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JERICHO, N.Y., May 22, 2018 /PRNewswire/ -- Darby Dental Supply, one of the nation's largest dental distributors, announces the completion of its acquisition of the SmartPractice Dental Supply Division.
The acquisition was first announced in February, 2018. In the months since, Darby has been engaged in strategic planning to seamlessly integrate employees, customers, and operations. The transition planning has been largely focused on ensuring an easy transition for SmartPractice customers. SmartPractice customers will now have access to the added benefits of Darby's expansive and state-of-the-art distribution network, extended product lines, capital equipment, technology services, and equipment service.
With this acquisition, Darby doubles its West Coast footprint and has expanded West Coast operations to include customer service, purchasing, and accounting. Earlier this month, Darby completed an extensive expansion and build-out of its Chandler, Arizona office to accommodate the added functions. The SmartPractice dental sales and management teams will join Darby's Arizona team as well to provide convenient access and hours for customers across the country. Darby also recently completed an expansion and upgrade to its Reno and Memphis distribution centers.
"With this acquisition we are gaining strong talent and complementary core competencies that will help us to ensure that our customers have access to continually-expanding products, services, and the expertise upon which they have relied for 70 years," stated Michael Ashkin, Chairman, Darby Group Companies, Inc. "For three generations, and looking to the fourth, the Ashkin family has been focused on providing our customers with outstanding value, an exceptional customer experience, and innovative technological solutions. We are excited to welcome SmartPractice customers and employees as an important part of our future."
The transaction fuels Darby's growth strategy to extend its ecosystem of full service solutions, while supporting its ongoing West Coast expansion. The company recently expanded its specialty product offerings, added a capital equipment division, formed an exclusive partnership with DentalFix RX to provide equipment service, and in January 2018 debuted Darby TechForce®, the company's new technology services division providing HIPAA compliance, IT managed services, installations, digital integration, and network security solutions. As customers seek out more convenient ordering channels and faster response times, Darby invested in technological solutions to allow customers to personalize the way they do business. The Company recently launched a new user-optimized website, mobile website, and a mobile app, complete with an inventory management system.
About Darby Dental Supply, LLC
Darby Dental Supply, LLC, is one of the largest dental distributors in the United States, shipping over one million orders each year. Headquartered in Jericho, NY, the company was founded in 1948 and has seven sales offices and three fully-automated distribution centers strategically positioned across the country. With over 45,000 products in stock, Darby services the general practitioner as well as numerous specialties. In addition to Darby's supply vertical, the company also hosts a technology services division (Darby TechForce®), a capital equipment division, equipment repair services (through an exclusive partnership with DentalFix RX), and a full line of private label products. For more information about Darby, please visit www.darby.com .
CONTACT:
Liz Meyers
Executive Vice President Purchasing & Global Sourcing
[email protected]
516-688-6410
View original content: http://www.prnewswire.com/news-releases/darby-dental-supply-announces-completion-of-smartpractice-dental-supply-division-acquisition-300651124.html
SOURCE Darby Dental Supply | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/pr-newswire-darby-dental-supply-announces-completion-of-smartpractice-dental-supply-division-acquisition.html |
Published 1 Min Ago Breaking News
President Donald Trump on Friday said acting Veterans Affairs Secretary Robert Wilkie will be nominated to permanently lead the government agency.
Trump made the announcement at the start of a speech focused on prison reform at the White House.
This is breaking news. Please check back for updates. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/18/robert-wilkie-to-be-nominated-as-veterans-affairs-secretary-trump-says.html |
CHICAGO, May 17, 2018 /PRNewswire/ -- CNA today announced the appointment of Bruce Dmytrow to Senior Vice President, Healthcare. In this role, Dmytrow is responsible for the overall strategic leadership and direction of CNA's industry-leading Healthcare underwriting unit. He reports to Kevin Smith, President and Chief Operating Officer, CNA Specialty.
Dmytrow joined CNA in 1995, most recently serving as Vice President for Aging Services and National Programs. Throughout his career at CNA, he has had oversight for CNA's enterprise-wide risk control strategic direction for Healthcare, Professional Services and Financial Institutions Customer Segments in the U.S., Canada and Europe. Prior to joining CNA, Dmytrow served as a Manager and Healthcare Consultant at MMI Companies, Inc., and Bio-Med Associates, Inc. Before his career in the insurance industry, Bruce served as a Medical Dosimetrist at the University of Chicago Hospitals and Northwestern Memorial Hospital, where he utilized his clinical experience to treat and manage oncology patients.
"Bruce is a trusted leader and is well-known for his breadth and depth across the continuum of care, with expertise that extends from the traditional hospital/physician model to new and emerging healthcare delivery systems," Smith said. "Bruce's extensive knowledge and leadership capabilities, combined with CNA's more than 50 years of experience as a top underwriter of insurance solutions and services for healthcare companies, will enable us to better serve our more than one million healthcare customers."
Dmytrow received a Bachelor of Science degree in Biology from Boston College. He received a postgraduate degree in Medical Radiation Dosimetry from Yale University Medical School/Yale-New Haven Hospital and a Master of Business Administration degree in Entrepreneurship from DePaul University. He also holds the Certified Professional in Healthcare Risk Management (CPHRM) designation, was an active member on several healthcare organization board of directors and advisory boards, is widely published and often Quote: d in industry journals.
About CNA
CNA is the eighth largest commercial insurer in the United States. CNA provides a broad range of standard and specialized property and casualty insurance products and services for businesses and professionals in the U.S., Canada, Europe and Asia, backed by 120 years of experience and more than $45 billion of assets. For more information about CNA, visit our website at www.cna.com .
Follow CNA (NYSE: CNA) on: Facebook | Twitter | LinkedIn | YouTube
Press Contacts:
Brandon Davis
CNA
[email protected]
312-822-5167 / 773-383-7166
View original content with multimedia: http://www.prnewswire.com/news-releases/cna-appoints-bruce-dmytrow-to-senior-vice-president-healthcare-300650185.html
SOURCE CNA | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/pr-newswire-cna-appoints-bruce-dmytrow-to-senior-vice-president-healthcare.html |
May 26, 2018 / 5:52 PM / Updated an hour ago Bale left out again as Real stick with team that won last final Richard Martin 2 Min Read
KIEV (Reuters) - Real Madrid left out forward Gareth Bale for Saturday’s Champions League final against Liverpool as coach Zinedine Zidane named the same starting lineup as in the 4-1 win over Juventus in last year’s showpiece. Soccer Football - Champions League Final - Real Madrid Training - NSC Olympic Stadium, Kiev, Ukraine - May 25, 2018 Real Madrid's Gareth Bale during training REUTERS/Andrew Boyers
Real’s Spain playmaker Isco was included at the expense of Welshman Bale, who had only started one of Real’s previous knockout games in this season’s competition.
There were no surprises in Juergen Klopp’s Liverpool team, with the German coach naming the same 11 players who started in their semi-final, second leg at AS Roma.
Real are bidding to become the first team to win the European Cup three years in a row since Bayern Munich in 1976, while Liverpool are hoping to lift the trophy for the first time since 2005 and for a sixth time overall.
Teams:
Real Madrid: Keylor Navas; Dani Carvajal, Sergio Ramos, Raphael Varane, Marcelo; Toni Kroos, Casemiro, Luka Modric, Isco; Karim Benzema, Cristiano Ronaldo
Substitutes: Kiko Casilla, Nacho, Gareth Bale, Theo Hernandez, Lucas Vazquez, Marco Asensio, Mateo Kovacic
Liverpool: Loris Karius; Trent Alexander-Arnold, Virgil van Dijk, Dejan Lovren, Andy Robertson; James Milner, Jordan Henderson, Georginio Wijnaldum; Mohamed Salah, Roberto Firmino, Sadio Mane
Substitutes: Simon Mignolet, Nathaniel Clyne, Ragnar Klavan, Alberto Moreno, Adam Lallana, Emre Can, Dominic Solanke Reporting by Richard Martin; Editing by Ken Ferris | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-champions-final-lineups/bale-left-out-again-as-real-stick-with-team-that-won-last-final-idUKKCN1IR0MP |
sanctions@
* Brent back below $80 after breaking through on previous day
* Surge in U.S. production to offset some disruptions
* High oil prices could also dent crude demand (Updates prices)
SINGAPORE, May 18 (Reuters) - Oil prices held firm on Friday on strong demand, ongoing supply cuts led by producer cartel OPEC and looming U.S. sanctions against major crude exporter Iran.
But markets remained below multi-year highs from the previous day as surging output from the United States is expected to offset at least some of the shortfalls.
Brent crude futures were at $79.55 per barrel at 0651 GMT, up 25 cents, or 0.3 percent, from their last close. Brent broke through $80 for the first time since November 2014 on Thursday.
U.S. West Texas Intermediate (WTI) crude futures were at $71.65 a barrel, up 16 cents, or 0.2 percent, from their last settlement.
Crude prices have received broad support from voluntary supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC) aimed at tightening the market.
"Global inventories are approaching long-run averages, suggesting that the coordinated OPEC/non-OPEC supply cuts have been successful," said Jack Allardyce, oil and gas research analyst at Cantor Fitzgerald.
Beyond OPEC's cuts, strong demand as well as falling output from Venezuela and a U.S. announcement earlier this month to renew sanctions against OPEC-member Iran helped push up Brent by 20 percent since the start of the year.
U.S. investment bank Jefferies said sanctions against Iran could remove more than 1 million barrels per day (bpd) from the market.
Britain's Barclays bank said on Friday that it expected average prices of $70 per barrel Brent for this year and of $65 a barrel for 2019, up from estimates of $63 and $60 per barrel previously.
With crude prices at levels not seen since late 2014, Allardyce warned the high fuel costs could start crimping consumption.
At $80 per barrel, Asia's thirst for oil costs the region a whopping $1 trillion a year, more than twice what it was in 2015/2016, the two years prior to the OPEC-cuts which started in 2017.
"Higher oil prices due to tighter physical markets and geopolitical tensions could weigh significantly on the macro outlook for emerging market Asia countries," Barclays said.
LONGER-TERM
The crude forward curve is in firm backwardation, a structure that suggests a tight market as prices for immediate delivery are higher than those for later dispatch.
Front-month Brent prices are now almost $2.60 per barrel more expensive than those for delivery in December.
"Longer-dated (crude) futures ... remain in backwardation, driven by confidence in indefatigable U.S. shale producers," U.S. firm Height Securities said in a note, although it warned that strong demand as well as looming disruptions due to renewed U.S. sanctions against Iran and falling output in Venezuela could soon start lifting the crude forward curve too.
U.S. crude oil production <C-OUT-T-EIA> has soared by more than a quarter in the last two years, to a record 10.72 million bpd.
As a result of its surging production, U.S. crude is increasingly appearing on global markets as exports.
(Reporting by Henning Gloystein Editing by Joseph Radford and Richard Pullin) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/18/reuters-america-update-3-oil-prices-firm-on-opec-cuts-strong-demand-and-looming-iran-sanctions.html |
Dow closes lower for 5th straight day 25 Mins Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/03/dow-closes-lower-for-5th-straight-day.html |
CNBC.com Getty Image
The best things in life are free, or close to it — even travel. It's easier than you'd think to take a trip without cracking open your wallet, and plenty of savvy travelers know the tricks of the trade.
Lee Abbamonte , travel expert and entrepreneur who has visited every country in the world , says, "If you really put some effort in, you can travel for free often by maximizing miles and points, social media and other specials."
Try these strategies below to take a dream vacation without spending much, or any, money.
1. Use all your frequent flyer miles
Flying for free helps you get on your journey for less. If you have a stash of frequent flyer miles, use them now. Miles lose value every day and often expire, so redeem them for a free trip while they have value.
To get the best deal/reward ticket, Abbamonte says pay attention: "Check fares and redemptions on airline websites often to get the saver fares, and plan your travel around them." Airlines often promote deals and flash sales with low redemptions for mileage tickets exclusively in their newsletters.
The Points Guy , a travel site dedicated to frequent flyer points, regularly posts mileage deals.
2. Sign up for credit cards with travel rewards
"Credit cards are a great way, perhaps the fastest way, to earn free travel quickly," says Abbamonte. A sign-up bonus alone often equals a free trip. For example, Bank of America Premium Rewards credit card offers 50,000 points ($500 value), which can be used to purchase a flight almost immediately when you sign up.
3. Work in the travel industry
Free travel is a major incentive to work in the travel industry. Airline cabin crew, like pilots and flight attendants, get to see the world on company dime and other professions related to travel have the same perks, like hotel managers, travel agents and publicists at a travel PR firm.
4. Get active on social media
Content creators and bloggers with a large number of followers are known to get free travel, including hotel rooms, meals and often flights, in exchange for posts on various social media platforms like Snapchat, YouTube, Instagram and Twitter. "The beauty of the whole social media game is that anyone can do it," says Abbamonte, "and it's the easiest way for people with a following to leverage it for some publicity."
But, he warns, "you have to work it right and be genuine. PR folk are savvy at detecting scammers, like those who buy fake followers."
5. Get lucky in a contest
Companies often offer "dream travel job" contests for one lucky winner, like The New York Times' search for someone to travel the world researching destinations (the company received 13,000 applicants). ThirdHome paid one lucky winner $10,000 a month to travel to and stay in multimillion-dollar rental homes for their Best Job on the Planet contest last year.
Iceland's flagship budget carrier WOW Air is currently holding its WOW Travel Guide competition , seeking two people to make Reykjavik their home base this summer while taking short trips to 38 locations the airline serves. In exchange for creating digital guides, the duo will get $4,000 each in stipend, as well an apartment. | ashraq/financial-news-articles | https://www.cnbc.com/2018/04/30/5-ways-you-can-travel-the-world-for-nearly-free.html |
What kind of clothing sale has DJs and performance artists as the stars? Or pairs designer fashions with hoodies and sneakers? Or offers piercings along with $4,850 Givenchy orange leather pants? Call it the millennial mashup.
Old-line department stores and fashion brands are rejiggering sales floors and websites to court millennials in their twenties and thirties and the even younger members of Generation Z. To woo this elusive demographic, department stores like Barneys New York and Nordstrom are concocting entertainment-filled... | ashraq/financial-news-articles | https://www.wsj.com/articles/retailers-stalk-the-elusive-millennial-shopper-1527692005 |
May 14, 2018 / 8:42 AM / Updated 11 minutes ago RPT-PSA's Opel suspends staff buyouts after wave of departures Reuters Staff
(Repeats story published late on Friday)
By Riham Alkousaa
FRANKFURT, May 11 (Reuters) - German carmaker Opel has suspended voluntary redundancies after staff representatives warned that a wave of departures following PSA Group’s takeover could leave it short of skilled workers.
Staff buyouts were halted earlier this week until talks can be held between Opel’s management and the company’s works council at the end of May, the company told Reuters on Friday.
Several senior staff have left in recent months, in the wake of French car group PSA’s acquisition of the brand for $2.6 billion last year. Some key engineers have gone to rivals including BMW and auto supplier Continental as well as Jaguar Land Rover.
PSA is looking to cut 3,700 Opel staff in Germany by 2020 as part of a turnaround plan, including buyouts and early retirements. But labour representatives, led by works council chief Wolfgang Schaefer-Klug, have urged PSA to halt voluntary departures, saying this risks jeopardising expertise in key areas.
The dispute underlines the quandary facing PSA, the maker of Peugeot and Citroen cars: it must make deep cuts to increase efficiency at a brand that has been loss-making for 20 years, without losing the expertise it is counting on to bring success.
When PSA bought Opel from General Motors, PSA Chief Executive Carlos Tavares said the brand’s German engineering prowess would help attract new customers who may otherwise be reluctant to splash out on a French car.
PSA referred a request for comment to Opel.
When asked if the staff departures risked undermining the brand’s engineering expertise, an Opel spokeswoman said: “In Germany, we are relying on voluntary job reduction programmes and are refraining from forced redundancies. In doing so, we ensure that all key positions remain filled and all areas stay functional in a streamlined organisation.”
The management declined to give any detailed numbers on staff departures.
The company, which launched the buyout scheme in March, acknowledged concerns about the departures in an internal memo sent to staff at the end of last month, and seen by Reuters.
“Claims that we are facing a ‘mass exodus’ of high performers and that the work can no longer be done are an old wives’ tale,” Opel’s Human Resources said in the note.
The memo said Opel had received around 1,000 applications for voluntary redundancy out of the company’s total 19,000 staff in Germany.
The Opel works council did not respond to requests for comment. ‘SPEED BONUSES’
Tavares has pledged to engineer a similar turnaround as he did at PSA. After losing more than 7.3 billion euros ($8.7 billion) in two years, the French group implemented a new strategy in 2014 that involved cutting labour costs, excess plant capacity product lines.
PSA is now Europe’s second-biggest carmaker by sales after VW, however Tavares faces a different set of challenges with Opel. While German cars are in high demand across the world, the brand has struggled to win customers in the face of fierce competition from big names like Volkswagen, BMW and Daimler.
A senior executive who left Opel in autumn last year said 25 percent of management had to be cut to reduce costs. Two senior engineers who left in March said departures had severely weakened the company in the field of designing vehicle platforms for small and medium-sized passenger cars.
The three former workers declined to be named, saying they didn’t want to compromise early-retirement benefits or breach the terms of their departure.
A chief engineer for Opel’s flagship Insignia model, Andreas Zipser, who appeared on the car’s promotional video last year, left in March after more than 25 years at Opel. He is now the head of engineering at Veritas AG, an automotive engineering firm, his LinkedIn profile shows.
Eggord Thomaschky, Opel’s chief vehicle engineer until last year, moved to BMW’s Engineering and Vehicle Dynamics division in December, according to her LinkedIn profile.
Ralf Hannappel, Opel’s former director of electrified vehicles, is now chief engineer at Britain’s biggest carmaker Jaguar Land Rover, according to LinkedIn.
Florian Koch, now a function lead engineer for Advanced Driver Assistance Systems (ADAS) at automotive supplier Continental, was a project leader for Infotainment systems at Opel until last month, his profile shows.
Senior staff with years of experience have been among the quickest to depart, some tempted by early-retirement packages and “speed bonuses” that encouraged quick exits.
“It was a lucrative and an attractive offer,” said an engineer who left in March with a senior leave package that gives him 75 percent of his previous salary for two years before retirement terms kicked in.
Another engineer who left in March said: “You call people and they tell you: I am leaving in two weeks. The last weeks for me there, I was at farewells every day.” (Reporting by Riham Alkousaa, additional reporting by Jan Schwartz; Editing by Edward Taylor and Pravin Char) | ashraq/financial-news-articles | https://www.reuters.com/article/psa-opel-braindrain/rpt-psas-opel-suspends-staff-buyouts-after-wave-of-departures-idUSL5N1SL2D1 |
May 15, 2018 / 6:41 AM / Updated 9 hours ago ECB targeting younger fans with new 100-ball competition Reuters Staff 2 Min Read
(Reuters) - The English and Wales Cricket Board’s (ECB) proposal for a new 100-ball competition was created to attract younger people to the sport, according to the organisation’s chairman Colin Graves.
Last month, the ECB unanimously backed a proposal to add an eight-team tournament to their domestic schedule from 2020. The shorter matches will see each side face 15 six-ball overs, culminating in a final 10 deliveries.
Graves believes that ECB’s recent experimentation of new formats is due to traditional cricket not enticing younger audiences.
“It’s a challenge but every county chairman — and I mean every county chairman — has told me that they are behind the new tournament. They can see why we are doing it,” Graves told the Times.
“What we do know is the kind of audience that we are not getting. We’re after kids and the next generation, the families.
“We are not getting them to watch our existing products so we know there is a gap in the marketplace and we know that, when we get that product right, it will attract a new audience... “
Despite the new array of formats that the ECB is testing, Graves emphasised that existing fans of traditional forms would not be taken for granted, pointing out that the governing body’s investment in county and international cricket.
The 70-year-old also said that he was disappointed by the reaction to the new proposal but understood that the adverse reception was due to the uncertainty surrounding the event.
“The reaction (to the new tournament) was disappointing, but to be expected because a lot of it is in its infancy,” he added.
“It’s only a concept, there’s a lot of work to do with it and, when we do that work and put it out to the public and players, they will see it in a different light...” Reporting by Aditi Prakash in Bengaluru | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-cricket-england-graves/ecb-targeting-younger-fans-with-new-100-ball-competition-idUKKCN1IG0Q7 |
CNBC.com Drew Angerer | Getty Images Panos Panay, corporate vice president of device at Microsoft, speaks about the new Surface Laptop during a launch event, May 2, 2017 in New York City.
Microsoft is building a cheaper Surface tablet to compete against Apple's iPad, according to Bloomberg . Microsoft has tried this before — but failed. Here's what it needs to do to succeed. Price
Microsoft's Surface tablets, which run a full version of Windows, are excellent computers. They're also very expensive. The Surface Pro starts at $799 and that doesn't include a keyboard. Conversely, Apple's new iPad starts at $329. Microsoft is targeting the $400 price point, according to Bloomberg, but it should try to come in closer to Apple's starting price or add value by including a keyboard and a stylus. Apps
Microsoft's most recent attempt at an affordable tablet was in 2012, when it launched the Surface RT. That laptop-tablet hybrid failed largely because it ran a watered-down version of Windows called Windows RT. Consumers couldn't download the apps they were accustomed to using while running on Windows. Microsoft needs to make sure its customers can run the Windows app they're familiar with. Connectivity
This is a tricky one for Microsoft. Apple sells several versions of iPads, including those equipped with just Wi-Fi and those that also offer Wi-Fi and cellular connections that let you access the internet anywhere Verizon, AT&T, T-Mobile and Sprint have a signal.
Microsoft has a version of Windows for tablets that runs on Qualcomm chips and are always connected like iPads, but those tablets don't have access to as many apps as those that run on Intel chips. It should use Intel chips so customers can get all of their apps, and include a full version of Windows, but also use Qualcomm modems to provide cellular connectivity — as it did with the Surface Pro LTE.
Apple's offering for its iPad with Wi-Fi and cellular starts at $459, so Microsoft needs to hit that price point, too. Productivity
Microsoft shouldn't skimp on features, either. An affordable Surface won't just compete with the iPad at a $400 price point, but also Google's Chromebooks. If it wants these computers to be just as useful for work as they are for entertainment, it should make sure they support the Surface Pen for drawing on the screen and taking notes, as well as a full keyboard for allowing the tablet to work a full-fledged computer. As I said in the first point, Microsoft can help undercut the iPad by including a keyboard and pencil with the bundle. show chapters 9:01 AM ET Thu, 15 June 2017 | 01:34 Final thoughts
Microsoft has a chance to succeed here. I'm a big fan of the Surface computers it sells, especially because they let me access all of the apps I need for work and multitask better than an iPad. Microsoft needs to show people why they shouldn't buy an iPad, however, which is arguably the best all-around tablet for most people. That's going to come down to pricing, connectivity and apps. Todd Haselton Technology Product Editor Related Securities | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/16/microsofts-cheaper-surface-tablet-needs-this-to-beat-the-ipad.html |
TORONTO, May 22, 2018 (GLOBE NEWSWIRE) -- CCL Industries Inc. (TSX:CCL.A) (TSX:CCL.B) (“the Company”), a world leader in specialty label, security and packaging solutions for global corporations, government institutions, small businesses and consumers, today announced that it has signed a binding agreement to acquire privately held Nortec International Ltd. (“Nortec”), based near Tel Aviv, Israel for approximately $9 million in cash and assumed debt.
Nortec is a specialty manufacturer of high performance labels and marking systems for the Israeli high technology sector and also exports its products around the world. 2017 sales were $9.6 million with an estimated, adjusted EBITDA of approximately $1.4 million. The business will change its trading name to CCL Design Israel on closing, which is expected during the second quarter of 2018.
Commenting on the proposed transaction President & Chief Executive Officer, Geoffrey T. Martin said, “Israel is an important country for the electronics industry, and our CCL Design team has known Nortec for some time so we are pleased to welcome its founder Doron Lavi and his people to the Company.”
Forward-looking Statements
This press release contains forward-looking information and forward-looking statements (hereinafter collectively referred to as “forward-looking statements”), as defined under applicable securities laws, that involve a number of risks and uncertainties. Forward-looking statements include all statements that are predictive in nature or depend on future events or conditions. Forward-looking statements are typically identified by the words “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans” or similar expressions. Statements regarding the operations, business, financial condition, priorities, ongoing objectives, strategies and outlook of the Company, other than statements of historical fact, are forward-looking statements. Specifically, this press release contains forward-looking statements regarding the expected closing in the second quarter of 2018.
Forward-looking statements are not guarantees of future performance. They involve known and unknown risks and uncertainties relating to future events and conditions including, but not limited to, the after-effects of the global financial crisis and its impact on the world economy and capital markets; the impact of competition; consumer confidence and spending preferences; general economic and geopolitical conditions; currency exchange rates; interest rates and credit availability; technological change; changes in government regulations; risks associated with operating and product hazards; and the Company’s ability to attract and retain qualified employees. Do not unduly rely on forward-looking statements as the Company’s actual results could differ materially from those anticipated in these forward-looking statements. Forward-looking statements are also based on a number of assumptions, which may prove to be incorrect, including, but not limited to, assumptions about the following: global economic environment and higher consumer spending; improved customer demand for the Company’s products; continued historical growth trends, market growth in specific sectors and entering into new sectors; the Company’s ability to provide a wide range of products to multinational customers on a global basis; the benefits of the Company’s focused strategies and operational approach; the achievement of the Company’s plans for improved efficiency and lower costs, including stable aluminum costs; the availability of cash and credit; fluctuations of currency exchange rates; the Company’s continued relations with its customers; the Company’s estimated annual cost reductions and financial impact from the restructuring of the Checkpoint Systems, Inc. acquisition; and economic conditions. Should one or more risks materialize or should any assumptions prove incorrect, then actual results could vary materially from those expressed or implied in the forward-looking statements. Further details on key risks can be found in the 2017 Annual Report, Management’s Discussion and Analysis, particularly under Section 4: “Risks and Uncertainties.” CCL’s annual and quarterly reports can be found online at www.cclind.com and www.sedar.com or are available upon request.
Except as otherwise indicated, forward-looking statements do not take into account the effect that transactions or non-recurring or other special items announced or occurring after the statements are made may have on CCL’s business. Such statements do not, unless otherwise specified by the Company, reflect the impact of dispositions, sales of assets, monetizations, mergers, acquisitions, other business combinations or transactions, asset write-downs or other charges announced or occurring after forward-looking statements are made. The financial impact of these transactions and non-recurring and other special items can be complex and depends on the facts particular to each of them and therefore cannot be described in a meaningful way in advance of knowing specific facts. The forward-looking statements are provided as of the date of this press release and the Company does not assume any obligation to update or revise the forward-looking statements to reflect new events or circumstances, except as required by law.
The financial information presented herein has been prepared on the basis of IFRS for financial statements and is expressed in Canadian dollars unless otherwise stated.
Business Description
CCL Industries Inc. employs approximately 20,000 people operating 168 production facilities in 40 countries with corporate offices in Toronto, Canada, and Framingham, Massachusetts. CCL is the world’s largest converter of pressure sensitive and specialty extruded film materials for a wide range of decorative, instructional, functional and security applications for government institutions and large global customers in the consumer packaging, healthcare & chemicals, consumer electronic device and automotive markets. Extruded & laminated plastic tubes, aluminum aerosols & specialty bottles, folded instructional leaflets, precision decorated & die cut components, electronic displays, polymer bank note substrate and other complementary products and services are sold in parallel to specific end-use markets. Avery is the world’s largest supplier of labels, specialty converted media and software solutions for short-run digital printing applications for businesses and consumers available alongside complementary products sold through distributors, mass market stores and e-commerce retailers. Checkpoint is a leading developer of RF and RFID based technology systems for loss prevention and inventory management applications, including labeling and tagging solutions, for the retail and apparel industries worldwide. Innovia is a leading global producer of specialty, high performance, multi-layer, surface engineered films for label, packaging and security applications. The Company is partly backward integrated into materials science with capabilities in polymer extrusion, adhesive development, coating & lamination, surface engineering and metallurgy; deployed as needed across the four business segments.
For more information on CCL, visit our website - www.cclind.com or contact:
Sean Washchuk
Senior Vice President and Chief Financial Officer
416-756-8526
Source: CCL Industries | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/globe-newswire-ccl-industries-announces-first-acquisition-in-israel.html |
NEW YORK, May 29, 2018 /PRNewswire/ -- McKissack announces the appointment of Wynton Habersham as Senior Vice President of Rail & Transit to its corporate team headquartered in New York City with two Manhattan offices in Bryant Park and Harlem. As Senior Vice President, Habersham will report to President & CEO Cheryl McKissack Daniel and will be responsible for strategic planning and expansion of McKissack's transportation services in the region and nationally.
As a family-owned legacy business for more than 113 years with a strong focus on civic-minded local CSR initiatives, McKissack has a rich history in the planning, design and construction of more than 6,000 projects. Today, as the oldest minority- and woman-owned design and construction management firm in the United States, McKissack generates $50 million in revenue annually and are currently working on major civic and transportation projects throughout New York and the northeast region, including the LaGuardia Airport Central Terminal Building Project, James A. Farley Post Office Building--New Penn Station, Philadelphia International Airport Construction Management Services, SEPTA On-call General Engineering Consulting, Pacific Park (formerly Atlantic Yards) Development Project and the Coney Island Hospital Redevelopment in Brooklyn. McKissack has also served as the MTA Independent Engineering Consultant overseeing the $33.2 billion MTA Capital Program since 2009.
"I am honored to join the McKissack Team. McKissack has a rich and storied history because they value their clients and their employees. I look forward to building our growth within the Rail and Transit Sectors," said Wynton Habersham , Senior Vice President of McKissack.
With over 38 years of transportation experience, Habersham is an internationally recognized transportation expert with a diverse background in Transportation Operations, Electrical/Signals Operations/Design and Capital Program Development. In 2015, Habersham was appointed to MTA New York City Transit Senior Vice President of the Department of Subways responsible for planning, directing and controlling the subway and its safe operation leading 28,000 employees dedicated to providing safe and reliable service to nearly 6 million daily riders. He became the first African-American to lead the subway division.
Habersham most recently served as Special Advisor to the MTA Managing Director. While working under Capital Programs--Subways, Habersham managed $5 billion in capital projects as the lead for the Department of Subways and represented the agency in the Design, Construction and Commissioning of Signal Projects, the Fulton Street Transit Center and the original South Ferry Construction Projects.
"McKissack is investing in our transportation division by building on our successful work at the MTA and transit authorities throughout the region," said Cheryl McKissack Daniel, President & CEO of McKissack. "I am extremely delighted that Wynton is joining McKissack. He brings in-depth knowledge of several facets of mass transit operations, which is significant to our strategic plan to enter a national practice for our transit group," said McKissack Daniel.
McKissack is a true American success story and has a rich African-American legacy in design and construction, with its original roots in slavery. Brothers Moses and Calvin Lunsford McKissack, whose grandfather was taught the building trade as a slave, established the country's first African American-owned architectural firm in 1905. William DeBerry, the youngest son of Moses, took the helm in 1968 and proceeded in nurturing the talents of his daughters, all of whom excelled in the fields of architecture, engineering and construction. When he became ill in 1983, William's wife, Leatrice B. McKissack, assumed the position of Chief Executive Officer and oversaw the completion of more than $300 million in design and construction work.
In 2000, Cheryl McKissack Daniel—a fifth-generation McKissack—became President & CEO of the firm. Under her direction, McKissack has contracted more than $50 billion in construction and employs over 100 construction professionals, engineers and architects.
Wynton Habersham currently resides in Teaneck, NJ, and received a Bachelor's Degree in Labor Studies from SUNY Empire State College in Labor Studies. He has lectured before international transportation organizations across the United States, Canada, and in the United Kingdom. Habersham is a former member of the New York MTA Board – Transit Committee.
For more information, visit: www.mckissack.com .
About McKissack & McKissack
With its headquarters in New York City, McKissack is the oldest minority- and woman-owned design and construction management firm in the United States with two offices in Manhattan, and an office in Philadelphia. For five generations, McKissack has proudly upheld the standards of excellence established by Moses McKissack more than two centuries ago, has a strong focus on civic-minded local CSR initiatives and collaborates with various not-for-profit organizations including the ACE Mentor Program of America, Sanctuary for Families, STRIVE and the Women Builders Council. As a progressive construction industry leader—whose services include disaster recovery and resiliency, diversity consulting and workforce development—McKissack is always looking for the next challenge and the next opportunity to utilize its innovative, practical, and cost-effective solutions. McKissack is currently managing $15 billion in construction and is ranked by Crain's New York Business among the top woman-owned and minority-owned companies. www.mckissack.com
Media Contact
Frank Mendoza: [email protected] / Tel: 212.349.6500
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SOURCE McKissack & McKissack | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/29/pr-newswire-mckissack-mckissack-announces-national-transportation-expert-wynton-habersham-as-senior-vice-president.html |
SINGAPORE/MUMBAI/MANILA (Reuters) - The cost of Asia’s growing thirst for oil will surpass $1 trillion this year, about twice as much as in 2015 and 2016, as oil prices touch $80 per barrel and continental demand hits a record.
FILE PHOTO: Motorists drives past an electronic board at a gas station in Paranaque city, Metro Manila, the Philippines February 4, 2016. REUTERS/Erik De Castro/File Photo Oil prices have risen nearly 20 percent since January and topped $80 per barrel in intraday trading on Thursday LCOc1 for the first time since 2014. [O/R]
With the U.S. dollar .DXY - in which most oil is traded - strengthening, concerns are rising about the size of the hit to economies from higher energy prices, especially in import-reliant Asia. Surging costs could feed inflation and hurt both consumers and companies.
“Asia is most vulnerable to an oil price spike,” Canadian investment bank RBC Capital Markets warned in a note this month, after oil prices hit their highest since November 2014.
Asia-Pacific consumes more than 35 percent of the 100 million barrels of oil the world uses each day, according to industry data, and its share is steadily rising.
Asia is also the world’s smallest oil-producing region, accounting for less than 10 percent of output.
(Graphic: reut.rs/2wLchCf )
INFLATION, RISING COSTS U.S. bank Morgan Stanley said this week that diesel use contributes 10-20 percent to cash costs for miners, while oil contributes from 4 percent to 50 percent to the cost of power generation, depending on a company’s or country’s fuel mix.
“A rising oil price therefore shifts the entire cost curve higher,” it said.
China is by far Asia’s - and the world’s - biggest importer of oil, ordering 9.6 million barrels per day in April. That’s almost 10 percent of global consumption.
At current prices, this amounts to a Chinese oil import bill of $768 million per day, $23 billion per month - a whopping $280 billion a year.
Other Asian countries are even more exposed to rising oil prices. Most damage will be done to countries like India and Vietnam, which not only rely heavily on imports, but also where national wealth is not yet large enough to absorb sudden increases in fuel costs.
“Poorer countries with limited borrowing capacity may face financing difficulty amid higher import bills,” RBC said.
Unless fuel is heavily subsidized, households and businesses in poorer countries are also more vulnerable to rising oil prices than they are in wealthier nations.
FILE PHOTO: A worker fills a car with diesel at a fuel station in Jammu August 29, 2013. REUTERS/Mukesh Gupta/File Photo In developing economies such as India, Vietnam or the Philippines, fuel costs eat up around 8-9 percent of an average person's salary, according to Reuters research and figures from statistics portal Numbeo. That compares to just 1-2 percent in wealthy countries such as Japan or Australia. (Graphic: reut.rs/2wLchCf )
DIESEL & LOGISTICS The surge in oil prices has a particularly big impact on transport and logistics companies. One such firm in Asia is courier LBC Express Holdings ( LBC.PS ) in the Philippines.
“LBC has been intently watching the movement of crude oil prices ... What we, at LBC, are preparing for are the effects an oil price increase may have on our carriers: airlines, shipping lines, trucking companies,” its Chief Financial Officer Enrique V. Rey Jr said.
The high oil price “challenges us to improve our own efficiencies to achieve better economies of scale and maintain our margins,” he said.
Some firms say they will pass on any higher costs to consumers.
Chryss Alfonsus Damuy, president and chief executive at Philippine firm Chelsea Logistics ( CLC.PS ), said his firm could be affected by higher oil prices, but “we can pass on the effect to consumer via price adjustments.”
Others said if they burden consumers with higher costs, they will lose clients.
Ashish Savla, owner of 50-truck strong Pravin Roadways in Mumbai, India, said diesel accounts for more than half of his company’s expenses, and that it was difficult to pass rising expenses on to customers.
“Diesel prices have jumped 16 percent in a year, but I couldn’t raise freight charges by 5 percent. If I charge more, clients will use cheaper railroads,” Savla said.
Anil Mittal, who runs a container logistics company and is a member of Bombay Goods Transport Association, said his firm was “already operating at wafer-thin margins” before prices rose.
The “diesel price hike has hit our business hard,” he said. Many small transport firms like his “are struggling to pay back bank loans they took to buy trucks.”
Given the economic costs and its reliance on imports, economists say it is time for Asia to limit its exposure to oil.
“It is very important for Asia to reduce its oil dependency and increase its energy efficiency ... to protect itself from future oil shocks,” RBC Capital Markets said.
Reporting by Henning Gloystein in SINGAPORE, Rajendra Jadhav in MUMBAI and Jerome Morales in MANLIA; Writing by Henning Gloystein; Editing by Tom Hogue
| ashraq/financial-news-articles | https://in.reuters.com/article/asia-oil-demand-costs/analysis-asia-oil-thirst-tab-1-trillion-a-year-as-crude-rises-to-80-idINKCN1II0IN |
ERBIL, Iraq—Populist cleric Moqtada al-Sadr signaled he is willing to form coalition with Iraq’s U.S.-backed prime minister that could soothe American concerns following the country’s surprising national parliamentary elections.
Mr. Sadr’s alliance of Shiite Islamists and communists unexpectedly captured the most parliamentary seats over the weekend, voting counts in the provinces of Kirkuk and Dohuk confirmed Tuesday evening. The cleric’s victory upended both American and Iranian calculations, as U.S.-aligned Prime Minister... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/after-wild-iraqi-vote-cleric-broaches-alliance-with-u-s-backed-prime-minister-1526421313 |
Meghan Markle and Prince Harry's wedding will come with a staggering bill: about $42.8 million .
But the majority of that money isn't paying for ornate flowers, classy hors d'œuvres or entertainment: It's going towards keeping the betrothed, their guests and the thousands of onlookers safe.
According to U.K. wedding site Bridebook , the cost of security, including snipers, undercover police and a counter-UAV system, will be about $40.1 million, or 94 percent of the total wedding budget.
show chapters How rich is the royal family? 1:47 AM ET Wed, 16 May 2018 | 04:20 If you disregard security costs, it's still a pricey affair. England-based luxury wedding planner Aimee Dunne tells CNBC Make It that expenses like food and beverage, the dress, flowers and a glass marquee for the reception will cost about $2.7 million (£2 million). That's 73 times the cost of the average wedding in the U.K.
As for who's picking up the tab, the royal family announced that it will pay for the "core aspects of the wedding," which include the "church service, the associated music, flowers, decorations and the reception afterwards."
The whopping security costs, however, are expected to be paid for largely by taxpayers. For the 2011 marriage of Prince William and the Duchess of Cambridge, the English public contributed an estimated $27 million , which allowed for thousands of extra police officers at the event.
The bride will likely be contributing, too: Markle is reportedly expected to pay for her six-figure wedding dress herself .
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Don't miss: Meghan Markle's wedding dress reportedly costs 3 times the average American's salary
show chapters Here's how to join in the royal wedding this May 9:50 AM ET Fri, 11 May 2018 | 01:51 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/18/the-royal-wedding-may-cost-43-million-and-94-percent-of-that-is-for-security.html |
Published: May 13, 2018 6:10 p.m. ET Share
Matthew Schwall had been Tesla’s main technical contact with U.S. safety regulators Reuters Matthew Schwall, a senior Tesla Inc. executive and the company’s main technical contact with U.S. safety investigators, has left the company for Alphabet Inc.’s Waymo, marking the second executive departure from Tesla in recent days.
By Tim Higgins
A senior Tesla Inc. executive who was the company’s main technical contact with U.S. safety regulators, has left for rival Waymo LLC, according to people familiar the decision.
Matthew Schwall, who had been the director of field performance engineering at Tesla TSLA, -1.30% , exited the company as the National Transportation Safety Board and other regulators have been investigating multiple crashes involving the electric vehicles.
Read: Elon Musk: all-wheel drive, souped-up Tesla Model 3 coming soon
Waymo confirmed Schwall has begun working for the Alphabet Inc. GOOGL, -0.19% unit.
Schwall couldn’t be reached for comment, though a person familiar with his move said it was unrelated to issues Tesla is dealing with regarding Autopilot. Tesla didn’t respond to a request to comment. | ashraq/financial-news-articles | https://www.wsj.com/articles/tesla-executive-leaves-for-alphabet-self-driving-car-unit-waymo/ |
Santelli Exchange: Lazear on the jobs report 7 Hours Ago Former Chairman of the President's Council of Economic Advisers, Professor at Stanford University's Graduate School of Business & Hoover Institution Senior Fellow Ed Lazear and CNBC's Rick Santelli discuss productivity and the labor market. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/04/santelli-exchange-lazear-on-the-jobs-report.html |
May 10, 2018 / 1:47 AM / in 15 hours As Trump leaves Iran deal, families of Americans jailed in Iran urge talks Jonathan Landay , Joseph Ax , Bozorgmehr Sharafedin 5 Min Read
WASHINGTON/NEW YORK/LONDON (Reuters) - A day after U.S. President Donald Trump pulled out of the Iran nuclear deal, several families of American prisoners held in the Islamic Republic urged the White House to start humanitarian talks with Tehran to win their release. FILE PHOTO: A staff member removes the Iranian flag from the stage after a group picture with foreign ministers and representatives of the U.S., Iran, China, Russia, Britain, Germany, France and the European Union during the Iran nuclear talks at the Vienna International Center in Vienna, Austria July 14, 2015. REUTERS/Carlos Barria/File Photo
The families made the appeal as U.S. Secretary of State Mike Pompeo was returning home on Wednesday with three Americans freed from imprisonment by North Korea, with whom Washington is hoping to pursue denuclearization talks.
Already tense relations between Washington and Tehran hit a new low with Trump extracting the United States from the 2015 international nuclear accord, making it unlikely either country would be in a mood to engage in any talks soon.
The White House did not immediately respond when asked by Reuters if the administration was open to holding talks with Iran on the prisoners.
The Trump administration has repeatedly demanded their release.
Two are dual Iranian-U.S. nationals 81-year-old Baquer Namazi and one of his sons, Siamak Namazi, 46, who were sentenced to 10 years in prison in October 2016 on charges of spying and collaborating with the United States.
“The situation of my family obviously has to remain as a separate humanitarian issue and it should be disconnected from all the difficulties that the two countries are facing,” said Babak Namazi of his father and brother after delivering that message to two senior administration officials at a White House meeting.
Babak and Jared Genser, a Namazi family attorney, said they urged the officials to open a private dialogue with Iran.
Given the release of the Americans by North Korea, Genser added, “our view is that it should be a lot easier ... to get American hostages out of Iran as compared to American hostages out of North Korea.”
Wendy Sherman, who led the U.S. negotiating team in talks that culminated in the nuclear accord during the Obama administration, expressed concern that Trump’s “reckless action” likely means “that it will be even longer before Americans detained and missing in Iran come home.”
At least seven American citizens or permanent residents have been arrested in Iran since 2016, their lawyers or relatives have told media, of whom one has been freed on bail.
Iranian authorities previously have denied holding detainees for ransom and accuse Western governments of holding Iranians on trumped-up charges.
Kazem Gharibabadi, deputy head of Iran’s Council for Human Rights, part of the judiciary, has said more than 56 Iranians are imprisoned in the United States and an unspecified number in other countries.
Hua Qu said her imprisoned husband, U.S. citizen Xiyue Wang, had become a “political pawn and a victim of this deteriorating relationship.”
His case, she said, will hopefully receive more attention from U.S. officials, who previously raised it with their Iranian counterparts at quarterly meetings on the nuclear deal with little progress to show for it.
“To raise it once and wait for three months is too slow,” said Hua, speaking by telephone from her home in Princeton, New Jersey. Echoing Namazi and Genser, she said the administration should pursue a dialogue with Iran solely focused on prisoners.
“This is a humanitarian issue, and there should be a humanitarian solution. I don’t think putting this into a complicated political situation is the solution,” she said.
Xiyue Wang is a Princeton University graduate student who was sentenced to 10 years in prison on spying charges by an Iranian court in July 2017.
A married couple, Karan Vafadari, a U.S. citizen, and Afarin Neyssari, a U.S. permanent resident, were sentenced to 27 years and 16 years of imprisonment respectively, on charges which included espionage, according to the family.
“My brother is still in prison. He was/is never been political. I just hope they don’t use him as a political tool while the too countries are in bad terms,” Vafadari’s Washington-based sister Kateh told Reuters.
As of November 2017, Iran’s Revolutionary Guards had arrested at least 30 dual nationals during the past two years, mostly on spying charges, according to lawyers, diplomats and relatives.
The dual nationals include Nazanin Zaghari-Ratcliffe, a project manager with the Thomson Reuters Foundation, who was arrested in April 2016.
Zaghari-Ratcliffe, a British-Iranian, was convicted of plotting to overthrow Iran’s clerical establishment, a charge strongly denied by her family and the Foundation, a charity organization that is independent of Thomson Reuters and operates independently of Reuters News. Reporting by Jonathan Landay, Joseph Ax and Bozorgmehr Sharafedin; additional reporting by Lesley Wroughton in Washington; Editing by Yara Bayoumy and Grant McCool | ashraq/financial-news-articles | https://www.reuters.com/article/us-iran-nuclear-prisoners/as-trump-leaves-iran-deal-families-of-americans-jailed-in-iran-urge-talks-idUSKBN1IB055 |
May 18, 2018 / 11:26 AM / Updated 9 minutes ago REFILE-COLUMN-Stocks an unlikely shelter from debt, dollar, emerging market storms: McGeever Reuters Staff
(Updates graphic)
By Jamie McGeever
LONDON, May 18 (Reuters) - U.S. bond yields are the highest in seven years, the dollar is strengthening, emerging markets are wobbling, and oil is up to $80 a barrel. Yet there is an unlikely oasis of calm out there: stocks.
There are many possible reasons for this, including: U.S. tax cuts boosting earnings expectations and share buybacks, exchange rate moves, a sense a 3 percent Treasury yield was already priced in, and a belief that the turmoil in the emerging world is and will remain isolated to certain countries.
Since the 10-year U.S. yield and dollar really began to take off in mid-April, increasing the pressure already bearing down on emerging markets, the world’s major equity indices have held steady or rallied.
There is a question mark over how long stocks can remain immune from this tightening of global financial conditions, bubbling inflationary pressures and geopolitical tension. But, for now at least, investors aren’t interested in the answer.
Investors poured $11.9 billion into global equity funds in the latest week, mostly into U.S. funds, according to BAML. That’s the biggest inflow in two months and the fourth weekly inflow in a row.
Exchange rate moves have been a boon to Japanese, euro and UK stocks. Since April 17, when the dollar, U.S. bond and emerging market moves cranked up a gear, the yen has fallen 3.5 pct, the euro’s down 4.5 pct and sterling is off 5.5 pct.
In that time the Nikkei has gained 5 pct, the euro STOXX 50 is up 2.8 pct, and the FTSE 100 is up 7.5 pct. Euro zone stocks have also coped with yet another bout of messy Italian politics, which hit bonds hard, while UK stocks have ignored deteriorating economic data and growing confusion at the Bank of England.
Based solely on exchange rate differentials, these markets might have been expected to rise as much as they have. But Wall Street and Asia ex-Japan, which are most exposed to higher U.S. yields and stronger dollar, are up too. Albeit just.
The VIX index of implied volatility, still considered the benchmark measure of investor fear surrounding U.S stocks, has drifted to 13 percent, its lowest since just before the ‘volmageddon’ spike in early February.
Wall Street got a shot in the arm from first quarter earnings. They rose 26 pct from the same period a year ago, in part thanks to the dollar’s biggest annual decline last year since 2003.
President Trump’s tax cuts, which were finally pushed through in December, have also boosted future earnings expectations and unleashed a wave of share buybacks and corporate merger and acquisition activity.
U.S. stock repurchases in Q1 were $137 billion, the strongest quarter in two years. Apple announced a $100 billion buyback plan earlier this month, giving credence to research firm TrimTabs’s view that buybacks in 2018 will “smash totals from all other previous years”.
In recent weeks, T-Mobile and Sprint agreed to a $26 billion all-stock merger, and Marathon Petroleum agreed to buy rival Andeavor for more than $23 billion in the largest-ever tie-up between U.S. oil refiners.
It’s not just U.S. M&A activity that’s taking off. According to Deals Intelligence, a Thomson Reuters company, global M&A so far this year has reached $1.85 trillion, up 67 pct on the same period last year. Cross-border M&A has doubled to $836 billion.
If buybacks and merger-mania are sweeping across developed markets, the same cannot be said of emerging markets. Argentina and Turkey, which boast two of the largest current account deficits in the world, have been hit particularly hard by the dollar and U.S. yields.
There are country-specific factors at play there, like Turkish president Tayyip Erdogan exerting his influence over monetary policy. But investors are generally betting, for now at least, that these two crises will remain localized.
And while the 10-year Treasury yield’s break higher to a seven-year high of 3.12 pct is eye-catching, it hasn’t taken anyone by surprise. Or at least it shouldn’t have.
Last September the 10-year yield was close to 2 pct. Bonds then embarked on a near-uninterrupted slide and the yield nudged 2.95 pct in February, so the break above 3 pct when it finally came a few weeks ago would hardly have spooked equity investors.
These are reasons why stocks have held up so far, but there’s no guarantee they will remain supportive. The pain from increasing dollar strength and higher U.S. yields could spread through corporate America. Emerging market turmoil could deepen. The positive impact from the tax cuts will fade.
Any one of these could alter investor sentiment towards stocks. And quickly. Graphics by Jamie McGeever and Karin Strohecker; Editing by Toby Chopra | ashraq/financial-news-articles | https://www.reuters.com/article/global-markets-volatility/column-stocks-an-unlikely-shelter-from-debt-dollar-emerging-market-storms-mcgeever-idUSL5N1SO5S7 |
May 16, 2018 / 12:28 AM / Updated 2 hours ago U.S. investigating Cambridge Analytica - New York Times Reuters Staff 2 Min Read
WASHINGTON (Reuters) - The U.S. Justice Department and the FBI are investigating Cambridge Analytica, a now-defunct political data firm embroiled in a scandal over its handling of Facebook Inc ( FB.O ) user information, the New York Times reported on Tuesday.
Prosecutors have sought to question former Cambridge Analytica employees and banks that handled its business, the newspaper said, citing an American official and others familiar with the inquiry,
Cambridge Analytica said earlier this month it was shutting down after losing clients and facing mounting legal fees resulting from reports the company harvested personal data about millions of Facebook users beginning in 2014.
Allegations of the improper use of data for 87 million Facebook users by Cambridge Analytica, which was hired by President Donald Trump’s 2016 U.S. election campaign, have prompted multiple investigations in the United States and Europe. FILE PHOTO: Window cleaners work outside the offices of Cambridge Analytica in central London, Britain, March 24, 2018. REUTERS/Peter Nicholls/File Photo
The investigation by the Justice Department and FBI appears to focus on the company’s financial dealings and how it acquired and used personal data pulled from Facebook and other sources, the Times said.
Investigators have contacted Facebook, according to the newspaper.
The FBI, the Justice Department and Facebook declined to comment to Reuters. Former officials with Cambridge Analytica was not immediately available to comment.
Cambridge Analytica was created around 2013, initially with a focus on U.S. elections, with $15 million (£11.1 million) in backing from billionaire Republican donor Robert Mercer and a name chosen by future Trump White House adviser Steve Bannon, the New York Times has reported. Bannon left the White House on August 2017. Reporting by Eric Beech; Editing by Peter Cooney | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-facebook-privacy-cambridge-analytica/u-s-investigating-cambridge-analytica-new-york-times-idUKKCN1IH02D |
May 9, 2018 / 8:21 AM / in a minute BRIEF-Carbures Signs Deal With Textron To Manufacture Composite Parts For Specialized Vehicles Reuters Staff 1 Min Read
May 9 (Reuters) - Carbures:
* SIGNS A CONTRACT WITH TEXTRON TO MANUFACTURE COMPOSITE PARTS FOR SPECIALIZED VEHICLES Further company coverage: (Gdynia Newsroom) | ashraq/financial-news-articles | https://www.reuters.com/article/brief-carbures-signs-deal-with-textron-t/brief-carbures-signs-deal-with-textron-to-manufacture-composite-parts-for-specialized-vehicles-idUSFWN1SG0IO |
Donald Seldin
1920-2018
Donald... | ashraq/financial-news-articles | https://www.wsj.com/articles/donald-seldin-transformed-a-ramshackle-med-school-into-a-research-powerhouse-in-dallas-1526049000 |
May 17, 2018 / 11:21 Egypt's Sisi orders Gaza border opened for Ramadan - Twitter account Reuters Staff 2 Min Read
CAIRO (Reuters) - Egyptian President Abdel Fattah al-Sisi ordered on Thursday that the Rafah border crossing with the Gaza Strip be opened for the whole of the Muslim holy month of Ramadan, he said on his official Twitter account. Egyptian President Abdel Fattah Al Sisi speaks during "5th National Youth Congress" in a session "Ask the President" in Cairo, Egypt, May 16, 2018 in this handout picture courtesy of the Egyptian Presidency. The Egyptian Presidency/Handout via REUTERS
The border with the Palestinian territory is mostly shut but opens at regular intervals. This would be the longest single opening in years.
Sisi’s Twitter account said the opening of the crossing would “alleviate the burdens of brothers in Gaza.”
Israeli troops killed dozens of Palestinians on Monday who protested on the Gaza border as the United States opened its embassy in Jerusalem, moving its diplomatic mission in Israel to the contested holy city from Tel Aviv.
Islamist group Hamas controls Gaza, but not its most important crossings, Rafah with Egypt and Erez with Israel. It handed control of those crossings late last year to its rival, the West Bank-based Palestinian Authority, in a reconciliation deal signed in Cairo.
Egypt closed the border for long periods after attacks on Egyptian security forces in the Sinai Peninsula that increased in 2013, with Egyptian officials blaming Palestinian militants from Gaza for some of them. Reporting by John Davison and Nadine Awadallah; Editing by Peter Cooney | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-egypt-palestinians-gaza/egypts-sisi-orders-gaza-border-opened-for-ramadan-twitter-account-idUKKCN1II34K |
May 7, 2018 / 7:19 PM / in 7 minutes Trump to announce decision on Iran nuclear deal on Tuesday Reuters Staff 2 U.S. President Donald Trump said he would announce a decision on the future of the Iran nuclear deal on Tuesday as European countries piled pressure on Washington to remain in the 2015 agreement. FILE PHOTO: U.S. President Donald Trump gestures after speaking at a National Rifle Association (NRA) convention in Dallas, Texas, U.S. May 4, 2018. REUTERS/Lucas Jackson/File Photo
Trump has threatened to withdraw from the deal, which provided Iran with relief from economic sanctions in exchange for limiting its uranium enrichment capacity, unless European signatories to the accord fix what he has called its shortcomings.
“I will be announcing my decision on the Iran Deal tomorrow from the White House at 2:00pm,” Trump said in a Twitter post on Monday.
Trump has until May 12 to decide whether to reintroduce U.S. sanctions on Iran, which would deal a heavy blow to the agreement.
Under the agreement with the United States, France, Germany, Britain, Russia and China, Iran strictly limited uranium enrichment capacity to try to show that it was not trying to develop atomic bombs. In exchange, Iran received relief from economic sanctions.
Iranian President Hassan Rouhani hinted on Monday that Iran could remain in the nuclear accord even if the United States dropped out, but said that Tehran would fiercely resist U.S. pressure to limit its influence in the Middle East.
Britain, France and Germany remain committed to the accord and, in an effort to address U.S. complaints, want to open talks on Iran’s ballistic missile program, its nuclear activities beyond 2025 - when pivotal provisions of the deal expire - and its role in the wars in Syria and Yemen.
British Foreign Secretary Boris Johnson, in Washington for talks this week, said the deal had weaknesses but these could be remedied.
“At this moment Britain is working alongside the Trump administration and our French and German allies to ensure that they are,” he said in a commentary in the New York Times. Reporting by Doina Chiacu; Editing by Alistair Bell | ashraq/financial-news-articles | https://www.reuters.com/article/us-iran-nuclear/trump-to-announce-decision-on-iran-nuclear-deal-on-tuesday-idUSKBN1I8284 |
May 3 (Reuters) - Sensus Healthcare Inc:
* SENSUS HEALTHCARE REPORTS FIRST QUARTER FINANCIAL RESULTS FEATURING 37 PCT REVENUE GROWTH
* Q1 LOSS PER SHARE $0.08 * Q1 REVENUE ROSE 37 PERCENT TO $6.0 MILLION Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-sensus-healthcare-reports-q1-loss/brief-sensus-healthcare-reports-q1-loss-per-share-of-0-08-idUSASC09ZMM |
Jurrien Timmer discusses market trends 4 Hours Ago Jurrien Timmer, Fidelity Investments Director of Global Macro, talks about the market impact of recent geopolitical events 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/2018/05/23/jurrien-timmer-discusses-market-trends.html |
Getty Images Pedestrians walk by Macy's flagship store in Herald Square in New York, New York.
Macy's stock will rise on improving consumer spending and apparel sales, according to one Wall Street firm.
Susquehanna raised its rating to positive from neutral for Macy's shares, predicting the retailer will report earnings above expectations this fiscal year.
"We now believe that Macy's has upside potential to conservative earnings guidance as the fundamental strength from current initiatives are carrying through, which should deliver a parade of beat-and-raise quarterly earnings reports though FY18," analyst Bill Dreher said in a note to clients Monday. "Historically, this is a very cyclical business and investors looking to benefit from the improving consumer spending environment, and the strong fashion cycle, should consider Macy's more closely."
Dreher raised his price target for Macy's shares to $43 from $25, representing 24 percent upside to Monday's close.
The analyst estimates the retailer will generate fiscal 2018 earnings per share of $3.85 versus the Wall Street consensus of $3.75. He noted Macy's international tourist sales rose nearly 10 percent in its first quarter.
"We believe International tourist sales have turned from a headwind into a tailwind as International tourist sales should see sequential improvement moving through the course of the year, which benefits both sales and margins," he said.
Macy's shares are outperforming the market this year. Its stock is up 37 percent year to date through Monday versus the S&P 500's 2 percent return.
— CNBC's Michael Bloom contributed to this story. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/22/macys-shares-to-rise-nearly-25-percent-due-to-its-strong-fashion-cycle-analyst.html |
Trump delays metal tariffs, EU still wants exemption 1:49pm BST - 01:57
The European Commission says U.S. President Donald Trump's decision not to impose steel and aluminium tariffs on the E.U for now prolongs business uncertainty and repeats its call for a permanent exemption. But as David Pollard reports, markets welcomed the delay.
The European Commission says U.S. President Donald Trump's decision not to impose steel and aluminium tariffs on the E.U for now prolongs business uncertainty and repeats its call for a permanent exemption. But as David Pollard reports, markets welcomed the delay. //reut.rs/2Krishv | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/01/trump-delays-metal-tariffs-eu-still-want?videoId=422928874 |
MINNEAPOLIS--(BUSINESS WIRE)-- Entrust Datacard , a leading provider of trusted identity and secure transaction technology solutions, today announced that Beth Klehr has been named Chief Human Resources Officer (CHRO) for the company. In her new role, Klehr will be responsible for aligning Entrust Datacard’s people strategy with the company’s strategic business priorities.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180510005236/en/
Beth Klehr, Entrust Datacard Chief Human Resources Officer (Photo: Business Wire)
“I’m pleased to announce that Beth Klehr has been appointed Chief Human Resources Officer,” said Todd Wilkinson, president and CEO, Entrust Datacard. “Since joining the company in 2010, Beth has served in a variety of critical roles in our organization, most notably leading the human resources integration and providing support of our largest acquisition in 2014. I’m excited by the talent and passion that Beth brings to this role and look forward to how she will drive the future of employee development and corporate culture here at Entrust Datacard.”
Klehr is based at the company’s global headquarters in Shakopee, Minn. and is responsible for leading the company’s global HR initiatives and teams. Klehr brings to the position more than 20 years of HR experience spanning a variety of global technology organizations. Prior to joining Entrust Datacard, she held leadership roles with Prime Therapeutics and Tyco Electronics, formerly ADC Telecommunications. Klehr holds a Bachelor of Science in human resources management from St. Mary’s University, Minnesota.
For more information on Entrust Datacard and available career opportunities, visit www.entrustdatacard.com/careers .
About Entrust Datacard Corporation
Consumers, citizens and employees increasingly expect anywhere-anytime experiences — whether they are making purchases, crossing borders, accessing e-gov services or logging onto corporate networks. Entrust Datacard offers the trusted identity and secure transaction technologies that make those experiences reliable and secure. Solutions range from the physical world of financial cards, passports and ID cards to the digital realm of authentication, certificates and secure communications. With more than 2,000 Entrust Datacard colleagues around the world, and a network of strong global partners, the company serves customers in 150 countries worldwide. For more information, visit www.entrustdatacard.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180510005236/en/
Entrust Datacard
Heather Morris, +1 952-988-1745
Director, Global Communications
[email protected]
Source: Entrust Datacard Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/business-wire-entrust-datacard-appoints-beth-klehr-chief-human-resources-officer.html |
Facebook has navigated the 'storm' pretty well: Strategist 8 Hours Ago Daniel Ives of GBH Insights says any regulation is only likely to kick in toward the end of 2019 and be "much, much better" than feared by the markets. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/22/facebook-has-navigated-the-storm-pretty-well-strategist.html |
ROME (Reuters) - President Sergio Mattarella has not yet decided whether to name Giuseppe Conte as Italy’s prime minister, a source close to the head of state said on Tuesday, a day after the two parties trying to form a government had nominated him to lead it.
FILE PHOTO: Italian President Sergio Mattarella leaves after speaking to the media during the second day of consultations at the Quirinal Palace in Rome, Italy, April 5, 2018. REUTERS/Alessandro Bianchi/File Photo The anti-establishment 5-Star Movement and the far-right League on Monday proposed to Mattarella the name of Conte, a little known law professor who is close to 5-Star.
“Nothing has been decided,” the source said.
He added that any problems that may arise over Conte’s candidacy were not the responsibility of Mattarella, in an apparent reference to allegations that Conte had inflated his academic credentials in his curriculum.
Reporting by Massimiliano Di Giorgio, writing by Gavin Jones, Editing by Crispian Balmer
| ashraq/financial-news-articles | https://www.reuters.com/article/us-italy-politics-president-conte/italy-president-not-yet-decided-whether-to-name-conte-as-pm-source-idUSKCN1IN277 |
May 1, 2018 / 6:29 PM / Updated an hour ago The other Harry and Megan get ready to tie the knot Reuters Staff 2 Min Read
LONDON (Reuters) - Their namesakes may be getting all the media attention but Harry and Megan are looking forward to their wedding this month with every bit as much excitement.
Harry Hindley, that is, and Megan Morley, who both teach performing arts to children in Nottingham and tie the knot in London after a hasty eight weeks of planning.
“The other Meghan is perfect for the other Harry and I am perfect for this Harry,” said Megan.
“I think every wedding - royal or not - is a special day and everybody is sharing the day with the people they love around them so yeah amazing, I’m really excited.”
Britain’s Prince Harry and U.S. actress Meghan Markle will be marrying at St. George’s Chapel in Windsor on May 19.
Their namesakes will exchange vows this Friday a few miles to the east in London and lead the dancing at a reception in a plush hotel in Park Lane.
The couple met at college and later started running their own musical theater courses in the central English city of Nottingham - the first place Prince Harry took his fiancee on an official engagement when they embarked on a pre-wedding tour of Britain.
Any other similarities?
“Well, I have never been the army, I have never stripped off, but I have been in a show called ‘The King and I’ if that is some sort of link,” grinned Harry.
Prince Harry, who served two tours with the army in Afghanistan, was famously snapped naked in a Las Vegas hotel in 2012.
For the other Megan, her Harry’s first attraction was his voice. “I just really fell in love with his singing voice,” she said. “I am really into the royals, really love the royal family and I am very excited to see their wedding.” Reporting by Kate King; writing by Stephen Addison | ashraq/financial-news-articles | https://in.reuters.com/article/us-britain-royals-wedding-other-couple/the-other-harry-and-megan-get-ready-to-tie-the-knot-idINKBN1I241R |
May 11 (Reuters) - New Jersey Resources Corp:
* NEW JERSEY RESOURCES - UNIT ENTERED NOTE PURCHASE AGREEMENT; IT SOLD TO PURCHASERS $125 MILLION OF ITS 4.01% SENIOR NOTES, SERIES 2018A, DUE MAY 11, 2048 Source text: ( bit.ly/2KVAb0X ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-new-jersey-resources-unit-entered/brief-new-jersey-resources-unit-entered-note-purchase-agreement-idUSFWN1SI1G7 |
SAN MATEO, Calif.--(BUSINESS WIRE)-- Essex Property Trust, Inc. (NYSE:ESS) announced today that its Board of Directors has declared a regular quarterly cash dividend of $1.86 per common share payable July 13, 2018 to shareholders of record as of June 29, 2018.
About Essex Property Trust, Inc.
Essex Property Trust, Inc., an S&P 500 company, is a fully integrated real estate investment trust (REIT) that acquires, develops, redevelops, and manages multifamily residential properties in selected West Coast markets. The Company currently has ownership interests in 247 apartment communities comprising more than 60,000 apartment homes with an additional 7 properties in various stages of active development. Additional information about Essex can be found on the Company’s website at www.essex.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180521005985/en/
Essex Property Trust, Inc.
Barb Pak, 650-655-7800
Group Vice President of Finance & Investor Relations
[email protected]
Source: Essex Property Trust, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/business-wire-essex-property-trust-declares-quarterly-distributions.html |
Frontline Ltd.'s preliminary first quarter 2018 results will be released on Thursday May 31 2018 and a webcast and conference call will be held at 3:00 p.m. CET (9:00 a.m U.S. Eastern Time). The results presentation will be available for download from the Investor Relations section at www.frontline.bm ahead of the conference call.
In order to attend the conference call you may do one of the following:
a. Webcast
Go to the Investor Relations section at www.frontline.bm and follow the "Webcast" link.
b. Conference Call
Participant dial-in telephone numbers:
International Dial-In/UK Local +44 (0)330 336 9105
Norway +47 2100 2610
Norway Toll Free 800 51084
UK Toll Free 0800 358 6377
USA Toll Free 800-263-0877
USA Local +1 323-794-2094
Conference ID 8903662
Participants will be asked for their full name & Conference ID.
A Q&A session will be held after the teleconference/webcast. Information on how to submit questions will be given at the beginning of the session.
The presentation material which will be used in the teleconference/webcast can be downloaded from www.frontline.bm .
Replay details (available for 7 days)
International Dial-In/UK Local +44 (0) 207 660 0134
UK Toll Free 0 808 101 1153
Norway Dial-In +47 23 50 00 77
Norway toll free 800 196 72
USA Toll Free 888 203 1112
USA Local +1 719 457 0820
Replay Access Number 8903662
Participant information required: Full name & company
This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.
Source: Frontline Management | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/25/globe-newswire-fro--invitation-to-q1-2018-results-conference-call-and-webcast.html |
An unwinding of oil production cuts is unlikely: Vanda Insights 11 Hours Ago Vandana Hari of Vanda Insights says the oil market is "increasingly tightening" at a pace which could have surpassed the expectations of OPEC and non-OPEC countries. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/09/an-unwinding-of-oil-production-cuts-is-unlikely-vanda-insights.html |
PARIS (Reuters) - Fifth seed Juan Martin Del Potro made light of any injury concerns as he recovered from a poor start to beat Frenchman Nicolas Mahut in the French Open first round on Tuesday.
Tennis - French Open - Roland Garros, Paris, France - May 29, 2018 Argentina's Juan Martin Del Potro in action during his first round match against France's Nicolas Mahut REUTERS/Gonzalo Fuentes The big Argentine was feeble in the opening set, winning just one game, but he picked up the pace to claim a 1-6 6-1 6-2 6-4 victory on Court Suzanne Lenglen.
Del Potro, whose career has been plagued by wrist injuries, withdrew from the this month’s Rome Masters with a groin injury, sparking fears about his prospects in Paris.
Tennis - French Open - Roland Garros, Paris, France - May 29, 2018 France's Nicolas Mahut in action during his first round match against Argentina's Juan Martin Del Potro REUTERS/Gonzalo Fuentes When he lost the first set in 25 minutes it looked ominous for the 29-year-old but there looked nothing wrong with his movement as he powered past the world number 116.
Former U.S. Open champion Del Potro is playing at Roland Garros for only the second time since 2012 and will be a danger in the top half of the draw.
Reporting by Martyn Herman; Editing by Ken Ferris
| ashraq/financial-news-articles | https://www.reuters.com/article/us-tennis-frenchopen-delpotro/tennis-del-potro-powers-past-mahut-after-poor-start-idUSKCN1IU2KF |
MUMBAI (Reuters) - Indian e-commerce firm Flipkart’s board has approved a deal to sell an equity stake of about 75 percent in the company to a group led by Walmart Inc ( WMT.N ) for about $15 billion, Bloomberg reported on Friday, citing unnamed sources.
FILE PHOTO: A Common myna sits next to the logo of India's e-commerce firm Flipkart installed on the company's office in Bengaluru, India April 12, 2018. REUTERS/Abhishek N. Chinnappa/File Photo SoftBank ( 9984.T ) will sell its 20-plus percent stake as part of the deal, Bloomberg said, adding Google’s parent Alphabet Inc ( GOOGL.O ) was likely to participate in the investment with Walmart.
A final close of the deal is expected within 10 days, although deal terms could still change and a deal isn’t certain, Bloomberg reported.
Flipkart and Alphabet did not immediately respond to requests for comment. Walmart and SoftBank declined to comment.
Earlier this week, Indian TV channel CNBC-TV18 reported that Amazon.com Inc ( AMZN.O ) has made a formal offer to buy 60 percent of Flipkart. Amazon, which is Flipkart’s biggest rival in India, declined to comment on that report.
Reporting by Sankalp Phartiyal; Editing by Muralikumar Anantharaman
| ashraq/financial-news-articles | https://www.reuters.com/article/us-flipkart-m-a-walmart/indias-flipkart-approves-15-billion-stake-sale-to-walmart-led-group-bloomberg-idUSKBN1I50RB |
May 2, 2018 / 10:48 AM / Updated 8 minutes ago BRIEF-Harris Corporation Q3 EPS $1.67 From Continuing Operations Reuters Staff 1 Min Read
May 2 (Reuters) - Harris Corp:
* ORATION REPORTS STRONG FISCAL 2018 THIRD QUARTER RESULTS WITH REVENUE AND ORDERS GROWTH ACROSS ALL SEGMENTS
* Q3 GAAP EARNINGS PER SHARE $1.67 FROM CONTINUING OPERATIONS
* Q3 EARNINGS PER SHARE VIEW $1.63 — THOMSON REUTERS I/B/E/S
* Q3 REVENUE $1.6 BILLION VERSUS I/B/E/S VIEW $1.55 BILLION * SEES 2018 REVENUE OF APPROXIMATELY $6.14 BILLION
* SEES 2018 GAAP EPS FROM CONTINUING OPERATIONS OF $5.93 - $5.98
* SEES 2018 NON-GAAP EPS FROM CONTINUING OPERATIONS OF $6.45 - $6.50
* SEES 2018 ADJUSTED FREE CASH FLOW OF $900 MILLION - 925 MILLION
* FY2018 EARNINGS PER SHARE VIEW $6.46, REVENUE VIEW $6.12 BILLION — THOMSON REUTERS I/B/E/S
* HARRIS - NARROWED FISCAL 2018 REVENUE AND EPS GUIDANCE TO HIGH END OF PRIOR RANGE | ashraq/financial-news-articles | https://www.reuters.com/article/brief-harris-corporation-q3-eps-167-from/brief-harris-corporation-q3-eps-1-67-from-continuing-operations-idUSASC09YWF |
-Completed Four Bolt-on Acquisitions Since February 2018
-Completed Seven Acquisitions YTD 2018 for Total Invested Capital of $154 million
-Increasing Adjusted EBITDA Guidance for the Full-Year 2018 to a Range of $495 million to $515 million
DENVER--(BUSINESS WIRE)-- Summit Materials, Inc. (NYSE: SUM, “Summit” or the “Company”), a leading vertically integrated construction materials company, today announced results for the first quarter 2018.
For the three months ended March 31, 2018, the Company reported a basic loss per share of ($0.49) on a net loss attributable to Summit Inc. of ($53.7) million, compared to a basic loss per share of ($0.49) on a net loss attributable to Summit Inc. of ($52.4) million in the prior year period. On an adjusted basis, Summit reported a diluted loss per share of ($0.55) on a net loss of ($62.9) million, versus a diluted loss per share of ($0.49) on a net loss of ($54.8) million in the prior year period.
“We have increased our Adjusted EBITDA guidance for the full-year 2018, given the completion of four new bolt-on acquisitions,” stated Tom Hill, CEO of Summit Materials. “We continue to anticipate mid-to-high single digit organic Adjusted EBITDA growth in the current year, consistent with our prior forecast.”
“While demand fundamentals remain strong in our core markets, weather conditions were challenging during the first quarter, resulting in lower materials sales volumes in the period,” continued Hill. “Importantly, given the inherent seasonality of our business, the first quarter has a very limited impact on our full-year outlook. Our businesses have strong momentum heading into the start of construction season. For the full-year 2018, we anticipate organic price and volume growth in both aggregates and cement.”
“We continue to deliver robust adjusted cash gross profit margins within our materials lines of business,” noted Hill. “On a last twelve months ('LTM') basis through the first quarter 2018, adjusted cash gross profit margins on aggregates and cement increased to 64.5% and 48.4%, respectively, versus 61.4% and 44.4% in the prior year period. Further, LTM incremental adjusted cash gross margin capture on aggregates and cement remain exceptionally strong, well above the prior twelve month period.”
“Heavy materials selling prices are trending higher in our core regional markets,” stated Hill. “Organic average selling prices on aggregates increased on a reported and mix-adjusted basis in the first quarter 2018, with both Houston and Salt Lake City achieving high-single digit organic growth in aggregates selling prices, when compared to the prior-year period.”
“We anticipate our average realized selling price on cement sold in the Mississippi River corridor will grow in the low to mid single-digit percent range in 2018,” continued Hill. “As supplies of domestically produced cement continue to tighten, we anticipate price growth could escalate above current levels in 2019,” noted Hill. “Cement prices have now risen for six consecutive years in the United States, with no indications of abating.”
“In Houston, our single largest ready-mix concrete market by volume, cement prices have increased by $6 per ton on a year-over-year basis,” stated Hill. “As a buyer of third-party cement in Houston for our ready-mix concrete operations, we believe higher cement prices will translate into higher ready-mix concrete prices in that market this year, given strong underlying demand in the region.”
“On a year-to-date basis, we have completed seven acquisitions for total invested capital of $154 million,” continued Hill. “Recent acquisitions have served to further establish our leadership in well-structured, materials-based markets in Utah, Texas, Oklahoma, Kansas, Kentucky and Missouri. The acquisition pipeline remains very active as we look ahead to the remainder of the year, with multiple transactions currently in various stages of diligence.”
“Our Adjusted EBITDA guidance for the full-year 2018 assumes normalized cost inflation, given year-over-year increases in wages and hydrocarbon expenses,” stated Brian Harris, CFO of Summit Materials. “Wage inflation remains within historical levels, given our exposure to more rural, less urban markets. We anticipate wage and benefits inflation of 3.0% to 4.0% in 2018, consistent with our expectations coming into the year.”
“Summit’s diesel fuel forward purchase program has helped to mitigate the impact of commodity price volatility within our business, particularly given the recent increase in the price of crude oil-linked hydrocarbon products,” stated Harris. “Diesel fuel represents our single most significant variable cost each year, with an estimated 30 million gallons consumed annually by our operating companies. Our program, which utilizes physical contracts to pre-purchase a portion of our required diesel fuel volumes up to twelve months in advance, provides visibility into our overall diesel fuel expense each year. To date, we have pre-purchased 62% of our current year fuel requirements at an average ultra-low sulfur diesel ('ULSD') NYMEX price of less than $1.90 per gallon.”
“As of March 31, 2018, we had $397.9 million in cash and availability under our revolving credit facility to support our acquisition strategy and the general growth of the business,” continued Harris. “We anticipate net leverage to remain between approximately 3.0x and 4.0x for the duration of the year, assuming the mid-point of our upwardly revised Adjusted EBITDA guidance and subject to the pace of acquisitions.”
“We believe that demand for construction materials could increase meaningfully during the second half of 2018, given recent feedback from our customers and operating companies,” stated Hill. “Our outlook for North Texas, Austin, Vancouver, Utah and the Carolinas has improved within the last 90 days, given strong growth in single family residential, stable growth in low-rise commercial and accelerating growth in state public lettings. Despite the slow start to the year, the combination of accelerating organic growth within our larger platform markets, together with a solid pipeline of acquisition targets, positions Summit for another strong year ahead.”
First Quarter 2018 | Financial Performance
Net revenue increased by 11.9% to $289.9 million in the first quarter 2018, versus $259.0 million in the prior year period. The improvement in net revenue was primarily attributable to acquisition-related contributions in the East and West segments, coupled with organic growth in the West Segment. The Company reported an operating loss of ($51.5) million in the first quarter 2018, versus an operating loss of ($32.8) million in the prior year period. Adjusted EBITDA declined to $5.5 million in the first quarter 2018, versus $13.6 million in the prior year period.
West Segment: The West Segment reported an operating loss of ($6.1) million in the first quarter 2018, versus an operating loss of ($0.3) million in the prior year period. Adjusted EBITDA increased by 3.0% to $16.2 million in the first quarter 2018, when compared to the prior year period. The year-over-year improvement in segment Adjusted EBITDA was attributable to increased average selling prices on aggregates and ready-mix concrete, together with higher organic sales volumes of ready-mix concrete, partially offset by a decline in organic sales volumes of aggregates and asphalt.
East Segment: The East Segment reported an operating loss of ($20.9) million in the first quarter 2018, versus an operating loss of ($11.5) million in the prior year period. Adjusted EBITDA declined to ($3.2) million in the first quarter 2018, versus $4.3 million in the prior year period. The year-over-year decline in segment Adjusted EBITDA was mainly attributable to a broad-based decline in organic volumes across all lines of business due to challenging seasonal weather conditions.
Cement Segment: The Cement Segment reported an operating loss of ($2.8) million in the first quarter 2018, versus an operating loss of ($5.3) million in the prior year period. Adjusted EBITDA increased to $3.7 million in the first quarter 2018, versus $2.7 million in the prior year period. Higher organic average selling prices were partially offset by challenging seasonal weather conditions along the Mississippi River corridor, which resulted in a year-over-year decline in organic sales volume during the first quarter 2018.
First Quarter 2018 | Results by Line of Business
Aggregates Business: Aggregates net revenues increased by 9.5% to $67.5 million in the first quarter 2018, when compared to the prior year period. Aggregates adjusted cash gross profit margin declined to 41.5% in the first quarter, versus 43.6% in the prior year period. Organic aggregates sales volumes declined 6.8% in the first quarter, due mainly to lower organic aggregates sales volumes in the East Segment, where challenging weather impacted working conditions. Organic average selling prices on aggregates increased 1.6% in the first quarter 2018 due to year-over-year improvements in prices within both the West and East segments during the period.
Cement Business: Cement segment net revenues declined 14.3% to $37.6 million in the first quarter 2018, when compared to the prior-year period. Cement adjusted cash gross profit margin increased to 19.5% in the first quarter, versus 14.3% in the prior-year period. Organic sales volume of cement declined 18.8% in the first quarter, when compared to the prior year period, in a seasonally low volume quarter for the segment. Organic average selling prices on cement increased 3.2% in the first quarter, when compared to the prior year period. The segment announced an $8 per ton price increase in late 2017 that went into effect in markets north of St. Louis on April 1, 2018. The Company expects to capture a significant portion of this price increase during 2018.
Products Business: Net revenues increased 26.0% to $156.2 million in the first quarter 2018, when compared to the prior year period. Products adjusted cash gross profit margin declined to 16.1% in the first quarter, versus 21.2% in the prior year period. Organic sales volumes of ready-mix concrete increased 2.8% in the first quarter, while organic average selling prices increased 4.2%, versus the prior year period. Improved metrics on ready-mix concrete were partially offset by a 22.4% decline in organic sales volumes of asphalt and a 4.4% decline in average selling prices on asphalt in the first quarter, when compared to the prior year period.
Acquisition Program Update
As of May 8, 2018, the Company has completed seven acquisitions on a year-to-date basis, including four transactions that have closed since the Company’s last quarterly update on February 14, 2018. Total investment spend across the seven acquisitions completed year-to-date 2018 was approximately $154 million, including approximately $34 million for the four acquisitions completed since the last update.
Stoner Sand (Missouri). Stoner Sand is a high synergy, bolt-on aggregates acquisition that is an excellent fit with the Company’s existing operations in the region. Summit closed on the acquisition of Stoner Sand in late February 2018.
Midwest Minerals (Kansas). Midwest Minerals is an aggregates company with extensive, high-quality reserves. The acquisition expands Summit’s market presence in southeast Kansas. Summit closed on the acquisition of Midwest Minerals in April 2018.
Day Concrete (Oklahoma). Day Concrete is long-established ready-mix concrete company that has a leading position in its local market, and is an excellent fit with the Company’s existing aggregates and ready-mix concrete operations in the state. Summit closed on the acquisition of Day Concrete in April 2018.
Superior Ready-Mix (Kentucky ) . Superior Ready-Mix is a ready-mix concrete company that enhances the Company’s market coverage in the region and will integrate seamlessly into existing operations. Summit closed on the acquisition of Superior Ready-Mix in April 2018.
Liquidity and Capital Resources
As of March 31, 2018, the Company had cash on hand of $178.3 million and borrowing capacity under its revolving credit facility of $219.6 million. The borrowing capacity on the revolving credit facility is fully available to the Company within the terms and covenant requirements of its credit agreement. As of March 31, 2018, the Company had $1.8 billion in debt outstanding.
Financial Outlook
For the full-year 2018, the Company has increased its Adjusted EBITDA guidance from a range of $490 million to $510 million to a range of $495 million to $515 million, including acquisition-related contributions from four transactions that closed since the Company’s last update in February 2018. No additional potential acquisitions are included within the Company’s full-year 2018 Adjusted EBITDA guidance. For the full-year 2018, the Company has reiterated its capital expenditure guidance from a range of $210 million to $225 million.
Webcast and Conference Call Information
Summit Materials will conduct a conference call today at 11:00 a.m. eastern time (9:00 a.m. mountain time) to review the Company’s first quarter 2018 financial results. A webcast of the conference call and accompanying presentation materials will be available in the Investors section of Summit’s website at investors.summit-materials.com . To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled start time in order to register, download, and install any necessary audio software.
To participate in the live teleconference:
Domestic Live: 1-877-407-0784 International Live:
1-201-689-8560 Conference ID: 86972581 To listen to a replay of the teleconference, which will be available through June 8, 2018:
Domestic Replay: 1-844-512-2921 International Replay: 1-412-317-6671 Conference ID: 13677913 About Summit Materials
Summit Materials is a leading vertically integrated materials-based company that supplies aggregates, cement, ready-mix concrete and asphalt in the United States and British Columbia, Canada. Summit is a geographically diverse, materials-based business of scale that offers customers a single-source provider of construction materials and related downstream products in the public infrastructure, residential and nonresidential, and end markets. Summit has a strong track record of successful acquisitions since its founding and continues to pursue growth opportunities in new and existing markets. about Summit Materials, please visit www.summit-materials.com .
Non-GAAP Financial Measures
The Securities and Exchange Commission (“SEC”) regulates the use of “non-GAAP financial measures,” such as Adjusted Net Income, Adjusted EPS, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Cash Gross Profit, Adjusted Cash Gross Profit Margin, Free Cash Flow and Net Leverage which are derived on the basis of methodologies other than in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). We have provided these measures because, among other things, we believe that they provide investors with additional information to measure our performance, evaluate our ability to service our debt and evaluate certain flexibility under our restrictive covenants. Our Adjusted Net Income, Adjusted EPS, Adjusted EBITDA, Adjusted EBITDA Margin , Adjusted Cash Gross Profit, Adjusted Cash Gross Profit Margin, Free Cash Flow and Net Leverage may vary from the use of such terms by others and should not be considered as alternatives to or more important than net income (loss), operating income (loss), revenue or any other performance measures derived in accordance with U.S. GAAP as measures of operating performance or to cash flows as measures of liquidity. This press release also includes certain unaudited financial information for the last twelve months (“LTM”) ended March 31, 2018, which is calculated as the three months ended March 31, 2018 plus the actual or pro forma year ended December 30, 2017 less the actual or pro forma three months ended April 1, 2017. This presentation is not in accordance with GAAP. However, we believe that this information is useful to investors as we use LTM financial information to evaluate our financial performance for ongoing planning purposes, including a continuous assessment of our financial performance in comparison to budgets and internal projections. In addition, we use such LTM financial information to test compliance with covenants under our senior secured credit facilities.
Adjusted EBITDA, Adjusted EBITDA Margin, LTM financial information and other non-GAAP measures have important limitations as analytical tools, and you should not consider them in isolation or as substitutes for analysis of our results as reported under U.S. GAAP. Some of the limitations of Adjusted EBITDA are that these measures do not reflect: (i) our cash expenditures or future requirements for capital expenditures or contractual commitments; (ii) changes in, or cash requirements for, our working capital needs; (iii) interest expense or cash requirements necessary to service interest and principal payments on our debt; and (iv) income tax payments we are required to make. Because of these limitations, we rely primarily on our U.S. GAAP results and use Adjusted EBITDA, Adjusted EBITDA Margin and other non-GAAP measures on a supplemental basis.
Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Cash Gross Profit, Adjusted Cash Gross Profit Margin, Adjusted Net Income, Adjusted EPS, Free Cash Flow and Net Leverage reflect additional ways of viewing aspects of our business that, when viewed with our GAAP results and the accompanying reconciliations to U.S. GAAP financial measures included in the tables attached to this press release, may provide a more complete understanding of factors and trends affecting our business. We strongly encourage investors to review our consolidated financial statements in their entirety and not rely on any single financial measure. Reconciliations of the non-GAAP measures used in this press release are included in the attached tables. Because GAAP financial measures on a forward-looking basis are not accessible, and reconciling information is not available without unreasonable effort, we have not provided reconciliations for forward-looking non-GAAP measures. For the same reasons, we are unable to address the probable significance of the unavailable information, which could be material to future results.
Cautionary Statement Regarding Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the federal securities laws, which involve risks and uncertainties. Forward-looking statements include all statements that do not relate solely to historical or current facts, and you can identify forward-looking statements because they contain words such as “believes,” “expects,” “may,” “will,” “should,” “seeks,” “intends,” “trends,” “plans,” “estimates,” “projects” or “anticipates” or similar expressions that concern our strategy, plans, expectations or intentions. All statements made relating to our estimated and projected earnings, margins, costs, expenditures, cash flows, growth rates and financial results are forward-looking statements. These forward-looking statements are subject to risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. We derive many of our forward-looking statements from our operating budgets and forecasts, which are based upon many detailed assumptions. While we believe that our assumptions are reasonable, it is very difficult to predict the effect of known factors, and, of course, it is impossible to anticipate all factors that could affect our actual results. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that the results or conditions described in such statements or our objectives and plans will be realized. Important factors could affect our results and could cause results to differ materially from those expressed in our forward-looking statements, including but not limited to the factors discussed in the section entitled “Risk Factors” in Summit Inc.’s Annual Report on Form 10-K for the fiscal year ended December 30, 2017 (the “Annual Report”), as filed with the Securities and Exchange Commission (the “SEC”), any factors discussed in the section entitled “Risk Factors” in our quarterly reports on Form 10-Q or other SEC filings and the following:
our dependence on the construction industry and the strength of the local economies in which we operate; the cyclical nature of our business; risks related to weather and seasonality; risks associated with our capital-intensive business; competition within our local markets; our ability to execute on our acquisition strategy, successfully integrate acquisitions with our existing operations and retain key employees of acquired businesses; our dependence on securing and permitting aggregate reserves in strategically located areas; declines in public infrastructure construction and delays or reductions in governmental funding, including the funding by transportation authorities and other state agencies; environmental, health, safety and climate change laws or governmental requirements or policies concerning zoning and land use; conditions in the credit markets; our ability to accurately estimate the overall risks, requirements or costs when we bid on or negotiate contracts that are ultimately awarded to us; material costs and losses as a result of claims that our products do not meet regulatory requirements or contractual specifications; cancellation of a significant number of contracts or our disqualification from bidding for new contracts; special hazards related to our operations that may cause personal injury or property damage not covered by insurance; our substantial current level of indebtedness; our dependence on senior management and other key personnel; supply constraints or significant price fluctuations in the petroleum-based resources that we use, including electricity, diesel fuel and liquid asphalt; unexpected operational difficulties; interruptions in our information technology systems and infrastructure; potential labor disputes; and rising prices for commodities, labor and other production and delivery costs as a result of inflation or otherwise.
All subsequent written and oral forward-looking statements attributable to us, or persons acting on our behalf, are expressly qualified in their entirety by these cautionary statements. Any forward-looking statement that we make herein speaks only as of the date of this press release. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as required by law.
SUMMIT MATERIALS, INC. AND SUBSIDIARIES Consolidated Statements of Operations
($ in thousands, except share and per share amounts)
Three months ended March 31, April 1, 2018 2017 Revenue: Product $ 256,807 $ 225,017 Service 33,109 34,027 Net revenue 289,916 259,044 Delivery and subcontract revenue 24,505 25,233 Total revenue 314,421 284,277 Cost of revenue (excluding items shown separately below): Product 197,433 166,968 Service 25,923 25,371 Net cost of revenue 223,356 192,339 Delivery and subcontract cost 24,505 25,233 Total cost of revenue 247,861 217,572 General and administrative expenses 69,861 58,468 Depreciation, depletion, amortization and accretion 46,958 39,748 Transaction costs 1,266 1,273 Operating loss (51,525 ) (32,784 ) Interest expense 28,784 24,969 Loss on debt financings — 190 Other income, net (7,655 ) (657 ) Loss from operations before taxes (72,654 ) (57,286 ) Income tax benefit (16,706 ) (2,178 ) Net loss (55,948 ) (55,108 ) Net loss attributable to noncontrolling interest in subsidiaries — (98 ) Net loss attributable to Summit Holdings (1) (2,219 ) (2,566 ) Net loss attributable to Summit Inc. $ (53,729 ) $ (52,444 ) Loss per share of Class A common stock: Basic $ (0.49 ) $ (0.49 ) Diluted $ (0.49 ) $ (0.49 ) Weighted average shares of Class A common stock: Basic 110,659,098 106,692,717 Diluted 110,659,098 106,692,717
(1) Represents portion of business owned by pre-IPO investors rather than by Summit. SUMMIT MATERIALS, INC. AND SUBSIDIARIES Consolidated Balance Sheets
($ in thousands, except share and per share amounts)
March 31,
December 30, 2018 2017 (unaudited) (audited) Assets Current assets: Cash and cash equivalents $ 178,293 $ 383,556 Accounts receivable, net 180,099 198,330 Costs and estimated earnings in excess of billings 12,668 9,512 Inventories 226,750 184,439 Other current assets 13,742 7,764 Total current assets 611,552 783,601 Property, plant and equipment, less accumulated depreciation, depletion and amortization (March 31, 2018 - $673,761 and December 30, 2017 - $631,841) 1,672,880 1,615,424 Goodwill 1,109,448 1,036,320 Intangible assets, less accumulated amortization (March 31, 2018 - $7,020 and December 30, 2017 - $6,698) 16,621 16,833 Deferred tax assets, less valuation allowance (March 31, 2018 and December 30, 2017 - $1,675) 297,729 284,092 Other assets 48,350 51,063 Total assets $ 3,756,580 $ 3,787,333 Liabilities and Stockholders’ Equity Current liabilities: Current portion of debt $ 6,354 $ 4,765 Current portion of acquisition-related liabilities 37,101 14,087 Accounts payable 110,348 98,744 Accrued expenses 112,329 116,629 Billings in excess of costs and estimated earnings 15,131 15,750 Total current liabilities 281,263 249,975 Long-term debt 1,808,535 1,810,833 Acquisition-related liabilities 28,894 58,135 Tax receivable agreement liability 332,162 331,340 Other noncurrent liabilities 70,379 65,329 Total liabilities 2,521,233 2,515,612 Stockholders’ equity: Class A common stock, par value $0.01 per share; 1,000,000,000 shares authorized, 111,488,573 and 110,350,594 shares issued and outstanding as of March 31, 2018 and December 30, 2017, respectively 1,116 1,104 Class B common stock, par value $0.01 per share; 250,000,000 shares authorized, 100 shares issued and outstanding as of March 31, 2018 and December 30, 2017 — — Additional paid-in capital 1,176,906 1,154,220 Accumulated earnings 42,104 95,833 Accumulated other comprehensive income 4,823 7,386 Stockholders’ equity 1,224,949 1,258,543 Noncontrolling interest in Summit Holdings 10,398 13,178 Total stockholders’ equity 1,235,347 1,271,721 Total liabilities and stockholders’ equity $ 3,756,580 $ 3,787,333 SUMMIT MATERIALS, INC. AND SUBSIDIARIES Consolidated Statements of Cash Flows
($ in thousands)
Three months ended March 31, April 1, 2018 2017 Cash flow from operating activities: Net loss $ (55,948 ) $ (55,108 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation, depletion, amortization and accretion 45,559 43,343 Share-based compensation expense 8,507 4,748 Net gain on asset disposals (4,077 ) (1,665 ) Non-cash loss on debt financings — 85 Change in deferred tax asset, net (17,373 ) (2,337 ) Other 1,579 783 Decrease (increase) in operating assets, net of acquisitions: Accounts receivable, net 27,979 13,847 Inventories (35,248 ) (24,677 ) Costs and estimated earnings in excess of billings (2,678 ) (7,480 ) Other current assets (3,202 ) 1,477 Other assets 747 (726 ) (Decrease) increase in operating liabilities, net of acquisitions: Accounts payable (7,742 ) 4,169 Accrued expenses (8,660 ) (20,664 ) Billings in excess of costs and estimated earnings (1,788 ) (2,703 ) Tax receivable agreement liability 822 — Other liabilities 156 1,369 Net cash used in operating activities (51,367 ) (45,539 ) Cash flow from investing activities: Acquisitions, net of cash acquired (113,993 ) (112,333 ) Purchases of property, plant and equipment (49,505 ) (51,056 ) Proceeds from the sale of property, plant and equipment 7,788 4,325 Other 1,500 974 Net cash used for investing activities (154,210 ) (158,090 ) Cash flow from financing activities: Proceeds from equity offerings — 237,600 Capital issuance costs — (638 ) Debt issuance costs — (699 ) Payments on debt (3,972 ) (3,566 ) Payments on acquisition-related liabilities (8,962 ) (16,414 ) Distributions from partnership (9 ) (79 ) Proceeds from stock option exercises 15,475 771 Other (1,820 ) (731 ) Net cash provided by financing activities 712 216,244 Impact of foreign currency on cash (398 ) 100 Net (decrease) increase in cash (205,263 ) 12,715 Cash and cash equivalents—beginning of period 383,556 143,392 Cash and cash equivalents—end of period $ 178,293 $ 156,107 SUMMIT MATERIALS, INC. AND SUBSIDIARIES Unaudited Revenue Data by Segment and Line of Business
($ in thousands)
Three months ended Twelve Months Ended March 31, April 1, March 31, April 1, 2018 2017 2018 2017 Segment Net Revenue: West $ 168,944 $ 131,974 $ 936,962 $ 754,700 East 83,421 83,235 548,790 493,645 Cement 37,551 43,835 297,529 290,934 Net Revenue $ 289,916 $ 259,044 $ 1,783,281 $ 1,539,279 Line of Business - Net Revenue: Materials Aggregates $ 67,450 $ 61,622 $ 319,211 $ 276,323 Cement (1) 33,117 39,435 275,723 261,248 Products 156,240 123,960 886,792 730,352 Total Materials and Products 256,807 225,017 1,481,726 1,267,923 Services 33,109 34,027 301,555 271,356 Net Revenue $ 289,916 $ 259,044 $ 1,783,281 $ 1,539,279 Line of Business - Net Cost of Revenue: Materials Aggregates $ 39,482 $ 34,782 $ 113,429 $ 106,771 Cement 25,788 33,173 131,673 132,154 Products 131,137 97,741 677,406 538,997 Total Materials and Products 196,407 165,696 922,508 777,922 Services 26,949 26,643 210,120 191,970 Net Cost of Revenue $ 223,356 $ 192,339 $ 1,132,628 $ 969,892 Line of Business - Adjusted Cash Gross Profit (2): Materials Aggregates $ 27,968 $ 26,840 $ 205,782 $ 169,552 Cement (3) 7,329 6,262 144,050 129,094 Products 25,103 26,219 209,386 191,355 Total Materials and Products 60,400 59,321 559,218 490,001 Services 6,160 7,384 91,435 79,386 Adjusted Cash Gross Profit $ 66,560 $ 66,705 $ 650,653 $ 569,387 Adjusted Cash Gross Profit Margin (2) Materials Aggregates 41.5 % 43.6 % 64.5 % 61.4 % Cement (3) 19.5 % 14.3 % 48.4 % 44.4 % Products 16.1 % 21.2 % 23.6 % 26.2 % Services 18.6 % 21.7 % 30.3 % 29.3 % Total Adjusted Cash Gross Profit Margin 23.0 % 25.8 % 36.5 % 37.0 %
(1) Net revenue for the cement line of business excludes revenue associated with hazardous and non-hazardous waste, which is processed into fuel and used in the cement plants and is included in services net revenue. Additionally, net revenue from cement swaps and other cement-related products are included in products net revenue. (2) Previously, we presented gross profit as a non- GAAP metric. We have renamed that metric adjusted cash gross profit to be more descriptive of the calculation. Adjusted cash gross profit calculated as net revenue by line of business less net cost of revenue by line of business. Adjusted cash gross profit margin is defined as adjusted cash gross profit divided by net revenue. (3) The cement adjusted cash gross profit includes the earnings from the waste processing operations, cement swaps and other products. Cement line of business adjusted cash gross profit margin is defined as cement adjusted cash gross profit divided by cement segment net revenue. SUMMIT MATERIALS, INC. AND SUBSIDIARIES Unaudited Volume and Price Statistics
(Units in thousands)
Three months ended Total Volume March 31, 2018 April 1, 2017 Aggregates (tons) 8,814 7,963 Cement (tons) 294 362 Ready-mix concrete (cubic yards) 1,142 906 Asphalt (tons) 350 362 Three months ended Pricing March 31, 2018 April 1, 2017 Aggregates (per ton) $ 9.86 $ 9.84 Cement (per ton) 115.04 111.48 Ready-mix concrete (per cubic yards) 107.08 103.04 Asphalt (per ton) 52.04 53.98 Year over Year Comparison Volume Pricing Aggregates (per ton) 10.7 % 0.2 % Cement (per ton) (18.8 )% 3.2 % Ready-mix concrete (per cubic yards) 26.0 % 3.9 % Asphalt (per ton) (3.3 )% (3.6 )% Year over Year Comparison (Excluding acquisitions) Volume Pricing Aggregates (per ton) (6.8 )% 1.6 % Cement (per ton) (18.8 )% 3.2 % Ready-mix concrete (per cubic yards) 2.8 % 4.2 % Asphalt (per ton) (22.4 )% (4.4 )% SUMMIT MATERIALS, INC. AND SUBSIDIARIES Unaudited Reconciliations of Gross Revenue to Net Revenue by Line of Business
($ and Units in thousands, except pricing information)
Three months ended March 31, 2018 Gross Revenue Intercompany Net Volumes Pricing by Product Elimination/Delivery Revenue Aggregates 8,814 $ 9.86 $ 86,879 $ (19,429 ) $ 67,450 Cement 294 115.04 33,766 (649 ) 33,117 Materials $ 120,645 $ (20,078 ) $ 100,567 Ready-mix concrete 1,142 107.08 122,308 (293 ) 122,015 Asphalt 350 52.04 18,220 (79 ) 18,141 Other Products 62,495 (46,411 ) 16,084 Products $ 203,023 $ (46,783 ) $ 156,240 SUMMIT MATERIALS, INC. AND SUBSIDIARIES
Unaudited Reconciliations of Non-GAAP Financial Measures
($ in thousands, except share and per share amounts)
The tables below reconcile our net income (loss) to Adjusted EBITDA by segment for the three months ended March 31, 2018 and April 1, 2017.
Reconciliation of Net Income (Loss) to Adjusted EBITDA Three months ended March 31, 2018 by Segment West East Cement Corporate Consolidated ($ in thousands) Net income (loss) $ 72 $ (21,644 ) $ (1,097 ) $ (33,279 ) $ (55,948 ) Interest expense (income) 1,180 606 (1,606 ) 28,604 28,784 Income tax expense (benefit) (382 ) (186 ) — (16,138 ) (16,706 ) Depreciation, depletion and amortization 22,008 17,512 6,313 710 46,543 EBITDA $ 22,878 $ (3,712 ) $ 3,610 $ (20,103 ) $ 2,673 Accretion 143 215 57 — 415 Transaction costs (4 ) — — 1,270 1,266 Non-cash compensation — — — 8,507 8,507 Other (1) (6,844 ) 294 — (798 ) (7,348 ) Adjusted EBITDA $ 16,173 $ (3,203 ) $ 3,667 $ (11,124 ) $ 5,513 Adjusted EBITDA Margin (2) 9.6 % (3.8 )% 9.8 % 1.9 % Reconciliation of Net Loss to Adjusted EBITDA
Three months ended April 1, 2017 by Segment West East Cement Corporate Consolidated ($ in thousands) Net loss $ (2,026 ) $ (12,093 ) $ (4,713 ) $ (36,276 ) $ (55,108 ) Interest expense 1,904 685 (650 ) 23,030 24,969 Income tax expense (benefit) 2 — — (2,180 ) (2,178 ) Depreciation, depletion and amortization 15,468 15,187 7,990 659 39,304 EBITDA $ 15,348 $ 3,779 $ 2,627 $ (14,767 ) $ 6,987 Accretion 195 191 58 — 444 Loss on debt financings — — — 190 190 Transaction costs 37 — — 1,236 1,273 Non-cash compensation — — — 4,748 4,748 Other 119 378 — (509 ) (12 ) Adjusted EBITDA $ 15,699 $ 4,348 $ 2,685 $ (9,102 ) $ 13,630 Adjusted EBITDA Margin (2) 11.9 % 5.2 % 6.1 % 5.3 %
(1) In the three months ended March 31, 2018, we negotiated a $6.9 million reduction in the amount of a contingent liability from one of our acquisitions. As we had passed the period to revise the opening balance sheet for this acquisition, the adjustment was recorded as other income. (2) Adjusted EBITDA Margin is defined as Adjusted EBITDA as a percentage of net revenue. The table below reconciles our net loss per share attributable to Summit Materials, Inc. to adjusted diluted net loss per share for the three months ended March 31, 2018 and April 1, 2017. The per share amount of the net loss attributable to Summit Materials, Inc. presented in the table is calculated using the total equity interests for the purpose of reconciling to adjusted diluted net loss per share.
Three months ended March 31, 2018 April 1, 2017 Reconciliation of Net Loss Per Share to Adjusted Diluted EPS Net Income Per Equity Unit Net Income Per Equity Unit Net loss attributable to Summit Materials, Inc. $ (53,729 ) $ (0.47 ) $ (52,444 ) $ (0.47 ) Adjustments: Net loss attributable to noncontrolling interest (2,219 ) (0.02 ) (2,566 ) (0.02 ) Adjustment to acquisition deferred liability (6,947 ) (0.06 ) — — Loss on debt financings — — 190 — Adjusted diluted net loss $ (62,895 ) $ (0.55 ) $ (54,820 ) $ (0.49 ) Weighted-average shares: Basic Class A common stock 110,659,098 106,692,717 LP Units outstanding 3,649,212 5,069,805 Total equity units 114,308,310 111,762,522 The following table reconciles operating loss to Adjusted Cash Gross Profit and Adjusted Cash Gross Profit Margin for the three months ended March 31, 2018 and April 1, 2017.
Three months ended March 31, April 1, Reconciliation of Operating Loss to Adjusted Cash Gross Profit 2018 2017 ($ in thousands) Operating loss $ (51,525 ) $ (32,784 ) General and administrative expenses 69,861 58,468 Depreciation, depletion, amortization and accretion 46,958 39,748 Transaction costs 1,266 1,273 Adjusted Cash Gross Profit (exclusive of items shown separately) $ 66,560 $ 66,705
Adjusted Cash Gross Profit Margin (exclusive of items shown separately) (1) 23.0
%
25.8
% | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/business-wire-summit-materials-inc-reports-first-quarter-2018-results.html |
(Adds CEO Quote: and background)
WARSAW, May 16 (Reuters) - Top Polish insurer PZU SA on Wednesday reported a 640 million zloty ($176.19 million) first-quarter net profit, down 32 percent, as weak performance by the Warsaw bourse dented its investments.
However, that was 4 percent higher than the 613 million zloty profit forecast by analysts.
Gross written premiums reached 5.83 billion zloty, just below analysts’ expectations.
“Such good results give us a base to share them with shareholders. ... We also remember our long-term strategic commitment that the dividend per share is to rise year on year in the long term,” PZU CEO Pawel Surowka said in a statement.
On Tuesday PZU said it plans to earmark 2.16 billion zloty for its 2017 dividend, or 2.5 zloty per share.
Analysts will look to a PZU news conference scheduled for 1000 local time (0800 GMT) for more on PZU’s stance regarding the merger of its two banks - Bank Pekao SA and Alior Bank, an idea promoted by Pekao.
Pekao has delayed until this quarter the release of its assessment of whether a merger would be beneficial. Many analysts expect it to back the idea.
State-run PZU’s shares are down almost seven percent this year, broadly in line with the Warsaw bourse’s main index , which has lost 7.5 percent.
$1 = 3.6325 zlotys Reporting by Marcin Goclowski; Editing by Subhranshu Sahu and Jason Neely
| ashraq/financial-news-articles | https://www.reuters.com/article/pzu-results/update-1-pzu-q1-net-profit-down-32-pct-but-tops-forecasts-idUSL5N1SN0W2 |
WASHINGTON—Shares in U.S. steel producers fell Tuesday after the Trump administration pushed back a deadline to impose tariffs on imports of steel and aluminum from some U.S. allies.
U.S. Steel Corp.’s shares fell more than 6% while Nucor Corp. was off more than 2%.
Executives from both firms lobbied for duties on foreign steel and aluminum,... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/tariff-uncertainties-rattle-steel-aluminum-producers-1525196780 |
May 9, 2018 / 7:57 PM / in 23 minutes Michigan police find evidence linking former farm to long-missing girl Reuters Staff 2 Min Read
(Reuters) - Michigan police looking for the body of a 12-year-old girl who disappeared decades ago and the bodies up to five other teen girls missing since the 1970s said on Wednesday that they have found evidence on a former farm outside Detroit that connects the site to the case.
The dig on the farm, where a decade ago police found the body of another teen, who was murdered by Arthur Ream, 69, entered its third day on Wednesday, and police indicated that they expect to find remains at the site.
Investigators returned to the farm after they reopened the cold case of the 1979 disappearance of Kimberly King, 12, from nearby Warren.
Ream is now serving a sentence of life in prison without possibility of parole.
Warren Police Department Commissioner William Dwyer told a news conference said that investigators been encouraged by what they have learned since serving a search warrant on the farm on Monday.
“I am not commenting on what we found, but what we have found makes us very cautiously optimistic that we’re on the right track,” Dwyer said.
“It could be hours, it could be another day or two, before we discover remains,” he said.
Asked if the police were dealing with a serial killer, he said, “We would suspect that, yes.”
Officials have said that Ream could be charged in the other deaths if more bodies are discovered.
Nearly three dozen law officers and FBI agents are searching the site, Warren Mayor Jim Fouts said. Their search is concentrated in the wooded areas off an open field, directed there after investigators received tips from fellow inmates of Ream, who turned 69 on Wednesday, Dwyer said.
Ream has not been cooperative in the current search, Fouts and Dwyer said. Arthur Ream, 68, is pictured in this undated handout photo obtained by Reuters May 8, 2018. Michigan Department of Corrections/Handout via REUTERS ATTENTION EDITORS - THIS IMAGE WAS PROVIDED BY A THIRD PARTY. Reporting by Bernie Woodall in Fort Lauderdale, Fla.; Editing by Scott Malone and Leslie Adler | ashraq/financial-news-articles | https://www.reuters.com/article/us-michigan-crime-dig/michigan-police-find-evidence-linking-former-farm-to-long-missing-girl-idUSKBN1IA36K |
LONDON (Reuters) - Barclays Plc ( BARC.L ) is not exploring a potential merger with other banks, two sources close to the bank told Reuters, dismissing a media report that said Barclays was considering a possible deal with rivals including Standard Chartered ( STAN.L ).
FILE PHOTO: The logo of Barclays is seen on the top of one of its branch in Madrid, Spain, March 22, 2016. REUTERS/Sergio Perez/File Photo The Financial Times reported on Wednesday that Barclays' senior board members were exploring a deal with another bank and chairman John McFarlane was keen on the idea of a possible combination with StanChart. on.ft.com/2IWuFwR
Barclays and Standard Chartered declined to comment on the FT report.
Standard Chartered shares rose by 2 percent while Barclays shares were flat on Wednesday morning, in line with the FTSE index of British banks .FTNMX8350.
The FT said the moves were part of wide-ranging contingency plans being considered by the bank in response to pressure from activist investor Edward Bramson, who has become one of its biggest shareholders.
Barclays is under pressure to bolster profits after Chief Executive Jes Staley’s aggressive push in investment banking since he joined in 2015 largely failed to bear fruit.
Two sources close to the bank told Reuters on Wednesday no deal was in the works and Barclays had no plans to combine its operations with any of its rivals.
Bramson’s fund Sherborne Investors has called on Barclays to end the bulk of trading activities at its investment bank, in a radical plan to cut costs and boost returns at the British lender, three sources familiar with the matter have told Reuters.
The FT report said that Barclays International Unit chair, Gerry Grimstone, supported McFarlane’s idea of a tie up with StanChart. The FT said that a private conversation had taken place between a director at each bank about the potential benefits of such a deal, but no formal or informal bid approach had taken place.
Analysts were skeptical about the logic of the potential deal and the likelihood of its happening.
“We see absolutely no strategic logic or rationale behind such a transaction,” said Edward Firth, analyst at KBW in London, citing the bank’s differing strategic problems that would not be solved by a merger.
Barclays needs to improve performance at its investment bank, while Standard Chartered needs to generate more capital to capture growth opportunities in its markets of Asia, Africa and Middle East.
“Neither problem is solved by the other,” Firth said.
Additional reporting by by Rishika Chatterjee and Ishita Chigilli Palli in Bengaluru, and Pamela Barbaglia in London, editing by Silvia Aloisi and Jane Merriman
| ashraq/financial-news-articles | https://in.reuters.com/article/us-barclays-m-a/barclays-has-no-plans-for-tie-up-with-rival-banks-sources-idINKCN1IO0OK |
SAN DIEGO (AP) _ Conatus Pharmaceuticals Inc. (CNAT) on Wednesday reported a loss of $5 million in its first quarter.
The San Diego-based company said it had a loss of 17 cents per share.
The results matched Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was also for a loss of 17 cents per share.
The biotechnology company posted revenue of $9.7 million in the period, beating Street forecasts. Six analysts surveyed by Zacks expected $8.9 million.
In the final minutes of trading on Wednesday, the company's shares hit $3.68. A year ago, they were trading at $8.39.
This story was generated by Automated Insights ( http://automatedinsights.com/ap ) using data from Zacks Investment Research. Access a Zacks stock report on CNAT at https://www.zacks.com/ap/CNAT | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/02/the-associated-press-conatus-1q-earnings-snapshot.html |
The Senate’s confirmation hearing for Gina Haspel to be director of the Central Intelligence Agency will be the last chance for the United States to confront its history of torturing terrorist suspects.
U.S. Central Intelligence Agency (CIA) director nominee Gina Haspel (R) attends Secretary of State Mike Pompeo's ceremonial swearing-in at the State Department in Washington, U.S. May 2, 2018. REUTERS/Jonathan Ernst Haspel got cold feet a few days back as she prepared for her first public appearance representing the CIA. Who wouldn’t? She was contemplating a confession to countenancing violations of the laws of war.
But I suspect that when Wednesday’s hearing is done, the record of denial and deception will be largely intact. No one will be held to account. One of the darker chapters in 21st-century American history will be shoved farther down the memory hole.
The CIA, having acted with impunity and then absolved itself of wrongdoing, now likely will be led by Haspel, who both oversaw brutal interrogations at a CIA prison in Thailand and then drafted an order to destroy 92 videotapes recording these and other horrors.
“I’ve said to the people that we don’t torture, and we don’t,” President George W. Bush insisted in 2006. But we did. “Torture works,” Donald J. Trump proclaimed in 2016. But it doesn’t. If Haspel isn’t compelled to say otherwise, these lies someday may be seen as truths.
The spy service conned Congress over the efficacy of torture; CIA’s counterterrorism chiefs held steadfast to the idea that torture worked. It didn’t. The agency’s inspector general found that the torture program failed to produce any significant intelligence.
Those subjected to torture, including the mastermind of the 9/11 attacks, never can be prosecuted; the evidence against them is fatally tainted by waterboarding, beatings, and death threats at the point of a handgun and a hand drill. Nor can the CIA officers who oversaw and conducted torture be brought to trial; Bush granted them all immunity.
The senator uniquely qualified to bear witness against torture is John McCain, the Arizona Republican, who spent 5 and a half years as a prisoner of war in Vietnam. “To make someone believe that you are killing him by drowning is no different than holding a pistol to his head and firing a blank,” he once wrote. “It is torture, very exquisite torture.”
McCain wrote those words in 2005, in a debate over America’s compliance with the United Nations Convention on Torture. He wrote an amendment into law banning torture, and it passed, 90-9. Among those opposed was Jefferson Beauregard Sessions III, now the attorney general.
At that time, the horrors of the prison at Abu Ghraib in Iraq had come to light. But the full facts regarding the CIA’s “black sites” for prisoners still were a very dark secret.
And Haspel, with her boss at headquarters, Jose Rodriguez, was trying to make sure they stayed secret. She drafted an order, sent by her superior, to destroy all videotapes recording torture. Rodriguez wrote in a memoir that he reviewed Haspel’s work, then “took a deep breath of weary satisfaction and hit Send.”
It was just as George Orwell described the memory holes in “1984,” situated throughout the Ministry of Truth, where history was rewritten to match state propaganda: “When one knew that any document was due for destruction…it was an automatic action to lift the flap of the nearest memory hole and drop it in, whereupon it would be whirled away on a current of warm air to the enormous furnaces which were hidden somewhere in the recesses of the building.”
The CIA’s destroy order was executed immediately after the Senate proposed an independent commission to investigate the black sites. Into the fiery furnaces went the evidence.
An epic showdown would be certain if McCain, who is fighting brain cancer, were well enough to attend Haspel’s confirmation hearing. In any event, he already has sent her detailed written questions about the techniques which, in his words, “compromised our values, stained our national honor, and threatened our historical reputation.”
“Did you advocate for…the destruction of tapes or any other material containing potential evidence of the torture of, or the use of ‘enhanced interrogation techniques’ on, detainees in the custody or under the effective control of the CIA?” McCain wants to know. “At the time, what were your personal views of the legality, morality, and effectiveness of ‘enhanced interrogation techniques’? What is your assessment today of the effectiveness of ‘enhanced interrogation techniques’ and their impact on the United States’ moral standing in the world?”
I would add a few questions of my own for the nominee.
President Donald Trump’s first CIA director, Mike Pompeo, now newly sworn in as Secretary of State, said last October that the CIA needs to become a “much more vicious agency” in its covert operations. Does she agree?
President Bush’s White House lawyers argued that it would be unconstitutional for Congress to outlaw torture if the commander-in-chief said it was needed to protect national security. If Trump secretly ordered the CIA to get back to the business of waterboarding, would she follow that command in the face of American law and the Geneva Conventions?
These questions go to the heart of who we are as Americans. Haspel can disavow her past, or embrace it. Her nomination accordingly should stand or fall on that point.
Saddam Saleh, a former prisoner in Abu Ghraib prison shows how U.S. soldiers pointed their rifles at his head during an interview with Reuters, in the Iraqi capital Baghdad on May 17, 2004. REUTERS/Oleg Popov About the Author Tim Weiner has won the Pulitzer Prize and the National Book Award for reporting and writing on American intelligence.
| ashraq/financial-news-articles | https://in.reuters.com/article/us-weiner-haspel-commentary/commentary-what-the-senate-should-ask-gina-haspel-before-she-heads-the-cia-idINKBN1I81JK |
Kaufman to Head Global Consumer Products for all Viacom Media Networks and Filmed Entertainment Brands Worldwide, Including Nickelodeon, MTV, Comedy Central, BET and Paramount Pictures
NEW YORK--(BUSINESS WIRE)-- Viacom, Inc., (NASDAQ: VIAB, VIA) has named Pamela Kaufman to the new role of President, Viacom/Nickelodeon Global Consumer Products, with global oversight of the consumer products business across Viacom Media Networks and Paramount Pictures. Kaufman will lead worldwide licensing and merchandising and provide strategic focus on maximizing Viacom’s portfolio of brands and iconic franchise properties, including Nickelodeon’s PAW Patrol, Teenage Mutant Ninja Turtles and SpongeBob SquarePants, MTV’s Jersey Shore: Family Vacation, Comedy Central’s South Park, Paramount Pictures’ The Godfather and Grease, among others. She will report to Cyma Zarghami, President of Nickelodeon, and David Lynn, President and CEO of Viacom International Media Networks.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180521005667/en/
Bob Bakish, President and Chief Executive Officer of Viacom, said, “Expanding and diversifying our consumer products businesses around the world is a key strategic initiative that will help drive Viacom’s future growth. The exceptional leadership and vision Pam has demonstrated at Nickelodeon make her a natural fit for this exciting new position, and her appointment will accelerate our efforts in building this important global business.”
A Nickelodeon veteran, Kaufman previously served as President of Consumer Products and Chief Marketing Officer for Nickelodeon, overseeing both business and franchise strategy for Nick’s multi-billion-dollar global consumer products business. The force behind some of Nickelodeon’s most iconic, long-lasting franchises including SpongeBob SquarePants, Teenage Mutant Ninja Turtles and PAW Patrol, her vision and commitment to brand-building has led to ground-breaking partnerships and a winning consumer products portfolio across all retail aisles and classes of trade.
Under her leadership, Kaufman’s teams have delivered exciting and innovative products and designs for all demos and aisles in every market. Kaufman has also forged deep partnerships with top worldwide retailers and leading licensing partners across all lines of business, in addition to the development of cutting-edge collaborations with some of the biggest names in fashion, sports and social media, including Jeremy Scott, Carmelo Anthony, Vans, New York lifestyle brand KITH, (RED) and teen sensation JoJo Siwa.
Kaufman has received numerous industry accolades, including Advertising Age’s Entertainment Marketer of the Year, Brandweek’s Grand Marketer of the Year, License Global’s list of Influentials, and Multichannel News’ roster of Wonder Women. A passionate advocate for women and families, Kaufman is also a board member of Bottomless Closet, a not-for-profit that prepares women for workplace success, and of the Pace Women’s Justice Center.
About Nickelodeon
Nickelodeon, now in its 39 th year, is the number-one entertainment brand for kids. It has built a diverse, global business by putting kids first in everything it does. The company includes television programming and production in the United States and around the world, plus consumer products, digital, recreation, books and feature films. Nickelodeon’s U.S. television network is seen in more than 90 million households and has been the number-one-rated kids’ basic cable network for 22 consecutive years. For more information or artwork, visit http://www.nickpress.com . Nickelodeon and all related titles, characters and logos are trademarks of Viacom Inc. (NASDAQ: VIA, VIAB).
About Viacom
Viacom is home to premier global media brands that create compelling entertainment content - including television programs, motion pictures, short-form content, games, consumer products, podcasts, live events and social media experiences - for audiences in 183 countries. Viacom's media networks, including Nickelodeon, Nick Jr., MTV, BET, Comedy Central, Paramount Network, VH1, TV Land, CMT, Logo, Channel 5 (UK), Telefe (Argentina), Colors (India) and Paramount Channel, reach approximately 4.3 billion cumulative television subscribers worldwide. Paramount Pictures is a major global producer and distributor of filmed entertainment. Paramount Television develops, finances and produces original programming for television and digital platforms.
For more information about Viacom and its businesses, visit www.viacom.com . Keep up with Viacom news by following Viacom's blog at blog.viacom.com and Twitter feed at www.twitter.com/viacom .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180521005667/en/
For Viacom
Alex Rindler, 212-846-4337
Senior Manager, Corporate Communications
[email protected]
or
For Nickelodeon
David Bittler, 212-846-5263
Executive Vice President, Corporate Communications
[email protected]
Source: Viacom, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/business-wire-pamela-kaufman-named-president-viacomnickelodeon-global-consumer-products.html |
North Korea's Kim Jong Un visits China, meets President Xi 00:48
North Korean leader Kim Jong Un has been on a two-day visit to China to meet with President Xi Jinping, their second encounter in two months. Rough cut (no reporter narration).
North Korean leader Kim Jong Un has been on a two-day visit to China to meet with President Xi Jinping, their second encounter in two months. Rough cut (no reporter narration). //uk.reuters.com/video/2018/05/08/north-koreas-kim-jong-un-visits-china-me?videoId=424998040&videoChannel=13422 | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/08/north-koreas-kim-jong-un-visits-china-me?videoId=424998040 |
May 10 (Reuters) - Pegasystems Inc:
* PEGASYSTEMS ANNOUNCES FINANCIAL RESULTS FOR THE FIRST QUARTER OF 2018
* QTRLY EARNINGS PER SHARE (GAAP) $0.15 * QTRLY NON-GAAP EARNINGS PER SHARE $0.24
* Q1 EARNINGS PER SHARE VIEW $0.31, REVENUE VIEW $230.0 MILLION — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-pegasystems-reports-q1-total-reven/brief-pegasystems-reports-q1-total-revenue-235-2-mln-idUSASC0A1KG |
May 18 (Reuters) - S&P Global Ratings :
* S&P SAYS OHIO'S SERIES 2018A GO BONDS RATED 'AA+' WITH A STABLE OUTLOOK; OTHER RATINGS AFFIRMED Source text : ( bit.ly/2LdBTef )
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-sp-says-ohios-series-2018a-go-bond/brief-sp-says-ohios-series-2018a-go-bonds-rated-aa-with-a-stable-outlook-idUSFWN1SP0XI |
WILMINGTON, Del.--(BUSINESS WIRE)-- Rigrodsky & Long, P.A.:
Do you own shares of Farmers Capital Bank Corporation (NASDAQ GS: FFKT )? Did you purchase any of your shares prior to April 19, 2018? Do you think the proposed merger is fair? Do you want to discuss your rights?
Rigrodsky & Long, P.A. announces that it is investigating potential legal claims against the board of directors of Farmers Capital Bank Corporation (“Farmers” or the “Company”) (NASDAQ GS: FFKT ) regarding possible breaches of fiduciary duties and other violations of law related to the Company’s entry into an agreement to merge with WesBanco, Inc. (“WesBanco”) (NASDAQ GS: WSBC ) in a transaction valued at approximately $378.2 million. Under the terms of the agreement, shareholders of Farmers will be entitled to receive 1.053 shares of WesBanco common stock and cash in the amount of $5.00 per share for each share of Farmers common stock.
If you own common stock of Farmers and purchased any shares before April 19, 2018, if you would like to learn more about this investigation, or if you have any questions concerning this announcement or your rights or interests, please contact Seth D. Rigrodsky or Gina M. Serra at Rigrodsky & Long, P.A., 300 Delaware Avenue, Suite 1220, Wilmington, Delaware 19801, by telephone at (888) 969-4242, or by e-mail at [email protected] .
Rigrodsky & Long, P.A. , with offices in Wilmington, Delaware, Garden City, New York, and San Francisco, California, has recovered hundreds of millions of dollars on behalf of investors and achieved substantial corporate governance reforms in numerous cases nationwide, including federal securities fraud actions, shareholder class actions, and shareholder derivative actions .
Attorney advertising. Prior results do not guarantee a similar outcome.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180516006565/en/
Rigrodsky & Long, P.A.
Seth D. Rigrodsky
Gina M. Serra
888-969-4242
302-295-5310
Fax: 302-654-7530
[email protected]
http://www.rigrodskylong.com
Source: Rigrodsky & Long, P.A. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/business-wire-shareholder-alert-rigrodsky-long-p-a-announces-investigation-of-farmers-capital-bank-corporation-merger.html |
May 24, 2018 / 7:00 PM / Updated 43 minutes ago J&J must pay $4 million in punitive damages in latest asbestos cancer trial Tina Bellon 3 Min Read
(Reuters) - A California jury on Thursday ordered Johnson & Johnson to pay $4 million in punitive damages to a woman who said she developed cancer after being exposed to asbestos in the company’s baby powder, pushing the total damages award in the case to $25.7 million. A Johnson & Johnson building is shown in Irvine, California, U.S., January 24, 2017. REUTERS/Mike Blake
The decision in Los Angeles Superior Court comes on top of $21.7 million in compensatory damages that the same jury awarded to the woman and her husband on Wednesday.
Joanne Anderson, 68, was diagnosed with mesothelioma, a form of cancer closely linked to asbestos exposure. The case marked the second trial loss for J&J over similar allegations.
J&J has denied that its talc products contain asbestos or cause cancer, citing decades of testing by independent laboratories and scientists. But plaintiffs claim asbestos and talc, which are closely linked minerals, are intermingled in the mining process, making it impossible to remove the carcinogenic substance.
Of Wednesday’s $21.7 million in compensatory damages, J&J was assigned 67 percent of the liability, Anderson’s lawyer, Chris Panatier, said.
In addition to J&J, Anderson and her husband last year sued a unit of Imerys SA, Cyprus Amax Minerals, a unit of Brenntag, Honeywell International and other talc suppliers. It was not immediately clear whether any companies besides J&J were subject to the verdict.
The Imerys unit, Imerys Talc America, was previously dismissed from the lawsuit, a spokesman said.
Panatier on Thursday did not immediately respond to a request for comment.
J&J in a statement said it was disappointed with the decision and would begin the appeals process. “We will continue to defend the safety of our product because it does not contain asbestos or cause mesothelioma,” the company said.
J&J is battling some 9,000 cases claiming its talc products cause ovarian cancer, but the talc litigants have recently focused on claims based on alleged asbestos contamination.
A New Jersey state court jury in April ordered J&J and Imerys Talc America to pay $117 million to a man who alleged he developed mesothelioma due to asbestos exposure from J&J Baby Powder.
An appeal is pending.
A California jury in November last year cleared J&J of liability in another mesothelioma lawsuit.
The company and Imerys’ U.S. unit, as well as a unit of U.S. drugstore chain Rite Aid, are also facing another mesothelioma trial in a South Carolina court. | ashraq/financial-news-articles | https://uk.reuters.com/article/us-johnson-johnson-cancer-lawsuit/jj-must-pay-4-million-in-punitive-damages-in-latest-asbestos-cancer-trial-idUKKCN1IP3C2 |
ISLAMABAD (Reuters) - The Pakistani army said Indian shelled a district bordering Kashmir on Friday, killing four civilians including three children.
Indian troops initiated an unprovoked ceasefire violation along the Working Boundary targeting civilian population in Sialkot sector, the army said in a statement.
It said the shelling also wounded another 10 Pakistani citizens. Paramilitary Pakistani Rangers responded and targeted the Indian posts, the statement said.
No immediate comment was available from New Delhi.
Both the countries claim in full the picturesque Kashmir valley, and have fought two of their three wars over the Himalayan region, which they have disputed since partition and independence from British colonial rule in 1947.
Relations between the arch-rivals have been poor since the 2008 Mumbai siege, which killed 166 people, including Westerners.
Delhi blamed the Islamist militants from Pakistan for the attack.
A recent statement from ousted Pakistani Prime Minister Nawaz Sharif that implied that the Islamist militants from Pakistan had crossed into the Indian business hub has created a new controversy.
India wants Hafiz Saeed, the chief of Pakistani militant group Lashkar-e-Taiba (LeT) - Army of the Pure - and some of his deputies to be tried in the Mumbai attack.
Pakistan says no evidence was found against Saeed, but initiated a trial against the deputies who have been bailed. The trial remains unfinished.
Reporting by Asif Shahzad
| ashraq/financial-news-articles | https://in.reuters.com/article/pakistan-india/pakistan-says-three-children-among-four-civilians-killed-in-indian-shelling-idINKCN1IJ29J |
BERLIN—A scandal over the handling of asylum requests is threatening to destabilize German Chancellor Angela Merkel’s fractious coalition and trigger a parliamentary inquiry into her open-arms migration policy.
A criminal investigation into alleged corruption at Germany’s migration agency has uncovered serious flaws in the processing of asylum claims going back several years, law-enforcement officials said.
The... | ashraq/financial-news-articles | https://www.wsj.com/articles/asylum-scandal-jolts-germany-unsettling-merkels-government-1527768001 |
* April nonfarm payrolls miss estimates
* Tepid wage growth eases inflation fears
* Apple hits record after Berkshire raises stake
* Indexes up: Dow 1.19 pct, S&P 1.09 pct, Nasdaq 1.5 pct
* Market had opened lower, before reversing course (Updates to early afternoon)
By Sruthi Shankar
May 4 (Reuters) - Apple and other technology stocks led a rally on Wall Street on Friday, after weaker-than-expected U.S. jobs and wage growth data eased concerns about faster interest rate hikes.
Apple jumped 3.9 percent to a record high of $183.80 after Warren Buffett’s Berkshire Hathaway raised its stake in the iPhone maker.
The S&P technology sector was up 1.64 percent, the biggest driver on the index.
The markets were off to a choppy start after data showed the U.S. economy added 164,000 jobs in April, but missed estimates, while the unemployment rate dropped to near a 17-1/2-year low of 3.9 percent.
The Labor Department’s closely watched report showed wage growth of only 0.1 percent in April, also below expectations, easing concerns that inflation pressures were increasing.
“We have a jobs report that shows continued strength in the labor market, though without any real inflationary pressures through wages,” said Scott Clemons, chief investment strategist for Brown Brothers Harriman in New York.
“It’s sort of the Goldilocks economy, where there is enough strength in the labor market to allow the Fed to raise interest rates, but not enough to require them to do so.”
After choppy futures trading following release of the data, Wall Street opened lower, before reversing course. The Dow Jones Industrial Average and the S&P 500 bounced off their 200-day moving averages, a technical level that indicates long-term momentum.
At 12:45 p.m. EDT the Dow Jones Industrial Average was up 285.76 points, or 1.19 percent, at 24,215.91, the S&P 500 was up 28.60 points, or 1.09 percent, at 2,658.33 and the Nasdaq Composite was up 106.67 points, or 1.50 percent, at 7,194.83.
All the 11 major S&P sectors were higher, and 29 of the 30 Dow members were in the black.
After a two-day meeting, China and the United States reached a consensus on some aspects of their trade row, though some “relatively big” disagreements on other issues remained, China said.
Among companies that reported results, Pandora Media jumped 22.4 percent after the music streaming service provider reported a smaller-than-expected quarterly loss.
CBS Corp rose 5.9 percent after the media company topped revenue and profit estimates for the first quarter.
Fluor Corp sank 21.7 percent, the most on the S&P, after the engineering and construction company posted a surprise quarterly loss due to issues with a gas-fired power project.
Advancing issues outnumbered decliners for a 3.25-to-1 ratio on the NYSE and for a 2.70-to-1 ratio on the Nasdaq.
The S&P index recorded 12 new 52-week highs and six new lows, while the Nasdaq recorded 73 new highs and 39 new lows. (Reporting by Sruthi Shankar and Savio D’Souza in Bengaluru; Editing by Shounak Dasgupta)
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-stocks/us-stocks-apple-tech-stocks-lead-wall-street-rally-idUSL3N1SB4OQ |
May 21 (Reuters) - Saab AB:
* US TO EXPORT SAAB’S SEA GIRAFFE AMB RADAR IN FOREIGN MILITARY SALES DEAL Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-us-to-export-saabs-sea-giraffe-amb/brief-u-s-to-export-saabs-sea-giraffe-amb-radar-in-foreign-military-sales-deal-idUSFWN1SS09C |
May 3 (Reuters) - Casella Waste Systems Inc:
* CASELLA WASTE SYSTEMS, INC. ANNOUNCES FIRST QUARTER 2018 RESULTS AND REAFFIRMS 2018 GUIDANCE
* Q1 LOSS PER SHARE $0.09 * Q1 REVENUE $147.5 MILLION VERSUS I/B/E/S VIEW $139.1 MILLION
* Q1 EARNINGS PER SHARE VIEW $-0.01 — THOMSON REUTERS I/B/E/S
* Q1 ADJUSTED EARNINGS PER SHARE $0.00 * REAFFIRMED REVENUE, ADJUSTED EBITDA, AND NORMALIZED FREE CASH FLOW GUIDANCE RANGES FOR FISCAL YEAR ENDING DEC 31, 2018 Source text for Eikon: ([email protected])
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-casella-waste-systems-reports-q1-l/brief-casella-waste-systems-reports-q1-loss-per-share-of-0-09-idUSASC09ZQV |
BOLIDEN, Sweden, May 31, 2018 /PRNewswire/ --
As previously announced, the annual general meeting in Boliden on 27 April 2018 resolved on an automatic share redemption procedure including a split of Boliden's shares, a so called share split 2:1, whereby one existing share is divided into two shares. The share split has been carried out during May 2018, resulting in an increase of the number of shares and votes in Boliden by 273,511,169.
As of 31 May 2018, the number of shares and votes in Boliden totals 547,022,338. The shares added through the share split will, however, be redeemed during June 2018 as a part of the redemption procedure, after which the number of shares and votes in the company again will amount to 273,511,169.
For more information about the redemption procedure, please see Boliden's website, www.boliden.com .
This information is information that Boliden AB is obliged to make public pursuant to the Financial Instruments Trading Act. The information was submitted for publication at 08.00 CET on 31 May 2018.
For further information, please contact::
Klas Nilsson,
Director Group Communications,
tel: +46-70-453-65-88
This information was brought to you by Cision http://news.cision.com
http://news.cision.com/boliden/r/change-in-number-of-shares-and-votes-in-boliden,c2534101
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SOURCE Boliden | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/31/pr-newswire-change-in-number-of-shares-and-votes-in-boliden.html |
PLANO, Texas--(BUSINESS WIRE)-- Cinemark Holdings, Inc. (NYSE: CNK), one of the largest motion picture exhibitors in the world, today reported results for the three months ended March 31, 2018.
Cinemark Holdings, Inc.’s total revenues for the three months ended March 31, 2018 were $780.0 million compared to $779.6 million for the three months ended March 31, 2017. For the three months ended March 31, 2018, admissions revenues were $452.6 million and concession revenues were $261.8 million. Average ticket price increased 3.1% to $6.61 and concession revenues per patron increased 5.8% to $3.82 for the three months ended March 31, 2018.
Net income attributable to Cinemark Holdings, Inc. for the three months ended March 31, 2018 was $62.0 million compared to $79.7 million for the three months ended March 31, 2017. Diluted earnings per share for the three months ended March 31, 2018 was $0.53 compared to $0.68 for the three months ended March 31, 2017.
Adjusted EBITDA for the three months ended March 31, 2018 were $193.4 million compared to $211.9 million for the three months ended March 31, 2017. Reconciliations of non-GAAP financial measures are provided in the financial schedules accompanying this press release and at investors.cinemark.com .
"Fueled by the unprecedented success of Black Panther, the North American industry box office results in the first quarter far surpassed expectations, demonstrating the powerful potential of a break-out film," stated Mark Zoradi, Cinemark's Chief Executive Officer.
"And driven by the benefits we continue to derive from our strategic initiatives and actions, Cinemark again outperformed industry attendance and box office results, while maintaining the consistency and strength of our operating margins."
As of March 31, 2018, the Company’s aggregate screen count was 5,964 and the Company had commitments to open 12 new theatres and 79 screens during the remainder of 2018 and 11 new theatres and 106 screens subsequent to 2018.
Conference Call/Webcast – Today at 8:30 AM ET
Telephone: via 800-374-1346 or 706-679-3149 (for international callers).
Live Webcast/Replay: Available live at investors.cinemark.com . A replay will be available following the call and archived for a limited time.
About Cinemark Holdings, Inc.
Cinemark is a leading domestic and international motion picture exhibitor, operating 533 theatres with 5,964 screens in 41 U.S. states, Brazil, Argentina and 13 other Latin American countries as of March 31, 2018. For more information go to investors.cinemark.com .
Forward-looking Statements
This press release includes “ ” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The “ ” include our current expectations, assumptions, estimates and projections about our business and our industry. They include statements relating to future revenues, expenses and profitability, the future development and expected growth of our business, projected capital expenditures, attendance at movies generally or in any of the markets in which we operate, the number or diversity of popular movies released and our ability to successfully license and exhibit popular films, national and international growth in our industry, competition from other exhibitors and alternative forms of entertainment and determinations in lawsuits in which we are defendants. You can identify by the use of words such as “may,” “should,” “could,” “estimates,” “predicts,” “potential,” “continue,” “anticipates,” “believes,” “plans,” “expects,” “future” and “intends” and similar expressions which are intended to identify . These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actual results to those expressed or forecasted in the . In evaluating , you should carefully consider the risks and uncertainties described in the “Risk Factors” section or other sections in the Company’s Annual Report on Form 10-K filed February 23, 2018. All attributable to us or persons acting on our behalf are expressly qualified in their entirety by these cautionary statements and risk factors. Forward-looking statements contained in this press release reflect our view only as of the date of this press release. We undertake no obligation, other than as required by law, to update or revise any , whether as a result of new information, future events or otherwise.
Cinemark Holdings, Inc. Financial and Operating Summary (unaudited, in thousands, except per share amounts) Three Months Ended March 31, 2018 2017 Statement of income data: Revenues Admissions $ 452,624 $ 476,469 Concession 261,772 268,224 Other 65,575 34,917 Total revenues 779,971 779,610 Cost of operations Film rentals and advertising 240,915 252,818 Concession supplies 40,824 42,100 Salaries and wages 93,158 84,201 Facility lease expense 82,091 84,262 Utilities and other 109,432 88,357 General and administrative expenses 42,384 38,216 Depreciation and amortization 64,395 57,356 Impairment of long-lived assets 591 273 Loss on sale of assets and other 3,939 834 Total cost of operations 677,729 648,417 Operating income 102,242 131,193 Interest expense (27,115 ) (26,369 ) Loss on debt amendments (1,484 ) — Interest income 2,238 1,333 Foreign currency exchange gain 1,378 1,589 Distributions from NCM 6,358 6,788 Interest expense - NCM (4,979 ) — Equity in income of affiliates 8,636 10,060 Income before income taxes 87,274 124,594 Income taxes 25,097 44,400 Net income $ 62,177 $ 80,194 Less: Net income attributable to noncontrolling interests 156 466 Net income attributable to Cinemark Holdings, Inc. $ 62,021 $ 79,728 Earnings per share attributable to Cinemark Holdings, Inc.'s common stockholders
Basic $ 0.53 $ 0.68 Diluted $ 0.53 $ 0.68 Weighted average shares outstanding 116,143 115,915 Other Operating Data (unaudited, in thousands)
As of As of March 31, December 31, 2018 2017 Balance sheet data: Cash and cash equivalents $ 474,046 $ 522,547 Theatre properties and equipment, net $ 1,835,652 $ 1,828,054 Total assets $ 4,413,471 $ 4,470,893 Long-term debt, including current portion, net of unamortized debt issue costs $ 1,783,236 $ 1,787,480 Equity $ 1,471,991 $ 1,405,688 Segment Information (unaudited, in millions, except per patron data)
U.S. Operating Segment International Operating Segment Consolidated Three Months Ended March 31, Three Months Ended March 31, Constant Currency (1)
Three Months Ended March 31, 2018 2017 % Change 2018 2017 % Change 2018 % Change 2018 2017 % Change Admissions revenues $ 349.3 $ 356.2 (1.9 )% $ 103.3 $ 120.3 (14.1 )% $ 107.7 (10.5 )% $ 452.6 $ 476.5 (5.0 )% Concession revenues $ 203.8 $ 203.4 0.2 % $ 58.0 $ 64.8 (10.5 )% $ 60.1 (7.3 )% $ 261.8 $ 268.2 (2.4 )% Other revenues $ 43.3 $ 18.0 140.6 % $ 22.3 $ 16.9 32.0 % $ 23.8 40.8 % $ 65.6 $ 34.9 88.0 % Total revenues $ 596.4 $ 577.6 3.3 % $ 183.6 $ 202.0 (9.1 )% $ 191.6 (5.1 )% $ 780.0 $ 779.6 0.1 % Attendance 44.6 46.5 (4.1 )% 23.9 27.8 (14.0 )% 68.5 74.3 (7.8 )% Average ticket price $ 7.83 $ 7.66 2.2 % $ 4.32 $ 4.33 (0.2 )% $ 4.51 4.2 % $ 6.61 $ 6.41 3.1 % Concession revenues per patron $ 4.57 $ 4.37 4.6 % $ 2.43 $ 2.33 4.3 % $ 2.51 7.7 % $ 3.82 $ 3.61 5.8 % U.S. Operating Segment International Operating Segment Consolidated Three Months Ended Three Months Ended Three Months Ended March 31, March 31, March 31, 2018 2017 2018 2017 Constant Currency (1)
2018
2018 2017 Film rentals and advertising $ 192.9 $ 196.4 $ 48.1 $ 56.4 $ 50.2 $ 241.0 $ 252.8 Concession supplies 28.5 28.1 12.3 14.0 12.8 40.8 42.1 Salaries and wages 71.7 63.2 21.4 21.0 22.7 93.1 84.2 Facility lease expense 61.0 61.4 21.1 22.9 21.7 82.1 84.3 Utilities and other 79.0 60.0 30.4 28.4 32.1 109.4 88.4 (1) Constant currency amounts, which are non-GAAP measurements, were calculated using the average exchange rate for the corresponding month for 2017. We translate the results of our international operating segment from local currencies into U.S. dollars using currency rates in effect at different points in time in accordance with U.S. GAAP. Significant changes in foreign exchange rates from one period to the next can result in meaningful variations in reported results. We are providing constant currency amounts for our international operating segment to present a period-to-period comparison of business performance that excludes the impact of foreign currency fluctuations. Segment Information, continued (unaudited, in thousands)
Three Months Ended March 31, 2018 2017 Revenues U.S. $ 599,645 $ 581,209 International 183,628 202,068 Eliminations (3,302 ) (3,667 ) Total revenues $ 779,971 $ 779,610 Adjusted EBITDA (1) U.S. $ 155,844 $ 164,654 International 37,586 47,226 Total Adjusted EBITDA (1) $ 193,430 $ 211,880 Capital expenditures U.S. $ 69,971 $ 78,817 International 10,192 12,370 Total capital expenditures $ 80,163 $ 91,187 (1) Adjusted EBITDA represents net income before income taxes, interest expense, other income, loss on debt amendments, other cash distributions from equity investees, depreciation and amortization, impairment of long-lived assets, loss on sale of assets and other, changes in deferred lease expense, amortization of long-term prepaid rents and share based awards compensation expense, as calculated below. Adjusted EBITDA is a non-GAAP financial measure commonly used in our industry and should not be construed as an alternative to net income as an indicator of operating performance or as an alternative to cash flow provided by operating activities as a measure of liquidity (as determined in accordance with GAAP). Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies. We have included Adjusted EBITDA because we believe it provides management and investors with additional information to measure our performance and liquidity, estimate our value and evaluate our ability to service debt. In addition, we use Adjusted EBITDA for incentive compensation purposes. Reconciliation of Adjusted EBITDA (unaudited, in thousands)
Three Months Ended March 31, 2018 2017 Net income $ 62,177 $ 80,194 Add (deduct): Income taxes 25,097 44,400 Interest expense 27,115 26,369 Other income (7,273 ) (12,982 ) Loss on debt amendments 1,484 - Other cash distributions from equity investees (2) 12,323 12,049 Depreciation and amortization 64,395 57,356 Impairment of long-lived assets 591 273 Loss on sale of assets and other 3,939 834 Deferred lease expenses - theatres (3) (251 ) (114 ) Deferred lease expenses - projectors (4) (232 ) (233 ) Amortization of long-term prepaid rents (3) 639 493 Share based awards compensation expense (5) 3,426 3,241 Adjusted EBITDA $ 193,430 $ 211,880 (2) Represents cash distributions received from equity investees that were recorded as a reduction of the respective investment balances. (3) Non-cash expense included in facility lease expense. (4) Non-cash expense included in other theatre operating expenses. (5) Non-cash expense included in general and administrative expenses.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180509005222/en/
Cinemark Holdings, Inc.
Financial Contact :
Chanda Brashears, 972-665-1671
[email protected]
or
Media Contact:
James Meredith, 972-665-1060
[email protected]
Source: Cinemark Holdings, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/business-wire-cinemark-holdings-inc-reports-global-revenues-of-780-million-for-the-first-quarter-of-2018.html |
'Deadpool 2' takes top spot at weekend box office 9:18am EDT - 02:31
R-rated superhero sequel starring Ryan Reynolds knocks last week's winner 'Avengers: Infinity War' off the top spot. Lisa Giles-Keddie reports.
R-rated superhero sequel starring Ryan Reynolds knocks last week's winner 'Avengers: Infinity War' off the top spot. Lisa Giles-Keddie reports. //reut.rs/2wYJOc7 | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/21/deadpool-2-takes-top-spot-at-weekend-box?videoId=429031089 |
BEIJING (Reuters) - A U.S. high school student accused of cultural appropriation for her Chinese-style prom dress is receiving support online from some of the very people her critics say she offended.
Photos posted on Twitter by 18-year-old Utah resident Keziah Daum showing off her traditional cheongsam, or qipao, quickly went viral. Many accused Daum, who is not Chinese, of disrespecting Chinese culture and trivialising it with her wardrobe.
“My culture is NOT your goddamn prom dress,” said one Twitter user, Jeremy Lam, whose comment has been retweeted nearly 42,000 times. “For it to simply be subject to American consumerism and cater to a white audience is parallel to colonial ideology.”
But many users of China’s social media came to Daum’s defence, calling it “cultural appreciation” instead.
“The girl in a cheongsam looks beautiful. Isn’t it a good thing that our culture is appreciated by people from other countries?” one user said on Weibo, a Chinese Twitter-like social media platform.
The original qipao was wide and loose. With time though, it evolved to become tighter and more revealing. The modern version was first popularised in 1920s Shanghai and made fashionable by socialites there and in Hong Kong.
The dress is not considered exclusive to Chinese, however: U.S. First Lady Melania Trump wore a cheongsam during a visit to Beijing in November.
“I really don’t understand why those foreigners on Twitter are so irritated,” another Weibo user wrote. “If foreign people cannot wear Chinese outfits, they’d better not eat Chinese food anymore either.”
Reporting by Lusha Zhang and Min Zhang; additional reporting and writing by Se Young Lee; Editing by Nick Macfie
| ashraq/financial-news-articles | https://in.reuters.com/article/china-usa-culture/u-s-teen-praised-for-prom-cheongsam-after-online-dressing-down-idINKBN1I40JN |
BEIJING—China criticized the U.S. for sending two warships into South China Sea waters that Beijing considers its territory, amid simmering bilateral tensions over trade and North Korea.
In separate statements, China’s foreign and defense ministries each expressed “firm opposition” to what they described as violations of Chinese sovereignty by the guided-missile destroyer USS Higgins and the guided-missile cruiser USS Antietam, which sailed near the Chinese-controlled Paracel Islands on Sunday.
| ashraq/financial-news-articles | https://www.wsj.com/articles/china-protests-u-s-warships-in-disputed-waters-1527439978 |
Suicide bombers 'target democracy' in Libya 7:07am EDT - 01:50
At least 12 people are killed in a suicide bomb attack on Libya's election commission, since claimed by Islamic State.
At least 12 people are killed in a suicide bomb attack on Libya's election commission, since claimed by Islamic State. //reut.rs/2rnBHzZ | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/03/suicide-bombers-target-democracy-in-liby?videoId=423475939 |
CHICAGO, May 16 (Reuters) - An experimental Loxo Oncology Inc drug that targets cancers with mistakes in the RET gene led to tumor shrinkage in nearly 70 percent of patients regardless of where their cancer originated, according to preliminary data from a small study released on Wednesday.
The drug, LOXO-292, was well tolerated by patients with advanced cancer, many of whom were resistant to or no longer being helped by available treatments, researchers reported.
The oral medicine is intended for cancer patients with RET abnormalities in which two genes become fused together, triggering accelerated cancer cell growth.
RET fusions, an acquired rather than inherited gene defect, occur in about 2 percent of lung cancers, 10 to 20 percent of papillary thyroid cancers, and a small number of other cancers. Other mutations known as activating RET point mutations account for about 60 percent of medullary thyroid cancers, which comprise 3 percent of all thyroid cancers.
As of the cutoff date of January 5, data included 35 patients with RET fusion positive tumors, including 27 with non-small cell lung cancer (NSCLC), 7 with papillary thyroid cancer and 1 with pancreatic cancer. Another 20 patients had medullary thyroid cancers with RET point mutations.
In RET fusion positive patients, 69 percent of those who could be evaluated had significant tumor shrinkage, based on standard criteria for overall responses, typically shrinkage by at least a third.
The overall response rate was 65 percent for those with NSCLC, including three whose cancer had spread to the brain, and 83 percent for patients with papillary thyroid cancer.
In patients with medullary thyroid cancers, some 79 percent experienced tumor shrinkage ranging from 9 to 45 percent.
A brief summary of the results was released on Wednesday ahead of next month’s American Society of Clinical Oncology Meeting Chicago, where more detailed data on the study involving more patients will be presented.
Loxo Chief Executive Josh Bilenker, in a call with analysts earlier this month, said he was “encouraged by the data we submitted in January,” but noted that efficacy has improved since January.
The findings follow initial results released at a cancer meeting last month by Blueprint Medicines, whose rival RET-targeted drug showed an overall response rate of 37 percent, including 45 percent for NSCLC and 32 percent for medullary thyroid cancers.
Of the 57 patients in the study, 52 remained on the treatment. Side effects were mostly minor and occurred in about 10 percent of patients. They included fatigue, diarrhea and shortness or breath. (Reporting by Julie Steenhuysen Edited by Bill Berkrot)
| ashraq/financial-news-articles | https://www.reuters.com/article/health-cancer-loxo/loxo-oncologys-targeted-ret-drug-shows-promise-in-early-trial-idUSL2N1SN250 |
* OPEC, non-OPEC have pact to curb supplies, end glut
* Oil prices surge to highest since 2014 after U.S. move
* Buyers have six months to wind down Iran oil purchases
By Alex Lawler
LONDON, May 10 (Reuters) - OPEC is in no hurry to decide whether to pump more oil to make up for an expected drop in exports from Iran after the imposition of new U.S. sanctions, three sources familiar with the issue said, saying any loss in supply would take time.
The Organization of the Petroleum Exporting Countries has a deal with Russia and non-OPEC producers to cut supplies that has helped erase a global glut and boosted oil prices to their highest since 2014.
Officials are considering whether a drop in Iranian exports and a decline in supply from another OPEC member, Venezuela, demands adjusting the deal that runs to the end of 2018. Ministers meet in June to review the policy.
U.S. sanctions on Iran will have a six-month period during which buyers should “wind down” oil purchases, meaning any loss of supply will not be immediately felt in the market.
“I think we have 180 days before any supply impact,” an OPEC source said when asked about any plans for action.
A second OPEC source said that, while the need to add extra supply was being considered, the safest thing for the group to do for now was to sit tight and monitor the situation.
Oil reached $78 a barrel on Thursday, its highest since November 2014, two days after President Donald Trump said the United States was abandoning an international nuclear deal with Iran and would impose new sanctions.
Iran, which pumps about 4 percent of the world’s oil, exports about 450,000 barrels per day (bpd) to Europe and around 1.8 million bpd to Asia. Sales to Europe are seen by analysts as the more likely to be reduced by the sanctions.
As part of the supply deal, OPEC pledged to cut 1.2 million bpd from supplies from its members. In practice, the group has overshot this, partly because Venezuelan output has plunged due an economic crisis.
Oil ministers from OPEC and its partners meet on June 22-23 in Vienna to review the existing agreement.
Before that, technical officials meets on May 22-23 when the issue of whether extra barrels are needed to offset any Iranian loss will likely come up, the second source said.
A third OPEC source also said it was too soon to tell if extra oil was needed, citing Iran’s ability to keep much of its exports flowing under a previous round of sanctions. “Too early to judge,” he said.
On Wednesday, a separate OPEC source had said Saudi Arabia was monitoring the impact of the U.S. move on oil supplies and was ready to offset any shortage but would not act alone.
This source had also said the impact of U.S. sanctions on Iranian supplies needed to be assessed first and Saudi Arabia did not expect any physical impact on the market until the third or fourth quarters. (Additional reporting by Rania El Gamal in Dubai Editing by Edmund Blair)
| ashraq/financial-news-articles | https://www.reuters.com/article/iran-nuclear-opec/opec-in-no-hurry-to-decide-if-extra-oil-needed-to-offset-iran-sources-idUSL8N1SG70C |
WASHINGTON—The U.S. Treasury Department on Friday levied sanctions against one of Venezuela’s most powerful men, accusing Diosdado Cabello Rondón of state-aided narco-trafficking and corruption, as the administration escalated its pressure campaign against Caracas.
The Trump administration has imposed a series of sanctions against President Nicolás Maduro’s governing elite over the past year in an effort U.S. officials describe as trying to return the country to democracy and penalize the Venezuelan strongman for alleged human... | ashraq/financial-news-articles | https://www.wsj.com/articles/u-s-sanctions-top-venezuelan-official-diosdado-cabello-rondon-1526679393 |
May 3 (Reuters) - NATIONAL TAKAFUL CO:
* Q1 NET PROFIT 3.6 MILLION DIRHAMS VERSUS 33,000 DIRHAMS YEAR AGO
* Q1 GROSS WRITTEN CONTRIBUTIONS 103.1 MILLION DIRHAMS VERSUS 57.9 MILLION DIRHAMS YEAR AGO Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-uaes-national-takaful-q1-profit-ri/brief-uaes-national-takaful-q1-profit-rises-idUSFWN1S91DM |
(Adds minister comment on current domestic gas production)
CAIRO, May 7 (Reuters) - A planned pipeline connecting Cyprus’ Aphrodite gas field to Egypt’s liquefied natural gas (LNG) facilities will cost between $800 million and $1 billion, Egyptian Petroleum Minister Tarek El Molla said on Monday.
Egypt has rapidly increased its production of natural gas and hopes to become a hub for exporting to Europe after making a series of big discoveries in recent years.
Molla, speaking at a joint news conference with Cyprus Energy Minister Yiorgos Lakkotrypis, said Cypriot gas would be used in part for domestic consumption and in part for export.
Molla said last month that Egypt aims to sign an agreement with Cyprus for a pipeline to transport gas from the Aphrodite field to its LNG facilities.
Lakkotrypis said a final agreement on the pipeline would be signed as quickly as possible but did not specify when.
Egypt hopes to halt gas imports by 2019 and achieve self-sufficiency.
Egypt has an extensive pipeline network and two idle gas liquefaction plants ready to export new gas as it arrives.
The country believes its strategic location straddling the Suez Canal and the land bridge between Asia and Africa and its well-developed infrastructure will help turn it a trading and distribution center for countries in the region and beyond.
Molla said that domestic gas production has increased to 5.7 billion cubic feet per day as a result of new production coming online, up from 5.5 billion in February.
It rapidly increased its production of natural gas in 2017 with four major new gas production projects coming online, some ahead of schedule. Its newly discovered fields include the mammoth Zohr field discovered by Italy’s Eni in 2015.
Egypt is targeting about $10 billion in foreign investment in the oil and gas sector in the 2018/19 fiscal year that begins in July, Molla said last month, matching the figure expected for the current year. (Reporting by Ahmed Ismail; writing by Eric Knecht; editing by Jason Neely and Adrian Croft)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/egypt-energy-cyprus/update-1-cyprus-egypt-gas-pipeline-to-cost-800-mln-1-bln-idUSL8N1SE353 |
Ms. Cavanaugh will bring extensive investment management and further banking sector operational experience to the Board
Expected to be appointed at the next regular Board meeting on May 24, 2018
SEATTLE--(BUSINESS WIRE)-- HomeStreet, Inc. (NASDAQ:HMST) (the “Company” or “HomeStreet”), the parent company of HomeStreet Bank (the “Bank”), today announced that the Human Resources and Corporate Governance Committee (“HRCG Committee”) of the Board of Directors (“the Board”) has completed its previously announced search for an additional director and has identified Sandra Cavanaugh for appointment to the Board. Ms. Cavanaugh is expected to be appointed as a director of both the Company and the Bank at the next regularly scheduled joint Board meeting on May 24, 2018.
Ms. Cavanaugh formerly served as CEO and President of U.S. Private Client Services at Russell Investments (“Russell”). At Russell, Ms. Cavanaugh was responsible for all advisor sold business within the U.S. and oversaw the firm’s $45 billion mutual fund business. Prior to her time there, she served as an Executive Vice President at SunTrust Bank and held senior executive positions with Washington Mutual, including as president of two of their subsidiaries, WM Financial Services and WM Funds Distributor and Shareholder Services, in addition to numerous other banking and mutual fund management roles over the course of her career. Ms. Cavanaugh currently provides financial consulting services after retiring from Russell.
“We are excited to be adding Sandra to our board, and are confident that she will bring valuable insight and experience from her time as a senior executive in the asset management/mutual fund industry, as well as from her decades of leadership and operational experience in the banking sector,” said Scott M. Boggs, Lead Independent Director of HomeStreet. “We are committed to ensuring that our Board has the optimal level of diversity, mix of skill sets and leadership experience as we seek to continue evolving our business to deliver value for all shareholders. The addition of Ms. Cavanaugh should further our ability to achieve these goals.”
As previously announced in January 2018, the HRCG Committee has conducted a thorough search for a candidate who meets the stated diversity goals set out in the Company’s Principles of Corporate Governance, republished in October of 2017. Ms. Cavanaugh was identified by an external executive recruitment firm during this process.
“I look forward to joining the Board of HomeStreet and being able to provide additional investor perspective to help inform the strategic planning and decision making at the Company,” said Sandra Cavanaugh. “HomeStreet is a company that is undergoing a unique transformation, and I believe that my experience aligns well with the course the Company is charting – particularly as it further expands its business mix.”
About HomeStreet, Inc.
HomeStreet, Inc. (Nasdaq:HMST) is a diversified financial services Company headquartered in Seattle, Washington, serving consumers and businesses in the Western United States and Hawaii through its various operating subsidiaries. The Company operates two primary business segments: Mortgage Banking, which originates and purchases single family residential mortgage loans, primarily for sale into secondary markets; and Commercial & Consumer Banking, including commercial real estate, commercial lending, residential construction lending, retail banking, private banking, investment, and insurance services. Its principal subsidiaries are HomeStreet Bank and HomeStreet Capital Corporation. Certain information about our business can be found on our investor relations web site, located at http://ir.homestreet.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180516006333/en/
HomeStreet, Inc.
Investor Relations:
Gerhard Erdelji, 206-515-4039
[email protected]
or
Okapi Partners LLC
Bruce H. Goldfarb/Pat McHugh, 877-566-1922
[email protected]
or
Media Relations:
Sloane & Company
Dan Zacchei/Joe Germani, 212-486-9500
[email protected] / [email protected]
Source: HomeStreet, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/business-wire-homestreet-announces-conclusion-of-director-search-process-and-planned-addition-of-sandra-cavanaugh-to-board-of-directors.html |
UPDATE 1-Devon Energy raises 2018 oil production guidance Reuters Staff 2 Min Read
(Adds details on 2018 production outlook)
May 1 (Reuters) - Shale oil producer Devon Energy Corp raised its annual production forecast on Tuesday, saying it expected output would now grow 16 percent from last year compared to an earlier forecast of 14 percent.
The Oklahoma-based company said it produced 251 thousand barrels of oil and bitumen per day in the quarter ended March 31, with realized prices per barrel rising 21 percent to $62.93.
Total revenue rose to $3.81 billion from $3.55 billion and the company’s shares rose 2.12 percent to $37.1 in trading after the bell.
Net loss attributable to company shareholders stood at $197 million, or 38 cents per share, for the three months ended March 31 compared with a profit of $303 million, or 58 cents per share, a year earlier.
Excluding items, the company earned 20 cents per share, in line with analysts’ average estimate, according to Thomson Reuters I/B/E/S. (Reporting by Yashaswini Swamynathan and Diptendu Lahiri in Bengaluru; Editing by Arun Koyyur and Patrick Graham) | ashraq/financial-news-articles | https://www.reuters.com/article/devon-energy-results/update-1-devon-energy-raises-2018-oil-production-guidance-idUSL3N1S83T5 |
May 10 (Reuters) - Select Energy Services Inc:
* SELECT ENERGY SERVICES REPORTS 2018 FIRST QUARTER RESULTS
* Q1 REVENUE $376.4 MILLION VERSUS I/B/E/S VIEW $377.5 MILLION
* QTRLY NET INCOME PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS CLASS A-BASIC $ 0.15
* QTRLY NET INCOME PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS CLASS A-DILUTED $ 0.15
* Q1 EARNINGS PER SHARE VIEW $0.07 — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-select-energy-services-reports-201/brief-select-energy-services-reports-2018-first-quarter-results-idUSASC0A1N8 |
Uber is on track to go public in 2019, CEO Dara Khosrowshahi told CNBC on Wednesday.
"We're in a good position in terms of the company's profile, in terms of profitability and margins continue to get better," Khosrowshahi told CNBC's Carl Quintanilla at the Code Conference in Rancho Palos Verdes, California.
Khosrowshahi added that Uber has a "very strong balance sheet."
"I do think that we're on track in 2019 for an IPO," he said. "Lots of things can happen in the world but we have a reasonable buffer as well, so I think we're in a pretty good spot."
The CEO specified later on Wednesday that he was looking at the second half of 2019 for an IPO. A person familiar with the matter had told CNBC that Uber is targeting to go public in late 2019 but the company has not started interviewing banks yet.
Last week, Uber said it had strong revenue growth and reduced losses in the first quarter of this year. The company revealed that net revenue was up 67 percent on-year and losses narrowed 49 percent on-year. Those numbers exclude a $3 billion first quarter gain from the sale of Uber's Southeast Asian business to rival company Grab and a business merger in Russia with Yandex.Taxi.
The CEO said that he is looking to build out his management team, rebuild the brand and improve the product before the company goes public. That includes hiring a chief financial officer, he said.
Khosrowshahi also spoke about legendary investor Warren Buffett , who earlier told CNBC that he was an admirer of the Uber chief .
show chapters Uber CEO Khosrowshahi says he's a 'Warren Buffett fan boy' 19 Hours Ago | 03:03 Buffett's comments were in response to a Bloomberg report that said his firm, Berkshire Hathaway, offered Uber a $3 billion investment earlier this year. Buffett told CNBC that some of the reported details were "not correct" but confirmed that his company held talks with the ride-hailing tech firm.
"Like Warren said, we did have discussions," Khosrowshahi said. "One of my business goals in life has been to get Warren Buffett to invest in something that I'm involved in and, so far, I failed."
Khosrowshahi added that it's possible that talks with Berkshire might resume one day. He explained that Uber's "enormous growth trajectory" comes with "considerable risk."
"I don't think we necessarily fit in with the typical Warren Buffett investment. Maybe we can be a different kind of an investment, a portfolio diversification play for him," he said.
While he hopes to convince Buffett to invest in Uber one day, Khosrowshahi said strategic investments, though welcomed, were not a main priority at the moment.
"It's not first priority for me right now," he said. "First priority is to continue building a management team, continue to invest in the brand and get us in a position where we can build a big business and, along the way, go public."
Khosrowshahi explained that, while the core ride-sharing business was vital for Uber, the company was also making many "forward investments" into areas like food delivery and electric bikes. In April, Uber said it was acquiring a bike-sharing company called Jump Bikes .
"We are now investing in what we call Uber as a platform," he said, adding that the company is making available a variety of transportation options for passengers to commute from one point to another.
"Whether it's taking a car, whether it's taking a pooled car, whether it's taking a bike, whether you should walk or even now we want to build out the capability for you to take a bus or subway," he said. "We want to be the A-to-B platform for transportation."
show chapters Uber unveiled its flying taxi prototype, which looks like a giant drone 8:15 AM ET Tue, 8 May 2018 | 01:42 But the real push forward for Uber is to eventually take transportation to the air with a fleet of airborne taxis. The company revealed a "flying car" concept aircraft at its second annual Uber Elevate Summit earlier this month. The prototypes that Uber showed looked more like drones than helicopters, with four rotors on wings.
The flying cars would take off and land vertically from skyports, air stations on rooftops or the ground. Company officials said those skyports would be equipped to ultimately handle about 200 takeoffs and landings in an hour. Uber plans to make that transport service available to passengers in two to five years.
Khosrowshahi explained that, as cities build more high-rise buildings in residential and commercial areas, transportation needs to be able to get to the next level.
"Elon Musk wants to go underground, we are going to, hopefully, make overground work. And we'll see which one works," he said.
— CNBC's Alex Sherman and Aditi Roy contributed to this report.
Correction: This article has been updated to clarify that a source familiar with the matter told CNBC that Uber is targeting to go public in late 2019. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/30/uber-ceo-on-ipo-plans-and-warren-buffett.html |
May 10, 2018 / 12:18 PM / Updated 6 minutes ago BRIEF-Qurate Retail, Inc. Reports Q1 Adjusted Earnings Per Share $0.49 Reuters Staff
May 10 (Reuters) - Qurate Retail Inc:
* QURATE RETAIL, INC. REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS * Q1 EARNINGS PER SHARE $0.30
* Q1 EARNINGS PER SHARE VIEW $0.35 — THOMSON REUTERS I/B/E/S
* QURATE RETAIL - QTRLY TOTAL QURATE RETAIL REVENUE (AS REPORTED) $3.23 BILLION VERSUS $2.33 BILLION Source text for Eikon: ([email protected]) | ashraq/financial-news-articles | https://www.reuters.com/article/brief-qurate-retail-inc-reports-q1-adjus/brief-qurate-retail-inc-reports-q1-adjusted-earnings-per-share-0-49-idUSASC0A1FR |
DUBAI, May 23 (Reuters) - U.S. private equity firm TPG is in talks with investors in Abraaj’s healthcare fund to take over management of the assets of the $1 billion fund, which is embroiled in a scandal over alleged misuse of investor money, two sources familiar with the matter said.
These talks are separate from an ongoing sale process for Abraaj Investment Management Ltd (AIML), which has attracted bidders including Colony Northstar.
The talks come after Abraaj indicated it may step down as the manager of the fund following a dispute over how the Dubai-based private equity firm used the money of some of its investors, including the Bill & Melinda Gates Foundation and International Finance Corp (IFC), a member of World Bank Group.
Abraaj, which is facing an investigation launched by the investors including the Gates Foundation and IFC, has denied any wrongdoing.
The Wall Street Journal reported talks between TPG and Abraaj investors, reporting that TPG’s The Rise Fund would likely manage these assets, which include hospitals and healthcare units in developing countries.
The $2 billion The Rise Fund, which counts Irish rock star Bono among its co-founders, focuses on impact investing — a term coined in 2007 — which grew out of the desire by socially conscious individuals to extend philanthropy to their financial holdings.
TPG, IFC and the Gates Foundation declined to comment.
Abraaj declined to comment on the talks between TPG and investors. But in an email to Reuters it said “we continue to work closely with our investors and are committed to ensure that a positive resolution is achieved for all parties”.
Abraaj, founded by Arif Naqvi in 2002, has shaken up its management, suspended new investments, freed up large investors from millions of dollars in capital commitments and is reviewing its corporate structure.
Naqvi remains CEO of Abraaj Holdings, which owns the investment management unit. (Reporting by Saeed Azhar in Dubai and Joshua Franklin in New York; editing by Ghaida Ghantous and Jason Neely)
| ashraq/financial-news-articles | https://www.reuters.com/article/tp-group-abraaj/tpg-in-talks-with-abraaj-investors-to-manage-healthcare-fund-assets-sources-idUSL3N1SL4ZM |
BERLIN (Reuters) - German carmakers have a moral obligation to refit heavily polluting diesel vehicles on the country’s roads, environment minister Svenja Schulze said, but conceded that the government had no legal means to make them do so.
A car passes a traffic sign showing a ban on diesel cars at the Max-Brauer Allee in downtown Hamburg, Germany May 23, 2018. REUTERS/Fabian Bimmer In an interview published in Die Welt newspaper on Monday, Schulze said refits could first be carried out on cars on the road in particularly polluted cities. By targeting areas most affected, the costs of such refits need only be “in the low single-digit billions”, she said.
Revelations in the wake of the Volkswagen ( VOWG_p.DE ) emissions scandal that nitrogen oxide emissions of diesel cars were much higher than previously thought have weighed on Germany’s big carmakers for over a year, with some hit by heavy fines from regulators around the world.
Diesel emissions have also led to several German cities exceeding European Union air pollution limits, which has triggered enforcement action by the European Commission.
“As far as I’m concerned it’s not about immediately refitting all diesels in Germany,” Schulze said. “I advocate a step-wise plan to refit diesels where the air is particularly bad... The total costs would then be in the low single-digit billions.”
While she conceded the government had no legal means to force carmakers to follow her plan, she said they were under a moral obligation to do so.
“Without refits, consumer confidence will fall even further,” she said. “Neither drivers nor taxpayers should be asked to pay. Carmakers are under an obligation!”
Germany’s second largest city, Hamburg, will ban the most polluting diesel vehicles from two major streets from May 31, a move that could spur others to follow suit and raise pressure on carmakers to consider vehicle refits.
Reporting by Thomas Escritt; Editing by Susan Fenton
| ashraq/financial-news-articles | https://www.reuters.com/article/us-germany-emissions/german-carmakers-morally-obliged-to-refit-dirty-diesels-minister-idUSKCN1IS0TD |
May 24, 2018 / 12:15 PM / Updated 6 hours ago Resurgent Djokovic ready for fresh start, says Wilander Martyn Herman 4 Min Read
LONDON (Reuters) - Far from being a fading force, 12-times grand slam champion Novak Djokovic has shown signs that he is emerging from the toughest spell of his career and is ready for a fresh start ahead of next week’s French Open. Tennis - ATP World Tour Masters 1000 - Italian Open - Foro Italico, Rome, Italy - May 19, 2018 Serbia's Novak Djokovic during his semi final match against Spain's Rafael Nadal REUTERS/Tony Gentile
The 31-year-old will be seeded down at around 20 for the claycourt slam in Paris, but there will be a few players anxiously eyeing the drawsheet hoping the 2016 champion is not in their vicinity.
Last week in Rome Djokovic went toe-to-toe with a rampant Rafael Nadal and though he lost their semi-final 7-6 6-3 the level of tennis he produced in an absorbing contest was much closer to what we have come to expect from the Serb.
If they are in opposite halves of the draw it would not be too much of a stretch of the imagination to imagine the same duo battling for the Roland Garros title on June 10.
“He’s coming back for sure, if this slam wasn’t called the French Open I think you would have to put him up amongst the seven or eight favourites,” three-times champion Mats Wilander, who will follow Djokovic’s progress as part of the Eurosport coverage team, told Reuters.
“Even at the French, (he has a chance), he played very well against Nadal in Rome. Obviously it’s easier to play when you have nothing to lose and everything to win in one way, but technically he is back where he was, or very close.”
A few months ago Djokovic could barely register a win.
His return from the elbow injury that ended his 2017 season after Wimbledon and then flared up again at the Australian Open was more difficult than expected.
At Indian Wells, in his first match after losing to Chung Hyeon in the fourth round of the Australian Open, he slumped to defeat against 109th-ranked Japanese Taro Daniel.
“It felt like first match I ever played on the tour. Very weird,” was his post-match reaction, admitting that he was battling himself physically and mentally.
When he lost to Frenchman Benoit Paire in the Miami first round a week later he said it was “impossible” to play the kind of tennis that made him all but untouchable in 2015 when he was agonisingly close to a calendar year grand slam.
He split with coach Andre Agassi two months ago and in April parted company with another member of the team, Radek Stepanek.
Since then Djokovic has found salvation in Slovak Marian Vajda, the coach who launched him on the path to greatness and was his right-hand man from 2006-17 before taking a back seat.
The early signs are encouraging and, while still not back to his authoritative best, the confidence is returning and, crucially, Djokovic appears fully motivated.
Wilander says Djokovic can approach the rest of the year as a new beginning.
“I think his career is like starting over,” Wilander said. “He is pretty much in the same situation now as he was when he was 17, 18, 19 before he won his first major. He is 31 but he is starting over again.
“He is trying to find his way on the court in terms of intensity. I think working again with Vajda is a great move. I think he has always made good moves, even though (the partnership with) Andre didn’t last he learned from the all.”
Wilander expects Djokovic to progress into the second week, which is where his true level will become apparent.
“I think mentally he will play smart matches until it’s crunch time,” he said. “Then it’s more about how much is he willing to suffer emotionally.” Reporting by Martyn Herman | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-tennis-frenchopen-men-djokovic/resurgent-djokovic-ready-for-fresh-start-says-wilander-idUKKCN1IP1UZ |
MELBOURNE (Reuters) - The trial of Vatican Treasurer George Pell, who has pleaded not guilty to charges of historical sexual offences, is expected to last 10 weeks, an Australian court heard on Wednesday, with his defense lawyer seeking speedy action.
Vatican Treasurer Cardinal George Pell is surrounded by Australian police as he leaves the Melbourne Magistrates Court in Australia, October 6, 2017. REUTERS/Mark Dadswell The County Court of Victoria state will hold a second hearing on May 16 to plan how to proceed, with the prosecution and defense agreeing to press for two separate trials, each estimated to take about five weeks.
Pell, 76, is the highest ranking Catholic worldwide to face a criminal trial on sex offences. Details of the charges have not been made public.
The Victorian Magistrates’ Court ordered on Tuesday that Pell face trial on historical sexual offences involving multiple accusers following a month-long pre-trial hearing. Pell formally entered a not guilty plea.
No trial dates have been set yet.
Pell’s lawyer, Robert Richter, urged the County Court to move forward as quickly as possible on the charges, which involve offences alleged to have occurred 20 years apart at a public swimming pool and a church.
“We would like an expedited trial for various reasons - number one, my client is 76 years old,” Richter told the court.
Richter also said a “critical witness” for the case involving alleged offences at the church was 80 and in ill health.
“We would suggest the indictment for that one could proceed separately and quickly,” Richter said.
Prosecutor Mark Gibson initially estimated it would take three months to prepare for trial but Judge Susan Pullen said that seemed excessive.
“You’ve got to move on with this,” Pullen told the prosecutor.
Pell is on a leave of absence from his role as economy minister to Pope Francis, who has said he would not comment on the case until it was over.
The Vatican said in a statement it had “taken note” of the court’s decision to proceed to a full trial. The leave of absence the pope granted Pell last year so that he can defend himself against the charges “is still in place”, it said.
Pell’s defense team raised questions during the pre-trial hearing about police procedure, the reliability of witnesses’ memories and their psychological condition.
Prosecutor Mark Gibson had said none of the complainants had resiled from their allegations against Pell under cross-examination, while Victoria Police Detective Sergeant Chris Reed denied Richter’s suggestions of serious flaws in the police investigation.
Reporting by Sonali Paul; Editing by Jane Wardell, Paul Tait and Neil Fullick
| ashraq/financial-news-articles | https://www.reuters.com/article/us-australia-abuse-pell/vatican-treasurers-trial-on-historical-sex-offences-to-last-10-weeks-court-hears-idUSKBN1I24LM |
WASHINGTON (Reuters) - The U.S. Drug Enforcement Administration said on Friday it had suspended a Louisiana pharmaceutical distributor from selling controlled substances for allegedly selling unusually large quantities of opioids to pharmacies without reporting the sales.
The DEA said it suspended Morris & Dickson Co, a privately owned drug wholesaler based in Shreveport, on Wednesday after an investigation showed “it failed to properly identify large suspicious orders for controlled substances sold to independent pharmacies with questionable need for the drugs.”
“Opioid distributors have a legal obligation not to facilitate the illicit diversion of drugs,” Attorney General Jeff Sessions said in the statement by the DEA, which is part of the U.S. Justice Department.
“That obligation has never been more important than it is right now as we face the deadliest drug crisis in American history,” Sessions said.
Morris & Dickson filed in federal court on Thursday for an injunction against the suspension, and U.S. District Judge Elizabeth Foote in Shreveport has scheduled a hearing for Tuesday on its request for a temporary restraining order, according to court records.
The probe, which focused on purchases of Oxycodone and Hydrocodone, showed that in some cases, pharmacies were allowed to buy as much as six times the quantity of narcotics they would normally order, the DEA statement said.
Family-owned Morris & Dickson was founded in 1841 and is the largest independently owned and privately held drug wholesale distributor in the United States, according to its court filing.
The U.S. government is trying to crack down on opioid abuse through a number of measures, including a proposal last month to tighten rules governing the amount of prescription opioid painkillers that drugmakers can manufacture in a given year.
Sessions has created an opioid task force and deployed prosecutors to hard-hit areas of the country with a mandate to bring more cases against traffickers.
According to the Centers for Disease Control and Prevention, 42,000 people died nationwide from opioid overdoses in 2016, the last year with publicly available data.
Reporting by Eric Walsh, additional reporting by Nate Raymond in New York, editing by G Crosse
| ashraq/financial-news-articles | https://in.reuters.com/article/us-usa-justice-opioids/u-s-drug-agency-suspends-louisiana-distributor-over-opioid-sales-idINKBN1I52NR |
NEW YORK, May 21, 2018 /PRNewswire/ -- M I Acquisitions, Inc. (NASDAQ: MACQU, MACQ, MACQW) ("M I"), a Magna-sponsored special purpose acquisition company, today announced that it has set the date of M I's annual meeting of shareholders for Friday, June 15, 2018. The meeting will begin at 10:00 a.m. local time at the offices of Loeb & Loeb, LLP which are located at 345 Park Ave, New York, New York 10154. The record date for those eligible to receive notice of and to vote at the annual meeting of shareholders is May 29, 2018.
About M I Acquisitions
M I is a blank check company formed for the purpose of entering into a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities sponsored by NY-based investment firm, Magna. In September 2016, M I consummated a $54.7 million initial public offering of 5.73 million units, each unit consisting of one share of common stock and one redeemable common stock purchase warrant, at a price of $10.00 per unit. M I's securities are Quote: d on the NASDAQ stock exchange under the ticker symbols MACQ, MACQW and MACQU.
Important Notice Regarding Forward-Looking Statements
This press release contains statements that constitute "forward-looking statements". Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the M I, including those set forth in the Risk Factors section of M I's annual report on Form 10-K for the year ended December 31, 2017, filed with the Commission ("SEC"). Copies are available on the SEC's website, www.sec.gov . M I undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
View original content: http://www.prnewswire.com/news-releases/m-i-acquisitions-inc-announces-date-of-annual-meeting-of-shareholders-and-record-date-300652200.html
SOURCE M I Acquisitions, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/pr-newswire-m-i-acquisitions-inc-announces-date-of-annual-meeting-of-shareholders-and-record-date.html |
Middle East Money Trump’s trade war rhetoric is mere ‘propaganda,’ says Inventis CEO President Donald Trump's tough talk on trade is more propaganda than anything else, the CEO of one of China's largest private equity firms told CNBC's Hadley Gamble on Thursday. The world's two largest economies have been locked in a tit-for-tat trade spat since early April, when Trump first announced tariffs on a range of Chinese and international goods. The tariffs have yet to go into effect , and talks between China and the U.S. are currently underway. 4 Hours Ago | 02:56
President Donald Trump 's tough talk on trade is more propaganda than anything else, the CEO of one of China's largest private equity firms told CNBC's Hadley Gamble Thursday.
Asked if the president's threat of sweeping tariffs and a trade war with China was overblown, Yong Kwek Ping, chief executive of Inventis Investment Holdings, wasn't particularly fazed.
"I think it's more for political and propaganda, telling the U.S. voters what he's trying to do, and how he's guarding the U.S. interests," he said, speaking at the sidelines of the Gateway Gulf Investor Forum in Manama, Bahrain.
"Trump has mentioned that (Chinese) President Xi is his very good friend. I think Trump will be very constrained, very careful about starting a serious trade war." VCG/VCG | Getty Images Soldiers wait for a container ship to berth at Qingdao Port on March 8, 2018 in Qingdao, China.
Trump in early April unveiled a list of Chinese imports that his administration aimed to target with tariffs in response to what he called unfair trading practices on the part of Beijing. China's leadership responded with tariff lists of its own , as the world's two largest economies escalated the threats in what became a tit-for-tat push to penalize many of each other's vital industries.
The tariffs have yet to go into effect , and negotiations are currently underway although few signs of an agreement have emerged. The U.S. trade deficit with China in goods and services reached $566 billion in 2017, a 12 percent increase on the previous year and the highest level since 2008.
"I think war is always no good, let's always try to avoid any wars," Yong said.
Founded in 2000, Inventis Investment Holdings has about $10 billion in assets under management. Private Equity International in 2017 ranked Inventis among the top 50 largest private equity firms globally, and the second largest in Asia. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/10/trumps-trade-war-rhetoric-is-mere-propaganda-says-inventis-ceo.html |
CANBERRA, May 8(Reuters) - Australia will use a significant portion of its annual Pacific aid budget unveiled on Tuesday to build high-speed internet cables for Papua New Guinea and the Solomon Islands, amid fears about China’s growing influence in the region.
The center-right coalition government did not detail the cost of the networks in its 2018/19 budget, citing commercial agreement limitations, but confirmed the funds would come from the country’s A$1.3 billion regional aid budget. Analysts have estimated the combined cost of the two pipelines at around A$200 million - one-sixth of the overall funding pool for the region, which increased from A$1billion last year and is at a record high.
“Improved access to the Internet will support both countries’ long-term economic trajectories,” the government said in the budget papers. The investment is viewed as an attempt to block China’s growing ambitions in the region, which has been fueled by its own significant expenditure on aid. Australian think-tank the Lowy Institute estimates that China spent $1.78 billion in the decade to 2016, and has ramped up investment since.
That has concerned Australia, which has until recently held unprecedented sway in the region on its doorstep, and global allies including the United States, Britain and France.
China insists the Pacific aid is part of its $126 billion Belt and Road Initiative to build a modern-day Silk Road connecting China by land and sea to Southeast Asia, Central Asia, the Middle East, Europe and Africa.
But Australia’s Minister for International Development and the Pacific Concetta Fierravanti-Wells in January accused China of “building roads to nowhere”, in blunt comments that triggered a diplomatic protest from Beijing. Western suspicion of China’s motives deepened in April after media reports that China had held discussions with the Vanuatu government about establishing a permanent maritime presence in the island country, around 2,000 km (1,200 miles) east of northern Australia, after funding an expansion of its main port terminal. Vanuatu and China both denied the reports.
French President Emmanuel Macron last week pledged to increase his country’s diplomatic presence in the region while on his first official visit to Australia.
INTERNET CABLES The funding deal for the internet cables, linking Australia and the Pacific Islands, killed an agreement between the Solomon Islands and China’s Huawei Technologies [HWT.UL] to develop the links.
A source familiar with the thinking of the Australian government said Canberra was concerned that China could gain access to its broadband network if Huawei built the cable, echoing similar national security fears from the United States. The source declined to be named because he was not authorized to talk to the media.
Huawei has denied the allegations, insisting it is an independent company with no links to Beijing.
Australian telecommunications company Vocus ( VOC.AX ) has been contracted to conduct the initial work for the Solomons cable. Australia has yet to award any contract for the PNG cable.
Some analysts have warned that devoting such a large portion of the regional aid budget to the internet cables leaves Australia exposed to China’s growing influence elsewhere in the region.
While the entire region is facing economic hardship, some Pacific nations, most notably Tonga, are particularly reliant on international assistance after a series of natural disasters and weak commodity prices. In another commitment to the region in Tuesday’s budget, the government said it would open a High Commission in the tiny Pacific Island nation of Tuvalu, which it described as an “important partner in the Pacific.”
Reporting by ColinPackham. Editing by Jane Wardell. [email protected]; +61-2 93218161; Reuters Messaging: [email protected]
| ashraq/financial-news-articles | https://www.reuters.com/article/us-australia/australia-to-use-aid-funds-to-build-internet-connections-for-two-pacific-nations-idUSKBN1I9123 |
MANAMA, Bahrain, May 7, 2018 /PRNewswire/ --
New global forum, Gateway Gulf, will bring together a select group of 500 global investors and CEOs to unlock opportunities across the GCC
The region's economic transformation and investment opportunities will be the highlight of the first Gateway Gulf in Bahrain this week under the patronage of His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince, Deputy Supreme Commander and Chairman of the Bahrain Economic Development Board (EDB).
(Logo: https://mma.prnewswire.com/media/687723/Bahrain_Economic_Development_Board_Logo.jpg )
The event, which will take place from 8 to 10 May at the Four Seasons Hotel in Bahrain Bay, brings together over 500 global investors and business leaders to explore ways of unlocking the opportunities being created by the economic transformation in the GCC. The event provides a direct route into accessing the GCC market by showcasing major regional investment-ready projects worth USD $18billion, with projects in the planning phase driving up the value of the project pipeline to USD $26 billion. The event also offers an opportunity to match funding with large-scale infrastructure projects in Bahrain.
Bahrain is also fast-tracking substantial public and private sector investment projects worth over USD $32 billion across the manufacturing, logistics, infrastructure, healthcare, education, and tourism sectors, supporting the Kingdom's goal of long-term, sustainable economic growth.
Ahead of the event, His Excellency Khalid Al Rumaihi, Chief Executive, Bahrain Economic Development Board, commented: "A key part of our role at the EDB is to talk to international investors and we have found that they are very excited about the potential to enter and expand in the Gulf market. However, they would like to know more about how to unlock those opportunities - which is why we have created Gateway Gulf."
The event will include high-level plenary sessions led by key business leaders across strategic growth sectors, including manufacturing, tourism, real estate, power, water and energy, and will address some of the key business issues currently facing the region as it opens up new investment opportunities to the private sector.
"Bahrain was the fastest growing economy in the GCC in 2017, a trend the IMF expects to continue into 2018. This strong growth momentum, paired with the Kingdom's strategic location, supportive and cost-effective business environment and talented workforce, offers international companies a powerful launch pad to access growth across the region," H.E. Khalid Al Rumaihi added.
Highlights of the event include a panel session titled 'Aligning Fiscal Policy with Economic Growth', which will discuss ways in which policy makers can meet the challenges of achieving economic growth and creating a sound fiscal policy. The session will feature H.E. Shaikh Ahmed bin Mohammed Al Khalifa, Minister of Finance, Bahrain; H.E. Dr. Nayef Falah Al Hajraf, Minister of Finance, Kuwait; H.E. Mohamed Boussaid, Minister of Economy and Finance, Morocco; H.E. Faisal bin Fadhil Alibrahim, Vice Minister of Economy & Planning, Saudi Arabia; and Michèle Lamarche, Lazard Frères.
Another panel session titled 'Unlocking the FDI Puzzle' will include speakers such as Stuart Jones, Bechtel; Anil Kumar, Ransat Group; Fadi Ghandour, Wamda Group & Aramex; Yusuf Ali, Lulu Group; Shaikh Dr. Meshaal bin Jaber Al Ahmed Al Sabah, KDIPA; and H.E. Khalid Al Rumaihi, who will discuss efforts the GCC countries should undertake to enable investors to tap into the opportunities the region presents.
Other sessions at Gateway Gulf will shed light on Cloud Computing, FinTech, Blockchain, and Oil and Gas with a list of high-profile speakers including H.E. Dr Majid bin Abdullah Al Qasabi, Minister of Commerce and Investment, Saudi Arabia; H.E. Khaled Nasser Abdullah Al-Roudan, Minister of Commerce and Industry, Kuwait; H.E. Zayed Al Zayani, Minister of Industry, Commerce and Tourism,
Bahrain; Jassim Alseddiqi, Abu Dhabi Financial Group; Mohammed Alshaya, Alshaya Group; Eng. Ibrahim AlOmar, Saudi Arabian General Investment Authority (SAGIA); and Klaus Kleinfeld, NEOM.
Additional information can be found at: http://www.gatewaygulf.com
Twitter: @GatewayGulfBH
#GatewayGulf
For more information on the Bahrain EDB visit http://www.bahrainedb.com
Twitter: https://twitter.com/bahrainedb
LinkedIn: https://www.linkedin.com/company/bahrainedb/
SOURCE Bahrain Economic Development Board | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/pr-newswire-bahrain-economic-development-board-gateway-gulf-to-showcase-investment-opportunities-worth-26-billion.html |
TORONTO, May 18, 2018 (GLOBE NEWSWIRE) -- Financial 15 Split Corp. ("Financial 15") declares its regular monthly distribution of $0.12570 for each Class A share ($1.51 annually) and $0.04583 for each Preferred share ($0.550 annually). Distributions are payable June 8, 2018 to shareholders on record as at May 31, 2018.
Since inception Class A shareholders have received a total of $18.02 per share and Preferred shareholders have received a total of $7.65 per share inclusive of this distribution, for a combined total of $25.66.
Financial 15 invests in a high quality portfolio consisting of 15 financial services companies made up of Canadian and U.S. issuers as follows: Bank of Montreal, The Bank of Nova Scotia, Canadian Imperial Bank of Commerce, Royal Bank of Canada, Toronto-Dominion Bank, National Bank of Canada, Manulife Financial Corporation, Sun Life Financial, Great-West Lifeco, CI Financial Corp, Bank of America, Citigroup Inc., Goldman Sachs Group, JP Morgan Chase & Co. and Wells Fargo & Co.
Distribution Details Class A Share (FTN) $0.12570 Preferred Share (FTN.PR.A) $0.04583 Ex-Dividend Date: May 30, 2018 Record Date: May 31, 2018 Payable Date: June 8, 2018
Investor Relations: 1-877-478-2372
Local: 416-304-4443
www.financial15.com
[email protected]
Source:Financial 15 Split Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/18/globe-newswire-financial-15-split-corp--regular-monthly-dividend-declaration-for-class-a-preferred-share.html |
May 19, 2018 / 6:32 PM / Updated 30 minutes ago Ozil, Gundogan meet German president over Erdogan photo row Reuters Staff 3 Min Read
BERLIN (Reuters) - Two German internationals of Turkish heritage met Germany’s head of state and soccer bosses on Saturday, in a bid to defuse a political row after they were pictured with Turkey’s president. FILE PHOTO: Turkish President Tayyip Erdogan meets with Premier League soccer players Ilkay Gundogan of Manchester City, Mesut Ozil of Arsenal and Cenk Tosun of Everton in London, Britain May 13, 2018. Kayhan Ozer/Presidential Palace/Handout via REUTERS/File Photo
The photos, taken in London on Sunday and published by the ruling AK Party, show Mesut Ozil and Ilkay Gundogan beaming next to Turkish President Tayyip Erdogan, and giving him shirts from their English clubs - Arsenal and Manchester City.
Gundogan’s shirt had “With respect for my president” written on it.
He later said it was not the intention of the two players, who have Turkish roots, to make a political statement or be drawn into campaigning for Turkey’s elections next month.
The photos unleashed a storm of criticism from lawmakers across Germany’s political spectrum and the DFB football federation, all of whom argued that Erdogan does not sufficiently respect German values.
Ties between the European Union and Turkey have deteriorated over the past two years amid a crackdown by Erdogan’s government on suspected supporters of a failed military coup in July, 2016.
Turkey has shut down media outlets, detained 160,000 people and sacked nearly the same number of public employees. It says the crackdown is needed for security reasons.
“The two players contacted us and the DFB and wanted to clear this issue up,” Germany coach Joachim Loew told reporters.
“The German president suggested they meet with him as well. There was a discussion. Now we can start talking about other things.”
German President Frank-Walter Steinmeier posted a photo on Facebook showing him with the two soccer players in front of his office at the Bellevue Castle in Berlin. “It was important to both of them to clear up the misunderstandings,” Steinmeier said in the posting.
He said the two players’ life stories reflected what he had said in a speech on German unification day, in which he reminded Germans that people could have “more than one homeland.”
The German president said Ozil had told him he stood by Germany, where he had grown up, while Gundogan said that although Turkey was important to him as his parents’ homeland, “Germany is clearly my country and my team.”
Loew has called up the pair in his preliminary squad for their title defence at next month’s World Cup in Russia.
“Both assured us that they had not wanted to send any political signal with that action,” DFB President Reinhard Grindel said.
“They also stated that they stand for our values on and off the pitch and that they identify with them.” Reporting by Karolos Grohmann, editing by Ed Osmond | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-germany-turkey/ozil-gundogan-meet-german-president-after-erdogan-photo-idUKKCN1IK0QL |
NEW YORK--(BUSINESS WIRE)-- Zohar CDO 2003-1, Zohar CDO 2003-1 Corp., Zohar II 2005-1, Limited, Zohar II 2005-1 Corp., Zohar III, Limited, and Zohar III, Corp. (collectively, the “Zohar Funds”), Lynn Tilton, MBIA Insurance Corporation, a wholly owned subsidiary of MBIA Inc. (NYSE: MBI), and the Zohar III Controlling Class of Noteholders jointly announce today that the parties have mutually resolved the motions pending in federal Bankruptcy Court in the District of Delaware relating to the Zohar Funds, and have agreed to a deal that will include a stay of all pending litigation between the parties. This agreement is intended to facilitate the refinancing and monetization of assets of the Zohar Funds to the benefit of all stakeholders, and the parties have agreed to work in a mutually cooperative process in support of such refinancing and monetization.
As part of the agreement, an Independent Director will be appointed to govern the Zohar Funds, along with a Chief Restructuring Officer, who together with Ms. Tilton as director and manager of each Portfolio Company, will jointly implement the refinancing and monetization process. During the process, Ms. Tilton will remain in her current roles at the Portfolio Companies, all litigation between the parties will be stayed for a minimum of 15 months, and the bankruptcy cases will proceed without the appointment of a Trustee.
Ms. Tilton stated, “This agreement is a meaningful and important step towards allowing the Zohar Funds to monetize and refinance their assets in order to pay off all creditor claims in full. It is in the best interest of all stakeholders that we lay down our swords and stop the years of damaging litigation in order to maximize value for all of the Funds’ stakeholders.”
Anthony McKiernan, Chairman of MBIA Insurance Corporation, stated that “MBIA is pleased that the parties have been able to come to a consensual agreement that will put in place a process to enable MBIA to recover on the significant amounts it has paid its policyholders.”
Marc Kirschner of Goldin Associates, Chief Restructuring Officer of the Zohar Funds, added, “The resolution of the hotly contested litigation in the bankruptcy cases is in the best interests of the Zohar Funds and their stakeholders as it will pave the way for the Zohar Funds to maximize the value of their assets for the benefit of all. The mediated result was the culmination of significant negotiations and the Zohar Funds are deeply appreciative of the efforts of the mediator, Judge Kevin Gross, for facilitating a settlement of the pending matters, which was no simple task.”
Today’s agreement will have no immediate effect on the operations of the Portfolio Companies to whom the Zohar Funds have made senior secured loans. The Portfolio Companies will continue to operate their businesses in the ordinary course as they are not parties to these bankruptcy cases.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180430006595/en/
FOR LYNN TILTON
Brunswick Group
Brendan Riley
212-333-3810
[email protected]
or
MBIA
Greg Diamond, 914-765-3190
Investor and Media Relations
[email protected]
Source: Zohar Funds | ashraq/financial-news-articles | http://www.cnbc.com/2018/04/30/business-wire-the-zohar-funds-lynn-tilton-mbia-and-the-zohar-iii-noteholders-announce-resolution-to-stay-litigation-refinance-and-monetize.html |
COPENHAGEN/FRANKFURT (Reuters) - Hearing aid makers Widex and Sivantos agreed to merge on Wednesday to form the world’s third-largest supplier behind market leaders Sonova and William Demant.
FILE PHOTO: FILE PHOTO: An employee of GN Store Nord demonstrates the use of ReSound LiNX in Vienna November 22, 2013. REUTERS/Heinz-Peter Bader/File Photo Germany’s Sivantos, formerly known as Siemens Audiology, and Denmark’s Widex will create a company worth more than 7 billion euros ($8.28 billion), including some 3 billion euros in debt.
Makers of hearing aids, whose customers are typically in their seventies or eighties, are benefiting from rising demand in ageing societies, but some are facing challenges adapting to the digital age and the demands of more tech-savvy generations.
“Innovation is one of the biggest areas of growth, and this is accelerating because we have a new group of consumers that is coming with a completely different mindset,” Sivantos chief executive Ignacio Martinez told Reuters.
The merger would enable the company to invest more in research and development, he said.
Swedish private equity firm EQT will own a majority of the merged group in which the Tøpholm and Westermann families, who currently own Widex, will retain large stakes. EQT bought Sivantos from Siemens in 2015 for more than 2 billion euros.
The companies declined to comment on the relative valuation or to disclose the distribution of stakes. The deal was branded a “merger of equals”, indicating that no cash was involved.
The combined group, whose name has not been decided, will have 1.6 billion euros in sales and employ more than 10,000 people worldwide, including 800 in R&D.
LISTING POSSIBLE The merger pushes back EQT’s plans for a stock market listing of Sivantos by a few years, as the focus will now be on integrating the companies and advancing their digital technology, a person close to the matter said.
“It is very possible that there will be an IPO, but the only thing we know is that we will continue to be a large shareholder,” Widex chairman Jan Topholm told Reuters.
Sonova has been criticised for missing an opportunity when GN Store introduced direct-streaming hearing aids for wireless devices in 2014, but last year closed that gap.
Sivantos and Widex also have similar technologies.
Analysts at Bernstein said that increasing R&D spend may allow Sivantos and Widex to draw ahead of peers and that the new entity may be happy to experiment with new channels and approaches to market.
“With around a third of Demant and Sonova sales coming from owned retail, this would be bad news particularly for those players,” Bernstein said in a note to clients.
Shares in Sonova fell 2.9 percent, while GN Store Nord traded down 1.8 percent at 0922 GMT.
Sydbank analyst Morten Imsgard said Sonova, William Demant and the newly formed company would each have an around 25 percent market share, followed by GN Store with 16 percent and Starkey with 9 percent.
($1 = 0.8450 euros)
FILE PHOTO: An elderly resident wearing a hearing aid takes part in an activity session run by ACTive Age Malta at Hilltop Gardens retirement village in Naxxar, Malta, July 3, 2017. REUTERS/Darrin Zammit Lupi/File Photo Reporting by Stine Jacobsen and Arno Schuetze; editing by Jason Neely and Alexander Smith
| ashraq/financial-news-articles | https://in.reuters.com/article/sivantos-m-a-widex/sivantos-owner-eqt-forges-8-billion-hearing-aid-deal-idINKCN1IH19D |
May 24, 2018 / 11:00 AM / Updated an hour ago Commentary: Song remains the same as bond traders, European banks struggle Jamie McGeever 6 Min Read
LONDON (Reuters) - The first quarter of 2018 was a rollercoaster for investment banks, involving record highs for stocks, the biggest bout of market volatility in years and the strongest ever start to a year for merger and acquisition activity. The Canary Wharf financial district is reflected in the river Thames on a sunny morning in London, Britain, May 8, 2018. REUTERS/Hannah McKay
It was a challenging period for the top U.S. and European banks alike. While equity trading was highly and surprisingly lucrative, two familiar trends were clear: U.S. banks lording it over European banks, and shrinking bond trading activity.
Wall Street’s top five banks earned billions more from financial market trading, advisory fees and investment banking activity than Europe’s seven biggest banks, and there’s no indication that the gap is about to close.
Quite the opposite. Figures from industry analysts Coalition show that the top 12 U.S. and European banks raked in $43.83 billion in Q1, of which Wall Street’s five powerhouses accounted for $27.29 billion and the seven European banks $16.55 billion.
That revenue split of 62 percent vs 38 percent in favour of the U.S. banks is the widest gap since Coalition started tracking comparable data in 2012.
(For a graphic showing Q1 investment bank revenue, click here: reut.rs/2Lo84HM )
JP Morgan, the world’s biggest bank, occupies first or second spot in almost all the sector rankings, while other U.S. banks have made big strides in recent years, like Morgan Stanley in equities and Bank of America Merrill Lynch in credit.
Europe’s big banks are struggling in the face of intense pressure from U.S. rivals aggressively grabbing market share, so much so that many are reducing their presence in certain markets. Some are pulling out altogether.
Can Europe reverse the trend? Without consolidation at the top it looks unlikely to happen soon. Some banks, such as Credit Suisse and Deutsche, have cut back so much in recent years that challenging the Wall Street behemoths again seems impossible.
Deutsche, which has had four chief executives in six years, is slashing thousands of jobs, with equities sales and trading staff falling by 25 percent. And sources close to Barclays deny reports that the bank is seeking to merge with rivals.
Barclays is probably one of only two European banks that could challenge Wall Street’s hegemony, the other being HSBC. But with U.S. banks occupying the top five places in the rankings, and their dominance increasing, it’s a tall order. STOCK STRENGTH, BOND BLUES
Overall revenue across the top U.S. and European banks was up three percent in Q1 from the same period a year ago. This was driven by a 28 percent surge in equity revenue to $13.8 billion, the second best Q1 since the financial crisis and biggest Q1 rise since Coalition began analysing this data in 2006.
(For a graphic showing Q1 banks' equity trading revenue, click here: reut.rs/2LmVJn7 )
Within that, equity derivatives revenue soared 56 percent to $5.3 billion. Growth was strong across all regions but particularly in the Americas, which would have benefited the U.S. banks most.
The strong performance of equities in Q1 confirms that the ‘volmageddon’ episode in early February, when a burst of implied volatility on the S&P 500 spread like wildfire through global markets, was good for banks’ trading desks.
The first three months of the year is often the quarter when banks accrue most revenue as clients take trading positions and put money to work, while companies and governments raise funding for the year ahead.
But fixed income, currency and commodity (FICC) trading, also referred to simply as bond trading, performed poorly yet again. Total FICC revenue fell 6 percent to $20.1 billion, the second worst Q1 since the global crisis. In Q1 2010, FICC revenue at the top 12 banks was $36 billion.
(For a graphic showing Q1 banks' bond trading revenue, click here: reut.rs/2GLaD2Y )
Revenue from G10 rates trading, still the biggest component of FICC, slumped 18 percent on the same period a year earlier to $6.1 billion. That was the lowest Q1 since Coalition started tracking the figures in 2006.
Despite the surge in stock market volatility in early February, bond and FX volatility has remained stubbornly low, making it difficult for market participants to make money from FICC trading.
Even the rise in U.S. bond yields to multi-year highs as the Federal Reserve presses on with its rate increases has been fairly steady and predictable, certainly not enough to catch traders off guard or inject a meaningful dose of volatility into the market.
The opinions expressed here are those of the author, a columnist for Reuters.
Further reading: | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-europe-banks-champion/commentary-song-remains-the-same-as-bond-traders-european-banks-struggle-idUKKCN1IP1M7 |
Sprint’s plan to merge with rival T-Mobile in a $26 billion deal has triggered memories of dead phones and spotty service for some longtime Sprint customers, but the companies say such pitfalls are in the past.
The customers are recalling the havoc of Sprint’s 2005 merger with Nextel Communications Inc., much of it driven by the companies’ differing technologies.
It... RELATED VIDEO The Modern Cell Carrier: How We Got Here Now T-Mobile has agreed to buy Sprint, the U.S. wireless industry is about to be dominated by three major players. But how did we go from the days of one giant landline monopoly to four competitive cell companies? Illustration: Shaumbe Wright/WSJ | ashraq/financial-news-articles | https://www.wsj.com/articles/sprint-t-mobile-vow-merger-wont-repeat-havoc-of-earlier-sprint-tie-up-1526036400 |
May 13, 2018 / 8:53 AM / Updated 11 minutes ago Multiple blasts and gun battle in eastern Afghan city Ahmad Sultan , Qadir Sediqi 3 Min Read
JALALABAD, Afghanistan (Reuters) - Afghan security forces battled for hours against a group of attackers who stormed a government building in the eastern city of Jalalabad on Sunday after a coordinated assault that killed at least 15 people and wounded 42, local officials said.
A car bomb was detonated at the entrance to the state accounts office before a group of about six attackers armed with machine guns and rocket-propelled grenades rushed the building, the officials said. There were multiple blasts as they fought off security forces in a gun battle that lasted much of the day.
The attack took place in a busy area of the city with many other official buildings nearby, including a school in which about 1,000 girls were trapped as the fighting raged. There was no immediate claim of responsibility.
It was the latest in a series of high-profile attacks that have killed and wounded hundreds of civilians in Afghanistan this year and put heavy pressure on the Western-backed government of President Ashraf Ghani. Related Coverage Islamic State claims responsibility for attack in Afghanistan - AMAQ
Most have been in capital city Kabul, but in January gunmen attacked an office of aid group Save the Children in Jalalabad, killing at least five people and wounding 25. That attack, claimed by Islamic State, followed much the same pattern as Sunday’s incident.
After several hours of fighting that sent plumes of smoke rising into the sky above the accounts office, Attahullah Khogyani, a spokesman for the provincial governor, said that Sunday’s clash had ended with all the gunmen killed. An Afghan security force keeps watch at the site of blasts in Jalalabad city, Afghanistan May 13, 2018. REUTERS/Parwiz
Public health officials said that at least 15 people, including a child, had been killed and 42 wounded. Witnesses said the explosions had caused carnage among passers-by.
“I saw two rickshaw drivers on the ground with their arms blown off,” said Khan Mohammad, a local resident who saw the initial blasts and the start of the gun battle.
Violence has escalated across Afghanistan since the announcement of the Taliban’s annual spring offensive last month and there have been heightened security fears around preparations for elections in October.
Dozens of people have been killed in voter registration centres in recent weeks, leading to fears that people could stay away from elections that are seen as a major test of the government’s credibility. Slideshow (7 Images)
At the same time, Taliban fighters have stepped up the pressure on government forces across the country, from Baghlan province in the north, where they seized a district centre last week, to Farah in the southwest or Ghazni, south of Kabul.
Last year the United States increased its support to struggling Afghan forces, announcing plans for thousands of additional advisers and more air strikes in an effort to force the Taliban to enter peace negotiations. Additional reporting by Rafiq Sherzad; Writing by James Mackenzie; Editing by Simon Cameron-Moore, Catherine Evans and David Goodman | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-afghanistan-blast/multiple-blasts-hit-afghan-city-gunbattle-underway-officials-idUKKCN1IE0B6 |
WASHINGTON, May 16 (Reuters) - There is enough oil supply in the global market to make up for potential fuel disruptions from U.S. oil producer ConocoPhillips’ legal actions against Venezuelan state oil company PDVSA, a State Department spokesman said on Wednesday.
“The U.S. Department of State remains in contact with our partners in the Caribbean to reduce the risk of supply disruptions,” Vincent Campos, spokesman for the Bureau of Energy Resources at the department said. “There is sufficient oil supply in the global market that countries can access.”
The U.S. company said on Tuesday it was far from collecting the full value of a $2 billion arbitration award against PDVSA, after Conoco won curt orders allowing it to begin seizing PDVSA assets.
Reporting by Lesley Wroughton Editing by Chizu Nomiyama
| ashraq/financial-news-articles | https://www.reuters.com/article/conocophillips-pdvsa-usa/enough-global-oil-supplies-to-avoid-possible-disruptions-in-caribbean-u-s-idUSL2N1SN0ZR |
Washington wants you to know what a cryptocurrency scam looks like—so regulators made one up.
The Securities and Exchange Commission—an 84-year-old agency not known for its digital communications savvy—on Wednesday launched a website that touts a fake initial coin offering, an unregulated way of raising funds that has raised over $12 billion. The SEC says many ICOs are probably fraudulent, with bad guys evading investor protections and selling digital tokens that turn out to be worthless for the buyers.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/sec-shows-investors-what-a-cryptocurrency-scam-looks-like-1526503990 |
BRUSSELS (AP) — Five years after a brazen multimillion-dollar diamond heist on the tarmac of Brussels Airport, a Belgian court on Thursday cited a lack of evidence as it acquitted 18 suspects in the case.
The massive 2013 theft, in which tens of millions worth of gems were stolen from the hold of a departing Swiss-bound plane, had all the hallmarks of an "Ocean's Eleven" operation. And it still might still get a Hollywood ending.
One other person, suspected of being the mastermind, will hear his case in court later.
"It is a great result," said defense lawyer Nathalie Gallant. "The tribunal is indirectly saying that we were right and that the case is not sufficient to condemn anyone."
Dimitri de Beco, the lawyer for the lone other suspect, said he was "pretty sure the same will apply to my client as well," arguing the case was not strong enough.
It was not a full victory yet since Thursday's decision can still be appealed.
The diamond heist was estimated at $50 million at the time and was one of the biggest of recent times. It stunned the world with its clockwork precision. Many compared it to the plot of the 2001 Vegas heist movie, "Ocean's Eleven," which stars George Clooney, Brad Pitt and Matt Damon, for its clinically clean execution.
In the Feb. 18, 2013 heist, several parcels of diamonds were driven from the global diamond center of Antwerp and had been loaded on a plane bound for Zurich when robbers, dressed in dark police clothing and hoods, drove through a hole they had cut in the airport fence in two black cars with blue police lights flashing.
They approached the plane, brandished machine guns, off-loaded the diamonds and then left, all in barely five minutes. Later that night, investigators found the charred remains of a van used in the heist.
Three months later, authorities detained several dozen people in a three-nation sweep and recovered some of the diamonds.
The court case in Brussels was supposed to bring closure to the case, yet with the acquittals, it has opened it up again, further adding to the mystery.
"They made a very wide sweep. They focused on some famous names," said Gallant, who claimed the investigators "worked with blinkers" on.
She said the verdicts were not a surprise to those in the courtroom.
"Have you noticed how none of the lawyers were surprised? Did you see any sign of surprise in the court room? No," she said. "With such a case, it was not possible for a tribunal as competent as this one to condemn anyone."
Video journalist Sylvain Plazy contributed. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/17/the-associated-press-18-acquitted-in-massive-brussels-airport-2013-diamond-heist.html |
Gold prices climbed Thursday with the dollar sliding after data showed U.S. consumer prices rose less than expected in April, though on an annual basis, inflation showed signs of firming.
Front-month gold for May delivery rose 0.7% to $1,320.80 a troy ounce on the Comex division of the New York Mercantile Exchange to snap a three-session losing streak. Prices have stayed between about $1,305 and $1,360 this year, moving within that range based on safe-haven demand, swings in the dollar and worries about higher interest rates.
... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/gold-rises-after-softer-than-expected-u-s-cpi-report-1525959997 |
TORONTO, May 1, 2018 /PRNewswire/ - Ontario Teachers' Pension Plan (Ontario Teachers') today announced the appointment of Dale Burgess to the position of Senior Managing Director, Infrastructure & Natural Resources (INR), effective immediately.
Based in Toronto, Mr. Burgess will be responsible for overseeing our infrastructure acquisitions and asset management globally, along with our investments in agriculture, oil and gas, timberland and minerals. He has been serving as interim head of INR since mid-February.
"Dale's more than 15 years of experience on the Infrastructure team, combined with his proven ability to cultivate strong relationships across the fund, with current and prospective partners, make him ideally suited to take on this role," said Ron Mock, President and Chief Executive Officer and interim Chief Investment Officer.
Mr. Burgess joined Ontario Teachers' in 1996 and most recently was Managing Director, Latin America, Infrastructure & Natural Resources, where he oversaw portfolio companies as well as business development and origination in target countries across the LATAM region.
Mr. Burgess holds a BA from the University of Waterloo, is a Chartered Accountant, a CFA Charterholder and a graduate of the Institute of Corporate Directors.
About Ontario Teachers'
The Ontario Teachers' Pension Plan (Ontario Teachers') is Canada's largest single-profession pension plan, with $189.5 billion in net assets at December 31, 2017. It holds a diverse global portfolio of assets, approximately 80% of which is managed in-house, and has earned an average annualized rate of return of 9.9% since the plan's founding in 1990. Ontario Teachers' is an independent organization headquartered in Toronto. Its Asia-Pacific region office is located in Hong Kong and its Europe, Middle East & Africa region office is in London. The defined-benefit plan, which is fully funded, invests and administers the pensions of the province of Ontario's 323,000 active and retired teachers. For more information, visit otpp.com and follow us on Twitter @OtppInfo .
View original content with multimedia: http://www.prnewswire.com/news-releases/ontario-teachers-appoints-head-of-infrastructure-and-natural-resources-300640071.html
SOURCE Ontario Teachers' Pension Plan | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/pr-newswire-ontario-teachers-appoints-head-of-infrastructure-and-natural-resources.html |
ADEN (Reuters) - Yemen declared a state of emergency on the island of Socotra on Thursday as a tropical storm intensified after flooding several villages and capsizing boats to leave at least 17 people missing, government officials said.
Socotra, which lies between the Arabian Peninsula and the Horn of Africa, has been largely untouched by Yemen’s three-year-old war. It is under the control of the internationally recognized government whose president, Abdu Rabbu Mansour Hadi, is in exile in Saudi Arabia.
The island “requires urgent aid to help people stranded in their villages or those who reside in the mountains,” government spokesman Rajeh Badi told state news agency SABA.
He said 17 people were missing after two boats capsized and three cars were washed away by floods. Another official said more than 200 families had been evacuated from their villages.
The storm is worsening and most parts of the island have lost communications, said the governor of the nearby province of Hadramout.
The same weather system hit the Horn of Africa on Wednesday, killing more than 50 people in Somaliland.
Yemeni government spokesman Badi called on international humanitarian organisations and the Riyadh-led military coalition participating in the war to provide urgent aid to the island, where Saudi and UAE forces have a presence.
The Western-backed coalition intervened in Yemen in 2015 to try to restore Hadi’s government, toppled by the Iran-aligned Houthi movement.
The storm is expected to hit southern Yemen and the coast of neighboring Oman on Thursday, Oman’s state news agency reported.
It said Omani authorities evacuated hospitals in Dhofar province and other areas bordering Yemen, while the Public Authority for Civil Aviation said the country’s second largest airport, in Salalah, would be shut for 24 hours from midnight (2000 GMT).
Yemen is already grappling with one of the world’s worst humanitarian crises. The war has killed more than 10,000 people, displaced three million, triggered a cholera outbreak and pushed the impoverished country to the verge of starvation, according to the United Nations.
Additional reporting by Aziz El Yaakoubi in Dubai and Sarah Dadouch in Riyadh; Editing by Ghaida Ghantous and John Stonestreet
| ashraq/financial-news-articles | https://in.reuters.com/article/yemen-security-cyclone/tropical-storm-hits-yemens-socotra-state-of-emergency-declared-idINKCN1IP14N |
LOS ANGELES (Reuters) - A California judge on Tuesday overturned the state’s physician-assisted suicide statute, ruling that lawmakers did not have the authority to pass it during a special session convened to take up healthcare legislation.
While the ruling by a Riverside County Superior Court judge was tentative, giving California’s attorney general five days to appeal, it was hailed by opponents as a victory for terminally ill patients.
“The court made it very clear that assisted suicide has nothing to do with increasing access to health care and that hijacking the special session to advance an unrelated agenda is impermissible,” the Life Legal Defense Foundation, which filed the legal challenge, said in a statement.
The organization previously represented a Florida woman, Terry Schiavo, during a high-profile legal battle over her husband’s wish to remove her feeding tube after a 1990 heart attack left her in a coma.
California Attorney General Xavier Becerra said in a statement that his office “strongly disagreed” with the judge’s finding and would seek an expedited appeal.
A spokesman for Compassion & Choices, which describes itself as the nation’s largest nonprofit organization dedicated to improving and expanding end-of-life options, said the decision was a blow to California’s terminally ill.
“The people we represent are shocked and are absolutely heartbroken this option has been taken away from them,” spokesman Sean Crowley said.
Compassion & Choices championed the so-called End Of Life Option Act, which was passed during a special legislative session in 2015 and allows people with less than six months to live to seek end-of-life drugs
Kappos said his organization argued that since California Governor Jerry Brown, who convened the session, signed the bill into law it was clear that he considered it appropriate.
A total of seven states - California, Colorado, Hawaii, Montana, Oregon, Vermont and Washington - as well as the District of Columbia have laws on the books legalizing medical aid in dying for terminally ill patients, terminology preferred by advocates to the phrase “physician-assisted suicide.”
Supporters seek to widen legalization of the practice so that patients with incurable diseases can die with less pain and suffering. Opponents argue that unscrupulous caregivers could pressure vulnerable patients to take their own lives.
Oregon was the first to legalize physician-assisted suicide with a statute that took effect in 1998. Since then, some 200 end-of-life prescriptions have been written per year, according to Compassion and Choices, although not all have been used.
Reporting by Dan Whitcomb; Editing by Leslie Adler
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/us-california-assistedsuicide/california-judge-tosses-states-physician-assisted-suicide-law-idUSKCN1IH00B |
WALTHAM, Mass., May 1, 2018 /PRNewswire/ -- Syndax Pharmaceuticals, Inc. ("Syndax," the "Company" or "we") (Nasdaq: SNDX), a clinical stage biopharmaceutical company developing an innovative pipeline of cancer therapies, announced today that it will release its first quarter 2018 financial results on Tuesday, May 8, 2018, after the close of the U.S. financial markets.
In connection with the earnings release, Syndax's management team will host a conference call and live audio webcast at 4:30 p.m. ET on Tuesday, May 8, 2018, to discuss the Company's financial results and provide a general business update.
The live audio webcast and accompanying slides may be accessed through the Events & Presentations page in the Investors section of the Company's website at www.syndax.com . Alternatively, the conference call may be accessed through the following:
Conference ID: 7087078
Domestic Dial-in Number: 1-855-251-6663
International Dial-in Number: 281-542-4259
Live webcast: https://edge.media-server.com/m6/p/f5ppmzsd
For those unable to participate in the conference call or webcast, a replay will be available for 30 days on the Investors section of the Company's website, www.syndax.com .
About Syndax Pharmaceuticals, Inc.
Syndax Pharmaceuticals is a clinical stage biopharmaceutical company developing an innovative pipeline of cancer therapies. The Company is developing its lead product candidate, entinostat, a once-weekly, oral, small molecule, class I HDAC inhibitor, in combination with exemestane and several approved PD-1/PD-L1 antagonists. The Company's pipeline also includes SNDX-6352, a monoclonal antibody that blocks the colony stimulating factor 1 (CSF-1) receptor, as well as a portfolio of potent and selective inhibitors targeting the binding interaction of Menin with MLLr. For more information, please visit www.syndax.com or follow the Company on Twitter and LinkedIn .
Syndax's Cautionary Note on Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "may," "will," "expect," "plan," "anticipate," "estimate," "intend," "believe" and similar expressions (as well as other words or expressions referencing future events, conditions or circumstances) are intended to identify forward-looking statements. These forward-looking statements are based on Syndax's expectations and assumptions as of the date of this press release. Each of these forward-looking statements involves risks and uncertainties. Actual results may differ materially from these forward-looking statements. Forward-looking statements contained in this press release include, but are not limited to, statements about the progress, timing, clinical development and scope of clinical trials and the reporting of clinical data for Syndax's product candidates, and the potential use of our product candidates to treat various cancer indications. Many factors may cause differences between current expectations and actual results including unexpected safety or efficacy data observed during preclinical or clinical studies, clinical trial site activation or enrollment rates that are lower than expected, changes in expected or existing competition, changes in the regulatory environment, failure of Syndax's collaborators to support or advance collaborations or product candidates and unexpected litigation or other disputes. Other factors that may cause Syndax's actual results to differ from those expressed or implied in the forward-looking statements in this press release are discussed in Syndax's filings with the U.S. Securities and Exchange Commission, including the "Risk Factors" sections contained therein. Except as required by law, Syndax assumes no obligation to update any forward-looking statements contained herein to reflect any change in expectations, even as new information becomes available.
Syndax Contacts
Investor Contact
Melissa Forst
Argot Partners
[email protected]
Tel 212.600.1902
Media Contact
David Rosen
Argot Partners
[email protected]
Tel 212.600.1902
SNDX-G
View original content: http://www.prnewswire.com/news-releases/syndax-to-announce-first-quarter-2018-financial-results-and-host-conference-call-and-webcast-on-may-8-2018-300639338.html
SOURCE Syndax Pharmaceuticals, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/pr-newswire-syndax-to-announce-first-quarter-2018-financial-results-and-host-conference-call-and-webcast-on-may-8-2018.html |
* MSCI Asia-Pacific index up 0.3 pct, Nikkei rises 0.5 pct
* Euro pulls back from 10-month lows
* Crude stands tall after rallying on ebb in supply concerns
By Shinichi Saoshiro
TOKYO, May 31 (Reuters) - Asian stocks rebounded from a two-month trough on Thursday, while the euro enjoyed a respite after sinking to its lowest in 10 months as political turmoil in Italy that had roiled global financial markets showed signs of easing.
MSCI’s broadest index of Asia-Pacific shares outside Japan tacked on 0.3 percent having slumped to its weakest since the start of April on Wednesday.
South Korea’s KOSPI added 0.6 percent and Japan’s Nikkei advanced 0.5 percent.
Overnight, the Dow rose 1.25 percent and the S&P 500 climbed 1.27 percent.
Global stocks were battered, safe-haven government bond yields fell sharply and the euro tumbled earlier in the week after Italy’s two anti-establishment parties scrapped plans to form a coalition, stoking fears of a general election that could be a referendum on the country’s euro membership.
A degree of calm, however, returned, with the two anti-establishment parties renewing efforts to form a coalition government rather than force Italy into holding elections for the second time this year.
Italy’s successful auction of five- and 10-year government bonds also assuaged concerns about its ability to finance itself after turbulence in its debt market resulted in the biggest one-day surge for two-year yields in 26 years.
“The financial markets had been able to assess and digest the situation in Italy over the past few days and it is now time for a bit of reprieve from the turbulence,” said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui Asset Management in Tokyo.
“The reprieve will allow the market to return their focus back on fundamentals, such as Friday’s U.S. non-farm jobs report.”
The euro stood little changed at $1.1669 after rallying 1 percent the previous day. The currency had sunk to $1.1510 on Tuesday, its lowest since late July 2017.
The dollar index against a basket of six major currencies dipped 0.1 percent to 94.061 after surging to a near seven-month peak of 95.025 on Tuesday.
The U.S. currency traded at 108.730 yen, off a low of 108.115 brushed on Tuesday when risk aversion in the broader markets increased investor demand for its Japanese peer, which is often sought in times of market unrest.
The dollar received some support as signs of easing Italian political concerns pulled U.S. Treasury yields up from multi-week lows.
The 10-year Treasury note yield stood at 2.847 percent after sliding on Tuesday to 2.759 percent, its lowest since April 11.
Oil prices were elevated after rallying overnight as Russia’s central bank expressed caution on plans to boost oil supply.
U.S. crude futures inched down 0.2 percent to $68.07 a barrel after gaining 2.2 percent on Wednesday. Prices had fallen to a six-week low of $65.80 a barrel on Tuesday amid concerns that Saudi Arabia and Russia could increase output.
Brent crude dipped 0.25 percent to $77.31 a barrel after jumping 2.8 percent on Wednesday.
Reporting by Shinichi Saoshiro Editing by Shri Navaratnam
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ORLANDO, Fla., Marriott Vacations Worldwide Corporation (NYSE: VAC) today reported first quarter financial results and reaffirmed its guidance for the full year 2018.
The company adopted Accounting Standards Update 2014-09, "Revenue from Contracts with Customers," as amended, at the beginning of 2018. With this adoption, the company also restated its 2017 reported financial results and has provided a reconciliation to its previously reported financial results.
First Quarter 2018 Results:
Net income was $36 million, or $1.32 fully diluted earnings per share ("EPS"), compared to net income of $28 million, or $1.00 fully diluted EPS, in the first quarter of 2017. Adjusted net income was $38 million, compared to adjusted net income of $28 million in the first quarter of 2017, an increase of 35 percent. Adjusted fully diluted EPS was $1.39, compared to adjusted fully diluted EPS of $1.01 in the first quarter of 2017, an increase of 38 percent. Adjusted EBITDA totaled $63 million, an increase of $9 million, or 17 percent, year-over-year. Total company vacation ownership contract sales were $204 million, an increase of $4 million, or 2 percent, compared to the prior year period. North America vacation ownership contract sales were $187 million, an increase of $4 million, or 2 percent, compared to the prior year period. The company estimates that the 2017 hurricanes negatively impacted contract sales by more than $6 million in the first quarter. In addition, the company changed its financial reporting calendar at the beginning of 2017, and as a result, the prior year first quarter had two additional days of sales. Excluding both impacts, we estimate that total company and North America vacation ownership contract sales would have grown 6 percent and 7 percent, respectively, over the prior year period. North America VPG totaled $3,728, a 1 percent increase from the first quarter of 2017. North America tours increased 3 percent year-over-year. Development margin was $22 million, flat to the first quarter of 2017. Development margin percentage was 12.9 percent compared to 13.8 percent in the prior year quarter. Total company adjusted development margin percentage, which excludes the impact of revenue reportability and other charges, was 16.4 percent in the first quarter of 2018 compared to 18.4 percent in the first quarter of 2017. North America adjusted development margin percentage, which excludes the impact of revenue reportability and other charges, was 19.9 percent in the first quarter of 2018 compared to 21.2 percent in the first quarter of 2017. Rental revenues totaled $74 million, a $7 million, or 10 percent, increase from the first quarter of 2017. Rental revenues net of expenses were $18 million, a $4 million, or 31 percent, increase from the first quarter of 2017. Resort management and other services revenues totaled $70 million, a $3 million, or 4 percent, increase from the first quarter of 2017. Resort management and other services revenues, net of expenses, totaled $32 million, a $2 million, or 8 percent, increase from the first quarter of 2017. Financing revenues totaled $35 million, a $3 million, or 10 percent, increase from the first quarter of 2017. Financing revenues, net of expenses and consumer financing interest expense, were $25 million, a $2 million, or 11 percent, increase from the first quarter of 2017. During the first quarter of 2018, the company returned $23 million to its shareholders through quarterly cash dividends and the repurchase of its common stock.
"I am very pleased with our start to 2018. In the first quarter, despite the lingering impact of the 2017 hurricanes, contract sales increased 2 percent and adjusted EBITDA grew 17 percent, as our business continues to grow from the ramp-up of our new locations as well as from marketing programs that continue to grow our tour flow," said Stephen P. Weisz, president and chief executive officer. "Our first quarter performance was in line with our expectations, giving us confidence we can achieve our 2018 full year guidance, including contract sales growth of 7 to 12 percent, net income of $182 million to $193 million, and adjusted EBITDA of $310 million to $325 million."
Non-GAAP financial measures, such as adjusted net income, adjusted EBITDA, adjusted fully diluted earnings per share, adjusted free cash flow, and adjusted development margin are reconciled and adjustments are shown and described in further detail on pages A-1 through A-17 of the Financial Schedules that follow.
Balance Sheet and Liquidity
On March 31, 2018, cash and cash equivalents totaled $324 million. Since the beginning of the year, real estate inventory balances decreased $2 million to $722 million, including $372 million of finished goods and $350 million of land and infrastructure. The company had $1 billion in debt outstanding, net of unamortized debt issuance costs, at the end of the first quarter, an increase of $83 million from year-end 2017, consisting primarily of $750 million of debt related to our securitized notes receivable and $194 million of convertible notes.
As of March 31, 2018, the company had approximately $244 million in available capacity under its revolving credit facility after taking into account outstanding letters of credit, and approximately $267 million of gross vacation ownership notes receivable eligible for securitization.
Impact of Accounting Changes
The company adopted Accounting Standards Update 2014-09, "Revenue from Contracts with Customers (Topic 606)," which, as amended, created ASC Topic 606, "Revenue from Contracts with Customers," ("ASC 606"), also referred to as the new "Revenue Standard," on a retrospective basis, at the beginning of 2018, and as a result, recognition of revenue from the sale of vacation ownership products that is deemed collectible is deferred from the point in time at which the statutory rescission period expires to closing, when control of the vacation ownership product is transferred to the customer. In addition, the company aligned its assessment of collectibility of the transaction price for sales of vacation ownership products with its credit granting policies. The company elected the practical expedient to expense all marketing and sales costs as they are incurred. Its consolidated cost reimbursements revenues and expenses increased significantly, as all costs reimbursed to it by property owners' associations are now reported on a gross basis. In connection with the adoption of the new Revenue Standard, the company also reclassified certain revenues and expenses.
Summary Restated 2017 Financial Results Reflecting the Impact of Adopting the new Revenue Standard
The retrospective adoption of the new Revenue Standard resulted in the following restated quarterly financial results for 2017 for net income and adjusted EBITDA as highlighted below. Net income and adjusted EBITDA are reconciled to the quarterly 2017 reported results on pages A-10 through A-14 of the Financial Schedules.
Q1 2017
Q2 2017
Q3 2017
Q4 2017
$ in millions
Reported
Adjusted
Reported
Adjusted
Reported
Adjusted
Reported
Adjusted
Net income
$33.7
$27.9
$44.3
$48.2
$40.8
$47.0
$108.0
$112.2
Adjusted EBITDA
$62.1
$53.6
$77.9
$83.6
$74.0
$84.8
$66.1
$72.0
Outlook
The company is reaffirming guidance for the full year 2018 on the non-GAAP financial measures provided below. Pages A-1 through A-17 of the Financial Schedules reconcile the non-GAAP financial measures set forth below to the following full year 2018 expected GAAP results:
Net income
$182 million
to
$193 million
Fully diluted EPS
$6.61
to
$7.01
Net cash provided by operating activities
$180 million
to
$205 million
Adjusted net income
$184 million
to
$195 million
Adjusted fully diluted EPS
$6.69
to
$7.09
Adjusted EBITDA
$310 million
to
$325 million
Adjusted free cash flow
$185 million
to
$215 million
Contract sales growth
7 percent
to
12 percent
First Quarter 2018 Earnings Conference Call
The company will hold a conference call at 10:00 a.m. ET today to discuss these results and the guidance for full year 2018. Participants may access the call by dialing 877-407-8289 or 201-689-8341 for international callers. A live webcast of the call will also be available in the Investor Relations section of the company's website at www.marriottvacationsworldwide.com .
An audio replay of the conference call will be available for seven days and can be accessed at 877-660-6853 or 201-612-7415 for international callers. The conference ID for the recording is 13678402. The webcast will also be available on the company's website.
About Marriott Vacations Worldwide Corporation
Marriott Vacations Worldwide Corporation is a leading global pure-play vacation ownership company, offering a diverse portfolio of quality products, programs and management expertise with over 65 resorts. Its brands include Marriott Vacation Club, The Ritz-Carlton Destination Club and Grand Residences by Marriott. Since entering the industry in 1984 as part of Marriott International, Inc., the company earned its position as a leader and innovator in vacation ownership products. The company preserves high standards of excellence in serving its customers, investors and associates while maintaining a long-term relationship with Marriott International. For more information, please visit www.marriottvacationsworldwide.com .
Note on forward-looking statements : This press release and accompanying schedules contain "forward-looking statements" within the meaning of federal securities laws, including statements about future operating results, estimates, and assumptions, and similar statements concerning anticipated future events and expectations that are not historical facts. The company cautions you that these statements are not guarantees of future performance and are subject to numerous risks and uncertainties, including volatility in the economy and the credit markets, supply and demand changes for vacation ownership and residential products, competitive conditions, the availability of capital to finance growth, and other matters referred to under the heading "Risk Factors" contained in the company's most recent Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the "SEC") and in subsequent SEC filings, any of which could cause actual results to differ materially from those expressed in or implied in this press release. These statements are made as of May 3, 2018 and the company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
Financial Schedules Follow
MARRIOTT VACATIONS WORLDWIDE CORPORATION
FINANCIAL SCHEDULES
QUARTER 1, 2018
TABLE OF CONTENTS
Consolidated Statements of Income
A-1
Adjusted Net Income, Adjusted Earnings Per Share - Diluted, EBITDA and Adjusted EBITDA
A-2
North America Segment Financial Results
A-3
Asia Pacific Segment Financial Results
A-4
Europe Segment Financial Results
A-5
Corporate and Other Financial Results
A-6
Consolidated Contract Sales to Sale of Vacation Ownership Products and Adjusted Development Margin (Adjusted Sale of Vacation Ownership Products Net of Expenses)
A-7
North America Contract Sales to Sale of Vacation Ownership Products and Adjusted Development Margin (Adjusted Sale of Vacation Ownership Products Net of Expenses)
A-8
2018 Outlook - Adjusted Net Income, Adjusted Earnings Per Share - Diluted, Adjusted EBITDA and Adjusted Free Cash Flow
A-9
ASC 606 Adjustments - Full Year 2017
A-10
ASC 606 Adjustments - First Quarter 2017
A-11
ASC 606 Adjustments - Second Quarter 2017
A-12
ASC 606 Adjustments - Third Quarter 2017
A-13
ASC 606 Adjustments - Fourth Quarter 2017
A-14
ASC 606 Adjustments - Consolidated Adjusted Development Margin
A-15
Non-GAAP Financial Measures
A-16
Consolidated Balance Sheets
A-18
Consolidated Statements of Cash Flows
A-19
NOTE: Contract sales consist of the total amount of vacation ownership product sales under contract signed during the period where we have received a down payment of at least ten percent of the contract price, reduced by actual rescissions during the period, inclusive of contracts associated with sales of vacation ownership products on behalf of third parties, which we refer to as "resales contract sales".
A-1
MARRIOTT VACATIONS WORLDWIDE CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended
March 31, 2018
March 31, 2017
REVENUES
Sale of vacation ownership products
$
174,789
$
163,877
Resort management and other services
70,180
67,419
Financing
35,482
32,111
Rental
74,210
67,679
Cost reimbursements
216,188
197,214
TOTAL REVENUES
570,849
528,300
EXPENSES
Cost of vacation ownership products
46,363
43,771
Marketing and sales
105,934
97,498
Resort management and other services
37,778
37,471
Financing
4,248
4,017
Rental
55,899
53,708
General and administrative
29,435
27,539
Litigation settlement
(103)
—
Consumer financing interest
6,606
5,938
Royalty fee
14,824
16,070
Cost reimbursements
216,188
197,214
TOTAL EXPENSES
517,172
483,226
Gains (losses) and other income (expense), net
446
(59)
Interest expense
(4,317)
(781)
Other
(3,116)
(369)
INCOME BEFORE INCOME TAXES
46,690
43,865
Provision for income taxes
(10,709)
(15,975)
NET INCOME
$
35,981
$
27,890
Earnings per share - Basic
$
1.35
$
1.02
Earnings per share - Diluted
$
1.32
$
1.00
Basic Shares
26,685
27,251
Diluted Shares
27,306
27,900
Three Months Ended
March 31, 2018
March 31, 2017
Contract sales
$
203,661
$
199,618
NOTE: Earnings per share - Basic and Earnings per share - Diluted are calculated using whole dollars.
A-2
MARRIOTT VACATIONS WORLDWIDE CORPORATION
(In thousands, except per share amounts)
ADJUSTED NET INCOME AND ADJUSTED EARNINGS PER SHARE - DILUTED
Three Months Ended
March 31, 2018
March 31, 2017
Net income
$
35,981
$
27,890
Less certain items:
Acquisition costs
3,160
412
Litigation settlement
(103)
—
(Gains) losses and other (income) expense, net
(446)
59
Certain items before provision for income taxes
2,611
471
Provision for income taxes on certain items
(629)
(173)
Adjusted net income **
$
37,963
$
28,188
Earnings per share - Diluted
$
1.32
$
1.00
Adjusted earnings per share - Diluted **
$
1.39
$
1.01
Diluted Shares
27,306
27,900
EBITDA AND ADJUSTED EBITDA
Three Months Ended
March 31, 2018
March 31, 2017
Net income
$
35,981
$
27,890
Interest expense 1
4,317
781
Tax provision
10,709
15,975
Depreciation and amortization
5,601
5,191
EBITDA **
56,608
49,837
Non-cash share-based compensation
3,601
3,276
Certain items before provision for income taxes
2,611
471
Adjusted EBITDA **
$
62,820
$
53,584
**
Denotes non-GAAP financial measures. Please see pages A-16 and A-17 for additional information about our reasons for providing these alternative financial measures and limitations on their use.
1
Interest expense excludes consumer financing interest expense.
A-3
MARRIOTT VACATIONS WORLDWIDE CORPORATION
NORTH AMERICA SEGMENT
(In thousands)
Three Months Ended
March 31, 2018
March 31, 2017
REVENUES
Sale of vacation ownership products
$
160,696
$
151,709
Resort management and other services
63,531
62,073
Financing
33,529
30,239
Rental
68,075
62,485
Cost reimbursements
202,626
181,566
TOTAL REVENUES
528,457
488,072
EXPENSES
Cost of vacation ownership products
40,985
38,923
Marketing and sales
93,383
87,422
Resort management and other services
32,283
32,969
Rental
47,183
46,054
Litigation settlement
(211)
—
Royalty fee
1,837
2,690
Cost reimbursements
202,626
181,566
TOTAL EXPENSES
418,086
389,624
Losses and other expense, net
(14)
(34)
Other
(2,451)
51
SEGMENT FINANCIAL RESULTS
$
107,906
$
98,465
SEGMENT FINANCIAL RESULTS
$
107,906
$
98,465
Less certain items:
Acquisition costs
2,500
—
Litigation settlement
(211)
—
Losses and other expense, net
14
34
Certain items
2,303
34
ADJUSTED SEGMENT FINANCIAL RESULTS **
$
110,209
$
98,499
Three Months Ended
March 31, 2018
March 31, 2017
Contract sales
$
187,144
$
183,220
**
Denotes non-GAAP financial measures. Please see pages A-16 and A-17 for additional information about our reasons for providing these alternative financial measures and limitations on their use.
A-4
MARRIOTT VACATIONS WORLDWIDE CORPORATION
ASIA PACIFIC SEGMENT
(In thousands)
Three Months Ended
March 31, 2018
March 31, 2017
REVENUES
Sale of vacation ownership products
$
11,246
$
9,155
Resort management and other services
1,313
942
Financing
1,214
1,123
Rental
3,325
2,904
Cost reimbursements
1,766
1,110
TOTAL REVENUES
18,864
15,234
EXPENSES
Cost of vacation ownership products
3,146
2,058
Marketing and sales
8,637
6,763
Resort management and other services
1,111
872
Rental
5,026
4,326
Royalty fee
253
228
Cost reimbursements
1,766
1,110
TOTAL EXPENSES
19,939
15,357
Losses and other expense, net
—
(20)
Other
(5)
(8)
SEGMENT FINANCIAL RESULTS
$
(1,080)
$
(151)
SEGMENT FINANCIAL RESULTS
$
(1,080)
$
(151)
Less certain items:
Losses and other expense, net
—
20
Certain items
—
20
ADJUSTED SEGMENT FINANCIAL RESULTS **
$
(1,080)
$
(131)
Three Months Ended
March 31, 2018
March 31, 2017
Contract sales
$
12,343
$
11,948
**
Denotes non-GAAP financial measures. Please see pages A-16 and A-17 for additional information about our reasons for providing these alternative financial measures and limitations on their use.
A-5
MARRIOTT VACATIONS WORLDWIDE CORPORATION
EUROPE SEGMENT
(In thousands)
Three Months Ended
March 31, 2018
March 31, 2017
REVENUES
Sale of vacation ownership products
$
2,847
$
3,013
Resort management and other services
5,336
4,404
Financing
739
749
Rental
2,810
2,290
Cost reimbursements
11,796
14,538
TOTAL REVENUES
23,528
24,994
EXPENSES
Cost of vacation ownership products
410
555
Marketing and sales
3,914
3,313
Resort management and other services
4,384
3,630
Rental
3,690
3,328
Litigation settlement
108
—
Royalty fee
40
46
Cost reimbursements
11,796
14,538
TOTAL EXPENSES
24,342
25,410
SEGMENT FINANCIAL RESULTS
$
(814)
$
(416)
SEGMENT FINANCIAL RESULTS
$
(814)
$
(416)
Less certain items:
Litigation settlement
108
—
Certain items
108
—
ADJUSTED SEGMENT FINANCIAL RESULTS **
$
(706)
$
(416)
Three Months Ended
March 31, 2018
March 31, 2017
Contract sales
$
4,174
$
4,450
**
Denotes non-GAAP financial measures. Please see pages A-16 and A-17 for additional information about our reasons for providing these alternative financial measures and limitations on their use.
A-6
MARRIOTT VACATIONS WORLDWIDE CORPORATION
CORPORATE AND OTHER
(In thousands)
Three Months Ended
March 31, 2018
March 31, 2017
EXPENSES
Cost of vacation ownership products
$
1,822
$
2,235
Financing
4,248
4,017
General and administrative
29,435
27,539
Consumer financing interest
6,606
5,938
Royalty fee
12,694
13,106
TOTAL EXPENSES
54,805
52,835
Gains (losses) and other income (expense), net
460
(5)
Interest expense
(4,317)
(781)
Other
(660)
(412)
TOTAL FINANCIAL RESULTS
$
(59,322)
$
(54,033)
TOTAL FINANCIAL RESULTS
$
(59,322)
$
(54,033)
Less certain items:
Acquisition costs
660
412
(Gains) losses and other (income) expense, net
(460)
5
Certain items
200
417
ADJUSTED FINANCIAL RESULTS **
$
(59,122)
$
(53,616)
**
Denotes non-GAAP financial measures. Please see pages A-16 and A-17 for additional information about our reasons for providing these alternative financial measures and limitations on their use.
A-7
MARRIOTT VACATIONS WORLDWIDE CORPORATION
CONSOLIDATED CONTRACT SALES TO SALE OF VACATION OWNERSHIP PRODUCTS
(In thousands)
Three Months Ended
($ in thousands)
March 31, 2018
March 31, 2017
Contract sales
$
203,661
$
199,618
Less resales contract sales
(7,540)
(5,784)
Contract sales, net of resales
196,121
193,834
Plus:
Settlement revenue 1
3,514
3,339
Resales revenue 1
2,207
1,585
Revenue recognition adjustments:
Reportability
(11,509)
(14,148)
Sales reserve
(8,875)
(12,723)
Other 2
(6,669)
(8,010)
Sale of vacation ownership products
$
174,789
$
163,877
1
Previously included in Resort management and other services revenue prior to the adoption of the new Revenue Standard.
2
Adjustment for sales incentives that will not be recognized as Sale of vacation ownership products revenue and other adjustments to Sale of vacation ownership products revenue.
MARRIOTT VACATIONS WORLDWIDE CORPORATION
CONSOLIDATED ADJUSTED DEVELOPMENT MARGIN
(ADJUSTED SALE OF VACATION OWNERSHIP PRODUCTS NET OF EXPENSES)
(In thousands)
Three Months Ended
March 31, 2018
March 31, 2017
Sale of vacation ownership products
$
174,789
$
163,877
Less:
Cost of vacation ownership products
46,363
43,771
Marketing and sales
105,934
97,498
Development margin
22,492
22,608
Revenue recognition reportability adjustment
7,948
9,806
Adjusted development margin **
$
30,440
$
32,414
Development margin percentage 1
12.9%
13.8%
Adjusted development margin percentage
16.4%
18.4%
**
Denotes non-GAAP financial measures. Please see pages A-16 and A-17 for additional information about our reasons for providing these alternative financial measures and limitations on their use.
1
Development margin percentage represents Development margin divided by Sale of vacation ownership products.
A-8
MARRIOTT VACATIONS WORLDWIDE CORPORATION
NORTH AMERICA CONTRACT SALES TO SALE OF VACATION OWNERSHIP PRODUCTS
(In thousands)
Three Months Ended
($ in thousands)
March 31, 2018
March 31, 2017
Contract sales
$
187,144
$
183,220
Less resales contract sales
(7,212)
(5,784)
Contract sales, net of resales
179,932
177,436
Plus:
Settlement revenue 1
3,492
3,287
Resales revenue 1
2,130
1,585
Revenue recognition adjustments:
Reportability
(10,904)
(13,599)
Sales reserve
(7,974)
(9,767)
Other 2
(5,980)
(7,233)
Sale of vacation ownership products
$
160,696
$
151,709
1
Previously included in Resort management and other services revenue prior to the adoption of the new Revenue Standard.
2
Adjustment for sales incentives that will not be recognized as Sale of vacation ownership products revenue and other adjustments to Sale of vacation ownership products revenue.
MARRIOTT VACATIONS WORLDWIDE CORPORATION
NORTH AMERICA ADJUSTED DEVELOPMENT MARGIN
(ADJUSTED SALE OF VACATION OWNERSHIP PRODUCTS NET OF EXPENSES)
(In thousands)
Three Months Ended
March 31, 2018
March 31, 2017
Sale of vacation ownership products
$
160,696
$
151,709
Less:
Cost of vacation ownership products
40,985
38,923
Marketing and sales
93,383
87,422
Development margin
26,328
25,364
Revenue recognition reportability adjustment
7,527
9,410
Adjusted development margin **
$
33,855
$
34,774
Development margin percentage 1
16.4%
16.7%
Adjusted development margin percentage
19.9%
21.2%
**
Denotes non-GAAP financial measures. Please see pages A-16 and A-17 for additional information about our reasons for providing these alternative financial measures and limitations on their use.
1
Development margin percentage represents Development margin divided by Sale of vacation ownership products.
A-9
MARRIOTT VACATIONS WORLDWIDE CORPORATION
2018 ADJUSTED NET INCOME AND ADJUSTED EARNINGS PER SHARE - DILUTED OUTLOOK
(In millions, except per share amounts)
Fiscal Year
2018 (low)
Fiscal Year
2018 (high)
Net income
$
182
$
193
Adjustments to reconcile Net income to Adjusted net income
Certain items 1
3
3
Provision for income taxes on adjustments to net income
(1)
(1)
Adjusted net income **
$
184
$
195
Earnings per share - Diluted 2
$
6.61
$
7.01
Adjusted earnings per share - Diluted ** , 2
$
6.69
$
7.09
Diluted shares 2
27.5
27.5
1
Certain items adjustment includes $3 million of acquisition costs.
2
Earnings per share - Diluted, Adjusted earnings per share - Diluted, and Diluted shares outlook includes the impact of share repurchase activity only through May 1, 2018.
2018 ADJUSTED EBITDA OUTLOOK
Fiscal Year
2018 (low)
Fiscal Year
2018 (high)
Net income
$
182
$
193
Interest expense 1
17
17
Tax provision
65
69
Depreciation and amortization
26
26
EBITDA **
290
305
Non-cash share-based compensation
17
17
Certain items 2
3
3
Adjusted EBITDA **
$
310
$
325
1
Interest expense excludes consumer financing interest expense.
2
Certain items adjustment includes $3 million of acquisition costs.
2018 ADJUSTED FREE CASH FLOW OUTLOOK
Fiscal Year
2018 (low)
Fiscal Year
2018 (high)
Net cash provided by operating activities
$
180
$
205
Capital expenditures for property and equipment (excluding inventory):
New sales centers 1
(10)
(10)
Other
(27)
(32)
Borrowings from securitization transactions
360
380
Repayment of debt related to securitizations
(280)
(290)
Free cash flow **
223
253
Adjustments:
Net change in borrowings available from the securitization of eligible vacation ownership notes receivable through the warehouse credit facility 2
—
(2)
Inventory / other payments associated with capital efficient inventory arrangements
(38)
(40)
Change in restricted cash
—
4
Adjusted free cash flow **
$
185
$
215
1
Represents the incremental investment in new sales centers.
2
Represents the net change in borrowings available from the securitization of eligible vacation ownership notes receivable through the warehouse credit facility between the 2017 and 2018 year ends.
**
Denotes non-GAAP financial measures. Please see pages A-16 and A-17 for additional information about our reasons for providing these alternative financial measures and limitations on their use.
A-10
MARRIOTT VACATIONS WORLDWIDE CORPORATION
ASC 606 ADJUSTMENTS - FULL YEAR 2017
(In thousands)
2017
As Reported
Adjustments
2017
As Adjusted
REVENUES
Sale of vacation ownership products
$
727,940
$
29,498
$
757,438
Resort management and other services
306,196
(27,358)
278,838
Financing
134,906
—
134,906
Rental
322,902
(60,863)
262,039
Cost reimbursements
460,001
289,601
749,602
TOTAL REVENUES
1,951,945
230,878
2,182,823
EXPENSES
Cost of vacation ownership products
177,813
17,034
194,847
Marketing and sales
408,715
(13,825)
394,890
Resort management and other services
172,137
(17,913)
154,224
Financing
17,951
—
17,951
Rental
281,352
(57,970)
223,382
General and administrative
110,225
—
110,225
Litigation settlement
4,231
—
4,231
Consumer financing interest
25,217
—
25,217
Royalty fee
63,021
—
63,021
Cost reimbursements
460,001
289,601
749,602
TOTAL EXPENSES
1,720,663
216,927
1,937,590
Gains and other income, net
5,772
—
5,772
Interest expense
(9,572)
—
(9,572)
Other
(1,599)
—
(1,599)
INCOME BEFORE INCOME TAXES
225,883
13,951
239,834
Benefit (provision) for income taxes
895
(5,405)
(4,510)
NET INCOME
$
226,778
$
8,546
$
235,324
NET INCOME
$
226,778
$
8,546
$
235,324
Interest expense 1
9,572
—
9,572
Tax (benefit) provision
(895)
5,405
4,510
Depreciation and amortization
21,494
—
21,494
EBITDA **
256,949
13,951
270,900
Non-cash share-based compensation
16,286
—
16,286
Certain items before income taxes
6,805
—
6,805
ADJUSTED EBITDA **
$
280,040
$
13,951
$
293,991
**
Denotes non-GAAP financial measures. Please see pages A-16 and A-17 for additional information about our reasons for providing these alternative financial measures and limitations on their use.
1
Interest expense excludes consumer financing interest expense.
A-11
MARRIOTT VACATIONS WORLDWIDE CORPORATION
ASC 606 ADJUSTMENTS - FIRST QUARTER 2017
(In thousands)
Q1 2017
As Reported
Adjustments
Q1 2017
As Adjusted
REVENUES
Sale of vacation ownership products
$
172,155
$
(8,278)
$
163,877
Resort management and other services
72,964
(5,545)
67,419
Financing
32,111
—
32,111
Rental
85,256
(17,577)
67,679
Cost reimbursements
123,633
73,581
197,214
TOTAL REVENUES
486,119
42,181
528,300
EXPENSES
Cost of vacation ownership products
42,620
1,151
43,771
Marketing and sales
100,661
(3,163)
97,498
Resort management and other services
41,645
(4,174)
37,471
Financing
4,017
—
4,017
Rental
70,432
(16,724)
53,708
General and administrative
27,539
—
27,539
Consumer financing interest
5,938
—
5,938
Royalty fee
16,070
—
16,070
Cost reimbursements
123,633
73,581
197,214
TOTAL EXPENSES
432,555
50,671
483,226
Losses and other expense, net
(59)
—
(59)
Interest expense
(781)
—
(781)
Other
(369)
—
(369)
INCOME BEFORE INCOME TAXES
52,355
(8,490)
43,865
Provision for income taxes
(18,655)
2,680
(15,975)
NET INCOME
$
33,700
$
(5,810)
$
27,890
NET INCOME
$
33,700
$
(5,810)
$
27,890
Interest expense 1
781
—
781
Tax provision
18,655
(2,680)
15,975
Depreciation and amortization
5,191
—
5,191
EBITDA **
58,327
(8,490)
49,837
Non-cash share-based compensation
3,276
—
3,276
Certain items before income taxes
471
—
471
ADJUSTED EBITDA **
$
62,074
$
(8,490)
$
53,584
**
Denotes non-GAAP financial measures. Please see pages A-16 and A-17 for additional information about our reasons for providing these alternative financial measures and limitations on their use.
1
Interest expense excludes consumer financing interest expense.
A-12
MARRIOTT VACATIONS WORLDWIDE CORPORATION
ASC 606 ADJUSTMENTS - SECOND QUARTER 2017
(In thousands)
Q2 2017
As Reported
Adjustments
Q2 2017
As Adjusted
REVENUES
Sale of vacation ownership products
$
191,010
$
10,846
$
201,856
Resort management and other services
79,158
(7,218)
71,940
Financing
32,530
—
32,530
Rental
84,188
(14,898)
69,290
Cost reimbursements
110,734
76,086
186,820
TOTAL REVENUES
497,620
64,816
562,436
EXPENSES
Cost of vacation ownership products
46,143
4,882
51,025
Marketing and sales
104,029
(4,861)
99,168
Resort management and other services
44,008
(4,595)
39,413
Financing
3,449
—
3,449
Rental
70,163
(12,407)
57,756
General and administrative
29,534
—
29,534
Litigation settlement
183
—
183
Consumer financing interest
5,654
—
5,654
Royalty fee
16,307
—
16,307
Cost reimbursements
110,734
76,086
186,820
TOTAL EXPENSES
430,204
59,105
489,309
Losses and other expense, net
(166)
—
(166)
Interest expense
(1,757)
—
(1,757)
Other
(100)
—
(100)
INCOME BEFORE INCOME TAXES
65,393
5,711
71,104
Provision for income taxes
(21,117)
(1,801)
(22,918)
NET INCOME
$
44,276
$
3,910
$
48,186
NET INCOME
$
44,276
$
3,910
$
48,186
Interest expense 1
1,757
—
1,757
Tax provision
21,117
1,801
22,918
Depreciation and amortization
5,001
—
5,001
EBITDA **
72,151
5,711
77,862
Non-cash share-based compensation
5,175
—
5,175
Certain items before income taxes
548
—
548
ADJUSTED EBITDA **
$
77,874
$
5,711
$
83,585
**
Denotes non-GAAP financial measures. Please see pages A-16 and A-17 for additional information about our reasons for providing these alternative financial measures and limitations on their use.
1
Interest expense excludes consumer financing interest expense.
A-13
MARRIOTT VACATIONS WORLDWIDE CORPORATION
ASC 606 ADJUSTMENTS - THIRD QUARTER 2017
(In thousands)
Q3 2017
As Reported
Adjustments
Q3 2017
As Adjusted
REVENUES
Sale of vacation ownership products
$
180,522
$
2,886
$
183,408
Resort management and other services
76,882
(7,044)
69,838
Financing
34,685
—
34,685
Rental
81,177
(14,896)
66,281
Cost reimbursements
113,724
62,745
176,469
TOTAL REVENUES
486,990
43,691
530,681
EXPENSES
Cost of vacation ownership products
42,826
2,996
45,822
Marketing and sales
100,527
(4,687)
95,840
Resort management and other services
44,696
(4,535)
40,161
Financing
5,062
—
5,062
Rental
71,048
(23,654)
47,394
General and administrative
26,666
—
26,666
Litigation settlement
2,033
—
2,033
Consumer financing interest
6,498
—
6,498
Royalty fee
15,220
—
15,220
Cost reimbursements
113,724
62,745
176,469
TOTAL EXPENSES
428,300
32,865
461,165
Gains and other income, net
6,977
—
6,977
Interest expense
(2,642)
—
(2,642)
Other
104
—
104
INCOME BEFORE INCOME TAXES
63,129
10,826
73,955
Provision for income taxes
(22,367)
(4,571)
(26,938)
NET INCOME
$
40,762
$
6,255
$
47,017
NET INCOME
$
40,762
$
6,255
$
47,017
Interest expense 1
2,642
—
2,642
Tax provision
22,367
4,571
26,938
Depreciation and amortization
5,610
—
5,610
EBITDA **
71,381
10,826
82,207
Non-cash share-based compensation
3,898
—
3,898
Certain items before income taxes
(1,327)
—
(1,327)
ADJUSTED EBITDA **
$
73,952
$
10,826
$
84,778
**
Denotes non-GAAP financial measures. Please see pages A-16 and A-17 for additional information about our reasons for providing these alternative financial measures and limitations on their use.
1
Interest expense excludes consumer financing interest expense.
A-14
MARRIOTT VACATIONS WORLDWIDE CORPORATION
ASC 606 ADJUSTMENTS - FOURTH QUARTER 2017
(In thousands)
Q4 2017
As Reported
Adjustments
Q4 2017
As Adjusted
REVENUES
Sale of vacation ownership products
$
184,253
$
24,044
$
208,297
Resort management and other services
77,192
(7,551)
69,641
Financing
35,580
—
35,580
Rental
72,281
(13,492)
58,789
Cost reimbursements
111,910
77,189
189,099
TOTAL REVENUES
481,216
80,190
561,406
EXPENSES
Cost of vacation ownership products
46,224
8,005
54,229
Marketing and sales
103,498
(1,114)
102,384
Resort management and other services
41,788
(4,609)
37,179
Financing
5,423
—
5,423
Rental
69,709
(5,185)
64,524
General and administrative
26,486
—
26,486
Litigation settlement
2,015
—
2,015
Consumer financing interest
7,127
—
7,127
Royalty fee
15,424
—
15,424
Cost reimbursements
111,910
77,189
189,099
TOTAL EXPENSES
429,604
74,286
503,890
Losses and other expense, net
(980)
—
(980)
Interest expense
(4,392)
—
(4,392)
Other
(1,234)
—
(1,234)
INCOME BEFORE INCOME TAXES
45,006
5,904
50,910
Benefit for income taxes
63,034
(1,713)
61,321
NET INCOME
$
108,040
$
4,191
$
112,231
NET INCOME
$
108,040
$
4,191
$
112,231
Interest expense 1
4,392
—
4,392
Tax benefit
(63,034)
1,713
(61,321)
Depreciation and amortization
5,692
—
5,692
EBITDA **
55,090
5,904
60,994
Non-cash share-based compensation
3,937
—
3,937
Certain items before income taxes
7,113
—
7,113
ADJUSTED EBITDA **
$
66,140
$
5,904
$
72,044
**
Denotes non-GAAP financial measures. Please see pages A-16 and A-17 for additional information about our reasons for providing these alternative financial measures and limitations on their use.
1
Interest expense excludes consumer financing interest expense.
A-15
MARRIOTT VACATIONS WORLDWIDE CORPORATION
ASC 606 ADJUSTMENTS - CONSOLIDATED ADJUSTED DEVELOPMENT MARGIN
(In thousands)
Q1 2017
Q2 2017
Q3 2017
Q4 2017
2017
Sale of vacation ownership products
$
163,877
$
201,856
$
183,408
$
208,297
$
757,438
Less:
Cost of vacation ownership products
43,771
51,025
45,822
54,229
194,847
Marketing and sales
97,498
99,168
95,840
102,384
394,890
Development margin
22,608
51,663
41,746
51,684
167,701
Revenue recognition reportability adjustment
9,806
(6,858)
(805)
(16,059)
(13,916)
Certain items
—
—
1,754
1,160
2,914
Adjusted development margin **
$32,414
$44,805
$42,695
$36,785
$156,699
Development margin percentage 1
13.8%
25.6%
22.8%
24.8%
22.1%
Adjusted development margin percentage
18.4%
23.2%
23.4%
19.6%
21.2%
**
Denotes non-GAAP financial measures. Please see pages A-16 and A-17 for additional information about our reasons for providing these alternative financial measures and limitations on their use.
1
Development margin percentage represents Development margin divided by Sale of vacation ownership products.
A-16
MARRIOTT VACATIONS WORLDWIDE CORPORATION
NON-GAAP FINANCIAL MEASURES
In our press release and schedules, and on the related conference call, we report certain financial measures that are not prescribed by United States generally accepted accounting principles ("GAAP"). We discuss our reasons for reporting these non-GAAP financial measures below, and the financial schedules reconcile the most directly comparable GAAP financial measure to each non-GAAP financial measure that we report (identified by a double asterisk ("**") on the preceding pages). Although we evaluate and present these non-GAAP financial measures for the reasons described below, please be aware that these non-GAAP financial measures have limitations and should not be considered in isolation or as a substitute for revenues, net income, earnings per share or any other comparable operating measure prescribed by GAAP. In addition, these non-GAAP financial measures may be calculated and / or presented differently than measures with the same or similar names that are reported by other companies, and as a result, the non-GAAP financial measures we report may not be comparable to those reported by others.
Adjusted Net Income
We evaluate non-GAAP financial measures, including Adjusted Net Income, Adjusted EBITDA, and Adjusted Development Margin, that exclude certain items in the quarters ended March 31, 2018 and March 31, 2017, because these non-GAAP financial measures allow for period-over-period comparisons of our on-going core operations before the impact of these items. These non-GAAP financial measures also facilitate our comparison of results from our on-going core operations before these items with results from other vacation ownership companies.
Certain items - Quarter Ended March 31, 2018
In our Statement of Income for the quarter ended March 31, 2018, we recorded $2.6 million of net pre-tax items, which included $3.2 million of acquisition costs, including $2.5 million of acquisition costs associated with the anticipated future capital efficient acquisition of the operating property in San Francisco, California and $0.7 million of other acquisition costs, partially offset by a $0.5 million favorable true up of previously recorded costs associated with Hurricane Irma and Hurricane Maria (recorded in gains and other income) and a $0.1 million true up of previously recorded litigation settlement expenses.
Certain items - Quarter Ended March 31, 2017
In our Statement of Income for the quarter ended March 31, 2017, we recorded $0.5 million of net pre-tax items, which included $0.4 million of acquisition costs and $0.1 million of losses and other expense.
Adjusted Development Margin (Adjusted Sale of Vacation Ownership Products Net of Expenses)
We evaluate Adjusted Development Margin (Adjusted Sale of Vacation Ownership Products Net of Expenses) as an indicator of operating performance. Adjusted Development Margin adjusts Sale of vacation ownership products revenues for the impact of revenue reportability, includes corresponding adjustments to Cost of vacation ownership products expense and Marketing and sales expense associated with the change in revenues from the Sale of vacation ownership products, and may include adjustments for certain items as itemized in the discussion of Adjusted Net Income above. We evaluate Adjusted Development Margin because it allows for period-over-period comparisons of our on-going core operations before the impact of revenue reportability and certain items to our Development Margin.
A-17
MARRIOTT VACATIONS WORLDWIDE CORPORATION
NON-GAAP FINANCIAL MEASURES
Earnings Before Interest Expense, Taxes, Depreciation and Amortization ("EBITDA") and Adjusted EBITDA
EBITDA is defined as earnings, or net income, before interest expense (excluding consumer financing interest expense), provision for income taxes, depreciation and amortization. For purposes of our EBITDA and Adjusted EBITDA calculations, we do not adjust for consumer financing interest expense because the associated debt is secured by vacation ownership notes receivable that have been sold to bankruptcy remote special purpose entities and is generally non-recourse to us. Further, we consider consumer financing interest expense to be an operating expense of our business. We consider EBITDA and Adjusted EBITDA to be indicators of operating performance, which we use to measure our ability to service debt, fund capital expenditures and expand our business. We also use EBITDA and Adjusted EBITDA, as do analysts, lenders, investors and others, because these measures exclude certain items that can vary widely across different industries or among companies within the same industry. For example, interest expense can be dependent on a company's capital structure, debt levels and credit ratings. Accordingly, the impact of interest expense on earnings can vary significantly among companies. The tax positions of companies can also vary because of their differing abilities to take advantage of tax benefits and because of the tax policies of the jurisdictions in which they operate. As a result, effective tax rates and provision for income taxes can vary considerably among companies. EBITDA and Adjusted EBITDA also exclude depreciation and amortization because companies utilize productive assets of different ages and use different methods of both acquiring and depreciating productive assets. These differences can result in considerable variability in the relative costs of productive assets and the depreciation and amortization expense among companies. Adjusted EBITDA reflects additional adjustments for certain items, as itemized in the discussion of Adjusted Net Income above, and excludes non-cash share-based compensation expense to address considerable variability among companies in recording compensation expense because companies use share-based payment awards differently, both in the type and quantity of awards granted. Prior period presentation has been recast for consistency. We evaluate Adjusted EBITDA as an indicator of operating performance because it allows for period-over-period comparisons of our on-going core operations before the impact of the excluded items. Together, EBITDA and Adjusted EBITDA facilitate our comparison of results from our on-going core operations before the impact of these items with results from other vacation ownership companies.
Free Cash Flow and Adjusted Free Cash Flow
We evaluate Free Cash Flow and Adjusted Free Cash Flow as liquidity measures that provide useful information to management and investors about the amount of cash provided by operating activities after capital expenditures for property and equipment, changes in restricted cash, and the borrowing and repayment activity related to our securitizations, which cash can be used for strategic opportunities, including acquisitions and strengthening the balance sheet. Adjusted Free Cash Flow, which reflects additional adjustments to Free Cash Flow for the impact of organizational and separation related, litigation, and other cash charges, allows for period-over-period comparisons of the cash generated by our business before the impact of these items. Analysis of Free Cash Flow and Adjusted Free Cash Flow also facilitates management's comparison of our results with our competitors' results.
A-18
MARRIOTT VACATIONS WORLDWIDE CORPORATION
INTERIM CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data)
(Unaudited)
March 31, 2018
December 31, 2017
ASSETS
Cash and cash equivalents
$
323,831
$
409,059
Restricted cash (including $34,987 and $32,321 from VIEs, respectively)
61,298
81,553
Accounts receivable, net (including $4,816 and $5,639 from VIEs, respectively)
63,038
91,659
Vacation ownership notes receivable, net (including $725,835 and $814,011 from VIEs, respectively)
1,132,783
1,114,552
Inventory
726,969
728,379
Property and equipment
251,264
252,727
Other (including $22,497 and $13,708 from VIEs, respectively)
200,768
166,653
TOTAL ASSETS
$
2,759,951
$
2,844,582
LIABILITIES AND EQUITY
Accounts payable
$
79,959
$
145,405
Advance deposits
96,647
84,087
Accrued liabilities (including $616 and $701 from VIEs, respectively)
121,975
119,810
Deferred revenue
114,243
69,058
Payroll and benefits liability
81,425
111,885
Deferred compensation liability
79,201
74,851
Debt, net (including $758,791 and $845,131 from VIEs, respectively)
1,012,350
1,095,213
Other
11,372
13,471
Deferred taxes
96,549
89,987
TOTAL LIABILITIES
1,693,721
1,803,767
Preferred stock — $0.01 par value; 2,000,000 shares authorized; none issued or outstanding
—
—
Common stock — $0.01 par value; 100,000,000 shares authorized; 36,976,481 and 36,861,843 shares issued, respectively
370
369
Treasury stock — at cost; 10,411,960 and 10,400,547 shares, respectively
(695,944)
(694,233)
Additional paid-in capital
1,184,106
1,188,538
Accumulated other comprehensive income
22,989
16,745
Retained earnings
554,709
529,396
TOTAL EQUITY
1,066,230
1,040,815
TOTAL LIABILITIES AND EQUITY
$
2,759,951
$
2,844,582
The abbreviation VIEs above means Variable Interest Entities.
A-19
MARRIOTT VACATIONS WORLDWIDE CORPORATION
INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Three Months Ended
March 31, 2018
March 31, 2017
OPERATING ACTIVITIES
Net income
$
35,981
$
27,890
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation
5,601
5,191
Amortization of debt discount and issuance costs
3,936
1,386
Vacation ownership notes receivable reserve
8,875
12,714
Share-based compensation
3,601
3,276
Deferred income taxes
6,714
3,039
Net change in assets and liabilities:
Accounts receivable
29,203
34,195
Vacation ownership notes receivable originations
(105,378)
(112,640)
Vacation ownership notes receivable collections
78,999
76,068
Inventory
1,417
19,801
Other assets
(24,724)
(26,704)
Accounts payable, advance deposits and accrued liabilities
(42,132)
(27,657)
Deferred revenue
45,163
38,771
Payroll and benefit liabilities
(30,650)
(14,500)
Deferred compensation liability
4,351
4,147
Other liabilities
(785)
(197)
Other, net
3,082
924
Net cash provided by operating activities
23,254
45,704
INVESTING ACTIVITIES
Capital expenditures for property and equipment (excluding inventory)
(2,763)
(5,055)
Purchase of company owned life insurance
(9,000)
(8,200)
Dispositions, net
—
1
Net cash used in investing activities
(11,763)
(13,254)
FINANCING ACTIVITIES
Repayment of debt related to securitization transactions
(86,341)
(54,340)
Debt issuance costs
(976)
(1,219)
Repurchase of common stock
(1,882)
—
Payment of dividends
(21,255)
(19,010)
Payment of withholding taxes on vesting of restricted stock units
(8,261)
(6,644)
Other, net
15
(16)
Net cash used in financing activities
(118,700)
(81,229)
Effect of changes in exchange rates on cash, cash equivalents and restricted cash
1,726
1,551
Decrease in cash, cash equivalents, and restricted cash
(105,483)
(47,228)
Cash, cash equivalents and restricted cash, beginning of period
490,612
213,102
Cash, cash equivalents and restricted cash, end of period
$
385,129
$
165,874
releases/marriott-vacations-worldwide-reports-first-quarter-financial-results-300641982.html
SOURCE Marriott Vacations Worldwide Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/pr-newswire-marriott-vacations-worldwide-reports-first-quarter-financial-results.html |
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