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DALLAS, May 3, 2018 /PRNewswire/ -- InfraREIT, Inc. (NYSE: HIFR) ("InfraREIT" or the "Company") today reported financial results for the first quarter of 2018 and provided the Company's financial outlook.
For the first quarter of 2018, InfraREIT reported the following highlights:
Net income was $17.8 million Net income attributable to InfraREIT, Inc. common stockholders per share ("EPS") was $0.29 per share Non-GAAP earnings per share ("Non-GAAP EPS") was $0.29 per share Funds from operations ("FFO") was $29.3 million and FFO on an adjusted basis ("AFFO") was $28.6 million Quarterly dividend declared of $0.25 per share of common stock, $1.00 per share annualized
Reaffirmed Guidance:
2018 EPS range of $1.29 to $1.39 2018 Non-GAAP EPS range of $1.22 to $1.32 Expect to maintain the Company's quarterly cash dividend of $0.25 per share, or $1.00 per share annualized through 2018 Earnings and dividend guidance assumes the existing lease payments continue as scheduled and that InfraREIT maintains its real estate investment trust ("REIT") status throughout 2018 Footprint capital expenditures range of $70 million to $180 million for the period of 2018 through 2020
Recent events:
InfraREIT's Board of Directors completed its initial review of the Company's REIT status and directed management to pursue an alternative structure that would involve, among other things, InfraREIT terminating its REIT status and opting for a traditional C-corporation structure ("De-REIT alternative"). Any De-REIT alternative could involve negotiations with Hunt Consolidated, Inc. ("HCI") and its affiliates (collectively, "Hunt") regarding the arrangements currently in place between the Company and Hunt and may require certain regulatory approvals. The Board of Directors has not set a specific timeline for evaluating and selecting a De-REIT alternative. In tandem with the Board's evaluation of a De-REIT alternative, the Conflicts Committee will continue to monitor HCI's Schedule 13D filings regarding Hunt's intentions with respect to the Company.
"Our pursuit of a De-REIT alternative does not change our core strategy," said David A. Campbell, Chief Executive Officer of InfraREIT. "We are committed to operating and expanding our franchise as a transmission-focused utility, supporting load growth in West Texas and the expansion of renewables in the Panhandle. We advanced our strategy in the first quarter with two important milestones. Sharyland successfully energized the final line segment of our second circuit, expanding the generation export capacity from the Panhandle and allowing more low-cost, emissions-free wind generation to reach the broader ERCOT market. Also, we placed into service the first synchronous condensers within the ERCOT system, at the Alibates and Tule Canyon stations. These condensers enhance grid stability and export capacity of the transmission system in the Panhandle," added Campbell.
First Quarter 2018 Results
Lease revenue, consisting of only base rent, increased 15 percent to $45.7 million for the three months ended March 31, 2018, compared to $39.6 million for the same period in 2017. There was no percentage rent recognized during the first quarter of 2018 or 2017 as Sharyland Utilities, L.P.'s ("Sharyland") year-to-date adjusted gross revenue did not exceed the annual specified breakpoints under the Company's leases. The Company anticipates that little to no percentage rent will be recognized in the first and second quarters of each year, with the largest amounts of percentage rent recognized in the third and fourth quarters of each year.
Net income was $17.8 million in the first quarter of 2018, compared to net income of $11.0 million in the first quarter of 2017. Net income attributable to InfraREIT, Inc. common stockholders was $0.29 per share during the first quarter of 2018 compared to $0.18 per share during the same period in 2017. The $6.8 million increase in net income is a result of a $6.1 million increase in lease revenue, $1.1 million decrease in depreciation expense and $0.7 million increase in other income, net partially offset by a $1.0 million increase in interest expense, net.
Non-GAAP EPS was $0.29 per share for the first quarter of 2018 compared to $0.20 per share for the first quarter of 2017, representing an increase of 45 percent. The drivers of growth in Non-GAAP EPS were the same as the drivers of the increase in net income. FFO was $29.3 million for the first quarter of 2018, compared to $23.7 million for the same period in 2017, representing an increase of $5.6 million resulting mainly from the increase in lease revenue. For the first quarter of 2018, AFFO was $28.6 million, compared to $24.7 million for the same period in 2017, representing an increase of 16 percent.
Liquidity and Capital Resources
As of March 31, 2018, the Company had $1.6 million of unrestricted cash and cash equivalents and $289.5 million of unused capacity under its revolving credit facilities.
Outlook and Guidance
EPS is projected in the range of $1.29 to $1.39 for 2018. Non-GAAP EPS is estimated in the range of $1.22 to $1.32 for 2018. The difference between Non-GAAP EPS and EPS is due to adjustments related to straight-line rent and expenses associated with the asset exchange transaction completed in November of 2017 ("Asset Exchange Transaction"). InfraREIT expects to maintain the Company's current quarterly cash dividend of $0.25 per share, or $1.00 per share annualized, through 2018. These forecasted amounts assume that InfraREIT maintains its REIT status throughout 2018 and that the existing lease payments are made by Sharyland as scheduled during 2018.
The Company estimates footprint capital expenditures in the following ranges over the next three years: $50 million to $80 million for 2018; $10 million to $50 million for 2019; and $10 million to $50 million for 2020.
The Company's consolidated debt profile continues to target debt as a percentage of total capitalization at or below 60 percent and AFFO-to-debt of at least 12 percent.
The guidance provided above constitutes forward-looking statements, which are based on current economic conditions and estimates, and the Company does not include other potential impacts, such as changes in accounting or unusual items. Supplemental information relating to the Company's financial outlook is posted in the Investor Relations section of the Company's Web site at www.InfraREITInc.com .
Company Structure Review
InfraREIT's Board of Directors completed its initial review of the Company's REIT status and directed management to pursue a De-REIT alternative. Hunt has informed the Company that it agrees with the Board's direction.
Any De-REIT alternative could involve one or more of the following: combining Sharyland with Sharyland Distribution & Transmission Services, L.L.C. ("SDTS"), terminating the leases between SDTS and Sharyland, terminating the Company's operating partnership, and/or other negotiations with Hunt, including terminating or renegotiating the Company's management agreement and development agreement, and engaging in related negotiations. InfraREIT intends to explore various De-REIT options and has not yet determined to pursue a specific form of De-REIT alternative. There is no specific timeline set for completing the evaluation of a De-REIT alternative and there can be no assurance that any De-REIT alternative will be executed. The Company expects to continue operating as a REIT until the execution of a De-REIT alternative, if any.
Communications from Hunt Consolidated, Inc.
On January 16, 2018, InfraREIT's shareholder, HCI, filed an amendment to its Schedule 13D with the U.S. Securities and Exchange Commission. The Company's Conflicts Committee intends to consider any proposal from HCI; however, at this time, no offer has been made to InfraREIT.
Dividends and Distributions
On February 27, 2018, InfraREIT's Board of Directors declared cash distributions and dividends of $0.25 per unit and share, respectively, to unitholders and stockholders of record on March 29, 2018, which were paid on April 19, 2018.
Annual Stockholders Meeting
InfraREIT's Annual Meeting of Stockholders will be held on Wednesday, May 16, 2018 at 11:00 a.m. U.S. Central Time, at the Fairmont Dallas Hotel, 1717 North Akard Street, Dallas, Texas 75201. The Board of Directors established Monday, March 12, 2018, as the record date for determining stockholders entitled to vote at the Annual Meeting, in person or by proxy.
Hunt Project Quarterly Updates
InfraREIT's quarterly "Hunt Project Updates" can be found on the Company's Web site ( www.InfraREITInc.com ) under the "Hunt Transmission-Our Developer" and "Investor Relations" sections and in the "Q1 2018 Results & Supplemental Information" presentation posted on the Company's Web site.
Conference Call and Webcast
As previously announced, management will host a teleconference call on May 3, 2018, at 10 a.m. U.S. Central Time (11 a.m. U.S. Eastern Time). David A. Campbell, Chief Executive Officer, and Brant Meleski, Chief Financial Officer, will discuss InfraREIT's results and financial outlook.
Investors and analysts are invited to participate in the call by phone at 1-855-560-2576, or internationally at 1-412-542-4162 (access code: 10118251) or via the Internet at www.InfraREITInc.com . A replay of the call will be available on the Company's Web site or by phone at 1-877-344-7529, or internationally at 1-412-317-0088 (access code: 10118251), for a seven-day period following the call.
Non-GAAP Measures
This press release contains certain financial measures that are not recognized under generally accepted principles in the United States of America ("GAAP"). In particular, InfraREIT uses Non-GAAP EPS, FFO and AFFO as important supplemental measures of the Company's operating performance. InfraREIT is no longer including cash available for distribution ("CAD"); earnings before interest, taxes, depreciation and amortization ("EBITDA"); and Adjusted EBITDA. The Company presents non-GAAP performance measures because management believes they help investors understand InfraREIT's business, performance and ability to earn and distribute cash to its stockholders by providing perspectives not immediately apparent from net income. Reporting on these measures in InfraREIT's public disclosures also ensures that this information is available to all of InfraREIT's investors. The non-GAAP measures presented in this press release are not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.
InfraREIT offers these measurers to assist users in assessing the Company's operating performance under GAAP, but these measures are non-GAAP measures and should not be considered measures of liquidity, alternatives to net income or indicators of any other performance measures determined in accordance with GAAP, nor are they indicative of funds available to fund the Company's cash needs, including capital expenditures, make payments on the Company's indebtedness or make distributions. In addition, InfraREIT's method of calculating these measures may be different from methods used by other companies and, accordingly, may not be comparable to similar measures as calculated by other companies. Investors should not rely on these measures as a substitute for any GAAP measure, including net income, cash flows from operating activities or revenues. Reconciliations of these measures to their most directly comparable GAAP measures are included in the Schedules to this press release.
About InfraREIT, Inc.
InfraREIT is a real estate investment trust that is engaged in owning and leasing rate-regulated electric transmission assets in the state of Texas. The Company is externally managed by Hunt Utility Services, LLC, an affiliate of Hunt Consolidated, Inc. (a diversified holding company based in Dallas, Texas, and managed by the Ray L. Hunt family). The Company's shares are traded on the New York Stock Exchange under the symbol "HIFR." Additional information on InfraREIT is available at www.InfraREITInc.com .
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws. These statements give InfraREIT management's current expectations and include projections of results of operations or financial condition or forecasts of future events. Words such as "could," "will," "may," "assume," "forecast," "strategy," "guidance," "outlook," "target," "expect," "intend," "plan," "estimate," "anticipate," "believe" or "project" and similar expressions are used to identify forward-looking statements. Without limiting the generality of the foregoing, forward-looking statements contained in this press release include InfraREIT's expectations regarding anticipated financial and operational performance, including projected or forecasted financial results, distributions to stockholders, capital expenditures, AFFO-to-debt ratios, capitalization matters and other forecasted metrics and statements regarding a potential De-REIT alternative. The assumptions and estimates underlying the forward-looking statements included in this press release are inherently uncertain and, though considered reasonable by InfraREIT's management team as of the date of its preparation, are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in this press release. Risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements include, among others, the following: (a) decisions by regulators or changes in governmental policies or regulations with respect to the Company's organizational structure, lease arrangements, capitalization, acquisitions and dispositions of assets, recovery of investments, the Company's authorized rate of return and other regulatory parameters; (b) the impact of any De-REIT alternative; (c) the implications of the Company's relationships with HCI and its affiliates on any transaction or arrangement that may be proposed with respect to InfraREIT's business or structure; (d) the Company's current reliance on its tenant for all of its revenues and, as a result, its dependency on the tenant's solvency and financial and operating performance; (e) the amount of available investment to grow the Company's rate base; (f) the Company's ability to negotiate future rent payments or to renew leases with its tenant; (g) insufficient cash available to meet distribution requirements; and (h) the effects of existing and future tax and other laws and governmental regulations. These and other applicable uncertainties, factors and risks are described more fully in the Company's filings with the U. S. Securities and Exchange Commission. For the above reasons, there can be no assurance that any forward-looking statements included herein will prove to be indicative of the Company's future performance or that actual results will not differ materially from those presented. In no event should the inclusion of forecasted financial information in this press release be regarded as a representation by any person that the results contained in the forecasted financial information will be achieved.
Any forward-looking statement made by the Company in this press release is based only on information currently available to InfraREIT and speaks only as of the date on which it is made. InfraREIT undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than as required by applicable law.
InfraREIT, Inc.
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended March 31,
2018
2017
Revenue
Base rent
$
45,656
$
39,624
Percentage rent
—
—
Total lease revenue
45,656
39,624
Operating costs and expenses
General and administrative expense
6,088
5,981
Depreciation
11,577
12,687
Total operating costs and expenses
17,665
18,668
Income from operations
27,991
20,956
Other (expense) income
Interest expense, net
(10,674)
(9,698)
Other income, net
733
3
Total other expense
(9,941)
(9,695)
Income before income taxes
18,050
11,261
Income tax expense
286
244
Net income
17,764
11,017
Less: Net income attributable to noncontrolling interest
4,900
3,068
Net income attributable to InfraREIT, Inc.
$
12,864
$
7,949
Net income attributable to InfraREIT, Inc. common stockholders per share:
Basic
$
0.29
$
0.18
Diluted
$
0.29
$
0.18
Cash dividends declared per common share
$
0.25
$
0.25
Weighted average common shares outstanding (basic shares)
43,832
43,775
Redemption of operating partnership units
—
—
Weighted average dilutive shares outstanding (diluted shares)
43,832
43,775
Due to the anti-dilutive effect, the computation of diluted earnings per share does not reflect the following adjustments:
Net income attributable to noncontrolling interest
$
4,900
$
3,068
Redemption of operating partnership units
16,872
16,900
InfraREIT, Inc.
CONSOLIDATED BALANCE SHEETS
(In thousands, except share amounts)
March 31, 2018
December 31, 2017
(Unaudited)
Assets
Current Assets
Cash and cash equivalents
$
1,624
$
2,867
Restricted cash
1,683
1,683
Due from affiliates
32,605
35,172
Inventory
6,891
6,759
Prepaids and other current assets
1,401
2,460
Total current assets
44,204
48,941
Electric Plant, net
1,782,965
1,772,229
Goodwill
138,384
138,384
Other Assets
33,251
34,314
Total Assets
$
1,998,804
$
1,993,868
Liabilities and Equity
Current Liabilities
Accounts payable and accrued liabilities
$
26,947
$
21,230
Short-term borrowings
35,500
41,000
Current portion of long-term debt
67,847
68,305
Dividends and distributions payable
15,176
15,169
Accrued taxes
5,919
5,633
Total current liabilities
151,389
151,337
Long-Term Debt, Less Deferred Financing Costs
839,649
841,215
Regulatory Liabilities
104,180
100,458
Total liabilities
1,095,218
1,093,010
Commitments and Contingencies
Equity
Common stock, $0.01 par value; 450,000,000 shares authorized; 43,960,884 and 43,796,915 issued and outstanding as of March 31, 2018 and December 31, 2017, respectively
440
438
Additional paid-in capital
709,461
706,357
Accumulated deficit
(47,854)
(49,728)
Total InfraREIT, Inc. equity
662,047
657,067
Noncontrolling interest
241,539
243,791
Total equity
903,586
900,858
Total Liabilities and Equity
$
1,998,804
$
1,993,868
InfraREIT, Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Three Months Ended March 31,
2018
2017
Cash flows from operating activities
Net income
$
17,764
$
11,017
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation
11,577
12,687
Amortization of deferred financing costs
1,071
1,004
Allowance for funds used during construction - other funds
(730)
—
Equity based compensation
140
140
Changes in assets and liabilities:
Due from affiliates
2,567
5,496
Inventory
(132)
47
Prepaids and other current assets
(573)
(721)
Accounts payable and accrued liabilities
3,153
140
Net cash provided by operating activities
34,837
29,810
Cash flows from investing activities
Additions to electric plant
(15,011)
(52,223)
Proceeds from asset exchange transaction
1,632
—
Net cash used in investing activities
(13,379)
(52,223)
Cash flows from financing activities
Proceeds from short-term borrowings
12,000
34,000
Repayments of short-term borrowings
(17,500)
(9,500)
Repayments of long-term debt
(2,032)
(1,921)
Dividends and distributions paid
(15,169)
(15,161)
Net cash (used in) provided by financing activities
(22,701)
7,418
Net decrease in cash, cash equivalents and restricted cash
(1,243)
(14,995)
Cash, cash equivalents and restricted cash at beginning of period
4,550
19,294
Cash, cash equivalents and restricted cash at end of period
$
3,307
$
4,299
Schedule 1
InfraREIT, Inc.
Explanation and Reconciliation of Non-GAAP EPS
Non-GAAP EPS
InfraREIT defines non-GAAP net income as net income (loss) adjusted in a manner the Company believes is appropriate to show its core operational performance, which includes (a) an adjustment for the difference between the amount of base rent payments that the Company receives with respect to the applicable period and the amount of straight-line base rent recognized under GAAP and (b) adding back the transaction costs related to the Asset Exchange Transaction. The Company defines Non-GAAP EPS as non-GAAP net income (loss) divided by the weighted average shares outstanding calculated in the manner described in the footnotes below.
The following tables set forth a reconciliation of net income attributable to InfraREIT, Inc. per diluted share to Non-GAAP EPS:
Three Months Ended March 31, 2018
Three Months Ended March 31, 2017
(In thousands, except per share amounts, unaudited)
Amount
Per Share (3)
Amount
Per Share (3)
Net income attributable to InfraREIT, Inc.
$
12,864
$
0.29
$
7,949
$
0.18
Net income attributable to noncontrolling interest
4,900
0.29
3,068
0.18
Net income
17,764
0.29
11,017
0.18
Base rent adjustment (1)
(120)
—
957
0.02
Transaction costs (2)
151
—
—
—
Non-GAAP net income
$
17,795
$
0.29
$
11,974
$
0.20
(1)
This adjustment relates to the difference between the timing of cash base rent payments made under the Company's leases and when the Company recognizes base rent revenue under GAAP. The Company recognizes base rent on a straight-line basis over the applicable term of the lease commencing when the related assets are placed in service, which is frequently different than the period in which the cash base rent becomes due.
(2)
This adjustment reflects the transaction costs related to the Asset Exchange Transaction. These costs are exclusive of the Company's routine business operations or typical rate case costs and have been excluded to present additional insights on InfraREIT's core operations.
(3)
The weighted average common shares outstanding of 43.8 million was used to calculate net income attributable to InfraREIT, Inc. per diluted share. The weighted average redeemable partnership units outstanding of 16.9 million was used to calculate net income attributable to noncontrolling interest per share. The combination of the weighted average common shares and redeemable partnership units outstanding of 60.7 million was used for the remainder of the per share calculations.
Schedule 2
InfraREIT, Inc.
Explanation and Reconciliation of FFO and AFFO
FFO and AFFO
The National Association of Real Estate Investment Trusts ("NAREIT") defines FFO as net income (computed in accordance with GAAP), excluding gains and losses from sales of property (net) and impairments of depreciated real estate, plus real estate depreciation and amortization (excluding amortization of deferred financing costs) and after adjustments for unconsolidated partnerships and joint ventures. Applying the NAREIT definition to the Company's consolidated financial statements, which is the basis for the FFO presented in this press release and the reconciliations below, results in FFO representing net income (loss) before depreciation, impairment of assets and gain (loss) on sale of assets. FFO does not represent cash generated from operations as defined by GAAP and it is not indicative of cash available to fund all cash needs, including distributions.
AFFO is defined as FFO adjusted in a manner the Company believes is appropriate to show its core operational performance, including: (a) an adjustment for the difference between the amount of base rent payments that the Company receives with respect to the applicable period and the amount of straight-line base rent recognized under GAAP; (b) adding back the transaction costs related to the Asset Exchange Transaction; and (c) adjusting for other income (expense), net.
The following table sets forth a reconciliation of net income to FFO and AFFO:
Three Months Ended March 31,
(In thousands, unaudited)
2018
2017
Net income
$
17,764
$
11,017
Depreciation
11,577
12,687
FFO
29,341
23,704
Base rent adjustment (1)
(120)
957
Other income, net (2)
(733)
(3)
Transaction costs (3)
151
—
AFFO
$
28,639
$
24,658
(1)
See footnote (1) on Schedule 1 on Explanation and Reconciliation of Non-GAAP EPS
(2)
Includes allowance for funds used during construction ("AFUDC") on other funds of $0.7 million for the three months ended March 31, 2018. There was no AFUDC on other funds recorded during the three months ended March 31, 2017.
(3)
See footnote (2) on Schedule 1 on Explanation and Reconciliation of Non-GAAP EPS
Schedule 3
InfraREIT, Inc.
Explanation and Reconciliation of Forecasted Guidance for 2018
Forecasted GAAP Net Income Attributable to InfraREIT, Inc. Per Share to Non-GAAP EPS
The Company provides yearly guidance for Non-GAAP EPS, which is one of the supplemental financial measures it uses in evaluating the Company's operating performance. The Company believes that Non-GAAP EPS helps the Company and investors better understand the Company's business and performance by providing perspectives not immediately apparent from net income.
The following table sets forth a reconciliation of the forecasted GAAP net income attributable to InfraREIT, Inc. per share to Non-GAAP EPS for the year ending December 31, 2018:
Full Year 2018
(Per share amounts, unaudited)
Low
High
Net income attributable to InfraREIT, Inc.
$
1.29
$
1.39
Net income attributable to noncontrolling interest
1.29
1.39
Net income
1.29
1.39
Base rent adjustment
(0.08)
(0.08)
Transaction costs
0.01
0.01
Non-GAAP EPS
$
1.22
$
1.32
For additional information, contact:
For Investors:
Brook Wootton
Vice President, Investor Relations
InfraREIT, Inc.
214-855-6748
For Media:
Jeanne Phillips
Senior Vice President, Corporate Affairs & International Relations
Hunt Consolidated, Inc.
214-978-8534
View original content with multimedia: http://www.prnewswire.com/news-releases/infrareit-reports-first-quarter-2018-results-300641630.html
SOURCE InfraREIT, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/pr-newswire-infrareit-reports-first-quarter-2018-results.html |
NEW YORK (AP) — The latest on developments in financial markets (all times local):
4 p.m.
Energy companies and oil prices took their worst losses in months following reports that OPEC countries plan to produce more oil soon.
The drops Friday left major U.S. market indexes mostly lower at the end of an indecisive week.
U.S. crude oil sank 4 percent after multiple reports indicated that Russia and OPEC could start producing more crude. Chevron lost 3.5 percent and Exxon Mobil gave up 1.9 percent.
Gap plunged 14.6 percent after reporting a weak first quarter.
The S&P 500 index fell 6 points, or 0.2 percent, to 2,721.
The Dow Jones industrial average lost 58 points, or 0.2 percent, to 24,753. The Nasdaq composite rose 9 points, or 0.1 percent, to 7,433.
Bond prices rose. The yield on the 10-year Treasury fell to 2.93 percent.
11:45 a.m.
Stocks are mostly lower as energy companies sink following reports OPEC countries plan to produce more oil soon.
Chevron lost 3.8 percent Friday and Exxon Mobil gave up 2.4 percent.
Airlines climbed as investors anticipated lower fuel costs. Alaska Air jumped 4.3 percent and Delta rose 2.6 percent.
Falling bond yields put pressure on banks, even as they help dividend-payers like household goods makers.
Gap plunged 13.6 percent after reporting a weak first quarter as its namesake brand continued to struggle.
The S&P 500 index fell 4 points, or 0.2 percent, to 2,723.
The Dow Jones industrial average lost 34 points, or 0.1 percent, to 24,777. The Nasdaq composite rose 22 points, or 0.3 percent, to 7,447.
Bond prices rose. The yield on the 10-year Treasury fell to 2.93 percent.
9:35 a.m.
Stocks are opening modestly lower on Wall Street as energy companies sink along with the price of crude oil.
Chevron lost 2.3 percent early Friday and Exxon Mobil gave up 1.9 percent.
That came as the price of U.S. crude fell 2.7 percent to $68.74 a barrel. Oil fell following reports that OPEC and Russia could start pumping more oil soon.
Gap dropped 10.2 percent after reporting earnings that fell short of analysts' estimates as sales fell in its flagship stores.
The S&P 500 index fell 6 points, or 0.2 percent, to 2,720.
The Dow Jones industrial average lost 70 points, or 0.3 percent, to 24,739. The Nasdaq composite edged down 3 points, or 0.1 percent, to 7,420.
Bond prices rose. The yield on the 10-year Treasury fell to 2.94 percent. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/25/the-associated-press-markets-right-now-oil-prices-energy-companies-fall-sharply.html |
WILMINGTON, Del., The Chemours Company (" Chemours ") (NYSE: CC), a global chemistry company with leading market positions in fluoroproducts, chemical solutions and titanium technologies, today announced that it has commenced a tender offer (the " Tender Offer ") to purchase for cash up to $250,000,000 (the " Tender Cap ") of its outstanding 6.625% senior notes due 2023 (the " Notes ").
In connection with the Tender Offer, Chemours is also soliciting consents (the " Consents ") from holders of the Notes (the " Consent Solicitation ") to proposed amendments to the indenture, dated as of May 12, 2015 (the " Base Indenture "), as supplemented by the first supplemental indenture, dated May 12, 2015, which governs the Notes (the " First Supplemental Indenture " and, together with the Base Indenture, the " Indenture "), providing for the shortening of the minimum notice periods under the Indenture for the optional redemption of the Notes by Chemours (the " Proposed Amendments "). In the event of any proration of the Notes, the Consents delivered shall be null and void. Concurrently with the commencement of the Tender Offer and Consent Solicitation, Chemours also commenced a tender offer and consent solicitation with respect to its 6.125% Senior Notes due May 15, 2023, upon terms and subject to the conditions set forth in a separate offer to purchase and consent solicitation statement.
The terms and conditions of the Tender Offer and Consent Solicitation are described in an Offer to Purchase and Consent Solicitation Statement, dated May 21, 2018 (the " Offer to Purchase and Consent Solicitation Statement ") and related Letter of Transmittal and Consent (collectively, the " Offer Documents "). The following table summarizes the material pricing terms of the Tender Offer.
CUSIP / ISIN
Outstanding
Principal
Amount
Title of
Notes
Early Tender
Payment (1)(2)
Tender Offer
Consideration
(1)(3)
Total
Consideration
(1)(3)
Registered Notes:
CUSIP: 163851AB4
ISIN: US163851AB45
Rule 144A Notes:
CUSIP: 163851AA6
ISIN: US163851AA61
Regulation S Notes:
CUSIP: U16309AA1
ISIN: USU16309AA13
US$1,157,910,000
6.625% Senior Notes due
May 15, 2023
$30.00
$1,022.50
$1,052.50
(1) Per $1,000 principal amount of Notes tendered and accepted for purchase.
(2) Included in the Total Consideration for Notes tendered and accepted for purchase at or prior to the Early Tender Deadline.
(3) Does not include accrued and unpaid interest that will be paid on the Notes accepted for purchase.
The Tender Offer and Consent Solicitation will expire at Midnight, New York City time, at the end of June 18, 2018, unless extended or earlier terminated by Chemours (the " Expiration Date "). No tenders submitted after the Expiration Date will be valid. Subject to the terms and conditions of the Tender Offer, including the Tender Cap and proration, holders of Notes that are validly tendered (and not validly withdrawn) at or prior to 5:00 p.m., New York City time, on June 4, 2018 (such date and time, as it may be extended, the " Early Tender Deadline ") and accepted for purchase pursuant to the Tender Offer will be eligible to receive the Total Consideration set forth in the table above, which includes the Early Tender Payment set forth in the table above. Holders of Notes tendering their Notes after the Early Tender Deadline and prior to the Expiration Date will only be eligible to receive the Tender Offer Consideration set forth in the table above, which is the Total Consideration less the Early Tender Payment.
In addition, holders of all Notes validly tendered and accepted for purchase pursuant to the Tender Offer will receive accrued and unpaid interest on such Notes from the last interest payment date with respect to such Notes to, but not including, the applicable Settlement Date (as such term is defined in the Offer to Purchase and Consent Solicitation Statement).
The consummation of the Tender Offer and Consent Solicitation are subject to, and conditioned upon, the satisfaction or waiver of certain conditions described in the Offer to Purchase and Consent Solicitation Statement, including, among others, Chemours consummating the New Debt Financing (as defined in the Offer to Purchase and Consent Solicitation Statement) on terms satisfactory to it, and having funds available therefrom that will allow it to purchase the Notes pursuant to the Tender Offer.
In order for the Proposed Amendments to be adopted, Consents must be received in respect of a majority of the aggregate principal amount of the Notes then outstanding (excluding Notes held by Chemours or its affiliates) (the " Requisite Consents "). Assuming receipt of the Requisite Consents, Chemours expects to execute and deliver a supplemental indenture to the Indenture giving effect to the Proposed Amendments, promptly following the receipt of the Requisite Consents. The supplemental indenture will become effective upon execution, but will provide that the Proposed Amendments will not become operative unless Chemours accepts the Notes satisfying the Requisite Consents in the Tender Offer. In the event of any proration of the Notes, the Consents delivered shall be null and void.
Any Notes validly tendered and related Consents validly delivered may be withdrawn or revoked from the Tender Offer and the Consent Solicitation at or prior to the Early Tender Deadline. Any Notes validly tendered and related Consents validly delivered on or prior to the Early Tender Deadline that are not validly withdrawn or revoked prior to the Early Tender Deadline may not be withdrawn or revoked thereafter, except as required by law. In addition, any Notes validly tendered and related consents validly delivered after the Early Tender Deadline may not be withdrawn or revoked, except as required by law.
Subject to the satisfaction or waiver of the conditions to the Tender Offer, if Chemours accepts for purchase any Notes and Consents validly tendered or delivered and not validly withdrawn or revoked on or prior to the Early Tender Deadline, such Notes and Consents will be accepted for purchase in priority to other Notes and Consents validly tendered or delivered pursuant to the Tender Offer and Consent Solicitation after the Early Tender Deadline. Accordingly, if the Tender Cap is reached on or prior to the Early Tender Deadline, no Notes and Consents that are validly tendered or delivered after the Early Tender Deadline will be accepted for purchase and any Notes and Consents accepted for purchase on the Early Settlement Date will be accepted on a prorated basis up to the amount of the Tender Cap .
This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any security. No offer, solicitation, or sale will be made in any jurisdiction in which such an offer, solicitation, or sale would be unlawful.
Citigroup Global Markets Inc. is the dealer manager (the " Dealer Manager ") in the Tender Offer and Consent Solicitation. Global Bondholder Services Corporation has been retained to serve as both the depositary and the information agent (the " Depositary and Information Agent ") for the Tender Offer and Consent Solicitation. Questions regarding the Tender Offer and Consent Solicitation should be directed to Citigroup Global Markets Inc. at (800) 558-3745 (U.S. Toll-Free) or (212) 723-6106 (Collect). Requests for copies of the Offer to Purchase and Consent Solicitation Statement and other related materials should be directed to Global Bondholder Services Corporation at (email) [email protected] , (866) 470-4200 (U.S. Toll-Free), (212) 430-3774 (Banks and Brokers) or at http://www.gbsc-usa.com/Chemours/ (website).
None of Chemours, its board of directors, the Dealer Manager, the Depositary and Information Agent, the Trustee under the Indenture, the Paying Agent under the Indenture or the Registrar and Transfer Agent under the Indenture or any of Chemours' affiliates, makes any recommendation as to whether holders of the Notes should tender any Notes in response to the Tender Offer and Consent Solicitation. The Tender Offer and Consent Solicitation are made only by the Offer Documents. The Tender Offer and Consent Solicitation are not being made to holders of Notes in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction. In any jurisdiction in which the Tender Offer and Consent Solicitation are required to be made by a licensed broker or dealer, the Tender Offer and Consent Solicitation will be deemed to be made on behalf of Chemours by the Dealer Manager or one or more registered brokers or dealers that are licensed under the laws of such jurisdiction.
About The Chemours Company
The Chemours Company (NYSE: CC) helps create a colorful, capable and cleaner world through the power of chemistry. Chemours is a global leader in fluoroproducts, chemical solutions and titanium technologies, providing its customers with solutions in a wide range of industries with market-defining products, application expertise and chemistry-based innovations. Chemours ingredients are found in plastics and coatings, refrigeration and air conditioning, mining and general industrial manufacturing. Our flagship products include prominent brands such as Teflon™, Ti-Pure™, Krytox™, Viton™, Opteon™, Freon™ and Nafion™. Chemours has approximately 7,000 employees and 26 manufacturing sites serving approximately 4,000 customers in North America, Latin America, Asia-Pacific and Europe.
Chemours is headquartered in Wilmington, Delaware and is listed on the NYSE under the symbol CC. For more information please visit chemours.com .
Forward-Looking Statements
This press release contains certain forward-looking information and forward-looking statements as defined in applicable securities laws (collectively referred to as " forward-looking statements "). Forward-looking statements include: statements regarding the terms and timing for completion of the Tender Offer and Consent Solicitation, including the acceptance for purchase of any Notes validly tendered and any related Consents validly delivered, the expected Early Tender Deadline, Expiration Date and Settlement Dates thereof, and the satisfaction or waiver of certain conditions of the Tender Offer and Consent Solicitation and statements regarding the terms and timing of the New Debt Financing.
Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Chemours to be materially different from those expressed or implied by the forward-looking statements. Factors that may cause actual results to vary include, but are not limited to, inadequate investor response on adequate terms to the New Debt Financing intended to satisfy the conditions of the Tender Offer and Consent Solicitation, conditions in financial markets and investor response to Chemours' Tender Offer and Consent Solicitation.
Readers are cautioned against unduly relying on forward-looking statements. Forward-looking statements are made as of the date of the relevant document and, except as required by law, Chemours undertakes no obligation to revise or update, publicly or otherwise, any forward-looking statements, whether as a result of new information or future events or otherwise.
CONTACT
MEDIA
Alvenia Scarborough
Sr. Director, Brand Marketing and Corporate Communications
+1.302.773.4507
[email protected]
INVESTORS
Jonathan Lock
VP, Corporate Development and Investor Relations
+1.302.773.2263
[email protected]
Related Links
http://www.chemours.com
releases/the-chemours-company-announces-conditional-cash-tender-offer-and-consent-solicitation-of-up-to-250-000-000-of-6-625-senior-notes-maturing-in-2023--300651717.html
SOURCE The Chemours Company | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/pr-newswire-the-chemours-company-announces-conditional-cash-tender-offer-and-consent-solicitation-of-up-to-250000000-of-6-point-625.html |
May 14 (Reuters) - Progressive Corp:
* PROGRESSIVE APPOINTS FIRST FEMALE BOARD CHAIR, ANNOUNCES GENDER AND RACE PAY EQUITY
* COMPANY’S BOARD OF DIRECTORS ELECTED LAWTON FITT AS CHAIRPERSON Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-progressive-announces-gender-and-r/brief-progressive-announces-gender-and-race-pay-equity-idUSASC0A1V4 |
Warriors forward Andre Iguodala is out for Monday’s decisive Game 7 of the Western Conference finals due to a bone bruise in his left knee.
May 16, 2018; Houston, TX, USA; Golden State Warriors forward Andre Iguodala (9) moves the ball against Houston Rockets guard Chris Paul (3) during the first half in game two of the Western conference finals of the 2018 NBA Playoffs at Toyota Center. Mandatory Credit: Thomas B. Shea-USA TODAY Sports Iguodala hasn’t played since Game 3 of the best-of-seven matchup with the Houston Rockets. Golden State coach Steve Kerr said the injury came down to “the individual, just how he’s feeling.”
Iguodala’s status for any potential NBA Finals games against the Cleveland Cavaliers remains uncertain.
The club had termed Iguodala as questionable for Game 6 after the veteran had missed Games 4 and 5.
The Rockets are also expecting to be shorthanded without injured point guard Chris Paul, whose status for Game 7 is up in the air due to a hamstring strain suffered late in the Rockets’ Game 5 win Thursday.
Iguodala is averaging 7.9 points on 47.9-percent shooting to go with 4.9 rebounds per game this postseason. The Warriors have lost two of the three games he’s missed, starting Kevon Looney in his place.
The Warriors got Patrick McCaw back Saturday night. McCaw, who hadn’t seen action since suffering a serious spinal injury on March 31, scored two points in four minutes late in the fourth quarter. He was listed as out for the game by the Warriors on Friday.
—Field Level Media
Corrects headline to "Rockets," not "Cavaliers," due to an editing error
| ashraq/financial-news-articles | https://www.reuters.com/article/us-basketball-nba-gsw-iguodala-out/warriors-rule-out-iguodala-for-game-7-against-cavaliers-idUSKCN1IT20I |
LINDON, Utah, May 09, 2018 (GLOBE NEWSWIRE) -- Profire Energy, Inc. (NASDAQ:PFIE), a technology company (the “Company”) which creates, installs and services burner and chemical management solutions in the oil and gas industry, today reported financial results for its fiscal quarter ended March 31, 2018. A conference call will be held on Thursday, May 10, 2018 at 1:00 p.m. EDT to discuss the results.
Fiscal Q1 2018 Highlights
Revenues Increased to $12.1 million or an Increase of 55% Compared to Same Year-Ago Quarter Net Income of $1.8 Million or $0.04 Per Share, a 213% Increase From the Same Quarter Last Year Gross Profit Increased to roughly $6.1 Million Cash and Liquid Investments at Period End totaled over $25 Million Remained Debt-Free
Fiscal Quarter Financial Results
Total revenues increased to just over $12 million in the quarter which is a 55% increase from the same quarter a year ago and an 11% increase from the previous quarter. Profire has now had seven consecutive quarters of significant revenue growth.
With a 55% increase in revenues, total operating expenses only increased 18% to $3.9 million, over the same quarter last year.
Gross profit increased to roughly $6.1 million or 50% of total revenues, as compared to $4.3 million or 56% of total revenues in the year-ago quarter.
Compared with the same year ago quarter, operating expenses for general and administrative increased 13%, R&D increased 103%, and depreciation decreased 14%.
Net income was $1.8 million or a gain of $0.04 per share, compared to a net income of $600,000 or $0.01 per share in the same year-ago quarter.
Cash and liquid investments totaled over $25 million at the end of the quarter and the Company continues to operate debt-free.
Management Commentary
“The increases we experienced in the quarter are largely attributed to our ability to leverage our larger customer base while the macro environment continues to improve,” stated Ryan Oviatt, CFO of Profire. “While focusing on increasing revenues we’ve worked to create a solid foundation that can support future growth. In the quarter we continued to manage costs while recognizing growth in both our legacy products and newer product lines. This strategy ensured that our revenue growth significantly outpaced our increase in costs.”
“Our performance is a direct result of our strategic planning and execution. The success we are experiencing is partially enabled by Profire’s standard of remaining debt free. At quarter end, Profire had zero debt and cash and liquid investments in excess of $25 million,” said Brenton Hatch, President and CEO of Profire Energy. “We plan to build on our momentum from 2017, through 2018, as evidenced here in our first quarter. We believe we are well positioned through the groundwork we have laid, and plan to continue with our growth strategy while evaluating new opportunities.”
Conference Call
Profire Energy President and CEO Brenton Hatch and CFO Ryan Oviatt will host the presentation, followed by a question and answer period. Date: Thursday, May 10, 2018 Time: 1:00 p.m. EDT (11:00 a.m. MDT) Toll-free dial-in number: 1-877-705-6003 International dial-in number: 1-201-493-6725 The conference call will be webcast live and available for replay via this link: http://public.viavid.com/index.php?id=129627 . The webcast replay will be available for one year. Please call the conference telephone number five minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting the conference call, please contact Todd Fugal at 1-801-796-5127. A replay of the call will be available via the dial-in numbers below after 5:00 p.m. EDT on the same day through May 17, 2018. Toll-free replay number: 1-844-512-2921 International replay number: 1-412-317-6671 Replay Pin Number: 13679647 About Profire Energy, Inc.
Profire Energy assists energy production companies in the safe and efficient production and transportation of oil and natural gas. As energy companies seek greater safety for their employees, compliance with more stringent regulatory standards, and enhanced margins with their energy production processes, Profire Energy's burner management and chemical injection systems are increasingly becoming part of their solution. Profire Energy has offices in Lindon, Utah; Houston, Texas; Shelocta, Pennsylvania; Greeley, Colorado; and Spruce Grove, Alberta, Canada. For additional information, visit www.profireenergy.com .
Cautionary Note Regarding Forward-Looking Statements. Statements made in this release that are not historical are forward-looking statements. This release contains forward-looking statements, including, but not limited to statements regarding the Company holding a conference call on May 10, 2018, regarding the financial quarter results; and the ability of the Company to support growth. Forward-looking statements are not guarantees of future results or performance and involve risks, assumptions and uncertainties that could cause actual events or results to differ materially from the events or results described in, or anticipated by, the forward-looking statements. Factors that could materially affect such forward-looking statements include certain economic, business, public market and regulatory risks and factors identified in the company's periodic reports filed with the Securities and Exchange Commission. All forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All forward-looking statements are made only as of the date of this release and the Company assumes no obligation to update forward-looking statements to reflect subsequent events or circumstances, except as required by law. Readers should not place undue reliance on these forward-looking statements.
Contact:
Profire Energy, Inc.
Ryan Oviatt, CFO
(801) 796-5127
PROFIRE ENERGY, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets As of March 31,
2018 December 31,
2017 (Unaudited) CURRENT ASSETS Cash and cash equivalents $ 12,196,578 $ 11,445,799 Short-term investments 300,345 300,817 Short-term investments - other 4,165,493 4,009,810 Accounts receivable, net 8,717,607 8,069,255 Inventories, net 7,265,623 6,446,083 Prepaid expenses & other current assets 357,532 437,304 Total Current Assets 33,003,178 30,709,068 LONG-TERM ASSETS Net deferred tax asset 184,223 72,817 Long-term investments 8,435,512 8,517,182 Long-term investments - other 400,000 — Property and equipment, net 7,118,971 7,197,499 Goodwill 997,701 997,701 Intangible assets, net 475,133 494,792 Total Long-Term Assets 17,611,540 17,279,991 TOTAL ASSETS $ 50,614,718 $ 47,989,059 CURRENT LIABILITIES Accounts payable 1,727,194 1,780,977 Accrued vacation 230,399 196,646 Accrued liabilities 927,116 1,044,284 Income taxes payable 1,512,844 919,728 Total Current Liabilities 4,397,553 3,941,635 TOTAL LIABILITIES 4,397,553 3,941,635 STOCKHOLDERS' EQUITY Preferred shares: $0.001 par value, 10,000,000 shares authorized: no shares issued or outstanding — — Common shares: $0.001 par value, 100,000,000 shares authorized: 54,131,158 issued and 48,806,416 outstanding at March 31, 2018 and 53,931,167 issued and 48,606,425 outstanding at December 31, 2017 54,131 53,931 Treasury stock, at cost (6,890,349 ) (6,890,349 ) Additional paid-in capital 28,101,146 27,535,469 Accumulated other comprehensive loss (2,472,826 ) (2,200,462 ) Retained earnings 27,425,063 25,548,835 TOTAL STOCKHOLDERS' EQUITY 46,217,165 44,047,424 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 50,614,718 $ 47,989,059 These financial statements should be read in conjunction with the Form 10-Q and accompanying footnotes.
PROFIRE ENERGY, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Operations and Other Comprehensive Income (Loss) (Unaudited) For the Three Months Ended March 31, 2018 2017 REVENUES Sales of goods, net $ 11,454,615 $ 7,292,228 Sales of services, net 715,103 532,267 Total Revenues 12,169,718 7,824,495 COST OF SALES Cost of goods sold-product 5,557,710 3,055,300 Cost of goods sold-services 481,867 402,022 Total Cost of Goods Sold 6,039,577 3,457,322 GROSS PROFIT 6,130,141 4,367,173 OPERATING EXPENSES General and administrative expenses 3,341,903 2,948,089 Research and development 403,220 198,966 Depreciation and amortization expense 128,717 149,076 Total Operating Expenses 3,873,840 3,296,131 INCOME FROM OPERATIONS 2,256,301 1,071,042 OTHER INCOME (EXPENSE) Gain on sale of fixed assets 64,831 2,101 Other expense (1,792 ) (5,414 ) Interest income 50,708 31,278 Total Other Income 113,747 27,965 INCOME BEFORE INCOME TAXES 2,370,048 1,099,007 INCOME TAX EXPENSE 493,820 498,936 NET INCOME $ 1,876,228 $ 600,071 OTHER COMPREHENSIVE INCOME (LOSS) Foreign currency translation gain (loss) $ (239,129 ) $ 75,113 Unrealized gains (losses) on investments (33,235 ) 36,288 Total Other Comprehensive Income (Loss) (272,364 ) 111,401 NET COMPREHENSIVE INCOME $ 1,603,864 $ 711,472 BASIC EARNINGS PER SHARE $ 0.04 $ 0.01 FULLY DILUTED EARNINGS PER SHARE $ 0.04 $ 0.01 BASIC WEIGHTED AVG NUMBER OF SHARES OUTSTANDING 48,670,305 50,632,275 FULLY DILUTED WEIGHTED AVG NUMBER OF SHARES OUTSTANDING 49,744,101 51,287,405 These financial statements should be read in conjunction with the Form 10-Q and accompanying footnotes.
PROFIRE ENERGY, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Cash Flows (Unaudited) For the Three Months Ended March 31, 2018 2017 OPERATING ACTIVITIES Net income $ 1,876,228 $ 600,071 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization expense 220,245 237,116 Gain on sale of fixed assets (64,731 ) (2,101 ) Bad debt expense 63,566 45,313 Stock awards issued for services 581,619 181,318 Changes in operating assets and liabilities: Changes in accounts receivable (746,179 ) 249,844 Changes in income taxes receivable/payable 591,277 568,065 Changes in inventories (863,148 ) (399,410 ) Changes in prepaid expenses 104,008 33,698 Changes in deferred tax asset/liability (111,406 ) (49,520 ) Changes in accounts payable and accrued liabilities (198,540 ) 500,552 Net Cash Provided by Operating Activities 1,452,939 1,964,946 INVESTING ACTIVITIES Proceeds from sale of equipment 139,763 30,451 Purchase of investments (484,142 ) (500,408 ) Purchase of fixed assets (234,778 ) (52,720 ) Net Cash Used in Investing Activities (579,157 ) (522,677 ) FINANCING ACTIVITIES Value of equity awards surrendered by employees for tax liability (83,600 ) — Cash received in exercise of stock options 74,241 — Purchase of Treasury stock — (318,904 ) Net Cash Used in Financing Activities (9,359 ) (318,904 ) Effect of exchange rate changes on cash (113,644 ) 20,158 NET INCREASE IN CASH 750,779 1,143,523 CASH AT BEGINNING OF PERIOD 11,445,799 7,669,644 CASH AT END OF PERIOD $ 12,196,578 $ 8,813,167 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION CASH PAID FOR: Interest $ — $ — Income taxes $ — $ 78 These financial statements should be read in conjunction with the Form 10-Q and accompanying footnotes.
Source:Profire Energy, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/globe-newswire-profire-energy-reports-financial-results-for-first-fiscal-quarter-fiscal-2018.html |
May 14 (Reuters) - ALJ Regional Holdings Inc:
* ALJ REGIONAL HOLDINGS - HAD REPORTED Q1 NET LOSS OF $0.03 PER SHARE EX. DEFERRED INCOME TAX EXPENSE
* ALJ REGIONAL HOLDINGS, INC. ANNOUNCES EARNINGS FOR THE SECOND QUARTER ENDED MARCH 31, 2018 AND REVISES FISCAL 2018 GUIDANCE
* Q2 LOSS PER SHARE $0.01 * SEES 2018 CONSOLIDATED ADJUSTED EBITDA OF $31.0 MILLION - $34.0 MILLION
* ALJ REGIONAL - ESTIMATES REVENUE FOR QUARTER ENDING JUNE 30 TO BE IN RANGE OF $80.2 MILLION TO $88.8 MILLION Source text for Eikon: Further company coverage:
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-alj-regional-reports-q2-loss-per-s/brief-alj-regional-reports-q2-loss-per-share-0-01-idUSL5N1SL846 |
May 15, 2018 / 5:24 AM / in 5 hours Warriors race past Rockets in NBA West finals opener Reuters Staff 5 Min Read
Kevin Durant poured in a team-high 37 points and Klay Thompson chipped in 28 as the Golden State Warriors claimed the opener of the Western Conference finals and snatched home-court advantage with a frenetic 119-106 win over the Houston Rockets on Monday at Toyota Center. May 14, 2018; Houston, TX, USA; Golden State Warriors forward Andre Iguodala (9) battles Houston Rockets guard James Harden (13) and guard Chris Paul (3) for a loose ball during the fourth quarter in game one of the Western conference finals of the 2018 NBA Playoffs at Toyota Center. Mandatory Credit: Troy Taormina-USA TODAY Sports
While Durant served as a midrange gunner, recording three rebounds and one assist, Thompson scorched Houston from the perimeter, hitting 6 of 15 3-point attempts. That tandem worked in concert whenever the Rockets mustered a rally, offsetting relatively quiet efforts from Stephen Curry (18 points, eight assists) and Draymond Green (five points, nine rebounds, nine assists).
“He’s one of the best scorers ever,” Houston coach Mike D’Antoni said of Durant. “I thought he was extremely good. But we can withstand that. We can’t withstand turning the ball over and giving up so many wide open threes.”
Said Warriors coach Steve Kerr, “We want to keep the ball moving. But obviously Kevin is the ultimate luxury because a play can break down and you just throw him the ball. He can get you a bucket as well as anybody on Earth. This is why anybody would want him on their team.
“You think about a couple years ago, and we’re in the Finals and we couldn’t quite get over the hump. Kevin is the guy that puts you over the hump. I don’t know what you do to guard him. He can get any shot he wants.”
Green added two blocks and two steals to anchor the Golden State defense. May 14, 2018; Houston, TX, USA; Golden State Warriors forward Andre Iguodala (9) drives against Houston Rockets guard Chris Paul (3) during the fourth quarter in game one of the Western conference finals of the 2018 NBA Playoffs at Toyota Center. Mandatory Credit: Troy Taormina-USA TODAY Sports
Durant and Thompson combined for 11 points while Golden State stretched a three-point lead to 76-70 midway through the third quarter. Durant then scored the final six points of the third before Thompson tallied the first seven of the fourth to provide the Warriors a working margin.
James Harden paced the Rockets with 41 points and seven assists while Chris Paul chipped in 23 points and 11 rebounds. However, excluding Eric Gordon, who scored 15 points off the bench, the Rockets received precious little from their role players. And with Golden State featuring its usual brand of ferocious half-court defense, the Rockets didn’t have nearly enough firepower.
The Warriors shot 52.5 percent overall and outpaced the Rockets 18-3 in transition. Houston will host Game 2 on Wednesday night at Toyota Center before the series shifts to Oakland, Calif.
“They did a really good job,” Harden said of the Warriors. “If you miss the shots or if you turn the basketball over, they’re out. They’re getting dunks, they’re getting threes. I’m not sure how many transition points they had, but it was too many. That’s what they thrive on. So we’ve got to do a better job of not turning the basketball over, taking better shots and getting back and matching up. Slideshow (5 Images)
“There were a couple times where we didn’t guard anybody, and they got a dunk or an open three. That can’t happen.”
Harden and Durant were incendiary from the start, combining for 25 points on 10-for-16 shooting in the first quarter. Golden State needed to survive the early emotional salvo from the Rockets, with Houston dashing to a 12-4 lead behind eight points from Harden.
“We’re in the Western Conference finals. They are going to come out with a lot of energy,” Durant said. “We’re going to take that first punch and keep punching.”
The Rockets stretched the lead to 21-15 on a Clint Capela dunk after the Warriors were caught scrambling defensively.
“You’re not going to come in and just knock them out,” D’Antoni said. “There were too many times where we had mental lapses. We didn’t switch properly, turned the ball over and missed too many layups. We need to do a better job of staying up mentally.”
Golden State began to work its way back behind Durant, whose 3-pointer late in the first quarter cut the deficit to 25-22. Durant converted consecutive baskets midway through the second quarter to push Golden State to a lead. The Rockets responded with a 7-0 spurt, but the Warriors closed the half with a Nick Young 3-pointer for a 56-56 deadlock.
The Rockets struggled to maintain any offensive rhythm, finishing with 16 turnovers to undermine their best efforts. Golden State gave the ball away nine times.
Houston shot 45.9 percent from the floor. Each team hit 13 3-pointers.
—Field Level Media | ashraq/financial-news-articles | https://www.reuters.com/article/us-basketball-nba-hou-gsw-recap/warriors-race-past-rockets-in-nba-west-finals-opener-idUSKCN1IG0IH |
WASHINGTON (Reuters) - Former New York City Mayor Rudy Giuliani, who joined President Donald Trump’s legal team last month, said on Wednesday that Trump repaid the $130,000 his lawyer gave to an adult-film star to buy her silence about an alleged affair with the president.
Trump has said he did not know about the payment to Stormy Daniels, who says she had a one-night stand with Trump in 2006. Trump’s lawyer Michael Cohen paid Daniels, whose real name is Stephanie Clifford, the money in 2016 to keep quiet about the alleged sexual encounter before the presidential election.
In an interview on Fox News, Giuliani, a former federal prosecutor and longtime friend of Trump, said the president knew about the $130,000 payment and reimbursed Cohen.
“They funneled it through a law firm and the president repaid it,” Giuliani said.
“He didn’t know about the specifics of it, as far as I know, but he did know about the general arrangement that Michael would take care of things like this,” Giuliani said.
He said the payment did not violate campaign finance laws because it was not drawn from Trump campaign funds.
FILE PHOTO: A combination photo shows Adult film actress Stephanie Clifford, also known as Stormy Daniels speaking in New York City, and U.S. President Donald Trump speaking in Washington, Michigan, U.S. on April 16, 2018 and April 28, 2018 respectively. REUTERS/Brendan Mcdermid (L) REUTERS/Joshua Roberts (R)/File Photos The White House did not immediately respond to a request for comment.
When asked by reporters on April 5 if he knew about the payment to Daniels, Trump responded, “No.” Asked why Cohen made the payment, Trump said: “You’ll have to ask Michael Cohen. Michael is my attorney. You’ll have to ask Michael.”
Cohen has said he paid Daniels out of his own pocket and was not reimbursed by Trump.
The White House has denied Trump had sex with Daniels.
Former New York City Mayor Rudy Giuliani speaks to members of the media as he attends the funeral service for U.S. evangelist Billy Graham at the Billy Graham Library in Charlotte, North Carolina, U.S., March 2, 2018. REUTERS/Chris Keane Daniels has sued Trump and Cohen to be released from the non-disclosure agreement, saying it was invalid because Trump never signed it. She has also sued Trump for defamation.
Reporting by Eric Beech; Editing by Clarence Fernandez
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-trump-daniels/giuliani-says-trump-repaid-130000-his-lawyer-spent-to-quiet-porn-star-idUSKBN1I405J |
May 4 (Reuters) - Amadeus IT Group SA:
* Q1 ADJUSTED NET PROFIT 305.6 MILLION EUROS VERSUS 292.9 MILLION EUROS YEAR AGO
* Q1 EBITDA 539.0 MILLION EUROS VERSUS 501.8 MILLION EUROS YEAR AGO
* Q1 REVENUE 1.23 BILLION EUROS VERSUS 1.19 BILLION EUROS YEAR AGO Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-amadeus-q1-adjusted-net-profit-up/brief-amadeus-q1-adjusted-net-profit-up-4-3-pct-at-305-6-mln-euros-yoy-idUSL8N1SB13S |
Pizza places generally deliver within a two- to five-mile radius, but famous Patsy's Pizzeria in Manhattan, New York, will be going an extra 2,800 miles to Los Angeles, thanks to a partnership with JetBlue .
May 9 to 11, the airline will deliver 350 Patsy's Pizzeria pies daily, from the East Coast (JFK) to the West Coast (LAX).
The entire process starts at historic Patsy's Pizzeria in East Harlem, where the pizzas are made fresh and baked in a coal-fire oven. From there, they will be packed in coolers for the flight at 8 a.m. EST then, once arriving at LAX at 1:30 p.m. PST, brought to a kitchen and prepped for final delivery to a customer's home.
The stunt, called Pie in the Sky , is to promote the airline's LA to NYC route, but the company says it consulted with a specially trained pizzaiolo (pizza chef) to ensure quality is maintained throughout the delivery process, which will take more than eight hours.
New York City is known for having the best pizza in the world ( thanks to the local water , some say) but still, that's a long time to get a pie.
"In Italy, Roman-style pizza is often made early in the morning and served from a display case so that people can pick up a slice of their choice at any time of day, reheat and enjoy," says Daniele Uditi, master pizzaiolo at award-winning Pizzana in Los Angeles. "Since I have a background in bread making, I'm always concerned about how well the crust will hold up over a long period of time. No matter what, it will be interesting to taste."
Any L.A. resident that lives in the delivery zone can order either the 16-inch cheese ($12) or pepperoni ($15). To start an order, customers must ensure their zip code is in the delivery zone , then order the pizza promptly at 12 a.m. PST every day. It's first come, first serve, with only 350 pies available daily. Once ordered, you can track your pizza for the free delivery (and the tip is on JetBlue) between 7 p.m. and 10 p.m. PST.
Getty Images | Nick Laham Spike Lee The airline also got quintessential New Yorker Spike Lee to give his dos and don'ts on how to eat a pizza like a real New Yorker: "Do use your hands. Don't fork and knife it. Do fold it in half. Don't dab the pizza pie with a napkin. Do share with a friend... or don't," he says.
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Don't miss: The illegal delicacy Axe ate on 'Billions' is a real thing — here's the story behind it
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show chapters JetBlue to sell seats on semi-private jets, says sources 1:11 PM ET Mon, 23 April 2018 | 00:32 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/08/jetblue-is-flying-patsys-pizza-from-new-york-to-los-angeles.html |
NEW YORK, WeissLaw LLP, a national class action, shareholder rights law firm with offices in New York, Los Angeles, and Atlanta, announces an investigation of InnerWorkings, Inc. (the "Company" or "INWK") (NASDAQ: INWK). The investigation focuses on possible breaches of fiduciary duty and violations of federal securities laws in connection with the Company's May 7 announcement that it would be postponing the release of its first quarter 2018 financial results due to errors in its historical financial statements. As a result of these errors, the Company stated it will be "restating its financial statements for the years ended December 31, 2017, 2016, and 2015, and all interim periods within those years."
WeissLaw is investigating whether INWK's Board breached its fiduciary duties by, among other things, failing to ensure that an effective system of internal controls was maintained over the Company's financial reporting. If you own INWK shares and wish to discuss this investigation or have any questions concerning this notice or your rights or interests, please contact Joshua Rubin of WeissLaw LLP at (888)593-4771 , or by e-mail at [email protected] .
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at [email protected] or fill out the form on our website, http://www.weisslawllp.com/innerworkings-inc/
releases/weisslaw-llp-innerworkings-inc-is-the-subject-of-a-legal-investigation-300654026.html
SOURCE WeissLaw LLP | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/pr-newswire-weisslaw-llp-innerworkings-inc-is-the-subject-of-a-legal-investigation.html |
TOKYO, May 24 (Reuters) - Most Japanese government bonds were little changed on Thursday but some super-long bonds firmed slightly as Japanese share prices tumbled for the third consecutive day, boosting the allure of government bonds.
While the market is supported by the Bank of Japan’s massive bond buying programme, few investors are eager to buy JGBs at current levels after bond yields saw a substantial rise globally in the past few weeks.
Ten-year JGB futures fell 0.02 point to 150.83, with a trading volume of 25,407 lots while the 10-year JGB yield rose 0.5 basis point to 0.045 percent.
The two-year JGB yield was flat at minus 0.145 percent while the five-year JGB yield rose 0.5 basis point to minus 0.110 percent.
But the 30-year JGB yield fell 0.5 basis point to 0.745 percent and the 40-year yield dropped 0.5 basis point to 0.885 percent, helped by a fall in Japanese shares.
The Nikkei share average extended losses into a third day, falling 2.5 percent during this period. (Reporting by Tokyo Markets Team; Editing by Sunil Nair)
| ashraq/financial-news-articles | https://www.reuters.com/article/japan-bonds/jgbs-little-changed-but-long-maturities-gain-on-weak-stocks-idUSL3N1SV2TS |
BULAWAYO, Zimbabwe (Reuters) - A crocodile attacked Zanele Ndlovu as she canoed with her fiance in Zimbabwe, ripping her arm so badly it had to be amputated. But the pair, due to marry just five days later, refused to allow the trauma to delay the ceremony.
The Zimbabwean told Reuters TV the crocodile punctured the inflatable boat carrying her and British fiance Jamie Fox, leaving the couple scrambling for their lives in the waters of the Zambezi.
“Firstly I was just pushing, kicking and trying to fight the croc as much as I could and eventually one of the tour guides managed to pull me out of the water and got me onto one of their canoes,” said Ndlovu.
The tour guides also pulled out Fox, and Ndolvu was airlifted to a Bulawayo hospital for treatment. Doctors amputated her shattered arm just above the elbow.
The pair married five days later after Ndlovu said she saw no reason to cancel. Friends and relatives attended.
The couple plan to settle in Britain. Fox said: “I think the first thing we are going to explore is a fully functioning prosthetic arm.”
Writing by MacDonald Dzirutwe, Editing by William Maclean
| ashraq/financial-news-articles | https://www.reuters.com/article/us-zimbabwe-crocodile-attack/zimbabwe-woman-says-yes-i-do-days-after-crocodile-attack-idUSKBN1IA2ZJ |
May 21, 2018 / 6:49 AM / Updated an hour ago Australian shares end flat as financials and materials weigh; NZ falls Reuters Staff
* Aussie shares close in red for third consecutive session
* Financials biggest drag on the benchmark
* NZ declines on slump in consumer staples (Updates to close)
May 21 (Reuters) - Australian shares closed flat on Monday as losses in materials and banking stocks offset positive sentiment stemming from easing U.S.-China trade tensions, while the healthcare index rose to a record high on an extended rally in CSL Ltd.
The S&P/ASX 200 index fell 2.90 points to 6,084.5 at the close of trade. The benchmark declined 0.1 percent on Friday.
Banks fell, dragging on the benchmark. Top lender Commonwealth Bank of Australia declined 0.6 percent to its lowest since Sept. 2016, while Westpac Banking Corp dipped 0.7 percent to a three-week low.
Materials stocks also traded lower as China’s Dalian iron ore futures fell more than 3 percent.
Global miner BHP slipped 0.4 percent and rival Rio Tinto Ltd slid 0.9 percent.
But biotherapeutics developer CSL Ltd rose to its highest level ever after raising its annual profit outlook on Friday.
Positive sentiment from CSL spilled over to the broader sector, with the Australian healthcare index rising 1.4 percent to a record high.
In New Zealand, the benchmark S&P/NZX 50 index fell 0.5 percent or 41.61 points to finish the session at 8,615.72.
Consumer staples led the decline, with heavyweight a2 Milk Company Ltd dipping 2.3 percent, while Comvita Ltd slumped 8 percent to a nine-month low.
Health products producer Comvita said that talks with an unnamed third party for a possible takeover of the company have ended without a deal due to a “considerable distance” between the parties on price. (Reporting by Aditya Soni in Bengaluru Editing by Eric Meijer) | ashraq/financial-news-articles | https://www.reuters.com/article/australia-stocks-close/australian-shares-end-flat-as-financials-and-materials-weigh-nz-falls-idUSL3N1SS2JR |
The leader of Italy's largest political party has called for President Sergio Mattarella to face impeachment charges after he refused to accept a controversial choice for economy minister.
Amid a deepening sense of political and constitutional turmoil in the euro zone's third-largest economy, Luigi Di Maio of the populist Five Star Movement (M5S) said Sunday that the actions of Italy's president had triggered an "institutional crisis."
Mattarella, who was installed by a previous pro-EU government, refused to accept the nomination of eurosckeptic candidate Paolo Savona for economy minister. The move prompted two of Italy's anti-establishment parties to abandon their plans to try to form a coalition government .
M5S and the right-wing Lega party (League) have been trying to form an administration since elections in early March failed to produce a clear winner.
"We were a few steps away from forming a government, and we were stopped because in our cabinet there was a minister who criticized the EU," Di Maio said in an interview on RAI state television Sunday.
"I want this institutional crisis to be taken to parliament ... and the president tried," he added.
Membership of the euro is a 'fundamental choice' Mattarella, who serves as head of state and is supposed to be politically neutral, took the unprecedented step of blocking Savona's nomination on the grounds that the candidate had previously threatened to pull Italy from the single currency.
In a televised address, Mattarella said Sunday: "The uncertainty over our position has alarmed investors and savers both in Italy and abroad … Membership of the euro is a fundamental choice. If we want to discuss it, then we should do so in a serious fashion."
While he had agreed to all other ministerial picks, Italy's president said he still had the right to block nominations when it concerned matters which could potentially harm the state. He added both M5S and Lega had refused to put forward any other candidates for the role of economy minister.
Giuseppe Ciccia | Pacific Press | LightRocket via Getty Images Luigi Di Maio, Five-Star Movement (M5S) leader, addresses the media after a new round of consultations, with Italian President Sergio Mattarella, for the formation of the new government at the Quirinale Palace in Rome, Italy. The euro initially gained ground on the news but soon fell as traders contemplated a political stalemate and another election. In the stock markets, the FTSE MIB was down 2 percent with some heavy losses seen in the banking sector.
Last week, financial markets tumbled on elevated concerns that the country's impending coalition government would likely prompt a spending splurge — dangerously ramping up Italy's already massive debt pile.
Salvini 'does not want to talk' about impeachment The leader of Italy's Lega party, Matteo Salvini, said Monday he "does not want to talk" about a possible impeachment of Mattarella.
Instead, Salvini told Radio Capital: "We need to keep cool. Some things cannot be done in the throes of anger ... I don't want to talk about impeachment."
His comments appeared at odds with Di Maio's explosive rhetoric on Sunday, when M5S's leader reacted angrily to the breakdown of government talks.
show chapters Conflict between Italy's parliament and government will be intense: Pro 11 Hours Ago | 03:59 Shortly after Mattarella's move, the president's office reportedly contacted the International Monetary Fund's (IMF) former director of fiscal affairs, Carlo Cottarelli. The call is widely thought to be an initial step in offering the former official a mandate to create a technocratic government.
At midday London time Monday, Reuters reported that the president had officially appointed Cottarelli as interim prime minister. Cottarelli then addressed the media, saying he would put together a government "very quickly" to accompany the country to fresh elections, to be held in the fall or early next year.
Wolfango Piccoli, co-president of risk consultancy Teneo Intelligence, argued the apparent opposition to a so-called neutral government would mean it is likely to fail to win enough support from any subsequent confidence vote.
"This means that Italy will be left with no effective government backed by a clear political majority in parliament until the end of the year. In short, 2018 will be a largely a wasted year, with no ability to deliver any meaningful policy while the end of QE (quantitative easing) is approaching," Piccoli said in a research note published Sunday.
show chapters Italy's Lega could gain more power in fresh elections, analyst says 11 Hours Ago | 02:58 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/28/italy-plunged-back-into-political-crisis-as-president-faces-calls-for-impeachment.html |
CBS and Viacom talks remain in gridlock, say sources 6 Hours Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/08/cbs-and-viacom-talks-remain-in-gridlock-say-sources.html |
May 15, 2018 / 6:01 PM / Updated an hour ago Insys sees no change in estimated litigation costs Reuters Staff 1 Min Read
(Reuters) - Insys Therapeutics Inc said on Tuesday that it believed a previously estimated $150 million would be sufficient to cover expenses from an ongoing litigation related to the company’s sales practises.
The news comes a day after the U.S. Department of Justice joined a whistleblower lawsuit alleging Insys paid kickbacks to doctors.
The company continues to have an ongoing dialogue with the DOJ regarding this investigation, Insys said on Tuesday.
“This ongoing dialogue has not resulted in information that would cause the company to revise this estimate (of $150 million),” the company said.
The government’s involvement was disclosed in a filing made public on Monday. It adds firepower to the civil litigation as Insys tries to resolve a federal probe into its marketing of Subsys, a spray form of fentanyl. Reporting by Manas Mishra in Bengaluru; Editing by Shounak Dasgupta | ashraq/financial-news-articles | https://uk.reuters.com/article/us-insys-opioids/insys-sees-no-change-in-estimated-litigation-costs-idUKKCN1IG2U4 |
May 16 (Reuters) - India’s biggest cigarette maker ITC Ltd posted a better-than-expected quarterly profit on Wednesday, helped by a fall in excise duty.
Profit for the quarter ended March 31 came in at 29.33 billion rupees ($432.44 million) from 26.69 billion rupees reported last year, the company, which also makes biscuits and noodles under the Sunfeast brand, said bit.ly/2L6bFdd.
Analysts on average expected a net profit of 28.45 billion rupees, according to Thomson Reuters data.
Revenue from operations fell 28 percent to 108.13 billion rupees, while excise duty paid was down about 94 percent.
$1 = 67.8250 Indian rupees Reporting By Arnab Paul in Bengaluru; Editing by Biju Dwarakanath
| ashraq/financial-news-articles | https://www.reuters.com/article/itc-results/indias-itc-q4-profit-rises-10-pct-beats-estimates-idUSL3N1SN3K9 |
May 2 (Reuters) - Hero MotoCorp Ltd, the world’s largest selling two-wheeler maker, reported a better-than-expected 35 percent rise in quarterly profit on Wednesday.
Profit rose to 9.67 billion rupees ($145.08 million) in the three months ended March 31, from 7.18 billion rupees a year ago, the company said in a statement here
Analysts on average expected a profit of 9.52 billion rupees for the quarter, Thomson Reuters Eikon data showed.
The company sold over 2 million two-wheelers during the quarter, an increase of 23 percent over the same period a year earlier. ($1 = 66.6550 Indian rupees) (Reporting by Krishna V Kurup in Bengaluru; Editing by Subhranshu Sahu)
| ashraq/financial-news-articles | https://www.reuters.com/article/hero-motocorp-results/indias-hero-motocorp-q4-profit-rises-35-pct-beats-estimate-idUSL3N1S92TM |
April 30 (Reuters) - 3M Co:
* 3M ANNOUNCES FDA CLEARANCE OF NEW BIOLOGICAL INDICATOR SYSTEM PROVIDING 24-MINUTE RESULTS FOR STEAM STERILIZATION
* 3M CO - FDA 510(K) CLEARANCE FOR ITS 3M ATTEST SUPER RAPID BIOLOGICAL INDICATOR (BI) SYSTEM FOR STEAM Source text for Eikon: Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-3m-announces-fda-clearance-of-new/brief-3m-announces-fda-clearance-of-new-biological-indicator-system-idUSFWN1S719W |
Team Brunel edge AkzoNobel by less than five minutes to win Leg 9 of Volvo Ocean Race 10:22am BST - 01:23
Team Brunel wins Leg 9 of the Volvo Ocean Race by just over four minutes from AkzoNobel to close the gap on overall leaders DongFeng ▲ Hide Transcript ▶ View Transcript
Team Brunel wins Leg 9 of the Volvo Ocean Race by just over four minutes from AkzoNobel to close the gap on overall leaders DongFeng Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2GWyMUx | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/29/team-brunel-edge-akzonobel-by-less-than?videoId=431376191 |
Recommends Voting on the WHITE Proxy Card and FOR the Election of Two Large Stockholders to Board: Louis Graziadio and Frank (Ted) Walsh
Highlights Engaged and Committed Directors with Clear Value-Enhancing Strategy to Position Acacia for Growth and Success
NEWPORT BEACH, Calif.--(BUSINESS WIRE)-- The Board of Directors of Acacia Research Corporation (Nasdaq:ACTG), an industry leader in patent licensing and enforcement (“Acacia” or the “Company”), today issued an open letter to stockholders in connection with the Company’s 2018 Annual Meeting of Stockholders to be held on June 14, 2018.
The full text of the letter follows:
May 21, 2018
Dear Fellow Acacia Stockholders,
The Acacia 2018 Annual Meeting of stockholders is less than a month away. We believe this year’s annual meeting will have a significant impact on the future direction of your company.
On June 14, 2018, stockholders will have the opportunity to elect incumbent directors Louis Graziadio and Frank “Ted” Walsh to our Board, two well-respected business leaders with decades of experience who have been working on your behalf to successfully reposition Acacia.
In stark contrast, activist investors Sidus Investment Management and BLR Partners have put forth two nominees with NO applicable business experience and NO plan for the Company other than a proposal that would strip Acacia of its valuable assets and destroy shareholder value.
The Board has a clear value-enhancing strategy for the future and collectively owns significantly more Acacia stock than Sidus and BLR combined.
Unfortunately, Sidus and BLR have resorted to making false statements and misleading attacks against the Board and our nominees (our Executive Chairman and the Chairman of our Strategy Committee) in a disgraceful and disingenuous attempt to gain your support. They are intentionally omitting important facts about our challenging and complex industry and our Board’s independence, business experience, compensation structure and alignment of interests with Acacia shareholders.
Let us set the record straight.
ACACIA PERFORMED EXTREMELY WELL UNTIL UNEXPECTED LEGAL REFORMS AND UNFAVORABLE LITIGATION RULINGS UPENDED OUR BUSINESS
Acacia was one of the top performing Patent Licensing and Enforcement companies for much of its life as a public company. Between 2002 and 2011, we generated superior returns for shareholders, with total returns of more than 2,400%. In 2011, however, the regulatory and legal framework for companies in our industry drastically changed and nearly all of our peers lost a significant amount of their value. Moreover, at the end of 2015, we unexpectedly lost a major patent litigation; in the wake of that loss, our Chief Executive Officer resigned, our then-Chairman indicated that he wished to retire, and many of our dejected employees began looking elsewhere for job stability. Not surprisingly, Acacia’s stock price declined.
MR. GRAZIADIO HAS STABLIZED AND REPOSITIONED ACACIA
Mr. Graziadio, who was on the Board at the time of this crisis, agreed to lead the company through a massive restructuring effort to stabilize the business and prevent it from incurring further losses. Through his decisive actions and those of our other directors during 2016 and 2017, Acacia has not only survived, but it has performed better than nearly all of our peers. Among other things, under Mr. Graziadio’s strong leadership, we substantially lowered our operating cost structure, terminated less attractive lawsuits, streamlined our operations and significantly reduced headcount.
In August of 2016, Mr. Graziadio was named our Executive Chairman and has effectively been acting as Acacia’s CEO ever since. Mr. Graziadio never received a salary for his services. Instead, he was compensated with stock options tied to the performance of Acacia’s stock. In a further show of commitment and alignment with shareholder interests, Mr. Graziadio purchased more than $5 million worth of Acacia’s stock in the open market.
Despite what Sidus and BLR have stated, the only way Mr. Graziadio makes money for all his efforts over the last two years is if the value of Acacia stock grows significantly. In fact, no value from Mr. Graziadio’s August 2016 options will be realized unless and until Acacia’s stock trades above $5.75 per share, the exercise price of the majority of these options. Furthermore, the 2016 options Mr. Graziadio was granted will not be earned, and therefore will not vest, unless and until Acacia’s stock price appreciates above $7 per share for a sustained period of time.
Mr. Graziadio’s leadership and commitment during this critical time for Acacia has been invaluable.
ACACIA’S BOARD IS WELL-BALANCED, INDEPENDENT, ENGAGED AND FULLY-ALIGNED WITH ALL STOCKHOLDERS
Over the past two years, the Board has appointed four new independent directors to Acacia’s seven-member Board: Ted Walsh (in 2016), James Sanders (2017), Paul Falzone (2018) and Joe Davis (2018). Each of these individuals brings an important and complementary set of skills to Acacia’s board. The goal has been simple: refresh the Board with engaged directors that can help the company pursue its new strategic direction.
Sidus and BLR criticize the appointment of these objective, independent directors and attempt to impugn their character by suggesting they have close allegiances to Mr. Graziadio and will not act in the best interest of all shareholders. This is ludicrous and simply not true.
Mr. Walsh is a very successful businessman who serves on a private company Board with Mr. Graziadio. Far from being a reason to criticize Mr. Walsh’s appointment to the Board, this is an extremely common way Boards recruit additional directors. Nothing about service on that Board can or should suggest that Mr. Walsh is not an independent, qualified board member under any standard who will exercise his fiduciary duty to all of Acacia’s stockholders with independence and fidelity.
Mr. Sanders runs his own independent legal practice and has never been employed by Mr. Graziadio or any of his companies. Mr. Sanders is a very engaged board member with an important legal background that is essential to us given the nature of our business.
Our two newest directors, Mr. Davis and Mr. Falzone, have no previous connection to Mr. Graziadio whatsoever and were fully vetted by the entire Board prior to their appointments. Mr. Falzone, as an example, worked closely and voluntarily with the Board for more than a year on various projects, getting to know the company and the Board very well. During that time, the directors came to respect Mr. Falzone’s judgment and subsequently offered him a Board seat. Since joining the Board, Mr. Falzone has demonstrated a superior knowledge of, and keen insights about, investing in disruptive, high-growth technology companies. He and Mr. Davis are as independent of one another and the other board members as any director could possibly be.
Acacia is a small company, with only 13 employees. The Board members are highly engaged and spend a great deal more time on Company matters than what is typically expected of public company directors. The directors meet informally, by phone or in person, with one another and management dozens of times in any given quarter. Several of the Board members, like Mr. Walsh, have also been very actively engaged in the technology, licensing, litigation, investment decision making and other operations of the business and, as a result, have developed a deep understanding of the Company’s core capabilities and strengths. Today, Acacia is a stronger business with a bright future because of the heavy involvement of these directors.
Over the past two years, Acacia’s Board has been thoughtfully reconstituted with individuals who can help execute our new strategy of partnering with, and investing into, high-growth technology companies. We have also implemented a new compensation program, designed with the assistance of our outside, nationally recognized consultant, which aligns the compensation of our management team with the returns generated by these investments, and the performance of Acacia’s stock. We are extremely pleased that this strategy is working. Our Board has been actively involved with Acacia’s two investments into Veritone, Inc, a leading cloud-based Artificial Intelligence technology company, and Miso Robotics, Inc., an innovative leader in robotics and Artificial Intelligence solutions. Both companies are performing well.
In addition to the Board’s active involvement, it’s important to note that both Acacia’s Board and management team have demonstrated their full confidence in the future of our business by personally acquiring a substantial amount of Acacia’s stock. In fact, the two Acacia director nominees up for election this year, Mr. Graziadio and Mr. Walsh, have collectively purchased more than $7 million worth of Acacia’s stock in the open market as a sign of commitment and support for the future of our company.
Today, Acacia is a well-run, efficient organization that is led by a very strong, engaged and independent board of directors who have the capabilities and the appropriate incentives to drive long-term value for all shareholders.
SIDUS AND BLR DO NOT HAVE A PLAN TO HELP INCREASE SHAREHOLDER VALUE. THEIR DIRECTOR NOMINEES LACK RELEVANT SKILLS AND HAVE NO PERSONAL OWNERSHIP OF ACACIA’S STOCK.
Acacia’s Board and management team have worked hard to find some way to avoid an expensive proxy contest with Sidus abd BLR. Toward this end, we have spent a significant amount of time with them, beginning in October 2017, in person, by phone and via email to find a constructive resolution to their disruptive campaign.
Despite the fact that our meetings have been cordial and professional, it has become evident to us that Sidus and BLR, and their director nominees, lack a fundamental understanding of the patent enforcement business as well as Acacia’s strategic investment initiatives.
During these meetings, we tried several times to engage in a thoughtful dialogue about Sidus and BLR’s ideas for how the Board could do a better job, or which skills they believed were missing from the boardroom. Each time, they declined to provide any substantive feedback.
In the numerous discussions we have had with Sidus and BLR, the only suggestion they have made is that we should sell our assets and use our cash to implement a large share buyback. We believe that these hedge funds have a flawed and very short-sighted perspective about our business. Given our ongoing litigation, is it simply not feasible for us to wind-down the company or distribute a significant portion of our assets. Doing so would deplete our balance sheet and destroy our credibility in litigation, which requires us to have sufficient financial resources to pursue an protect the value of our patent assets.
Regarding our Corporate Governance, Mr. Radoff from BLR has suggested that Acacia’s classified board structure hinders accountability. In fact, we agree that staggered boards, at most companies, are sub-optimal. But Mr. Radoff misunderstands the patent licensing and enforcement business, in which we are often battling companies much larger than Acacia and seeking hundreds of millions in fees or penalties. Without a staggered board structure, these defendants could quickly take control of Acacia as a means of avoiding negotiation or litigation. That said, as our business evolves, and we have fewer cases and patent licenses, the Board is fully committed to annual board elections.
CHOOSE THE RIGHT PATH FOR CONTINUED VALUED CREATION AND THE RIGHT BOARD “FOR” ACACIA BY VOTING THE WHITE PROXY CARD
Acacia has been a public company for many years and experienced fantastic growth and value creation. We have also faced difficult times, as the industry landscape unexpectedly shifted. We are in a transition now, putting the company on the right path to grow again. Our directors have worked extremely hard to stabilize Acacia during these extremely difficult times, and there is still much work to be done. That said, we firmly believe Acacia is now poised for growth and success.
We ask stockholders – would you rather have:
Two engaged and committed directors who have purchased more than $7 million worth of Acacia stock in the open market like Mr. Graziadio and Mr. Walsh have done?
OR
Two short-term oriented activist investors who have no plans for building value, no relevant industry or operating experience, and no personal ownership of Acacia’s stock?
We believe the answer is clear – support the Acacia directors who have worked tirelessly to assist Acacia’s small management team in executing the Company’s business plan, helping to improve operating performance and lower costs at a critical time in Acacia’s history.
YOUR VOTE IS VERY IMPORTANT
Whether or not you plan to attend the Annual Meeting, it is important that your shares be represented and voted at the Annual Meeting. Therefore, we urge you to complete, sign, date and promptly return the enclosed WHITE proxy card in the enclosed postage-paid envelope, even if you plan to attend the Annual Meeting. Returning your completed proxy will ensure your representation at the Annual Meeting. If you decide to attend the Annual Meeting and wish to change your proxy vote, you may do so automatically by voting in person at the Annual Meeting.
Unanimously,
The Acacia Board of Directors
VOTE THE WHITE PROXY CARD TODAY
Georgeson
1290 Avenue of the Americas, 9th Floor
New York, NY 10104
(888) 566-8006 (Toll Free)
MACKENZIE
PARTNERS, INC.
1407 Broadway - 27th Floor
New York, New York 10018
[email protected]
Call Collect: (212) 929-5500
or
Toll-Free (800) 322-2885
ABOUT ACACIA RESEARCH CORPORATION
Founded in 1993, Acacia Research Corporation (NASDAQ:ACTG) is an industry leader in patent licensing and partners with inventors and patent owners to unlock the financial value in their patented inventions. Acacia bridges the gap between invention and application, facilitating efficiency and delivering monetary rewards to the patent owner. Acacia also leverages its patent expertise and background to partner with emerging disruptive technologies such as Artificial Intelligence, Robotics and Blockchain.
Information about Acacia and its subsidiaries is available at www.acaciaresearch.com .
Important Additional Information and Where to Find It
This press release may be deemed to contain solicitation material in respect to the solicitation of proxies from the Company’s stockholders in connection with the Company’s annual meeting of stockholders. The Company has filed with the Securities and Exchange Commission (the “SEC”) and mailed to the Company’s stockholders its definitive proxy statement and WHITE proxy card relating to the annual meeting, as well as the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2017, filed with the SEC on March 7, 2018, including all amendments thereto. The definitive proxy statement contains important information about the Company, the annual meeting and related matters. Stockholders may obtain a free copy of the definitive proxy statement and other documents that the Company files with the SEC on the SEC’s website, at www.sec.gov . INVESTORS AND STOCKHOLDERS ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT, THE ACCOMPANYING WHITE PROXY CARD AND ANY OTHER RELEVANT SOLICITATION MATERIALS BECAUSE THESE DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION.
Acacia, its directors and certain of its executive officers may be deemed to be participants in the solicitation of proxies from the Company’s stockholders in connection with the annual meeting. Information regarding the names of the Company’s directors and executive officers and their respective interests in the Company are set forth in the definitive proxy statement, the accompanying WHITE proxy card and other relevant solicitation materials filed by the Company. These documents, and any and all other documents filed by the Company with the SEC, may be obtained by investors and stockholders free of charge on the SEC’s website at www.sec.gov . Copies are also available at no charge on the Company’s website at www.acaciaresearch.com .
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This press release may contain forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Such statements, including those related to capital needed for growth and the opportunities for growth, are based upon our current expectations and speak only as of the date hereof. Our actual results may differ materially and adversely from those expressed in any forward-looking statements as a result of various factors and uncertainties, including the recent economic slowdown affecting technology companies, our ability to successfully identify and acquire new patent assets, our ability to develop products, rapid technological change in our markets, changes in demand for our future products, legislative, regulatory and competitive developments and general economic conditions. Our Annual Report on Form 10-K (including amendments thereto), recent and forthcoming Quarterly Reports on Form 10-Q, recent Current Reports on Forms 8-K and other SEC filings discuss some of the important risk factors that may affect our business, results of operations and financial condition. We undertake no obligation to revise or update publicly any forward-looking statements for any reason.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180521005393/en/
Acacia Research Corporation:
Rob Stewart, 949-480-8300
[email protected]
or
MacKenzie Partners, Inc.:
Lawrence E. Dennedy, 212-929-5239
[email protected]
or
Georgeson LLC:
Christopher G. Dowd, 212-440-9130
[email protected]
or
Media Contact:
Joele Frank, Wilkinson Brimmer Katcher
Nick Lamplough / Mary Aiello
212-355-4449 / 415-869-3950
Source: Acacia Research Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/business-wire-acacia-research-corporation-board-of-directors-issues-letter-to-stockholders.html |
May 16 (Reuters) - RUCH CHORZOW SA:
* REPORTED ON TUESDAY Q3 2017/2018 NET LOSS OF 1.8 MILLION ZLOTYS VERSUS LOSS OF 1.5 MILLION ZLOTYS YEAR AGO
* Q3 2017/2018 REVENUE 0.7 MILLION ZLOTYS VERSUS 2.1 MILLION ZLOTYS YEAR AGO
Source text for Eikon:
Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/idUSL5N1SN2L6 |
Expects Fiscal 2018 GAAP Diluted EPS Growth Outlook of 0.0%-6.0% YoY
Reiterates Fiscal 2018 Non-GAAP Diluted EPS Growth Outlook of 4.0%-8.0% YoY
Second Quarter Fiscal 2018 Highlights
Closed the previously announced acquisition of Vubiquity for $224 million in cash and acquired UXP Systems for $80 million in cash Revenue of $992 million, within the $960-$1,000 million guidance range; revenue included a positive impact from foreign currency movements relative to the first quarter of fiscal 2018, and contributions from M&A consummated this quarter GAAP diluted EPS of $0.70, above the midpoint of the $0.65-$0.73 guidance range Non-GAAP diluted EPS of $0.95, above the midpoint of the $0.91-$0.97 guidance range GAAP operating income of $132 million; GAAP operating margin of 13.3% Non-GAAP operating income of $172 million; non-GAAP operating margin of 17.3% Free cash flow of $3 million, comprised of cash flow from operations of $114 million, less $111 million in net capital expenditures and other, of which $81 million related to the multi-year development of the new campus. Excluding the campus investment, normalized free cash flow was $84 million in the second quarter of fiscal 2018 Twelve-month backlog of $3.32 billion, up $60 million sequentially Quarterly cash dividend of $0.25 per share, to be paid on July 20, 2018
ST. LOUIS, Amdocs Limited (NASDAQ:DOX) today reported operating results for the three months ended March 31, 2018.
“We are pleased to report solid results for our second fiscal quarter which included double-digit growth in Europe and record revenue in Rest of World. Our operating profitability was stable and we grew our 12-month backlog to another new high. Additionally, we extended our technology leadership with the launch of AmdocsOne at Mobile World Congress and we utilized our cash to close on the acquisitions of Vubiquity, as well as UXP Systems, a leader in User Lifecycle Management solutions,” said Eli Gelman, president and chief executive officer of Amdocs Management Limited.
Gelman continued, “Rest of World was a highlight of the quarter as we focused on project execution and securing new awards. In Southeast Asia, we commenced the ramp-up of the seven-year project and managed services agreement we signed with PLDT earlier in Q2. Additionally, we made an important step in Africa where we were selected to provide our revenue assurance capabilities to Safaricom, a major mobile network operator in Kenya with nearly 30 million subscribers.”
Gelman concluded, “We enter Q3 on-track to deliver a stronger second half, although we are of course monitoring the many moving parts affecting our outlook, including those resulting from consolidation activity currently in progress across our main operating regions. Additionally, we are focused on our execution and profitability, which combined with expected normalized free cash flow generation of approximately $500 million for the full year, leaves us well positioned to deliver diluted non-GAAP earnings per share growth in the range of 4% to 8% in fiscal 2018.”
Revenue
Revenue for the second fiscal quarter ended March 31, 2018 was $992.3 million, up 1.5% or $14.6 million sequentially from the first fiscal quarter of 2018 and up 2.7% as compared to last year’s second fiscal quarter. Revenue for the second fiscal quarter of 2018 includes a positive impact from foreign currency movements of approximately $5 million relative to the first quarter of fiscal 2018 and contributions from M&A consummated in the second fiscal quarter.
Net Income and Earnings Per Share
The Company's GAAP net income for the second quarter of fiscal 2018 was $101.7 million, or $0.70 per diluted share, compared to GAAP net income of $112.6 million, or $0.76 per diluted share, in the prior fiscal year’s second quarter. Net income on a non-GAAP basis was $137.4 million, or $0.95 per diluted share, compared to non-GAAP net income of $139.2 million, or $0.94 per diluted share, in the second quarter of fiscal 2017.
Returning Cash to Shareholders
Quarterly Cash Dividend Program: On May 10, 2018, the Board approved the Company’s next quarterly cash dividend payment of $0.25 per share and set June 29, 2018 as the record date for determining the shareholders entitled to receive the dividend, which will be payable on July 20, 2018. Share Repurchase Activity: Repurchased $120 million of ordinary shares during the second quarter of fiscal 2018.
Twelve-month Backlog
Twelve-month backlog, which includes anticipated revenue related to contracts, estimated revenue from managed services contracts, letters of intent, maintenance and estimated on-going support activities, was $3.32 billion at the end of the second quarter of fiscal 2018, up $60 million from the end of the prior quarter.
Third Quarter Fiscal 2018 Outlook
Revenue of approximately $990-$1,030 million, including an immaterial sequential impact from foreign currency fluctuations as compared to the second quarter of fiscal 2018. Third quarter fiscal 2018 guidance incorporates full quarter contributions from recently closed acquisitions Diluted GAAP EPS of approximately $0.71-$0.81. The impact on diluted GAAP EPS of the acquisition of Vubiquity and UXP Systems is subject to finalization of the purchase price allocation and of the anticipated acquisition-related expenses related to operating adjustments, restructuring charges and other acquisition-related costs. Diluted non-GAAP EPS of approximately $1.00-$1.06, excluding amortization of purchased intangible assets and other acquisition-related costs and approximately $0.05-$0.07 per share of equity-based compensation expense, net of related tax effects. Expected non-GAAP effective tax rate around the low-end of the annual target range of 13%-17% in the third quarter fiscal 2018
Full Year Fiscal 2018 Outlook
Expects revenue growth of 2.3%-4.3% year-over-year as reported compared with previous guidance of 0.0%-4.0% year-over-year Expects revenue growth of 1.3%-3.3% year-over-year on a constant currency basis compared with previous guidance of (1.0%)-3.0% year-over-year Full year fiscal 2018 revenue guidance incorporates an incremental revenue contribution of more than 1% from Vubiquity on both a constant currency and reported basis, and an expected positive impact from foreign currency fluctuations of about 1% year-over-year Expects GAAP diluted earnings per share growth of roughly 0.0%-6.0% year-over-year. The impact on diluted GAAP EPS of the acquisition of Vubiquity and UXP Systems is subject to finalization of the purchase price allocation and of the anticipated expenses related to operating adjustments, restructuring charges and other acquisition-related costs Reiterates Non-GAAP diluted earnings per share growth of roughly 4.0%-8.0% year-over-year, excluding amortization of purchased intangible assets and other acquisition-related costs and approximately $0.26-$0.29 per share of equity-based compensation expense, net of related tax effects. Expected non-GAAP effective tax rate to remain within the same target range of 13%-17% for the full year fiscal 2018 The impact of recent acquisitions on Amdocs’ diluted non-GAAP earnings per share (excluding amortization of purchased intangible assets, restructuring charges, other acquisition-related costs and equity based compensation expense, net of related tax effects) is expected to be neutral in fiscal year 2018, and accretive thereafter
Our third fiscal quarter 2018 and full year fiscal 2018 outlook takes into consideration the Company’s expectations regarding macro and industry specific risks and various uncertainties and certain assumptions that we will discuss on our earnings conference call. However, Amdocs notes market dynamics continue to shift rapidly and that it cannot predict all possible outcomes, including those resulting from AT&T’s proposed merger with Time Warner, T-Mobile’s proposed merger with Sprint, or from other current and potential customer consolidation activity in North America.
Conference Call Details
Amdocs will host a conference call on May 10, 2018 at 5:00 p.m. Eastern Time to discuss the Company's second quarter of fiscal 2018 results. To participate, please dial +1 (844) 513-7152, or +1 (508) 637-5600 outside the United States, approximately 15 minutes before the call and enter passcode 4175387. The call will also be carried live on the Internet via the Amdocs website, www.amdocs.com .
Non-GAAP Financial Measures
This release includes non-GAAP diluted earnings per share and other non-GAAP financial measures, including free cash flow, non-GAAP cost of revenue, non-GAAP research and development, non-GAAP selling, general and administrative, non-GAAP operating income, non-GAAP operating margin, non-GAAP income taxes, non-GAAP effective tax rate, non-GAAP net income and non-GAAP diluted earnings per share growth. These non-GAAP measures exclude the following items:
amortization of purchased intangible assets and other acquisition-related costs; changes in fair value of certain acquisition-related liabilities; nonrecurring restructuring charges; equity-based compensation expense; and tax effects related to the above.
These non-GAAP financial measures are not in accordance with, or an alternative for, generally accepted accounting principles and may be different from non-GAAP financial measures used by other companies. In addition, these non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles. Amdocs believes that non-GAAP financial measures have limitations in that they do not reflect all of the amounts associated with Amdocs’ results of operations as determined in accordance with GAAP and that these measures should only be used to evaluate Amdocs’ results of operations in conjunction with the corresponding GAAP measures.
Amdocs believes that the presentation of non-GAAP diluted earnings per share and other financial measures, including free cash flow, non-GAAP cost of revenue, non-GAAP research and development, non-GAAP selling, general and administrative, non-GAAP operating income, non-GAAP operating margin, non-GAAP income taxes, non-GAAP effective tax rate, non-GAAP net income and non-GAAP diluted earnings per share growth when shown in conjunction with the corresponding GAAP measures, provides useful information to investors and management regarding financial and business trends relating to its financial condition and results of operations, as well as the net amount of cash generated by its business operations after taking into account capital spending required to maintain or expand the business.
For its internal budgeting process and in monitoring the results of the business, Amdocs’ management uses financial statements that do not include amortization of purchased intangible assets and other acquisition-related costs, changes in fair value of certain acquisition-related liabilities, equity-based compensation expense and related tax effects. Amdocs’ management also uses the foregoing non-GAAP financial measures, in addition to the corresponding GAAP measures, in reviewing the financial results of Amdocs. In addition, Amdocs believes that significant groups of investors exclude these items in reviewing its results and those of its competitors, because the amounts of the items between companies can vary greatly depending on the assumptions used by an individual company in determining the amounts of the items.
Amdocs further believes that, where the adjustments used in calculating non-GAAP diluted earnings per share are based on specific, identified amounts that impact different line items in the Consolidated Statements of Income (including cost of revenue, research and development, selling, general and administrative, operating income, income taxes and net income), it is useful to investors to understand how these specific line items in the Consolidated Statements of Income are affected by these adjustments. Please refer to the Reconciliation of Selected Financial Metrics from GAAP to Non-GAAP tables below.
Supporting Resources
Keep up with Amdocs news by visiting the Company’s website Subscribe to Amdocs’ RSS Feed and follow us on Twitter , Facebook , LinkedIn and YouTube
About Amdocs
Amdocs is a leading software and services provider to the world’s most successful communications and media companies. As our customers reinvent themselves, we enable their digital and network transformation through innovative solutions, delivery expertise and intelligent operations. Amdocs and its 25,000 employees serve customers in over 85 countries. Listed on the NASDAQ Global Select Market, Amdocs had revenue of $3.9 billion in fiscal 2017.
For more information, visit Amdocs at www.amdocs.com .
This press release includes information that constitutes made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995, including statements about Amdocs’ growth and business results in future quarters. Although we believe the expectations reflected in such are based upon reasonable assumptions, we can give no assurance that our expectations will be obtained or that any deviations will not be material. Such statements involve risks and uncertainties that may cause future results to differ from those anticipated. These risks include, but are not limited to, the effects of general economic conditions, Amdocs’ ability to grow in the business markets that it serves, Amdocs’ ability to successfully integrate acquired businesses, adverse effects of market competition, rapid technological shifts that may render the Company's products and services obsolete, potential loss of a major customer, our ability to develop long-term relationships with our customers, and risks associated with operating businesses in the international market. Amdocs may elect to update these at some point in the future; however, Amdocs specifically disclaims any obligation to do so. These and other risks are discussed at greater length in Amdocs’ filings with the Securities and Exchange Commission, including in our Annual Report on Form 20-F for the fiscal year ended September 30, 2017 filed on December 11, 2017 and our Form 6-K furnished for the first quarter of fiscal 2018 on February 12, 2018.
Contact :
Matthew Smith
Head of Investor Relations
Amdocs 314-212-8328
E-mail: [email protected]
AMDOCS LIMITED Consolidated Statements of Income (in thousands, except per share data) Three months ended Six months ended March 31, March 31, 2018 2017 2018 2017
Revenue $ 992,340 $ 966,009 $ 1,970,051 $ 1,920,736 Operating expenses: Cost of revenue 646,587 621,737 1,289,784 1,242,571 Research and development 64,926 67,303 133,103 127,293 Selling, general and administrative 120,199 114,465 238,867 238,544 Amortization of purchased intangible assets and other 28,801 28,723 54,327 56,954 860,513 832,228 1,716,081 1,665,362 Operating income 131,827 133,781 253,970 255,374 Interest and other expense, net 239 468 118 3,231 Income before income taxes 131,588 133,313 253,852 252,143 Income taxes 29,861 20,753 35,252 41,790 Net income $ 101,727 $ 112,560 $ 218,600 $ 210,353 Basic earnings per share $ 0.71 $ 0.77 $ 1.52 $ 1.43 Diluted earnings per share $ 0.70 $ 0.76 $ 1.51 $ 1.42 Basic weighted average number of shares outstanding 143,030 146,595 143,487 146,706 Diluted weighted average number of shares outstanding 144,390 147,954 144,882 148,168 Cash dividends declared per share $ 0.250 $ 0.220 $ 0.470 $ 0.415
AMDOCS LIMITED Selected Financial Metrics (in thousands, except per share data) Three months ended Six months ended March 31, March 31, 2018 2017 2018 2017 Revenue $ 992,340 $ 966,009 $ 1,970,051 $ 1,920,736 Non-GAAP operating income 171,760 165,997 340,824 330,082 Non-GAAP net income 137,350 139,164 291,816 272,731 Non-GAAP diluted earnings per share $ 0.95 $ 0.94 $ 2.01 $ 1.84 Diluted weighted average number of shares outstanding 144,390 147,954 144,882 148,168
AMDOCS LIMITED Reconciliation of Selected Financial Metrics from GAAP to Non-GAAP (in thousands) Three months ended
March 31, 2018 Reconciliation items GAAP Amortization of
purchased
intangible assets
and other Equity based
compensation
expense Changes in fair
value of certain
acquisition-
related liabilities Tax effect Non-GAAP Operating expenses: Cost of revenue $ 646,587 $ - $ (4,727 ) $ (574 ) $ - $ 641,286 Research and
development 64,926 - (769 ) - - 64,157 Selling, general and
administrative 120,199 - (5,062 ) - - 115,137 Amortization of
purchased
intangible assets
and other 28,801 (28,801 ) - - - - Total operating expenses 860,513 (28,801 ) (10,558 ) (574 ) - 820,580 Operating income 131,827 28,801 10,558 574 - 171,760 Income taxes 29,861 - - - 4,310 34,171 Net income $ 101,727 $ 28,801 $ 10,558 $ 574 $ (4,310 ) $ 137,350
Three months ended
March 31, 2017 Reconciliation items GAAP Amortization of
purchased
intangible assets
and other Equity based
compensation
expense
Changes in fair
value of certain
acquisition-
related liabilities Tax effect
Non-GAAP Operating expenses: Cost of revenue $ 621,737 $ - $ (4,973 ) $ 6,691 $ - $ 623,455 Research and
development 67,303 - (901 ) - - 66,402 Selling, general and
administrative 114,465 - (4,310 ) - - 110,155 Amortization of
purchased
intangible assets
and other 28,723 (28,723 ) - - - - Total operating expenses 832,228 (28,723 ) (10,184 ) 6,691 - 800,012 Operating income 133,781 28,723 10,184 (6,691 ) - 165,997 Income taxes 20,753 - - - 5,612 26,365 Net income $ 112,560 $ 28,723 $ 10,184 $ (6,691 ) $ (5,612 ) $ 139,164
AMDOCS LIMITED Reconciliation of Selected Financial Metrics from GAAP to Non-GAAP (in thousands) Six months ended
March 31, 2018 Reconciliation items GAAP Amortization
of purchased
intangible
assets and other Equity based
compensation
expense Changes in fair
value of certain
acquisition-
related
liabilities Tax effect
One-time
tax benefit
relating to
the new
U.S. tax
legislation Non-GAAP Operating expenses: Cost of revenue $ 1,289,784 $ - $ (9,425 ) $ (8,464 ) $ - $ - $ 1,271,895 Research and
development 133,103 - (1,593 ) - - 131,510 Selling, general and
administrative 238,867 - (13,045 ) - - 225,822 Amortization of
purchased
intangible assets
and other 54,327 (54,327 ) - - - - Total operating expenses 1,716,081 (54,327 ) (24,063 ) (8,464 ) - 1,629,227 Operating income 253,970 54,327 24,063 8,464 - 340,824 Income taxes 35,252 - - - 10,688 2,950 48,890 Net income $ 218,600 $ 54,327 $ 24,063 $ 8,464 $ (10,688 ) $ (2,950 ) $ 291,816
Six months ended
March 31, 2017 Reconciliation items GAAP Amortization
of purchased
intangible
assets and
other Equity based
compensation
expense Changes in fair
value of certain
acquisition-
related
liabilities Tax effect
Non-GAAP Operating expenses: Cost of revenue $ 1,242,571 $ - $ (9,971 ) $ 6,691 $ - $ 1,239,291 Research and
development 127,293 - (1,800 ) - - 125,493 Selling, general and
administrative 238,544 - (12,674 ) - - 225,870 Amortization of
purchased
intangible assets
and other 56,954 (56,954 ) - - - - Total operating expenses 1,665,362 (56,954 ) (24,445 ) 6,691 - 1,590,654 Operating income 255,374 56,954 24,445 (6,691 ) - 330,082 Income taxes 41,790 - - - 12,330 54,120 Net income $ 210,353 $ 56,954 $ 24,445 $ (6,691 ) $ (12,330 ) $ 272,731
AMDOCS LIMITED Condensed Consolidated Balance Sheets (in thousands) As of March 31,
2018 September 30,
2017 ASSETS Current assets Cash, cash equivalents and short-term interest-bearing investments $ 666,843 $ 979,608 Accounts receivable, net, including unbilled of $249,377 and $229,695, respectively 972,279 865,068 Prepaid expenses and other current assets 221,825 203,810 Total current assets 1,860,947 2,048,486 Property and equipment, net 471,818 355,685 Goodwill and other intangible assets, net 2,780,956 2,398,535 Other noncurrent assets 465,270 476,674 Total assets $ 5,578,991 $ 5,279,380 LIABILITIES AND EQUITY Current liabilities Accounts payable, accruals and other $ 1,141,799 $ 1,059,855 Short-term financing arrangements 120,000 - Deferred revenue 128,556 113,091 Total current liabilities 1,390,355 1,172,946 Other noncurrent liabilities 582,419 532,364 Total Amdocs Limited Shareholders’ equity 3,563,054 3,574,070 Noncontrolling interests 43,163 - Total equity $ 3,606,217 $ 3,574,070 Total liabilities and equity $ 5,578,991 $ 5,279,380
AMDOCS LIMITED Consolidated Statements of Cash Flows (in thousands) Six months ended March 31, 2018 2017 Cash Flow from Operating Activities: Net income $ 218,600 $ 210,353 Reconciliation of net income to net cash provided by operating activities: Depreciation and amortization 102,900 109,038 Equity-based compensation expense 24,063 24,445 Deferred income taxes (3,584 ) 16,889 Excess tax benefit from equity-based compensation - (2,929 ) loss (Gain) from short-term interest-bearing investments 1,195 (17 ) Net changes in operating assets and liabilities, net of amounts acquired: Accounts receivable, net (77,359 ) (25,092 ) Prepaid expenses and other current assets (9,509 ) (10,926 ) Other noncurrent assets (10,606 ) (42,294 ) Accounts payable, accrued expenses and accrued personnel 23,103 25,101 Deferred revenue 8,600 (19,932 ) Income taxes payable, net 8,675 (8,813 ) Other noncurrent liabilities (7,749 ) (469 ) Net cash provided by operating activities 278,329 275,354 Cash Flow from Investing Activities: Purchase of property and equipment (162,126 ) (69,906 ) Proceeds from sale of short-term interest-bearing investments 207,738 144,920 Purchase of short-term interest-bearing investments (76,037 ) (145,737 ) Net cash paid for acquisitions (352,599 ) - Other (3,446 ) 1,671 Net cash used in investing activities (386,470 ) (69,052 ) Cash Flow from Financing Activities: Borrowings under financing arrangements 120,000 200,000 Payments under financing arrangements - (200,000 ) Repurchase of shares (239,779 ) (160,232 ) Investment by noncontrolling interest, net 47,013 - Proceeds from employee stock options exercised 65,631 62,368 Payments of dividends (63,294 ) (57,299 ) Excess tax benefit from equity-based compensation and other (110 ) 2,929 Net cash used in financing activities (70,539 ) (152,234 ) Net (decrease) increase in cash and cash equivalents (178,680 ) 54,068 Cash and cash equivalents at beginning of period 649,611 768,660 Cash and cash equivalents at end of period $ 470,931 $ 822,728
AMDOCS LIMITED Supplementary Information (In millions) Three months ended March 31,
2018 December 31,
2017 September 30,
2017 June 30,
2017 March 31,
2017 North America $ 624.2 $ 643.0 $ 644.1 $ 637.9 $ 636.3 Europe 148.6 133.7 129.8 125.2 115.4 Rest of World 219.5 201.0 205.8 203.6 214.3 Total Revenue $ 992.3 $ 977.7 $ 979.7 $ 966.7 $ 966.0
Three months ended March 31,
2018 December 31,
2017 September 30,
2017 June 30,
2017 March 31,
2017 Managed Services Revenue $ 508.9 $ 518.7 $ 503.8 $ 496.3 $ 511.1
Three months ended March 31,
2018 December 31,
2017 September 30,
2017 June 30,
2017 March 31,
2017 Customer Experience
Solutions $ 980.7 $ 965.9 $ 967.7 $ 954.8 $ 948.6 Directory 11.6 11.8 12.0 11.9 17.4 Total Revenue $ 992.3 $ 977.7 $ 979.7 $ 966.7 $ 966.0
As of March 31,
2018 December 31,
2017 September 30,
2017 June 30,
2017 March 31,
2017 12-Month Backlog $ 3,320 $ 3,260 $ 3,250 $ 3,220 $ 3,210
Source:Amdocs Management LTD | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/globe-newswire-amdocs-limited-reports-second-quarter-fiscal-2018-results-record-quarterly-revenue-of-992m.html |
May 3, 2018 / 2:45 PM / Updated 2 minutes ago Glencore's Congo mining conundrum Barbara Lewis , Aaron Ross 6 Min Read
LONDON/DAKAR (Reuters) - Miner and commodities trader Glencore is embroiled in a legal tangle over its copper and cobalt operations in Democratic Republic of Congo, where conflict and changes to regulations have deterred many mining firms. FILE PHOTO: The logo of commodities trader Glencore is pictured in front of the company's headquarters in Baar, Switzerland, July 18, 2017. REUTERS/Arnd Wiegmann/File Photo
U.S. sanctions on Glencore’s former Israeli partner in Congo have been a trigger for litigation. At the same time, relations with the Congolese authorities are under strain from a dispute with the government over a new mining code.
Investors are watching closely, particularly for any impact on supplies of cobalt from Congo, which is by far the world’s biggest producer of the metal whose uses include making alloys for jet engines and batteries for electric cars and mobile phones.
Glencore accounts for more than a quarter of the world’s cobalt output, most of it from Congo, which itself is the source of 60 percent of global supplies. Any disruption could push up cobalt prices from already historic highs of $90,000 a tonne.
“The price would absolutely go through the roof,” Bernstein analyst Paul Gait said.
The copper price could also be affected by any disruption at Congolese mines but any impact is likely to be less dramatic as Congo is only the world’s fifth biggest producer, analysts say. WHAT IS THE ROW ABOUT?
Glencore’s legal row revolves around its former partnership with Dan Gertler, an Israeli billionaire accused by Washington of using his friendship with Congolese President Joseph Kabila to secure sweetheart mining deals. Gertler denies any wrongdoing.
Glencore has said the U.S. sanctions that were imposed in December mean it can no longer pay Gertler royalty payments. A company affiliated with Gertler has challenged this in court.
In addition, Glencore’s relations with its former business partner, state mining firm La Generale des Carrieres et des Mines (Gecamines), have been strained over the new mining code that raises taxes and royalty payments.
Gecamines Chairman Albert Yuma has championed the new code, while Glencore and other foreign miners oppose the changes and have presented proposals to soften the new demands. The government has until now rejected these.
Glencore told its shareholders this week talks were continuing and a compromise could be reached. WHAT IS THE LATEST LEGAL SITUATION?
Gecamines said on April 24 it had begun legal proceedings to wind up Kamoto Copper Company (KCC), one of Congo’s biggest copper and cobalt mines that is a venture between Gecamines and Glencore’s Katanga Mining.
Gecamines said debts owed by KCC to Glencore and its subsidiaries at the end of 2017 topped $9 billion, and said the commodities group charged the venture interest rates on loans that were too high. Glencore denies this.
Glencore said on April 22 Katanga was assessing options to deal with KCC’s “capital deficiency”, which could include converting some debt to equity or forgiving a portion of debt.
Glencore Chairman Tony Hayward said on May 2 a recapitalization of KCC could be successfully concluded.
On April 27, Glencore said its Congolese mining subsidiaries had been served freezing orders for alleged unpaid royalties of nearly $3 billion by Ventora Development Sasu, a company affiliated with Gertler.
Ventora is seeking $695 million in unpaid and future royalties from Glencore’s unit Mutanda Mining and $2.28 billion from KCC.
Glencore, which disputes the amounts, said Mutanda Mining and KCC would contest the freezing order and any subsequent proceedings. Glencore on May 1 won a temporary injunction against Gertler over the alleged unpaid royalties.
Further hearings are expected in London on May 11 and in Congo on May 8. HOW DID THE ROYALTIES ISSUE ARISE?
In February 2017, Glencore paid Gertler’s Fleurette Group nearly $1 billion to boost its stake in the Mutanda and KCC copper and cobalt mines.
Under the deal, Glencore pledged to pay royalties at a rate of 2.5 percent to Gertler’s companies, which had bought the rights from Gecamines. These payments ceased after U.S. sanctions were imposed.
Glencore owns 100 percent of Mutanda Mining and about 86 percent of Katanga Mining, which in turn has a 75 percent stake in KCC. HOW WILL GLENCORE SHARES REACT?
Analysts and credit agencies say Congo risk is already factored into their view of Glencore, a diversified mining firm that has many operations around the world feeding into profits.
RBC Capital Markets revised down its assessment of Glencore modestly on April 30, from “top pick” to “outperform”, saying even now the company’s shares were undervalued. It said any reduction in copper output could tip the world market into deficit this year, pushing up prices and helping Glencore’s overall copper business.
But Glencore’s earnings could be hurt by a disruption to cobalt production in Congo. The company’s cobalt output outside Africa in 2017 was just 3,500 tonnes compared with 23,900 tonnes from Congo and Zambia combined. CAN GLENCORE RESOLVE THE LEGAL ROW?
Glencore has operated for years in Congo and places around the world that other companies deem too risky, so many analysts say its experience and size will help it resolve the issues.
But Congo has seized assets held by Western firms in the past. In 2010, Congo seized the license for the Kolwezi copper-cobalt project from First Quantum. The Canadian firm secured an agreement to resolve the issue in 2012 following international arbitration.
Elisabeth Caesens, director of Brussels-based Resource Matters, a group advocating better global resource management, said Glencore’s size might not be enough to protect it.
“Congolese authorities have canceled fully operational projects in the past in less troubling circumstances,” she said. Reporting by Barbara Lewis in London and Aaron Ross in Dakar; Additional reporting by Arathy Nair in Bengaluru; Editing by Amran Abocar and Edmund Blair | ashraq/financial-news-articles | https://www.reuters.com/article/us-congo-glencore-mining-explainer/glencores-congo-mining-conundrum-idUSKBN1I41VB |
Han Solo may be one of the most beloved characters of the Star Wars franchise, but he appears set to underwhelm at the box office — at least in the context of the Disney era.
Solo: A Star Wars Story , out this Friday, is on course to open somewhere between $130 and $150 million this Memorial Day weekend, which is actually a substantial haul. The domestic record for the holiday weekend is $139.8 million (not adjusted for inflation), set by Pirates of the Caribbean: At World’s End in 2007. Solo could very well come out of the weekend as a record-breaker — but in terms of its performance in comparison to Disney’s other Star Wars movies, the spin-off will likely fall short.
Here’s the opening domestic haul for the past three Star Wars films: The Force Awakens ($248 million in 2015), Rogue One ($155.1 million in 2016), The Last Jedi ($220 million in 2017).
There are a few possible explanations for Solo ‘s lower expectations. First, it’s Disney’s first time rolling out a Star Wars movie in the summer — the previous three all released in December. It’s also Disney’s first time releasing two Star Wars movies within the span of 6 months — are moviegoers starting to feel Star Wars fatigue? Third, Solo is the lowest-rated Star Wars film since Disney acquired Lucasfilm, with the movie currently rated at a solid-but-not-great 70%, according to Rotten Tomatoes . The abrupt, mid-production departure of Solo ‘s original directors — Phil Lord and Christopher Miller — was highly publicized, in addition to rumors that star Alden Ehrenreich needed an acting coach to bring his performance up to par.
One more speculative possibility: Maybe people just don’t care enough about a solo Solo movie. While the original trilogy and prequels were very much Luke and Anakin Skywalker’s movies, respectively, this is the first Star Wars film explicitly centering on a single character.
Regardless of the reasoning, the latest Star Wars Story will be success at the box office in the grand scheme of things, boosted by the budding superstardom of Donald Glover, who plays Lando Calrissian, and Game of Thrones crossover Emilia Clarke. Solo: A Star Wars Story is out in theaters May 25. | ashraq/financial-news-articles | http://fortune.com/2018/05/23/solo-a-star-wars-story-box-office-disney/ |
Move will provide more choices for agents and policyholders, continued growth and financial strength for both companies
MADISON, Wis. & JACKSONVILLE, Fla.--(BUSINESS WIRE)-- Madison, Wisconsin-based American Family Insurance group and Florida-based The Main Street America Group will pursue a merger, the companies announced today.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180504005461/en/
Approved by the companies’ boards of directors, the merger will improve diversity of risk, promote growth through geographic expansion and provide agents and policyholders broader product offerings.
Both American Family Insurance and Main Street America are financially strong mutual holding companies, and the merger does not involve capital outlay by either. Both also have national distribution capabilities, but each with a regional emphasis. The merger, expected to close by year-end, will require approval by mutual policyholder-members of both companies and state insurance regulators.
“This merger will give policyholders – particularly small business owners – more insurance products to choose from and more ways to buy them,” said Jack Salzwedel, chairman and CEO of the American Family Insurance group. “Given our focus on policyholders and agents, that’s a win.”
“Both companies are able to immediately take advantage of our unique marketplace positions, as well as the ability to bring new value to each of our agency distribution systems,” said Tom Van Berkel, Main Street America’s chairman, president and CEO. “Our ability to sell new products through our independent agent-customers will help us and our agents profitably grow, while simultaneously bringing American Family enterprise products to a different policyholder base.”
Policyholder equity combined
The combined equity of the merged entities is expected to be more than $9 billion. Upon completion of the merger, Main Street America will operate as a stand-alone brand within American Family Insurance group, similar to The General and Homesite, acquired in 2012 and 2013, respectively. Main Street America will retain its affiliation and strong support of Trusted Choice ® , the global branding program of the Independent Insurance Agents & Brokers of America.
In 2017, the American Family group’s written premium was $8.8 billion. The company sells American Family-brand products, including auto, homeowners, life, business and farm/ranch insurance, primarily through exclusive agents in 19 states. American Family affiliates, The General, Homesite and AssureStart, also provide options nationally for consumers who want to buy and manage insurance over the internet or by phone.
Main Street America wrote more than $1 billion in premium last year. The company sells commercial and personal insurance as well as surety bonds, all through independent agents. Main Street America has an “A” (Excellent) rating with a stable outlook for financial strength from A.M. Best, the same as American Family.
American Family became a mutual holding company in 2017, making mergers like this possible.
The American Family Insurance group ended 2017 with approximately 11,300 full-time equivalent employees and Main Street America has approximately 900. At this time, no major employee or operational changes are expected as a result of the merger.
Geographic and product diversification
Commercial products for small business owners, artisan contractors, vehicles, workers’ compensation and agribusiness account for approximately 70 percent of Main Street America’s direct written premium, with 90 percent of their total premium coming from outside the 19 states where American Family sells through exclusive agents.
The merger includes plans to supplement American Family commercial products with Main Street America products, and for Main Street America to enhance its personal lines products with American Family enterprise products marketed to Main Street America customers under the Main Street America brand.
“Our commitment to our exclusive agency force has never been stronger,” said Salzwedel. “This merger will give our agents more products to offer policyholders while providing the American Family Insurance group another avenue through which to sell products – independent agents.”
“The partnership with American Family creates tremendous potential for Main Street America and our valued independent agent-customers,” added Van Berkel. “The ability to leverage American Family’s powerful technology platforms will enable us to deploy products more rapidly and make it easier for agents and insureds to transact business with us.”
The merger will diversify American Family’s product mix, increasing commercial lines from 8 percent to 14 percent of the combined entity’s direct written premium. It will also spread the geographic risk for both companies over a larger area.
“When you have a merger of this magnitude, you fear the process will be arduous. But, it’s been great working with Tom (Van Berkel) over the past six months. He’s been a visionary, identifying early on how a merger could enhance both companies,” said Salzwedel. “The benefits to policyholders and our companies became clear. With a heavy concentration on the East Coast, Main Street America will help extend the reach of the American Family group. American Family, in turn, will help bring new products and technology to Main Street America and its policyholders.
“We will continue to strategically expand our enterprise,” added Salzwedel. “When we see growth opportunities that provide more options and value for policyholders, we will pursue them.”
Both companies were assisted in the transaction by third parties. Main Street America’s financial advisor was Keefe, Bruyette & Woods, a Stifel Company, and legal advisor was Greenberg Traurig law firm. American Family was assisted by legal advisor Foley & Lardner.
About American Family Insurance
Madison, Wisconsin-based American Family Insurance is the nation’s thirteenth-largest property/casualty insurance group and ranks 315th on the Fortune 500 list. The company sells American Family-brand products, including auto, homeowners, life, business and farm/ranch insurance, primarily through its exclusive agents in 19 states. American Family affiliates ( The General , Homesite and AssureStart ) also provide options for consumers who want to manage their insurance matters directly over the internet or by phone. Web www.amfam.com ; Facebook www.facebook.com/amfam ; Twitter www.twitter.com/amfam
About Main Street America
With roots dating back to 1923, Main Street America is a mutual insurance holding company which writes business through its eight property/casualty insurance carriers. Based in Jacksonville, Florida, Main Street America offers a wide range of commercial and personal insurance, as well as fidelity and surety bond products, to individuals, families and businesses throughout the United States. With more than $1.2 billion in premium written exclusively by 3,000 independent insurance agents, the 95-year-old company underwrites over 600,000 property/casualty policies in 37 states, as well as 50,000 bonds in 47 states and the District of Columbia. Web news.msagroup.com ; Facebook www.facebook.com/MainStreetAmerica
View source version on businesswire.com : https://www.businesswire.com/news/home/20180504005461/en/
American Family Insurance
Erin Johansen, Media Relations
(608) 242-4100, ext. 30310
[email protected]
or
Ken Muth, Media Relations
(608) 242-4100, ext. 30680
[email protected]
or
Main Street America
Dave Medvidofsky, Vice President of Human Resources
(904) 380-7410
[email protected]
Source: American Family Insurance | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/04/business-wire-american-family-insurance-and-the-main-street-america-group-pursue-merger.html |
TORONTO, May 18, 2018 (GLOBE NEWSWIRE) -- Brookfield Asset Management Inc. (NYSE:BAM) (TSX:BAM.A) (EURONEXT:BAMA) (“Brookfield”) today announced it has received approval from the Toronto Stock Exchange (“TSX”) for the renewal of its normal course issuer bid to purchase up to 82,315,909 Class A Limited Voting Shares (“Class A Shares”), representing 10% of the public float of Brookfield’s outstanding Class A Shares. Purchases under the bid will be made through the facilities of the TSX, the New York Stock Exchange (“NYSE”) and any alternative Canadian trading system. The period of the normal course issuer bid will extend from May 24, 2018 to May 23, 2019, or an earlier date should Brookfield complete its purchases. Brookfield will pay the market price at the time of acquisition for any Class A Shares purchased.
As at May 1, 2018, the number of Class A Shares issued and outstanding totalled 991,857,711, of which 823,159,095 shares represented the public float. In accordance with the rules of the TSX, the maximum daily purchase on the TSX under this bid will be 243,569 Class A Shares, which is 25% of 974,277 (the average daily trading volume for Class A Shares on the TSX for the six months ended April 30, 2018).
Of the 82,965,721 Class A Shares approved for purchase under Brookfield’s prior normal course issuer bid that commenced on May 24, 2017 and will expire on May 23, 2018, Brookfield purchased 2,041,064 Class A Shares through open market purchases on the TSX and 4,082,000 Class A Shares through open market purchases on the NYSE. The weighted average price that Brookfield paid per Class A Share acquired under this bid was US$40.57.
Brookfield is renewing its normal course issuer bid because it believes that, from time to time, the market price of its Class A Shares may not fully reflect the underlying value of its business and its future business prospects. Brookfield believes that, in such circumstances, the outstanding Class A Shares represent an attractive investment for Brookfield, since a portion of its excess cash generated on an annual basis can be invested for an attractive risk adjusted return through the issuer bid. All Class A Shares acquired by Brookfield under this bid will be cancelled and/or purchased by a non-independent trustee pursuant to the terms of Brookfield’s Escrowed Stock Plan.
Brookfield will enter into an automatic purchase plan on or about the week of June 25, 2018 in relation to the normal course issuer bid. The automatic purchase plan will allow for the purchase of Class A Shares, subject to certain trading parameters, at times when Brookfield ordinarily would not be active in the market due to its own internal trading black-out period, insider trading rules or otherwise. Outside of these periods, Class A Shares will be repurchased in accordance with management’s discretion and in compliance with applicable law.
Brookfield Asset Management
Brookfield Asset Management Inc. is a leading global alternative asset manager with approximately US$285 billion in assets under management. The Company has more than a 100-year history of owning and operating assets with a focus on property, renewable power, infrastructure and private equity. Brookfield offers a range of public and private investment products and services, and is co-listed on the New York, Toronto and Euronext stock exchanges under the symbol BAM, BAM.A and BAMA, respectively.
For more information, please visit our website at www.brookfield.com or contact:
Claire Holland
Communications & Media
Tel: (416) 369-8236
Email: [email protected] Linda Northwood
Investor Relations
Tel: (416) 359-8647
Email: [email protected] Forward-Looking Statements
Note: This news release contains "forward-looking information" within the meaning of Canadian provincial securities laws and "forward-looking statements" within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, Section 21E of the U.S. Securities Exchange Act of 1934, as amended, "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995 and in any applicable Canadian securities regulations. The words “proposed”, “believe”, conditional verbs such as "will", “may” and derivations thereof and other expressions that are predictions of or indicate future events, trends or prospects and which do not relate to historical matters identify forward-looking statements. Forward-looking information in this news release includes statements with regards to potential future purchases by Brookfield of its Class A Shares pursuant to the company’s normal course issuer bid and automatic purchase plan. Although Brookfield believes that the anticipated future results or achievements expressed or implied by the forward-looking statements and information is based upon reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information because they involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements and information. Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include: general economic conditions; interest rate changes; availability of equity and debt financing; the performance of the Class A Shares or the stock exchanges generally; and other risks and factors described from time to time in the documents filed by the company with the securities regulators in Canada and the United States including in Management’s Discussion and Analysis under the heading “Business Environment and Risks”. The company undertakes no obligation to publicly update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise.
Source:Brookfield Asset Management Inc | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/18/globe-newswire-brookfield-asset-management-announces-renewal-of-normal-course-issuer-bid.html |
May 15, 2018 / 12:27 PM / Updated 8 hours ago India's April trade deficit widens to $13.7 billion Reuters Staff 1 Min Read
NEW DELHI (Reuters) - India’s trade deficit slightly widened to $13.72 billion in April from $13.25 billion a year ago, government data showed on Tuesday. Mobile cranes prepare to stack containers at Thar Dry Port in Sanand, Gujarat October 1, 2012. REUTERS/Amit Dave/Files
Merchandise exports for April rose 5.2 percent from a year ago to $25.9 billion.
Goods imports last month were $39.6 billion, a gain of 4.6 percent from a year ago, data from the commerce and industry ministry showed.
The trade deficit for 2017/18 fiscal year ending in March grew to $156.8 billion from $105.72 billion in the previous year, mainly driven by a rising oil import bill - a growing concern for the central bank. Reporting by Manoj Kumar; Editing by Sanjeev Miglani | ashraq/financial-news-articles | https://in.reuters.com/article/india-trade/indias-april-trade-deficit-widens-to-13-7-billion-idINKCN1IG1S1 |
KUALA LUMPUR (Reuters) - Malaysia is haggling over the terms of a $14 billion rail deal with its Chinese partners and can reduce its ballooning national debts by $50 billion by doing away with mega projects, its prime minister said in an interview published on Saturday.
FILE PHOTO: Malaysia's newly elected Prime Minister Mahathir Mohamad attends a news conference in Menara Yayasan Selangor, Pataling Jaya, Malaysia May 12, 2018. REUTERS/Stringer Mahathir Mohamad, the 92-year-old who triumphed over scandal-plagued Najib Razak in elections earlier this month, has made it a priority to cut the national debt and pledged to review major projects agreed by the previous government.
Work on the 55 billion ringgit ($13.82 billion) East Coast Rail Link - the largest such project in the country and a major part of Beijing’s Belt and Road infrastructure push - started last year.
The project was planned to stretch 688 kilometers (430 miles) connecting the South China Sea at the Thai border in the east with the strategic shipping routes of the Straits of Malacca in the west.
“We are renegotiating the terms,” Mahathir told the financial newspaper The Edge. “The terms are very damaging to our economy.”
The project is being built by China Communications Construction Co Ltd, and is being mainly financed by a loan from China Exim Bank.
Mahathir also questioned the need for the project in the first place.
“He (Najib) knew very well that the ECRL, for example, is not something we could afford. It is not going to serve any purpose, it is not going to give us any returns,” said Mahathir.
Addressing the need to reduce the national debt and liabilities - which the government puts at around one trillion ringgit ($251.32 billion) or 80 percent of its GDP - Mahathir said “at one go we can reduce it by 200 billion ringgit ($50.26 billion) by doing away with all these huge projects”.
Mahathir said Malaysia is also going to look into how it can reduce the cost of any potential exit from a deal with Singapore for a high-speed rail (HSR) to link its capital Kuala Lumpur with the city-state, said Mahathir.
The project, valued by analysts at about $17 billion, is currently out for tender and is scheduled to be completed by 2026.
“The terms of the agreement (for the HSR) are such that if we decide to drop the project, it will cost us a lot of money,” said Mahathir.
“So we are going to find out how we can reduce the amount of money we have to pay for breaking the agreement.”
Reporting by John Geddie; Editing by Stephen Powell
| ashraq/financial-news-articles | https://www.reuters.com/article/us-malaysia-politics-projects/malaysia-renegotiating-terms-of-major-belt-and-road-rail-project-pm-mahathir-idUSKCN1IR0FM |
WASHINGTON, May 2 (Reuters) - The U.S. National Highway Traffic Safety said Wednesday that a prior investigation into Tesla Inc’s semi-autonomous “Autopilot” self-driving system did not assess the “effectiveness” of the technology.
In 2017, NHTSA closed a probe into a May 2016 fatal crash involving a driver using the system and cited data from the automaker that crash rates fell by 40 percent after installation of Autopilot’s Autosteer function. Tesla has repeatedly cited the statistic in defending the system. NHTSA said Wednesday that its crash rate comparison “did not evaluate whether Autosteer was engaged.” The agency added that it “performed this cursory comparison of the rates before and after installation of the feature to determine whether models equipped with Autosteer were associated with higher crash rates, which could have indicated that further investigation was necessary.” Tesla did not immediately comment Wednesday. (Reporting by David Shepardson; Editing by Lisa Shumaker)
| ashraq/financial-news-articles | https://www.reuters.com/article/tesla-autopilot/u-s-safety-agency-prior-probe-did-not-assess-effectiveness-of-tesla-autopilot-idUSL1N1S91XY |
The Late Morning Rundown: May 15, 2018 2 Hours Ago 01:27 01:27 | 9:57 AM ET Sun, 13 May 2018 02:54 02:54 | 10:32 AM ET Mon, 14 May 2018 00:44 00:44 | 11:48 AM ET Fri, 11 May 2018 | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/15/the-late-morning-rundown-may-15-2018.html |
Company to Host Conference Call on Thursday, May 3, 2018 at 5:00 p.m. ET
BOSTON--(BUSINESS WIRE)-- Zoom Telephonics, Inc. (“Zoom”) (OTCQB: ZMTP) (the “Company”), a leading producer of cable modems and other communication products, today reported its 2018 first quarter ended March 31, 2018.
2018 First Quarter Financial Highlights (comparisons to prior year’s period)
Net sales increased 62.0% to $8.3 million due to the strength of Zoom’s Motorola brand products; Gross margin improved to 39.4% from 33.7%; and Net income was approximately $359,000 or $0.02 per share, compared to a net loss of $1.1 million or $0.07 per share
Management Commentary
Frank Manning, Zoom’s President and CEO, commented on the quarter, “We were pleased to report dramatic organic growth, fueled primarily by increased sales of our Motorola brand cable modems and gateways products. Zoom is continuing to grow market share as a result of customers choosing our Motorola products based on strong retail sales channels, product quality, favorable customer reviews, and value. This year we will introduce exciting new Motorola cable modem/routers as well as launch new Motorola routers, DSL and MoCA products, cellular modems, and cellular sensors. Our balance sheet remains solid, and we are excited about our prospects and future growth in the US as well other countries.”
2018 First Quarter Financial Review
The Company reported an increase in net sales of 62.0% to $8.3 million for the first quarter ended March 31, 2018, up from $5.1 million for the first quarter ended March 31, 2017.
Gross profit was $3.3 million, or 39.4% of net sales, in the 2018 first quarter, as compared to $1.7 million, or 33.7% of net sales, for the same period of 2017. The increase in gross profit was primarily due to an increase in sales of Motorola brand cable modems and gateways, which are higher margin products for the Company.
Operating expenses were $2.9 million, or 34.9% of net sales, in the 2018 first quarter, compared to $2.8 million, or 54.1% of net sales, in the same period of 2017. Selling expenses increased approximately $208,000 to $2.1 million for the 2018 first quarter, primarily due to increases in Motorola trademark royalty costs and in advertising expenses. General and administrative expenses slightly increased for the 2018 first quarter to $448,000 attributable to additional sales tax expense, which was largely offset by decreases in stock compensation expense. Research and development expenses were $410,000 for the 2018 first quarter, compared to $508,000 in the same period of 2017, as a result of decreases in certification expenses and in contracted app development costs.
Zoom reported net income of $359,000, or $0.02 per share, for the 2018 first quarter compared to a net loss of $1.1 million, or $0.07 per share, in the same period of 2017. The significant improvement in profitability was due to higher sales, improved gross profit margin, and lower operating expenses as a percentage of sales.
Balance Sheet Highlights
At March 31, 2018, Zoom had $423,000 in cash, $50,000 drawn on a $3.0 million line of credit, working capital of $3.2 million, a current ratio of 1.5, and no long-term debt.
(in thousands except for percentages) 3/31/2018 12/31/2017 % Changed Cash $423 $229 84.6% Total Current Assets $9,212 $8,239 11.8% Total Assets $9,726 $8,793 10.6% Total Current Liabilities $6,009 $5,621 6.9% Working Capital $3,203 $2,618 22.3% Stockholders’ Equity $3,717 $3,172 17.2% Conference Call Details
Date/Time: Thursday, May 3, 2018 – 5:00 p.m. ET Participant Dial-In Numbers: (United States): 866-393-7958 (International): 706-643-5255 Conference ID 1999214 To access the call, please dial-in approximately five minutes before the start time and, when asked, provide the operator with the conference ID 1999214. An accompanying slide presentation will be available in .pdf format via the “Investor Relations” section of Zoom Telephonics’ website at www.zoomtel.com/SQ118 shortly before the call.
About Zoom Telephonics
Zoom Telephonics, Inc. designs, produces, markets, and supports cable modems and other communication products. The Company’s worldwide Motorola license agreement includes cable modems and gateways, DSL modems and gateways, cellular modems and routers and sensors, and other Internet and network products. For more information about Zoom and its products, please visit www.zoomtel.com/investor and www.motorolanetwork.com .
MOTOROLA and the Stylized M Logo are trademarks or registered trademarks of Motorola Trademark Holdings, LLC and are used under license.
Forward Looking Statements
This release contains forward-looking information relating to Zoom’s plans, expectations, and intentions. Actual results may be materially different from expectations as a result of known and unknown risks, including: the potential need for additional funding which Zoom may be unable to obtain; declining demand for certain of Zoom’s products; delays, unanticipated costs, interruptions or other uncertainties associated with Zoom’s production and shipping; Zoom’s reliance on several key outsourcing partners; uncertainty of key customers’ plans and orders; risks relating to product certifications; Zoom’s dependence on key employees; uncertainty of new product development, including certification and overall project delays, budget overruns, and the risk that newly introduced products may contain undetected errors or defects or otherwise not perform as anticipated; costs and senior management distractions due to patent-related matters; and other risks set forth in Zoom’s filings with the Securities and Exchange Commission. Zoom cautions readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. Zoom expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statements to reflect any change in Zoom’s expectations or any change in events, conditions or circumstance on which any such statement is based.
ZOOM TELEPHONICS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) For the Three Months Ended March 31, 2018 and 2017 (in thousands, except per share data) Three Months Ended 3/31/18 3/31/17 Net sales $ 8,337 $ 5,146 Cost of goods sold 5,056 3,412 Gross profit 3,281 1,734 Operating expenses: Selling 2,055 1,847 General and administrative 448 431 Research and development 410 508 Total operating expenses 2,913 2,786 Operating profit (loss) 368 (1,052 ) Other income (expense), net (6 ) (37 ) Income (loss) before income taxes 362 (1,089 ) Income tax expense (benefit) 3 –– Net income (loss) $ 359 $ (1,089 ) Earnings (loss) per share: Basic Earnings (loss) per share $ 0.02 $ (0.07 ) Diluted Earnings (loss) per share $ 0.02 $ (0.07 ) Weighted average number of shares outstanding: Basic 15,727 14,782 Diluted 16,511 14,782 ZOOM TELEPHONICS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (in thousands, except share data) 03/31/18 12/31/17 ASSETS Current assets: Cash $ 423 $ 229 Accounts receivable, net 2,344 2,230 Inventories, net 5,380 5,202 Prepaid expenses and other 1,065 578 Total current assets 9,212 8,239 Property and equipment, net 152 162 Other assets 362 392 Total assets $ 9,726 $ 8,793 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Bank debt $ 50 $ 90 Accounts payable 3,759 3,527 Accrued sales tax 950 831 Accrued other expenses 1,250 1,173 Total current liabilities 6,009 5,621 Total liabilities 6,009 5,621 Stockholders’ equity: Common stock and additional paid-in capital 40,604 40,418 Retained earnings (accumulated deficit) (36,887 ) (37,246 ) Total stockholders’ equity 3,717 3,172 Total liabilities and stockholders’ equity $ 9,726 $ 8,793
View source version on businesswire.com : https://www.businesswire.com/news/home/20180503006276/en/
Investor Relations:
The Equity Group Inc.
Adam Prior, 212-836-9606
Senior Vice-President
[email protected]
Source: Zoom Telephonics, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/business-wire-zoom-telephonics-reports-2018-first-quarter-financial-results-highlighted-by-a-62-percent-increase-in-net-sales-gross-margin.html |
WAYNE, Pa., May 1, 2018 /PRNewswire/ -- Tekni-Plex, Inc. has acquired Commodore Plastics and Commodore Technology under a newly-formed subsidiary, Dolco LLC. Both businesses are based in Bloomfield, New York.
Commodore Plastics is known for its wide range of traditional and custom polystyrene (PS) foam trays, including padded food processor, supermarket and industrial trays. Commodore Technology manufactures PS foam extrusion systems, dies, thermoformers, trim systems and other molds and equipment to support its sister company's production requirements. It also sells its equipment to manufacturers outside North America.
Going forward, both entities will become part of Dolco Packaging, a Tekni-Plex business. Dolco is known as the largest producer of foam egg carton trays in the United States. It also produces standard and custom PS trays for food processing, fruit and other applications, as well as PET egg cartons and mushroom tills, making the acquisition complementary to Dolco's existing portfolio.
"Tekni-Plex already has significant tray manufacturing capability via its Dolco business unit. The acquisition will allow us to benefit from Commodore's extruder and thermoforming equipment technology, as well as increase our manufacturing footprint. That puts us in a position to provide even more solutions to our customers," explained Paul J. Young, president and chief executive officer, Tekni-Plex.
The Commodore purchase is the eighth acquisition Tekni-Plex has made in the past four years, supporting its strategy to grow its business via both organic and acquisition paths. Tekni-Plex has a solid track record of successful business integrations, having acquired companies with innovative plastic and rubber products to further drive growth.
About Tekni-Plex, Inc.
Tekni-Plex is a globally-integrated company focused on developing and manufacturing innovative packaging materials, medical compounds and precision-crafted medical tubing solutions for some of the most well-known names in the medical, pharmaceutical, personal care, household and industrial, and food and beverage industries. Tekni-Plex is headquartered in Wayne, Pennsylvania, and operates manufacturing sites across eight countries worldwide to meet the needs of its global customers. For more information visit www.tekni-plex.com .
View original content with multimedia: http://www.prnewswire.com/news-releases/tekni-plex-acquires-commodore-plasticscommodore-technology-expands-food-processor-tray-portfolio-manufacturing-capability-300640386.html
SOURCE Tekni-Plex, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/pr-newswire-tekni-plex-acquires-commodore-plasticscommodore-technology-expands-food-processor-tray-portfolio-manufacturing-capability.html |
Why the Jerusalem U.S. embassy divides opinion 11:36am BST - 02:29
On Monday the U.S. embassy is officially moving from Tel Aviv to Jerusalem in accordance with President Trump's break with decades of U.S. policy and recognizing the city as Israel's capital. Reuters' Emily Wither explains from Jerusalem why the move is controversial.
On Monday the U.S. embassy is officially moving from Tel Aviv to Jerusalem in accordance with President Trump's break with decades of U.S. policy and recognizing the city as Israel's capital. Reuters' Emily Wither explains from Jerusalem why the move is controversial. //reut.rs/2KUnZ0l | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/14/why-the-jerusalem-us-embassy-divides-opi?videoId=426742181 |
NEW YORK--(BUSINESS WIRE)-- Paramount Group, Inc. (NYSE:PGRE) (“Paramount” or the “Company”) announced today that it has appointed David S. Eaton as Senior Vice President, Leasing. Mr. Eaton will be responsible for leasing within the Company’s San Francisco portfolio, reporting to Peter Brindley, Executive Vice President, Leasing.
“As a proven leasing professional with over 20 years of experience and an impressive track record, we are thrilled to welcome David to the team,” said Mr. Brindley. “In San Francisco, Paramount has built one of the largest portfolios of Class A office space in the CBD. David’s diverse background consisting of deep market knowledge, relationships, and leadership experience make him a valuable addition as we execute on our opportunities to further strengthen and grow our position in the market.”
Mr. Eaton has spent the past thirteen years with Hines Interests Limited Partnership, a privately owned global real estate firm, where he was most recently a Managing Director, overseeing leasing and marketing efforts in San Francisco. Prior, over a nine year period, Mr. Eaton held positions at The CAC Group, The Staubach Company and Savills Studley. Preceding his real estate career, Mr. Eaton served six years with the United States Marine Corps Reserve in the Infantry and Special Operations Units, completing his service at the rank of Corporal. He received his Bachelor’s degree from the University of California – Los Angeles.
About Paramount Group, Inc.
Headquartered in New York City, Paramount Group, Inc. is a fully-integrated real estate investment trust that owns, operates, manages, acquires and redevelops high-quality, Class A office properties located in select central business district submarkets of New York City, Washington, D.C. and San Francisco. Paramount is focused on maximizing the value of its portfolio by leveraging the sought-after locations of its assets and its proven property management capabilities to attract and retain high-quality tenants.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180522005399/en/
Paramount Group, Inc.
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Christopher Brandt, 212-237-3134
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Media:
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Source: Paramount Group, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/business-wire-paramount-appoints-david-eaton-as-senior-vice-president-leasing-in-san-francisco.html |
May 15, 2018 / 11:09 PM / Updated 7 hours ago How Rusal escaped the noose of U.S. sanctions Dmitry Zhdannikov , Richard Lough , Lesley Wroughton 9 Min Read
LONDON/PARIS/WASHINGTON (Reuters) - They were supposed to be the toughest sanctions the United States had ever imposed on a Russian oligarch. Seventeen days later, Washington watered them down. FILE PHOTO: Pure aluminium ingots are seen stored at the foundry shop of the Rusal Krasnoyarsk aluminium smelter in the Siberian city of Krasnoyarsk, Russia November 9, 2017. REUTERS/Ilya Naymushin/File Photo
On April 23, the U.S. Treasury eased restrictions on billionaire Oleg Deripaska’s aluminium company Rusal ( 0486.HK ). Instead of barring Rusal from international markets, which is what the United States originally intended to do, the Treasury suggested it might lift the sanctions altogether.
Washington’s change of course says a lot about the leverage held by the supply chain of a widely-used commodity such as aluminium. It also suggests the Trump administration is hard-pressed as it juggles international economic battles it has opened on various fronts, including with China and Iran.
Several European governments, including Germany and France, lobbied Washington to back down, according to more than a dozen U.S. and EU officials and industry sources who spoke to Reuters.
Multinationals Rio Tinto and Boeing also appealed to the U.S. Treasury, seeking a softening of the terms on Rusal.
All made the same argument, the sources said: a squeeze on the largest producer of aluminium outside China would hit businesses around the world, disrupting production of myriad goods from car and planes to cans and foil, and putting jobs at risk.
Unlike previous cases of sanctions on Russia, European countries did not have a chance to consult with Washington on punitive moves that would have ripple effects in the European economy, the sources said. One reason for the lack of dialogue: the U.S. State Department no longer has a Sanctions Policy Coordinator to liaise with other governments, according to three U.S. sources familiar with the matter and one European source.
The former coordinator, Daniel Fried, retired last year and has not been replaced because of a hiring freeze ordered by the Trump administration at the department.
Rusal, Rio Tinto and Boeing declined to comment.
The U.S. Treasury, whose Office of Foreign Assets Control (OFAC) imposed the measures, said it worked to mitigate the sanctions’ impact on allies and industries that faced “undesired collateral consequences”. It did not comment on lobbying efforts.
When asked if the lack of a sanctions coordinator had hindered international consultation, the State Department said it had held several discussions with European countries over the past year about sanctions and maintained a dialogue with them. It did not specify if it had discussed Russian sanctions.
The sanctions were the toughest the United States has imposed on a listed Russian company since Moscow’s 2014 annexation of Crimea. The notice on April 6 gave buyers a deadline of 30 days to receive supplies from Rusal before dealings in dollars were prohibited.
Any individual or company that failed to comply would themselves face being shut out of the financial system, while the Treasury could seize any dollars paid to Rusal. Slideshow (4 Images)
The effect was immediate. Prices for aluminium surged 15 percent as Rusal stopped supplying customers. As well as producing aluminium, the company produces alumina, a raw material needed to make aluminium.
“They (the Treasury) destabilised the global aluminium industry. This is unprecedented and a massive over-reach,” said Anders Aslund, senior fellow at U.S. think-tank Atlantic Council.
Rusal told metals and mining conglomerate Rio Tinto that it was suspending deliveries of alumina from its Irish plant in Aughinish to Rio’s Dunkirk aluminium smelter in France, Europe’s biggest aluminium production facility, according to the industry sources. The Russian company feared any payment it received would be seized by U.S. authorities, the sources said.
Rusal also informed Trimet Aluminium it was halting alumina deliveries to the German firm’s smelter in the French Alps and three factories in Germany, in Essen, Hamburg and Voerde.
Trimet declined to comment.
The suspension of alumina deliveries risked halting Rio Tinto and Trimet’s aluminium smelting operations and hitting businesses throughout the metal’s supply chain. GOVERNMENTS TAKE ACTION
The market ructions set off a different kind of activity.
In the days following the sanctions notice, French, German, Irish and Italian officials lobbied against the restrictions, according to the EU sources.
Many were worried the measures could lead to the closure of those plants and businesses in their countries that relied on Rusal supplies, and the potential loss of thousands of jobs.
Ireland’s foreign ministry complained to U.S. Treasury Secretary Steven Mnuchin after Dublin officials met Aughinish management on April 13 and were told the plant could shut down, threatening hundreds of jobs, an Irish government spokesman told Reuters.
French Finance Minister Bruno Le Maire discussed the issue by phone with Mnuchin in the days following the sanctions notice and then in person in the week of April 16, during International Monetary Fund meetings in Washington, according to a French finance ministry official.
“We got in touch with the Americans as soon as it became clear there was an impact on some companies operating in France,” the official said. He added that hundreds of jobs were at risk in France. “The Americans were constructive from the start.”
An Italian government source said Rome also lobbied Washington to soften the sanctions. MULTINATIONALS MAKE MOVE
Companies lobbied too.
Rio Tinto contacted the French government and Trimet went to the German government, asking them to intervene with Washington, according to the industry sources. Rio Tinto also complained directly to OFAC, said two U.S. officials familiar with the developments. Trimet makes aluminium products for the auto, construction and packaging industries.
While most of the lobbying came from Europe, according to U.S. officials, there were also concerns in the United States about the sanctions.
After the April 6 notice, planemaker Boeing expressed concern to the U.S. government about rising aluminium prices, according to two industry sources familiar with the matter. Carmakers also complained about the possible impact of the sanctions on their businesses, said the sources, who declined to name the companies.
One of the sources said that, in addition to aluminium, carmakers were worried about a possible disruption to supplies of palladium, used in catalytic converters. Rusal doesn’t produce palladium but it supplies soda to Norilsk Nickel, the world’s biggest palladium producer.
American trade body the Aluminum Association told Reuters that, shortly after April 6, it shared market data with the Trump administration showing that last year the U.S. industry imported 680,000 metric tons of Russian primary aluminium, or 12 percent of U.S. demand.
The association raised concerns about the Rusal sanctions at meetings with the White House’s National Economic Council and the U.S. Trade Representative. It said the measures could constrain supplies for aluminium processors.
On April 23, little more than two weeks after imposing sanctions, OFAC softened the measures. It gave businesses six months instead of 30 days to wind down dealings with Rusal and said it might lift the sanctions altogether if Deripaska ceded control of the company.
The announcement had an immediate market reaction, with aluminium prices falling as much as 10 percent. Aluminium prices CMAL3 now stand at $2,300 (£1,704) per tonne, down from the $2,700 level they rose to following the April 6 sanctions notice, but still above the $2,000 seen before the measures were imposed.
David Mortlock, who designed earlier sanctions against Russia when he was Director for International Economic Affairs at the White House National Security Council in 2013-15, said such measures were not a precise science.
“Don’t forget, sanctions can be adjusted if the impact is larger than OFAC wants,” added Mortlock, now a partner at legal firm Willkie Farr & Gallagher.
“Every time you do it, you learn from your experience.” Additional reporting by Yara Bayoumy, Mary Milliken, Warren Strobel, Mike Stone and Timothy Gardner in Washington; Polina Devitt, Anastasia Lyrchikova, Dasha Korsunskaya and Katya Golubkova in Moscow; Giselda Vagnoni in Rome; Conor Humphries in Dublin; Clara Denina and Dasha Afanasieva in London; Madeline Chambers in Berlin; Edward Taylor in Frankfurt; Michael Hogan in Hamburg; Writing by Dmitry Zhdannikov; Editing by Pravin Char | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-usa-sanctions-rusal-insight/how-rusal-escaped-the-noose-of-u-s-sanctions-idUKKCN1IG3G5 |
May 30, 2018 / 7:37 PM / Updated 11 minutes ago Zverev taking Bob Dylan road to greatness: Wilander Julien Pretot 3 If Mats Wilander is to be believed, Alexander Zverev is a potential superstar who bears comparison not only with his fellow German Boris Becker but also the great American singer Bob Dylan. Germany's Alexander Zverev in action during his Serbia's Dusan Lajovic REUTERS/Charles Platiau
The 21-year-old has yet to make it past the last 16 at a Grand Slam, but three-times French Open champion Wilander believes Zverev possesses something most players tipped as successors to Roger Federer and Rafa Nadal do not have - including Austrian Dominic Thiem.
“He’s a superstar. The difference is that (Grigor) Dimitrov, (Milos) Raonic, (Kei) Nishikori, have a record of something like one win and 12 losses against Nadal, against Federer, and they have played maybe 30, 40 Grand Slam tournaments and the winner has been Roger Federer or Rafa Nadal while Zverev has played less (12) so he hasn’t experienced the locker-room with Nadal winning, Federer winning,” Wilander, Eurosport’s leading tennis consultant, told Reuters.
“Thiem is not at all like that. (Zverev) is a mini Boris,”
he added, referring to Becker who won six Grand Slam titles between 1985 and 1996.
“Thiem doesn’t have ‘it’. Zverev has. Thiem I think has experienced it (Nadal and Federer winning) too much as well but these young guys, (Stefanos) Tsitsipas, (Denis) Shapovalov — don’t have any fear. Shapovalov doesn’t worry about Nadal, Zverev is the same, I think that’s their biggest advantage, they haven’t been beaten up so many times.”
The lanky Zverev dug deep on Wednesday to reach the third round in Paris against Serbian Dusan Lajovic, coming from behind to secure a five-set victory.
“He will feel that he was that close to go out so potentially that could have been the most important match of his career so far today,” said Wilander, who believes Zverev has what it takes to win more than 10 majors.
“He came in as second seed and was struggling a bit against a player who mixed it up nicely, and he figured it out. He thought his way through and won convincingly in the last two sets and that’s what you look for in a future superstar and grand slam champion.
“I think today he delivered. I would rather him win a match like that today than in three easy sets because that wouldn’t tell me anything. When you pull that out like that today, that tells me we are seeing someone who belongs at the top and will keep improving.”
According to Wilander, Zverev has improved massively since his third-round exit at the Australian Open.
“It’s night and day,” the Swede said, adding that Zverev’s creativity should be preserved.
“He’s growing every day. Zverev made the important decision to let go of the super coach, Juan Carlos Ferrero. Young players like them, like Boris or Nadal was, you cannot try and tell these young players how they should play,” he explained.
“It’s like telling Bob Dylan how to sing country music. He went his own way. Zverev is going to go his own way. He is on a path that no one else has ever been on and that’s the way to go.” Reporting by Julien Pretot, Editing by Ed Osmond | ashraq/financial-news-articles | https://www.reuters.com/article/us-tennis-frenchopen-zverev-wilander/zverev-taking-bob-dylan-road-to-greatness-wilander-idUSKCN1IV2LE |
May 16, 2018 / 9:35 PM / Updated 14 hours ago Korean spy film screens at Cannes while real-world plot thickens Natasha Howitt 3 Min Read
CANNES, France (Reuters) - “The Spy Gone North”, the tale of a South Korean who infiltrated North Korea in the 1990s, is full of plot twists, but the movie might be outdone by the news, as efforts to resolve the nuclear stand-off face a real-life cliffhanger.
The spy thriller was shot between January and July 2017, around the time when North Korean leader Kim Jong Un ordered a series of missile and nuclear tests, rattling neighbouring nations and the new U.S. administration.
Since then, relations have thawed and the film premiered at the Cannes Film Festival days before the North and South were due to hold high-level talks to discuss the denuclearisation of the Korean peninsula.
But hours before the talks were due to start on Wednesday, the North called them off, complaining that the United States was pushing it for “Libya-style” denuclearisation.
Hollywood Reporter critic Deborah Young said: “... for sheer topicality, the film is hard to beat, and to find a full-blown entertainment yarn in Cannes ... that’s partially set in newsworthy North Korea is rather astounding.”
The script is based on the personal notes of a South Korean spy, Park Suk-young, known as “Black Venus”, who posed as a businessman to infiltrate the North and get information on its nuclear programme.
For the South Korean cast and crew of “The Spy Gone North”, current events were never far from their minds.
“When I read the script for the first time, I made a joke to the director, saying: is it possible to actually produce this movie?” said actor Lee Sung-min who plays an aide to the North’s former leader, Kim Jong Il.
“Since then, the relationship has improved, but if tensions had remained as they were before, this movie could have been a very problematic one,” he told Reuters in an interview conducted before the cancellation of Wednesday’s talks.
Hwang Jung-min, who plays Black Venus, said he hoped the film would help foreign audiences understand Korean history, and how there is no “fun” in and “no need” for political war games.
Asked if he thought Kim would watch his movie, director Yoon Jong-bin replied: “It would be nice”.
The Cannes Film Festival runs to May 19. FILE PHOTO: 71st Cannes Film Festival - Photocall for the film The Spy Gone North (Gongjack) presented as part of midnight screenings - Cannes, France May 11, 2018. Director Yoon Jong-bin poses. REUTERS/Eric Gaillard/File Photo Writing by Robin Pomeroy | ashraq/financial-news-articles | https://in.reuters.com/article/filmfestival-cannes-the-spy-gone-north/korean-spy-film-screens-at-cannes-while-real-world-plot-thickens-idINKCN1IH328 |
GENEVA (Reuters) - The European Union told the World Trade Organization’s dispute settlement body on Monday that it had acted within days of a WTO ruling to bring its funding of planemaker Airbus into line with WTO rules, a trade official who attended the meeting said.
Logo of Airbus is pictured at the Airbus A380 final assembly line at Airbus headquarters in Blagnac, near Toulouse, France, March 21, 2018. REUTERS/Regis Duvignau The United States won a partial victory on May 15 against EU support for Airbus at the WTO, clearing the way for possible U.S. sanctions in a 14-year-old dispute over claims of illegal handouts for aircraft makers.
The EU said last week it had taken steps to comply with the WTO ruling on subsidies for its A350, Europe’s newest long-haul jet, and the A380, the world’s largest airliner, and reiterated its efforts at a closed-door WTO meeting on Monday.
The EU said it had made “contractual changes to the loan terms for the A380 and the A350XWB models of aircraft, where it was found that the repayable loans provided to Airbus for these aircrafts did not sufficiently reflect market conditions.”
But a U.S. representative at the WTO meeting said it was hard to give credence to the EU’s assertion, after four previous rulings that had disagreed with similar EU claims to have brought Airbus’s financing into line with market benchmarks.
Under WTO rules, Washington could now ask the WTO to set a level of sanctions allowed against the EU.
“To be clear, the U.S. preferred outcome is a mutually agreed solution with respect to aircraft financing,” the U.S. official told the meeting. “The United States remains ready to hold serious discussions to achieve this goal.”
The United States is the target of a similar WTO complaint brought by the EU over U.S. support for Airbus’s rival Boeing, and the EU has said it expects to land a similar legal blow later this year.
That could plunge the two sides into a tit-for-tat sanctions battle, or prompt what some trade experts have long expected: a trans-Atlantic deal on financing big civil aircraft.
The U.S. official said Washington wanted to agree a deal to avoid similar disputes over subsidies in future, although it was prepared to seek countermeasures on EU products if necessary.
“But in our view, what is needed to resolve this dispute is not more WTO litigation but a real desire to resolve this dispute,” the U.S. official said.
An Airbus spokeswoman said the firm welcomed the U.S. proposal for a settlement, saying it would be a “wise way forward” and dismissing any grounds for U.S. countermeasures.
“Airbus and the EU have always been open to sit down and discuss a settlement with everything on the table and without any preconditions,” she said.
“If that is the case, we are happy to start a constructive discussion to find a solution to this long lasting dispute.”
Reporting by Tom Miles, additional reporting by Tim Hepher; Editing by Stephanie Nebehay and Edmund Blair
| ashraq/financial-news-articles | https://www.reuters.com/article/us-eu-usa-wto-aircraft/u-s-eu-again-at-odds-over-airbus-subsidies-at-wto-idUSKCN1IT1OF |
MADRID—The shrill, piercing whistle of nearly 90,000 Real Madrid fans went on for minutes at a time. It filled the cavernous Santiago Bernabeu Stadium here and rang in the ears of the players—Bayern Munich as it desperately sought one more goal, Real Madrid as it clung on to its advantage.
Then, drowned out by the noise, the referee blew the only whistle that mattered and half the men on the field collapsed to the ground. Real had hung on to the 2-2 draw that, combined with a 2-1 victory in the first leg, sent the two-time... | ashraq/financial-news-articles | https://www.wsj.com/articles/real-madrid-survives-and-advances-to-champions-league-final-1525210863 |
The Celebrity Edge is the latest cruise ship to join Celebrity's fleet. The $1 billion ship is kick-starting the company's first class of new ships in six years. Its newest feature is a 22,000 square foot spa that claims to be an experience like no other. 'The Spa' is infused with natural elements, inspired by a concept called SEA — Sea, Earth, and Air. It also features a beauty salon, fitness gym, and wellness program with over 124 treatments.
According to Cruise Lines International Association, demand for cruising has increased 20.5 percent in the last five years, and that number is only increasing. 27.2 million passengers are expected to cruise in 2018, compared to 25.8 million in 2018.
The Celebrity Edge will make its first sailing in December 2018. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/25/celebity-edge-cruise-ship-vacation.html |
WASHINGTON, May 2 (Reuters) - A U.S. military C-130 transport airplane crashed on Wednesday not far from the Savannah/Hilton Head International Airport in Georgia, an airport spokeswoman said.
The U.S. Air Force said it did not immediately have information about the crash. (Reporting by Phil Stewart; Writing by David Alexander; Editing by Tim Ahmann)
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-georgia-crash/u-s-military-c-130-plane-crashes-near-savannah-airport-airport-spokeswoman-idUSL1N1S9145 |
May 14, 2018 / 5:45 AM / Updated 9 hours ago Golf: Late quadruple-bogey makes Aphibarnrat want to 'quit' Andrew Both 2 Min Read
PONTE VEDRA BEACH, Fla. (Reuters) - Kiradech Aphibarnrat wanted to “quit” after dunking two balls into the water at the famous island-green 17th hole at the Players Championship on Sunday.
After vaulting onto the leaderboard, on the verge of clinching his coveted PGA Tour card for next year, it all unravelled at the penultimate hole at TPC Sawgrass.
He mis-hit his first shot with a wedge from 137 yards which came up short at the par-three hole before reloading and doing the same thing again.
“I mis-hit it ... and mis-hit it again,” the Thai player said.
A poor drive at the final hole only compounded his anger.
“If I can walk away, I just want to quit,” he said.
“I know it’s not a good thing but to be honest I little bit lost my mind.”
He eventually made a 27-foot birdie from the fringe, but that was hardly consolation.
“It doesn’t matter what happened on the last hole, I have to tell you,” he said. “Two balls in the water, that got the tour card away from me and it’s just a pain.”
Aphibarnrat shot 67 to finish equal 30th on eight-under 280.
Three shots better and he would have tied for 11th.
He picked up enough points to earn temporary membership of the PGA Tour, which allows him to accept unlimited invitations for the remainder of the season.
However, a tie for 11th would have guaranteed his full exempt status for next season.
Instead he still has some work to do to finish this season ranked inside the top 125 and punch his ticket to the big league. Reporting by Andrew Both; Editing by Ian Ransom | ashraq/financial-news-articles | https://in.reuters.com/article/golf-players-aphibarnrat/golf-late-quadruple-bogey-makes-aphibarnrat-want-to-quit-idINKCN1IF0FE |
French President Macron: Told Zuckerberg tech needs new regulation 1 Hour Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/24/french-president-macron-told-zuckerberg-tech-needs-new-regulation.html |
NEW YORK (Reuters) - The dollar climbed to a four-month peak against the yen on Thursday, bolstered by the rise in U.S. Treasury yields that suggests a more upbeat outlook for the world’s largest economy.
U.S. Dollar and Euro notes are seen in this June 22, 2017 illustration photo. REUTERS/Thomas White/Illustration U.S. benchmark 10-year yields US10YT=RR hit a high of 3.122 percent on Thursday, the highest in nearly seven years. Since the beginning of the year, U.S. 10-year yields have increased by more than 50 basis points, on track for their largest rise in eight years.
“The upside pressure on the dollar has been dramatic as the dollar has not declined consistently in a period which should be seeing dollar weakness,” John Taylor, president and founder of research firm Taylor Global Vision in New York, said.
Rising yields reflect continued optimism about the U.S. economy, reinforcing expectations that the Federal Reserve would raise borrowing rates at least two more times this year.
The dollar rose to its strongest level versus the Japanese yen since Jan. 23 at 110.80 yen. It was last at 110.74, up 0.3 percent on the day. JPY=
The dollar index rose 0.1 percent to 93.462 .DXY, below its 2018 high of 93.632.
The euro, meanwhile, fell to nearly a five-month low against the dollar on concerns about the demands of populist parties likely to form Italy’s next government.
Italy’s anti-establishment 5-Star Movement and the anti-immigrant League, which are working to draft a coalition program, may ask the European Central Bank to forgive 250 billion euros of debt.
But broader Italian markets held up better on Thursday as investors played down the broader impact on euro zone political stability and questioned whether the Italian parties would really follow through on such plans.
The euro slipped to $1.1798 EUR= , just above the $1.1763 2018 low it hit on Wednesday.
The euro has slumped six cents from more than $1.24 in three weeks after a huge dollar rally. Investors are betting U.S. interest rates will need to rise further, while other central banks are postponing monetary tightening.
That has forced investors who took big positions against the dollar anticipating a fall in 2018 to unwind and cover their positions, pushing the greenback even higher.
“This sense of a market that is not particularly well prepared for a euro decline is supported by the benign valuations still evident in the pricing of six-month and 12-month implied volatility,” BNY Mellon analysts said in a note, referring to prices of a measure of expected swings in the value of the euro.
Sterling gave up earlier gains after the British government dismissed a media report that Britain wanted to stay in the European Union’s customs union after Brexit. | ashraq/financial-news-articles | https://in.reuters.com/article/us-global-forex/dollar-stands-tall-as-euro-plumbs-five-month-low-on-italian-political-uncertainty-idINKCN1II03M |
May 4 (Reuters) - U.S. liquefied natural gas (LNG) company Cheniere Energy Inc said on Friday it planned to make a final investment decision to build the third liquefaction train at its Corpus Christi LNG export facility in Texas in the next few weeks:
* “We’ve recently announced the bank group arranging the project financing and are working diligently on the process with them in anticipation of being able to make (final investment decision) in the next few weeks,” Cheniere Chief Executive Jack Fusco said about the third train at Corpus Christi in an analyst call after the release of its first-quarter earnings.
* Even before making that final investment decision, the company said it has already achieved the first concrete pour on the Corpus Christi 3.
* Cheniere also said construction of three other 0.7-billion cubic feet per day (bcfd) liquefaction trains was ahead of schedule with Sabine Pass 5 in Louisiana and Corpus Christi 1 expected to enter service in the first half of 2019 and Corpus Christi 2 now expected in the second half of 2019.
* Corpus Christi 2 had been expected in 2020.
* One billion cubic feet is enough gas to fuel about 5 million U.S. homes for a day.
* Corpus Christi 3 should keep Cheniere at the front of the pack of companies competing to build the next generation of U.S. LNG terminals to meet potential global LNG supply shortfalls in the early 2020s, analysts have said.
* Total U.S. export capacity is expected to rise to 3.9 bcfd by the end of 2018, 8.7 bcfd by the end of 2019 and 10.1 bcfd by the end of 2020 from 3.8 bcfd now, making the country the third biggest LNG exporter by capacity in 2019.
* Cheniere is already the biggest buyer of natural gas in the United States, consuming over 3.1 bcfd, and is on track to become the second biggest LNG operating company by capacity in the world in 2020, behind only Qatar Petroleum, according to data from energy analysts at Wood Mackenzie.
* Cheniere’s Sabine Pass project was the first big LNG export facility to enter service in the Lower 48 U.S. states in February 2016. The company currently has four 0.7-bcfd liquefaction trains in service at Sabine Pass, one under construction and another, train 6, in development.
Reporting By Scott DiSavino; editing by Phil Berlowitz and Jonathan Oatis
| ashraq/financial-news-articles | https://www.reuters.com/article/cheniere-energy-cnpc-corpuschristi-lng/cheniere-to-decide-on-corpus-christi-3-lng-export-terminal-in-weeks-idUSL1N1SB11P |
By Bloomberg 11:35 AM EDT
Uber Technologies Inc.’s self-driving system detected the woman who was struck and killed by one of the company’s autonomous vehicles in March, but the car’s automatic braking system was disabled, according to federal safety investigators.
The car’s radar and lidar sensors observed the pedestrian about six seconds before impact, according to a preliminary report about the incident released Thursday by the National Transportation Safety Board. The report does not establish probable cause of the collision.
Elaine Herzberg, 49, who was walking her bicycle across the street in Tempe, Arizona, was identified by the sensors first as an unknown object, then as a vehicle and then as a bicycle, the NTSB said. At 1.3 seconds before impact, the system recognized that emergency braking was needed, but Uber disables Volvo’s automatic emergency braking system in its SUVs while in autonomous mode to “reduce the potential for erratic behavior,” the NTSB said, citing the company.
“The vehicle operator is relied on to intervene and take action,” the NTSB wrote in the report. “The system is not designed to alert the operator.”
The crash has been a closely watched bellwether for the safety of autonomous cars in development and being tested on streets in multiple states. Uber permanently shut down its self-driving testing in Arizona Wednesday, before the release of the NTSB’s findings. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/24/uber-self-driving-arizona-crash-ntsb/ |
Why Ethiopian farmers are choosing khat over coffee Saturday, May 12, 2018 - 01:37
For generations farmers have planted the lush lands of eastern Ethiopia with coffee trees. Now, they're abandoning that in favour of khat, a leafy stimulant chewed in the Horn of Africa and on the Arabian pensinsula.
For generations farmers have planted the lush lands of eastern Ethiopia with coffee trees. Now, they're abandoning that in favour of khat, a leafy stimulant chewed in the Horn of Africa and on the Arabian pensinsula. //reut.rs/2KT0EvU | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/12/why-ethiopian-farmers-are-choosing-khat?videoId=426186682 |
COPENHAGEN (Reuters) - The euro zone economy is still performing as the European Central bank expected and more data is needed to decide whether a recent slowdown is temporary or here to stay, ECB director Sabine Lautenschlaeger said on Monday.
FILE PHOTO: European Central Bank (ECB) executive board member Sabine Lautenschlaeger attends at a news conference at the ECB in Frankfurt October 26, 2014. REUTERS/Ralph Orlowski “It (the economic slowdown) is still within our projections and you need to get more data in order to see whether it is only temporary,” Lautenschlaeger said on the sidelines of an event in Copenhagen.
Reporting By Stine Jacobsen; Writing by Francesco Canepa; editing by John Stonestreet
| ashraq/financial-news-articles | https://www.reuters.com/article/us-ecb-policy/euro-zone-economy-performing-within-ecb-projections-lautenschlaeger-idUSKCN1IF1I4 |
SHANGHAI/CHICAGO (Reuters) - Health agencies are investigating an outbreak of bloodstream infections in children from four U.S. states that may be linked to heparin and saline syringes made by Becton Dickinson and Co, the agencies told Reuters. The U.S. Centers for Disease Control and Prevention has confirmed 14 cases of bloodstream infections in children caused by the same strain of the Serratia marcescens bacterium, the agency’s lead investigator on the outbreak said in a telephone interview.
A general view of the Centers for Disease Control and Prevention (CDC) headquarters in Atlanta, Georgia September 30, 2014. REUTERS/Tami Chappell All of the infections occurred in seriously ill children receiving intravenous medications through a catheter or central line, a device used to deliver medications such as chemotherapy. None of the children have died and the number of cases appears to be winding down, the investigator said.
Health officials said they began testing the Becton Dickinson products when their investigation found the syringes had been used to treat several of the infected children. Central lines are often flushed with saline or heparin, a blood thinner, to keep them clear.
So far, none of the Becton Dickinson products have tested positive for the bacterium. Last month, the company recalled 949 lots of its BD PosiFlush Pre-Filled Heparin Lock Flush Syringes and Pre-Filled Normal Saline saline flush syringes sold between February and December 2017 out of “an abundance of caution.” Becton Dickinson said it was cooperating with the U.S. Food and Drug Administration and CDC.
“The company immediately initiated an internal investigation after being notified of a potential connection between catheter-related blood stream infections and the Serratia marcescens bacterium,” BD said in an emailed statement on Friday.
BD spokesman Troy Kirkpatrick said the company had checked records from its sterility testing, environmental testing and clean room validation.
“To date, no BD flush product has ever tested positive for this bacterium,” Kirkpatrick said in an email.
Dr. Kiran Mayi Perkins of the CDC’s Public Health Program, who is leading the investigation, said if there is contamination, it’s “probably a very low amount,” which makes it very hard to test for.
“Although the product tests have been negative to date, again, in an abundance of caution, we continue to take the steps we have,” she said. “That’s probably why BD has done the recall as well.”
Perkins said the confirmed infections occurred in Tennessee, Colorado, Minnesota and Ohio and most of the children were recovering well.
Dr. Amesh Adalja, an infectious disease expert at the Johns Hopkins Center for Health Security, said Serratia marcescens is found in the environment and is a common cause of bloodstream infections in hospitals.
“What’s dangerous is when it’s in something that’s being directly injected into a person,” he said. “That bacteria doesn’t have to go through any kind of barrier. It’s a superhighway into the bloodstream.”
All of the recalled products were made at Becton Dickinson’s facility in Franklin, Wisconsin.
Becton Dickinson also sells the heparin flush and saline syringe products in Canada, Bermuda, and Brazil. The company said it was working with regulators in those countries to issue advisories and recalls. The recalled products make up about 10 percent of the company’s supply of heparin and flush syringes in the countries involved in the recall.
Reporting by Alexandra Harney and Julie Steenhuysen; Editing by Michele Gershberg and Tom Brown
| ashraq/financial-news-articles | https://in.reuters.com/article/us-bectondickinson-recall/u-s-investigates-bloodstream-infections-for-link-to-heparin-syringes-idINKBN1IC2JC |
WASHINGTON (Reuters) - U.S. factories ramped up production in late April and early May despite the risk of a global trade war, but soft consumer spending kept the economy growing at a moderate rate, the Federal Reserve reported on Wednesday.
FILE PHOTO: The Federal Reserve headquarters in Washington, U.S., September 16, 2015. REUTERS/Kevin Lamarque/File Photo In its periodic “Beige Book” summary of contacts with businesses in its 12 regional districts, the U.S. central bank pointed to strong output in fabricated metals, heavy machinery and electronics equipment.
The assessment of growth across the economy represented a slight upgrade from the Fed’s prior Beige Book report, which said economic activity was expanding at a “modest to moderate pace.”
“Manufacturing shifted into higher gear,” the Fed said in its latest report.
More than half of the Fed’s districts reported a pickup in industrial activity, and a third of them reported the activity as “strong.”
Still, manufacturers worried that tensions between the United States and its trading partners, notably China, could lead to higher tariffs across the world.
“The major concern manufacturers expressed was trade policy,” the Fed said, referring to comments from business contacts in its Boston district, where a maker of testing equipment said it might move some production to Europe to avoid Chinese retaliation for increases in U.S. tariffs.
The Minneapolis Fed’s contacts said they were worried about how recent tariff announcements on steel and aluminum could affect supply chains. The Trump administration has announced tariffs on steel imports from many countries including China while Beijing has targeted U.S. aluminum and other goods.
Only the Dallas Fed found overall economic activity had “sped up to a solid pace,” according to the report. Across the country, growth in auto sales was flat and retail sales excluding autos eased.
The Fed’s districts reported modest-to-moderate growth in employment while contacts said the labor market remained tight. Wage increases, however, were reported to be modest.
The Beige Book was prepared by the Federal Reserve Bank of Cleveland based on information collected on or before May 21.
Reporting by Jason Lange Editing by Paul Simao
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-economy-beigebook/u-s-factories-shift-into-higher-gear-despite-trade-worries-fed-idUSKCN1IV2G1 |
MIAMI BEACH, Fla., May 24, 2018 /PRNewswire/ -- Miami Fashion Week is finally here. Kicking off May 30, Miami locals will get a taste of New York, London and Milan with fresh programming, exclusive designer collections and first-time CFDA recognition. Revealing an evolved program positioning Miami Fashion Week as a culturally poignant event boasting new ventures and never-before-seen collections, this glam, week-long extravaganza is set to be the move to the party of the year.
According to Scott Cooper, CEO of Scott Cooper Miami Fashion Blog, "Miami is the fashion capital of the world. It hosts the finest luxury boutiques, the best restaurants, the hottest nightclubs and attracts the rich and famous all year-round. And the weather can't be beat. It has simply become the new Riviera."
Scott J. Cooper isn't the only one excited about Miami. Major modeling agencies like the William Morris Agency and Elite Model Management attract the most beautiful models from all over the world. They come to Miami to pursue their dreams.
Another favorite spot is Scott J. Cooper's Miami's Design District that includes a crop of high-end designer boutiques all located within a few blocks of one another. Maison Martin Margiela, En Avance and Nektar De Satgni are just a few of the high profile shops that have popped up recently.
Jason of Scott Cooper Miami, Florida can't stop raving about Art Basel in December and Miami Beach International Fashion Week. And for those that prefer the mall, there are plenty to choose from. Florida-based CEO Scott Cooper recommends the Bal Harbour Shops, Village of Merrick Park and Lincoln Road.
There are plenty of deals also if that's why travelers came to Miami Beach. Scott Cooper suggests Barneys CO-OP or the Dolphin Mall, the largest retail value shopping center in Miami.
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Scott Cooper Miami Summer Dresses For Tall Girls
Summer Dresses at Affordable Prices. When you are a woman on the taller side, people may assume dressing your frame is a breeze. You're of 'model height,' so everything should only fit like you are on the runway, right? Nope.
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Scott Cooper Miami Fall Fashion Trends
Fall Fashion Trends by Scott Cooper Miami. As sad as we are to see summer end, our sartorial hearts belong to fall; It's the season of OTK boots, lush textiles, and undeniable accessories.
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Scott Cooper Miami Winter Turtleneck Trends
Winter Turtleneck Trends by Scott Cooper Miami. We once thought of turtlenecks as the attire equal of winter boots: an unofficial indication of freezing days to come that, while cozy and functional, we sort of dreaded dragging out of the closet.
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SOURCE Scott Cooper Miami | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/24/pr-newswire-scott-cooper-florida-based-ceo-says-miami-is-the-new-fashion-capital-of-the-world.html |
PARIS, May 17 (Reuters) - French investment bank Natixis reported a 15 percent increase in quarterly net income on Thursday, driven by strength in asset management and insurance businesses.
Natixis, majority owned by retail banking group BPCE, said net income rose to 323 million euros, which came below market expectations for 360 million euros, according to a Reuters poll.
Revenues rose 3 percent over the first quarter to 2.41 billion euros, in line with the poll.
The results were its first set since the bank announced top management changes in late April that saw Natixis chief executive Laurent Mignon move to become head of parent BPCE group.
Mignon was replaced by former co-head of Natixis corporate and investment bank Francois Riahi, 45, who pledged to pursue the 2020 strategy to grow revenue by five percent annually and return more than 60 percent of its earnings to investors. (Reporting by Maya Nikolaeva and Matthieu Protard; editing by Leigh Thomas)
| ashraq/financial-news-articles | https://www.reuters.com/article/natixis-results-urgent/natixis-posts-profit-rise-helped-by-asset-management-insurance-idUSP6N1SA004 |
May 28, 2018 / 4:41 PM / Updated an hour ago Hot work conditions may boost next-day heat stroke risk for older men Lisa Rapaport 4 Min Read
(Reuters Health) - Older men who exert themselves in the heat for prolonged periods may find they’re at higher risk of heat stroke and related injuries the following day, a small experiment suggests.
On the first morning of a two-day study, researchers had nine men in their 50s and 60s do a series of exercise tests involving semi-recumbent cycling, in rooms heated to 40 degrees Celsius (104 degrees Fahrenheit). After the exercise tests, researchers had the men simulate a 7.5-hour workday in the heat. Finally, on the second day, they had the men repeat the same exercises they had done the day before, in the same hot, dry conditions.
During both series of exercise tests, the researchers measured the men’s whole-body heat loss, or their ability to cool off.
Compared to the first morning’s exercise results, which were obtained before the prolonged day of exertion in the heat, on the second day men retained more body heat during intense exercise, and they had more difficulty sweating.
Overall, men retained 31 percent more body heat on the second day of tests, the study found.
“Our findings indicate that prolonged work in the heat compromises thermoregulatory function and may elevate the risk of heat-injury on the following day in older workers,” lead study author Sean Notley of the University of Ottawa said by email.
“Although the mechanism explaining this impairment is likely multi-factorial, it is possible that fluid depletion on day one led to reduced sweat secretion on the next day, indicating that participants were not inclined to replace fluid losses occurring on day one,” Notley added. “This outcome reinforces the need for better education on the importance of fluid replacement during work as well as prior to and following work.”
Performing back-to-back days of prolonged, arduous work in the heat is common for workers in many industries including mining, utility work, firefighting, and military service, researchers note in Medicine and Science in Sports and Exercise.
In a previous version of the current experiment done with men in their 20s, participants didn’t suffer any reduced ability to sweat and cool their body temperatures in cycling tests done the day after the long day of exertion in the heat, researchers note.
These results, combined with the results from the new experiment in older men, suggest that middle-aged workers need to take extra precautions to stay hydrated in the heat, Notley said.
Men in the current study typically got 30 to 60 minutes of aerobic exercise three to four days a week. They were chosen because they had similar physical characteristics, activity levels and aerobic fitness levels to a group of career firefighters researchers examined in a previous study.
During the simulated workday, the men wore coveralls and short sleeve shirts and walked on treadmills set at a 2 percent incline for two hours straight in three separate sessions. In between sessions, they got breaks for food and water and were able to sit down.
Beyond its small size, another drawback of the experiment is that the treadmill sessions might not be a good proxy for the type of exertion men might actually do on the job, the study authors note.
Still, the results underscore the need for men to take precautions to avoid heat related injuries or heat stroke, which in severe cases can leave people unconscious or in a coma.
“There is a need for fluid consumption guidelines during work as well as prior to and following work and/or refinement to existing work place heat exposure guidelines to consider the carry-over effects of working in the heat,” Notley said.
SOURCE: bit.ly/2GX3JrF Medicine and Science in Sports and Exercise, online April 21, 2018. | ashraq/financial-news-articles | https://uk.reuters.com/article/us-health-heat-elders/hot-work-conditions-may-boost-next-day-heat-stroke-risk-for-older-men-idUKKCN1IT1QA |
May 18, 2018 / 5:41 AM Italy's two maverick parties to boost spending, seek review of EU rules Steve Scherer , Gavin Jones 5 Min Read
ROME (Reuters) - Italy’s two anti-establishment parties on Friday promised to ramp up spending in a programme for a new coalition government, putting them on a collision course with the European Union despite having dropped some of their most radical proposals. FILE PHOTO: Anti-establishment 5-Star Movement leader Luigi Di Maio speaks following a talk with Italian President Sergio Mattarella at the Quirinal Palace in Rome, Italy, April 12, 2018. REUTERS/Max Rossi/File Photo
The “contract” between the League and the 5-Star Movement, the two parties that won the most parliamentary seats in an election on March 4, still needs the approval of their memberships in informal votes to be concluded by Sunday.
“Days and nights of work,” League leader Matteo Salvini said on Twitter, where he distributed the final programme. “Do you like it?”
Salvini said he and 5-Star chief Luigi Di Maio would meet President Sergio Mattarella on Monday. Mattarella must give his blessing to the programme and to their candidate for prime minister, who has yet to be named, before a government can be formed.
5-Star launched an online vote to get the approval of its members, reflecting its credo of direct democracy, to be concluded at 8 p.m. (1800 GMT).
The document, published after 11 weeks of political stalemate in the euro zone’s third-largest economy, calls for billions of euros in tax cuts, additional spending on welfare for the poor, and a roll-back of pension reforms.
The euro sank on the latest developments on Friday and was headed for its fifth straight weekly fall against the dollar, in what would be a first for the currency since 2015.
“The possibility of a eurosceptic government in Rome is shaking investor confidence ... at this point, a larger fiscal deficit and greater bond issuance (in Italy) does seem likely,” said David Madden, a strategist at CMC Markets.
The euro gave up gains and fell 0.2 percent to $1.1778 after the Italian parties outlined their economic plans. It settled near a five-month low reached on Wednesday of $1.1763.
The final accord dropped a previous draft proposal, seen by Reuters, to create fiscal headroom by adjusting the formula used to calculate debt burdens in the EU, and contained nothing questioning Italy’s membership of the euro.
But it still called for a review of EU governance and fiscal rules — setting the stage for the bloc’s biggest political challenge since Britain voted to leave two years ago.
Both parties have a history of euroscepticism. 5-Star has moderated its position over the last year, but the League still wants to leave the euro zone as soon as politically feasible. Related Coverage | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-italy-politics/italy-parties-govt-agenda-includes-short-term-bonds-to-pay-firms-idUKKCN1IJ0EY |
CHICO, Calif.--(BUSINESS WIRE)-- The Board of Directors of TriCo Bancshares (NASDAQ: TCBK), parent company of Tri Counties Bank, declared a quarterly cash dividend of $0.17 (seventeen cents) per share on May 22, 2018. The dividend is payable on June 29, 2018 to holders of record as of June 15, 2018.
Established in 1975, Tri Counties Bank is a wholly-owned subsidiary of TriCo Bancshares (NASDAQ: TCBK) headquartered in Chico, California, providing a unique brand of customer Service with Solutions available in traditional stand-alone and in-store bank branches in communities throughout Northern and Central California. Tri Counties Bank provides an extensive and competitive breadth of consumer, small business and commercial banking financial services, along with convenient around-the-clock ATM, online and mobile banking access. Brokerage services are provided by the Bank’s investment services through affiliation with Raymond James Financial Services, Inc. Visit www.TriCountiesBank.com to learn more.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180523006115/en/
TriCo Bancshares
Thomas J. Reddish, 530-898-0300
Executive Vice President & CFO
Source: TriCo Bancshares | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/business-wire-trico-bancshares-announces-quarterly-cash-dividend.html |
May 15 (Reuters) - Paulson & Co :
* PAULSON & CO UPS SHARE STAKE IN VIACOM TO 2.6 MILLION CLASS B SHARES FROM 1 MILLION CLASS B SHARES - SEC FILING
* PAULSON & CO CUTS SHARE STAKE IN CAESARS ENTERTAINMENT TO 5.1 MILLION SHARES FROM 18.7 MILLION SHARES - SEC FILING
* PAULSON & CO DISSOLVES SHARE STAKE IN SYNERGY PHARMACEUTICALS - SEC FILING
* PAULSON & CO UPS SHARE STAKE IN DISH NETWORK CORP BY 19.1 PERCENT TO 5 MILLION CLASS A SHARES - SEC FILING
* PAULSON & CO - CHANGE IN HOLDINGS ARE AS OF MARCH 31, 2018 AND COMPARED WITH THE PREVIOUS QUARTER ENDED AS OF DEC 31, 2017 Source For the quarter ended Mar 31, 2018: bit.ly/2L4RUD2 Source For the quarter ended Dec 31, 2017: bit.ly/2ELf1lJ
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-paulson-co-ups-share-stake-in-viac/brief-paulson-co-ups-share-stake-in-viacom-dish-cuts-in-caesars-entertainment-idUSFWN1SM1CK |
May 10 (Reuters) - Cato Corp:
* CATO REPORTS APRIL SAME-STORE SALES DOWN 6%
* APRIL SAME STORE SALES FELL 6 PERCENT * APRIL SALES WERE IMPACTED BY SHIFT OF EASTER FROM APRIL LAST YEAR TO MARCH THIS YEAR
* STARTING TO SEE MORE FAVORABLE SALES TRENDS * CATO SAYS REMAIN CAUTIOUSLY OPTIMISTIC ABOUT ABILITY TO BUILD ON IMPROVED SALES TRENDS IN Q2 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-cato-reports-april-same-store-sale/brief-cato-reports-april-same-store-sales-down-6-pct-idUSASC0A1DB |
* Dollar index near fresh 5-month high brushed overnight
* GBP up after report UK ready to stay in EU’s customs union
* Aussie, loonie, kiwi supported by ebb in risk aversion (Adds details and Quote: s, updates prices)
By Shinichi Saoshiro
TOKYO, May 17 (Reuters) - The dollar firmed on Thursday after the euro retreated to a five-month low on concerns political developments in Italy could cause wider disruptions in the euro bloc, while rising U.S. Treasury yields knocked emerging market currencies lower.
The euro was last at $1.1827, up 0.15 percent on the day, after sliding overnight to $1.1763, its lowest since Dec. 18. The common currency has shed nearly 1 percent this week.
Political uncertainty in Italy, where populist parties have jostled to forge a common platform in a bid to lead the next government, have been a major drag on the euro.
The euro slid to the five-month low on reports Italy’s anti-establishment 5-Star Movement and anti-immigrant League may ask the European Central Bank to forgive 250 billion euros of debt as the parties worked to draft a coalition programme.
“The euro looks on track for further losses as market participants still appear to have more long positions on the euro to liquidate,” said Yukio Ishizuki, senior currency strategist at Daiwa Securities in Tokyo.
“While the situation in Italy is a concern for currencies, the 5-Star Movement sees Britain struggle with its EU exit plan and is unlikely to pursue a similar agenda. The political fallout from Italy could be relatively well contained as a result.”
For now the euro also faced pressure from a bullish dollar, which has been boosted this week as U.S. benchmark yields broke above the 3 percent threshold to a seven-year high.
The dollar index against a basket of six major currencies dipped 0.2 percent to 93.180 but was in close reach of 93.632, its highest since Dec. 19 marked on Wednesday.
The pound rose 0.5 percent to $1.3558 after the Telegraph reported that Britain will tell Brussels it is prepared to stay in the European Union’s customs union beyond 2021.
The dollar was 0.15 percent lower at 110.270 yen. A rise above 110.450 would take the greenback to its highest since Feb. 2 versus its Japanese peer.
The Australian dollar added 0.3 percent to $0.7540 after gaining 0.6 percent overnight, buoyed by a rise in prices of commodities such as copper.
Other commodity-linked currencies like the Canadian dollar also advanced as equities bounced back overnight from the previous day’s losses caused by the spike in U.S. yields.
The loonie rose 0.2 percent to C$1.2761 per dollar, extending its overnight rally. The commodity-linked currency is sensitive to movements in equity markets, which are seen as a key indicator of the prospects for global growth.
The New Zealand dollar gained 0.3 percent to $0.6919 after managing to pull back the previous day from a five-month trough of $0.6851. Volatile emerging market currencies did not fare as well. Rising Treasury yields have enhanced the dollar’s appeal and also raised global borrowing costs - a blow for some currencies experiencing slower economic growth at home and in some cases political strife.
The Turkish lira and Argentina’s peso have been at the heart of the storm. The lira has marked a succession of record lows against the dollar this month while the peso has lost a quarter of its value versus the greenback since the start of the year.
“In addition to the Argentine peso and the Turkish lira, falls by the Brazilian real and the Indonesia rupiah are also accelerating. Emerging markets with current account deficits face the risk of fund outflows and their currencies declining further,” said Makoto Noji, senior strategist at SMBC Nikko Securities in Tokyo.
Brazil’s real dropped to a two-year low against the dollar overnight while the Indonesia rupiah retreated to its weakest since October 2015 on Wednesday. (Editing by Sam Holmes)
| ashraq/financial-news-articles | https://www.reuters.com/article/global-forex/forex-dollar-elevated-as-euro-plumbs-5-mth-low-on-italian-political-uncertainty-idUSL3N1SO1A8 |
Oil prices slipped on Friday, but remained near 3½ year highs on Friday as renewed U.S. sanctions on Iran tightened the outlook for Middle East supply at a time when global crude production is only just keeping pace with rising demand.
The United States is reintroducing sanctions against Iran, which pumps about 4 percent of the world's oil, after abandoning a deal reached in late 2015 that limited Tehran's nuclear ambitions in exchange for the removal of U.S. and European sanctions.
The global oil market is finely balanced, with top exporter Saudi Arabia and No.1 producer Russia having led efforts to curb oil supply to prop up prices.
"It's the same witches brew of bullish stuff: Iran, Venezuela, the lack of alacrity by Saudi Arabia to bring more oil onto the market," said John Kilduff, partner at Again Capital in New York.
"Prices may strengthen later in the day as traders shore up their positions, he said. "It's definitely not an environment to go home short over the weekend."
show chapters Oil hasn't fully priced in Iran deal exit implications, says analyst 9 Hours Ago | 01:48 U.S. light crude ended Friday's session down 66 cents at $70.70, having touched a 3½ year high of $71.89 on Thursday.
Benchmark Brent crude oil fell toward Friday's session low of $77.04 a barrel heading into the close of trading. On Thursday Brent hit $78, its highest since November 2014.
For the week, Brent was on track to rise roughly 3-percent, while and U.S. crude posted a 1.4-percent gain.
Many analysts expect oil prices to rise as Iran's exports fall.
Rainer Seele, chief executive of Austrian oil and gas company OMV, told German daily Handelsblatt that he expects prices to rise as the United States moves to reimpose sanctions.
"It is not yet clear which concrete sanctions the U.S. will impose. But I expect the price of North Sea Brent to be closer to $80 than $70 a barrel," Seele said in an interview.
U.S. investment bank Jefferies said in a note that it expects Iranian crude oil exports to start falling in the next few months.
"We expect that around October Iranian exports will be down by 500,000 barrels per day (bpd) and eventually fall by 1 million bpd," the bank said.
show chapters Oil bulls have ‘hammerlock on this market,” OPIS’ Tom Kloza says 22 Hours Ago | 02:10 There are signs, however, that other members of the Organization of the Petroleum Exporting Countries (OPEC) will raise output to counter the Iran disruption.
Jefferies said that OPEC has the capacity "to replace the Iranian losses" but added: Even if physical supply is held constant ... the market will still be faced with a precariously low level of spare capacity."
Outside OPEC, soaring U.S. crude oil production could help to fill Iran's supply gap. U.S. oil output reached another record high last week, hitting 10.7 million bpd.
That is up 27 percent since mid-2016 and means that U.S. output is creeping ever closer to that of top producer Russia, which pumps about 11 million bpd.
The weekly rig count from GE's Baker Hughes division showed U.S. drillers added 10 rigs to a total of 844. The rig count is a forward-looking indicator on production. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/10/oil-markets-looming-us-sanctions-against-iran-in-focus.html |
LONDON, May 8 (Reuters) - The dollar surged to a new 2018 high against its rivals on Tuesday as a recent rally in the greenback gathered fresh momentum, putting pressure on yield-seeking trades.
Against a basket of currencies the dollar index rallied above 93, taking its gains in the last three weeks to a chunky 4.3 percent and causing speculators to cut long positions in the euro and the Australian dollar.
The sell-off in these currency pairs rippled through the foreign exchange markets and prompted investors to unwind some of the best performing trades this year. They include buying the Norwegian currency against the Swedish crown, which on Tuesday fell half a percent. (Reporting by Saikat Chatterjee Editing by Tommy Wilkes)
| ashraq/financial-news-articles | https://www.reuters.com/article/global-forex/carry-trades-pressured-as-dollar-rally-gains-fresh-legs-idUSL8N1SF2JZ |
Lyft appears to be joining the electric scooter craze, as the ride-hailing company seeks to compete against rivals moving beyond cars to other modes of shared transportation such as bikes and e-scooters.
The ride-hailing company is looking into running an electric scooter service in San Francisco, The Information reported Sunday. The news outlet found through a public records request that Lyft is planning to seek permits to run the e-scooter service.
Fortune has sent Lyft a request for comment. The article will be updated if the company responds.
San Francisco is at the center of the electric scooter tumult that has erupted in the past several months. Technically, the city doesn’t have laws to regulate small electric scooters giving startups like Bird and Lime an opening to launch their businesses there. But the lack of guidelines has also created havoc in the city.
Last month, the San Francisco Board of Supervisors approved an ordinance to establish a regulation and permitting process. The ordinance also gives the San Francisco Municipal Transportation Agency or Department of Public Works the ability to take action against scooter companies that don’t have a permit.
The SFMTA board has since approved a one-year pilot program that will grant up permits—500 scooters per permit—to five companies. Companies issued permits would pay a $5,000 application fee.
The permit cap sets the stage for existing scooter operators Bird, Lime, and Spin—as well as a host of other newcomers—to battle it out for a chance to operate in the city. | ashraq/financial-news-articles | http://fortune.com/2018/05/21/lyft-electric-scooter-san-francisco/ |
We're set for a real jump in wages going forward: Investor 55 Mins Ago Hal Lambert, Point Bridge Capital, and Nomi Prins, author of 'Collusion: How Central Bankers Rigged the World,' discuss the economy, employment and wage growth. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/04/were-set-for-a-real-jump-in-wages-going-forward-investor.html |
(Reuters) – Factbox on the Mexico national team ahead of the 2018 World Cup:
FIFA ranking: 15 (till June 7)
Previous tournaments:
Mexico have fallen at the last-16 stage in each of the last six World Cups — a record of extraordinary consistency but also a source of deep frustration for a soccer-mad country. Their latest painful exit was a 2-1 defeat by the Netherlands in 2014, after the award of a controversial late penalty.
Coach:
Juan Carlos Osorio, age 56. He had previously coached club sides in the United States, Mexico and his native Colombia, but his appointment in 2015 raised eyebrows because of his lack of experience at international level. Under Osorio, Mexico have 30 wins, eight draws and seven defeats from 45 matches but he has been criticized for his constant experimentation, deploying no fewer than 66 players. He was disciplined by FIFA for insulting match officials at a game against Portugal in the Confederations Cup last year.
Key players:
Guillermo Ochoa: The goalkeeper was Mexico’s standout player at the last World Cup, with two man-of-the-match awards. He shut out hosts Brazil in a draw that put Mexico through to the knockout stage, then repeatedly frustrated the Netherlands before being beaten twice in the closing minutes. His experience and agility will be key assets in a Mexican team that is brimming with attacking talent but could be stretched in defense.
Hirving Lozano: The pacy winger has been a revelation at PSV Eindhoven this season, with 17 goals from 29 appearances in the Dutch top flight. A skilful dribbler and set-piece specialist, he scored twice in an entertaining 3-3 draw away to Belgium last November.
Javier Hernandez: ‘Chicharito’ is Mexico’s record international scorer, with 49 goals, but only three of those came in his two previous appearances at the World Cup finals.
The former Manchester United, Real Madrid and Bayer Leverkusen striker has endured a difficult season on returning to the English Premier League with West Ham United, but at 29 the hugely popular Hernandez is still one of Mexico’s most influential players.
Form guide:
Mexico have three wins, two losses and a draw from their last six games — defeats against Honduras and Croatia, wins over Poland, Bosnia and Iceland, and a draw against Belgium.
How they qualified:
Mexico finished the CONCACAF eliminator in first place with 21 points: six wins, three draws and one defeat. Their only loss in the final qualifying stage came in the last round against Honduras, when they were already assured of top spot.
Prospects:
Mexico are drawn in Group F with Sweden, South Korea and defending champions Germany, whom they play in their opening game in Moscow on June 17. With the Germans expected to top the group, Mexico are likely to face a tough path even if they advance to the knockout stage, where they risk coming up against Brazil in the last 16. Reporting by Mark Trevelyan and Carlos Pacheco; Editing by Toby Davis | ashraq/financial-news-articles | https://www.reuters.com/article/us-soccer-worldcup-mex-factbox/soccer-mexico-world-cup-factbox-idUSKCN1IO293/ |
BELLEVUE, Wash.--(BUSINESS WIRE)-- Smartsheet Inc. (NYSE: SMAR), a leading cloud-based platform for work execution, today announced that it will release its first quarter financial results for fiscal year (FY) 2019 after the close of U.S. financial markets on June 4, 2018. Smartsheet executives will discuss the financial results on a live audio webcast at 4:30 p.m. ET (1:30 p.m. PT) that same day.
The webcast will be open to listeners through the events section of the company’s investor relations website: http://investors.smartsheet.com .
A replay of the live webcast will be available starting approximately two hours after the conclusion of the live event.
About Smartsheet
Smartsheet enables teams to get work done fast and efficiently. We are a leading cloud-based platform for work execution, enabling organizations to plan, capture, track, automate, and report on work at scale, resulting in more efficient processes and better business outcomes. Smartsheet empowers collaboration, drives better decision making, and accelerates innovation for over 74,000 customers in 190 countries, including 90 percent of the Fortune 100. Smartsheet complements existing enterprise investments by deeply integrating with applications from Microsoft, Google, Salesforce, Atlassian, and many others.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180514006252/en/
Smartsheet Inc.
Investor Contact: Aaron Turner, [email protected]
Media Contact: Dan Benelisha, [email protected]
Source: Smartsheet Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/business-wire-smartsheet-to-announce-first-quarter-fy19-earnings-on-june-4-2018.html |
May 15, 2018 / 12:46 AM / Updated 34 minutes ago Oil boosted by Iran fears, remains below multi-year highs Jessica Resnick-Ault 4 Min Read
NEW YORK (Reuters) - Oil prices retreated just below multi-year highs hit early in the day on Tuesday, supported by concerns that U.S. sanctions on Iran are likely to restrict crude oil exports from one of the biggest producers in the Middle East. A worker fills a tank with subsidized fuel at a fuel station in Jakarta April 18, 2013. REUTERS/Beawiharta
Brent crude oil reached an intraday peak of $79.47 a barrel, up $1.24 and its highest since November 2014, before retreating to $78.70, up 47 cents, by 1:12 p.m. EDT (1712 GMT).
U.S. light crude was 15 cents lower at $70.81 a barrel, also not far off its highest since November 2014, in a volatile session.
The difference between the two grades briefly widened to more than $8 a barrel, the widest gap since April 2015, reflecting surging U.S. crude supplies and a greater geopolitical risk to Brent-based crudes.
“U.S. oil prices have flip-flopped on a strong dollar,” said Phil Flynn, analyst at Price Futures Group in Chicago. “Brent is pricing in the idea that all the risk to supplies is overseas - there’s a concern that all the supplies that are tight in Europe are only going to get tighter.”
World oil prices have surged more than 70 percent over the last year as demand has risen sharply while production has been restricted by the Organization of the Petroleum Exporting Countries, led by Saudi Arabia, and other producers, including Russia.
The United States has announced it will impose sanctions on Iran over its nuclear program, raising fears that markets will face shortages later this year when trade restrictions take effect.
Iran will restart its uranium enrichment if it cannot find a way to save the 2015 nuclear deal with the European Union after the United States pulled out last week, Tehran’s government spokesman said on Tuesday.
The tightening market has all but eliminated a global supply overhang that depressed crude prices between late 2014 and early 2017.
Surging prices were capped after China reported weaker-than-expected investment and retail sales in April and a drop in home sales, clouding its economic outlook even as policymakers try to navigate debt risks and defuse a heated trade dispute with the United States.
The data poses worries that near-record high refinery runs may be short-lived. China’s refinery runs rose nearly 12 percent in April from a year earlier, to around 12.06 million barrels per day, marking the second-highest level on record on a daily basis, data showed.
Additionally, the market retreated as the U.S. dollar strengthened against other currencies to the highest since December. As the dollar strengthens, investors can retreat from dollar-denominated commodities like oil.
Despite these downward forces, the market retains support from OPEC and other producers’ production cuts and U.S. sanctions on Iran.
OPEC figures published on Monday showed oil inventories in OECD industrialized nations in March fell to 9 million barrels above the five-year average, from 340 million barrels above the average in January 2017.
U.S. crude is trading at a hefty discount to Brent, the international marker, thanks to sharp rises in U.S. production to 10.7 million bpd, which has left the American domestic oil market well supplied.
U.S. shale oil production is expected to rise by about 145,000 bpd to a record 7.18 million bpd in June, the U.S. Energy Information Administration said on Monday. Additional reporting by Henning Gloystein in Singapore and Christopher Johnson in London; Editing by Marguerita Choy and Dan Grebler | ashraq/financial-news-articles | https://in.reuters.com/article/global-oil/oil-near-november-2014-highs-firm-as-markets-tighten-amid-opec-cuts-iran-sanctions-idINKCN1IG02S |
BROOKINGS, S.D., May 30, 2018 (GLOBE NEWSWIRE) -- Daktronics, Inc. (NASDAQ:DAKT) today reported fiscal 2018 fourth quarter net sales of $138.2 million, operating loss of $5.4 million, and net loss of $3.8 million, or $0.09 per diluted share, compared to net sales of $143.7 million, operating income of $1.7 million, and a net income of $0.9 million, or $0.02 per diluted share, for the fourth quarter of fiscal 2017. Fiscal 2018 fourth quarter orders were $162.0 million compared to $178.1 million for the fourth quarter of fiscal 2017. Backlog at the end of the fiscal 2018 fourth quarter was $171 million, compared to a backlog of $203 million a year earlier and $151 million at the end of the third quarter of fiscal 2018.
Net sales, operating income, net income, and earnings per share for the fiscal year ended April 28, 2018, were $610.5 million, $12.5 million, $5.6 million and $0.12 per diluted share, respectively. This compares to $586.5 million, $15.4 million, $10.3 million and $0.23 per diluted share, respectively, for fiscal 2017. Fiscal 2018 orders were $583.5 million compared to $613.5 million for fiscal 2017.
Cash flow provided by operating activities for the fiscal year ended April 28, 2018 was $30.4 million, compared to $39.4 million in fiscal 2017. Free cash flow, defined as cash provided from or used in operating activities less net investment in property and equipment, was a positive $14.4 million for fiscal 2018, as compared to a positive free cash flow of $31.1 million for fiscal 2017. Net investment in property and equipment was $15.9 million for fiscal 2018, as compared to $8.3 million for fiscal 2017. We had no repurchases of shares of common stock during fiscal 2018. We repurchased approximately 0.3 million shares of common stock at an average price of $6.42 per share for a total use of cash of $1.8 million during fiscal 2017. Cash, restricted cash, and marketable securities at the end of the fourth quarter of fiscal 2018 were $64.3 million, which compares to $65.6 million at the end of the fourth quarter of fiscal 2017.
Fourth Quarter Fiscal 2018 Consolidated Financial Results
Orders for the fourth quarter of fiscal 2018 decreased by 9.1 percent as compared to the fourth quarter of fiscal 2017. Orders increased in the International and High School Park and Recreation business units, decreased in the Live Events and Transportation business units, and remained relatively flat in the Commercial business unit. The timing of orders for large projects varies according to the needs of the customer, which was the primary cause of the decrease in order volume.
Net sales for the fourth quarter of fiscal 2018 decreased by 3.8 percent as compared to the fourth quarter of fiscal 2017. Net sales increased in International and the High School Park and Recreation business units, decreased in the Live Events and Commercial business units, and remained relatively flat in the Transportation business unit. The decline in sales is the result of lower orders.
Gross profit as a percentage of net sales was 21.6 percent for the fourth quarter of fiscal 2018 as compared to 23.5 percent a year earlier. The decrease in gross profit percentage was primarily due to warranty charges. Operating expense for the fourth quarter of 2018 was $35.2 million, compared to $32.0 million for the fourth quarter of fiscal 2017. The increase in total operating expense was primarily attributable to an increase in selling expenses and planned increases in product development activities. Operating loss as a percentage of sales was 3.9 percent for the fourth quarter of fiscal 2018 as compared to an operating income as a percentage of sales of 1.2 percent for the fourth quarter of fiscal 2017.
Fiscal 2018 Consolidated Financial Results
Orders for fiscal 2018 decreased by 4.9 percent as compared to fiscal 2017. Orders increased in the International and High School Park and Recreation business units, and decreased in the Commercial, Live Events, and Transportation business units. High School Park and Recreation and International orders increase was primarily due to overall strong market demand. The International, Live Events, and Transportation business units are large project based and are subject to volatility due to timing of large contracts. Commercial business unit orders decrease was due to spectacular and on-premise niches order timing, offset by an increase in the Out-of-Home niche.
Net sales for fiscal 2018 increased 4.1 percent as compared to fiscal 2017. Net sales increased in the Live Events, Transportation, High School Park and Recreation, and International business units and decreased in the Commercial business unit. Live Events net sales increase was primarily due to the timing of demand for upgraded or new solutions for arenas, professional sports, and colleges and universities. High School Park and Recreation increase in net sales was primarily due to the timing of shipments of scoring systems and message centers. Transportation's increase in net sales was related to the variability of large order production timing caused by customer project schedules. International net sales increase was mainly attributable to market demand for digital solutions in the Out-of-Home niche. Commercial net sales decreased as a result of lower order volumes in our on-premise and spectacular niches.
Gross profit as a percentage of net sales was 23.9 percent for fiscal 2018 and fiscal 2017, respectively. Operating expenses for fiscal 2018 were $133.2 million, compared to $125.0 million for fiscal 2017. The increase in total operating expenses was primarily attributable to an increase in planned product development activities. Annual operating income as a percentage of sales decreased to 2.0 percent for fiscal 2018 as compared to 2.6 percent for fiscal 2017.
The effective tax rate for fiscal 2018 was 55.2 percent as compared to 33.7 percent. The change in rates was primarily due to the accounting adjustments triggered by the U.S. Tax Cuts and Jobs Act that provided significant changes to the U.S. tax code. We estimate an effective tax rate of approximately 21 percent for fiscal 2019.
Reece Kurtenbach, chairman, president and chief executive officer, stated, "While the overall results of fiscal 2018 were below expectations, we remain optimistic for the future. We proactively increased product development activities during fiscal 2018 and introduced additional narrow pixel pitch solutions and control features to our broad array of offerings. Our development spend increased $6.4 million year over year. Warranty charges were approximately $10 million more than our forecast. Additional spends related to warranty were targeted at preserving customer relationships, as well as a few isolated site issues. Warranty as a percent of sales was 3.5 percent as compared to 2.5 percent last year. Sales increased slightly and included completion of more Transportation business unit projects and premier global installations like the Mercedes-Benz Stadium and Piccadilly Lights. We also sold our non-digital division assets for a gain. The new U.S. tax law negatively affected fiscal 2018 net income. All taken into account, we were profitable for the year and our balance sheet remains strong. We generated positive free cash flow for the year and invested over $18 million into our manufacturing capabilities and information systems infrastructure. Investments made in product development in fiscal 2018 will provide on-going benefits well into the future."
Outlook
Kurtenbach continued, "As we enter into fiscal 2019; sport, commercial, and governmental entities continue to choose digital applications to support their needs. This demand is driving long-term growth in LED video displays as well as other digital applications. Our range of solutions and global capabilities make us the industry's most experienced digital display provider. We are focused on winning more orders and will continue our velocity in product development to serve the industry's growing demand. We expanded our quality and reliability management programs and invested in resources over the past years to strengthen our overall quality. In addition, we are focused on carefully managing our operation spend as we continue on our path to long-term profitable growth."
Webcast Information
The company will host a conference call and webcast to discuss its financial results today at 10:00 am (Central Time). This call will be broadcast live at http://investor.daktronics.com and be available for replay shortly after the event.
About Daktronics
Daktronics has strong leadership positions in, and is the world's largest supplier of, large screen video displays, electronic scoreboards, LED text and graphics displays, and related control systems. The company excels in the control of display systems, including those that require integration of multiple complex displays showing real-time information, graphics, animation, and video. Daktronics designs, manufactures, markets and services display systems for customers around the world in four domestic business units: Live Events, Commercial, High School Park and Recreation and Transportation, and one International business unit. For more information, visit the company's website at: www.daktronics.com , email the company at [email protected] , call (605) 692-0200 or toll-free (800) 843-5843 in the United States, or write to the company at 201 Daktronics Dr., P.O. Box 5128, Brookings, S.D. 57006-5128.
Safe Harbor Statement
Cautionary Notice: In addition to statements of historical fact, this news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and is intended to enjoy the protection of that Act. These forward-looking statements reflect the Company's expectations or beliefs concerning future events. The Company cautions that these and similar statements involve risk and uncertainties which could cause actual results to differ materially from our expectations, including, but not limited to, changes in economic and market conditions, management of growth, timing and magnitude of future contracts, fluctuations in margins, the introduction of new products and technology, the impact of adverse weather conditions, and other risks noted in the company's SEC filings, including its Annual Report on Form 10-K for its 2017 fiscal year. Forward-looking statements are made in the context of information available as of the date stated. The Company undertakes no obligation to update or revise such statements to reflect new circumstances or unanticipated events as they occur.
For more information contact: INVESTOR RELATIONS: Sheila Anderson, Chief Financial Officer (605) 692-0200 [email protected]
Daktronics, Inc. and Subsidiaries
Consolidated Statements of Operations
(in thousands, except per share amounts) (unaudited) Three Months Ended Twelve Months Ended April 28,
2018 April 29,
2017 April 28,
2018 April 29,
2017 Net sales 138,177 143,682 610,530 586,539 Cost of sales 108,325 109,958 464,861 446,124 Gross profit 29,852 33,724 145,669 140,415 Operating expenses: Selling 17,200 15,859 62,760 61,687 General and administrative 8,781 8,219 34,919 34,226 Product design and development 9,236 7,939 35,530 29,081 35,217 32,017 133,209 124,994 Operating (loss) income (5,365 ) 1,707 12,460 15,421 Nonoperating income (expense): Interest income 203 192 723 751 Interest expense (44 ) (56 ) (217 ) (230 ) Other (expense) income, net (108 ) (104 ) (537 ) (354 ) (Loss) income before income taxes (5,314 ) 1,739 12,429 15,588 Income tax (benefit) expense (1,504 ) 830 6,867 5,246 Net (loss) income $ (3,810 ) $ 909 $ 5,562 $ 10,342 Weighted average shares outstanding: Basic 44,569 44,184 44,457 44,114 Diluted 44,569 44,360 44,873 44,303 Earnings per share: Basic $ (0.09 ) $ 0.02 $ 0.13 $ 0.23 Diluted $ (0.09 ) $ 0.02 $ 0.12 $ 0.23 Cash dividends declared per share $ 0.07 $ 0.07 $ 0.28 $ 0.31
Daktronics, Inc. and Subsidiaries
Consolidated Balance Sheets
(in thousands) (unaudited) April 28,
2018 April 29,
2017 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 29,727 $ 32,623 Restricted cash 28 216 Marketable securities 34,522 32,713 Accounts receivable, net 77,387 78,846 Inventories 75,335 66,486 Costs and estimated earnings in excess of billings 30,968 36,403 Current maturities of long-term receivables 1,752 2,274 Prepaid expenses and other assets 9,029 7,553 Income tax receivables 5,385 611 Total current assets 264,133 257,725 Property and equipment, net 68,059 66,749 Long-term receivables, less current maturities 1,641 2,616 Goodwill 8,264 7,812 Intangibles, net 3,682 4,705 Investment in affiliates and other assets 5,091 4,534 Deferred income taxes 7,930 11,292 TOTAL ASSETS 358,800 355,433 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable 48,845 51,499 Accrued expenses 27,445 25,033 Warranty obligations 13,891 13,578 Billings in excess of costs and estimated earnings 12,195 10,897 Customer deposits (billed or collected) 14,532 14,498 Deferred revenue (billed or collected) 12,652 12,137 Current portion of other long-term obligations 1,088 1,409 Income taxes payable 660 1,544 Total current liabilities 131,308 130,595 Long-term warranty obligations 16,062 14,321 Long-term deferred revenue (billed or collected) 7,475 5,434 Other long-term obligations 2,285 2,848 Long-term income tax payable 3,440 3,113 Deferred income taxes 614 836 Total long-term liabilities 29,876 26,552 TOTAL LIABILITIES 161,184 157,147 SHAREHOLDERS' EQUITY: Common stock 54,731 52,530 Additional paid-in capital 40,328 38,004 Retained earnings 107,105 113,967 Treasury stock, at cost (1,834 ) (1,834 ) Accumulated other comprehensive loss (2,714 ) (4,381 ) TOTAL SHAREHOLDERS' EQUITY 197,616 198,286 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 358,800 $ 355,433
Daktronics, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(in thousands) (unaudited) Year Ended April 28,
2018 April 29,
2017 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 5,562 $ 10,342 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 17,784 18,562 Impairment of intangible assets — 830 (Gain) loss on sale of property, equipment and other assets (1,252 ) 36 Share-based compensation 2,635 2,914 Equity in loss of affiliate 481 136 Provision for doubtful accounts 140 1,426 Deferred income taxes, net 3,148 (2,043 ) Change in operating assets and liabilities 1,863 7,204 Net cash provided by operating activities 30,361 39,407 CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property and equipment (18,127 ) (8,502 ) Proceeds from sales of property, equipment and other assets 2,179 199 Purchases of marketable securities (17,438 ) (24,159 ) Proceeds from sales or maturities of marketable securities 15,273 15,928 Purchases of equity investment (1,450 ) (1,646 ) Net cash used in investing activities (19,563 ) (18,180 ) CASH FLOWS FROM FINANCING ACTIVITIES: Payments on notes payable — (8 ) Principal payments on long-term obligations (1,046 ) (921 ) Dividends paid (12,424 ) (13,651 ) Proceeds from exercise of stock options 519 343 Payments for common shares repurchased — (1,825 ) Tax payments related to RSU issuances (311 ) (261 ) Net cash used in financing activities (13,262 ) (16,323 ) EFFECT OF EXCHANGE RATE CHANGES ON CASH (620 ) (591 ) NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND
RESTRICTED CASH (3,084 ) 4,313 CASH, CASH EQUIVALENTS AND RESTRICTED CASH: Beginning of period 32,839 28,526 End of period $ 29,755 $ 32,839
Daktronics, Inc. and Subsidiaries
Net Sales and Orders by Business Unit
(in thousands) (unaudited) Three Months Ended Twelve Months Ended April 28,
2018 April 29,
2017 Dollar Change Percent Change April 28,
2018 April 29,
2017 Dollar Change Percent Change Net sales: Commercial $ 31,812 $ 35,731 $ (3,919 ) (11.0 )% $ 134,535 $ 148,073 $ (13,538 ) (9.1 )% Live Events 44,901 56,950 (12,049 ) (21.2 )% 236,333 213,982 22,351 10.4 % High School Park and Recreation 18,025 13,821 4,204 30.4 % 87,627 82,798 4,829 5.8 % Transportation 13,001 12,909 92 0.7 % 59,578 52,426 7,152 13.6 % International 30,438 24,271 6,167 25.4 % 92,457 89,260 3,197 3.6 % $ 138,177 $ 143,682 $ (5,505 ) (3.8 )% $ 610,530 $ 586,539 $ 23,991 4.1 % Orders: Commercial $ 37,547 $ 37,236 $ 311 0.8 % $ 135,363 $ 151,562 $ (16,199 ) (10.7 )% Live Events 57,790 87,445 (29,655 ) (33.9 )% 203,036 222,965 (19,929 ) (8.9 )% High School Park and Recreation 26,875 22,550 4,325 19.2 % 87,243 83,605 3,638 4.4 % Transportation 12,426 16,348 (3,922 ) (24.0 )% 50,581 62,638 (12,057 ) (19.2 )% International 27,335 14,570 12,765 87.6 % 107,244 92,734 14,510 15.6 % $ 161,973 $ 178,149 $ (16,176 ) (9.1 )% $ 583,467 $ 613,504 $ (30,037 ) (4.9 )%
Reconciliation of Cash Flow Provided by Operating Activities to Free Cash Flow
(in thousands)(unaudited) Twelve Months Ended April 28,
2018 April 29,
2017 Net cash provided by operating activities $ 30,361 $ 39,407 Purchases of property and equipment (18,127 ) (8,502 ) Proceeds from sales of property, equipment and other assets 2,179 199 Free cash flow $ 14,413 $ 31,104 In evaluating its business, Daktronics considers and uses free cash flow as a key measure of its operating performance. The term free cash flow is not defined under U.S. generally accepted accounting principles (“GAAP”) and is not a measure of operating income, cash flows from operating activities or other GAAP figures and should not be considered alternatives to those computations. Free cash flow is intended to provide information that may be useful for investors when assessing period to period results.
Source:Daktronics, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/globe-newswire-daktronics-inc-announces-fourth-quarter-and-fiscal-2018-results.html |
Cougar kills 1 mountain biker, injures 2nd near Seattle Two friends on a mountain bike ride 30 miles east of Seattle were attacked by the animal. Published 10 Hours Ago Updated 5 Hours Ago The Associated Press
Two friends on a morning mountain bike ride 30 miles east of Seattle were attacked by a cougar, killing one of the men and leaving the second hospitalized in what authorities described as a rare occurrence.
The cougar was later found up a tree near the dead man's body, where agents for the state's Fish and Wildlife police shot and killed it hours after the Saturday attack, the Seattle Times reported.
The names of neither man were immediately released.
The injured man was in satisfactory condition at a hospital. Authorities say the cougar initially attacked him before running away. Moments later, it returned with deadly results, authorities said.
"He jumped the first victim and attacked him," said Sgt. Ryan Abbott, of the King County Sheriff's Office. "The second victim turned and started to run away. The cougar saw that and went after the second victim. The first victim saw his friend being pulled by the cougar. He got on his bike and started to bike away."
The injured man rode for about 2 miles before getting cellphone coverage and calling 911.
Abbott said when rescuers arrived it took them about 30 minutes to locate the second victim, who was dead with the cougar standing on top of him.
"The deputies shot at him and spooked him, and he ran off," he said.
It took several hours before authorities found the cougar up a tree 50 to 200 yards (45 to 182 meters) away and killed it. While the cougar was being hunted, rescuers had to wait to retrieve the dead man's body.
Rich Beausoleil, the state's bear and cougar specialist, said it was only the second fatality in the state in the last 94 years. "But it's one too many," he said.
Cougars, also known as mountain lions and pumas, are a protected species, the Times reported. Each year, the state allows 250 cougars to be hunted and killed in 50 designated zones. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/20/cougar-kills-1-mountain-biker-injures-2nd-near-seattle.html |
Mnuchin: Both US and China agreed to suspend tariffs 1 Hour Ago 01:27 01:27 | 9:57 AM ET Sun, 13 May 2018 02:54 02:54 | 10:32 AM ET Mon, 14 May 2018 00:44 00:44 | 11:48 AM ET Fri, 11 May 2018 | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/21/mnuchin-both-us-and-china-agreed-to-suspend-tariffs.html |
May 1, 2018 / 5:59 AM / Updated 4 hours ago Two suitors for Fortis raise bids by Tuesday deadline Vishal Sridhar , Devidutta Tripathy 3 Min Read
BENGALURU/MUMBAI (Reuters) - Cash-strapped Indian hospital operator Fortis Healthcare Ltd said on Tuesday that two of its five suitors had boosted their bids to invest in the company as of a deadline for binding offers on Tuesday. FILE PHOTO: A Fortis hospital building is pictured in New Delhi, India, March 28, 2018. REUTERS/Adnan Abidi/File Photo
Malaysia’s IHH Healthcare Bhd lifted its offer to 175 rupees a share, a 9.4 percent premium to an earlier proposal. IHH earlier proposed injecting 6.5 billion rupees ($98 million) immediately into Fortis, and then 33.5 billion after due diligence.
Indian businessmen Sunil Munjal and Anand Burman increased their combined offer to invest in the company to 18 billion rupees from 15 billion rupees, via a subscription to shares and warrants. They have offered 167 rupees per share and 176 rupees per warrant.
Five companies and investment groups are vying to either control or partner with Fortis, which has 30-odd hospitals in India, as they bet on a rapid growth for the private healthcare market in Asia’s third-largest economy.
Tuesday noon (0630 GMT) was the deadline for binding offers, which will be evaluated by an expert advisory panel. Fortis’ board is due to meet on May 10 to consider the panel’s recommendations.
Manipal, another operator of Indian hospitals along with buyout firm TPG, last week raised its binding offer to buy Fortis’ hospitals business at a valuation of 63.22 billion rupees, 4.3 percent higher than its previous bid. The group, the first suitor for Fortis, has until May 6 to further revise its offer.
Radiant Life Care Pvt Ltd, backed by private equity firm KKR & Co, has also made a binding offer to acquire Fortis’ Mulund Hospital located in Indian financial hub Mumbai for an enterprise value of 12 billion rupees. It has also made a separate non-binding offer involving a separation of diagnostic services company SRL from the Fortis stake sale process.
China’s Fosun International is the other suitor. It made a non-binding offer last month to invest up to $350 million subject to due diligence for a stake that would be less than 25 percent.
On Monday, Fortis shares closed down about 1 percent at 152.40 rupees. Indian markets were closed for a holiday on Tuesday.
($1 = 66.4500 Indian rupees) | ashraq/financial-news-articles | https://in.reuters.com/article/fortis-health-m-a-ihh/fortis-gets-revised-bid-from-malaysias-ihh-healthcare-idINKBN1I22VJ |
Hezbollah gains in Lebanon election 9:28am EDT - 01:22
Hezbollah and its allies have won more than half the seats in Lebanon's election, unofficial results show, underscoring Iran's reach.
Hezbollah and its allies have won more than half the seats in Lebanon's election, unofficial results show, underscoring Iran's reach. //reut.rs/2KK0hDU | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/07/hezbollah-gains-in-lebanon-election?videoId=424679897 |
LONDON and NEW YORK, May 2, 2018 /PRNewswire/ --
Neudata is pleased to announce that Ian Webster has joined the firm as Senior Vice President. In this London-based role he enhances the Neudata team in building relationships with the firm's savvy buy-side investment management clients, as well as the expanding roster of alternative data providers seeking to monetize data.
"I am delighted to join the incredible team at Neudata. Neudata have a fascinating position at the epicentre of the explosion in the number of funds using independently-produced research and data," said Webster. "In particular I'm excited about Neudata's opportunity to evolve the fragmented network of alternative data providers and investors into a well-structured marketplace, saving time and effort for all involved. Having run a data provider in this space for several years, I'm also keen to explore all the different ways we can help this side of the market."
Webster holds an MA in Mathematics from the University of Oxford and a Saltire Fellowship in Entrepreneurship from Babson College in Wellesley, Massachusetts. He most recently worked as the Chief Customer Officer at SaaS platform startup Big Data for Humans, leading the commercial activities. Previously he led business development and sales to asset management firms as Director of the Investment Insights business at consumer finance firm, Money Dashboard.
"We are thrilled to have Ian join our growing bench of alt data experts as Neudata continues on its substantial growth trajectory," said Rado Lipuš, Founder and CEO of Neudata. "Ian understands first-hand how the proper use of new and interesting captured data can be smartly leveraged to generate alpha."
About Neudata
Neudata, headquartered in London with offices in New York City and Geneva, vets alternative data and conducts agnostic and independent research for investment managers. Neudata's expertise lies in scouting and evaluating alternative data sources and assisting investment managers in selecting relevant data for backtests and research. Neudata is uniquely equipped to provide metadata and up-to-date objective research through its ever expanding network of data vendor relationships.
Unlike data brokers, Neudata does not sell data. It offers fund managers subscription-based access to its intelligence database. Neudata aligns interests with clients in finding sources that are the most promising for alpha generation. As such, Neudata's clients are often among the first in the industry to be made aware of new data launches. Visit us at: www.neudata.co
You can also follow us on:
Twitter: https://twitter.com/neudatalab
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View original content with multimedia: http://www.prnewswire.com/news-releases/alternative-data-specialist-ian-webster-joins-neudata-as-senior-vice-president-300641141.html
SOURCE Neudata | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/pr-newswire-alternative-data-specialist-ian-webster-joins-neudata-as-senior-vice-president.html |
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First lady Melania Trump will announce her policy platform on Monday afternoon.
Presidents’ spouses have typically chosen issues on which to focus during their time in the White House.
Trump appears set to focus on priorities related to children. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/07/watch-first-lady-melania-trump-announce-her-white-house-policy-goals.html/ |
China China's ZTE to Pay $1.3 Billion Fine to Re-Open, Trump Says TIANJIN, CHINA - 2018/05/19: ZTE research institute , located in Tianjin Binhai New Area. ZTE is one of telecommunication giants of China, and the main buyer of equipments and spare parts made by United States manufacturers. Washington had issued a restriction banning US manufacturers exporting important components to ZTE within seven years, which upgraded the Sino-US trade war. (Photo by Zhang Peng/LightRocket via Getty Images) Zhang Peng LightRocket via Getty Images By Bloomberg 10:02 AM EDT
President Donald Trump said the U.S. would allow Chinese telecommunications-equipment maker ZTE Corp. to remain in business after paying a $1.3 billion fine, changing its management and board and providing “high-level security guarantees.”
In a tweet Friday evening, Trump confirmed a deal that his administration had outlined for members of Congress, according to two people familiar with the matter. Lawmakers in both parties have expressed concern over his decision to soften an earlier U.S. action against ZTE over what his commerce secretary called “egregious” violations of sanctions on Iran and North Korea.
Trump took a jab at Democrats in his tweet, saying that Senate Minority Leader Chuck Schumer and former President Barack Obama “let phone company ZTE flourish with no security checks.”
Under the deal for ZTE to resume operations, it will also hire American compliance officers to monitor its operations according to the people, who spoke on condition of anonymity. Once ZTE complies, the Commerce Department will lift an order under which the company had been cut off from U.S. suppliers including Qualcomm Inc., effectively shutting down its business.
A deal on ZTE has broad implications beyond the woes of the company. The U.S. and China are engaged in high-stakes talks on steel trade and intellectual property rights under the looming threat of punitive tariffs. U.S.-traded shares of NXP Semiconductors NV rose 4.7 percent after the announcement, as signs of better U.S.-China relations bode well for Chinese approval of Qualcomm’s purchase of the Dutch chipmaker.
A representative for ZTE declined to respond in a text message. China’s Ministry of Commerce didn’t immediately reply to a faxed inquiry.
Trump said earlier this week he ordered a reconsideration of penalties against ZTE as a favor to China’s President Xi Jinping, as the company estimated losses of at least $3.1 billion from the U.S. technology ban.
The plan is further inflaming tensions between the White House and Congress over trade policy in a week when Republicans blasted the administration for contemplating tariffs on auto imports.
“Yes they have a deal in mind. It is a great deal … for #ZTE & China,” Senator Marco Rubio, a Florida Republican, tweeted on Friday.
Schumer said that “both parties in Congress should come together to stop this deal in its tracks.” Congressional Approval
The Senate on Thursday released a defense policy bill containing a provision requiring Trump, before making any ZTE deal, to certify with Congress that ZTE hasn’t violated U.S. law for the past year and is cooperating with U.S. investigations.
“ZTE presents a national security threat to the United States — and nothing in this reported deal addresses that fundamental fact. If President Trump won’t put our security before Chinese jobs, Congress will act on a bipartisan basis to stop him,” said Maryland Democratic Senator Chris Van Hollen, the author of the Senate provision.
It’s unclear if Congress will be able to muster veto-proof majorities needed to block the president on ZTE.
Treasury Secretary Steven Mnuchin and Commerce Secretary Wilbur Ross held a meeting with GOP senators on Wednesday laying out the ZTE proposal. People briefed on the meeting said lawmakers were told to give the administration room to negotiate the matter and asked them to tone down public criticism of the deal.
After the briefing, John Cornyn of Texas, the No. 2 Republican in the Senate, expressed support for placing compliance officers at ZTE. “That would be pretty remarkable,” he told reporters. “Having somebody inside the company to observe what’s going on would be very valuable.”
Senate Foreign Relations Committee Chairman Bob Corker of Tennessee declined to comment on the idea.
On Thursday, the House passed its own defense policy bill with language banning the Pentagon from purchasing ZTE technology. Iran Violations
ZTE ran into trouble in 2016 for violating U.S. laws restricting the sale of American technology to Iran. An agreement in 2017 called for the company to pay as much as $1.2 billion and penalize the workers involved, in what was the largest criminal fine for the Justice Department in an export control or sanctions case.
In April, the Commerce Department said ZTE instead paid full bonuses to employees who engaged in the illegal conduct, failed to issue letters of reprimand and lied about the practices to U.S. authorities. That led to the seven-year ban.
Ross plans to visit Beijing on June 2-4, and China has made saving ZTE one of its priorities. The Trump administration has pushed China to help cut the $376 billion trade surplus with the U.S, with Beijing so far making only vague commitments to buy more U.S. goods, including farm products and energy.
But a hasty compromise on ZTE may expose the administration to further criticism in Congress.
“The ZTE move was very surprising,” said Nathan Sheets, chief economist at PGIM Fixed Income and former undersecretary for international affairs at the Treasury Department under President Barack Obama. “That’s a pretty big concession to the Chinese. If we move down that road, it means we should be getting something back.” SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/26/zte-fine-donald-trump-china/ |
CNBC.com Justin Sullivan | Getty Images Larry Page, Google co-founder and CEO speaks during the opening keynote at the Google I/O developers conference.
A middle-of-the-pack employee at Facebook makes more than 8 times as much as Amazon 's median employee.
The revelation of that stark difference comes courtesy of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which required companies to disclose the ratio between their median paid employee's compensation and their CEO for the first time this year .
In the tech world, where many CEOs take tiny salaries, and receive most of their compensation through stock, the actual ratio isn't very revealing. For example, Alphabet CEO Larry Page only made a salary of $1 in 2017. But, he also owns 42.5 percent of Alphabet's Class B stock and is worth nearly $50 billion. So the ratio of his salary to his employees' salary is meaningless. show chapters 10:09 AM ET Fri, 24 March 2017 | 00:59
It's much more interesting to look at the differences in salaries across the tech sector:
The "median" compensation, which includes salary and total other benefits, is right in the middle of a company's total pay scale, excluding the CEO in this case.
Amazon and Tesla employ warehouse and factory workers, so their median compensation packages are lower than those of companies that primarily offer white-collar jobs.
As part of their calculations, companies could annualize pay for people who worked a partial year and could also exclude the pay of some employees who work outside the U.S., up to 5 percent of its employee base.
The calculations do not include independent contractors who work for the companies. For example, both Facebook and Google employ many low-wage content moderators through staffing firms. If those employees' salaries were included, the median salary would be lower.
Also, only companies whose fiscal year ended December 31 had to report their pay ratio in their latest proxy, so Apple, Snap, and Microsoft are all off the hook, for now. show chapters | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/05/median-employee-pay-at-tech-companies-amazon-alphabet-facebook.html |
* Targets proceeds of £2 bln in 12-24 mths
* Rolling out new vaping devices
* First-half results ahead of estimates
* Shares up 4 pct after rough year (Recasts with comments, adds background)
By Martinne Geller
LONDON, May 9 (Reuters) - Gauloises cigarettes-maker Imperial Brands said it will sell businesses and roll out new vaping products in a drive to improve performance in a declining tobacco market.
The British tobacco company, which also makes Kool and Winston cigarettes, reported slightly better-than-expected first-half results on Wednesday and affirmed its full-year outlook, predicting improvement in the second half of the year.
The upturn will be helped by the roll-out of new vaping products as part of its blu e-cigarette brand. Traditional cigarette sales volumes are declining across markets as more people quit the deadly habit.
Imperial shares, which had fallen by 30 percent over the past year, were up nearly 4 percent at 0830 GMT.
Chief Executive Alison Cooper declined to describe what particular areas were ripe for divestitures, but said Imperial was initially targeting proceeds of up to 2 billion pounds ($2.71 billion) within the next 12 to 24 months.
“This will further simplify the business, enhance performance and release capital to pay down debt, deliver returns to our shareholders and, where appropriate, invest in our growth agenda,” Cooper said.
She said there was no change to her view on the company’s overall plans and strategy and denied Imperial was exploring “strategic options,” as described recently in a UK newspaper.
The upcoming divestitures were welcomed by the market.
“We have previously highlighted the need for action of this kind ... and are pleased to see the company moving in this direction,” said Investec analysts.
Sales and profits in the first half of the year fell, hurt by a tough pricing environment and overall market declines, but results were slightly ahead of estimates.
Revenue was 3.53 billion pounds ($4.77 billion), slightly ahead of analysts’ consensus estimate of 3.50 billion, according to a company-supplied consensus.
Reported sales volumes were down 2.1 percent, outperforming the industry in the markets it operates in, the company said.
Imperial’s adjusted operating profit was 1.62 billion pounds, ahead of analysts’ estimates for 1.52 billion pounds.
Earnings per share were 114.3 pence.
“We are on track to deliver on our full year expectations,” said Chairman Mark Williamson.
Imperial is targeting constant currency revenue and earnings per share growth within its medium-term guidance, which calls for revenue growth of 1 to 4 percent and adjusted earnings per share growth of 4 to 8 percent. The company is also aiming to grow dividends by 10 percent.
$1 = 0.7389 pounds Reporting by Martinne Geller; editing by Jason Neely and Alexandra Hudson
| ashraq/financial-news-articles | https://www.reuters.com/article/imperial-brands-results/update-1-imperial-brands-first-half-results-ahead-of-estimates-idUSL8N1SG1V7 |
May 8 (Reuters) - Iran’s central bank chief said on Tuesday the country’s economy would not be affected if President Donald Trump took the United States out of the nuclear deal agreed with world powers in 2015.
“We are prepared for all scenarios. If America pulls out of the deal, our economy will not be impacted,” Valiollah Seif said on state television.
Trump will announce on Tuesday whether he will pull out of the deal, a move that could disrupt the global oil supply. Iran’s economy is 60 percent reliant on oil income. (Writing by Parisa Hafezi; editing by John Stonestreet)
| ashraq/financial-news-articles | https://www.reuters.com/article/iran-nuclear-economy/iran-cenbank-head-says-u-s-dropping-nuclear-deal-would-not-impact-economy-tv-idUSL8N1SF27D |
34 COMMENTS Download PDF
PLAY PRINT | ashraq/financial-news-articles | https://blogs.wsj.com/puzzle/2018/05/17/clued-in-crossword-contest-may-18/ |
5/8/2018 11:58AM Take a Break From Google: The Apps You Need Google is all but impossible to avoid--it's also a huge collector of personal data. WSJ's David Pierce left the bubble of intertwined products and services, and found many comparable apps and services. Photo/Video: Emily Prapuolenis/The Wall Street Journal | ashraq/financial-news-articles | http://www.wsj.com/video/take-a-break-from-google-the-apps-you-need/02A5E888-62F8-4020-AF5F-1F71EB303381.html |
May 2, 2018 / 8:22 PM / Updated 11 hours ago The price of Musk cutting off analysts? For Tesla, it's $2 billion 6 Min Read
SAN FRANCISCO (Reuters) - Ducking analysts’ questions has a price: $2 billion.
Tesla Inc investors gave a rare rebuke to iconoclastic Chief Executive Elon Musk on Wednesday after he cut off analysts asking about profit potential, sending shares down 5 percent despite promises that production of the troubled Model 3 electric car was on track.
Tesla’s future depends on the Model 3 and the company said that it had largely overcome production bottlenecks, with Musk vowing a dramatic turnaround that would reverse losses and generate positive cash flow in just a few months.
Musk plans to shut down its Fremont, California factory for 10 days in the second quarter but said Tesla will meet the production target of 5,000 Model 3s per day by the end of June, as planned, and will turn a profit in the second half of the year.
To achieve profitability, Musk will have to reverse what today amounts to a $22,584 pre-tax loss per vehicle built by the Silicon Valley company. Tesla posted its biggest-ever quarterly loss when it announced first-quarter results on Wednesday.
Tesla stock was little changed after the earnings announcement but fell during a conference call, when Musk began cutting analysts’ questions short, costing Tesla over $2 billion in market capitalization.
“These questions are so dry. They’re killing me,” Musk said after an analyst asked what percentage of Tesla 3 reservation holders have started to configure options for their cars, an indicator of how much profit Tesla will be able to wring from the vehicles. Another analyst asked about a capital requirement before being cut off.
He then took several questions in a row about plans for a self-driving car network and other long-term projects from the host of a YouTube channel focused on investing, praising the questions as not boring.
(For a graphic on Tesla earnings click tmsnrt.rs/2p6EbiR )
5,000 MODEL 3s PER WEEK
Musk’s ability to run Tesla is crucial as the company strives to efficiently and profitably build its first vehicle intended to be produced at high volume, the Model 3.
Musk acknowledged error recently in over-automating the Model 3 assembly-line, which has resulted in production delays, but it is still unclear how long and costly it will be to unwind this mistake.
Delayed Model 3 production also comes as a slew of competitors bring new electric vehicle models to market.
The company stood by a previously announced target of building 5,000 Model 3s per week by the end of June.
Tesla's capital expenditures declined in the quarter and the company cut its spending forecasts for 2018, saying it would spend less than $3 billion. Tesla spent $3.4 billion in 2017. ( bit.ly/2jn15SB ) FILE PHOTO: Tesla Chief Executive Elon Musk introduces one of the first Model 3 cars off the Fremont factory's production line during an event at the company's facilities in Fremont, California, U.S., July 28, 2017. REUTERS/Alexandria Sage/File Photo
Investing.com analyst Clement Thibault said the reduction was noteworthy, “but in the long run given challenges that lay ahead of Tesla, I don’t think it is going to make or break the company.”
Tesla “is definitely not in a minimizing cost stage,” Thibault said.
Free cash flow, a key metric of financial health, widened to negative $1 billion in the first quarter from negative $277 million in the fourth quarter, excluding costs of systems for its solar business. Analysts had not expected so much spending, predicting hundreds of millions of dollars less in so-called cash burn, according to Thomson Reuters data.
Tesla did not break out a cash flow calculation that it had included in previous quarters.
The niche carmaker, which two years ago vowed to build 500,000 vehicles annually in 2018, has attracted legions of fans for its advanced technology and design. But the company rushed its Model 3 to market, making mistakes in manufacturing whose effects are now being felt, and investor skepticism has risen.
Questions over Tesla’s finances are top of mind, and many analysts anticipate a capital raise in 2018 despite Musk’s statements that it will not be necessary due to profitability and positive cash flow in the third or fourth quarters.
Tesla said gross margins on the Model 3, which today are slightly negative, would be close to flat in the second quarter and grow to “highly positive” in the second half of the year.
Tesla said it produced 2,270 Model 3s per week in the last week of April. It said net reservations for the Model 3, including configured orders not yet delivered, exceeded 450,000 at the end of the first quarter.
Automotive revenue rose only 1 percent from the prior quarter to $2.74 billion. RECORD LOSS
Tesla reported a record loss of $709.6 million, or $4.19 per share, for the first quarter ended March 31, compared with a loss of $330.3 million, or $2.04 per share, a year earlier.
Excluding items, Tesla had a loss of $3.35 per share. Analysts had expected a loss of $3.58 per share, according to Thomson Reuters I/B/E/S.
The company said it ended the quarter with $3.2 billion in cash after spending $655.7 million in quarterly capital expenses. Slideshow (2 Images)
The lack of Model 3 revenue has exacerbated Tesla’s cash burn as the company continues to spend on its assembly line and prepares for new investments on multiple projects in the pipeline, such as the Model Y crossover and its Gigafactory.
The Model Y is just one of many projects in the pipeline for Tesla, which also launched a Tesla Semi and a new Roadster in recent months. Reporting by Alexandria Sage in San Francisco and Sonam Rai in Bengaluru; Editing by Peter Henderson, Matthew Lewis and Lisa Shumaker | ashraq/financial-news-articles | https://in.reuters.com/article/us-tesla-results/tesla-model-3-production-target-on-track-idINKBN1I32UC |
May 7 (Reuters) - Solar Senior Capital Ltd:
* ANNOUNCES QUARTER ENDED MARCH 31, 2018 FINANCIAL RESULTS; DECLARES MONTHLY DISTRIBUTION OF $0.1175 PER SHARE FOR MAY 2018
* QUARTERLY EARNINGS PER SHARE $0.34 * QTRLY NET INVESTMENT INCOME PER SHARE $0.35 Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-solar-senior-capital-posts-qtrly-e/brief-solar-senior-capital-posts-qtrly-earnings-per-share-0-34-idUSASC0A09B |
Competition from Fortnite helps EA, Activision, says Ross Gerber 3:07pm EDT - 04:58
Fortnite's growth expands the market for video games so it's a positive for Electronic Arts and Activision, Gerber Kawasaki's CEO says in an interview with Reuters' Fred Katayama.
Fortnite's growth expands the market for video games so it's a positive for Electronic Arts and Activision, Gerber Kawasaki's CEO says in an interview with Reuters' Fred Katayama. //reut.rs/2FYHwJp | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/09/competition-from-fortnite-helps-ea-activ?videoId=425340910 |
This CIO says policy changes in Malaysia will take time 14 Hours Ago The Malaysian markets are expected to remain choppy "at least for the next few weeks and months," says Suresh Tantia of Credit Suisse. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/14/this-cio-says-policy-changes-in-malaysia-will-take-time.html |
May 19, 2018 / 1:56 PM / Updated 16 minutes ago Sanctions-hit Vekselberg repays 1 billion Swiss franc loans to Western banks Brenna Hughes Neghaiwi , Polina Ivanova 4 Min Read
ZURICH/MOSCOW (Reuters) - Sanctions-hit Russian oligarch Viktor Vekselberg and his Renova Group have repaid loans amounting to over one billion Swiss francs ($1 billion) to banks including JPMorgan, Credit Suisse and UBS, Renova and a source familiar with the matter told Reuters on Saturday. FILE PHOTO: Chairman of the Board of Directors of Renova Group Viktor Vekselberg speaks during a session of the Gaidar Forum 2018 "Russia and the World: values and virtues" in Moscow, Russia January 17, 2018. REUTERS/Sergei Karpukhin/File Photo
Vekselberg was placed under sanctions in a crackdown by the United States on President Vladimir Putin’s inner circle as retaliation for alleged Russian interference in the 2016 U.S. election. The banks had until June 5 to resolve the issue, when U.S. sanctions come into effect.
“The credit issue with the banks is finally resolved,” the source close to the matter said, adding certain finer details remained under discussion. “The banks have received the money.”
There had been worries over the possibility the loans, which were taken out using large stakes in Swiss industrial groups Schmolz + BickenbachS>, OC Oerlikon and Sulzer as collateral, could lead to a broad selloff of the shares if a solution wasn’t found by June 5.
Were the loans not repaid, the banks could declare an enforcement event allowing them to sell the shares held as collateral. In the case of a mandatory prepayment event the banks would be allowed to conduct a managed sale. SWISS FIRMS IN CROSSFIRE
Liwet Holding, the Swiss investment vehicle of Vekselberg’s Renova Holding, used to invest in the Swiss companies, took out a syndicated loan in December 2017 for 720 million Swiss francs from banks Natixis, Credit Suisse, ING, Deutsche Bank, JP Morgan and UBS, documents from the Swiss Takeover Board show.
Another Swiss-based investment vehicle for Renova, Tiwel Holding, took out a separate 350 million franc credit from the same banks minus UBS in July 2016, according to a separate Takeover Board filing. Sources, however, placed the size of the repaid credit at 310 million francs.
While such deals are generally confidential, the Swiss Takeover Board had published details of the financing agreements in documents relieving creditors from obligations to make mandatory tender offers for the respective firms.
25.51 percent of voting rights in Schmolz + Bickenbach and 41.35 percent of voting rights in OC Oerlikon were named as collateral on the 750 million franc loan.
A 21.29 percent stake in Sulzer was named as primary collateral against the 350 million franc loan, while a 42.14 percent stake — owed as principal collateral on a separate Sberbank loan — was named as secondary collateral.
It is unclear how these conditions were affected by Vekselberg’s stake reduction in the firm.
The firms, in which Vekselberg holds a stake, have experienced a variety of fallouts since Washington announced impending Russian sanctions, including a brief trading halt and business disruption at previously Renova majority-owned Sulzer, board changes at Schmolz + Bickenbach and inquiries from financiers. Vekselberg has cut his holdings in the firms. RUSSIAN ASSISTANCE
In early May, Renova received a credit line from Russia’s Promsvyazbank to support the business after it was hit by U.S. sanctions, Russia’s finance ministry said.
Swiss paper Schweiz am Wochenende earlier on Saturday reported Russian banks had agreed to take on Liwet’s 720 million franc loan.
The Renova spokesman said the group repaid loans from its “own sources”. Reporting by Brenna Hughes Neghaiwi and Polina Ivanova, | ashraq/financial-news-articles | https://uk.reuters.com/article/us-usa-russia-sanctions-vekselberg/sanctions-hit-vekselberg-repays-1-billion-swiss-franc-loans-to-western-banks-idUKKCN1IK0GA |
'Book Club' cast talk 50 Shades and friendship 7:32am BST - 02:01
The cast of romantic-dramedy 'Book Club' discuss 50 Shades of Grey and the bonds of friendship. Rough Cut.
The cast of romantic-dramedy 'Book Club' discuss 50 Shades of Grey and the bonds of friendship. Rough Cut. //reut.rs/2L5vMIR | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/17/book-club-cast-talk-50-shades-and-friend?videoId=427578331 |
May 10, 2018 / 5:50 PM / a few seconds ago Monte dei Paschi completes securitization for $28.7 billion bad loan sale Reuters Staff 1 Min Read
MILAN (Reuters) - Banca Monte dei Paschi di Siena ( BMPS.MI ) has completed the securitization for the sale of a bad loan portfolio with a gross book value of around 24.1 billion euros ($28.7 billion), obtaining investment-grade ratings on the senior tranche. FILE PHOTO: People stroll in front of Monte dei Paschi bank headquarters, downtown Siena, Italy, October 27, 2017. REUTERS/Stefano Rellandini/File Photo
The Italian lender, which is now 68 percent owned by the state, said on Thursday in a statement that “GACS” state guarantees on the senior notes are expected to be obtained over the coming weeks, and the bad loan portfolio is expected to be deconsolidated by June.
The senior notes were issued for 2.92 billion euros, the bank said. They will yield a coupon of 3mE plus 1.5 percent, incorporating the premium due to the government for the guarantees provided on the notes.
($1 = 0.8397 euros) | ashraq/financial-news-articles | https://www.reuters.com/article/us-eurozone-banks-montedeipaschi-securit/monte-dei-paschi-completes-securitization-for-28-7-billion-bad-loan-sale-idUSKBN1IB2M3 |
CANNES, France (Reuters) - Jane Fonda, Salma Hayek and Marion Cotillard were among 82 women who made a symbolic walk up the red carpet at the Cannes Film Festival on Saturday, in a demonstration of solidarity for women struggling for a voice in the movie industry.
71st Cannes Film Festival - Screening of the film "Girls of the Sun" (Les filles du soleil) in competition - Red Carpet Arrivals - Cannes, France, May 12, 2018. Actor Salma Hayek arrives during an event where 82 women from the film industry walk the red carpet to represent the limited number of female filmmakers who have been selected for the festival's competition lineup over its 71 years. REUTERS/Jean-Paul Pelissier At the first Cannes festival since the sexual abuse scandals that broke in Hollywood last year, Cate Blanchett, the head of the jury that will award the Palme d’Or, and veteran French director Agnes Varda read out a statement.
“As women, we all face our own unique challenges, but we stand together on these stairs today as a symbol of our determination and commitment to progress,” read part of the statement.
The number of women taking part is the same as the number of films directed by women to have been selected to feature at Cannes in its more than seven-decade history. In the same period, 1,645 movies directed by men have had that honour.
The Cannes Film Festival runs from May 8 to May 19.
71st Cannes Film Festival - Screening of the film "Girls of the Sun" (Les filles du soleil) in competition - Red Carpet Arrivals - Cannes, France, May 12, 2018. 82 women from the film industry walk the red carpet to represent the limited number of female filmmakers who have been selected for the festival's competition lineup over its 71 years. REUTERS/Jean-Paul Pelissier Reporting by Robin Pomeroy; Editing by Hugh Lawson
| ashraq/financial-news-articles | https://in.reuters.com/article/filmfestival-cannes-women/women-take-over-the-red-carpet-at-cannes-idINKCN1ID0Q8 |
May 17, 2018 / 6:19 AM / Updated 4 minutes ago Ocado shares soar on major deal with Kroger to enter the U.S. Paul Sandle 6 Min Read
LONDON (Reuters) - Britain’s online supermarket Ocado ( OCDO.L ) clinched a game-changing deal with Kroger ( KR.N ) as its exclusive partner in the U.S., securing its entry into the world’s biggest market and sending its shares soaring more than 50 percent on Thursday.
The agreement, Kroger’s response to the competitive threat posed by Amazon’s ( AMZN.O ) purchase of Whole Foods, takes Ocado’s home-delivery technology into the U.S. for the first time and marks the fourth major deal it has signed with supermarkets around the world in six months.
Ocado’s Chief Financial Officer Duncan Tatton-Brown said the new partnership with the world’s third largest retailer was “transformational”.
“The scale of the proposed transaction, and therefore the quantum of its economics, is wholly different to those we’ve already signed,” he told reporters on Thursday.
Retailers around the world are experimenting with different ways of delivering online grocery orders, seeking to balance speed with cost as e-commerce takes off for food.
Ocado’s unique software and hardware automates the processing and packing of online groceries, using hundreds of robots rather than people to pull together orders quickly in fulfilment centers.
The UK firm says its Ocado Smart Platform (OSP) technology is the most advanced in the world while skeptics have criticized its high-tech approach as too costly and complicated.
U.S. players such as Walmart ( WMT.N ) are focusing on cheaper low tech warehouses that are closer to customers.
Ocado’s Tatton-Brown said he thought Kroger, which had sales of $122 billion in its last fiscal year, was the best-positioned grocer to succeed in the U.S. and it will end discussions with other U.S.-based retailers.
“The opportunity for a business like Kroger is huge, and I think we have the best potential partner in the U.S.,” he said.
“They are ambitious, they are capable and together we hope they can transform their industry.”
Shares in Ocado, which listed in 2010, rose more than 80 percent, to a record high of 1,000 pence.
They pared some of the gains to trade up 52 percent at 834 pence at 1249 GMT, valuing the group that delivered its first annual profit in 2014 at 5.5 billion pounds.
Kroger, which already held a 1 percent stake in Ocado, will buy new shares equivalent to 5 percent valued at 183 million pounds ($247.5 million), Ocado said.
“We think this is just about as positive a deal as could have been expected to have been announced by Ocado,” analysts at Barclays said.
“The company now has an extremely credible partner in the largest grocery market in the world.” Slideshow (5 Images)
Founded in 2000 by three former Goldman Sach’s bankers, Ocado has licensed OSP to grocers operating in markets including ICA in Sweden, Sobeys in Canada and Casino in France.
Co-founder and chief executive Tim Steiner saw the value of his stake in the firm rise more than 100 million pounds on Thursday to about 240 million pounds, according to Thomson Reuters data. TWENTY SITES
Kroger will identify at least 20 sites to build new, automated warehouse facilities in the United States, Tatton-Brown said, exceeding all of the centers Ocado has built or is planning to build for all its other partnerships.
The two companies are working to identify the first three sites in 2018.
Tatton-Brown said the potential for the partnership goes far beyond the initial 20 centers, with scope for two or three times that number in the future.
Cincinnati, Ohio-based Kroger, which has stores in 34 mainly midwest and southern states, was already expanding its online capability in step with rivals like Walmart.
Kroger said in March it delivered from more than 872 stores, offering 1,091 kerbside pickup locations, and would offer 500 new locations in 2018, as well as expanding a partnership with San Francisco-based Instacart to 45 metropolitan markets.
Bricks-and-mortar retailers in the United States and elsewhere are under intense pressure from online rivals. Fresh food and groceries became a major battle ground when e-commerce giant Amazon bought Whole Foods for $13.7 billion last year.
Tatton-Brown said online grocery shopping in the U.S. was still very low at between 1 and 2 percent of total grocery spending and analysts think it could rise to 20-25 percent over the next decade. HEDGE FUNDS BURNT
The detailed financial terms have yet to be agreed, but Kroger could bring forward some of its payments under the deal, which would reduce Ocado’s need for capital. If the retailer fails to hit volume targets it could also lose exclusivity and will have to pay compensation to Ocado.
Before Thursday’s deal, Ocado’s stock was trading on a heady multiple of 2,250 times its current earnings. The average multiple for the UK grocery retail sector is 17.
The surprise deal and subsequent jump in the share price caught out many hedge funds betting the next move would be down.
Shorting of the stock, where shares are borrowed and sold in the hope of buying them back later at a cheaper price to make a profit, was at a five-month high prior to the announcement. More than 56 million Ocado shares were out on loan on Tuesday, the most recent data from industry tracker FIS’ Astec Analytics showed.
Exposed hedge funds included GMT Capital, Hunt Lane Capital and London-based Marshall Wace. Additional reporting by Maiya Keidan; editing by Kate Holton and Elaine Hardcastle | ashraq/financial-news-articles | https://uk.reuters.com/article/us-ocado-group-contract-kroger/u-s-grocer-kroger-signs-deal-to-use-ocados-home-delivery-tech-idUKKCN1II0L0 |
May 3(Reuters) - Great-Sun Foods Co Ltd
* Says it will pay a cash dividend of 0.2 yuan (before tax) per share and use additional paid-in capital to distribute 0.3 new shares for every share for FY 2017, to shareholders of record on May 9
* Says the company’s shares will be traded ex-right and ex-dividend on May 10 and the dividend will be paid on May 10
Source text in Chinese: goo.gl/YmDWRP
(Beijing Headline News)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-great-sun-foods-says-dividend-paym/brief-great-sun-foods-says-dividend-payment-date-on-may-10-idUSL3N1SA23S |
May 11 (Reuters) - TerraForm Power Inc:
* TERRAFORM POWER INC FILES FOR NON-TIMELY 10-Q WITH U.S. SEC
* TERRAFORM POWER INC SAYS IS UNABLE TO TIMELY FILE ITS QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 2018 Source text: ( bit.ly/2IuLKhb ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-terraform-power-files-for-non-time/brief-terraform-power-files-for-non-timely-10-q-with-u-s-sec-idUSFWN1SI1FF |
LIMA, May 3 (Reuters) - Workers at Peru’s La Oroya polymetallic smelter are in talks with more than two companies interested in partnering with them to restart operations at the nearly 100-year-old plant, a union leader said on Thursday.
La Oroya had been operated by Doe Run Peru, a unit of the U.S.-based Renco Group, from 1997 until the company went bankrupt in 2009 and its assets were transferred to a group of former creditors.
The group of creditors agreed this week that the workers union could buy the smelter along with a small copper mine, Cobriza, which had also been owned by Doe Run, in order to keep the two assets from being liquidated.
The union has until mid-June to find an investor to pay $90 million to help them buy the smelter and Cobriza, said Luis Castillo, the head of the union.
Castillo said workers had already started negotiations with two Peruvian companies and foreign investors. “It won’t be easy but we think that we’ll have the money and an investor by June 15,” Castillo said by phone, declining to name the companies.
A further $100 million in upgrades would be needed so lead and zinc smelting can resume, Castillo said. Copper smelting would need more in investments and time to restart, he added.
The town of La Oroya where the smelter is located in Peru’s central Andes was once named one of the 10 most polluted places in the world by the Blacksmith Institute environmental group. Hundreds of children in La Oroya have been found to have dangerous levels of lead in their blood.
Former President Pedro Pablo Kuczynski, who resigned amid corruption allegations last month, relaxed sulfur dioxide emission limits to cut the cost of investing in upgrades in smelters. But six attempts to sell La Oroya in an auction failed to draw any offers.
Reporting by Marco Aquino; Writing by Mitra Taj; Editing by Peter Cooney
Our | ashraq/financial-news-articles | https://www.reuters.com/article/peru-smelter/workers-seek-partner-to-buy-and-operate-aging-peru-smelter-idUSL1N1SA2GK |
May 21, 2018 / 5:30 AM / Updated 3 hours ago New PSG boss Tuchel backs 'artist' Neymar to express himself Reuters Staff 2 Min Read
(Reuters) - Brazilian forward Neymar is an “artist” and Paris St Germain need to build their team around the 26-year-old if they are to get the best out of him, the Ligue 1 club’s new manager Thomas Tuchel has said. Soccer Football - Ligue 1 - Paris St Germain vs Stade Rennes - Parc des Princes, Paris, France - May 12, 2018 Paris Saint-Germain's Neymar celebrates winning Ligue 1 as he holds an award REUTERS/Pascal Rossignol
Neymar joined the French champions from Barcelona for a record 222 million euros (194 million pounds) last August but media reports have already linked him with a move back to Spain with Real Madrid.
“I met Neymar last Sunday. It was an important meeting. He’s an artist, one of the best players in the world, a key player to help us win our matches,” said Tuchel, who last week signed a two-year deal to replace Unai Emery.
“If we find a way to build a structure around him, so he can show all his talent on the pitch, I think we have a key player to win our games.”
Neymar has been out of action since fracturing the fifth metatarsal in his right foot on Feb. 25 and undergoing surgery in Brazil.
He was, however, named in the Brazil squad for the June 14-July 15 World Cup finals in Russia.
“I met a very friendly, very open guy for the first time,” German Tuchel added.
“We started talking about soccer and I saw a smile on his face and that is what I want to see.” Reporting by Shrivathsa Sridhar in Bengaluru, editing by Nick Mulvenney | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-france-psg-tuchel/new-psg-boss-tuchel-backs-artist-neymar-to-express-himself-idUKKCN1IM0FN |
Very worried about Italy, but not European contagion: Former IMF chief economist 2 Hours Ago Olivier Blanchard, former chief economist at the IMF, discusses the best case scenario that could result from Italian political instability. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/30/very-worried-about-italy-but-not-european-contagion-former-imf-chief-economist.html |
CNBC International Afternoon Briefing: May 03, 2018 1 Hour Ago CNBC market reporters bring you the latest on the stock markets throughout the day as well as fast, accurate, and actionable business news. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/03/cnbc-international-afternoon-briefing-may-03-2018.html |
Pennsylvania in focus in Tuesday primaries 11:22am EDT - 01:16
Voters head to the polls on Tuesday in crucial party primaries in Pennsylvania, a state that has become central to Democrats’ hopes of retaking control of the U.S. House of Representatives.
Voters head to the polls on Tuesday in crucial party primaries in Pennsylvania, a state that has become central to Democrats’ hopes of retaking control of the U.S. House of Representatives. //reut.rs/2GgTfD6 | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/15/pennsylvania-in-focus-in-tuesday-primari?videoId=427149044 |
Fed's Kaplan: Don't want to run persistently above 2% target 1 Hour Ago Robert Kaplan, Dallas Fed president, shares his views on economic growth, interest rates, oil prices and tech disruption in the economy. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/24/feds-kaplan-dont-want-to-run-persistently-above-2-percent-target.html |
CHICAGO (Reuters) - Shares of Deere & Co ( DE.N ) soared on Friday after the U.S. tractor maker revised up its full-year earnings estimate on stronger equipment demand and shared its plans to increase prices to offset increased costs.
FILE PHOTO: People look at Deere equipment as they attend National Farm Machinery show in Louisville, Kentucky, February 11, 2016. REUTERS/Meredith Davis The company’s stock was up 6.4 percent at $156.24 in early afternoon trading on the New York Stock Exchange.
Deere missed its second-quarter profit estimates amid higher freight and raw-material costs. The company’s sales costs shot up by 35 percent in the quarter from a year ago and it also expects input costs during fiscal 2018 to be higher than its previous estimate.
“Material and freight costs have exceeded our forecast for the year, due largely to inflation in U.S. steel prices and a tight market for logistics,” said Chief Financial Officer Raj Kalathur.
In response to those increases, the Moline, Illinois-based company said it was carrying out structural cost cuts and price increases.
U.S. President Donald Trump’s tariffs on steel and aluminum imports have inflated raw material costs for U.S. manufacturers. Caterpillar ( CAT.N ) last month warned that rising materials costs could squeeze profit margins in the coming quarter.
Deere expects full-year adjusted earnings to be $3.1 billion, higher than $2.85 billion forecast earlier. Net sales and revenues are expected to jump about 26 percent from the previous year.
It sees a 30 percent annual increase in full-year equipment sales.
Adjusted profit in the quarter ended April 29 came in at $3.14 per share, lower than analysts’ average estimate of $3.31 per share.
Freight costs were up as the company resorted to premium freight to address supply issues.
Deere’s sales in the first quarter were hemmed in by delays in shipping products to dealers and supply constraints, but the company on Friday said the supply situation has improved.
Deere has been battling tepid demand in North America, its biggest market, for the past four years as U.S. farm income has more than halved since 2013.
Replacement demand for an aging fleet continues to drive farm equipment sales in the region, the company said. But it trimmed its farm equipment sales growth forecast to 14 percent for 2018 as it expects U.S. net farm cash income to dip further this year.
That projection could change if a U.S. trade spat with China escalates, increasing trading costs for farmers who are already feeling squeezed by rising interest rates and high land prices.
In retaliation for U.S. President Donald Trump’s proposed crackdown on Chinese imports, Beijing has proposed duties on U.S. farm imports such as soybeans, wheat and corn.
Reporting by Rajesh Kumar Singh; editing by Bernadette Baum, Bill Trott and G Crosse
| ashraq/financial-news-articles | https://www.reuters.com/article/us-deere-results/tractor-maker-deeres-profit-jumps-49-percent-as-world-demand-grows-idUSKCN1IJ1BY |
May 11, 2018 / 5:27 PM / Updated 42 minutes ago Doctors don't always explain sexual side effects of prostate treatments Carolyn Crist 5 Min Read
(Reuters Health) - Medications that treat lower urinary tract symptoms and enlarged prostates may cause sexual dysfunction, but some urologists don’t discuss this with patients, according to a survey of doctors.
Although more than half of the physicians said they discuss ejaculatory dysfunction when prescribing the most common treatments, most don’t routinely offer alternatives, the study authors report in World Journal of Urology.
“We need to think about the entire picture as doctors. Even if patients are 100 percent satisfied with the treatment and can urinate perfectly, they may be unhappy that they can’t ejaculate anymore,” said lead study author Dr. Simone Giona of King’s College Hospital in London.
Lower urinary tract symptoms and prostatic hyperplasia - an enlarged prostate - cause difficulty with urination, urgency and leaking. Patients sometimes wait until symptoms worsen before seeking treatment, often because they know treatments could affect sexual function, Giona said.
“That’s very important for some men, even if they’re 75 or 80 years old,” Giona said in a telephone interview. “We need to talk to patients about their expectations and offer the treatments that will help them, including new alternatives.”
Giona and colleagues surveyed 245 urologists attending the 2015 World Congress of Endourology in London. They asked what prostate treatment options the urologists offered their patients, how often they discussed the different types of treatments available, how often they discussed ejaculatory dysfunction with patients and how often they discussed alternative treatments based on the risk of sexual dysfunction.
About 70 percent of survey participants said they discuss erectile dysfunction before prescribing alpha blockers, although there’s no evidence currently that these medications impair sexual function. Most urologists said they discuss treatment-related erectile dysfunction, but those with the busiest practices and higher caseloads were most likely to discuss sexual side effects.
On the other hand, most respondents said they don’t routinely discuss alternative therapies based on the risk of sexual dysfunction, and those with the highest caseloads were least likely to offer alternatives.
“We’d expect that a urologist with more experience would have a wider picture of the best treatment, but maybe they don’t discuss options other than what they prefer or know best,” Giona said. “We need to make sure patients have options and we’re not missing the rest.”
A limitation of the study is that the responses were not analyzed according to the participants’ region or country of origin, which might highlight differences in what’s available. Some countries don’t yet offer some of the treatment options, but few survey respondents marked “not applicable” while answering the questions, the study authors note.
“Patients should mention all their worries and discuss their sex life concerns,” Giona said. “Urologists should get a full picture of what will make their patients happy.”
Current guidelines recommend lifestyle modification, medication or surgery for enlarged prostates. All options can impact sexual function, but some affect libido, erection, ejaculation and semen volume more than other options. In this study, the most common treatments were medications such as alpha blockers and 5alpha-reductase inhibitors, followed by surgical options such as Transurethral Resection of the Prostate (TURP) and laser procedures such as Holmium Laser Enucleation of the Prostate (HoLEP) and GreenLight Photoselective Vaporisation of the Prostate (PVP).
“Patients didn’t previously have choices about their treatments and accepted the side effects,” said Dr. Tobias Kohler of the Mayo Clinic in Rochester, Minnesota, who wasn’t involved in the study.
“But now, we’re seeing minimally invasive treatments that offer excellent improvement and low risk of sexual side effects,” Kohler said in a telephone interview.
“Now the conversation needs to be whether patients should take a pill or treat the problem definitively and prevent the progression of bladder dysfunction,” Kohler said.
“Patients should educate themselves on the risks and benefits of prostate treatments,” he said. “Upfront procedures could offer little risk and a lot of reward.”
SOURCE: bit.ly/2IBf3yv World Journal of Urology, online April 21, 2018. | ashraq/financial-news-articles | https://uk.reuters.com/article/us-health-prostate/doctors-dont-always-explain-sexual-side-effects-of-prostate-treatments-idUKKBN1IC26C |
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