing costs, royalties and amortization.
(3) Refer to the “Non-GAAP Measures and Additional GAAP Measures” disclosure at the end of this press release and associated MD&A for a description and calculation of these measures. Total cash costs and mine-site AISC are exclusive of net-realizable value adjustments.
(4) For the purposes of calculating mine-site all-in sustaining costs, the Company does not include an allocation of corporate and administrative and share based compensation expenses.
(5) Grams per tonne of gold ("g/t Au").
(6) Includes capitalized exploration of $3.1 million for the three months ended March 31, 2018.
The first quarter of 2018 was the first full quarter that the Company owned and operated Island Gold. Operating and financial results exceeded budget with record production of 28,100 ounces of gold, an increase of 18% from the prior year period reflecting higher grades mined and milled. Given the strong first quarter performance, the Company is increasing 2018 production guidance to a range of 95,000 to 105,000 ounces.
The Company mined 84,655 tonnes of ore from underground in the first quarter of 2018, or 941 tpd, lower than the prior year period. The Company expects to ramp up mining rates in the second half of 2018 concurrent with the completion of the mill expansion to 1,100 tpd. Underground mining rates are expected to average 1,000 tpd in 2018, consistent with the rates achieved in 2017. Underground grades in the first quarter of 11.06 g/t Au were above budget and higher than the prior year period due to a combination of mine sequencing and a positive grade reconciliation. Grades are expected to be lower throughout the remainder of 2018.
During the first quarter, 82,105 tonnes or 912 tpd were processed through the mill, in line with the prior year period. Milled grades averaged 11.07 g/t Au, higher than the prior year period and previous quarter. Mill throughput is expected to average 980 tpd for the full year with milled grades expected to return to budgeted grades of between 8.3 and 8.9 g/t Au for the remainder of the year. Reflecting the return to budgeted grades, gold production is expected to decrease in the second and third quarters and ramp up in the fourth quarter following completion of the mill expansion.
Financial Review
With the Company acquiring Island Gold in November 2017, financial information prior to the acquisition date has not been included in the comparative table above.
For the three months ended March 31, 2018, Island Gold generated revenues of $36.6 million, on record production and higher realized gold prices. Cost of sales of $27.5 million reflect an ongoing amortization charge related to the purchase price of the asset, which increases amortization to approximately $450 per ounce based on current mineral reserves and resources.
Total cash costs of $553 per ounce were below guidance levels of $575 per ounce, reflecting higher grades mined in the quarter. In addition, mine-site AISC of $633 per ounce were well below guidance of $825 per ounce driven primarily by lower sustaining capital spending in the first quarter. Mine-site AISC are expected to be higher for the remainder of 2018.
Capital expenditures totaled $13.9 million in the first quarter, with spending focused primarily on capitalized exploration, lateral development and the mill expansion. Total capital expenditures in the first quarter included $2.2 million of sustaining capital and $11.7 million of growth capital. Island Gold generated mine-site free cash flow of $9.8 million in the first quarter driven by stronger production and operating margins. The Company expects Island Gold to generate sufficient cash flow to fully fund its significant exploration program and the expansion to 1,100 tpd.
Mulatos Operational and Financial Review Three Months Ended March 31, 2018 2017 Gold production (ounces) 46,000 40,000 Gold sales (ounces) 44,659 38,675 Financial Review (in millions) Operating Revenues $ 59.6 $ 47.6 Cost of sales (1) $ 43.6 $ 40.0 Earnings from operations $ 12.7 $ 6.7 Cash provided by operating activities $ 16.1 $ 9.1 Capital expenditures (sustaining) (2) $ 0.8 $ 2.6 Capital expenditures (Mulatos growth) (2),(6) $ 6.4 $ 3.5 La Yaqui Phase I construction cost (2) $ — $ 5.3 Mine-site free cash flow, excluding La Yaqui construction costs (2) $ 8.9 $ 3.0 Cost of sales, including amortization per ounce of gold sold (1) $ 976 $ 1,034 Total cash costs per ounce of gold sold (2) $ 786 $ 827 Mine site all-in sustaining costs per ounce of gold sold (2),(3) $ 842 $ 920 Open Pit & Underground Operations Tonnes of ore mined - open pit (4) 2,189,735 1,810,642 Total waste mined - open pit 1,998,605 1,890,744 Total tonnes mined - open pit 4,870,381 3,701,386 Waste-to-ore ratio (operating) 0.91 1.04 Tonnes of ore mined - underground 17,623 28,355 Crushing and Heap Leach Operations Tonnes of ore stacked 1,750,471 1,686,961 Average grade of gold processed (5) 0.84 0.86 Contained ounces stacked 47,358 46,731 Mill Operations Tonnes of high grade ore milled 30,389 35,764 Average grade of gold processed (5) 8.11 8.88 Contained ounces milled 7,917 10,204 Total contained ounces stacked and milled 55,275 56,935 Recovery ratio (ratio of ounces produced to contained ounces stacked and milled) 83 % 70 % Ore crushed per day (tonnes) - combined 19,800 19,100 (1) Cost of sales includes mining and processing costs, royalties and amortization.
(2) Refer to the “Non-GAAP Measures and Additional GAAP Measures” disclosure at the end of this press release and associated MD&A for a description and calculation of these measures. Total cash costs and mine-site AISC are exclusive of net-realizable value adjustments.
(3) For the purposes of calculating mine-site all-in sustaining costs, the Company does not include an allocation of corporate and administrative and share based compensation expenses.
(4) Includes ore stockpiled during the quarter.
(5) Grams per tonne of gold ("g/t Au").
(6) Includes capitalized exploration, of $1.1 million for the three months ended March 31, 2018.
Mulatos exceeded budget for the first quarter of 2018 with gold production of 46,000 ounces, including approximately 8,000 ounces from La Yaqui Phase I which achieved initial production in September 2017. Production in the quarter was higher than the prior year period mainly due to the contribution from La Yaqui Phase I, slightly offset by lower grades mined at the main Mulatos pit. As a result of the strong start to the year, and continued underground mining at San Carlos, the Company has increased 2018 production guidance to a range of 155,000 to 165,000 ounces. Consistent with annual guidance, the Company expects production to decrease in the second half of the year following the end of production from San Carlos.
Total crusher throughput averaged a record 19,800 tpd, higher than the same period of 2017 reflecting the addition of La Yaqui Phase I. A total of 1,750,471 tonnes were stacked in the first quarter at a grade of 0.84 g/t Au, consistent with annual guidance. The waste-to-ore ratio of 0.91:1 decreased relative to the prior year period as a result of the addition of La Yaqui Phase I, which has a minimal waste-to-ore ratio.
In the first quarter of 2018, 30,389 tonnes were milled at an average grade of 8.11 g/t Au from San Carlos. Consistent with budget, the tonnes mined during the quarter were lower than the same period of 2017 and the fourth quarter of 2017 as the underground mine nears the end of its life. San Carlos and existing stockpiles had been expected to be depleted by the end of the first quarter, however; the Company has identified additional ore, which is expected to extend the life to mid-2018.
The ratio of ounces produced to contained ounces stacked and milled (or recovery ratio) was 83% in the quarter compared to 70% in the prior year period and guidance of 75%. The higher recoveries in the first quarter reflect the recovery of deferred production from the fourth quarter of 2017, as well as stronger than budgeted recoveries at La Yaqui Phase I.
Financial Review
For the three months ended March 31, 2018, revenues of $59.6 million were $12.0 million or 25% higher than the prior-year period reflecting a 15% increase in the number of ounces sold and a 10% higher realized gold price.
Cost of sales in the first quarter of $43.6 million were higher than the prior-year period as gross costs reflected higher tonnes stacked. Cost of sales reflects mining and processing costs, royalties, and amortization expense.
Total cash costs of $786 per ounce in the first quarter were 5% lower than $827 per ounce in the prior year period, reflecting the addition of lower cost La Yaqui Phase I production. Mine-site AISC in the quarter were $842 per ounce, 8% lower than the prior year period reflecting lower total cash costs and lower sustaining capital due to the timing of capital expenditures.
The substantial production and sales growth combined with higher gold prices and lower costs drove another strong quarter of cash flow, with Mulatos generating $8.9 million in mine-site free cash flow. The Mulatos operation is expected to generate strong cash flow in 2018, which will be used to advance the La Yaqui Grande and Cerro Pelon deposits through permitting, as well as funding exploration activities.
El Chanate Operational and Financial Review Three Months Ended March 31, 2018 2017 Gold production (ounces) 13,800 15,800 Gold sales (ounces) 13,093 16,253 Financial Review (in millions) Operating Revenues $ 17.4 $ 19.8 Cost of sales (1) $ 16.6 $ 19.8 Earnings from operations $ 0.8 $ — Cash provided by (used by) operating activities $ 1.2 ($ 1.0 ) Capital expenditures $ 0.1 $ 0.6 Mine-site free cash flow (2)
$ 1.1 ($ 1.6 ) Cost of sales, including amortization per ounce of gold sold (1) $ 1,268 $ 1,218 Total cash costs per ounce of gold sold (2) $ 1,176 $ 1,144 Mine site all-in sustaining costs per ounce of gold sold (2),(3) $ 1,191 $ 1,187 Open Pit Operations Tonnes of ore mined 1,006,371 905,915 Total tonnes mined 2,965,280 7,559,325 Waste-to-ore ratio (operating) 1.95 7.34 Average grade of gold (4) 0.60 0.53 Crushing and Heap Leach Operations Total tonnes of ore stacked 1,009,177 919,244 Average grade of gold (4) 0.60 0.54 Total contained ounces stacked 19,467 15,959 Ore crushed and run-of-mine ore stacked per day (tonnes) - combined 11,200 10,200 Recovery ratio (ratio of ounces produced to contained ounces stacked) 71 % 99 % (1) Cost of sales includes mining and processing costs, royalties and amortization
(2) Refer to the “Non-GAAP Measures and Additional GAAP Measures” disclosure at the end of this press release and associated MD&A for a description and calculation of these measures. Total cash costs and mine-site AISC are exclusive of net-realizable value adjustments.
(3) For the purposes of calculating mine-site all-in sustaining costs, the Company does not include an allocation of corporate and administrative and share based compensation expenses.
(4) Grams per tonne of gold ("g/t Au").
El Chanate produced 13,800 ounces of gold in the first quarter of 2018, down from 15,800 ounces in the prior year period reflecting lower stacking rates throughout 2017.
El Chanate is expected to continue to produce at lower than historical rates in 2018 as the mine reaches the end of mining activities by mid-year. Given the long leach cycle at El Chanate, the Company expects to benefit from ongoing gold production at decreasing rates into the second half of 2018 and beyond through residual leaching. This is expected to drive higher mine-site free cash flow the second half of the year.
In 2018 El Chanate continued to demonstrate an industry leading safety performance achieving milestones of over 3 years and 5.2 million hours without a lost time injury by the end of the first quarter.
Financial Review
For the three months ended March 31, 2018, revenue of $17.4 million was $2.4 million lower than the prior year period, reflecting fewer ounces sold, partially offset by higher realized gold prices.
Total cash costs of $1,176 per ounce and mine-site all-in sustaining costs of $1,191 per ounce in the first quarter were similar to the prior year period, reflecting a lower waste-to-ore ratio, and higher grades, offset by higher unit costs.
El Chanate generated positive mine-site free cash flow of $1.1 million in the quarter. This is expected to increase in the second half of the year as the mine transitions to residual leaching. Given El Chanate's higher cost structure, the Company has hedged all of its expected 2018 gold production through gold collar contracts, ensuring a minimum gold price of $1,290 and participation up to a price of $1,458 per ounce.
First Quarter 2018 Development Activities
Mulatos District
La Yaqui Grande and Cerro Pelon
The capital budget for Cerro Pelon in 2018 is $8 million which will be spent on engineering, permitting and early stage construction activities. The Cerro Pelon deposit is located approximately three kilometres from the existing Mulatos operation. Given its proximity to Mulatos’ infrastructure, ore from the Cerro Pelon open pit is expected to be trucked to the existing heap leach circuit for processing. The environmental impact assessment (“MIA”) for Cerro Pelon is expected to be finalized and submitted mid-2018. Following approval, construction and pre-stripping activities are expected to take approximately 18 months with initial production expected in 2020. Recently completed work includes the design of the waste rock dump, haulage road and crushing circuit.
La Yaqui Grande’s capital budget for 2018 is $5 million with spending focused on permitting and project engineering. The MIA is expected to be completed and submitted by the end of 2018 with construction and pre-stripping activities commencing in the latter part of 2019 and production in 2021. Similar to La Yaqui Phase I, La Yaqui Grande will be developed as a standalone, open pit, heap leach operation. La Yaqui Grande exploration activities in 2017 were successful in increasing Mineral Reserves by 28% to 644,000 ounces as at December 31, 2017 (14.3 million tonnes grading 1.4 g/t Au).
During the first quarter, spending on La Yaqui Grande and Cerro Pelon was $2.0 million, which included $1.1 million of capitalized exploration. The Company recently awarded the Engineering, Procurement and Construction Management contract for its Cerro Pelon and La Yaqui Grande projects.
Lynn Lake
The Company owns 100% of the Lynn Lake development project, in Manitoba, Canada. The Company released a positive Feasibility Study on the project in December 2017 outlining average annual production of 143,000 ounces over a 10 year mine life (170,000 ounces over its first six years) at average mine-site all-in sustaining costs of $745 per ounce.
The 2018 capital budget for Lynn Lake is $12 million, comprised of $8 million for development activities and $4 million for exploration. Development spending will be focused on baseline work in support of the Environmental Impact Study (“EIS”) for the project that will be submitted to satisfy federal and provincial environmental assessment requirements. The permitting process is expected to take approximately two years followed by two years of construction.
The Company began evaluating various opportunities to enhance the project’s economics, including modifications to the overall site layout, plant design and water management. During the first quarter, $1.3 million was spent at Lynn Lake mainly on project optimization and exploration activities.
Turkey
The Company has been granted the Environmental Impact Assessment and Forestry Permits for Kirazlı and is awaiting the GSM (Business Opening and Operation) permit, which is granted by the Çanakkale Governorship.
On April 18, 2018, a snap election was called in Turkey with early parliamentary and presidential elections scheduled to be held on June 24, 2018. The Company does not anticipate receiving the GSM permit until after the election, which will delay construction activities planned for this year. As a result, the Company is revising its 2018 capital budget for Kirazlı to $25 million, down from $100 million, with spending focused on surrounding infrastructure projects. The Company will update its 2018 capital budget once the GSM permit has been received allowing for the ramp up of full scale construction activities.
Ongoing development activities include power line construction, tree clearing, road relocation and construction of the water reservoir. Approximately 70% of tree clearing and 15% of the road realignment earthworks and have now completed. The Company has awarded several key contracts, including civil works, subject to the receipt of the GSM. For the first quarter, development expenditures at Kirazlı were $5.1 million.
Kirazlı is expected to produce more than 100,000 ounces of gold in its first full year of production at mine-site AISC of less than $400 per ounce. This is expected to drive company-wide production growth, while significantly lowering the Company’s cost profile.
Other
The Company capitalized $0.5 million related to the Esperanza Project and $0.2 million to Quartz Mountain during the quarter.
First Quarter 2018 Exploration Activities
Mulatos District, Mexico
The Company has a large exploration package covering 28,777 hectares with the majority of past exploration efforts focused around the Mulatos mine. Over the last three years, exploration has moved beyond the main Mulatos pit area and focused on prospects throughout the wider district. After significant exploration success at La Yaqui Grande over the past few years, the focus in 2018 has shifted to other parts of the district including El Carricito, El Halcon and El Jaspe.
In the first quarter of 2018, the Company invested $4.5 million in exploration activities within the Mulatos District, of which $1.1 million was capitalized and the remainder expensed. This included 14,792 metres (“m”) of diamond drilling and 1,059 m of reverse circulation drilling focused on both near-mine targets and regional targets including El Halcon and El Jaspe. Additionally, underground exploration of the San Carlos deposit concluded during the quarter.
At El Carricito, mapping and sampling continued during the first quarter with approximately 70% of the concession having been mapped to date. El Carricito will be a key focus of the 2018 exploration program with 10,000 m of scout drilling planned for the second half of this year.
Island Gold, Canada
Delineation drilling at Island Gold in 2017 was successful in increasing mineral reserves by 18%, net of mining depletion. In addition, the 2017 exploration drilling resulted in the addition of new mineral resources. The 2017 exploration program was also successful in outlining additional gold mineralization down plunge to the east. The majority of the exploration drill results in this area are not yet at the required drill spacing to allow for inclusion into the Inferred mineral resource category.
A key focus of the 2018 exploration program is on converting this newly outlined zone of mineralization into the Inferred mineral resource category. Other areas of focus include drilling, both beneath the existing mine infrastructure and to the west.
Surface exploration drilling
Surface exploration drilling totaled 9,187 m during the first quarter of 2018, with 12 holes completed as part of the directional exploration drilling campaign. The directional drilling targeted areas peripheral to the inferred mineral resource blocks below the 1,000 m level, with drill hole spacing ranging from 75 m to 100 m. The area being targeted by the surface directional drill program extends approximately 2,000 m in strike length between the 1,000 m and 1,500 m elevation below surface.
The surface directional drilling programs will continue in 2018 with a focus on defining new inferred mineral resources.
Underground exploration drilling
During the first quarter of 2018, a total of 8,865 m of underground exploration diamond drilling was completed in 44 holes from the 620 and 840 levels. The objective of the underground drilling is to identify new mineral resources close to existing mineral resource or reserve blocks.
Total expenditures across the surface and underground exploration drilling program at Island Gold during the first quarter of 2018 were $3.3 million, with $3.1 million capitalized.
Lynn Lake, Canada
Surface exploration drilling continued at Lynn Lake in the first quarter of 2018 with a total of 4,047 m drilled in nine holes. Exploration drilling was focused in the southern portion of the Lynn Lake Greenstone belt testing for the continuation of structures related to gold mineralization along strike of Burnt Timber and Linkwood, and testing two regional targets in the southern portion of the Lynn Lake Greenstone Belt.
Drilling will continue into the second quarter of 2018, and a regional exploration program will commence focused on refining existing high-priority exploration targets and generating a pipeline of prospective targets across the Lynn Lake Greenstone Belt.
A total of $4 million and 10,000 m of drilling is budgeted at the Lynn Lake project for 2018. Spending in the first quarter totaled $0.8 million.
Review of First Quarter Financial Results
During the first quarter of 2018, the Company sold 130,045 ounces of gold for total revenue of $173.1 million, a 43% increase compared to the prior year period. This was primarily driven by the Island Gold acquisition, which contributed 27,503 ounces, or $36.6 million in sales for the quarter, and a higher realized price of $1,331 per ounce compared to $1,225 per ounce in the prior year period (a $10.5 million benefit). The Company's realized gold price in the first quarter was $1,331 per ounce, above the average London PM fix of $1,329 per ounce.
For the first quarter of 2018, cost of sales were $144.7 million, compared to $110.1 million in the prior-year period.
Mining and processing costs were $96.9 million compared to $77.9 million in the prior-year period. The increased costs were mainly the result of the addition of Island Gold, which added $13.6 million of mining and processing costs in the period.
Consolidated total cash costs for the quarter were $789 per ounce, compared to $827 in the prior year period. The decrease in total cash costs is attributable to the addition of lower cost ounces from Island Gold and improved cost profile at Mulatos, partially offset by higher costs at Young-Davidson.
In the first quarter, AISC per ounce decreased to $935 from $1,014 in the prior year period. This was primarily driven by the addition of lower cost ounces from Island Gold, and lower sustaining capital expenditures.
Royalty expense was higher in the first quarter at $5.7 million, compared to $3.8 million in the prior year period, primarily due to the addition of Island Gold, and higher ounces sold at Mulatos.
Amortization of $42.1 million in the quarter was higher than the prior year period expense of $28.4 million. Amortization was $324 per ounce, up from $289 per ounce in the prior year period, though consistent with the fourth quarter of 2017. This reflected higher amortization at all operating sites and the addition of Island Gold which carries a higher amortization per ounce charge.
The Company recognized earnings from operations of $18.5 million in the quarter, compared to $2.2 million in the same period of 2017, driven by record production and gold sales and stronger operating margins at Mulatos and Island Gold.
The Company reported a net earnings of $0.6 million in the quarter, compared to net earnings of $0.1 million in the same period of 2017. Net earnings in the period were significantly impacted by foreign exchange movements, as the Company recorded a foreign exchange loss of $1.3 million, in addition to foreign exchange losses recorded within deferred income taxes. Reflecting these foreign exchange adjustments, the Company recorded adjusted net earnings 1 of $12.3 million or $0.03 per share.
Associated Documents
This press release should be read in conjunction with the Company’s interim consolidated financial statements for the three-month period ended March 31, 2018 and associated Management’s Discussion and Analysis (“MD&A”), which are available from the Company's website, www.alamosgold.com , in the "Investors" section under "Reports and Financials", and on SEDAR ( www.sedar.com ) and EDGAR ( www.sec.gov ).
Reminder of First Quarter 2018 Results Conference Call
The Company's senior management will host a conference call on Wednesday, May 2, 2018 at 11:00 am ET to discuss the first quarter 2018 results.
Participants may join the conference call by dialling (416) 340-2216 or 1-800-273-9672 for calls within Canada and the United States, or via webcast at www.alamosgold.com .
A playback will be available until May 30, 2018 by dialling (905) 694-9451 or (800) 408-3053 within Canada and the United States. The pass code is 4178075#. The webcast will be archived at www.alamosgold.com .
Qualified Persons
Chris Bostwick, FAusIMM, Alamos’ Vice President, Technical Services, who is a qualified person within the meaning of National Instrument 43-101 ("Qualified Person"), has reviewed and approved the scientific and technical information contained in this press release.
(1) Refer to the “Non-GAAP Measures and Additional GAAP Measures” disclosure at the end of this press release for a description and calculation of these measures.
About Alamos
Alamos is a Canadian-based intermediate gold producer with diversified production from four operating mines in North America. This includes the Young-Davidson and Island Gold mines in northern Ontario, Canada and the Mulatos and El Chanate mines in Sonora State, Mexico. Additionally, the Company has a significant portfolio of development stage projects in Canada, Mexico, Turkey, and the United States. Alamos employs more than 1,700 people and is committed to the highest standards of sustainable development. The Company’s shares are traded on the TSX and NYSE under the symbol “AGI”.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Scott K. Parsons Vice-President, Investor Relations (416) 368-9932 x 5439 The TSX and NYSE have not reviewed and do not accept responsibility for the adequacy or accuracy of this release.
Cautionary Note
This news release contains forward-looking statements and forward-looking information as defined under Canadian and U.S. securities laws. All statements, other than statements of historical fact, are, or may be deemed to be, forward-looking statements. Words such as "expect", "believe", "anticipate", "will", "intend", "estimate", "forecast", "budget" and similar expressions identify forward-looking statements.
Forward-looking statements include information as to strategy, plans or future financial or operating performance, such as the Company’s expansion plans, project timelines, production plans and expected sustainable productivity increases, expected increases in mining activities and corresponding cost efficiencies, expected drilling targets, expected sustaining costs, expected improvements in cash flows and margins, expectations of changes in capital expenditures, forecasted cash shortfalls and the Company’s ability to fund them, cost estimates, projected exploration results, projected development and permitting timelines, reserve and resource estimates, expected production rates and use of the stockpile inventory, expected recoveries, sufficiency of working capital for future commitments and other statements that express management’s expectations or estimates of future performance.
Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by management at the time of making such statements, are inherently subject to significant business, economic, political and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements.
Such factors and assumptions underlying the forward-looking statements in this document include, but are not limited to: changes to current estimates of mineral reserves and resources; changes to production estimates (which assume accuracy of projected ore grade, mining rates, recovery timing and recovery rate estimates and may be impacted by unscheduled maintenance; labour and contractor availability and other operating or technical difficulties); fluctuations in the price of gold; changes in foreign exchange rates (particularly the Canadian dollar, Mexican peso, Turkish Lira and U.S. dollar); the impact of inflation; changes in our credit rating; any decision to declare a dividend; employee relations; litigation; disruptions affecting operations; availability of and increased costs associated with mining inputs and labour; development delays at the Young-Davidson mine; inherent risks associated with mining and mineral processing; the risk that the Young-Davidson, Island Gold, Mulatos and El Chanate mines may not perform as planned; uncertainty with the Company’s ability to secure additional capital to execute its business plans; the speculative nature of mineral exploration and development, including the risks of obtaining necessary licenses and permits, including the necessary licenses, permits, authorizations and/or approvals from the appropriate regulatory authorities for the Company’s development stage assets, including specifically its Turkish mineral properties; contests over title to properties; changes in national and local government legislation (including tax legislation) in Canada, Mexico, Turkey, the United States and other jurisdictions in which the Company does or may carry on business in the future; risk of loss due to sabotage and civil disturbances; the impact of global liquidity and credit availability and the values of assets and liabilities based on projected future cash flows; risks arising from holding derivative instruments; and business opportunities that may be pursued by the Company.
Additional risk factors and details with respect to risk factors affecting the Company are set out in the Company’s latest Annual Information Form and MD&A, each under the heading “Risk Factors”, available on the SEDAR website at www.sedar.com . The foregoing should be reviewed in conjunction with the information found in this news release. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.
Cautionary Note to U.S. Investors Concerning Measured, Indicated and Inferred Resources
The Company is required to prepare its resource estimates in accordance with standards of the Canadian Institute of Mining, Metallurgy and Petroleum referred to in Canadian National Instrument 43-101 (NI 43-101). These standards are materially different from the standards generally permitted in reports filed with the United States Securities and Exchange Commission. When describing resources we use the terms "measured", "indicated" or "inferred” resources which are not recognized by the United States Securities and Exchange Commission. The estimation of measured resources and indicated resources involve greater uncertainty as to their existence and economic feasibility than the estimation of proven and probable reserves. U.S. investors are cautioned not to assume that any part of measured or indicated resources will ever be converted into economically or legally mineable proven or probable reserves. The estimation of inferred resources may not form the basis of a feasibility or other economic studies and involves far greater uncertainty as to their existence and economic viability than the estimation of other categories of resources.
Non-GAAP Measures and Additional GAAP Measures
The Company has included certain non-GAAP financial measures to supplement its Consolidated Financial Statements, which are presented in accordance with IFRS, including the following:
adjusted net earnings and adjusted earnings per share;
cash flow from operating activities before changes in working capital and taxes received;
company-wide free cash flow;
total mine-site free cash flow;
mine-site free cash flow;
total cash cost per ounce of gold sold;
all-in sustaining cost ("AISC") per ounce of gold sold;
mine-site all-in sustaining cost ("Mine-site AISC") per ounce of gold sold;
sustaining and non-sustaining capital expenditures; and
earnings before interest, taxes, depreciation, and amortization
The Company believes that these measures, together with measures determined in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Company. Non-GAAP financial measures do not have any standardized meaning prescribed under IFRS, and therefore they may not be comparable to similar measures employed by other companies. The data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Management's determination of the components of non-GAAP and additional measures are evaluated on a periodic basis influenced by new items and transactions, a review of investor uses and new regulations as applicable. Any changes in to the measures are dully noted and retrospectively applied as applicable.
Adjusted Net Earnings and Adjusted Earnings per Share
“Adjusted net earnings” and “adjusted earnings per share” are non-GAAP financial measures with no standard meaning under IFRS which exclude the following from net earnings:
Foreign exchange gain (loss)
Items included in Other loss
Certain non-reoccurring items
Foreign exchange gain (loss) recorded in deferred tax expense
Net earnings have been adjusted, including the associated tax impact, for the group of costs in “Other loss” on the consolidated statement of comprehensive income. Transactions within this grouping are: the fair value changes on non-hedged derivatives; the renunciation of flow-through exploration expenditures; and loss on disposal of assets. The adjusted entries are also impacted for tax to the extent that the underlying entries are impacted for tax in the unadjusted net earnings.
The Company uses adjusted net earnings for its own internal purposes. Management’s internal budgets and forecasts and public guidance do not reflect the items which have been excluded from the determination of adjusted net earnings. Consequently, the presentation of adjusted net earnings enables shareholders to better understand the underlying operating performance of the core mining business through the eyes of management. Management periodically evaluates the components of adjusted net earnings based on an internal assessment of performance measures that are useful for evaluating the operating performance of our business and a review of the non-GAAP measures used by mining industry analysts and other mining companies.
Adjusted net earnings is intended to provide additional information only and does not have any standardized meaning under IFRS and may not be comparable to similar measures presented by other companies. It should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The measure is not necessarily indicative of operating profit or cash flows from operations as determined under IFRS. The following table reconciles this non-GAAP measure to the most directly comparable IFRS measure.
(in millions) Three Months Ended March 31, 2018 2017 Net Earnings $ 0.6 $ 0.1 Adjustments: Foreign exchange loss (gain) 1.3 (5.9 ) Other loss 0.7 2.0 Unrealized foreign exchange loss (gain) recorded in deferred tax expense 9.5 (1.1 ) Other income and mining tax adjustments (1) 0.2 (0.2 ) Adjusted net earnings (loss) $ 12.3 $ (5.1 ) Adjusted earnings (loss) per share - basic $ 0.03 $ (0.02 ) (1) This reflects the recognition of previously unrecognized capital losses.
Cash Flow from Operating Activities before Changes in Working Capital and Cash Taxes
“Cash flow from operating activities before changes in working capital and cash taxes” is a non-GAAP performance measure that could provide an indication of the Company’s ability to generate cash flows from operations, and is calculated by adding back the change in working capital and taxes received to “Cash provided by (used in) operating activities” as presented on the Company’s consolidated statements of cash flows. “Cash flow from operating activities before changes in working capital” is a non-GAAP financial measure with no standard meaning under IFRS.
The following table reconciles the non-GAAP measure to the consolidated statements of cash flows.
(in millions) Three Months Ended March 31, 2018 2017 Cash flow from operating activities $ 58.8 $ 20.1 Add back: Changes in working capital and cash taxes 3.8 14.1 Cash flow from operating activities before changes in working capital and cash taxes $ 62.6 $ 34.2 Company-wide Free Cash Flow
“Company-wide free cash flow" is a non-GAAP performance measure calculated from the consolidated operating cash flow, less consolidated mineral property, plant and equipment expenditures. The Company believes this to be a useful indicator of our ability to operate without reliance on additional borrowing or usage of existing cash company-wide. Company-wide free cash flow is intended to provide additional information only and does not have any standardized meaning under IFRS and may not be comparable to similar measures of performance presented by other mining companies. Company-wide free cash flow should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.
(in millions) Three Months Ended March 31, 2018 2017 Cash flow from operating activities $ 58.8 $ 20.1 Less: mineral property, plant and equipment expenditures (51.5 ) (33.6 ) Company-wide free cash flow $ 7.3 $ (13.5 ) Mine-site Free Cash Flow
"Mine-site free cash flow" is a non-GAAP financial performance measure calculated as cash flow from mine-site operating activities, less mineral property, plant and equipment expenditures. The Company believes this to be a useful indicator of our ability to operate without reliance on additional borrowing or usage of existing cash. Mine-site free cash flow is intended to provide additional information only and does not have any standardized meaning under IFRS and may not be comparable to similar measures of performance presented by other mining companies. Mine-site free cash flow should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.
Total Mine-Site Free Cash Flow Three Months Ended March 31, 2018 2017 (in millions) Cash flow from operating activities $ 58.8 $ 20.1 Less: operating cash flow used by non-mine site activity (9.6 ) (6.5 ) Cash flow from operating mine-sites $ 68.4 $ 26.6 Mineral property, plant and equipment expenditure $ 51.5 $ 33.6 Less: capital expenditures from development projects, and corporate (7.4 ) (8.3 ) Capital expenditure from mine-sites $ 44.1 $ 25.3 Total mine-site free cash flow $ 24.3 $ 1.3
Young-Davidson Mine-Site Free Cash Flow Three Months Ended March 31, 2018 2017 (in millions) Cash flow from operating activities $ 27.4 $ 18.5 Mineral property, plant and equipment expenditure (22.9 ) (18.6 ) Mine-site free cash flow $ 4.5 $ 0.1 )
Mulatos Mine-Site Free Cash Flow Three Months Ended March 31, 2018 2017 (in millions) Cash flow from operating activities $ 16.1 $ 9.1 Mineral property, plant and equipment expenditure (7.2 ) (11.4 ) Less: La Yaqui Phase I construction cost — 5.3 Mulatos mineral property, plant and equipment expenditure $ (7.2 ) $ (6.1 ) Mine-site free cash flow 1 $ 8.9 $ 3.0 1. Excludes construction capital at La Yaqui Phase I.
Island Gold Mine-Site Free Cash Flow Three Months Ended March 31, 2018 2017 (in millions) Cash flow from operating activities $ 23.7 — Mineral property, plant and equipment expenditure (13.9 ) — Mine-site free cash flow $ 9.8 $ —
El Chanate Mine-Site Free Cash Flow Three Months Ended March 31, 2018 2017 (in millions) Cash flow from operating activities $ 1.2 $ (1.0 ) Mineral property, plant and equipment expenditure (0.1 ) (0.6 ) Mine-site free cash flow $ 1.1 $ (1.6 ) Total Cash Costs per ounce
Total cash costs per ounce is a non-GAAP term typically used by gold mining companies to assess the level of gross margin available to the Company by subtracting these costs from the unit price realized during the period. This non-GAAP term is also used to assess the ability of a mining company to generate cash flow from operations. Total cash costs per ounce includes mining and processing costs plus applicable royalties, and net of by-product revenue and net realizable value adjustments. Total cash costs per ounce is exclusive of exploration costs.
Total cash costs per ounce is intended to provide additional information only and does not have any standardized meaning under IFRS and may not be comparable to similar measures presented by other mining companies. It should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The measure is not necessarily indicative of cash flow from operations under IFRS or operating costs presented under IFRS.
All-in Sustaining Costs per ounce and Mine-site All-in Sustaining Costs
The Company adopted an “all-in sustaining costs per ounce” non-GAAP performance measure in accordance with the World Gold Council published in June 2013. The Company believes the measure more fully defines the total costs associated with producing gold; however, this performance measure has no standardized meaning. Accordingly, there may be some variation in the method of computation of “all-in sustaining costs per ounce” as determined by the Company compared with other mining companies. In this context, “all-in sustaining costs per ounce” for the consolidated Company reflects total mining and processing costs, corporate and administrative costs, share-based compensation, exploration costs, sustaining capital, and other operating costs.
For the purposes of calculating "mine-site all-in sustaining costs" at the individual mine-sites, the Company does not include an allocation of corporate and administrative costs and share-based compensation, as detailed in the reconciliations below.
Sustaining capital expenditures are expenditures that do not increase annual gold ounce production at a mine site and excludes all expenditures at the Company’s development projects as well as certain expenditures at the Company’s operating sites that are deemed expansionary in nature. For each mine-site reconciliation, corporate and administrative costs, and non-site specific costs are not included in the all-in sustaining cost per ounce calculation.
All-in sustaining costs per gold ounce is intended to provide additional information only and does not have any standardized meaning under IFRS and may not be comparable to similar measures presented by other mining companies. It should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.
The measure is not necessarily indicative of cash flow from operations under IFRS or operating costs presented under IFRS.
Total Cash Costs and All-in Sustaining Costs per Ounce Reconciliation Tables
The following tables reconciles these non-GAAP measures to the most directly comparable IFRS measures on a Company-wide and individual mine-site basis.
Total Cash Costs and AISC Reconciliation - Company-wide Three Months Ended March 31, 2018 2017 (in millions, except ounces and per ounce figures) Mining and processing $ 96.9 $ 77.9 Royalties 5.7 3.8 Total cash costs $ 102.6 $ 81.7 Gold ounces sold 130,045 98,755 Total cash costs per ounce $ 789 $ 827 Total cash costs $ 102.6 $ 81.7 Corporate and administrative (1) 4.4 3.7 Sustaining capital expenditures (2) 10.7 9.3 Share-based compensation 1.6 3.8 Sustaining exploration 1.7 1.0 Accretion of decommissioning liabilities 0.6 0.6 Total all-in sustaining costs $ 121.6 $ 100.1 Gold ounces sold 130,045 98,755 All-in sustaining costs per ounce $ 935 $ 1,014 (1) Corporate and administrative expenses exclude expenses incurred at development properties.
(2) Sustaining capital expenditures are defined as those expenditures which do not increase annual gold ounce production at a mine site and exclude all expenditures at growth projects and certain expenditures at operating sites which are deemed expansionary in nature. Total sustaining capital for the period is as follows:
Three Months Ended March 31, 2018 2017 Capital expenditures per cash flow statement $ 51.5 $ 33.6 Less: non-sustaining capital expenditures at: Young-Davidson (15.3 ) (12.5 ) Mulatos (6.4 ) (8.8 ) Island Gold (11.7 ) — El Chanate — — Corporate and other (7.4 ) (3.0 ) $ 10.7 $ 9.3
Young-Davidson Total Cash Costs and Mine-site AISC Reconciliation Three Months Ended March 31, 2018 2017 (in millions, except ounces and per ounce figures) Mining and processing $ 36.0 $ 29.9 Royalties 0.9 1.2 Total cash costs $ 36.9 $ 31.1 Gold ounces sold 44,790 43,827 Total cash costs per ounce $ 824 $ 710 Total cash costs $ 36.9 $ 31.1 Sustaining capital expenditures 7.6 6.1 Exploration — 0.1 Total all-in sustaining costs $ 44.5 $ 37.3 Gold ounces sold 44,790 43,827 Mine-site all-in sustaining costs per ounce $ 994 $ 851
Mulatos Total Cash Costs and Mine-site AISC Reconciliation Three Months Ended March 31, 2018 2017 (in millions, except ounces and per ounce figures) Mining and processing $ 31.9 $ 29.4 Royalties 3.2 2.6 Total cash costs $ 35.1 $ 32.0 Gold ounces sold 44,659 38,675 Total cash costs per ounce $ 786 $ 827 Total cash costs $ 35.1 $ 32.0 Sustaining capital expenditures 0.8 2.6 Exploration 1.2 0.5 Accretion of decommissioning liabilities 0.5 0.5 Total all-in sustaining costs $ 37.6 $ 35.6 Gold ounces sold 44,659 38,675 Mine-site all-in sustaining costs per ounce $ 842 $ 920
Island Gold Total Cash Costs and Mine-site AISC Reconciliation Three Months Ended March 31, 2018 2017 (in millions, except ounces and per ounce figures) Mining and processing $ 13.6 $ — Royalties 1.6 — Total cash costs $ 15.2 $ — Gold ounces sold 27,503 — Total cash costs per ounce $ 553 $ — Total cash costs $ 15.2 $ — Sustaining capital expenditures 2.2 — Total all-in sustaining costs $ 17.4 $ — Gold ounces sold 27,503 — Mine-site all-in sustaining costs per ounce $ 633 $ —
El Chanate Total Cash Costs and Mine-site AISC Reconciliation Three Months Ended March 31, 2018 2017 (in millions, except ounces and per ounce figures) Mining and processing $ 15.4 $ 18.6 Total cash costs $ 15.4 $ 18.6 Gold ounces sold 13,093 16,253 Total cash costs per ounce $ 1,176 $ 1,144 Total cash costs $ 15.4 $ 18.6 Sustaining capital expenditures 0.1 0.6 Accretion of decommissioning liabilities 0.1 0.1 Total all-in sustaining costs $ 15.6 $ 19.3 Gold ounces sold 13,093 16,253 Mine-site all-in sustaining costs per ounce $ 1,191 $ 1,187 Earnings Before Interest, Taxes, Depreciation, and Amortization (“EBITDA”)
EBITDA represents net earnings before interest, taxes, depreciation, and amortization. EBITDA is an indicator of the Company’s ability to generate liquidity by producing operating cash flow to fund working capital needs, service debt obligations, and fund capital expenditures.
EBITDA does not have any standardized meaning under IFRS and may not be comparable to similar measures presented by other mining companies. It should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.
The following is a reconciliation of EBITDA to the consolidated financial statements:
(in millions) Three Months Ended March 31, 2018 2017 Net earnings $ 0.6 $ 0.1 Add back: Finance expense 0.9 4.2 Amortization 42.1 28.4 Deferred income tax expense 7.0 0.7 Current income tax expense 8.0 1.1 EBITDA $ 58.6 $ 34.5 Additional GAAP Measures
Additional GAAP measures are presented on the face of the Company’s consolidated statements of comprehensive income and are not meant to be a substitute for other subtotals or totals presented in accordance with IFRS, but rather should be evaluated in conjunction with such IFRS measures. The following additional GAAP measures are used and are intended to provide an indication of the Company’s mine and operating performance:
Earnings from operations - represents the amount of earnings before net finance income/expense, foreign exchange gain/loss, other income/loss, loss on redemption of senior secured notes and income tax expense
Unaudited Consolidated Statements of Financial Position, Comprehensive
Income, and Cash Flows
ALAMOS GOLD INC.
Condensed Interim Consolidated Statements of Financial Position
(Unaudited - stated in millions of United States dollars) March 31, 2018 December 31, 2017 ASSETS Current Assets Cash and cash equivalents $ 231.8 $ 200.8 Equity securities 11.4 35.8 Amounts receivable 35.6 41.0 Inventory 160.8 161.2 Other current assets 16.6 14.4 Total Current Assets 456.2 453.2 Non-Current Assets Long-term inventory 68.4 68.7 Mineral property, plant and equipment 2,758.6 2,753.4 Other non-current assets 44.3 45.0 Total Assets $ 3,327.5 $ 3,320.3 LIABILITIES Current Liabilities Accounts payable and accrued liabilities $ 96.0 $ 101.0 Income taxes payable 15.2 12.2 Dividends payable 3.9 — Total Current Liabilities 115.1 113.2 Non-Current Liabilities Deferred income taxes 483.9 477.0 Decommissioning liabilities 45.0 44.6 Other non-current liabilities 3.6 4.3 Total Liabilities 647.6 639.1 EQUITY Share capital $ 3,692.5 $ 3,691.7 Contributed surplus 91.2 89.5 Warrants 3.9 4.0 Accumulated other comprehensive income 0.1 13.0 Deficit (1,107.8 ) (1,117.0 ) Total Equity 2,679.9 2,681.2 Total Liabilities and Equity $ 3,327.5 $ 3,320.3
ALAMOS GOLD INC.
Condensed Interim Consolidated Statements of Comprehensive Income
(Unaudited - stated in millions of United States dollars, except per share amounts) For three months ended March 31, March 31, 2018
2017
OPERATING REVENUES $ 173.1 $ 121.0 COST OF SALES Mining and processing 96.9 77.9 Royalties 5.7 3.8 Amortization 42.1 28.4 144.7 110.1 EXPENSES Exploration 3.9 1.2 Corporate and administrative 4.4 3.7 Share-based compensation 1.6 3.8 154.6 118.8 EARNINGS FROM OPERATIONS 18.5 2.2 OTHER EXPENSES Finance expense (0.9 ) (4.2 ) Foreign exchange (loss) gain (1.3 ) 5.9 Other loss (0.7 ) (2.0 ) EARNINGS BEFORE INCOME TAXES $ 15.6 $ 1.9 INCOME TAXES Current income tax expense (8.0 ) (1.1 ) Deferred income tax expense (7.0 ) (0.7 ) NET EARNINGS $ 0.6 $ 0.1 Items that may be subsequently reclassified to net earnings: (Loss) gain on currency hedging instruments, net of taxes (1.4 ) 1.9 Items that will not be reclassified to net earnings: Unrealized gain on equity securities, net of taxes 1.0 1.7 Total other comprehensive (loss) income ($ 0.4 ) $ 3.6 COMPREHENSIVE INCOME $ 0.2 $ 3.7 EARNINGS PER SHARE – basic $ 0.00 $ 0.00 – diluted $ 0.00 $ 0.00 Weighted average number of common shares outstanding (000's) – basic 389,254 284,748 – diluted 392,413 289,450
ALAMOS GOLD INC.
Condensed Interim Consolidated Statements of Cash Flows
(Unaudited - stated in millions of United States dollars) For three months ended March 31, March 31, 2018 2017 CASH PROVIDED BY (USED IN): OPERATING ACTIVITIES Net earnings for the period $ 0.6 $ 0.1 Adjustments for items not involving cash: Amortization 42.1 28.4 Foreign exchange loss (gain) 1.3 (5.9 ) Current income tax expense 8.0 1.1 Deferred income tax expense 7.0 0.7 Share-based compensation 1.6 3.8 Finance expense 0.9 4.2 Other items 1.1 1.8 Changes in working capital and cash taxes (3.8 ) (14.1 ) 58.8 20.1 INVESTING ACTIVITIES Mineral property, plant and equipment (51.5 ) (33.6 ) Proceeds from sale of equity securities 24.9 — (26.6 ) (33.6 ) FINANCING ACTIVITIES Net proceeds from equity financing — 239.1 Repayment of equipment financing obligations (1.2 ) (1.4 ) Proceeds from the exercise of options and warrants 0.7 2.3 (0.5 ) 240.0 Effect of exchange rates on cash and cash equivalents (0.7 ) 0.5 Net increase in cash and cash equivalents 31.0 227.0 Cash and cash equivalents - beginning of period 200.8 252.2 CASH AND CASH EQUIVALENTS - END OF PERIOD $ 231.8 $ 479.2
Source:Alamos Gold Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/globe-newswire-alamos-reports-first-quarter-2018-results.html |
GENEVA, May 22 (Reuters) - Russia and Japan have warned they could retaliate against U.S. tariffs on steel and aluminium by imposing sanctions worth almost $1 billion combined, filings published by the World Trade Organization showed on Tuesday.
The documents from Russia and Japan, following similar filings last week by the European Union and China, notified the United States of the cost of its tariff plan, based on 2017 exports.
Russia said the U.S. plan would add duties of $538 million to its annual exports and Japan put the sum at $440 million, and both said they had the right to impose equal costs on U.S. exports. Neither named the U.S. products that they might target. (Reporting by Tom Miles Editing by Hugh Lawson)
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-trade-japan-russia/russia-and-japan-warn-us-of-1-bln-in-tariff-retaliation-idUSL5N1ST2PT |
May 12, 2018 / 3:20 AM / Updated 2 hours ago Mexico election body blocks 17 male candidates masquerading as transgender women Reuters Staff 2 Min Read
MEXICO CITY (Reuters) - A Mexican state electoral body on Friday rejected the applications of 17 aspiring male candidates from various parties who tried to register as transgender female contenders for the July 1 elections.
The electoral institute for the state of Oaxaca in southern Mexico said in a statement that the 17 candidates had been temporarily blocked due to “suspected irregularities.”
The institute did not give further reasons for the move, but said it “will be vigilant that the constitutional principle of equality is adhered to, and that women have effective access to public office.”
Local Mexican media reported that various political parties, competing ahead of elections in which voters will pick a new president and thousands of local positions, had been unable to find enough female candidates, and filled the available spots with men claiming to be transgender women.
Oaxaca is a state with a long tradition of people known as “muxes” that are born male but identify as a mix of gay and feminine. They are often recognised as a third gender. Reporting by Gabriel Stargardter; Editing by Christian Schmollinger | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-mexico-election/mexico-election-body-blocks-17-male-candidates-masquerading-as-transgender-women-idUKKBN1ID03K |
SÃO PAULO—Brazil’s government said Monday that concessions to end a crippling truckers strike will have a high cost for taxpayers even as the country’s businesses and consumers struggle with shortages of fuel, food, medicines and other vital goods.
The government said Sunday it will cut taxes on diesel fuel, freeze the price 60 days and let them change once every month afterward, and compensate state-controlled oil company Petróleo Brasileiro SA, or Petrobras, and its private-sector competitors, among other concessions.
... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/brazil-truckers-strike-to-cost-government-2-6-billion-through-end-of-year-1527542359 |
Stocks kick off May on a low note during a key week for the market 1 Hour Ago Gina Sanchez of Chantico Global and Matt Maley with Miller Tabak discuss the broad market with Sara Eisen. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/01/stocks-kick-off-may-on-a-low-note-during-a-key-week-for-the-market.html |
May 17, 2018 / 7:12 AM / Updated 2 minutes ago Bookies William Hill, Paddy Power set out cost of new gambling curbs Reuters Staff 1 Min Read
(Reuters) - Bookmakers William Hill ( WMH.L ) and Paddy Power Betfair ( PPB.I ) said plans to cut the maximum stake on fixed odd betting terminals in Britain to two pounds would hit gaming revenue hard. FILE PHOTO: A branded sign is displayed outside a William Hill betting shop in London, Britain July 25, 2016. REUTERS/Neil Hall/File Photo
William Hill expects total gaming net revenue to fall by 35-45 percent, while Paddy Power sees a 33-43 percent decline in its machine gaming revenue.
Rival GVC Holdings Plc ( GVC.L ) said it expects to be able to reposition its business within two years following implementation, with fully mitigated impact of about 120 million pounds on its core earnings.
The cut to two pounds from the current 100 pounds curtails a major source of revenue for high street bookmakers and potentially puts jobs at risk. Reporting by Arathy S Nair in Bengaluru; Editing by Keith Weir | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-britain-gambling-companies/bookies-william-hill-paddy-power-set-out-cost-of-new-gambling-curbs-idUKKCN1II0Q1 |
Link to the complete 1st Quarter 2018 report:
http://hugin.info/201/R/2193204/849405.pdf
Hamilton, Bermuda, May16, 2018
NAT is focusing on keeping costs at the lowest possible level. This is a reflection of the fact that we work on matters that we can do something about. Our main priorities are concentrated on shareholders, customers and the company itself, specializing in suezmax tankers (33 vessels) based on its long standing strategy. This strategy of NAT cannot at all be compared with other tanker companies listed in the US. NAT has good ships, good people and a solid reputation. NAT has more than 100,000 shareholders, above all in the US.
Highlights:
The time charter equivalent for our vessels during 1Q2018 was $11,200 per day per ship. Going forward, prospects are good for NAT. The world economy is enjoying its strongest upswing since 2010. What is good for the world economy, is positive for NAT. Political events, on the world scene, may be good. NAT is well positioned when the tanker market improves. The historic average market rate for the last 25 years was about $30,000 per day per suezmax vessel. Such earnings would give a free cashflow from NAT's operations of about $160 million per year, which would pay back today's market capitalization of NAT in less than 2 years. In contrast, a Suezmax vessel may trade for 25 years . We continue our unbroken practice of paying dividends. Tanker markets are volatile but our strategy remains steadfast. On April 27, 2018, we announced the 83rd consecutive quarterly dividend distribution. This time of 1cent per share. The reduced dividend is simply a reflection of the weak tanker market during 1Q2018, which is not satisfactory. Our objective is to return to the dividend level which on average was in excess of $2 per share per year over the period 1997-2018. As announced in a press release of May 3, 2018, we are circulating two vessels for sale. This fleet adjustment must be seen in light of our three new vessels for delivery early July, end of August and end of October this year. A tanker is normally written down for accounting purposes over 25 years. The non-cash accounting numbers for NAT are a Net Loss for 1Q2018 (after depreciation, G&A and finance charges) of -$18.7m against a Net Loss from 4Q2017 of -$151.4m. NAT Net Loss in 4Q2017 was impacted by non-cash impairment charges. A better reflection of the performance for the quarter, the Adjusted Net Operating Earnings* (cash), came in at $4.4m for 1Q2018, down from $11.2m in 4Q2017. Our net debt** at the end of 1Q2018 stood at about $266 million equal to about $8.9 million per vessel, which is lower than the scrap value of a Suezmax vessel today. Later in this report, we have included financial information, commented upon above, for 1Q2018 and for other periods.
* Adjusted Net Operating Earnings (Loss) represents Net Operating Earnings or Loss before depreciation, impairment and non-cash administrative charges. Please see later in this announcement for a reconciliation of Net Operating Earnings (Loss) to Adjusted Net Operating
Earnings (Loss)
** Net Debt is working capital, less long-term debt, adjusted for deposits paid for the three newbuilds, divided by 30 vessels
Our Fleet
Our fleet consists of 33 (including 3 newbuilds) well maintained Suezmax tankers with an aggregate cargo capacity of 33 million barrels of crude oil, illustrating the size of NAT.
The average age of our fleet is about 13.5 years; 10 units (including our 3 newbuilds) were built from 2010 onwards, 13 units were built between 2000 and 2009 and the remaining 10 were built in the late 1990s. This is a balanced portfolio.
As announced in press release of May 3, 2018, we are circulating two vessels for sale. This fleet adjustment must be seen in light of our three new vessels for delivery early July, end of August and end of October this year.
The outcome of the inspections of our ships by oil companies ("vetting") reflects the good quality of our fleet.
NAT has the largest fleet of Suezmax tankers in the world. In a capital intensive industry like ours, timing and financing are the key issues to achieve a sound cost structure.
Financing
Our net debt at 1Q2018 stood at a conservative $8.9 million per vessel which is among the lowest in the industry.
Our existing Revolving Credit Facility (RCF) dates back to 2004, when we only had 4 vessels in our fleet. This facility has become "outdated" and is getting restrictive on our business. The objective is to retire the existing RCF and replace it with a new financing.
We plan that the recapitalization program shall be finalized by the end of 2Q2018.
This recapitalization, when completed, should improve our financial flexibility going forward.
At the time of this report we are in compliance with all financial covenants.
Dividend
For 1Q2018 a cash dividend of $0.01 per share has been declared. Payment of the dividend is expected to be on or about June 12, 2018, to shareholders of record on May 24, 2018.
In an improved tanker market, higher dividends can be expected.
Nordic American Offshore Ltd. (NYSE: NAO)
NAT owns 16.1% of Nordic American Offshore Ltd. and the NAT Chairman & CEO and his immediate family own 13.4% of NAO.
World Economy and the Tanker Market
The world economy is enjoying its strongest upswing since 2010. What is good for the world economy is by nature positive for NAT. Recent upbeat macroeconomic data released by the International Monetary Fund in Washington, are giving further positive signals for the world economy and consequently the NAT business. In addition to the role of major oil companies, large oil traders have become important for the tanker industry.
The world Suezmax fleet (excl. shuttle & product tankers) counts 495 vessels at the end of 1Q2018, following an increase of 2 vessels in the quarter. The total delivery during 2017 was 50 units. 2017 represented a peak year for deliveries. For 2018 we expect 25 vessels, and in 2019 we see 17 vessels for delivery.
The supply of tanker tonnage is inelastic in the short-term. When there are too many ships in an area, rates tend to go down. When there is scarcity of ships, rates tend to go up. Short-term spot tanker rates may be expected to be volatile.
Corporate Governance/Conflict of Interests
It is vital to ensure that there is no conflict of interests among shareholders, management, affiliates and related parties. Interests must be aligned. From time to time in the shipping industry, we see that questionable transactions take place which are not in harmony with sound corporate governance principles, both as to transparency and related party aspects. We have zero tolerance for corruption.
Strategy going forward
The NAT strategy is built on expanding and maintaining a homogenous and top quality fleet, leveraging on our industry network and close customer relationships. Employment of our ships with big oil is a priority.
A strong balance sheet, combined with a homogenous fleet and economies of scale are giving a low cash break-even level.
Our dividend policy should continue to enable us to achieve a competitive cash yield.
Our fleet of 33 more or less identical vessels is a special feature of NAT that is particularly valuable to our customers.
NAT is firmly committed to protecting its underlying earnings and dividend potential. We shall safeguard and further strengthen our position in a deliberate, predictable and transparent way.
Link to the graph: http://hugin.info/201/R/2193204/849405.pdf
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.
The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "believe," "anticipate," "intend," "estimate," "forecast," "project," "plan," "potential," "will," "may," "should," "expect," "pending" and similar expressions identify forward-looking statements.
The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. We undertake no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.
Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand in the tanker market, as a result of changes in OPEC's petroleum production levels and world wide oil consumption and storage, changes in our operating expenses, including bunker prices, drydocking and insurance costs, the market for our vessels, availability of financing and refinancing, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessels breakdowns and instances of off-hires and other important factors described from time to time in the reports filed by the Company with the Securities and Exchange Commission, including the prospectus and related prospectus supplement, our Annual Report on Form 20-F, and our reports on Form 6-K.
Contacts:
Gary J. Wolfe
Seward & Kissel LLP
New York, USA
Tel: +1 212 574 1223
Bjørn Giæver, CFO
Nordic American Tankers Limited
Tel: +1 888 755 8391 or +47 91 35 00 91
Herbjørn Hansson, Chairman & CEO
Nordic American Tankers Limited
Tel: +1 866 805 9504 or +47 90 14 62 91
Web-site: www.nat.bm
Attachment
1st Quarter 2018 Result.pdf
Source:Nordic American Tankers Limited | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/globe-newswire-nordic-american-tankers-nysenat--the-1st-quarter-2018-report--dividend-is-a-priority--solid-prospects.html |
Early Bitcoin investor Tyler Winklevoss challenged Bill Gates to “put your money where your mouth is” after the Microsoft founder said on Monday that he would he would short the currency “ if there was an easy way to do it .”
That comes after Gates said the technology underlying Bitcoin, blockchain, is promising, though Bitcoin itself is “ not a good thing ” as it is used by criminals trying to fly under the radar.
Winklevoss, who with his twin brother, Cameron, has become a billionaire following a surge in the value of Bitcoin surge, hit back on Twitter (The Winklevoss’ Bitcoin stash is estimated to be worth about $1.1 billion based on Monday’s Bitcoin price).
“Dear [Bill Gates], there is an easy way to short Bitcoin,” he wrote Monday. Then, he pointed to Bitcoin futures that Winklevoss-backed cryptocurrency exchange Gemini launched with the Chicago Board Options Exchange: “You can short XBT, the CBOE Bitcoin Futures contract, and put your money where your mouth is!”
Dear @BillGates there is an easy way to short bitcoin. You can short #XBT , the @CBOE Bitcoin (USD) Futures contract, and put your money where your mouth is! cc @CNBC @WarrenBuffett https://t.co/4JIhF5vWsZ
— Tyler Winklevoss (@tylerwinklevoss) May 7, 2018
The Winklevoss twin, who gained notoriety for suing Facebook , also mentioned Berkshire Hathaway CEO Warren Buffett, another known Bitcoin skeptic. Buffett said in January that said he expects Bitcoin to come “to a bad ending” because it doesn’t produce anything and is a purely speculative asset. However, Buffett has said that he has no plans to go short on the asset , though he’d be glad to buy a less risky derivative to hedge against a potential fall in Bitcoin.
The price of Bitcoin is now around $9,115, down about 3% Tuesday, and down from its all-time high near $20,000 in December. | ashraq/financial-news-articles | http://fortune.com/2018/05/08/bitcoin-price-bill-gates-tyler-winklevoss/ |
FROM A FASHION romp through a faraway desert to an art tour of a quiet archipelago, our annual Culture & Couture issue celebrates the thrill of discovery and transporting experiences.
The May cover story spotlights one of the world’s most tranquil destinations: Japan’s Seto Inland Sea, where a constellation of small islands with breathtaking natural landscapes mingles with a vibrant contemporary art scene. Ferrying between uninhabited beaches and fishing villages, visitors can take in museums designed by Tadao Ando and... | ashraq/financial-news-articles | https://www.wsj.com/articles/wsj-magazine-editors-letter-best-bids-1525354568 |
May 24, 2018 / 11:15 AM / Updated an hour ago Italian PM-designate Conte taking his time to assemble cabinet Gavin Jones , Massimiliano Di Giorgio 4 Min Read
ROME (Reuters) - Italian Prime Minister-designate Giuseppe Conte began putting together his cabinet team on Thursday, with party leaders pushing for an 81-year eurosceptic economist to be given the pivotal post of economy minister. Newly appointed Italy Prime Minister Giuseppe Conte speaks to the media after the consultation with the Italian President Sergio Mattarella at the Quirinal Palace in Rome, Italy, May 23, 2018. REUTERS/Remo Casilli
Conte, a law professor without political experience, is meeting all the groups in parliament to discuss his plans, and is unlikely to give the head of state his list of ministers before Friday evening, the 5-Star Movement said.
Plucked from obscurity by the anti-establishment party as the right man to head its coalition with the far-right League, Conte was given the mandate to form a government on Wednesday by President Sergio Mattarella.
League leader Matteo Salvini is expected to take over the interior ministry to pursue his promised crackdown on illegal immigration, while 5-Star chief Luigi Di Maio wants the labour ministry to enact his pledge to improve welfare for the poor.
Like the prime minister, neither Salvini nor Di Maio have any experience of government. Related Coverage EU executive says will assess new Italian government 'on actions, not words'
However, the economy ministry is proving most problematic - a potential clash looms between the League and Mattarella, who has the final say on ministerial appointments.
Salvini is lobbying for Paolo Savona, who has decades of experience in academia, banking and government but has spooked markets with his eurosceptic views that chime with the League’s.
Di Maio endorsed the choice on Thursday, saying he and Salvini were seeking “the best people to bring change to this country, and Savona is certainly among these.” FILE PHOTO: Italian Prime Minister-designate Giuseppe Conte arrives to speaks with media at the Quirinal Palace in Rome, May 23, 2018. REUTERS/Alessandro Bianchi/File Photo
Savona has called Italy’s adoption of the European single currency a “historic error” and calls for a “plan B” to be drawn up to let it leave the euro zone with as little damage as possible should this should prove necessary.
Mattarella, who stresses that Italy must meet its European commitments, has let it be known through his aides that he does not want Savona. Yet Salvini shows no sign of backing down, creating a headache for Conte and potentially undermining the delicate equilibrium of the coalition before it even gets going.
Former prime minister Silvio Berlusconi, an ally of Salvini before the election, said on Thursday his Forza Italia party would vote against the new government in parliament, calling its programme “a naive book of dreams”.
Forza Italia’s votes are not necessary for the 5-Star/League coalition to obtain a majority.
The nascent government has the backing of most Italians, with an opinion poll by the Demopolis agency on Wednesday showing 61 percent were in favour and 39 percent against.
Savona’s appointment would probably alarm EU heavyweight Germany, in particular. He warns in his latest book that the Germans are now trying to dominate Europe economically, having failed to achieve the goal militarily in World War II.
“Savona’s positions are radically and suicidally anti-German,” former Italian economy minister Vincenzo Visco said in an interview in the daily Corriere della Sera on Thursday.
Italian markets, which sold off this week on the prospect of an inexperienced, eurosceptic government taking over the euro zone’s third largest economy, recovered on Thursday morning. Italy’s main share index was up 0.4 percent and the gap between the yield on Italian benchmark bonds and their safer German equivalent narrowed to 184 basis points from 190 on Wednesday. Reporting by Gavin Jones; Editing by Mark Heinrich | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-italy-politics/italian-pm-designate-conte-taking-his-time-to-assemble-cabinet-idUKKCN1IP1NF |
SEOUL (Reuters) - South Korea’s Hyundai Group said on Tuesday it has created a task force to prepare for the possible resumption of economic projects in North Korea, after a summit between the nations fueled hopes of exchanges between the two countries.
Last month, South Korean President Moon Jae-in and his North Korean counterpart Kim Jong Un agreed to end hostilities between their countries and to “adopt practical steps towards the connection and modernization of the railways and roads.”
Moon also said he expected the two Koreas to start joint research to pursue inter-Korean economic projects, declaring an official end this year to the 1950s Korean war.
Hyundai Group’s flagship unit, Hyundai Asan, used to operate two key inter-Korean economic projects - South Korean tours to North Korea’s Mount Kumgang and a joint industrial complex in the North’s Kaesong city - which were suspended by previous conservative administrations.
The group expects inter-Korean economic cooperation to gain momentum when “conditions are ripe” regarding bilateral relations and as the sentiment from the international community improves.
“We will be thoroughly prepared so that we can resume inter-Korean projects within the shortest time possible,” the group said in a statement.
Reporting by Hyunjoo Jin; Editing by Sam Holmes
Our | ashraq/financial-news-articles | https://www.reuters.com/article/us-northkorea-southkora-hyundai/hyundai-group-launches-task-force-on-inter-korean-economic-projects-idUSKBN1I908U |
Buffett buys more Apple 7:23pm BST - 01:21
Berkshire Hathaway bought 75 million additional Apple shares in the first quarter, CEO Warren Buffett told CNBC, aggressively ramping up its bets on the iPhone maker. Aleksandra Michalska reports. ▲ Hide Transcript ▶ View Transcript
Berkshire Hathaway bought 75 million additional Apple shares in the first quarter, CEO Warren Buffett told CNBC, aggressively ramping up its bets on the iPhone maker. Aleksandra Michalska reports. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2rnGbGz | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/04/buffett-buys-more-apple?videoId=423885138 |
Nick Colas of DataTrek Research reveals his latest outlook on bitcoin and the crypto universe 2 Hours Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/04/nick-colas-of-datatrek-research-reveals-his-latest-outlook-on-bitcoin-and-the-crypto-universe.html |
CARMICHAELS, Pa., April 30, 2018 (GLOBE NEWSWIRE) -- CB Financial Services, Inc. (“CB”) (Nasdaq:CBFV), the holding company for Community Bank, announced today that it has completed its merger with First West Virginia Bancorp, Inc. (“FWVB”) (OTCQX:FWVB), the holding company for Progressive Bank, National Association (“Progressive Bank”), effective after the close of business today. FWVB has been merged with and into CB, with CB as the surviving entity, and Progressive Bank has been merged with and into Community Bank, with Community Bank as the surviving entity.
With the closing of the merger, CB now has 5,414,099 shares of common stock outstanding.
“This is a banner day for both banks. Community Bank and Progressive Bank have been working together for several months to assure that the combination of our banks will go well,” said Barron P. McCune, Jr., Vice Chairman and Chief Executive Officer. “Together we will make a better bank. We look forward to continuing our outstanding personal service to the people of the Ohio Valley and our other markets.”
Effective as of the completion of the transaction, former FWVB Directors William G. Petroplus, Roberta Robinson Olejasz and Jonathan A. Bedway have been appointed to the Boards of Directors of CB and Community Bank.
Keefe, Bruyette & Woods, Inc. acted as financial advisor to CB, and Luse Gorman, PC served as legal counsel. D.A. Davidson & Co. acted as financial advisor to FWVB, and Bowles Rice LLP served as legal counsel.
About CB Financial Services, Inc.
CB Financial Services, Inc. is the bank holding company for Community Bank, a Pennsylvania-chartered commercial bank. Community Bank operates sixteen offices in Greene, Allegheny, Washington, Fayette and Westmoreland Counties in Southwestern Pennsylvania, seven offices in Brooke, Marshall, Ohio, Upshur and Wetzel Counties in West Virginia, and one office in Belmont County in Ohio.
Forward-Looking Statements
This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act. Forward-looking statements are typically identified by words such as "believe", "plan", "expect", "anticipate", "intend", "outlook", "estimate", "forecast", "will", "should", "project", "goal", and other similar words and expressions. These forward-looking statements involve certain risks and uncertainties. CB undertakes no obligation to revise these forward-looking statements or to reflect changes in events or circumstances after the date of this press release.
Contact:
Barron P. “Pat” McCune, Jr., Vice Chairman and CEO
Patrick G. O’Brien, President
(724) 225-2400
Source:CB Financial Services, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/04/30/globe-newswire-cb-financial-services-inc-completes-merger-with-first-west-virginia-bancorp-inc.html |
May 9, 2018 / 12:51 AM / Updated 7 minutes ago BRENT CRUDE OIL FUTURES RISE 2 PCT TO $76.42 HIGHEST SINCE NOV. 2014 Reuters Staff | ashraq/financial-news-articles | https://www.reuters.com/article/brent-crude-oil-futures-rise-2-pct-to-76/brent-crude-oil-futures-rise-2-pct-to-76-42-highest-since-nov-2014-idUSMT1ALTL3N1SG07A1 |
At a time when it is harder than ever for artists to break through the clutter of social media, Kanye West has captured everyone’s attention.
The 40-year-old rapper, producer and fashion designer riled fans over the past week by praising President Donald Trump on Twitter and describing slavery, during a TMZ interview, as “a choice.”
Mr. West... | ashraq/financial-news-articles | https://www.wsj.com/articles/kanye-wests-comments-follow-a-familiar-playbook-will-they-work-this-time-1525517741 |
May 10 (Reuters) - Algonquin Power & Utilities Corp :
* . ANNOUNCES 2018 FIRST QUARTER FINANCIAL RESULTS * QTRLY REVENUE OF U.S.$494.8 MILLION, A YEAR-OVER-YEAR INCREASE OF 17%
* Q1 ADJUSTED EARNINGS PER SHARE $0.32 * QTRLY NET EARNINGS ATTRIBUTABLE TO SHAREHOLDERS PER SHARE $0.04 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-algonquin-power-utilities-corp-rep/brief-algonquin-power-utilities-corp-reports-q1-adjusted-earnings-per-share-0-32-idUSASC0A1OQ |
BERLIN (Reuters) - German Deputy Foreign Minister Michael Roth said on Twitter that U.S. President Donald Trump’s decision to withdraw from the 2015 Iran nuclear deal was “not good news from Washington”.
He added: “Now we Europeans must save what can be saved” of the Iran nuclear deal.
Reporting by Michelle Martin; Editing by Andrea Shalal
| ashraq/financial-news-articles | https://www.reuters.com/article/us-iran-nuclear-germany/german-official-europeans-must-save-what-can-be-saved-of-iran-nuclear-deal-idUSKBN1I92UL |
BOISE, Idaho, IDACORP, Inc. (NYSE: IDA) recorded first quarter 2018 net IDACORP of $36.1 million, or $0.72 per diluted share, compared with $33.1 million, or $0.66 per diluted share, in the first quarter of 2017.
"Earnings for the quarter improved over last year's results as continued economic growth and the fixed cost adjustment mechanism revenues in Idaho more than offset lower residential sales from a milder winter," said IDACORP President and CEO Darrel Anderson. "As we look forward, Idaho Power's pending tax reform settlement in Idaho would support our efforts to keep customer energy rates low. The settlement also proposes an extension of the existing earnings support mechanism, which could provide additional earnings predictability beyond 2019.
"Idaho was named the fastest growing state in the country in 2017 by the U.S. Census Bureau. We are seeing evidence of this with continued strong economic growth and a 2.1 percent increase in customers over the last year."
For the full year, Idaho Power maintains its projection to use less than $5 million of additional accumulated deferred investment tax credits under the Idaho regulatory settlement. IDACORP is reaffirming its full year 2018 earnings guidance in the range of $4.10 to $4.25 per diluted share.
Performance Summary
A summary of financial highlights for the 2018 is as follows (in thousands, except per share amounts):
Three months ended
March 31,
2018
2017
Net IDACORP, Inc.
$
36,142
$
33,102
Average outstanding shares – diluted (000's)
50,463
50,397
IDACORP, Inc. earnings per diluted share
$
0.72
$
0.66
The table below provides a reconciliation of net IDACORP for the three months ended March 31, 2018, from the same period in 2017 (items are in millions and are before related income tax impact unless otherwise noted).
Three months ended
Net IDACORP, Inc. - March 31, 2017
$
33.1
Increase (decrease) in Idaho Power net income:
Customer growth, net of associated power supply costs and power cost adjustment mechanisms
2.4
Usage per retail customer, net of associated power supply costs and power cost adjustment mechanisms
(10.4)
Idaho fixed cost adjustment (FCA) revenues
8.7
Retail revenues per megawatt-hour (MWh), net of associated power supply costs and power cost adjustment mechanisms
1.2
Transmission services (wheeling) and other revenues
2.7
Depreciation expense
(3.3)
Other changes in operating revenues and expenses, net
0.5
Increase in Idaho Power operating income before tax reform revenue accrual
1.8
Tax reform revenue accrual for future rate reduction
(5.0)
Decrease in Idaho Power operating income
(3.2)
Earnings of equity-method investments
2.9
Non-operating income and expenses
0.5
Additional accumulated deferred investment tax credits (ADITC) amortization
(1.4)
Income tax expense (excluding additional ADITC amortization)
4.6
Total increase in Idaho Power net income
3.4
Other IDACORP changes (net of tax)
(0.4)
Net IDACORP, Inc. - March 31, 2018
$
36.1
IDACORP's net income increased $3.0 million for the first quarter of 2018 compared with the first quarter of 2017, primarily due to higher net income at Idaho Power.
Customer growth increased operating income by $2.4 million in the first quarter of 2018 compared with the first quarter of 2017, as the number of Idaho Power customers grew by 2.1 percent during the twelve months ended March 31, 2018. A decrease in sales volumes on a per-customer basis decreased operating income by $10.4 million in the first quarter of 2018 compared with the first quarter of 2017. More moderate winter temperatures in Idaho Power's service area in the first quarter of 2018 compared with the first quarter of 2017 led to a decrease in sales volumes on a per-customer basis, primarily due to residential customers using energy for heating. The revenue decrease related to lower sales volumes was largely offset by the FCA mechanism, which increased revenues by $8.7 million during the first quarter of 2018 compared with the first quarter of 2017.
A net increase in retail revenues per MWh contributed $1.2 million to operating income in the first quarter of 2018 compared with the first quarter of 2017. Revenue increases resulting from the North Valmy coal-fired power plant (Valmy Plant) settlement stipulations discussed below were mostly offset by a decrease in the proportion of residential sales in higher rate categories under Idaho Power's tiered rate structure. This was due to more moderate winter temperatures in the first quarter of 2018 compared with the first quarter of 2017.
In the second quarter of 2017, the Idaho Public Utilities Commission (IPUC) and Public Utility Commission of Oregon (OPUC) each approved settlement stipulations related to Idaho Power's plan to end its participation in coal-fired operations at the Valmy Plant by the end of 2025. In the first quarter of 2018, the settlement stipulations resulted in increased retail revenue collections and retail revenue accruals, increased net depreciation expense, and increased associated income tax expenses, including plant-related flow-through tax adjustments.
During the first quarter of 2018, Idaho Power also benefited from a $2.7 million increase in transmission services and other revenue compared with the first quarter of 2017. This change was largely due to an increase in Idaho Power's Open Access Transmission Tariff (OATT) rates that became effective in October 2017, as well as a weather-related increase in wheeling volumes.
Due to regulatory orders received from the IPUC and OPUC during the first quarter of 2018 relating to the Tax Cuts and Jobs Act, Idaho Power recorded a $5.0 million reduction to revenue and corresponding regulatory liability for its estimate of first quarter 2018 tax benefits resulting from the changes in the federal and state income tax law that Idaho Power expects to return to Idaho and Oregon customers in the future.
Income from Idaho Power's unconsolidated investment in Bridger Coal Company (BCC) increased non-operating income by $2.9 million in the first quarter of 2018 compared with the first quarter of 2017, primarily due to an increase in coal sales prices at BCC.
Idaho Power income tax expense, excluding additional ADITC amortization, decreased $4.6 million in the first quarter of 2018 compared with the first quarter of 2017, due mostly to the lower federal statutory income tax rate resulting from the Tax Cuts and Jobs Act. Idaho Power recorded $0.5 million of additional ADITC amortization under its Idaho regulatory settlement stipulation during the first quarter of 2018. During the first quarter of 2017, Idaho Power recorded $1.9 million of additional ADITC amortization, which was later reversed as actual 2017 results exceeded earlier estimates. Based on Idaho Power's current expectations of full-year 2018 results, Idaho Power expects to record less than $5 million of additional ADITC amortization for the full-year 2018.
2018 Annual Earnings Guidance and Key Operating and Financial Metrics
IDACORP is reaffirming its earnings guidance estimate for 2018. The 2018 guidance incorporates all of the key operating and financial assumptions listed in the table that follows (in millions, except per share amounts):
Current (1)
Previous (2)
IDACORP Earnings Guidance (per share)
No Change
$4.10-$4.25
Idaho Power Operating & Maintenance Expense
No Change
$345-$355
Idaho Power Additional Amortization of ADITC
No Change
Less than $5
Idaho Power Capital Expenditures (excluding allowance for funds used during construction)
No Change
$280-$290
Idaho Power Hydroelectric Generation (MWh)
No Change
7.5-9.5
(1)
As of May 3, 2018.
(2)
As of February 22, 2018, the date of filing IDACORP's and Idaho Power's Annual Report on Form 10-K for the year ended December 31, 2017.
More detailed financial information is provided in IDACORP's Quarterly Report on Form 10-Q filed today with the U.S. Securities and Exchange Commission and posted to the IDACORP Web site at www.idacorpinc.com .
Web Cast / Conference Call
IDACORP will hold an analyst conference call today at 2:30 p.m. Mountain Time (4:30 p.m. Eastern Time). All parties interested in listening may do so through a live webcast on the company's website ( www.idacorpinc.com ), or by calling (800) 242-0681 for listen-only mode. There is no passcode required; simply request to be connected to the "IDACORP, Inc." call. The conference call logistics are also posted on the company's website and will be included in the company's earnings news release. Slides will be included during the conference call. To access the slide deck, register for the event just prior to the call at www.idacorpinc.com/investor-relations/earnings-center/conference-calls . A replay of the conference call will be available on the company's website for a period of 12 months and will be available shortly after the call.
Background Information
IDACORP, Inc. (NYSE: IDA), Boise, Idaho-based and formed in 1998, is a holding company comprised of Idaho Power, a regulated electric utility; IDACORP Financial, a holder of affordable housing projects and other real estate investments; and Ida-West Energy, an operator of small hydroelectric generation projects that satisfy the requirements of the Public Utility Regulatory Policies Act of 1978. Idaho Power began operations in 1916 and employs approximately 2,000 people to serve a 24,000-square-mile service area in southern Idaho and eastern Oregon. With 17 low-cost hydroelectric projects as the core of its generation portfolio, Idaho Power's more than 547,000 residential, business and agricultural customers pay some of the nation's lowest prices for electricity. To learn more about Idaho Power or IDACORP, visit www.idahopower.com or www.idacorpinc.com .
Forward-Looking Statements
In addition to the historical information contained in this press release, this press release contains (and oral communications made by IDACORP, Inc. and Idaho Power Company may contain) statements, including, without limitation, earnings guidance and estimated key operating and financial metrics, that relate to future events and expectations and, as such, constitute within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, outlook, assumptions, or future events or performance, often, but not always, through the use of words or phrases such as "anticipates," "believes," "continues," "estimates," "expects," "guidance," "intends," "potential," "plans," "predicts," "projects," "targets," or similar expressions, are not statements of historical facts and may be forward-looking. Forward-looking statements are not guarantees of future performance and involve estimates, assumptions, risks, and uncertainties. Actual results, performance, or outcomes may the results discussed in the statements. In addition to any assumptions and other factors and matters referred to specifically in connection with such , factors that could cause actual results or outcomes to those contained in include the following: (a) the effect of decisions by the Idaho and Oregon public utilities commissions, the Federal Energy Regulatory Commission, and other regulators that impact Idaho Power's ability to recover costs and earn a return, including the impact of settlement stipulations; (b) the expense and risks associated with capital expenditures for infrastructure, and the timing and availability of cost recovery for such expenditures through customer rates; (c) changes in residential, commercial, and industrial growth and demographic patterns within Idaho Power's service area and the loss or change in the business of significant customers, and their associated impacts on loads and load growth, and the availability of regulatory mechanisms that allow for timely cost recovery through customer rates in the event of those changes; (d) the impacts of economic conditions, including inflation, interest rates, supply costs, population growth or decline in the service area, the potential for changes in customer demand for electricity, revenue from sales of excess power, financial soundness of counterparties and suppliers, and the collection of receivables; (e) unseasonable or severe weather conditions, wildfires, drought, and other natural phenomena and natural disasters, including climate change, which affect customer demand, hydroelectric generation levels, repair costs, liability for damage caused by utility property, and the availability and cost of fuel for generation plants or purchased power to serve customers; (f) advancement of self-generation or energy efficiency technologies that reduce loads or reduce Idaho Power's sale of electric power; (g) changes in tax laws or related regulations or new interpretations of applicable laws by federal, state, or local taxing jurisdictions, the availability of tax credits, and the tax rates payable by IDACORP shareholders on common stock dividends; (h) adoption of, changes in, and costs of compliance with laws, regulations, and policies relating to the environment, natural resources, and threatened and endangered species, and the ability to recover resulting increased costs through rates; (i) variable hydrological conditions and over-appropriation of surface and groundwater in the Snake River Basin, which may impact the amount of power generated by Idaho Power's hydroelectric facilities; (j) the ability to acquire fuel, power, and transmission capacity under reasonable terms, particularly in the event of unanticipated power demands, lack of physical availability, transportation constraints, or a credit downgrade; (k) accidents, fires (either at or caused by Idaho Power's facilities), explosions, and mechanical breakdowns that may occur while operating and maintaining Idaho Power's assets, which can cause unplanned outages, reduce generating output, damage the companies' assets, operations, or reputation, subject the companies to third-party claims for property damage, personal injury, or loss of life, or result in the imposition of civil, criminal, and regulatory fines and penalties; (l) the increased costs and operational challenges associated with purchasing and integrating intermittent renewable energy sources into Idaho Power's resource portfolio; (m) disruptions or outages of Idaho Power's generation or transmission systems or of any interconnected transmission system may cause Idaho Power to incur repair costs and purchase replacement power at increased costs; (n) the ability to obtain debt and equity financing or refinance existing debt when necessary and on favorable terms, which can be affected by factors such as credit ratings, volatility or disruptions in the financial markets, interest rate fluctuations, decisions by the Idaho or Oregon public utility commissions, and the companies' past or projected financial performance; (o) reductions in credit ratings, which could adversely impact access to capital markets, increase borrowing costs, and would require the posting of additional collateral to counterparties pursuant to credit and contractual arrangements; (p) the ability to enter into financial and physical commodity hedges with creditworthy counterparties to manage price and commodity risk, and the failure of any such risk management and hedging strategies to work as intended; (q) changes in actuarial assumptions, changes in interest rates, and the return on plan assets for pension and other post-retirement plans, which can affect future pension and other postretirement plan funding obligations, costs, and liabilities; (r) the ability to continue to pay dividends based on financial performance and in light of contractual covenants and restrictions and regulatory limitations; (s) employee workforce factors, including the operational and financial costs of unionization or the attempt to unionize all or part of the companies' workforce, the impact of an aging workforce and retirements, the cost and ability to retain skilled workers, and the ability to adjust the labor cost structure when necessary; (t) failure to comply with state and federal laws, regulations, and orders, including new interpretations and enforcement initiatives by regulatory and oversight bodies, which may result in penalties and fines and increase the cost of compliance, the nature and extent of investigations and audits, and the cost of remediation; (u) the inability to obtain or cost of obtaining and complying with required governmental permits and approvals, licenses, rights-of-way, and siting for transmission and generation projects and hydroelectric facilities; (v) the cost and outcome of litigation, dispute resolution, and regulatory proceedings, and the ability to recover those costs or the costs of operational changes through insurance or rates, or from third parties; (w) the failure of information systems or the failure to secure data, failure to comply with privacy laws or regulations, security breaches, or the direct or indirect effect on the companies' business, operations, or reputation resulting from cyber attacks or related litigation, terrorist incidents or the threat of terrorist incidents, and acts of war; (x) unusual or unanticipated changes in normal business operations, including unusual maintenance or repairs, or the failure to successfully implement new technology solutions; and (y) adoption of or changes in accounting policies and principles, changes in accounting estimates, and new U.S. Securities and Exchange Commission or New York Stock Exchange requirements, or new interpretations of existing requirements. Any forward-looking statement speaks only as of the date on which such statement is made. New factors emerge from time to time and it is not possible for management to predict all such factors, nor can it assess the impact of any such factor on the business or the extent to which any factor, or combination of factors, may cause results to those contained in any forward-looking statement. Readers should also review the risks and uncertainties listed in IDACORP, Inc.'s and Idaho Power Company's most recent Annual Report on Form 10-K and other reports the companies file with the U.S. Securities and Exchange Commission, including (but not limited to) Part I, Item 1A - "Risk Factors" in the Form 10-K and Management's Discussion and Analysis of Financial Condition and Results of Operations and the risks described therein from time to time. IDACORP and Idaho Power disclaim any obligation to update publicly any forward-looking information, whether in response to new information, future events, or otherwise, except as required by applicable law.
View original content with multimedia: releases/idacorp-inc-announces-first-quarter-2018-results-reaffirms-2018-earnings-guidance-300641798.html
SOURCE IDACORP, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/pr-newswire-idacorp-inc-announces-first-quarter-2018-results-reaffirms-2018-earnings-guidance.html |
LONDON, May 7, 2018 /PRNewswire/ -- International Game Technology PLC ("IGT") (NYSE:IGT) will host a conference call and live webcast to discuss first quarter 2018 results for the period ended March 31, 2018 on Tuesday, May 22, 2018.
Conference call:
Tuesday, May 22, 2018
8:00 a.m. EDT
US/Canada Toll-Free Dial-In Number: +1 844 842 7999
Dial-In Number (Outside US/Canada): +1 612 979 9887
Conference ID (passcode): 5181158
Webcast:
A live webcast may be accessed along with accompanying slides under "News, Events & Presentations" in the Investor Relations section of IGT's website at www.IGT.com . A replay of the webcast will be available on the website following the live event.
Telephone replay:
A telephone replay of the call will be available for one week:
US/Canada Toll-Free Dial-In Number: +1 855 859 2056
Dial-In Number (Outside US/Canada): +1 404 537 3406
Conference ID (passcode): 5181158
About IGT
IGT (NYSE:IGT) is the global leader in gaming. We enable players to experience their favorite games across all channels and regulated segments, from Gaming Machines and Lotteries to Interactive and Social Gaming. Leveraging a wealth of premium content, substantial investment in innovation, in-depth customer intelligence, operational expertise and leading-edge technology, our gaming solutions anticipate the demands of consumers wherever they decide to play. We have a well-established local presence and relationships with governments and regulators in more than 100 countries around the world, and create value by adhering to the highest standards of service, integrity, and responsibility. IGT has over 12,000 employees. For more information, please visit www.IGT.com .
Cautionary Statement Regarding Forward-Looking Statements
This news release may contain (including within the meaning of the Private Securities Litigation Reform Act of 1995) concerning International Game Technology PLC and its consolidated subsidiaries (the "Company") and other matters. These statements may discuss goals, intentions, and expectations as to future plans, trends, events, dividends, results of operations, or financial condition, or otherwise, based on current beliefs of the management of the Company as well as assumptions made by, and information currently available to, such management. Forward-looking statements may be accompanied by words such as "aim," "anticipate," "believe," "plan," "could," "would," "should," "shall", "continue," "estimate," "expect," "forecast," "future," "guidance," "intend," "may," "will," "possible," "potential," "predict," "project" or the negative or other variations of them. These speak only as of the date on which such statements are made and are subject to various risks and uncertainties, many of which are outside the Company's control. Should one or more of these risks or uncertainties materialize, or should any of the underlying assumptions prove incorrect, actual results may those predicted in the and from past results, performance, or achievements. Therefore, you should not place undue reliance on such statements. Factors that could cause actual results to those in the include (but are not limited to) the factors and risks described in the Company's annual report on Form 20-F for the financial year ended December 31, 2017 and other documents filed from time to time with the SEC, which are available on the SEC's website at www.sec.gov and on the investor relations section of the Company's website at www.IGT.com . Except as required under applicable law, the Company does not assume any obligation to update these . You should carefully consider these factors and other risks and uncertainties that affect the Company's business. All contained in this news release are qualified in their entirety by this cautionary statement. All subsequent written or oral attributable to International Game Technology PLC, or persons acting on its behalf, are expressly qualified in its entirety by this cautionary statement.
Contact:
Robert K. Vincent, Corporate Communications, toll free in U.S./Canada +1 (844) IGT-7452; outside U.S./Canada +1 (401) 392-7452
James Hurley, Investor Relations, +1 (401) 392-7190
Simone Cantagallo, +39 06 51899030; for Italian media inquiries
View original content with multimedia: http://www.prnewswire.com/news-releases/international-game-technology-plc-to-host-first-quarter-2018-results-conference-call-on-tuesday-may-22-2018-300643961.html
SOURCE International Game Technology PLC | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/pr-newswire-international-game-technology-plc-to-host-first-quarter-2018-results-conference-call-on-tuesday-may-22-2018.html |
May 8, 2018 / 9:51 AM / Updated an hour ago IMF warns of rising African debt despite faster economic growth Kwasi Kpodo 4 Min Read
ACCRA (Reuters) - Sub-Saharan African nations are at growing risk of debt distress because of heavy borrowing and gaping deficits, despite an overall uptick in economic growth, the International Monetary Fund said on Tuesday. Storm clouds loom as a woman carries maize and an umbrella on her head near Malawi's capital Lilongwe, February 2, 2016. REUTERS/Mike Hutchings/File Photo
The sober assessment came as African countries continue to tap international debt markets and issue record levels of debt in foreign currencies, spurred on by insatiable investor demand for yields.
“What really we’re concerned about is the pace of increase, rather than the average,” IMF Africa Director Abebe Aemro Selassie told Reuters at the launch of its economic outlook for the region in Accra.
“What we’re calling for right now is that those countries are going to need to go through fiscal consolidation,” he said, adding that oil producers and other resource-dependent economies were seeking the sharpest growth in their debt loads.
The Fund projected the rate of economic expansion would rise to 3.4 percent this year, up from 2.8 percent in 2017, boosted by global growth and higher commodity prices.
Slower growth in South Africa and Nigeria - the continent’s two largest economies - weighed on the region-wide average, but the IMF expects growth to pick up in around two-thirds of African nations. However, under current policies, that rate is expected to plateau below 4 percent over the medium term. A girl walks on a gas pipeline running through Okrika community near Nigeria's oil hub city of Port Harcourt December 4, 2012. REUTERS/Akintunde Akinleye/File Photo GROWTH SEEN SLOWING
Meanwhile, around 40 percent of low-income countries in the region are now in debt distress or at high risk of it, the IMF report said. And refinancing that debt could soon become more costly.
“The current growth spurt in advanced economies is expected to taper off, and the borrowing terms for the region’s frontier markets will likely become less favorable ... which could coincide with higher refinancing needs for many countries across the region,” it said.
African governments issued a record $7.5 billion in sovereign bonds last year, 10 times more than in 2016. And they have issued or plan to issue over $11 billion in additional debt in the first half of 2018 alone, the report said.
Foreign currency debt increased by 40 percent from 2010-13 to 2017 and now accounts for about 60 percent of the region’s total public debt on average, IMF data showed. Average interest payments, meanwhile, increased from 4 percent of expenditures in 2013 to 12 percent in 2017.
Six countries - Chad, Eritrea, Mozambique, Congo Republic, South Sudan and Zimbabwe - were judged to be in debt distress at the end of last year. And the IMF’s ratings for Zambia and Ethiopia were changed from moderate to “high risk of debt distress.”
The IMF conceded that Africa’s enormous needs will continue to demand heavy investments to build infrastructure and social development. But to do so while avoiding the risk of a debt trap, the continent, which currently has the lowest revenue-to-GDP ratio in the world, will need to become more self-reliant.
“Borrowing to finance spending is part of the macroeconomic policy tool kits which all countries use,” Selassie said. “But over the medium to long-term they have to rely more on domestic revenues, tax revenues to address their development spending needs.” Editing by Joe Bavier and Gareth Jones | ashraq/financial-news-articles | https://www.reuters.com/article/us-africa-imf/imf-warns-of-rising-african-debt-despite-faster-economic-growth-idUSKBN1I9114 |
May 9, 2018 / 10:31 AM / Updated 16 minutes ago Adidas sees ongoing sourcing shift from China to Vietnam Reuters Staff 2 Min Read
BERLIN (Reuters) - The chief executive of Adidas ( ADSGn.DE ) expects a shift in its sourcing of footwear from China to Vietnam to continue although he shrugged off concerns on Wednesday about the possible imposition of U.S. tariffs on Chinese-made shoes. FILE PHOTO: An Adidas sign is seen before the company's annual news conference in Herzogenaurach, Germany March 14, 2018. REUTERS/Michael Dalder/File Photo
Factories in Vietnam produced 44 percent of Adidas footwear volume in 2017, up from 31 percent in 2012, while Chinese suppliers made 19 percent, down from more than 30 percent in 2012, Kasper Rorsted told a annual meeting of shareholders.
“I’m not going to rule out that this trend is going to continue,” he said, adding: “China is still an important procurement market, irrespective of trade duties.”
Rorsted noted that there was still a lot of uncertainty over what sectors could face new U.S. tariffs. “We might be hit by import duties but it will also apply to our competitors.”
German rival Puma ( PUMG.DE ), which makes about a third of its products in China, said last month that it is working on contingency plans to move some production from China to other Asian markets if U.S. tariffs are imposed. Reporting by Emma Thomasson; Editing by Arno Schuetze | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-adidas-trade/adidas-sees-ongoing-sourcing-shift-from-china-to-vietnam-idUKKBN1IA1DF |
April 30, 2018 / 9:37 PM / Updated 3 hours ago FIFA begin talks on ambitious new competitions Brian Homewood 2 Min Read
ZURICH (Reuters) - FIFA began talks on Monday over two new proposed competitions which could reshape international soccer and be worth billions of dollars to the global soccer body. FILE PHOTO: The logo of FIFA is seen in front of its headquarters in Zurich, Switzerland September 26, 2017. REUTERS/Arnd Wiegmann/File Photo
FIFA president Gianni Infantino has put forward ambitious plans for a revamped version of the Club World Cup and a new global Nations League competition.
The plans were discussed by representatives of the six continental confederations at a meeting at FIFA headquarters on Monday.
Officials did not comment on a timeline but Philippe Moggio, general secretary of the CONCACAF which organises football in North and Central America and the Caribbean, said that “there was a sense of urgency to move forward.”
The plans were initially presented at the last FIFA Council meeting in Bogota in March.
Earlier this month, Infantino confirmed that investors had shown interest in backing an expanded Club World Cup but did not comment on the amount involved which has been reported as being up to $25 billion over a 12-year period.
FIFA said in a subsequent statement that the meeting took place in a “friendly and positive environment” and that a working group had been created to “analyse further the relevance and feasibility of staging both competitions.”
FIFA’s plans for the Club World Cup would involve expanding it to 24 teams — including 12 from Europe — and staging it every four years instead of annually as happens at present.
The Nations League would be a global version of the new competitions which are being introduced by UEFA in Europe and CONCACAF in North and Central American and the Caribbean.
In both cases, the competitions involve all the national teams in the respective continents who are divided into divisions based on their rankings.
There is promotion and relegation between the divisions, as in conventional domestic leagues.
Each division is sub-divided into groups with the winners qualifying for a knockout contest. Writing by Brian Homewood, editing by Pritha Sarkar | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-fifa-competitions/fifa-begin-talks-on-ambitious-new-competitions-idUKKBN1I12AT |
May 10 (Reuters) - Goldman Sachs and Apple Inc are preparing to launch a joint credit card as early as next year, the Wall Street Journal reported here on Thursday.
Apple will replace its rewards-card partnership with Barclays, the report added.
In February, Apple was in talks with Goldman to offer financing to shoppers buying Apple products, including iPhones, the Journal had reported at the time.
A Goldman Sachs spokesman declined to comment, while Apple did not immediately respond to a request for comment. (Reporting By Aparajita Saxena in Bengaluru; Editing by Sai Sachin Ravikumar)
| ashraq/financial-news-articles | https://www.reuters.com/article/apple-goldman-sachs/goldman-sachs-apple-to-launch-joint-credit-card-wsj-idUSL3N1SH60O |
May 16, 2018 / 1:02 PM / Updated an hour ago EU lawmakers tone down rhetoric over euro clearing after Brexit Huw Jones 3 Min Read
LONDON (Reuters) - The threat of clearing in euro denominated financial contracts being forcibly moved from London to the European Union after Brexit may ease after an EU vote due later on Wednesday.
The EU has proposed a draft law that instructs its regulators to check on “systemic” foreign clearing houses that handle large amounts of euro-denominated assets like interest rate swaps.
If a foreign clearing house’s home regulator - the Bank of England in the case of Britain after Brexit - failed to cooperate with EU supervisors, the bloc would require clearing for EU customers to relocate to the EU.
The draft law is seen by Britain as an attack on the City ofLondon financial district where an arm of the London StockExchange ( LSE.L ) clears the bulk of euro denominated assets. In the immediate aftermath of Britain’s vote in 2016 to leave the EU then French President Francois Hollande said London should no longer be allowed to clear euro assets.
However, clearing industry officials say the issue is losing political heat as the technical complexity of shifting huge derivatives positions cross-border become better understood.
The European Parliament’s economic affairs committee votes on the draft law on Wednesday, and could make amendments which would raise the bar on the relocation of clearing operations.
Parliament’s center right party said in a statement ahead of the ballot that it does not want to require British-based clearing houses to relocate to the EU.
It does, however, want EU regulatory power over non-EU clearing houses if they clear transactions in euros.
“If you want to do business in euros you have to accept that there will be a referee from the European Union, a real referee who has the power to send you off the pitch,” said Danuta Huebner, the center-right lawmaker who is steering the draft law through parliament.
Denying a non-EU clearing house the ability to serve customers in the bloc should remain in the draft law as an “insurance mechanism” in case supervisory cooperation does not work, Huebner said.
Wednesday’s vote will show whether her views have garnered enough cross-party consensus.
LCH and its regulator, the Bank of England, have warned thatforced relocation would mean fragmenting markets in Europe,bumping up costs and potentially seeing the activity shift toNew York.
Rival Deutsche Boerse ( DB1Gn.DE ) has sweetened its euro clearing service in a bid to draw more business from LCH in London. After parliament agrees its position, it will sit down with EU states to thrash out a final version that becomes law. Reporting by Huw Jones; Editing by Toby Chopra | ashraq/financial-news-articles | https://www.reuters.com/article/us-britain-eu-clearing/eu-lawmakers-tone-down-rhetoric-over-euro-clearing-after-brexit-idUSKCN1IH1OT |
Citing “levels of corruption” grave enough to threaten the survival of the sport, Condoleezza Rice and her NCAA-appointed Commission on College Basketball have proposed reforms that aim to “put the ‘college’ back in college basketball.” They hope to do this by cracking down on corruption, reducing the flow of illicit money into players’ hands and fortifying the National College Athletic Association’s punitive powers.
But like previous reform attempts, the commission’s approach is intended to shore up the current model of college... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/how-sports-ate-academic-freedom-1525125467 |
Sonic the Hedgehog, the iconic Sega game character, is set to soon make his comeback in a big way.
The blue hedgehog, who derived his name from the speed abilities he possesses, will be starring in a Sonic-focused movie — a partnership between Paramount Pictures and Sega — that is slated for release between Nov. 15 and Dec. 19 next year.
"We can bring Sonic to the next level and not only bring the Sonic game to existing fans, but we try to grow our fan base worldwide," Haruki Satomi, the president of Sega Sammy Holdings , told CNBC's Christine Tan.
The project is part of Sega's efforts to revive "Sonic the Hedgehog," one of the company's most recognizable franchises.
An earlier attempt to turn around Sega Sammy Holdings, the result of a merger between Sega and Sammy in 2004, had proven less than successful.
"Several years ago when we launched a Sonic game, the reception was very bad. There was a site called Metacritic that aggregates the critics and scores games from one to 100, and at that time, the Sonic game got 30 out of 100," Satomi said, referring to the 2006 release of "Sonic the Hedgehog."
Satomi said he felt as though the company had disappointed its fan base at the time, but sounded upbeat on Sonic's prospects, adding that lessons learned from the past flop included developing an openness to feedback.
"Sega is a very known company, many people on the website email or Facebook message asking me to make this kind of game, or please bring back this title again, or please improve the quality of this title again, so I try to answer those questions and requests," he said.
Satomi also highlighted how two titles released last year, "Sonic Mania" and "Sonic Forces," had seen more positive receptions and strong sales.
And despite a history of rivalry between Sega and Nintendo , another pioneering Japanese name in the gaming industry, it appears as though Sonic and Nintendo mascot Mario have buried the hatchet.
Both characters, among a variety of other characters from the companies, appear together in a series of crossover games, most recently "Mario & Sonic at the Rio 2016 Olympic Games."
"I think there is a possibility of beating Mario, but you know, Mario and Sonic used to be big rivals who competed against each other, but now we have become friends," Satomi said, adding that the two were "teaming up to entertain our fans."
Ahead, the entertainment company, which has branched into the casino resorts business, has a target of 75 billion yen in operating profit for the financial year ending in March 2020. It is also targeting 500 billion yen ($4.56 billion) in sales. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/09/sonic-the-hedgehog-sega-president-talks-upcoming-movie-project-and-comeback.html |
TORONTO--(BUSINESS WIRE)-- Acasta Enterprises Inc. (TSX: AEF) (“ Acasta ” or the “ Company ”) announced today that Acasta will release its first quarter 2018 financial results after market close on Tuesday, May 15, 2018 instead of Thursday, May 10, 2018, as previously announced.
First Quarter 2018 Results Conference Call:
Acasta’s senior management will host a conference call on Wednesday, May 16, 2018 at 9:00 a.m. (E.D.T.) to discuss the Company’s financial and operating results. Please dial +1 (416) 406-0743 or toll-free (Canada/US) +1 (800) 806-5484 with passcode 3696205#. To ensure your participation, please join approximately five minutes prior to the scheduled start of the conference call.
The conference call will be archived on the Company’s website at www.acastaenterprises.com and will be available for replay at +1 (905) 694-9451 or toll-free (Canada/US) +1 (800) 408-3053 with passcode 8033218#, expiring on June 21, 2018.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180510006217/en/
Acasta Enterprises Inc.
Ian Kidson, 1-647-725-6707
Interim Chief Executive Officer
www.acastaenterprises.com
Source: Acasta Enterprises Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/business-wire-acasta-announces-revised-notice-of-release-of-first-quarter-2018-results-and-conference-call.html |
CNBC.com Mike Segar | Reuters Imitation gold bars are seen displayed at a vendor's booth on the floor of the Consensus 2018 blockchain technology conference in New York City, May 16, 2018.
Despite calls that bitcoin would rally throughout New York City's "Blockchain Week," the cryptocurrency's price has dropped about 10 percent since the festivities kicked off.
Bitcoin fell below $8,000 as the conferences wrapped up Friday, hitting a low of $7,931.43 after trading above $8,800 Monday, according to CoinDesk.
"Many repeat attendees commented that the panels felt more like commercials than substantive discussions, which was not the case last year," said Fundstrat digital currency analyst Alex Kern. show chapters 8:48 PM ET Mon, 14 May 2018 | 09:57
In previous years, bitcoin had rallied significantly around a New York City blockchain conference called Consensus. Between May 22 and 24 when it was held last year, prices jumped 69 percent, Fundstrat said. Prices popped another 138 percent in the two months after the conference.
In a note to clients published ahead of this year's event, Fudstrat predicted a bump "likely greater" than in previous years "given dramatic jump in attendance plus the fact BTC is down YTD."
Instead, prices stayed in the low $8,000 range throughout the week, according to CoinDesk. Bitcoin hit a high of $8,835 last week before blockchain enthusiasts flocked to New York. The cryptocurrency has dropped more than 40 percent this year.
Bitcoin's one-week performance
Source: CoinDesk
"While there was not a Consensus bump, our conviction on crypto-currencies strengthened during the conference," said Fundstrat co-founder Tom Lee, who is the only major Wall Street strategist to cover bitcoin.
This year's Consensus conference drew in more than 8,500 attendees, according to Barry Silbert, CEO and founder of parent company Digital Currency Group. That's more than triple the 2,700 attendees CoinDesk reported for the May 2017 conference. At roughly $2,000 a ticket, the conference raked in at least $17 million in ticket sales alone. Kate Rooney | CNBC Many attendees had to wait more than an hour to register at CoinDesk’s Consensus 2018 conference at the New York Hilton Midtown.
More than 20 other events happened as part of a "Blockchain Week NYC," an event run in partnership with the New York Economic Development Corporation. Among the private, post-conference festivities: Snoop Dogg performed in the West Village for crypto start-up Ripple, and a new venture called rented out the 210-foot party yacht "Cornucopia Majesty."
Z-cash is one of the the only major cryptocurrencies to rally this week after trading platform Gemini announced it would list the coin on its licensed exchange.
Other major cryptocurrencies struggled this week. Since Monday, ethereum has fallen roughly 9 percent, bitcoin cash is down 22 percent, and litecoin and XRP have both dropped 12 percent. WATCH: How to start your very own cryptocurrency show chapters | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/18/bitcoin-rally-fails-to-materialize-after-nyc-conferences.html |
May 10 (Reuters) - Telus Corp:
* Q1 ADJUSTED EARNINGS PER SHARE C$0.73 INCLUDING ITEMS * Q1 REVENUE C$3.4 BILLION VERSUS I/B/E/S VIEW C$3.36 BILLION
* Q1 EARNINGS PER SHARE VIEW C$0.75 — THOMSON REUTERS I/B/E/S
* QTRLY BASIC EPS C$0.69 * QUARTERLY DIVIDEND INCREASED TO $0.525 PER SHARE Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-telus-reports-q1-adjusted-earnings/brief-telus-reports-q1-adjusted-earnings-per-share-of-c0-73-including-items-idUSASC0A1CY |
May 22, 2018 / 5:29 AM / in 5 minutes Not seeding Serena in Paris wrong, says Evert Martyn Herman 4 Min Read
(Reuters) - French Open organizers are wrong to stick rigidly to the WTA ranking list and not seed three-times champion Serena Williams for this year’s tournament, fellow American Chris Evert said. FILE PHOTO: Britain Tennis - Wimbledon - All England Lawn Tennis & Croquet Club, Wimbledon, England - 9/7/16 USA's Serena Williams in action against Germany's Angelique Kerber during the womens singles final REUTERS/Toby Melville Picture Supplied by Action Images/File Photo
The 36-year-old Williams, winner of 23 grand slam titles, is ranked a lowly 453rd after returning to action this year following the birth of her daughter last September.
With the French Tennis Federation (FFT) confirming that the 32 women’s seeds to be announced on Thursday will “reflect this week’s world ranking”, it means Williams could face defending champion Jelena Ostapenko or world number one Simona Halep in the opening round. This will be Williams’ first grand slam event since she won the 2017 Australian Open when already pregnant.
Williams could still be seeded at Wimbledon in July because the All England Club’s ‘tennis sub-committee’ can tweak the seedings in special circumstances.
Evert, who won the French Open seven times, believes the same should apply at Roland Garros and the protected ranking rule, which allows athletes returning from long absences to gain entry into tournaments using the ranking they had when they stopped playing, should extend to seedings.
“It’s wrong, they should protect players,” Evert, who will be working for broadcaster ESPN during the Paris fortnight, told Reuters by telephone. FILE PHOTO: Britain Tennis - Wimbledon - All England Lawn Tennis & Croquet Club, Wimbledon, England - 9/7/16 USA's Serena Williams celebrates winning her womens singles final match against Germany's Angelique Kerber with the trophy REUTERS/Toby Melville Picture Supplied by Action Images/File Photo
“Not just for her but for the other women who could play her in the first round. She could play Halep in the first round. It’s about protecting the field too.
“It’s not like you decide to take a year off. I mean if you are forced out of the game for a specific reason, whether it be maternity or injury, you need to be protected.
“You don’t have to put her back at number one because she left at number one but try to figure out some sort of happy medium where it’s fair for all.”
Williams has not played a tournament since Miami in March and pulled out of the claycourt events in Madrid and Rome, although she has been preparing for Roland Garros in France. Slideshow (2 Images)
The decision not to seed Williams has attracted criticism from players past and present but at least at Wimbledon the same dilemma is unlikely to arise if Williams, seven-times champion on the grass, plays this year, whatever her ranking.
Wimbledon’s tennis sub-committee allows itself some wiggle room with the seedings.
The men’s seedings is usually based on ATP rankings in conjunction with a formula based on grasscourt results over the previous two years.
In contrast, the women’s seedings usually follow the WTA rankings list but can be tweaked by the All England Club in special circumstances.
“The seeding order follows the WTA ranking list, except where in the opinion of the committee, a change is necessary to produce a balanced draw,” is the All England Club’s official line on its website.
Williams has already benefited from this rule in the past as in 2011 she was ranked 25th before the start of Wimbledon but seeded seventh for the championships.
The Wimbledon seedings committee will meet to discuss the order of the 32 seeds on June 26.
The tournament begins on July 2. Additional reporting by Martyn Herman; Reporting by Shrivathsa Sridhar in Bengaluru; Editing by John O'Brien and Pritha Sarkar | ashraq/financial-news-articles | https://www.reuters.com/article/us-tennis-frenchopen-serena/serena-to-miss-out-on-seeding-as-french-open-follows-rankings-idUSKCN1IN0GQ |
LONDON (Reuters) - Britain called on Israel to show restraint, after its troops shot dead dozens of Palestinian protesters at the Gaza border on Monday.
The sun sets over the Gaza Strip, as seen from the Israeli side of the border, May 14, 2018. REUTERS/Amir Cohen “It is deplorable that extremist elements may have been seeking to exploit these protests for their own violent purposes,” Britain’s minister for the Middle East, Alistair Burt, said in a statement.
“We will not waver from our support for Israel’s right to defend its borders. But the large volume of live fire is extremely concerning. We continue to implore Israel to show greater restraint.”
Earlier on Monday, a spokesman for British Prime Minister Theresa May said London was concerned by the reports of violence and loss of life in Gaza.
Writing by William Schomberg; editing by Andrew Roche
Our Standards: The Thomson Reuters Trust Principles. 0 : 0 narrow-browser-and-phone medium-browser-and-portrait-tablet landscape-tablet medium-wide-browser wide-browser-and-larger medium-browser-and-landscape-tablet medium-wide-browser-and-larger above-phone portrait-tablet-and-above above-portrait-tablet landscape-tablet-and-above landscape-tablet-and-medium-wide-browser portrait-tablet-and-below landscape-tablet-and-below Apps Newsletters Reuters Plus Advertising Guidelines Cookies Terms of Use Privacy
All Quote: s delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.
© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/us-israel-usa-britain/uk-calls-on-israel-to-show-restraint-after-gaza-border-deaths-idUSKCN1IF2V9 |
LONDON (Thomson Reuters Foundation) - A mother who tricked her teenage daughter into traveling to Pakistan to marry an older man has become the first person in England to be convicted of forced marriage.
Campaigners said Tuesday’s landmark conviction would send a strong message to families planning to coerce their daughters into marriage, and would empower more girls to speak out.
The jury at Birmingham Crown Court in central England heard the girl was betrothed to a man 16 years her senior on a visit to Pakistan when she was 13.
The man had sex with her and the girl underwent an abortion on her return to Britain, prosecutors said.
The mother, who cannot be named for legal reasons, took her daughter back to Pakistan in 2016 under the guise of a holiday, but after they arrived the girl was told she would be married.
When she protested, her mother assaulted her and threatened to burn her passport, the court heard.
On the day of the wedding - just after her 18th birthday - an Islamic ceremony was performed and the girl made to sign a certificate proving the marriage had occurred, prosecutors said.
The mother returned to Britain without her daughter.
When a High Court judge ordered the girl’s return her mother threatened her with black magic if she told anyone what had happened, prosecutors said.
Britain banned forced marriage in 2014. It is also a crime to take someone abroad to be married against their will. The maximum penalty is seven years.
Karma Nirvana, a charity supporting forced marriage victims, hailed the verdict as “very significant”.
“It sets a massive precedent,” said Natasha Rattu, a lawyer at Karma Nirvana.
“If you are not prosecuting anybody under the law it will not have any deterrent effect.”
Campaigners said the verdict would encourage girls from communities that practise forced marriage to speak out.
“Many victims don’t actually acknowledge that they are being abused because they are conditioned to believe that when they get to an age of marriage their parents choose who they marry,” Rattu said.
“But we are sending out a strong message that they have the choice - and if they are being forced there are consequences.”
The government’s Forced Marriage Unit received reports of nearly 2,000 possible cases last year, many involving girls from South Asian backgrounds, but campaigners say the figure is just the tip of the iceberg.
The verdict is the second forced marriage conviction in Britain but the first where the defendant was related to the victim. In 2015 a Welsh court convicted a man of using duress to make a woman marry him.
Detective Superintendent Sally Holmes of West Midlands Police praised the victim’s “extraordinary” bravery.
“Anyone who is considering marrying a person against their will must understand that we will thoroughly investigate any such offences, wherever they take place in the world,” she said.
Editing by Claire Cozens and Belinda Goldsmith; Please credit the Thomson Reuters Foundation, the charitable arm of Thomson Reuters, which covers humanitarian news, women's rights, trafficking, corruption and climate change. Visit news.trust.org to see more stories.
| ashraq/financial-news-articles | https://www.reuters.com/article/us-britain-forcedmarriage-verdict/mother-found-guilty-of-forcing-daughter-into-marriage-in-landmark-u-k-trial-idUSKCN1IN296 |
Chemically altered soil could help build sustainable homes 01:55
Scientists in the UK are developing a method to transform normal soil into a novel building material that could one day cut our dependence on traditional brick. Matthew Stock reports.
Scientists in the UK are developing a method to transform normal soil into a novel building material that could one day cut our dependence on traditional brick. Matthew Stock reports. //reut.rs/2KnPfnv | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/01/chemically-altered-soil-could-help-build?videoId=422938040 |
ATHENS (Reuters) - Greece is on course to complete its third international bailout program but cannot afford to backtrack on adopted reforms after its expiration in August, the European Commission’s mission chief to Greece said on Thursday.
European Commission Mission Chief for Greece Declan Costello delivers a speech during the 2nd international conference of Economic Chamber of Greece in Athens, Greece, May 31, 2018. REUTERS/Costas Baltas Since its debt crisis broke out eight years ago, the country has received 260 billion euros in bailout loans from the European Union and the International Monetary Fund in exchange for austerity and reforms prescribed by its lenders.
Related Coverage Public Power Corp. sets deadline for expressions of interest in power units The leftist-led government now hopes to reach a deal with its European lenders on further debt relief and on the terms of its bailout exit. Its term expires next year.
European Commission Mission Chief for Greece Declan Costello delivers a speech during the 2nd international conference of Economic Chamber of Greece in Athens, Greece, May 31, 2018. REUTERS/Costas Baltas “Greece must ensure that reforms are on track, … and must avoid policy reversal after the program ends,” Declan Costello, one of the lenders’ representatives who supervise the bailout implementation, said during a conference in Athens.
Greece returned to growth last year and aims at making a full economic recovery in the coming years.
But Costello warned Greece not to get carried away by the positive signs. “It should not be interpreted that all problems have been solved. The structural underlying problems need to continue to be addressed,” he said.
“So, enjoy the growth bounce but don’t misinterpret it.”
Reporting by George Georgiopoulos; Editing by Toby Chopra
| ashraq/financial-news-articles | https://www.reuters.com/article/us-eurozone-greece/greece-cannot-afford-reversal-of-reforms-post-bailout-eu-official-idUSKCN1IW0XX |
National Retail Properties: 1Q Earnings Snapshot Published 7:05 PM ET Tue, 1 May 2018 The Associated Press
ORLANDO, Fla. (AP) _ National Retail Properties (NNN) on Tuesday reported a key measure of profitability in its first quarter. The results exceeded Wall Street expectations.
The real estate investment trust, based in Orlando, Florida, said it had funds from operations of $102.9 million, or 67 cents per share, in the period.
The average estimate of 10 analysts surveyed by Zacks Investment Research was for funds from operations of 65 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $94.7 million, or 62 cents per share.
The retail real estate investment trust, based in Orlando, Florida, posted revenue of $152.8 million in the period, which also beat Street forecasts. Six analysts surveyed by Zacks expected $151.1 million.
National Retail Properties expects full-year funds from operations in the range of $2.66 to $2.70 per share.
The company's shares have dropped 12 percent since the beginning of the year. The stock has fallen almost 10 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 NNN at https://www.zacks.com/ap/NNN | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/01/the-associated-press-national-retail-properties-1q-earnings-snapshot.html |
(Adds CEO and analyst comments, background, share move)
May 16 (Reuters) - British pub operator Mitchells & Butlers Plc warned of “unrelenting” cost pressures through the second half of the year and into the next, as it posted an 8 percent decline in first-half pretax profit due to a margin squeeze from higher costs.
Shares of the company, which operates more than 1,750 restaurants and pubs in the UK, were trading down more than 11 percent on Wednesday.
“Margins are being adversely impacted by increased costs, most notably from wage inflation, property costs, energy and food and drink costs,” Chief Executive Phil Urban said, adding that cost pressures were “not going away any time soon”.
Rising inflation and muted wage growth following Britain’s vote to leave the European Union have caused UK consumers to rein in spending.
The company, which operates brands such as Harvester, Toby Carvery and All Bar One, said like-for-like sales for the 28 weeks ended April 14 climbed 1.6 percent but were flat year on year. Adjusted for impact of frigid weather conditions, it rose 2.5 percent, the company said.
Revenue at Mitchell’s and Butler rose to 1.13 billion pounds ($1.53 billion) from 1.12 billion pounds in the first half of the year, while pretax profit slipped to 69 million pounds from 75 million pounds.
Cold weather during the first half also dented sales as fewer people stepped out, the company said, estimating an impact of about 12 million pounds in lost sales.
Rival pub operator Marston’s Plc on Wednesday also said it was impacted by adverse weather conditions but added that this was offset by strong trading in its brewing and taverns and leased pubs.
Marston’s said it expects revenue and profit growth this year and posted a 20 percent rise in underlying revenue and an 8 percent rise in pretax profit for the 26 weeks ended March 31.
Marston’s is not under the same pressure as M&B as it has “greater strategic latitude to react to external consumer environment,” Liberum analyst Anna Barnfather said in a note.
Marston’s shares were down over 3.5 percent. ($1 = 0.7409 pounds) (Reporting by Sangameswaran S in Bengaluru, Editing by Gopakumar Warrier and Sunil Nair)
| ashraq/financial-news-articles | https://www.reuters.com/article/mitchells-butler-results/update-1-pub-firm-mitchells-butlers-profit-dips-on-rising-costs-idUSL3N1SN2UQ |
May 21 (Reuters) - Viacom Inc:
* SETS QUARTERLY CASH DIVIDEND OF $0.20PER SHARE * DECLARED A QUARTERLY CASH DIVIDEND OF $0.20 PER SHARE ON BOTH ITS CLASS A AND CLASS B COMMON STOCK Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-viacom-declares-quarterly-cash-div/brief-viacom-declares-quarterly-cash-dividend-idUSFWN1SS0VK |
FORT LAUDERDALE, Fla., - FLANIGAN'S ENTERPRISES, INC., (NYSE AMERICAN: BDL) owners and operators of the "Flanigan's Seafood Bar and Grill" restaurants and "Big Daddy's" retail liquor stores, announced results for the 13 weeks and the 26 weeks ended March 31, 2018. The table below sets forth the results on a comparative basis with the 13 weeks and 26 weeks ended April 1, 2017.
For the 13 weeks
For the 13 weeks
ended March 31,
ended April 1,
2018
2017
REVENUES
RESTAURANT FOOD AND
BAR SALES
$
23,885,000
$
22,583,000
PACKAGE STORE SALES
4,866,000
4,191,000
FRANCHISE RELATED REVENUES
443,000
408,000
RENTAL INCOME
158,000
152,000
OWNER'S FEE
37,000
37,000
OTHER OPERATING INCOME
67,000
62,000
TOTAL REVENUES
$
29,456,000
$
27,433,000
NET INCOME ATTRIBUTABLE
TO FLANIGAN'S ENTERPRISES, INC
$
1,397,000
$
1,047,000
NET INCOME PER COMMON SHARE
BASIC AND DILUTED
$
0.75
$
0.56
For the 26 weeks
For the 26 weeks
ended March 31,
ended April 1,
2018
2017
RESTAURANT FOOD AND
BAR SALES
$
46,641,000
$
43,868,000
PACKAGE STORE SALES
9,879,000
8,869,000
FRANCHISE RELATED REVENUES
823,000
786,000
RENTAL INCOME
315,000
311,000
OWNER'S FEE
75,000
75,000
OTHER OPERATING INCOME
116,000
118,000
TOTAL REVENUES
$
57,849,000
$
54,027,000
NET INCOME ATTRIBUTABLE
TO FLANIGAN'S ENTERPRISES, INC.
$
2,018,000*
$
1,712,000
NET INCOME PER COMMON SHARE
BASIC AND DILUTED
$
1.09
$
0.92
*On December 22, 2017 the Tax Cuts and Jobs Act ("The Act") was signed into law, reducing the corporate income tax rate to 21%. Consequently, we recorded a decrease of approximately $268,000 to our net deferred tax asset, with a corresponding adjustment to deferred income tax expense for the thirteen weeks ended December 30, 2017.
releases/flanigans-reports-earnings-300649098.html
SOURCE Flanigan's Enterprises, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/pr-newswire-flanigans-reports-earnings.html |
May 2 (Reuters) - GFH FINANCIAL GROUP:
* SIGNS DEAL TO ACQUIRE 85 PERCENT STAKE IN ENTERTAINER * INVESTMENT IS EXPECTED TO HAVE POSITIVE RETURNS EXCEEDING 20 PERCENT PER ANNUM OVER INVESTMENT PERIOD OF 5 EARS
* TRANSACTION WILL RESULT IN EXISTING FINANCIAL INVESTORS, FULLY EXIT, CHAIRMA N DONNA BENTON WILL CONTINUE AS ONE OF KEY SHAREHOLDERS Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-gfh-financial-signs-deal-to-acquir/brief-gfh-financial-signs-deal-to-acquire-85-pct-stake-in-entertainer-idUSFWN1S9018 |
May 2, 2018 / 2:16 AM / Updated 14 hours ago Tornado belt hits central U.S., no major injuries reported Reuters Staff 2 Min Read
(Reuters) - A powerful storm system bringing high winds, hail and thunderstorms pounded several central U.S. states on Tuesday, with more than 15 reports of tornadoes spawned by the system, the National Weather Service said.
The tornadoes mostly hit Kansas and Nebraska where they snapped power lines and knocked down trees, but there were no immediate reports of major damage or serious injuries, authorities said.
“Confirmed tornadoes have been reported with storms impacting the state. Take warnings seriously and take shelter if placed under a tornado warning,” the Kansas Division of Emergency Management said on social media.
The National Weather Service issued a tornado watch into Tuesday night for large parts of Kansas as well as parts of Nebraska and Iowa.
Severe thunderstorms are expected across parts of the southern and central Plains into the middle Mississippi Valley on Wednesday, which could bring another round of tornadoes, it said.
“The tornadoes are being caused by supercell storms that are being driven by the strong wind shear,” said Chris Broyles, a meteorologist with the service’s Storm Prediction Center. Reporting by Jon Herskovitz in Austin, Texas; Editing by Peter Cooney | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-weather/tornado-belt-hits-central-u-s-no-major-injuries-reported-idUSKBN1I307T |
NEW YORK & LOS ANGELES--(BUSINESS WIRE)-- Colony NorthStar Credit Real Estate, Inc. (NYSE: CLNC) (“Colony NorthStar Credit” or the “Company”) today announced that the Company’s Board of Directors has declared its monthly cash dividend of $0.145 per share of class A and class B-3 common stock (the “Common Stock”) for the monthly period ended May 31, 2018. The Common Stock dividend will be paid on June 11, 2018, to stockholders of record on May 31, 2018. This dividend represents an annualized dividend of $1.74 per share of Common Stock.
About Colony NorthStar Credit Real Estate, Inc.
Colony NorthStar Credit (NYSE: CLNC) is one of the largest publicly traded commercial real estate (CRE) credit REITs, focused on originating, acquiring, financing and managing a diversified portfolio consisting primarily of CRE senior mortgage loans, mezzanine loans, preferred equity, debt securities and net leased properties predominantly in the United States. Colony NorthStar Credit is externally managed by a subsidiary of leading global real estate and investment management firm, Colony NorthStar, Inc. Colony NorthStar Credit is organized as a Maryland corporation that intends to elect to be taxed as a REIT for U.S. federal income tax purposes for its taxable year ending December 31, 2018. For additional information regarding the Company and its management and business, please refer to www.clncredit.com .
Forward Looking Statement
This press release may contain within the meaning of the federal securities laws. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify by the use of forward-looking terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” or “potential” or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and contingencies, many of which are beyond our control, and may cause actual results to differ significantly from those expressed in any forward-looking statement. Among others, the following uncertainties and other factors could cause actual results to differ from those set forth in the : operating costs and business disruption may be greater than expected; the Company's operating results may differ materially from the pro forma information presented in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2017; the fair value of the Company's investments may be subject to uncertainties; the Company's use of leverage could hinder its ability to make distributions and may significantly impact its liquidity position; given the Company's dependence on its external manager, an affiliate of Colony NorthStar, any adverse changes in the financial health or otherwise of its manager or Colony NorthStar could hinder the Company's operating performance and return on stockholder's investment; the ability to realize substantial efficiencies as well as anticipated strategic and financial benefits; and the impact of legislative, regulatory and competitive changes. The foregoing list of factors is not exhaustive. Additional information about these and other factors can be found in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2017, as well as in CLNC’s other filings with the Securities and Exchange Commission.
We caution investors not to unduly rely on any . The speak only as of the date of this press release. Colony NorthStar Credit is under no duty to update any of these after the date of this press release, nor to conform prior statements to actual results or revised expectations, and Colony NorthStar Credit does not intend to do so.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180507005987/en/
Investor Relations
Colony NorthStar Credit Real Estate, Inc.
Addo Investor Relations
Lasse Glassen
310-829-5400
Source: Colony NorthStar Credit Real Estate, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/business-wire-colony-northstar-credit-real-estate-announces-monthly-dividend-for-common-stockholders.html |
Quincy, California, May 22, 2018 (GLOBE NEWSWIRE) -- Plumas Bank, the wholly owned subsidiary of Plumas Bancorp (NASDAQ: PLBC), today announced that it has signed a purchase and assumption agreement to acquire the Carson City, Nevada branch of Mutual of Omaha Bank.
The transaction, which is expected to close later this year pending regulatory approval, will result in the acquisition of approximately $50 million in deposits and less than $1 million in loans.
Plumas Bank Director, President and Chief Executive Officer, Andrew J. Ryback, stated, “Plumas Bank is thrilled to have the opportunity to serve new clients in Carson City and the entire Sierra Region. We are already working hard to lay the groundwork to ensure that all of our new clients experience a smooth transition."
Ryback continued, “We’ve been looking for effective ways to expand in northern Nevada and this acquisition is a perfect fit for our culture and our future business plans in this region. This transaction will almost triple our Nevada deposit base and will complement our current branch network nicely. Plumas Bank has had significant success serving the financial needs of small businesses in the Reno area and we anticipate that the addition of a Carson City location will allow us to attract new clients and grow our market share. We look forward to continuing to develop our presence throughout the northern Nevada region in the years ahead.”
About Plumas Bancorp and Plumas Bank
Founded in 1980, Plumas Bank, with assets over $735 million, is a locally owned and managed full-service community bank headquartered in Northeastern California. The Bank operates twelve branches: eleven located in the California counties of Plumas, Lassen, Placer, Nevada, Modoc and Shasta and one branch in the Nevada County of Washoe. The Bank also operates three loan production offices: two located in the California Counties of Placer and Butte, and one located in the Oregon County of Klamath. Plumas Bank offers a wide range of financial and investment services to consumers and businesses and has received nationwide Preferred Lender status with the United States Small Business Administration. For more information on Plumas Bancorp and Plumas Bank, please visit our website at www.plumasbank.com .
About Mutual of Omaha Bank
Mutual of Omaha Bank is a full-service bank providing financial solutions to individuals and businesses across the United States. With more than $8 billion in assets, Mutual of Omaha Bank is a subsidiary of Mutual of Omaha, a Fortune 500 insurance and financial services company founded in 1909. For more information about Mutual of Omaha Bank, visit www.mutualofomahabank.com .
Forward Looking Statements
This news release includes within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended and Plumas Bancorp intends for such to be covered by the safe harbor provisions for contained in the Private Securities Litigation Reform Act of 1995. Future events are difficult to predict, and the expectations described above are necessarily subject to risk and uncertainty that may cause actual results to differ materially and adversely.
Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words "believe," "expect," "anticipate," "intend," "plan," "estimate," or words of similar meaning, or future or conditional verbs such as "will," "would," "should," "could," or "may." These are not guarantees of future performance, nor should they be relied upon as representing management's views as of any subsequent date. Forward-looking statements involve significant risks and uncertainties and actual results may differ materially from those presented, either expressed or implied, in this news release. Factors that might cause such differences include, but are not limited to: the Company's ability to successfully execute its business plans and achieve its objectives; changes in general economic and financial market conditions, either nationally or locally in areas in which the Company conducts its operations; changes in interest rates; continuing consolidation in the financial services industry; new litigation or changes in existing litigation; increased competitive challenges and expanding product and pricing pressures among financial institutions; legislation or regulatory changes which adversely affect the Company's operations or business; loss of key personnel; and changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or other regulatory agencies.
In addition, discussions about risks and uncertainties are set forth from time to time in the Company's publicly available Securities and Exchange Commission filings. The Company undertakes no obligation to publicly revise these to reflect subsequent events or circumstances.
Contact: Elizabeth Kuipers Vice President, Marketing Manager & Investor Relations Officer, Plumas Bank 35 S. Lindan Ave. Quincy, CA 95971 Ph: 530.283.7305 x8912 Fx: 530.283.9665 [email protected]
Source:Plumas Bancorp | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/globe-newswire-plumas-bank-agrees-to-purchase-carson-city-nevada-branch-from-mutual-of-omaha-bank.html |
ESG exchange-traded funds are having their day.
Over the past 10 years, ETFs with a focus on environmental, social and governance issues have fallen short of broad stock-market returns. But in the 12 months through March of this year, most ESG exchange-traded funds outperformed the broad market.
That is a promising omen for ESG funds, also... | ashraq/financial-news-articles | https://www.wsj.com/articles/do-good-funds-finally-are-paying-off-in-performance-will-it-last-1525659420 |
NASHVILLE, Tenn.--(BUSINESS WIRE)-- Cumberland Consulting Group , a leading healthcare consulting and services firm, has acquired Madison, Wis.-based LinkEHR , an EHR-focused managed services firm specializing in Tier 1, 2 and 3 application support for health systems.
LinkEHR provides remote application support, including Epic Help Desk services, application break-fix and maintenance support for the full suite of Epic applications. In addition, the firm offers physician concierge support, as well as optimization services and outsourced build services.
The transaction expands Cumberland’s managed services capabilities for providers and strengthens its core EHR application support offering with the addition of a dedicated support call center with deep Epic knowledge and expertise. The firm is currently offering support for Cerner applications and has plans to further extend its core EHR application support services to include a number of other leading applications.
“Managed services is a natural extension of our core advisory consulting and professional services for providers, and the partnership with LinkEHR supports our efforts to continue to grow our capabilities in that area,” said Brian Cahill , Cumberland CEO. “We are now able to deliver solutions to our provider clients across the full service continuum, including system selection, planning, implementation and optimization, as well as application support and legacy system support.”
LinkEHR’s Madison office will be maintained and will serve as the base for Cumberland’s newly formed Provider Managed Services Practice. Jill Nemoir, CEO of LinkEHR, will join Cumberland as Managing Director of Managed Services, where she will oversee the firm’s EHR application support and transitional legacy support services for provider organizations. Approximately 50 LinkEHR professionals will be joining the Cumberland team as a result of the transaction, bringing Cumberland’s total employee count to more than 500.
“We are excited to join a fast-growing organization like Cumberland with a proven track record for providing high-quality solutions for healthcare clients,” Nemoir said. “Not only do our organizations’ services complement one another, but we also share a set of core values that drive the way we approach our work, our clients and our employees.”
This is the fourth acquisition for Cumberland in just under five years. Two years ago, the firm announced the acquisition of Oleen Pinnacle Consulting Group, which expanded the firm’s presence in the payer market. In 2014, the firm announced the purchase of Cipe Consulting Group, a Seattle-based healthcare technology consulting firm specializing in electronic health records and revenue cycle system implementation and support. In 2013, Cumberland acquired Mindlance Life Sciences, a consulting group focused on providing advisory and technology implementation services to pharmaceutical companies.
Cumberland is a portfolio company of Tailwind Capital, a private equity firm focused on investing in growth-oriented middle market healthcare and business services companies.
About Cumberland Consulting Group
Cumberland is a leading healthcare consulting and services firm providing strategic advisory, professional and managed services to clients in the payer, provider and life sciences markets. Founded in 2004, Cumberland is committed to delivering solutions that help healthcare organizations thrive. For more information on Cumberland, visit www.cumberlandcg.com or follow Cumberland on Twitter at @CumberlandCG .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180514005147/en/
Cumberland Consulting Group
Jennifer Montlary, 615-373-4470
[email protected]
Source: Cumberland Consulting Group | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/business-wire-cumberland-consulting-group-expands-managed-services-practice-with-linkehr-acquisition.html |
British regulators have fined Barclays Chief Executive Jes Staley 642,430 pounds ($870,428) for breaching conduct rules by attempting to identify who sent letters criticizing an employee of the bank, they said on Friday.
The fine from the Financial Conduct Authority (FCA) and the Prudential Regulation Authority included a 30 percent discount for Staley agreeing at an early stage to settle.
"Mr Staley's actions fell short of the standard of due skill, care and diligence expected of a CEO in a regulated firm," the FCA said.
show chapters Barclays CEO escapes with fine, keeps job 3:06 PM ET Fri, 20 April 2018 | 01:14 Regulators said the fine was only 10 percent of his overall pay package.
While it draws a line under an episode some insiders had feared might cost him his job, Staley is the first sitting CEO of a major bank to face such a penalty.
Barclays had no immediate comment, but is expected to follow up on Friday by imposing a further fine of its own on Staley.
The regulatory findings will also be closely read by lawmakers keen to ensure top banking officials are held accountable for their actions at a time when there are growing calls to better protect whistleblowers.
The regulators stopped short of saying Staley was unfit to continue in his role, after he twice attempted to find out who wrote letters raising "concerns of a personal nature" about an unidentified senior employee.
"Mr Staley acted unreasonably in proceeding in this way and, in doing so, risked undermining confidence in Barclays' whistleblowing policy and the protections it afforded to whistleblowers," the FCA said.
Experts believe the fact the author of the letters was not a Barclays employee might have helped Staley's case, as there are strict rules designed to protect internal company whistleblowers.
Barclays had said in April last year it had reprimanded Staley and would cut his bonus as the two financial watchdogs launched a year-long investigation into his actions.
Authorities in the United States are still investigating the case. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/11/fca-pra-fine-barclays-ceo-jes-staley-for-whistleblowing-probe.html |
SAN DIEGO (AP) _ Jack In The Box Inc. (JACK) on Wednesday reported fiscal second-quarter net income of $47.6 million.
The San Diego-based company said it had profit of $1.62 per share. Earnings, adjusted for one-time gains and costs, were 80 cents per share.
The results did not meet Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 86 cents per share.
The burger chain posted revenue of $209.8 million in the period, which also did not meet Street forecasts. Six analysts surveyed by Zacks expected $212.7 million.
Jack In The Box shares have decreased 7 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $91.22, a decline of 10 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 JACK at https://www.zacks.com/ap/JACK | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/16/the-associated-press-jack-in-the-box-fiscal-2q-earnings-snapshot.html |
U.S., North Korea talks 'making good progress' 12:04pm BST - 02:12
U.S. Secretary of State Mike Pompeo and North Korean envoy Kim Yong Chol ended a meeting early on Thursday after making 'good progress' in talks aimed at laying groundwork for a possible summit between President Donald Trump and North Korean leader Kim Jong Un, the State Department said. ▲ Hide Transcript ▶ View Transcript
U.S. Secretary of State Mike Pompeo and North Korean envoy Kim Yong Chol ended a meeting early on Thursday after making 'good progress' in talks aimed at laying groundwork for a possible summit between President Donald Trump and North Korean leader Kim Jong Un, the State Department said. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://uk.reuters.com/video/2018/05/31/us-north-korea-talks-making-good-progres?videoId=431888933&videoChannel=13422 | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/31/us-north-korea-talks-making-good-progres?videoId=431888933 |
EDMONTON, Alberta, May 02, 2018 (GLOBE NEWSWIRE) -- EPCOR Utilities Inc. (EPCOR) today filed its quarterly results for the period ended March 31, 2018.
“EPCOR recorded strong results in the first quarter of 2018 across all business segments, inclusive of the recently added Drainage operations in the city of Edmonton,” said Stuart Lee, EPCOR President & CEO. “We continued to execute on the company’s growth strategy with the recently announced Ontario Energy Board decision which will allow EPCOR to proceed in establishing natural gas distribution services for the province’s Southern Bruce region.”
“Today also marks a major milestone for our organization. After 18 years of outstanding leadership, Hugh J. Bolton retires as Board Chair,” noted Mr. Lee. EPCOR has recognized Mr. Bolton’s contributions, and particularly the lasting legacy of his commitment to excellence in corporate governance, with the re-naming of its Electricity Operations North Service Centre in Edmonton to the Hugh J. Bolton Service Centre.
“We are excited to welcome Janice G. Rennie as the new Chair of EPCOR’s Board of Directors. She brings significant governance experience from her work on several prominent Canadian boards. Ms. Rennie also has a deep understanding of EPCOR and our commitment to the communities and customers we serve,” said Mr. Lee.
Highlights of EPCOR’s financial performance are as follows:
Net income was $65 million for the three months ended March 31, 2018, compared to net income of $38 million for the corresponding period in the previous year, while Adjusted EBITDA was $164 million for the three months ended March 31, 2018, compared to $119 million for the corresponding period in the previous year. The increase of $27 million in net income in the quarter was primarily due to higher Adjusted EBITDA, as described below, as well as, higher transmission system access service charge net collections in 2018.The increase of $45 million in Adjusted EBITDA in the quarter was primarily due to the contribution from the Drainage operations which were transferred to the Company in September 2017 and higher revenues in the Water Services and U.S. Operations segments from higher customer rates and increased sales volumes.
Investment in capital projects was $101 million for the three months ended March 31, 2018, compared with $98 million for the corresponding period in the previous year. The $3 million increase was primarily due to higher spending in the Water Services segment related to the addition of the Drainage operations, partially offset by lower spending in the Distribution and Transmission segment on the Advanced Meter Infrastructure project and the Work Centre Redevelopment project, which were substantially complete in 2017.
Management’s discussion and analysis and the unaudited condensed consolidated interim financial statements are available on EPCOR’s website ( www.epcor.com ) and SEDAR ( www.sedar.com ).
EPCOR, through its wholly owned subsidiaries, builds, owns and operates electrical, natural gas and water transmission and distribution networks, water and wastewater treatment facilities and sanitary and stormwater systems, and infrastructure in Canada and the United States. The Company also provides electricity, natural gas and water products and services to residential and commercial customers. EPCOR, headquartered in Edmonton, is an Alberta Top 70 employer. EPCOR’s website address is www.epcor.com .
Management’s Discussion and Analysis can be viewed at http://resource.globenewswire.com/Resource/Download/92ce9860-24f0-418b-b4bc-45069536b72e
For more information, contact:
Media Relations:
Tim le Riche (780) 969-8238
[email protected]
Corporate Relations:
Matt Lemay (780) 412-3711 or toll free (877) 969-8280
[email protected]
Source:EPCOR Utilities Inc | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/globe-newswire-epcor-announces-quarterly-results.html |
ZURICH, May 9 (Reuters) - Swiss ground services and cargo handling unit Swissport has received a $100 million partial loan repayment from parent HNA Group, it said, adding that it has agreed to postpone collecting the balance for five months.
The payment reduced to around 286 million euros ($338.8 million) the balance on the roughly 360 million euro loan that had been due for repayment in full on May 7, Swissport said in a statement on its website on Tuesday.
“In connection with the $100 million repayment, Swissport agreed to forbear from exercising remedies to collect the remaining unpaid balance under the affiliate loan for a period of five months. Swissport has received a forbearance fee of 150,000 euros, included in the $100 million payment,” it said.
Swissport continues to earn a market interest rate on the residual amount, it added.
HNA has been unloading billions of dollars of assets after a $50 billion acquisition spree over two years turned a spotlight on its opaque ownership and aggressive use of leverage. The firm has since seen some pending deals collapse.
($1 = 0.8442 euros)
Reporting by Michael Shields; Editing by Vyas Mohan
| ashraq/financial-news-articles | https://www.reuters.com/article/hna-group-swissport/swissport-gets-100-mln-partial-loan-payment-from-hna-idUSL8N1SG17X |
(Reuters Health) - Most of the top diabetes treatment centers in the U.S. provide experts in hormonal disease, diet and nutrition and diabetes education as part of normal care, but mental health support is still not standard, researchers say.
In a survey of 37 top institutions, most of them treating thousands of diabetes patients per year, barely 4 in 10 said they had a behavioral health professional integrated into the practice, and even these were typically just part-time.
In contrast, 100 percent had full-time endocrinologists, 98 percent had diabetes educators and 92 percent had registered dieticians and nurse practitioners, the study team reports in a research letter to the journal Diabetes Care, April 30.
Past research “suggests that psychosocial interventions . . . improve diabetes outcomes and that behavioral interventions aimed at changing self-management behaviors have been associated with improvements in quality of life,” lead author Samantha Barry, Diabetes Center of Excellence at the University of Massachusetts Medical Center in Worcester said in an email.
In late 2016, the American Diabetes Association (ADA) put out guidelines urging that psychosocial care should be a standard part of diabetes care, and encouraging medical providers to identify and coordinate with qualified behavioral and mental health care professionals, Barry and her colleagues note. The recommendation was reiterated in the latest ADA standard of care guidelines.
To see whether mental health support is becoming more common, Barry’s team identified diabetes practices that were members of the ADA or American Diabetes Educators Association and sent a survey to each clinic’s leadership. Seventy percent of the centers attended to more than 2,000 patients annually and 87 percent were located in teaching hospitals.
Of the 15 clinics that reported having a behavioral health professional integrated into the practice, about one third had a psychologist and the rest had a social worker. Of the 22 practices with no behavioral health professional, five said they had identified an outside practitioner with diabetes expertise to whom they could refer patients.
On average, practices employed the equivalent of nearly six full-time endocrinologists and nearly three each of full-time certified diabetes educators and full-time nurse practitioners, with about two full-time registered dietitians. Among the practices with an in-house behavioral health presence, the average was 0.6 full-time-equivalents, researchers found.
One reason for the lack of progress on this front may be that there has been minimal investment in developing this aspect of diabetes care, and the reimbursement rates for mental health providers often make it so that institutions will lose money when providing these services, said Jeffrey Gonzalez of the Albert Einstein College of Medicine in New York City, who wasn’t involved in the study.
“It’s also true that few mental health providers have a full understanding of diabetes and its treatment,” Gonzalez said in an email.
The ADA and American Psychological Association recently launched a directory of mental health professionals with training or experience in diabetes care (bit.ly/2qwpecx).
While certified diabetes educators play an integral role in providing information to diabetes patients, “they do not delve into how to apply this overwhelming material into a person’s new life as a diabetic,” said study co-author Dr. David Harlan, also with the U.Mass Medical Center Diabetes Center of Excellence, in a telephone interview.
“Several mental health problems, such as depression and anxiety, are common among those living with diabetes,” Gonzalez said. “Care team members with specialized mental health expertise are more likely to play a significant role in addressing these issues in ways that maximize the effectiveness of diabetes treatments.”
“Behavioral health integration is crucial,” Barry said. “As a country, we need to move towards behavioral health integration in line with recommendations supported by the literature. We’re not there yet.”
SOURCE: bit.ly/2Ils93E
Diabetes Care 2018.
| ashraq/financial-news-articles | https://in.reuters.com/article/us-health-diabetes-psychology/mental-health-support-lacking-in-u-s-diabetes-care-idINKCN1II27Q |
Subsets and Splits
No saved queries yet
Save your SQL queries to embed, download, and access them later. Queries will appear here once saved.