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May 24, 2018 / 7:49 PM / Updated 29 minutes ago UPDATE 1-Brazil's Caixa Econômica Federal seeks higher capital ratio Reuters Staff 1 Min Read
(Adds CEO, CFO comments)
SAO PAULO, May 24 (Reuters) - Brazilian state bank Caixa Econômica Federal will not sacrifice profitability to gain market share in loans, Chief Financial Officer Arno Meyer said on Thursday, underscoring the lender’s focus on raising its capital ratio in coming quarters.
Earlier in the day, Brazil’s biggest mortgage lender reported its net profit had jumped 115 percent in the first quarter from a year ago, to 3.2 billion reais ($877 million), as loan-loss provisions and administrative expenses decreased.
Caixa’s loan book declined 2.1 percent in the quarter to 700 million reais. However, Chief Executive Nelson Antônio de Souza said it could grow up to 4 percent in 2018. $1 = 3.65 reais Reporting by Aluisio Alves and Flavia Bohone Writing by Carolina Mandl Editing by Chizu Nomiyama and David Gregorio | ashraq/financial-news-articles | https://www.reuters.com/article/caixa-results/update-1-brazils-caixa-econmica-federal-seeks-higher-capital-ratio-idUSL2N1SV1JO |
Yasmani Grandal capped a three-run eighth inning with an RBI single and the Los Angeles Dodgers rallied Monday for a 5-4 victory over the visiting Philadelphia Phillies.
Trailing 4-2 in the eighth, the Dodgers put together a wild comeback with the aid of two infield singles and an infield popup that was lost by Phillies second baseman Cesar Hernandez.
Matt Kemp had a pinch-hit RBI double in the eighth for the Dodgers, while Max Muncy delivered an RBI infield single that bounced off the glove of pitcher Adam Morgan (0-1). Grandal’s go-ahead hit to left field came against a drawn-in infield.
Yimi Garcia (1-1), who was called up from Triple-A Oklahoma City earlier Monday, picked up the victory with two scoreless innings of relief. Kenley Jansen pitched the ninth inning for his 12th save in 14 chances and his 11th consecutive scoreless outing.
The Dodgers rallied from an early 4-0 deficit, making it their largest comeback victory of the season.
Hernandez had a three-run home run that gave the Phillies their 4-0 lead in the second inning. The Phillies scored their first run in the opening inning on a wild pitch.
Phillies starter Vince Velasquez carried a no-hitter into the sixth inning, but it was broken up on a leadoff single from Yasiel Puig. The right-hander gave up two runs on three hits over 5 2/3 innings, allowing an RBI double by Joc Pederson and an RBI single from Justin Turner in the sixth.
In just his second start of the season, Dodgers right-hander Brock Stewart gave up four runs (three earned) on five hits with two walks over four innings.
The Dodgers have won nine of their last 11 games and are looking to win their fourth consecutive series. The Phillies are now 13-10 this month and are within reach of their first winning May since 2012. They have not won a series in L.A. since 2014.
The Phillies have lost four consecutive games at Dodger Stadium after getting swept in a three-game series in April of 2017.
Phillies skipper Gabe Kapler, the Dodgers’ former director of player development, lost his first game as a manager at Dodger Stadium.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/baseball-mlb-lad-phi-recap/grandal-dodgers-rally-past-phillies-in-8th-win-5-4-idUSMTZEE5TH227U3 |
BOULDER, Colo., May 07, 2018 (GLOBE NEWSWIRE) -- Gaia, Inc. (NASDAQ:GAIA), a conscious media and community company, reported financial results for the first quarter ended March 31, 2018.
First Quarter 2018 vs. Same Year-Ago Quarter
70% subscriber growth generated 75% increase in streaming revenues Total revenues up 66% Gross margin up 100 basis points to 86.8%
“We began 2018 on a strong note, achieving our subscriber growth target, which is ahead of the pace required to achieve our 2019 goal,” said Jirka Rysavy, Gaia’s CEO, “delivering another quarter of continued predictability.”
Gaia’s paying subscriber count increased to 421,000 on March 31, 2018, from 364,500 on December 31, 2017, and up 70% from 247,300 on March 31, 2017.
First Quarter 2018 Financial Results
Total revenues in the first quarter increased 66% to $9.6 million from $5.8 million in the year-ago quarter. This was due to 75% growth in streaming revenues, which was driven by the 70% increase in paying subscribers versus March 31, 2017.
Gross profit in the first quarter increased 68% to $8.3 million compared to $5.0 million in the year-ago quarter. Gross margin increased 100 basis points to 86.8% from 85.8% in the first quarter of 2017 due to increased revenues and continued cost efficiency in Gaia’s original content investments. Gaia expects to maintain gross margins at this level through 2018.
Total operating expenses in the first quarter were $16.2 million compared to $11.8 million in the year-ago quarter. The increase was due to the planned marketing expense increases associated with accelerated subscriber growth. Customer acquisition costs as a percentage of streaming revenue declined to 109% in the first quarter of 2018 from 121% in the year-ago quarter, despite increasing the subscriber growth rate to 70% in the current quarter from 58% in the year-ago quarter.
Net loss in the first quarter was $6.0 million, or $(0.39) per share, compared to a net loss of $6.2 million, or $(0.41) per share, in the year-ago quarter.
As of March 31, 2018, Gaia had $50.7 million in cash compared to $32.8 million at the end of 2017. On March 26, 2018, Gaia closed an oversubscribed public offering of Class A common stock, issuing 2.68 million shares, which included the full over-allotment. Gaia intends to use the net proceeds of approximately $37 million for working capital purposes. A majority of Gaia’s board of directors and executive management team participated in the offering. Gaia also paid off the $12.5 million outstanding on its line of credit as of December 31, 2017 during the quarter.
Gaia management will be presenting at the 19 th Annual B Riley FBR Institutional Investor Conference on May 23 and 24, 2018 in Santa Monica, CA.
Conference Call
Gaia is hosting a conference call today, May 7, 2018, beginning at 4:30 p.m. ET (2:30 p.m. MT). The conference call dial-in numbers are (800) 239-9838 (or (323) 794-2551 for international callers), passcode 1175137. Questions will be reserved for analysts and investors. If you have any difficulty connecting with the conference call, please contact Liolios at (949) 574-3860. Following the completion of today’s conference call, a replay will be available until May 21, 2018 by dialing (844) 512-2921 (or (412) 317-6671 for international callers), passcode 1175137.
About Gaia
Gaia is a global video streaming service and community that provides curated conscious media in three primary channels—Seeking Truth, Transformation and Yoga—to its subscribers in over 170 countries with 8,000 titles in its English library. Over 90% of its library is exclusive to Gaia, and approximately 80% of the views are generated by content produced or owned by Gaia. For more information about Gaia, visit www.gaia.com .
Forward-Looking Statements
This press release includes relating to matters that are not historical facts. Forward-looking statements may be identified by the use of words such as “expect,” “believe,” “will,” or comparable terminology or by discussions of strategy. While Gaia believes its assumptions and expectations underlying are reasonable, there can be no assurance that actual results will not be materially different. Risks and uncertainties that could cause materially different results include, among others, history of operating losses, general economic conditions, competition, changing consumer preferences, acquisitions, new initiatives undertaken by us, costs of acquiring new subscribers, subscriber retention rates, and other risks and uncertainties included in Gaia’s Commission. Gaia assumes no duty to update any .
Contacts
Paul Tarell
Gaia, Inc.
(303) 222-3330
[email protected]
Cody Slach
Liolios Investor Relations
(949) 574-3860
[email protected]
GAIA, INC.
Condensed consolidated statements of operations
For the Three Months Ended
March 31, (in thousands, except per share data) 2018 2017 (unaudited) Net revenues Streaming $ 9,138 $ 5,209 DVD subscription and other 477 575 Total net revenues 9,615 5,784 Cost of revenues Streaming 1,181 743 DVD subscription and other 91 77 Total cost of revenues 1,272 820 Gross profit 8,343 4,964 Expenses: Selling and operating 14,810 10,465 Corporate, general and administration 1,411 1,352 Total operating expenses 16,221 11,817 Loss from operations (7,878 ) (6,853 ) Interest and other income, net 17 44 Loss before income taxes (7,861 ) (6,809 ) Income tax benefit (1,826 ) (629 ) Net loss $ (6,035 ) $ (6,180 ) Loss per share Basic and diluted $ (0.39 ) $ (0.41 ) Weighted-average shares outstanding: Basic and diluted 15,364 15,153 GAIA, INC.
Condensed consolidated balance sheets
March 31, December 31, (in thousands) 2018 2017 ASSETS (unaudited) Current assets: Cash $ 50,671 $ 32,778 Accounts receivable 1,305 1,055 Prepaid expenses and other current assets 3,385 3,082 Total current assets 55,361 36,915 Building and land, net 18,287 17,028 Media library, software and equipment, net 21,662 20,387 Goodwill 10,609 10,609 Investments and other assets 12,718 12,040 Total assets $ 118,637 $ 96,979 LIABILITIES AND EQUITY Current liabilities: Accounts payable, accrued and other liabilities $ 6,328 $ 16,848 Deferred revenue 4,407 3,318 Total current liabilities 10,735 20,166 Deferred taxes 164 663 Total equity 107,738 76,152 Total liabilities and equity $ 118,637 $ 96,981
Source:Gaia, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/globe-newswire-gaia-reports-first-quarter-2018-results.html |
Analyst: You don't want tech companies to buy Fox assets 1 Hour Ago Todd Juenger, Bernstein senior analyst, and Larry Haverty, LJH Investment Advisors, discuss Comcast's all-cash bid for Twenty-First Century Fox assets. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/08/analyst-you-dont-want-tech-companies-to-buy-fox-assets.html |
LONDON, May 24 (Reuters) - Bank of England Governor Mark Carney hopes the adoption of a new interest rate benchmark as an alternative to Libor, the benchmark tarnished by a rigging scandal, will create a new “ecosystem” of financial products.
The BoE and major dealers have backed Sonia, the sterling overnight index average, as its preferred “near risk-free” interest rate benchmark in sterling derivatives and other financial contracts.
“Over time the private sector will develop a wider range of products referencing Sonia. Futures contracts have already been created,” Carney said in a speech delivered at Bloomberg’s offices in London.
“We can expect Floating Rate Notes and loans referencing SONIA to follow. The end point should be an ecosystem for interest rate markets which has an altogether healthier foundation than at present.”
After banks were fined for rigging Libor, an interest rate the industry compiled itself at the time, central banks sought alternatives that were harder to manipulate.
The BoE took over responsibility for Sonia in 2016 and wants it to replace Libor completely by the end of 2021. Sonia reflects bank and building societies’ overnight funding rates in the sterling unsecured market.
Carney also said more needed to be done to counter misconduct in the financial sector. (Reporting by David Milliken, writing by Andy Bruce)
| ashraq/financial-news-articles | https://www.reuters.com/article/britain-boe-carney-sonia/boes-carney-hopes-sonia-adoption-will-spur-ecosystem-of-financial-products-idUSL9N1QI029 |
SAO PAULO (Reuters) - The captains of the three teams drawn to play Peru at the World Cup in Russia next month have appealed to FIFA to lift a ban on Paolo Guerrero, who was suspended after testing positive for cocaine.
FILE PHOTO: Peruvian soccer player Paolo Guerrero arrives in Lima, Peru May 15, 2018. REUTERS/Guadalupe Pardo Peru captain Guerrero was ruled out the finals last week after the Court of Arbitration for Sport (CAS) increased from six months to 14 months a ban he received after testing positive for cocaine contained in a tea he drank.
France captain Hugo Lloris, Australia’s Mile Jedinak and Denmark skipper Simon Kjaer wrote a letter to FIFA saying the ban was disproportionate given that CAS acknowledged Guerrero did not knowingly ingest cocaine or seek to gain an advantage.
“We respectfully ask the FIFA Council to show compassion,” Jedinak, Kjaer and Lloris said in a letter released by FIFPro, the world players’ union.
“In our view it would be plainly wrong to exclude him from what should be a pinnacle of his career.”
The three players said Guerrero could be allowed to play in the tournament and serve the remainder of his ban afterwards.
“We strongly believe a temporary interruption would be an equitable and rightful solution,” they said.
The ban means the 34-year-old Peru captain and top goalscorer will miss Peru’s first World Cup in 36 years.
Reporting by Andrew Downie; Editing by Toby Davis
| ashraq/financial-news-articles | https://www.reuters.com/article/us-soccer-worldcup-per-guerrero/soccer-rivals-ask-for-guerrero-world-cup-ban-to-be-lifted-idUSKCN1IM2JD |
May 16, 2018 / 1:52 PM / a few seconds ago Firms to launch U.S. corporate bond index futures Reuters Staff 2 Min Read
(Reuters) - Cboe Global Markets Inc ( CBOE.O ) said on Wednesday that it, data firm IHS Markit Ltd ( INFO.O ) and BlackRock Inc ( BLK.N ), the world’s biggest asset manager, are jointly developing the first-ever U.S. corporate bond index futures.
These products, aimed at investors and traders, are intended to offer access to the $8.5 trillion U.S. corporate bond market through exchange-traded, centrally cleared instruments, the Chicago-based exchange operator said.
“We believe this will provide our customers with a tool to mitigate credit risk in the corporate bond market,” Cboe President and Chief Operating Officer Chris Concannon said in a statement.
Cboe said it expects to begin launching these products in the summer of 2018, starting with the high yield corporate bond index futures.
The corporate bond index futures will be designed to reflect the performance of new IHS Markit iBoxx indexes, which will include the publicly disclosed eligible holdings of the iShares iBoxx $ High Yield Corporate Bond ETF ( HYG.P ) and the publicly disclosed eligible holdings of the iShares iBoxx $ Investment Grade Corporate Bond ETF ( LQD.P ), Cboe said.
BlackRock, which oversees $6.3 trillion in assets, is the largest exchange-traded fund (ETF) issuer through its iShares brand. Reporting By Richard Leong | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-bonds-cboe-futures/firms-to-launch-u-s-corporate-bond-index-futures-idUSKCN1IH1UY |
May 18, 2018 / 7:14 AM / Updated 12 minutes ago UPDATE 1-AstraZeneca hit by falling Crestor sales, shares fall Reuters Staff 3 Min Read
(Adds detail)
LONDON, May 18 (Reuters) - AstraZeneca’s first quarter profit was hit by generic competition to cholesterol fighter Crestor and higher costs, but the drugmaker expects a better second half and said it remained on track for a promised return to sales growth in 2018.
Core operating profit tumbled 46 percent to $896 million, well below market forecasts, and Crestor sales fell 38 percent as cheap copycat versions of the drug stole market share in Europe and Japan.
Chief Executive Pascal Soriot said on Friday the performance was in line with his expectations, adding that the company’s latest arrivals - Imfinzi for cancer and Fasenra for severe asthma - had both got off to a good start.
Investors were more sceptical and the shares fell 2.5 percent in early trading. “Astra shoots for stars, but misses,” Mike van Dulken at Accendo Markets wrote in a note to clients.
China sales continued to be a bright spot and Soriot said the effects of the Crestor patent expiries would “recede materially in the second half”.
Still, the weak quarterly numbers show the battle AstraZeneca faces as it strives to replace former blockbuster medicines with newer products.
The drugmaker has suffered the industry’s biggest patent cliff since 2012, wiping out more than half of its sales, but analysts are now forecasting that the company will show strong growth in the years ahead as new drugs deliver.
Total product sales in the three months rose a modest 3 percent, helped by a weaker dollar, but were down 2 percent in constant currencies, which is the benchmark AstraZeneca uses for measuring its return to growth this year.
Total revenue fell 4 percent in dollar terms to $5.18 billion, reflecting investment in new drug launches and a lack of divestments compared with a year earlier. Core earnings per share, which exclude some items, slumped 51 percent to 48 cents.
Analysts, on average, had forecast earnings of 60 cents on revenue of $5.28 billion, Thomson Reuters data showed.
The company continues to predict 2018 core EPS of $3.30 to $3.50.
Soriot, who saw off a 2014 takeover bid from Pfizer in part by promising annual sales of $45 billion by 2023, has presided over a volatile period at AstraZeneca.
AstraZeneca shares suffered their biggest ever daily fall last July on disappointing initial results from a lung cancer immunotherapy trial dubbed Mystic. The stock has since rallied, helped by good news from two other studies.
More data from the Mystic trial is due in the second half of this year. (Reporting by Ben Hirschler editing by Jason Neely and Susan Fenton) | ashraq/financial-news-articles | https://www.reuters.com/article/astrazeneca-results/update-1-astrazeneca-hit-by-falling-crestor-sales-shares-fall-idUSL5N1SP0XJ |
Highlights
First quarter 2018 revenues of $31.1 million net of $42 thousand attributed to the non-cash impact of warrants, compared to $27.1 million net of $938 thousand attributed to the non-cash impact of warrants in the prior year period. First quarter GAAP operating income of $0.09 million, or 0.3% of revenues; non-GAAP operating income of $1.7 million, or 5.5% of revenues. First quarter GAAP net income of $565 thousand, or $0.02 per diluted share; non-GAAP net income of $2.1 million, or $0.06 per diluted share. Newly introduced Avalanche HD system and upgrade sales ahead of expectations; received significant orders from existing and new customers.
ROSH-HA`AYIN, Israel, May 08, 2018 (GLOBE NEWSWIRE) -- Kornit Digital Ltd. (NASDAQ:KRNT), a leading provider of digital printing solutions for the global printed textile industry, today reported results for the first quarter ended March 31, 2018.
Non-GAAP figures in today’s press release are presented using a different methodology compared to previous periods as a result of comments from the US Securities and Exchange Commission. These changes also impact the Company's guidance methodology.
Revenues for the first quarter of 2018 were $31.1 million, which represents a 14.8% increase compared to the prior year period of $27.1 million. The non-cash impact of the warrants deducted from the revenues was $42 thousand in the first quarter of 2018 compared to $938 thousand in the first quarter of 2017. Higher revenue in the quarter was attributable to growth in both Products and Services.
GAAP net income in the first quarter of 2018 was $565 thousand, or $0.02 per diluted share, compared to GAAP net loss of $(1.7) million, or $(0.05) per diluted share in the first quarter of 2017. On a non-GAAP basis net income was $2.1 million, or $0.06 per diluted share, compared to prior-year non-GAAP net loss of $(547) thousand, or $(0.02) per diluted share.
Gabi Seligsohn, Kornit Digital’s Chief Executive Officer commented, “We are pleased to report an exceptionally strong start to the year, with sales and operating margins both ahead of our expected guidance range. Growth in the quarter was broad based and included a diversity of customers and product categories, led by faster-than-expected customer adoption of Avalanche HD systems and upgrades, which exceeded $5 million in orders in the first quarter. We are also very pleased to report that to date in the second quarter, we have received orders for an additional $10 million of Avalanche HD systems and upgrades. As we look to the balance of the year, we are poised for our momentum to continue, supported by the launch of the Storm HD6 and a large-scale customer program, which is resuming deliveries in the second quarter.”
First Quarter Results of Operations
Kornit reported first quarter revenues, net of the non-cash impact of warrants, of $31.1 million, compared with the prior-year period level of $27.1 million. The total non-cash impact of the warrants deducted from revenues was $42 thousand in the first quarter of 2018 and $938 thousand in the first quarter of 2017. Higher revenue in the quarter was attributable to growth in both Products and Services, in particular, strong adoption of the Avalanche HD6 and upgrades.
On a GAAP basis, first quarter gross profit was $15.4 million, compared with $11.9 million, in the prior-year period. Non-GAAP gross profit in the first quarter was $15.6 million, or 50.0% of revenues compared with $12.1 million, or 44.5% gross margin in the first quarter of 2017. Higher gross margins primarily reflected a favorable product mix compares to first Quarter of 2017 and an increase in system's upgrade revenues.
On a GAAP basis, total operating expenses in the first quarter were $15.3 million, compared to $13.2 million in the prior year period. Non-GAAP operating expenses in the first quarter increased to $13.9 million, or 44.5% of revenues, compared to $12.0 million, or 44.2% of revenues in the prior year period. The increase in total operating expenses was consistent with the previously stated growth strategy, as the Company continues to execute to its global infrastructure build out and was specifically impacted by costs associated with increased headcount expenses.
First quarter GAAP research and development expenses were $5.3 million, compared to the prior-year period of $4.8 million. First quarter non-GAAP research and development expenses were $5.1 million, or 16.4% of revenues, compared to $4.7 million, or 17.2% of revenues in the prior-year period.
First quarter GAAP selling and marketing expenses were $5.8 million, compared to the prior-year period of $5.6 million. First quarter non-GAAP selling and marketing expenses were $5.4 million, or 17.3% of revenues, compared to $4.9 million, or 18.2% of revenues in the prior-year period.
First quarter GAAP general and administrative expenses were $4.0 million, compared to the prior-year period of $2.8 million. First quarter non-GAAP general and administrative expenses were $3.4 million, or 10.8% of revenues, compared to $2.4 million, or 8.8% of revenues in the prior-year period.
On a GAAP basis, first quarter operating income was $92 thousand, compared to the prior year period operating loss of $(1.3) million. Non-GAAP operating income in the first quarter increased to $1.7 million, compared to $94 thousand in the prior year period. As a percent of revenues, adjusted operating margin for the first quarter was 5.5% of revenues, compared with 0.3% of revenues in the first quarter of 2017.
On a GAAP basis, the Company reported net income of $565 thousand, or $0.02 per diluted share, compared to a net loss of $(1.7) million, in the first quarter of 2017. Non-GAAP net income for the first quarter of 2018 was $2.1 million, or $0.06 per diluted share, compared to a net loss of $(547) thousand, or $(0.02) per diluted share in the prior year period.
Balance Sheet and Cash Flow
At March 31, 2018, the Company had cash, cash equivalent, short term deposits and marketable securities of $98.2 million. Cash flow from operating activity for the first quarter 2018 was $1.8 million.
Second Quarter 2018 Guidance
The Company will discuss the details of its guidance live during its earnings conference call, which will be available for replay via webcast at ir.kornit.com .
Conference Call Information
Gabi Seligsohn, the Company’s Chief Executive Officer, and Guy Avidan, the Company’s Chief Financial Officer, will host a conference call today at 5:00 p.m. ET, or 0:00 a.m. Israel time, to discuss the results, followed by a question and answer session for the investment community. A live webcast of the call can be accessed at ir.kornit.com . To access the call, participants may dial toll-free at 1-800-239-9838 or +1-323-794-2551. The toll-free Israeli number is 1 80 921 2883. The confirmation code is 9100005.
To listen to a telephonic replay of the conference call, dial toll-free 1-844-512-2921 or +1-412-317-6671 (international) and enter confirmation code 9100005. The telephonic replay will be available beginning at 8:00 p.m. ET on Tuesday, May 8, 2018, and will last through 11:59 p.m. ET on Tuesday, May 22, 2018. The call will also be available for replay via the webcast link on Kornit’s Investor Relations website.
Forward Looking Statements
Certain statements in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and other U.S. securities laws. Forward-looking statements are characterized by the use of forward-looking terminology such as "will," "expects," "anticipates," "continue," "believes," "should," "intended," "guidance," "preliminary," "future," "planned," or other words. These forward-looking statements include, but are not limited to, statements relating to the company's objectives, plans and strategies, statements of preliminary or projected results of operations or of financial condition and all statements that address activities, events or developments that the company intends, expects, projects, believes or anticipates will or may occur in the future. Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties. The company has based these forward-looking statements on assumptions and assessments made by its management in light of their experience and their perception of historical trends, current conditions, expected future developments and other factors they believe to be appropriate. Important factors that could cause actual results, developments and business decisions to differ materially from those anticipated in these forward-looking statements include, among other things: our success in developing, introducing and selling new or improved products and product enhancements, our ability to consummate sales to large accounts with multi-system delivery plans, our ability to fill orders for our systems, our ability to continue to increase sales of our systems and ink and consumables, our ability to leverage our global infrastructure build-out, the development of the market for digital textile printing, availability of alternative ink, competition, sales concentration, changes to our relationships with suppliers, our success in marketing, and those factors referred to under "Risk Factors" in the company's final prospectus filed with the U.S. Securities and Exchange Commission on January 26, 2018. Any forward-looking statements in this press release are made as of the date hereof, and the company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Non-GAAP Discussion Disclosure
Non-GAAP financial measures consist of GAAP financial measures adjusted to exclude, share-based compensation expenses, acquisition related costs, restructuring expenses and amortization of acquired intangible assets. The purpose of such adjustments is to give an indication of our performance exclusive of non-cash charges and other items that are considered by management to be outside of our core operating results. These non-GAAP measures are among the primary factors management uses in planning for and forecasting future periods. Furthermore, the non-GAAP measures are regularly used internally to understand, manage and evaluate our business and make operating decisions, and we believe that they are useful to investors as a consistent and comparable measure of the ongoing performance of our business. However, our non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. Additionally, these non-GAAP financial measures may differ materially from the non-GAAP financial measures used by other companies.
About Kornit
Kornit Digital (NASDAQ:KRNT) develops, manufactures and markets industrial digital printing technologies for the garment, apparel and textile industries. Kornit delivers complete solutions, including digital printing systems, inks, consumables, software and after-sales support. Leading the digital direct-to-garment printing market with its exclusive eco-friendly NeoPigment printing process, Kornit caters directly to the changing needs of the textile printing value chain. Kornit’s technology enables innovative business models based on web-to-print, on-demand and mass customization concepts. With its immense experience in the direct-to-garment market, Kornit also offers a revolutionary approach to the roll-to-roll textile printing industry: digitally printing with a single ink set onto multiple types of fabric with no additional finishing processes. Founded in 2003, Kornit Digital is a global company, headquartered in Israel with offices in the USA, Europe and Asia Pacific, and serves customers in more than 100 countries worldwide.
KORNIT DIGITAL LTD. AND ITS SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (U.S. dollars in thousands, except share and per share data) Three Months Ended March 31, 2018 2017 (Unaudited) Revenues Products $ 26,758 $ 24,630 Services 4,362 2,472 Total revenues 31,120 27,102 Cost of revenues Products 11,039 12,083 Services 4,692 3,124 Total cost of revenues 15,731 15,207 Gross profit 15,389 11,895 Operating expenses: Research and development 5,272 4,780 Selling and marketing 5,849 5,558 General and administrative 4,028 2,837 Restructuring expenses 148 - Total operating expenses 15,297 13,175 Operating income (loss) 92 (1,280 ) Financial income (expenses), net 533 (296 ) Income (loss) before taxes on income 625 (1,576 ) Taxes on income 60 161 Net income (loss) 565 (1,737 ) Basic net income (loss) per share $ 0.02 $ (0.05 ) Weighted average number of shares used in computing basic net income (loss) per share 34,269,217 32,658,344 Diluted net income (loss) per share $ 0.02 $ (0.05 ) Weighted average number of shares used in computing diluted net income (loss) per share 34,729,450 32,658,344
KORNIT DIGITAL LTD. AND ITS SUBSIDIARIES RECONCILATION OF GAAP TO NON-GAAP CONSOLIDATED STATEMENTS OF OPERATIONS (U.S. dollars in thousands, except share and per share data) Three Months Ended March 31, 2018 2017 (Unaudited) GAAP cost of revenues $ 15,731 $ 15,207 Share-based compensation (1) (148 ) (144 ) Intangible assets amortization (2) (25 ) (25 ) Non-GAAP cost of revenues $ 15,558 $ 15,038 GAAP gross profit $ 15,389 $ 11,895 Gross profit adjustments 173 169 Non-GAAP gross profit $ 15,562 $ 12,064 GAAP operating expenses $ 15,297 $ 13,175 Share-based compensation (1) (1,057 ) (794 ) Intangible assets amortization (2) (241 ) (411 ) Restructuring expenses (148 ) - Non-GAAP operating expenses $ 13,851 $ 11,970 GAAP Taxes on income $ 60 $ 161 Tax effect on to the above non-GAAP adjustments 88 184 Non-GAAP Taxes on income $ 148 $ 345 GAAP net income (loss) $ 565 $ (1,737 ) Share-based compensation (1) 1,205 938 Intangible assets amortization (2) 266 436 Restructuring expenses 148 - Tax effect on to the above non-GAAP adjustments (88 ) (184 ) Non-GAAP net income (loss) (*) $ 2,096 $ (547 ) GAAP diluted earning (loss) per share $ 0.02 $ (0.05 ) Non-GAAP diluted earning (loss) per share $ 0.06 $ (0.02 ) Weighted average number of shares Weighted average number of shares used in computing diluted GAAP net earning (loss) per share 34,729,450 32,658,344 Weighted average number of shares used in computing diluted non GAAP net earning per share 35,005,677 34,159,770 (1) Share-based compensation Cost of product 85 103 Cost of service 63 41 Research and development 174 117 Selling and marketing 228 220 General and administrative 655 457 1,205 938 (2) Intangible assets amortization Cost of product 25 25 Selling and marketing 241 411 266 436
(*) Non-GAAP net income has been updated from prior reports (a) to remove the adjustment for the non-cash impact of the warrants deducted from revenues, and (b) to reflect the tax efect of the non-GAAP adjustments.
KORNIT DIGITAL LTD. AND ITS SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (U.S. dollars in thousands) March 31, December 31, 2018 2017 (Unaudited) ASSETS CURRENT ASSETS: Cash and cash equivalents $ 14,782 $ 18,629 Short-term bank deposit 7,500 4,500 Marketable securities 9,890 5,537 Trade receivables, net 25,651 23,245 Inventory 29,471 34,855 Other accounts receivable and prepaid expenses 2,239 2,661 Total current assets 89,533 89,427 LONG-TERM ASSETS: Marketable securities 66,060 68,835 Deposits and prepaid expenses 674 627 Severance pay fund 530 523 Deferred tax asset 884 564 Property and equipment, net 11,387 11,230 Intangible assets, net 1,809 2,076 Goodwill 5,092 5,092 Total long-term assets 86,436 88,947 Total assets $ 175,969 $ 178,374 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Trade payables $ 7,272 $ 12,439 Employees and payroll accruals 6,695 6,338 Deferred revenues and advances from customers 2,020 1,697 Other payables and accrued expenses 5,436 5,046 Total current liabilities 21,423 25,520 LONG-TERM LIABILITIES: Accrued severance pay 1,159 1,232 Payment obligation related to acquisition - 334 Other long-term liabilities 623 589 Total long-term liabilities 1,782 2,155 SHAREHOLDERS' EQUITY 152,764 150,699 Total liabilities and shareholders' equity $ 175,969 $ 178,374
KORNIT DIGITAL LTD. AND ITS SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (U.S. dollars in thousands) Three Months Ended March 31, 2018 2017 (Unaudited) Cash flows from operating activities: Net Income (loss) $ 565 $ (1,737 ) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation and amortization 1,167 1,273 Fair value of warrants deducted from revenues 42 938 Share-based compensation 1,205 938 Amortization of premium on marketable securities 117 132 Decrease (increase) in trade receivables (2,270 ) 7,226 Decrease (increase) in other receivables and prepaid expenses 417 (269 ) Decrease (increase) in inventory 4,915 (5,936 ) Increase in deferred taxes, net (309 ) (164 ) Decrease (increase) in other long term assets (45 ) 149 Decrease in trade payables (5,146 ) (209 ) Increase in employees and payroll accruals 342 254 Increase (decrease) in deferred revenues and advances from customers 304 (1,082 ) Increase in other payables and accrued expenses 887 877 Increase (decrease) in accrued severance pay, net (80 ) 32 Increase in other long term liabilities 34 236 Foreign currency translation loss on inter company balances with foreign subsidiaries (339 ) (113 ) Net cash provided by operating activities 1,806 2,545 Cash flows from investing activities: Purchase of property and equipment (482 ) (895 ) Investment in bank deposits (3,000 ) - Proceeds from maturity of marketable securities 500 4,740 Purchase of marketable securities (2,349 ) (48,128 ) Net cash used in investing activities (5,331 ) (44,283 ) Cash flows from financing activities: Proceeds from follow on offering, net - 35,630 Exercise of employee stock options 531 475 Payment of contingent consideration (900 ) (1,400 ) Net cash provided by (used in) financing activities (369 ) 34,705 Foreign currency translation adjustments on cash and cash equivalents 47 14 Decrease in cash and cash equivalents (3,894 ) (7,033 ) Cash and cash equivalents at the beginning of the period 18,629 22,789 Cash and cash equivalents at the end of the period 14,782 15,770 Non-cash investing and financing activities: Purchase of property and equipment on credit 400 678 Inventory transferred to be used as property and equipment 591 322 Issuance expenses on credit - 560 Investor Contact:
Michael Callahan, ICR
(203) 682-8311
[email protected]
Source:Kornit Digital Ltd | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/globe-newswire-kornit-digital-reports-2018-first-quarter-results.html |
Former President Barack Obama criticized President Donald Trump 's decision Tuesday to pull the U.S. out of the Iran nuclear deal .
The Joint Comprehensive Plan of Action, or JCPOA, was negotiated and implemented during Obama's presidency. The U.S. withdrawal fulfills a Trump campaign promise.
The 2015 pact lifted sanctions on Iran that crippled its economy and cut its oil exports roughly in half. In exchange for sanctions relief, Iran accepted limits on its nuclear program and allowed international inspectors into its facilities. Pulling out of the deal could strain diplomatic relationships with U.S. allies such as France and Germany , and it could have ripple effects in the oil market.
"I believe that the decision to put the JCPOA at risk without any Iranian violation of the deal is a serious mistake," Obama.
Here's Obama's full statement:
There are few issues more important to the security of the United States than the potential spread of nuclear weapons, or the potential for even more destructive war in the Middle East. That's why the United States negotiated the Joint Comprehensive Plan of Action (JCPOA) in the first place.
The reality is clear. The JCPOA is working – that is a view shared by our European allies, independent experts, and the current U.S. Secretary of Defense. The JCPOA is in America's interest – it has significantly rolled back Iran's nuclear program. And the JCPOA is a model for what diplomacy can accomplish – its inspections and verification regime is precisely what the United States should be working to put in place with North Korea. Indeed, at a time when we are all rooting for diplomacy with North Korea to succeed, walking away from the JCPOA risks losing a deal that accomplishes – with Iran – the very outcome that we are pursuing with the North Koreans.
That is why today's announcement is so misguided. Walking away from the JCPOA turns our back on America's closest allies, and an agreement that our country's leading diplomats, scientists, and intelligence professionals negotiated. In a democracy, there will always be changes in policies and priorities from one Administration to the next. But the consistent flouting of agreements that our country is a party to risks eroding America's credibility, and puts us at odds with the world's major powers.
Debates in our country should be informed by facts, especially debates that have proven to be divisive. So it's important to review several facts about the JCPOA.
First, the JCPOA was not just an agreement between my Administration and the Iranian government. After years of building an international coalition that could impose crippling sanctions on Iran, we reached the JCPOA together with the United Kingdom, France, Germany, the European Union, Russia, China, and Iran. It is a multilateral arms control deal, unanimously endorsed by a United Nations Security Council Resolution.
Second, the JCPOA has worked in rolling back Iran's nuclear program. For decades, Iran had steadily advanced its nuclear program, approaching the point where they could rapidly produce enough fissile material to build a bomb. The JCPOA put a lid on that breakout capacity. Since the JCPOA was implemented, Iran has destroyed the core of a reactor that could have produced weapons-grade plutonium; removed two-thirds of its centrifuges (over 13,000) and placed them under international monitoring; and eliminated 97 percent of its stockpile of enriched uranium – the raw materials necessary for a bomb. So by any measure, the JCPOA has imposed strict limitations on Iran's nuclear program and achieved real results.
Third, the JCPOA does not rely on trust – it is rooted in the most far-reaching inspections and verification regime ever negotiated in an arms control deal. Iran's nuclear facilities are strictly monitored. International monitors also have access to Iran's entire nuclear supply chain, so that we can catch them if they cheat. Without the JCPOA, this monitoring and inspections regime would go away.
Fourth, Iran is complying with the JCPOA. That was not simply the view of my Administration. The United States intelligence community has continued to find that Iran is meeting its responsibilities under the deal, and has reported as much to Congress. So have our closest allies, and the international agency responsible for verifying Iranian compliance – the International Atomic Energy Agency (IAEA).
Fifth, the JCPOA does not expire. The prohibition on Iran ever obtaining a nuclear weapon is permanent. Some of the most important and intrusive inspections codified by the JCPOA are permanent. Even as some of the provisions in the JCPOA do become less strict with time, this won't happen until ten, fifteen, twenty, or twenty-five years into the deal, so there is little reason to put those restrictions at risk today.
Finally, the JCPOA was never intended to solve all of our problems with Iran. We were clear-eyed that Iran engages in destabilizing behavior – including support for terrorism, and threats toward Israel and its neighbors. But that's precisely why it was so important that we prevent Iran from obtaining a nuclear weapon. Every aspect of Iranian behavior that is troubling is far more dangerous if their nuclear program is unconstrained. Our ability to confront Iran's destabilizing behavior – and to sustain a unity of purpose with our allies – is strengthened with the JCPOA, and weakened without it.
Because of these facts, I believe that the decision to put the JCPOA at risk without any Iranian violation of the deal is a serious mistake. Without the JCPOA, the United States could eventually be left with a losing choice between a nuclear-armed Iran or another war in the Middle East. We all know the dangers of Iran obtaining a nuclear weapon. It could embolden an already dangerous regime; threaten our friends with destruction; pose unacceptable dangers to America's own security; and trigger an arms race in the world's most dangerous region. If the constraints on Iran's nuclear program under the JCPOA are lost, we could be hastening the day when we are faced with the choice between living with that threat, or going to war to prevent it.
In a dangerous world, America must be able to rely in part on strong, principled diplomacy to secure our country. We have been safer in the years since we achieved the JCPOA, thanks in part to the work of our diplomats, many members of Congress, and our allies. Going forward, I hope that Americans continue to speak out in support of the kind of strong, principled, fact-based, and unifying leadership that can best secure our country and uphold our responsibilities around the globe.
CNBC's Tom DiChristopher contributed to this report. WATCH: Trump's fight against 'fake news' has been a boon for media companies show chapters | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/08/a-serious-mistake-read-obamas-statement-on-trumps-decision-to-pull-out-of-iran-deal.html |
Over 8,000 crypto enthusiasts swarmed last week’s fourth annual Consensus blockchain conference, a Manhattan event that Thomas Lee, a managing partner at New York research firm Funstrat Global Advisors, had predicted would give bitcoin prices a boost. After all, he said, during prior Consensus events prices had rallied between 10% and 70%. Not this time: WSJ Wealth Adviser Briefing: Argentina, Crypto, Summer Beer Next Iran Challenges the EU to Take On U.S. Over Nuclear Pact—Energy Journal | ashraq/financial-news-articles | https://blogs.wsj.com/moneybeat/2018/05/21/consensus-is-not-a-good-week-for-bitcoin/ |
May 14 (Reuters) - PEPEES SA:
* SAID ON SATURDAY THAT ITS SHAREHOLDERS RESOLVED TO ISSUE NO MORE THAN 2,000 SERIES AZ CONVERTIBLE BONDS OF NOMINAL VALUE OF 10,000 ZLOTYS EACH
* EACH BOND WILL ENABLE TO ACQUIRE 10,000 OF COMPANY’S SERIES C SHARES AT ISSUE PRICE OF 1 ZLOTY/EACH
* BONDS WILL BEAR 5% INTEREST PER ANNUM AND WILL BE OFFERED IN PRIVATE SUBSCRIPTION
Source text for Eikon:
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PHOENIX, May 09, 2018 (GLOBE NEWSWIRE) -- Mobivity Holdings Corp. (OTCQB:MFON), creators of re•currency, the award-winning platform that increases customer visits and spend in restaurants, retail, and personal care brands, today announced that the Company will release results for the first quarter ended March 31 st , 2018 on May 14 th, 2018 and has scheduled a conference call that same day at 4:30 P.M. Eastern Time (ET).
Conference Call Information:
Date: Monday, May 14 th , 2018
Time: 4:30 P.M. Eastern Time (ET)
Dial in Number for U.S. Callers: 1-877-705-6003
Dial in Number for International Callers: 1-201-493-6725
Participating on the call will be Mobivity Holding Corp.’s Chairman and Chief Executive Officer, Dennis Becker, and Chief Financial Officer, Charles Mathews. To join the live conference call, please dial in to the above referenced telephone numbers five to ten minutes prior to the scheduled conference call time.
A replay will be available for 2 weeks starting on May 14, 2018 at approximately 7:30 P.M. ET. To access the replay, please dial 1-844-512-2921 in the U.S. and 1-412-317-6671 for international callers. The conference ID# is 13679949. The replay will also be available on the Company’s website under the investor relations section ( ir.mobivity.com ).
About Mobivity
Brick and mortar stores struggle to manage customer connections in a digital world. Mobivity provides a platform to connect national restaurants, retailers, personal care brands, and their partners with customers to increase retention, visits, and spend. Mobivity’s re•currency suite of products increases customer engagement and frequency by capturing detailed POS transaction records, analyzing customer habits, and motivating customers and employees through data-driven messaging applications and rewards. For more information about Mobivity, visit mobivity.com or call (877) 282-7660.
Forward Looking Statement
This press release contains forward-looking statements concerning Mobivity Holdings Corp. 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. Those forward-looking statements include statements regarding the benefits of recent additions to the Company’s management team; the Company’s expectations for the growth of the Company's operations and revenue; and the advantages and growth prospects of the mobile marketing industry. Such statements are subject to certain risks and uncertainties, and actual circumstances, events or results may differ materially from those projected in such forward-looking statements. Factors that could cause or contribute to differences include, but are not limited to, our ability to successfully integrate our recent additions to management; our ability to develop the sales force required to achieve our development and revenue goals; our ability to raise additional working capital as and when needed; changes in the laws and regulations affecting the mobile marketing industry and those other risks set forth in Mobivity Holdings Corp.'s annual report on Form 10-K for the year ended December 31, 2017 filed with the SEC on April 11 th , 2018 and subsequently filed quarterly reports on Form 10-Q. Mobivity Holdings Corp. cautions readers not to place undue reliance on any forward-looking statements. Mobivity Holdings Corp. does not undertake, and specifically disclaims any obligation to update or revise such statements to reflect new circumstances or unanticipated events as they occur.
Media Contacts:
Dennis Becker • Chief Executive Officer, Mobivity
[email protected] • (877) 282-7660
Investor Relations:
Charles Mathews • Chief Financial Officer, Mobivity
[email protected] • (877) 282-7660
Source:Mobivity Holdings Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/globe-newswire-mobivity-announces-q1-2018-results-conference-call-scheduled-for-may-14th-2018.html |
SAO PAULO (Reuters) - A federal judge in Brazil has ruled that striking truck drivers cannot block traffic during a demonstration planned for Monday in the state of Paraná to protest higher fuel prices.
FILE PHOTO: A view of a truckers' protest on the BR 381 highway in Betim, Minas Gerais state, February 24, 2015. REUTERS/Washington Alves Drivers can only protest in multiple-lane highways, using no more than half of the lanes, according to the judge’s decision. The judge also limited the protest to the morning hours.
Truckers’ unions are subjected to a fine of 100,000 reais ($26,757) per hour if they disobey the decision.
Farmers are struggling worldwide as the rise in diesel prices has hurt profits in the agricultural sector. In Brazil, truckers complain that diesel prices have climbed 43 percent since July 2017.
On Friday, Brazilian Mines and Energy Minister Wellington Moreira Franco, said the government is discussing possible tax cuts to reduce diesel prices.
Reporting by Iuri Dantas; Writing by Carolina Mandl; Editing by Lisa Shumaker
| ashraq/financial-news-articles | https://www.reuters.com/article/us-brazil-strike-truck-drivers/brazil-judge-limits-how-much-traffic-striking-truck-drivers-can-block-idUSKCN1IL0N2 |
BOSTON, May 1, 2018 /PRNewswire/ -- The five John Hancock closed-end funds listed below declared their monthly distributions today as follows:
Declaration Date:
May 1, 2018
Ex Date:
May 10, 2018
Record Date:
May 11, 2018
Payment Date:
May 31, 2018
Ticker
Fund Name
Distribution
Per Share
Change From
Previous
Distribution
Market Price as
of 4/30/2018
Annualized Current
Distribution Rate at
Market
HPI
Preferred Income Fund
$0.1400
-
$20.45
8.22%
HPF
Preferred Income Fund II
$0.1400
-
$19.84
8.47%
HPS
Preferred Income Fund III
$0.1222
-
$17.78
8.25%
PDT
Premium Dividend Fund
$0.0975
-
$15.15
7.72%
HTD
Tax-Advantaged Dividend
Income Fund
$0.1380
-
$22.16
7.47%
John Hancock Premium Dividend Fund
Premium Dividend Fund (the "Fund") declared its monthly distribution pursuant to the Fund's managed distribution plan (the "PDT Plan"). Under the PDT Plan, the Fund makes monthly distributions of an amount equal to $0.0975 per share. This amount will be paid monthly until further notice.
Distributions under the PDT Plan may consist of net investment income, net realized long-term capital gains, net realized short-term capital gains and, to the extent necessary, return of capital.
The Fund may also make additional distributions (i) for purposes of not incurring federal income tax on investment company taxable income and net capital gain of the Fund, if any, not included in such regular distributions and (ii) for purposes of not incurring federal excise tax on ordinary income and capital gain net income, if any, not included in such regular monthly distributions.
The Board may amend the terms of the PDT Plan or terminate the PDT Plan at any time.
John Hancock Tax-Advantaged Dividend Income Fund
Tax-Advantaged Dividend Income Fund (the "Fund") declared its monthly distribution pursuant to the Fund's managed distribution plan (the "HTD Plan"). Under the HTD Plan, the Fund makes monthly distributions of an amount equal to $0.1380 per share. This amount will be paid monthly until further notice.
Distributions under the HTD Plan may consist of net investment income, net realized long-term capital gains, net realized short-term capital gains and, to the extent necessary, return of capital.
The Fund may also make additional distributions (i) for purposes of not incurring federal income tax on investment company taxable income and net capital gain of the Fund, if any, not included in such regular distributions and (ii) for purposes of not incurring federal excise tax on ordinary income and capital gain net income, if any, not included in such regular monthly distributions.
The Board may amend the terms of the HTD Plan or terminate the HTD Plan at any time.
A portion of a Fund's current distribution may include sources other than net investment income, including a return of capital. Investors should understand that a return of capital is not a distribution from income or gains of a Fund. As required under the Investment Company Act of 1940, a notice with the estimated components of the distribution will be sent to shareholders at the time of payment if it does not consist solely of net investment income. Such notice will also be posted to the Funds' website at www.jhinvestments.com . The notice should not be used to prepare tax returns as the estimates indicated in the notice may differ from the ultimate federal income tax characterization of distributions. After the end of each calendar year, investors will be sent a Form 1099-DIV informing them how to report distributions received during that year for federal income tax purposes.
Statements in this press release that are not historical facts are forward-looking statements as defined by the United States securities laws. You should exercise caution in interpreting and relying on forward-looking statements because they are subject to uncertainties and other factors which are, in some cases, beyond the Fund's control and could cause actual results to differ materially from those set forth in the forward-looking statements.
An investor should consider a Fund's investment objectives, risks, charges and expenses carefully before investing.
About John Hancock Investments
John Hancock Investments provides asset management services to individuals and institutions through a unique manager-of-managers approach. A wealth management business of John Hancock Financial, we managed more than $155 billion in assets as of December 31, 2017 across mutual funds, college savings plans, and retirement plans.
About John Hancock Financial and Manulife Financial
John Hancock Financial is a division of Manulife Financial, a leading Canada-based financial services group with principal operations in Asia, Canada and the United States. Operating as Manulife Financial in Canada and Asia, and primarily as John Hancock in the United States, the Company offers clients a diverse range of financial protection products and wealth management services through its extensive network of employees, agents and distribution partners. Funds under management by Manulife Financial and its subsidiaries were over C$1 trillion (US$829 billion) as of December 30, 2017. Manulife Financial Corporation trades as 'MFC' on the TSX, NYSE and PSE, and under '945' on the SEHK. Manulife Financial can be found on the Internet at manulife.com .
The John Hancock unit, through its insurance companies, comprises one of the largest life insurers in the United States. John Hancock offers and administers a broad range of financial products, including life insurance , annuities , fixed products, mutual funds , 401(k) plans , college savings , and other forms of business insurance. Additional information about John Hancock may be found at johnhancock.com .
View original content: http://www.prnewswire.com/news-releases/john-hancock-closed-end-funds-declare-monthly-distributions-300640539.html
SOURCE John Hancock Investments | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/pr-newswire-john-hancock-closed-end-funds-declare-monthly-distributions.html |
May 3, 2018 / 8:38 AM / Updated 7 hours ago Factbox: Recent British royal weddings Reuters Staff 7 Min Read
LONDON (Reuters) - Queen Elizabeth’s grandson Prince Harry marries his U.S. fiancee Meghan Markle this month in a wedding expected to attract huge global interest. FILE PHOTO - Britain's Prince Harry and his fiancee Meghan Markle attend a Service of Thanksgiving and Commemoration on ANZAC Day at Westminster Abbey in London, Britain, April 25, 2018. Eddie Mulholland/Pool via Reuters
The sixth-in-line to the British throne and the American actress who starred in TV legal drama “Suits” will tie the knot at St George’s Chapel at Windsor Castle on May 19.
Some two billion people were estimated to have watched the 2011 wedding of elder brother Prince William to his wife Kate, demonstrating an enduring fascination with the British royals.
Here are details of major British royal weddings since the queen’s father’s nuptials in 1923.
ELIZABETH BOWES-LYON AND GEORGE VI
Queen Elizabeth’s father George was Duke of York and not expected to be king when he married Elizabeth Bowes-Lyon, the fourth daughter of Lord Glamis who was later Earl of Strathmore and Kinghorne, on April 26, 1923.
Grainy footage shows cheering crowds saluting the couple as they returned to Buckingham Palace after their wedding at London’s Westminster Abbey. George, who was known to his family as Albert, became king in 1936 when his elder brother Edward VIII abdicated to marry American divorcee Wallis Simpson. WALLIS SIMPSON AND KING EDWARD VIII
Edward VIII sent shockwaves through the establishment when he announced, on Dec. 11, 1936, that he was renouncing the throne to marry twice-divorced socialite Wallis Simpson.
Having abdicated, the Duke of Windsor, as Edward became, married Simpson on June 3 at the secluded Chateau de Cande in the Loire Valley in France.
Simpson died in Paris at age 89 in 1986, 14 years after the death of Edward, who was ostracized by the royal family after his abdication and marriage. PRINCE PHILIP AND QUEEN ELIZABETH
The queen and dashing naval officer Prince Philip, the fifth child and only son of Prince Andrew of Greece, became engaged on July 9, 1947. They were married four months later on Nov. 20 at Westminster Abbey in front of 2,000 guests with her younger sister Margaret one of the bridesmaids.
The ceremony, broadcast live by BBC Radio to 200 million people around the world, was attended by statesmen and royalty from around the world, while large crowds gathered in London to celebrate the marriage of the future monarch.
ANTONY ARMSTRONG-JONES AND PRINCESS MARGARET
In 1955, the queen’s sister Margaret announced she was calling off her engagement to the divorced Group Captain Peter Townsend, thus avoiding a potential constitutional crisis.
Five years later she wed society photographer Antony Armstrong-Jones at Westminster Abbey on May 6, 1960. They had two children but he struggled to adjust from his previous bohemian lifestyle.
The couple divorced in a glare of publicity in 1978, the first such royal split since the days of Henry VIII four centuries earlier. A month later the now Lord Snowdon married divorcee Lucy Lindsay-Hogg, a television researcher. CAPTAIN MARK PHILLIPS AND PRINCESS ANNE
The Queen’s second child and only daughter Princess Anne married Captain Mark Phillips, an Olympic gold medal-winning equestrian, at Westminster Abbey on Nov. 14, 1973. FILE PHOTO: Britain's Queen Elizabeth and Prince Philip visit Pangbourne College near Reading, May 9, 2017. REUTERS/Toby Melville/File Photo
The couple had two children, Peter, the queen’s first grandchild, in 1977 and Zara in 1981. The marriage was dissolved in 1992 and on Dec. 12 the same year, Anne, who has the title The Princess Royal, married one-time royal aide Commander Timothy Laurence at a private ceremony at Crathie Church, near Balmoral Castle in Scotland. DIANA SPENCER AND PRINCE CHARLES
Heir-to-the-throne Prince Charles, 32, married 20-year-old Lady Diana Spencer, daughter of then Viscount Althorp and later Earl Spencer who had been an equerry to both George VI and the queen, at London’s St Paul’s Cathedral in a fairytale wedding that captured the imagination of the world.
An estimated worldwide television audience of some 700 million people tuned in while crowds packed the streets to catch a glimpse of the royal couple as they rode past in an open carriage.
Diana gave birth to the couple’s first son, William, in June 1982 with second son, Harry, born in September 1984. The marriage eventually collapsed amid acrimony and accusations of adultery and Diana was killed in a car crash in Paris on Aug. 31, 1997. SARAH FERGUSON AND PRINCE ANDREW
The queen’s second son Prince Andrew, who served as a helicopter pilot with the British navy and saw action during the 1982 Falklands War with Argentina, announced his engagement to publishing executive Sarah Ferguson in March 1986.
They married just four months later on July 23, 1986, at Westminster Abbey with Andrew and his new wife being awarded the titles Duke and Duchess of York.
The marriage fell apart in 1992 after the publication of raunchy photographs showing the still-married duchess in the arms of another man, Texan John Bryan. The couple, who have two daughters, Beatrice and Eugenie, divorced in 1996.
SOPHIE RHYS-JONES AND PRINCE EDWARD
Prince Edward, the queen’s youngest son, married public relations executive Sophie Rhys-Jones at St George’s Chapel at Windsor Castle on June 1999.
The couple, who were given the titles Earl and Countess of Wessex, did not want the wedding to be turned into a state occasion, which meant there was no ceremonial state or military involvement.
Their first baby, named Louise Alice Elizabeth Mary Mountbatten-Windsor was born in 2003 and their son James Viscount Severn was born in 2007. Edward is the only one of the queen’s children who has not divorced. CAMILLA AND CHARLES
Charles issued a surprise announcement in February 2005 that he would be marrying his long-time lover Camilla Parker Bowles whom many Britons blamed for destroying his marriage to the late Princess Diana.
Charles married Camilla on April 9, 2005 in a civil ceremony at the Guildhall, Windsor, with about 800 guests attending a later service at St George’s Chapel, Windsor Castle.
As titular head of the Church of England, the queen declined to attend the civil ceremony but joined in the celebrations afterwards. Slideshow (4 Images) KATE MIDDLETON AND PRINCE WILLIAM
Kate Middleton met Britain’s Prince William while at St Andrews University in Scotland in 2001. They married on April 29, 2011, when Kate became the first commoner in more than 350 years to wed a prince in such close proximity to the British throne.
The glittering wedding ceremony was held at Westminster Abbey in front of 1,900 guests made up of royalty, heads of state and celebrities. Reporting by Michael Holden; editing by Stephen Addison | ashraq/financial-news-articles | https://in.reuters.com/article/us-britain-royals-weddings-factbox/factbox-recent-british-royal-weddings-idINKBN1I40GM |
May 4 (Reuters) - Prelios SpA:
* SAID ON THURSDAY THAT ITS SHARES WILL BE SUSPENDED FROM TRADING ON MAY 10 AND MAY 11 AND WILL DELISTED AS OF MAY 14
Source text for Eikon:
Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/idUSL8N1SB1WH |
TEANECK, N.J., May 30, 2018 (GLOBE NEWSWIRE) -- Ness Digital Engineering , a global provider of digital transformation and custom software engineering services, has appointed Ed Galati to president and chief financial officer (CFO). To support Ness’s accelerated growth, Galati will have worldwide responsibility for the financial, operational, and information technology functions of the company and its various businesses around the globe. Galati will report directly to Ness Chief Executive Officer Paul Lombardo.
“Ness’s business and footprint have been expanding rapidly, and Ed has a wealth of experience helping global organizations align resources with opportunities to achieve sustainable, corporate growth,” said Lombardo. “As we continue to extend our value to customers organically, through mergers and acquisitions, and via new business locations, Ed will help us generate further synergies and scale atop the strong foundation we have in place.”
Galati has held CFO positions for more than two decades at several organizations, including digital media and management company CMI and E2V Teledyne. Galati joins Ness from Computer Generated Solutions (CGS), where he was the CFO overseeing its worldwide business in ERP software, CRM, ecommerce, application development, SaaS and hosting, eLearning, and BPO services.
“Ness has proven and trusted capabilities in digital transformation services, and I am excited about the opportunity to leverage these resources to help the company expand and address emerging capabilities that will add further value to our clients’ business and to ours,” said Galati. “I look forward to working with Ness colleagues around the world to build on our momentum.”
About Ness Digital Engineering
Ness Digital Engineering designs, builds, and integrates digital platforms and enterprise software that help organizations engage customers, differentiate their brands, and drive profitable growth. Our customer experience designers, software engineers, data experts, and business consultants partner with clients to develop roadmaps that identify ongoing opportunities to increase the value of their digital solutions and enterprise systems. Through agile development of minimum viable products (MVPs), our clients can test new ideas in the market and continually adapt to changing business conditions—giving our clients the leverage to lead market disruption in their industries and compete more effectively to grow their business. For more information, visit www.ness.com .
Media Contacts
Vivek Kangath
Senior Global Manager – Corporate Communications
Ness Digital Engineering
Mobile: +91 9742565583 | Tel: +91 80 41961000 | DID: +91 80 41961027
Amy Legere
Greenough
[email protected]
617.275.6517
Source: Ness Digital Engineering | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/globe-newswire-ness-appoints-ed-galati-to-president-and-chief-financial-officer.html |
Careful what you say around Amazon's Alexa 1:27am BST - 01:37
Ever worry your devices are spying on you? Well your paranoia may be justified after a family in Portland had their private conversation recorded by Alexa on Amazon's Echo and sent it to a random contact.
Ever worry your devices are spying on you? Well your paranoia may be justified after a family in Portland had their private conversation recorded by Alexa on Amazon's Echo and sent it to a random contact. //reut.rs/2IIJrYB | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/25/careful-what-you-say-around-amazons-alex?videoId=430041673 |
May 8 (Reuters) - Red Lion Hotels Corp:
* RLH CORPORATION REPORTS FIRST QUARTER 2018 RESULTS * RED LION HOTELS CORP QTRLY TOTAL REVENUES $33 MILLION VERSUS $36.6 MILLION
* RED LION HOTELS CORP - QTRLY NET INCOME WAS $7.3 MILLION VERSUS NET LOSS OF $5.3 MILLION IN PRIOR YEAR PERIOD
* RED LION HOTELS CORP - IN 2018, ANTICIPATED SALES OF HOTELS WILL REDUCE COMPANY HOTEL DIVISIONAL PROFITABILITY Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-rlh-corporation-qtrly-total-revenu/brief-rlh-corporation-qtrly-total-revenues-33-mln-vs-36-6-mln-idUSASC0A0QB |
May 6 (Reuters) - Nanjing Yueboo Power System Co Ltd
* SAYS SHARE TRADE TO DEBUT ON MAY 8 IN SHENZHEN Source text in Chinese: bit.ly/2FOA5UQ (Reporting by Hong Kong newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-nanjing-yueboo-power-systems-share/brief-nanjing-yueboo-power-systems-share-trade-to-debut-on-may-8-in-shenzhen-idUSL3N1SD077 |
SHANGHAI (Reuters) - The New Development Bank (NDB), set up by the BRICS group of major emerging economies, wants loans to the private sector to eventually take up a 30 percent share of its project portfolio, a senior executive at the bank said on Tuesday.
Zhu Xian, the NDB’s chief operating officer, told Reuters that the bank was targeting an overall 70-30 split between sovereign and non-sovereign loans in its project portfolio, and was seeing strong demand for private sector loans especially in Brazil, South Africa and Russia.
The Shanghai-based bank on Monday approved six new projects which brought its loan portfolio up to over $5.1 billion across 21 projects. Two of these were non-sovereign loans, which are issued to companies without a government guarantee.
“In India and China, there’s very strong demand for sovereign...But on the other hand, some other countries for different reasons they probably prefer more non-sovereign lending,” he said.
“Some countries they still have some sort of fiscal difficulties. Secondly, the debt sustainability is a concern. They don’t want to borrow too much in sovereign terms. So they prefer you do more market transactions.”
The bank’s first non-sovereign project was a $200 million loan to Brazil’s Petrobras ( PETR4.SA ) for an environmental protection scheme and the second a $200 million loan to South Africa’s Transnet [CGETR.UL] to reconstruct a port in Durban.
Zhu said that there was a gap in the market for them to fill as they were willing to make long-term loans with tenures of at least 10 years.
The NDB is seen as the first major achievement of the BRICS - Brazil, Russia, India, China and South Africa - since they joined forces in 2009 to press for a bigger say in the global financial order created by Western powers after World War Two.
(This story corrects surname in second reference to Zhu.)
Reporting by Brenda Goh; Additional Reporting by SHANGHAI Newsroom; Editing by Kim Coghill
| ashraq/financial-news-articles | https://www.reuters.com/article/us-china-brics-bank/brics-development-bank-to-expand-lending-to-private-sector-idUSKCN1IU0P2 |
Apple released iOS 11.4 for iPads and iPhones yesterday, and it includes a new feature that makes it easier to keep iMessages in sync between your iPhone and iPad.
The feature is called "Messages in iCloud," and it relies on Apple's iCloud storage to not only back up your messages but keep an identical copy of the iMessages on your iPhone and iPad.
This is helpful for several reasons:
First, if you ever lose an iPhone you can restore it and all of your messages, down to the last one sent or received (instead of the last backup).
Second, if you delete a message on your iPhone or iPad, it'll delete from the other device. That didn't work previously, so it was really annoying to switch to an iPad only to see old conversations still floating around.
Finally, you can save a lot of local storage -- holding on to lots of iMessages can quickly add up to several gigabytes of data. Storing it in iCloud frees all of that up.
The new feature is really convenient, so I'll show you how to set it up.
Update your iPhone to iOS 11.4 Open Settings. Tap "General." Tap "Software Update." Check for the update and install it if you haven't yet. Turn on Messages in iCloud Open Settings on your iPhone. Tap your name at the very top of the page. Select "iCloud." Toggle the button for "Messages" so that it turns green, which means it's active. Do this on your iPad or other iPhones. It'll look like this when it's turned on:
Todd Haselton | CNBC Turn the Messages option in iCloud Settings on. That's all you need to do. Now everything will remain in sync across all of your iOS devices, and you'll have a backup of all of your messages in case you lose your phone. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/30/messages-in-icloud-ios-11-4-sync-imessage-ipad-iphone.html |
Chinese ride-hailing start-up Didi Chuxing said Friday it is suspending one of its carpooling services, called "ride-hitching," for a week after a passenger was murdered.
Didi said that a woman, identified only as "Ms. Li," was killed after the son of a driver registered with the company accessed his father's app, allowing him to pick up passengers.
The person driving the vehicle was not detected by Didi's night mode facial recognition as its night safety mechanism was "defective," the firm said.
Didi apologized and said it was "deeply saddened" about the incident. It said its "responsibilities" in the case were "undeniable."
"Our special task force is working closely with law enforcement agencies with the utmost effort," Didi Chuxing said in a statement. "The murderer needs to be brought to justice, and Ms Li and her family deserve a just answer."
The company added: "We apologize again to the family of the victim and the public. Please be assured we will review thoroughly all our business practices to prevent such an incident from happening again."
According to reports, the victim was a 21-year-old flight attendant and was killed in Zhengzhou, the capital of China's Henan province. Police are investigating the case. The news was trending on Chinese microblogging website Weibo.
Didi's ride-hitching service, Didi Hitch, is one of 13 offered by the taxi firm, and will be suspended for one week nationwide for self-inspection and rectification of the issue, starting May 12.
The news comes after a report said that the homegrown taxi giant is mulling a listing on the public market . Didi, which has 450 million users, is the biggest ride-hailing start-up in China.
The company bought Uber's Chinese business in 2016, and this year made its first direct expansion abroad, into Mexico. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/11/didi-chuxing-suspending-ride-hitching-service-after-death-of-passenger.html |
May 4, 2018 / 12:51 PM / in 6 hours BRIEF-Finjan Files Patent Infringement Complaint Against Check Point USA, Check Point Israel Reuters Staff
May 4 (Reuters) - Finjan Holdings Inc:
* FINJAN FILES PATENT INFRINGEMENT COMPLAINT AGAINST CHECK POINT USA AND CHECK POINT ISRAEL
* FINJAN HOLDINGS INC - SUBSIDIARY HAS FILED A PATENT INFRINGEMENT LAWSUIT AGAINST CHECK POINT SOFTWARE TECHNOLOGIES INC Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-finjan-files-patent-infringement-c/brief-finjan-files-patent-infringement-complaint-against-check-point-usa-check-point-israel-idUSFWN1SB0OW |
April 30 (Reuters) - Elviemek SA:
* FY 2017 TURNOVER AT EUR 752,383 VERSUS EUR 736,752 YEAR AGO
* FY 2017 NET PROFIT AT EUR 33,153 VERSUS LOSS OF EUR 128,378 YEAR AGO
* NET CASH ON DEC. 31 AT EUR 46.146 VERSUS EUR 1.597 YEAR AGO Source text : bit.ly/2Fs6Hne Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-elviemek-fy-2017-net-results-turns/brief-elviemek-fy-2017-net-results-turns-to-profit-of-eur-33153-idUSFWN1S70MP |
May 7, 2018 / 4:21 AM / Updated 12 minutes ago Singapore bank OCBC's Q1 profit at 3-1/2 year high, tad below estimates Reuters Staff 2 Min Read
SINGAPORE (Reuters) - Singapore’s Oversea-Chinese Banking Corp Ltd (OCBC) reported a 29 percent rise in quarterly profit, underpinned by strong growth in net interest income and wealth management, but missed market estimates, sending its shares down 3.2 percent. Banking staff wait outside an Oversea-Chinese Banking Corp (OCBC) branch in Singapore February 11, 2015. REUTERS/Edgar Su/Files
The results from Singapore’s second-largest listed lender followed forecast-beating numbers from DBS Group Holdings Ltd and United Overseas Bank. Singapore banks are benefiting from an improving economy and higher local interest rates.
“The group’s income growth was broad-based, loan growth was sustained, assets under management growth continued and allowances were much lower,” OCBC Chief Executive Officer Samuel Tsien said in a statement on Monday.
OCBC’s net profit came in at S$1.11 billion ($832 million) in the three months ended March 31 versus S$861 million reported a year ago, and was the highest since the quarter ending September 2014.
This was short of the average estimate of S$1.18 billion from five analysts compiled by Thomson Reuters. The year-ago number was restated from a reported profit of S$973 million.
OCBC said the changes were a result of Singapore-incorporated companies listed on the Singapore Exchange being required to adopt a new financial reporting framework.
The bank’s net interest margin rose five basis points to 1.67 percent. Fee and commission income increased 11 percent, led by a 19 percent jump in wealth management fee income.
OCBC’s allowances for loans and other assets declined to S$12 million from S$168 million a year ago.
($1 = 1.3335 Singapore dollars) | ashraq/financial-news-articles | https://in.reuters.com/article/ocbc-results/singapore-bank-ocbcs-q1-profit-at-3-1-2-year-high-tad-below-estimates-idINKBN1I80A4 |
May 26, 2018 / 9:17 PM / Updated 2 hours ago Bale's brilliance, Karius errors give Real third straight European triumph Simon Evans 5 Min Read
KIEV (Reuters) - A sensational overhead strike from Real Madrid substitute Gareth Bale and two calamitous errors by Liverpool goalkeeper Loris Karius gave the Spanish side a third straight Champions League title with a 3-1 win in an incident-packed final on Saturday.
Welshman Bale came on just past the hour with the score at 1-1 and after three minutes produced an astonishing bicycle kick finish and then netted with a speculative long-range effort that somehow went through the hands of the unfortunate Karius.
The German keeper had earlier handed Real a 51st minute lead when he threw the ball straight at striker Karim Benzema and the ball rolled into the unguarded net off the Frenchman’s leg.
“Great emotions. To lift three Champions League trophies with this club, this team is magnificent,” said Real’s Zinedine Zidane, who became the first coach to win Europe’s top trophy in three consecutive years. “We don’t quite realise what we have achieved yet. We are going to enjoy the moment. “
Liverpool, who crucially lost their leading scorer Mohamed Salah to a suspected dislocated shoulder in the 31st minute, had equalised in the 55th minute when Sadio Mane found the net from close range after Dejan Lovren headed the ball into the area.
In truth, though, despite their best efforts Liverpool never looked as much of a threat once Egyptian international Salah went down under a challenge from Real captain Sergio Ramos.
“We started well and played exactly like we wanted to,” said Liverpool manager Juergen Klopp, who has now lost his last six finals as a coach.
“The situation with Sergio Ramos (and Salah) looked really bad and it was a shock for the team, we lost the positive momentum and they immediately came up,” he said.
It was a night which confirmed Real’s ability to superbly manage the biggest of games.
Bale, who has not been first-choice at Real this season and whose future has been the subject of much speculation, was man of the match while 24-year-old Karius ended the night in tears as he lay flat out on the turf of the NSC Olympic Stadium.
Real have become the first team since Bayern Munich in 1976 to win Europe’s elite club trophy three years in a row. The Spaniards won five straight European Cup trophies in the 1950s. Soccer Football - Champions League Final - Real Madrid v Liverpool - NSC Olympic Stadium, Kiev, Ukraine - May 26, 2018 Real Madrid's Gareth Bale celebrates winning the Champions League REUTERS/Hannah McKay DESERVED TRIUMPH
Real’s fourth Champions League triumph in five years, and 13th European Cup success in total, was fully deserved despite Liverpool, the competition’s top scorers this season, making an aggressive start to the game in an electric atmosphere.
The English side attacked with intent and Trent Alexander-Arnold tested Navas with a low drive but Real looked in charge following the departure, in tears, of Salah.
Real had their own injury blow with right-back Dani Carvajal having to go off, replaced by Nacho in the 37th, and ended the half with Benzema’s effort being disallowed for offside after Cristiano Ronaldo’s header was saved by Karius.
France striker Benzema was to get compensation though when he was alert to Karius’s ill-advised attempt to throw the ball out quickly, although Real’s lead lasted just four minutes.
Liverpool’s Senegal forward Mane was sharp to react when Lovren rose to head the ball goalwards and their travelling fans sensed the Anfield side’s spirit could turn the game around.
But then came Bale, leaping to produce a jaw-dropping left-foot overhead volley from Marcelo’s cross before trying his luck with a speculative long-range shot that defied Karius’s ham-fisted attempt to keep it out and put the result beyond doubt.
In between Liverpool’s Senegal forward Mane hit the post from the edge of the area as Liverpool, lacking their usual attacking potency in the absence of Salah, continued to battle.
Ronaldo, who now has five Champions League winners medals, could have added a fourth goal for Real near the end but the Portugal forward was distracted as he burst goalwards when a fan ran onto the pitch before being stopped by security. Slideshow (14 Images)
This time it was Bale who had grabbed all the headlines as Real and Zidane continued their continental dominance. Additional reporting by Richard Martin; editing by Ken Ferris | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-champions-final/super-bale-sinks-liverpool-as-madrid-make-it-three-in-a-row-idUKKCN1IR0RE |
MCLEAN, Va., May 16, 2018 (GLOBE NEWSWIRE) -- Freddie Mac (OTCQB:FMCC) recently priced a new offering of Structured Pass-Through Certificates ( K Certificates ) backed by floating-rate multifamily mortgages with seven-year terms. The approximately $993 million in K Certificates (K-F45 Certificates) are expected to settle on or about May 25, 2018.
K-F45 Pricing
Class Principal/Notional Amount (mm) Weighted Average Life (Years) Discount Margin Coupon Dollar Price A $993.392 6.54 21 1 mo LIBOR + 21 100.00 XI $1,103.770 6.54 Non-Offered XP $1,103.770 N/A Non-Offered Details
Co-Lead Managers and Joint Bookrunners: Merrill Lynch, Pierce, Fenner & Smith Incorporated and Goldman Sachs and Co. LLC Co-Managers: Academy Securities Inc., Citigroup Global Markets Inc., Hunt Financial Securities, LLC, and J.P. Morgan Securities LLC
Related Links
The K-F45 preliminary offering circular supplement: http://www.freddiemac.com/mbs/data/kf45oc.pdf Freddie Mac Multifamily Securitization Overview Multifamily Securities Investor Access database of post-securitization data from Investor Reporting Packages
The K-F45 Certificates will not be rated, and will include one senior principal and interest class, one interest-only class, and one class entitled to static prepayment premiums. The K-F45 Certificates are backed by corresponding classes issued by the FREMF 2018-KF45 Mortgage Trust (KF45 Trust) and guaranteed by Freddie Mac. The KF45 Trust will also issue certificates consisting of the Class B, C and R Certificates, which will be subordinate to the classes backing the K-F45 Certificates and will not be guaranteed by Freddie Mac.
Freddie Mac Multifamily is a leading issuer of agency-guaranteed structured multifamily securities. K-Deals are part of the company's business strategy to transfer a portion of the risk of losses away from taxpayers and to private investors who purchase the unguaranteed subordinate bonds. K Certificates typically feature a wide range of investor options with stable cash flows and structured credit enhancement.
This announcement is not an offer to sell any Freddie Mac securities. Offers for any given security are made only through applicable offering circulars and related supplements, which incorporate Freddie Mac’s Annual Report on Form 10-K for the year ended December 31, 2017, filed with the Securities and Exchange Commission (SEC) on February 15, 2018; all other reports Freddie Mac filed with the SEC pursuant to Section 13(a) of the Securities Exchange Act of 1934 (Exchange Act) since December 31, 2017, excluding any information "furnished" to the SEC on Form 8-K; and all documents that Freddie Mac files with the SEC pursuant to Sections 13(a), 13(c) or 14 of the Exchange Act, excluding any information “furnished” to the SEC on Form 8-K.
Freddie Mac's press releases sometimes contain forward-looking statements. A description of factors that could cause actual results to differ materially from the expectations expressed in these and other forward-looking statements can be found in the company's Annual Report on Form 10-K for the year ended December 31, 2017, and its reports on Form 10-Q and Form 8-K, filed with the SEC and available on the Investor Relations page of the company's Web site at www.FreddieMac.com/investors and the SEC's Web site at www.sec.gov .
Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since our creation by Congress in 1970, we’ve made housing more accessible and affordable for homebuyers and renters in communities nationwide. We are building a better housing finance system for homebuyers, renters, lenders and taxpayers. Learn more at FreddieMac.com , Twitter @FreddieMac and Freddie Mac’s blog FreddieMac.com/blog .
MEDIA CONTACT:
Paul Frommelt
703-903-3999
INVESTOR CONTACTS:
Robert Koontz
571-382-4082
Aaron Dunn
571-382-5818
Source:Freddie Mac | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/globe-newswire-freddie-mac-prices-993-million-multifamily-k-deal-k-f45.html |
Taxes US warships sail near South China Sea islands claimed by Beijing The U.S. officials, speaking on the condition of anonymity, said the Higgins guided-missile destroyer and the Antietam, a guided-missile cruiser, came within 12 nautical miles of the Paracel Islands . The U.S. military vessels carried out maneuvering operations near Tree, Lincoln, Triton and Woody islands in the Paracels, one of the officials said. Published 9 Hours Ago Reuters Department of Defense photo The Arleigh Burke-class guided missile destroyer USS Higgins steams through the Arabian Gulf during a maritime exercise.
Two U.S. Navy warships sailed near South China Sea islands claimed by China on Sunday, two U.S. officials told Reuters, in a move likely to anger Beijing as President Donald Trump seeks its continued cooperation on North Korea.
The U.S. officials, speaking on the condition of anonymity, said the Higgins guided-missile destroyer and the Antietam, a guided-missile cruiser, came within 12 nautical miles of the Paracel Islands, among a string of islets, reefs and shoals over which China has territorial disputes with its neighbors.
The U.S. military vessels carried out maneuvering operations near Tree, Lincoln, Triton and Woody islands in the Paracels, one of the officials said. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/27/us-warships-sail-near-south-china-sea-islands-claimed-by-beijing.html |
May 9, 2018 / 8:46 AM / Updated 24 minutes ago South Korea says GM deal to ensure it remains in country for at least 10 years Hyunjoo Jin , Joyce Lee 3 Min Read
SEOUL (Reuters) - South Korea said on Wednesday that an impending deal with General Motors ( GM.N ) to refinance its local unit will ensure the U.S. automaker remains in the country for at least 10 years, as its rights to sell shares and assets will be curtailed. FILE PHOTO: The logo of GM Korea is seen at its Bupyeong plant in Incheon, South Korea March 29, 2018. REUTERS/Kim Hong-Ji/File Photo
GM and South Korea reached a preliminary agreement last month to inject $4.35 billion into the loss-making unit to keep it afloat. GM has also announced plans to close one of its four South Korean plants, cut headcount by almost 3,000 and has reached a deal on wages with its workers.
“At least 10 years will be guaranteed,” Finance Minister Kim Dong-yeon said in a radio interview, adding that one key condition of the deal will be Korea Development Bank, which owns 17 percent of GM Korea, regaining veto power over asset sales.
“We will make sure GM contributes to the South Korean economy by running normal operations for the long term,” he said. FILE PHOTO: An employee works at an assembly line of GM Korea's Bupyeong plant in Incheon, South Korea March 29, 2018. REUTERS/Kim Hong-Ji/File Photo
While a final agreement is expected this week, industry watchers are sceptical this will mean the end of restructuring for the unit, as the automaker’s sale of its Opel brand in Europe last year is expected to further hit production levels.
“I expect GM to restructure its South Korean unit on a regular basis,” said Lee Hang-koo, a senior researcher at the Korea Institute for Industrial Economics and Trade.
The preliminary agreement with GM calls for the state-run bank to regain the power to block the sale of more than 20 percent of the unit’s assets, a KDB official has previously said. The veto right, which had been in place since 2002 when GM acquired failed Daewoo Motors, expired in October.
GM is expected to extend loans of up to $3.6 billion while KDB is set to inject $750 million, the finance minister said.
A GM Korea spokesman declined to comment, saying talks are ongoing. KDB also declined to comment.
Kaher Kazem, GM Korea’s CEO, said in an internal letter on Tuesday that it plans to reach a binding, final agreement with the government on Friday.
GM relies on its plants as a key export hub, building vehicles for the United States and other countries but production needs dropped after GM decided in 2013 to pull its Chevy brand from Europe.
The U.S. automaker has said it will introduce two new models to South Korea to boost sagging utilisation rates. Reporting by Hyunjoo Jin and Joyce Lee; Additional reporting by Ju-min Park; Editing by Edwina Gibbs | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-gm-southkorea/south-korea-says-gm-deal-to-ensure-it-remains-in-country-for-at-least-10-years-idUKKBN1IA10V |
May 15 (Reuters) - The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.
The Times
Officials charged with managing the taxpayers' stake in Royal Bank of Scotland have begun contacting City brokers to gauge interest in a potential share sale, only days after the lender agreed a provisional deal with American prosecutors over the sale of toxic mortgage-backed bonds. bit.ly/2L2WBgG
Management at Centrica Plc came under fire at the company's annual meeting on Monday as frustrated shareholders demanded answers about the collapse of the British Gas owner's share price. bit.ly/2KYfAJc
The Guardian
Npower owner Innogy has privately told staff it is extremely concerned they will bear the brunt of thousands of job cuts planned as part of a major shake-up of the European energy industry. bit.ly/2IgNkE7
The struggling childrenswear and maternity retailer, Mothercare, said it was finalising a comprehensive restructuring and refinancing package to put the business on a stable and sustainable financial footing. bit.ly/2L0JgFu
The Telegraph
Transport giant FirstGroup Plc is facing a mounting activist campaign to put itself up for sale in the wake of a failed takeover bid from American private equity firm Apollo Global Management. bit.ly/2KYuVJI
Zimbabwe-based gold miner Caledonia is looking to buy out its local partners as it capitalises on a liberalisation of the laws governing the mining sector. bit.ly/2L1kXrh
Sky News
William Hill Plc Chairman Roger Devlin has told ministers in a letter that proposed reforms to Fixed-Odds Betting Terminals (FOBTs) could leave it vulnerable to a takeover bid. bit.ly/2IgjT4T
Private equity firms including Bowmark Capital, Inflexion and Trilantic Partners are among a pack of potential buyers of James Grant Group, in a 140 million stg ($189.90 million)sale. bit.ly/2Igm5JF
The Independent
Uber has poached former Amazon director Jamie Heywood and appointed him its general manager for Northern and Eastern Europe. The new hire will have a host of legal battles to contend with in the role which covers the UK and 11 other countries. ind.pn/2L2lxoj
The Work & Pensions and Business select committees, which have been conducting a joint investigation into Carillion , commented upon some of the evidence from Santander , one of the company's banks. ind.pn/2Ifza65 ($1 = 0.7372 pounds) (Compiled by Bengaluru newsroom)
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May 31, 2018 / 9:52 AM / a few seconds ago Turkish envoy to Washington returning to U.S. amid Jerusalem row: Turkish official Reuters Staff 2 Min Read
ANKARA (Reuters) - Turkey’s ambassador to Washington is returning to the United States after being recalled for consultations two weeks ago over a U.S. decision to move its Israeli Embassy to contested Jerusalem, an official in the Turkish foreign ministry said on Thursday. FILE PHOTO: Turkish Ambassador to the United States Serdar Kilic speak to the Conference on U.S.-Turkey Relations in Washington, U.S., May 22, 2017. REUTERS/Joshua Roberts
Serdar Kilic was recalled to Ankara amid a dispute with Israel and Washington over the killing of dozens of Palestinian protesters by Israeli forces on the Gaza border earlier this month.
Turkey has been one of the most vocal critics of Israel’s response to the Gaza protests and of the U.S. Embassy move, also recalling its ambassador from Tel Aviv and calling for an emergency meeting of Islamic nations.
Turkish Foreign Minister Mevlut Cavusoglu, who will travel to Washington on June 4, said on Wednesday that Kilic would return to make preparations for the visit.
Cavusoglu will meet with U.S. Secretary of State Mike Pompeo during his visit, where the two will discuss a roadmap for northern Syria’s Manbij, which Turkey wants cleansed of the U.S.-backed Syrian Kurdish YPG militia Ankara considers a terrorist organization. Reporting by Tulay Karadeniz and Tuvan Gumrukcu; Editing by David Dolan | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-turkey-diplomacy/turkish-envoy-to-washington-returning-to-u-s-amid-jerusalem-row-turkish-official-idUSKCN1IW157 |
N. Korea suspends talks with South over military drills 02:11
North Korea said on Wednesday it had no choice but to suspend high-level talks with South Korea due to U.S.-South Korean military exercises that went against the trend of warming North-South ties.
North Korea said on Wednesday it had no choice but to suspend high-level talks with South Korea due to U.S.-South Korean military exercises that went against the trend of warming North-South ties. //reut.rs/2L2q0HS | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/15/n-korea-suspends-talks-with-south-over-m?videoId=427217944 |
CALGARY, Alberta, May 23, 2018 (GLOBE NEWSWIRE) -- PetroShale Inc. ("PetroShale" or the "Company") (TSXV:PSH) (OTCQX:PSHIF) is pleased to announce its financial and operating results for the three month period ended March 31, 2018.
The Company’s unaudited consolidated financial statements and corresponding Management’s Discussion and Analysis (MD&A) for the period will be available on SEDAR at www.sedar.com , on the OTCQX website at www.otcqx.com , and on PetroShale’s website at www.petroshaleinc.com . Copies of the materials can also be obtained upon request without charge by contacting the Company directly. Please note, currency figures presented herein are reflected in Canadian dollars, unless otherwise noted.
During the first quarter of 2018, PetroShale acquired additional acreage in our core South Berthold area for US$17.8 million and achieved record quarterly production, revenue and cash flow as a result of bringing on several new operated wells that have significantly increased our current average working interest production to in excess of 6,000 barrels of oil equivalent per day (“boepd”) compared to 2,121 boepd in the fourth quarter of 2017.
FIRST QUARTER 2018 HIGHLIGHTS
Production averaged 3,315 boepd (92% liquids) in the first quarter, a 56% increase from the fourth quarter of 2017. The increase in production reflects four (3.7 net) new operated wells which commenced production during February and March of 2018, and the recommencement of production from our first operated Primus ‘8H’ well, following a workover completed at the end of March. Current average working interest production is in excess of 6,000 boepd, reflecting new production from the first quarter capital program. Revenue totaled $19.3 million, an increase of 28% over the same period of 2017. EBITDA increased to $10.9 million, 36% higher than the first quarter of 2017. Operating netback, prior to the impact of hedging, was $42.09 per boe (Company interest, gross of royalty; $52.36 per boe net of royalty), an increase of 38% over the first quarter of 2017. Capital expenditures totaled $53.7 million, including the acquisition of significant undrilled acreage in our core South Berthold area for US$17.8 million. Closed a strategic financing with a US-based private equity investor, First Reserve, in January 2018 for US$75 million of preferred shares with a 5-year term and a 9% coupon rate. Proceeds were used to repay and terminate the Company’s subordinated loan facility and repay amounts drawn under the senior loan.
RESULTS OF OIL AND GAS ACTIVITIES
Three months ended
March 31, 2018
March 31, 2017 Sales volumes Crude Oil (Bbl/d) 2,779 2,655 Natural gas (Mcf/d) 1,669 1,658 NGLs (Bbl/d) 258 282 Barrel of oil equivalent (Boe/d) 3,315 3,213 Operating Netback ($/Boe) (1) Revenue $ 64.59 $ 52.08 Royalties (12.40 ) (10.92 ) Realized loss on hedge (3.67 ) - Operating costs (4.15 ) (5.82 ) Production taxes (5.01 ) (3.91 ) Transportation expense (0.94 ) (0.98 ) Operating netback (2) $ 38.42 $ 30.45 Operating netback prior to hedging (2) $ 42.09 $ 30.45 Operating netback, on a net of royalty basis (2) $ 52.36 $ 38.48
(1) See "Oil and Gas Advisories". (2) See “Non-GAAP Measures”. MESSAGE FROM THE CEO
The first quarter of 2018 has been a very active start to the year for PetroShale with production growing 56% quarter-over-quarter through a successful drilling program, adding new acreage within our core areas, and enhancing our financial flexibility through a strategic financing. The significant production increase reflects volumes from four (3.7 net) new operated wells and the resumption of production from our first operated Primus ‘8H’ well following a workover. These wells have had a significant impact to PetroShale with current average working interest production increasing to over 6,000 boepd.
Continued strengthening of WTI benchmark prices and stabilizing Bakken oil price differentials during the first quarter contributed to strong operating netbacks and EBITDA. Increased production has led to lower average operating costs, declining from $5.82 per Boe in the first quarter of 2017 to $4.15 per Boe in the first quarter of 2018.
PetroShale completed an acquisition of significant undrilled operated acreage in our core South Berthold area for US$17.8 million, adding a number of new locations to our high-quality drilling inventory.
PetroShale continued to exploit our non-operated acreage with the participation in four (1.6 net) non-operated wells in the South Berthold area which we anticipate will commence production near the beginning of the third quarter.
In January, we completed a US$75 million placement of preferred shares to First Reserve, a US-based energy-focused private equity firm, which continued to enhance our financial position. Proceeds from this financing were used to repay all amounts owing under our subordinated and senior credit facilities. This financing and an anticipated increase in our borrowing base, following our senior lender’s review of our December 31, 2017 reserve report, has positioned PetroShale to increase our operated drilling and acquisition activity.
With our high-quality asset base and increasing number of operated DSUs, we are excited by the opportunities that PetroShale has ahead. In the third quarter of this year we will commence an operated drilling program that will continue into 2019. As we move forward, we will strive to achieve per share increases in production, reserves and EBITDA.
As always, I wish to thank all of PetroShale’s employees, directors and shareholders for your continued support and look forward to updating you on our progress and achievements through the balance of 2018.
((signed))
Mike Wood
President & CEO
AMENDMENTS TO PREFERRED SHARES
The Company also announces that it has amended the terms of the outstanding preferred shares in its US subsidiary, PetroShale (US), Inc. ("PetroShale US"), to provide that PetroShale US may, in certain circumstances and subject to certain limits, elect to pay certain quarterly dividend amounts "in kind" at a rate of 12% per annum in lieu of paying a cash dividend for such quarter at a rate of 9% per annum. First Reserve is the sole holder of such preferred shares. As a result of such amendments, PetroShale US will be permitted to exercise its payment in kind election, on or after the first anniversary of the date of issuance of the preferred shares (being January 25, 2018), with respect to a maximum of two fiscal quarters during any consecutive twelve month period and six fiscal quarters in total. In the event any dividend is elected to be paid in kind, the dollar amount repayable to First Reserve at the end of the term of the preferred shares will increase by the dollar amount represented by the "in kind" dividend, and, concurrent with any increase, additional special voting shares of the Company ("Special Voting Shares") will be issued by the Company to First Reserve. As such, in the event that PetroShale US elects to pay the maximum number of dividends "in kind" as described above, PetroShale estimates that up to an additional 8,349,057 Special Voting Shares may be issuable to First Reserve. The Company intends to seek shareholder approval, in accordance with the rules of the TSX Venture Exchange, for First Reserve as a "control person" of the Company at the Company's upcoming annual and special meeting of shareholders. A copy of the terms of the preferred shares, as amended, will be available for review on the Company's SEDAR profile at www.sedar.com .
About PetroShale
PetroShale is an oil company engaged in the acquisition, development and consolidation of interests in the North Dakota Bakken / Three Forks.
For more information, please contact:
PetroShale Inc.
Attention: President and CEO
Email: [email protected]
Phone: +1.303.297.1407
www.petroshaleinc.com
or
Cindy Gray
5 Quarters Investor Relations, Inc.
403.828.0146 or [email protected]
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Note Regarding Forward-Looking Statements and Other Advisories
This press release contains forward-looking statements and forward-looking information (collectively "forward-looking information") within the meaning of applicable securities laws relating to, among other things, available aspects of management focus, objectives, strategies and business opportunities. More particularly and without limitation, this press release contains forward-looking information concerning: the opportunity to use available and undrawn amounts under the Company's credit facilities to fund drilling and acquisitions, PetroShale's position to achieve future growth in production, reserves and revenue; PetroShale's intention to seek out land acquisition opportunities; the sufficiency of the Company's financial flexibility and capital requirements; the Company's growth and development plans, including anticipated new well production and related timing; the anticipated benefits to the Company from certain infrastructure investments on its properties; the Company's participation in drilling opportunities and the future prospects for new wells (including with respect to the Company’s planned 2018 drilling program); anticipated connection of new wells to gas gathering infrastructure; the impact of recent pipeline development on future oil price differentials; anticipated production increases and associated netback increases; and the general outlook of the Company. PetroShale provided such forward-looking statements in reliance on certain expectations and assumptions that it believes are reasonable at the time, including expectations and assumptions concerning prevailing commodity prices, liquidity, exchange rates, interest rates, applicable royalty rates and tax laws; future production rates and estimates of operating costs; performance of existing and future wells; reserve volumes; business prospects and opportunities; the availability and cost of financing, labor and services; the impact of increasing competition; ability to market oil and natural gas successfully; and the Company's ability to access capital.
Although the Company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Forward-looking information addresses future events and conditions, which by their very nature involve inherent risks and uncertainties. The Company's actual results, performance or achievement could differ materially from those expressed in, or implied by, the forward-looking information and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits the Company will derive therefrom. Management has included the above summary of assumptions and risks related to forward-looking information provided in this press release in order to provide security holders with a more complete perspective on the Company's future operations and such information may not be appropriate for other purposes.
Readers are cautioned that the foregoing lists of factors are not exhaustive. Additional information on these and other factors that could affect our operations or financial results are included in reports on file with applicable securities regulatory authorities and may be accessed through the SEDAR website ( www.sedar.com ). These forward-looking statements are made as of the date of this press release and the Company disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
Non -GAAP Measures:
Within this press release, references are made to “operating netback”, “operating netback on a net of royalty basis”, “operating netback prior to hedging” and “EBITDA”, which are not recognized measures under IFRS and therefore may not be comparable to performance measures presented by others. EBITDA means net income (loss) before taxes, depletion and depreciation expense, any impairments, finance expense, any gain or loss on property dispositions, foreign exchange gain or loss, share-based compensation expense and unrealized gain or loss on financial derivatives. Operating netback means revenue and realized gain or loss on financial derivatives, less royalties, production taxes, operating costs and transportation expense and has been presented on a per Boe basis. Operating netback on a net of royalty basis represents operating netback divided by production, net of royalty interest. Operating netback prior to hedging means operating netback excluding realized gain or loss on financial derivatives. Management believes that in addition to net income (loss) and cash flow from (used in) operating activities, EBITDA and operating netback are useful supplemental measures as they assist a reader in the determination of the Company's operating performance, leverage and liquidity. Readers are cautioned, however, that these measures should not be construed as an alternative to net income (loss) or cash flow from (used in) operating activities as determined in accordance with IFRS as an indication of our performance or value.
Oil and Gas Advisories:
Where amounts are expressed on a barrel of oil equivalent (“Boe”) basis, natural gas volumes have been converted to Boe using a ratio of 6,000 cubic feet of natural gas to one barrel of oil (6 Mcf: 1 Bbl). This Boe conversion ratio is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6 Mcf: 1 Bbl, utilizing a conversion ratio at 6 Mcf: 1 Bbl may be misleading as an indication of value. In this release, mboe refers to thousands of barrels of oil equivalent, while mbbls refers to thousands of barrels of oil, and mmcf refers to millions of cubic feet of natural gas.
All dollar figures included herein are presented in Canadian dollars, unless otherwise noted.
Source: PetroShale Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/globe-newswire-petroshale-announces-financial-and-operating-results-for-first-quarter-2018.html |
* Westpac sees lower mortgage volumes
* Reports A$4.3 bln in cash earnings, beats forecasts
* Bank reports higher margins offseting soft growth in mortgages
* Stressed assets to total loans increased slightly (Recasts, adds CEO comments, portfolio manager)
By Paulina Duran
SYDNEY May 7 (Reuters) - Australia’s Westpac Banking Corp flagged lower mortgage volumes on Monday as it reported better-than-expected half-year earnings, saying the cooling housing market and tighter lending standards would squeeze growth.
Westpac echoed comments last week by smaller rival Australia and New Zealand Banking Group that mortgage growth would slow due to regulation and more cautious lending practices amid an inquiry into financial sector wrongdoing.
“With the changes that have come through in the last year we may see that growth rate fall a bit,” Chief Executive Brian Hartzer said in an interview published on its website on Monday, referring to tighter credit and loan approval policies.
“But what that represents is an orderly slowdown in the housing market, which shouldn’t be confused with a reduction in the housing market.”
Home prices across Australia’s major cities eased for a seventh straight month in April, according to property consultant CoreLogic.
Australia’s financial sector has been rocked by the government-ordered inquiry’s almost daily revelations of wrongdoing, including fraud, deception of regulators and charging customers without providing services.
The inquiry is raising costs as banks prepare for tougher oversight of their lending practices and wealth management divisions.
Hartzer said the inquiry, which is due to last a year, provided a “critical opportunity to restore customer trust”, and Westpac was “already well advanced” in making reforms.
HIGHER MARGINS Westpac, Australia’s No. 2 lender, reported a cash profit of A$4.25 ($3.2 billion) for the half-year ended March 31, 6 percent higher than a year ago and slightly better than the average A$4.17 billion expected by four analysts polled by Reuters.
Cash profit, a measure that excludes one-offs and non-cash accounting items, is closely watched by investors.
Higher margins after interest rate rises at the peak of the housing boom last year were offset by softer mortgage volumes, with home lending growth at two percent compared with three percent in the previous half.
Net interest income rose 8 percent to A$8.3 billion, while net interest margin - a key barometer of profitability - was up 11 basis points to 2.16 percent.
“The result is a good result driven by considerable margin expansion and lower bad debts,” said Omkar Yoshi, portfolio manager at Regal Funds Management, which owns Westpac shares.
Westpac shares were 1.5 percent higher at A$29.54 at 0326 GMT while the rest of the market was up 0.5 percent.
Stressed assets as a percentage of total loans were four basis points higher at 1.09 percent compared with the end of September, the bank said. The metric was lower than the 1.14 percent reported this time last year, suggesting loan quality was improving gradually.
Last month, Westpac was forced to defend the quality of its mortgage book, as documents it provided to the quasi-judicial inquiry raised doubts about its lending standards.
On Monday, it said it had reviewed a number of concerns raised by the banking regulator and tightened controls of its loan application processes.
$1 = 1.3270 Australian dollars Reporting by Paulina Duran in Sydney, and Rushil Dutta in Bengaluru; Editing by Stephen Coates
| ashraq/financial-news-articles | https://www.reuters.com/article/westpac-results/update-1-australias-westpac-h1-profit-up-6-pct-beats-forecast-idUSL3N1SD0GP |
NEW YORK, May 16, 2018 /PRNewswire/ -- Steward Partners Global Advisory LLC, an employee-owned, full service independent partnership associated with Raymond James Financial Services, Inc. (member FINRA/SIPC), announced today that Christopher Davis has joined Steward Partners as Divisional President. Davis has more than 30 years of senior leadership experience in the financial services industry, most recently serving as a Market Manager for Wells Fargo on Long Island, NY, where he oversaw more than 190 brokers, 8 offices, and $17 billion in client assets.
"Chris is an amazing talent with a deep understanding of the New York and New Jersey financial landscape," said Steward Partners' President Hy Saporta. "Steward is growing in the northeast faster than ever and having someone like Chris at the helm will help ensure our future success in the region. We are excited to welcome him to the team and look forward supporting him in his new role."
As Divisional President of New York and New Jersey, Davis will oversee the growth and development of Steward's existing markets in the two states, which include Paramus and Morristown, NJ, and New York City, NY, as well as future Steward locations planned for the area. As part of his responsibilities, Davis will coordinate team strategy and training, oversee support for Steward's advisory teams and direct team growth and succession opportunities.
"Steward Partners' vision to change the traditional financial advisor experience was one of the reasons why this was an easy decision for me," added Davis. "The firm's growth has been virtually unmatched, and with the support of such a strong management team and an ally like Raymond James, I couldn't be more excited for what the future holds."
About Steward Partners Global Advisory
With offices in Albany, N.Y., Andover and Boston, Mass., Baltimore and Bethesda, Md., Clearwater, Fla., Keene, Manchester and Portsmouth, N.H., Paramus and Morristown N.J., Houston, Tex., Richmond, Va., New York City and Washington, D.C., Steward Partners Global Advisory, LLC, is an employee-owned, full-service independent partnership catering to family, institutional and multigenerational wealth.
For more information, visit us at www.stewardpartners.com .
About Raymond James Financial Services, Inc.
Raymond James Financial Services, Inc. is a financial services firm supporting more than 4,300 independent financial advisors nationwide. Since 1974, Raymond James Financial Services Inc., member FINRA/SIPC, has provided a wide range of investment and wealth planning related services through its affiliate, Raymond James & Associates, Inc., member New York Stock Exchange/SIPC. Both broker/dealers are wholly owned subsidiaries of Raymond James Financial, Inc. (NYSE: RJF) a leading diversified financial services company with approximately 7,600 financial advisors in 3,000 locations throughout the United States, Canada and overseas. Total client assets are $730 billion.
Steward Partners Holdings and Steward Partners Global Advisory, LLC maintain a separate professional business relationship with, and our registered professionals offer securities through, Raymond James Financial Services, Inc., member FINRA/SIPC. Investment advisory services offered through Steward Partners Investment Advisory, LLC, 1776 I Street NW, Suite 700, Washington, DC 20006. Toll Free: (844) 801-8268.
Press Contact:
Reed Schneider
212-343-2363
[email protected]
View original content: http://www.prnewswire.com/news-releases/steward-partners-global-advisory-hires-christopher-davis-as-divisional-president-for-new-york-and-new-jersey-300649676.html
SOURCE Steward Partners Global Advisory, LLC | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/pr-newswire-steward-partners-global-advisory-hires-christopher-davis-as-divisional-president-for-new-york-and-new-jersey.html |
TORONTO, May 1, 2018 /PRNewswire/ - Russel Metals Inc. (RUS - TSX) announces that it has declared a dividend in the amount of Cdn$0.38 per share on its common shares, payable on June 15, 2018 to shareholders of record at the close of business on May 28, 2018.
About Russel Metals
Russel Metals is one of the largest metals distribution and processing companies in North America. It carries on business in three metals distribution segments: metals service centers, energy products and steel distributors, under various names including Russel Metals, A.J. Forsyth, Acier Leroux, Acier Loubier, Alberta Industrial Metals, Apex Distribution, Apex Monarch, Apex Remington, Apex Western Fiberglass, Arrow Steel Processors, B&T Steel, Baldwin International, Color Steels, Comco Pipe and Supply, Couleur Aciers, DuBose Steel, Fedmet Tubulars, JMS Russel Metals, Leroux Steel, McCabe Steel, Mégantic Métal, Métaux Russel, Métaux Russel Produits Spécialisés, Milspec, Norton Metals, Pemco, Pioneer Pipe, Russel Metals Processing, Russel Metals Specialty Products, Russel Metals Williams Bahcall, Spartan Energy Tubulars, Sunbelt Group, Triumph Tubular & Supply, Wirth Steel and York-Ennis.
If you would like to unsubscribe from receiving Press Releases, you may do so by emailing [email protected] ; or by calling our Investor Relations Line: 905-816-5178.
View original content: http://www.prnewswire.com/news-releases/russel-metals-declares-common-share-dividend-300640514.html
SOURCE Russel Metals Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/pr-newswire-russel-metals-declares-common-share-dividend.html |
May 16, 2018 / 12:22 AM / Updated 6 hours ago Paddy Power Betfair in discussions to buy FanDuel Padraic Halpin 3 Min Read
DUBLIN (Reuters) - Paddy Power Betfair ( PPB.I ) ( PPB.L ) is considering merging its U.S. business with fantasy sports company FanDuel to target the U.S. sports betting market, the Irish bookmaker said on Wednesday. FILE PHOTO: Paddy Power logo is seen behind a keyboard and gambling dice in this illustration taken in Sarajevo, September 10, 2015. REUTERS/Dado Ruvic
A U.S. Supreme Court ruling on Monday paved the way for states to legalise sports gambling after it struck down a 1992 federal law that had barred gambling in most places.
The Dublin-based company said talks with FanDuel are ongoing and there was no certainty as to whether an agreement would be reached.
Paddy Power shares, which rose sharply after the U.S. Supreme Court ruling, were up 5.4 percent at 0815 GMT.
Firms like Paddy Power Betfair are looking for growth opportunities to offset the increasing cost of regulation in established markets such as Britain and Australia. Slideshow (2 Images)
Paddy Power Betfair runs the leading U.S. horse racing television and betting network and has an online casino business in New Jersey which contributed $140 million or around 6 percent of its revenue last year.
It entered the U.S. fantasy sports market last year with a $48 million acquisition of early-stage operator DRAFT.
FanDuel was part of merger discussions last year with rival DraftKings but that plan was scrapped after a legal challenge by the U.S. Federal Trade Commission over fears that the combined company would control more than 90 percent of the U.S. market for paid daily fantasy sports contests.
Leading fantasy sports companies have faced regulatory challenges in several states and scrutiny by officials who question whether paid daily games amount to gambling.
FanDuel was valued at more than $1 billion before the crackdown began. Legal Sports Report (LSR), which first reported that Paddy Power Betfair was close to completing the deal, said it appeared likely to be below that valuation.
Analysts at Davy Stockbrokers said the deal would hand Paddy Power Betfair an extremely well recognised U.S. brand, an award-winning technology platform that can be converted to offer real money betting and a database of over 6 million U.S. customers.
FanDuel would gain access to Paddy Power Betfair’s pricing models, risk and trading expertise, potential distribution via its U.S. businesses and expertise in cross selling, they said.
“For both sides, a deal would make a huge amount of sense strategically and on the face of it, an amalgamated business would represent a powerful combination in the U.S. sports betting market,” Davy analysts wrote in a note.
Modern fantasy sports started in 1980 and have exploded online through a faster, daily version of the season-long game where participants draft teams for a single game, enabling them to spend money on contests more frequently. Reporting by Padraic Halpin, editing by Louise Heavens and Jason Neely | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-fanduel-m-a-paddy-power/paddy-power-betfair-close-to-buying-fanduel-report-idUKKCN1IH01I |
Malaysian stocks tied to Najib administration fall 2 Hours Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/14/malaysian-stocks-tied-to-najib-administration-fall.html |
May 19, 2018 / 10:27 AM / Updated an hour ago Worlds away from Windsor, people celebrate Harry and Meghan's big day Marcos Brindicci 3 Min Read
PORT STANLEY, Falkland Islands (Reuters) - As far afield as the windswept Falkland Islands, battered by the South Atlantic and home to colonies of penguins, the glittering royal wedding was a cause for celebration on Saturday. Students of an art school give finishing touches to a painting created to commemorate the royal wedding of Britain's Prince Harry and his fiancee Meghan Markle, in Mumbai, India May 18, 2018. REUTERS/Francis Mascarenhas
Many residents of the Falklands, one of Britain’s remote outposts left over from imperial days, are fiercely patriotic and were looking forward to flying the Union Jack flag in honour of Prince Harry and his American bride Meghan Markle.
“As a Falkland Islander I definitely feel a bond with the royal family as a symbol of Britishness. I am a staunch royalist,” said Arlette Betts, speaking in her home on the waterfront in Port Stanley, the tiny capital and home to most of the archipelago’s 4,000 inhabitants.
Argentina disputes Britain’s sovereignty over the Falklands, which lie 300 miles (500 km) from the Argentine coast, and the two countries fought a war in 1982 over the islands. As a result, the British military are popular with the islanders.
“I think we can all relate to them here in the islands, particularly since the young lads served in the military,” said Leona Roberts, a member of the archipelago’s Legislative Assembly.
She was referring to Prince Harry and his older brother Prince William, who both had military careers before dedicating themselves full-time to royal duties.
Roberts was one of the organisers of a royal wedding party due to take place at the Falkland Islands Defence Force headquarters, where children were expected to dress up as princes and princesses and receive special gifts.
Betts, however, intended to spend the day at home in front of the television so she could give her full attention to events in faraway Windsor.
“I think some people are having a party but I would not want that. I like to be able to take it all in without being disturbed,” she said.
The Falklands were just one of the locations many worlds away from Windsor Castle where people were celebrating the royal nuptials.
In India, a group of Mumbai’s famed dabbawalas, or lunch delivery men, chose a traditional sari dress and kurta jacket as wedding gifts for Harry and his bride, while at the Gurukul School of Art children painted posters of the royal couple and Queen Elizabeth.
In Australia, where the British monarch remains the head of state, some pubs were planning wedding parties, while a cinema chain was screening the event live across its network. Viewers were encouraged to come dressed in fun finery, with prizes for the most creative outfits.
In Melbourne, fashion designer Nadia Foti was planning to attend an “English high tea” where guests would wear plastic crowns and enjoy traditional British treats such as scones and the popular summer drink Pimm’s.
“It’s exciting for the fashion and the spectacular,” said Foti. “It’s a joyous occasion and I’ve made a plum cake to celebrate in classic English style.” Dabbawalas, also known as tiffin carriers, purchase a saree and Kurta, traditional Indian clothing, as gifts for Britain's Prince Harry and Meghan Markle to mark the occasion of their wedding, in Mumbai, India, May 17, 2018. Picture taken May 17, 2018. REUTERS/Danish Siddiqui Reporting by Marcos Brindicci in Port Stanley, Rajendra Jadhav and Sankalp Phartiyal in Mumbai, Alana Schetzer in Melbourne and Jane Wardell in Sydney; Writing by Estelle Shirbon; Editing by Giles Elgood | ashraq/financial-news-articles | https://in.reuters.com/article/britain-royals-world/worlds-away-from-windsor-people-celebrate-harry-and-meghans-big-day-idINKCN1IK0BK |
WASHINGTON—The National Institutes of Health has begun recruiting volunteers for a $1.46 billion medical database that will eventually comprise data on more than one million people, an effort to discern the genetic underpinnings of a range of diseases and even of healthy aging.
The endeavor by the nation’s leading government medical-research entity is aimed at deciphering the workings of poorly understood maladies ranging from cancers to migraines to dementia. The database will be open to medical researchers and will initially... | ashraq/financial-news-articles | https://www.wsj.com/articles/nih-seeks-one-million-volunteers-for-medical-database-1525216801 |
May 12, 2018 / 11:25 AM / Updated an hour ago Greece, Macedonia race to end name row before EU summit Reuters Staff 3 Min Read
SOUNION, Greece (Reuters) - Foreign Ministers of Greece and Macedonia met in the presence of a UN envoy on Saturday, in an attempt to bridge their differences in a decades-old dispute over the name of the former Yugoslav Republic before an EU summit next week.
The row began in earnest in 1991, when Macedonia broke away peacefully from former Yugoslavia, declaring its independence under the name Republic of Macedonia.
Greece, which has its own region called Macedonia, has asked its neighbour to change its name, as well as what it says are “irredentist” references in Skopje’s national constitution, which Greece says must be taken out.
The dispute has blocked Macedonia’s aspirations to join the European union and the NATO military alliance.
But the two countries decided last year to renew their efforts and try to reach a settlement long before the summer.
“We are in a very delicate phase ... in a way tackling one of the last remaining differences,” said Macedonia’s Nikola Dimitrov a day before meeting his Greek counterpart and UN mediator Matthew Nimetz.
“We managed in 11 months to become very close at a personal level,” Dimitrov told reporters on the sidelines of a meeting of Balkan foreign ministers on Friday.
“If we are able to have this breakthrough, I think in less than 11 months, probably in 11 weeks, there will be a huge relief.”
The meeting at a resort east of Athens comes five days before an EU-Western Balkans summit in Sofia, where the two countries’ prime ministers are also expected to discuss the issue.
Both sides see 2018 as a year of opportunity.
Greek Prime Minister Alexis Tsipras hopes to resolve the matter to gain more political leverage in Europe, and at the same time increase his popularity at home where many Greeks feel the country’s debt crisis and three massive bailouts have compromised its sovereignty.
Meanwhile, Macedonia’s Prime Minister Zoran Zaev, who came to power a year ago, wants to accelerate his country’s accession to NATO and the EU to boost international support for his fragile coalition.
Greece has said a compromise could include a compound name with a geographical or chronological qualifier by which the country would be known and referred to in all international institutions - the so-called “erga omnes”.
Examples could include Upper Macedonia and North Macedonia.
Pending a settlement, the ex-Yugoslav nation was admitted to the United Nations in 1993 under the name Former Yugoslav Republic of Macedonia (FYROM). Reporting by Michele Kambas and Renee Maltezou; Editing by Clelia Oziel | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-greece-macedonia/greece-macedonia-race-to-end-name-row-before-eu-summit-idUKKCN1ID0D2 |
May 25, 2018 / 8:58 AM / Updated 11 hours ago Third Indian state checks suspect cases in outbreak of rare brain-damaging virus Zeba Siddiqui 3 Min Read
MUMBAI (Reuters) - Officials in a third Indian state were checking on Friday if two people had been infected with the brain-damaging Nipah virus that has killed 12 in southern Kerala, although the government described the outbreak as minor. Relatives wearing masks attend the funeral a victim, who lost his battle against the brain-damaging Nipah virus, at a burial ground in Kozhikode, in the southern Indian state of Kerala, India, May 24, 2018. REUTERS/Stringer
Such outbreaks are a concern in a country where hundreds die from infectious diseases each year for lack of vigorous disease tracking systems. There is no vaccine for the virus, carried by fruit bats, and the only treatment is supportive care.
The virus has not spread beyond Kerala, the government said after investigation by health officials linked the initial deaths to a well colonized by bats whose water the victims had been using.
“The Nipah virus disease is not a major outbreak and is only a local occurrence,” the government said in a statement, adding that a team of experts continued to monitor the situation.
Blood samples from two men who showed the flu-like symptoms of the virus were sent for testing, said a health official in Telangana, a state neighboring Kerala.
“We just sent them as a precaution,” said K Shankar, medical superintendent of the Sir Ronald Ross Institute of Tropical and Communicable Diseases in Hyderabad.
Two suspect cases in Karnataka, another state bordering Kerala, proved negative, said a medical official there.
All the confirmed infections have involved people who caught the virus from the first victim while he was being treated, said microbiologist G. Arun Kumar.
“Hospital-acquired infections are a major path of human to human transmission,” added Kumar, who heads the Manipal Centre for Virus Research that is testing virus samples.
The virus, spread through contact with bodily fluids, has a mortality rate of about 70 percent.
A global coalition to fight epidemics this week struck a $25-million deal with two U.S. biotech groups to speed work on a vaccine.
A clutch of dead bats discovered on the roof of a school in the northern state of Himachal Pradesh triggered a brief scare, but there are no suspected human infections, said health official Sanjay Sharma.
The finding of dead bats was not an unusual event, said one state forest official.
“This is not unusual, but the department has sent bat samples for tests as a precautionary measure,” said the official, Ramesh Kang. Additional reporting by Subrat Patnaik in Mumbai; Editing by Clarence Fernandez | ashraq/financial-news-articles | https://uk.reuters.com/article/us-india-virus-nipah/third-indian-state-checks-suspect-cases-in-outbreak-of-rare-brain-damaging-virus-idUKKCN1IQ0Z7 |
Reported Revenue Increased 6.4% to $256.0 Million and 18.0% to $1,041.2 Million in Q4 and Fiscal 2018, Respectively Revenue Growth of 2.4% and 1.7%, Pro-forma for Fleet, in Q4 and Fiscal 2018, Respectively GAAP Diluted EPS of $6.34 and Adjusted EPS of $2.58 in Fiscal 2018 Net Cash Provided by Operating Activities Increased to $210.1 Million, Debt Pay Down of $209.0 Million in Fiscal 2018 Board of Directors Authorizes New $50 Million Share Repurchase Program
TARRYTOWN, N.Y., May 10, 2018 (GLOBE NEWSWIRE) -- Prestige Brands Holdings, Inc. (NYSE:PBH) today reported financial results for its fourth quarter and fiscal year ended March 31, 2018.
“We are pleased with the progress we made against our long term strategies during the year and we finished fiscal 2018 with positive momentum in many key areas of our business. During the fiscal year our leading and diverse brand portfolio continued to grow categories and win market share with consumers while generating meaningful free cash flow. We also completed the integration of the Fleet business, the largest in the company's history, and positioned the brands for long term growth. As we head into fiscal 2019, we see continuing opportunities to position our business for long-term success,” said Ron Lombardi, Chief Executive Officer of Prestige Brands.
Fourth Quarter Fiscal 2018 Ended March 31, 2018
Reported revenues in the fourth quarter of fiscal 2018 increased 6.4% to $256.0 million, compared to $240.7 million in the fourth quarter of fiscal 2017. Revenues for the quarter were driven by solid consumption levels across the Company’s core brands and incremental revenue from the Fleet acquisition.
Gross profit margin in the fourth quarter of fiscal 2018 was 55.2%, compared to 54.1% reported in the fourth quarter of the prior year. Sequentially, gross margin improved from the third quarter 2018 level of 54.6% as the Company made progress in its freight and warehousing initiatives.
Advertising & promotion expense for the fourth quarter of fiscal 2018 was $35.3 million, or 13.8% of sales, compared to $41.5 million, or 17.2% of sales, in the fourth quarter of the prior year. Excluding adjustments related to the Fleet transition and integration, fourth quarter fiscal 2017 advertising and promotion spend was 16.3% of sales. Advertising and promotion spend was in line with expectations but declined on a dollar basis versus the prior year due to the impact of the Fleet acquisition during the fourth quarter 2017.
Reported net loss for the fourth quarter of fiscal 2018 totaled $39.7 million versus the prior year comparable quarter’s net income of $11.1 million. A diluted loss per share of $0.75 for the fourth quarter of fiscal 2018 compared to a $0.21 diluted earnings per share gain in the prior year comparable period. Non-GAAP adjusted net income for the fourth quarter of fiscal 2018 was $33.0 million, an increase of 14.5% from the comparable prior year period’s adjusted net income of $28.8 million. Non-GAAP adjusted earnings per share were $0.62 per share for the fourth quarter of fiscal 2018 compared to $0.54 per share in the prior year comparable period.
Adjustments to net income in the fourth quarter of fiscal 2018 included non-cash tradename impairments of $28.6 million and $70.7 million associated with the Company’s Beano and Comet brands, respectively. These tradename impairments reflect further de-emphasis of these brands and the anticipation of a continued decline in consumer consumption trends.
Adjustments to net income in the fourth quarter of both fiscal 2018 and fiscal 2017 include certain integration, transition, legal and various other costs associated with acquisitions and divestitures and the related income tax effects of the adjustments as well as accelerated amortization of debt origination costs, loss on extinguishment of debt and other additional expense related to refinancing activities.
Fiscal Year Ended March 31, 2018
Reported revenues for the fiscal year 2018 increased 18.0% to $1.041 billion compared to $882.1 million for the fiscal year ended March 31, 2017. Revenues for fiscal 2018 were driven by continued strong consumption levels across the Company’s legacy brands and $175.4 million of incremental revenue from the Fleet acquisition, which was partially offset by the divestitures of certain non-core brands during fiscal 2017.
Reported gross profit margin in fiscal 2018 was 55.4% compared to 56.7% for fiscal 2017. The gross profit margin year-over-year change was primarily due to the addition of the higher growth Fleet portfolio and higher freight and warehouse costs realized in second half of fiscal 2018.
Advertising & promotion expense for fiscal 2018 was $147.3 million, or 14.1% of sales, compared to $128.4 million, or 14.6% of sales, in the prior year. Increased dollar investments in advertising and promotion expense versus fiscal 2017 were attributable to the Company’s long-term brand building strategy.
Reported net income for the fiscal year 2018 totaled $339.6 million, versus the prior year comparable period net income of $69.4 million. Diluted earnings per share were $6.34 for the fiscal year 2018 compared to $1.30 per share in the prior year comparable period. Non-GAAP adjusted net income for fiscal 2018 was $138.3 million, an increase over the prior year period’s adjusted net income of $126.6 million. Non-GAAP adjusted earnings per share were $2.58 per share for fiscal 2018 compared to $2.37 per share in fiscal 2017.
Adjustments to net income in both fiscal 2018 and fiscal 2017 include certain integration, transition, legal and various other costs associated with acquisitions and divestitures and the related income tax effects of the adjustments as well as accelerated amortization of debt origination costs, loss on extinguishment of debt related and other additional expense related to refinancing activities.
Adjustments to net income in fiscal 2018 included income tax adjustments related to the domestic Tax Cuts and Jobs Act, a tax adjustment associated with an acquisition and tradename impairment associated with the Company’s Beano and Comet brands discussed above.
Adjustments to net income in fiscal 2017 also included non-cash costs related to divestiture of certain non-core brands.
Free Cash Flow and Balance Sheet
The Company's net cash provided by operating activities for the fiscal year 2018 increased to $210.1 million from $148.7 million versus in prior fiscal year due to continued strong cash conversion in the legacy business and incremental cash flow related to the Fleet acquisition, partially offset by the loss of cash flow from divested brands.
Non-GAAP adjusted free cash flow in fiscal 2018 increased to $208.1 million from $196.9 million in the prior year.
The Company's net debt position as of March 31, 2018 was approximately $2.0 billion, reflecting debt repayments of $209.0 million during the fiscal year. At March 31, 2018, the Company's covenant-defined leverage ratio declined to 5.2x.
Segment Review
North American OTC Healthcare: Segment revenues totaled $212.1 million for the fourth quarter of fiscal 2018, 6.6% higher than the prior year comparable quarter's revenues of $199.0 million. The fourth quarter fiscal 2018 increase was driven by revenues from the acquisition of Fleet as well as consumption growth in the Company’s core OTC brands.
For the fiscal 2018 year, reported revenues for the North American OTC segment were $868.9 million, an increase of 20.5% compared to $720.8 million in the prior year. The increase was driven by revenues from the acquisition of Fleet as well as consumption growth in the Company’s core OTC brands.
International OTC Healthcare: Segment fiscal fourth quarter 2018 revenues totaled $24.1 million, 19.0% higher than the $20.2 million reported in the prior year comparable period. Fourth quarter revenues included incremental revenues from the Fleet acquisition, as well as continued growth of the Company’s Care brand portfolio in Australia.
For the current fiscal year, reported revenues for the International OTC Healthcare segment were $91.7 million, an increase of 25.0% over the prior year's revenues of $73.3 million. Revenues for the International OTC Healthcare segment were impacted by favorable consumption levels as well as revenues from the Fleet acquisition.
Household Cleaning: Segment revenues totaled $19.8 million for the fourth quarter of fiscal 2018 compared with fourth quarter fiscal 2017 revenues of $21.4 million, a decrease of 7.4%. Reported revenues for the Household Cleaning segment were $80.6 million for fiscal 2018, a decrease of 8.3% over prior year revenues of $87.9 million due to continued declines in consumer usage trends in Comet’s core categories.
Share Repurchase Program
The Company’s Board of Directors authorized the repurchase of up to $50.0 million of the Company’s issued and outstanding common stock. Under the authorization, the Company may purchase common stock through May, 2019 utilizing one or more open market transactions, transactions structured through investment banking institutions, in privately-negotiated transactions or otherwise, by direct purchases of common stock or a combination of the foregoing in compliance with the applicable rules and regulations of the Securities and Exchange Commission.
The timing of the purchases and the amount of stock repurchased is subject to the Company's discretion and will depend on market and business conditions, applicable legal and credit requirements and other corporate considerations including the Company’s historical strategy of pursuing accretive acquisitions and deleveraging.
Commentary and Outlook for Fiscal 2019
Ron Lombardi, CEO, stated, “Our fiscal 2018 performance is proof that our long-term strategy of brand building continues to drive market share gains and strong cash flow. In our first full year of Fleet ownership, we achieved pro-forma sales growth of nearly 2% as we continued to grow categories and increase market share along with generating over $205 million of free cash flow. Against a challenging retail backdrop we are encouraged by this performance and believe it sets a positive stage for the upcoming fiscal year.”
“For fiscal 2019, we anticipate continued strong cash generation and top-line growth driven by our well-positioned and diversified portfolio of leading brands. We expect our portfolio consumption rate to be in our long-term target range, although we anticipate our top-line performance to be below our long-term outlook largely attributable to expected retailer inventory reduction efforts and a positive restaging of our BC/Goody’s brand packaging. In addition to brand-building investments, improvements surrounding our freight and warehousing costs remain a priority and we expect to build on progress made in Q4. Finally, we will continue to create value for shareholders through a disciplined capital allocation approach as evidenced by todays stock repurchase announcement.”
“We have evolved and strengthened our portfolio, and remain confident in the long-term top- and bottom-line growth prospects for our business driven by our three-pillar strategy,” Mr. Lombardi concluded.
Fiscal 2019 Full-Year Outlook Revenues $1,046 to $1,056 million Revenue Growth Percentage 0.5% to 1.5% E.P.S. $2.96 to $3.04 Free Cash Flow $215 million or more Fiscal Q4 Conference Call, Accompanying Slide Presentation and Replay
The Company will host a conference call to review its fourth quarter results today, May 10, 2018 at 8:30 a.m. ET. The toll-free dial-in numbers are 844-233-9440 within North America and 574-990-1016 outside of North America. The conference ID number is 5359399. The Company provides a live Internet webcast, a slide presentation to accompany the call, as well as an archived replay, all of which can be accessed from the Investor Relations page of the Company's website at www.prestigebrands.com . The slide presentation can be accessed just before the call from the Investor Relations page of the website by clicking on Webcasts and Presentations.
Telephonic replays will be available for two weeks following the completion of the call and can be accessed at 855-859-2056 within North America and at 404-537-3406 from outside North America. The conference ID is 5359399.
Non-GAAP and Other Financial Information
In addition to financial results reported in accordance with generally accepted accounting principles (GAAP), we have provided certain non-GAAP financial information in this release to aid investors in understanding the Company's performance. Each non-GAAP financial measure is defined and reconciled to its most closely related GAAP financial measure in the “About Non-GAAP Financial Measures” section at the end of this earnings release.
Note Regarding Forward-Looking Statements
This news release contains "forward-looking statements" within the meaning of the federal securities laws that are intended to qualify for the Safe Harbor from liability established by the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" generally can be identified by the use of forward-looking terminology such as "assumptions," "target," "guidance," “strategy,” "outlook," "plans," "projection," "may," "will," "would," "expect," "intend," "estimate," "anticipate," "believe”, "potential," or "continue" (or the negative or other derivatives of each of these terms) or similar terminology. The "forward-looking statements" include, without limitation, statements regarding the Company's expectations regarding future operating results including revenues, earnings per share and free cash flow, the Company’s ability to win market share and increase consumption, the Company's ability to improve freight and warehousing costs, and the Company’s ability to position itself for long-term success. These statements are based on management's estimates and assumptions with respect to future events and financial performance and are believed to be reasonable, though are inherently uncertain and difficult to predict. Actual results could differ materially from those expected as a result of a variety of factors, including the impact of the Company’s advertising and promotional and new product development initiatives, customer inventory management initiatives, general economic and business conditions, fluctuating foreign exchange rates, consumer trends, competitive pressures, and the ability of the Company’s third party manufacturers and logistics providers and suppliers to meet demand for its products and to reduce costs. A discussion of other factors that could cause results to vary is included in the Company's Annual Report on Form 10-K for the year ended March 31, 2017 and the Company's Quarterly Report on Form 10-Q for the quarter ended December 31, 2017 and other periodic reports filed with the Securities and Exchange Commission.
About Prestige Brands Holdings, Inc.
The Company markets and distributes brand name over-the-counter healthcare products throughout the U.S. and Canada, Australia, and in certain other international markets. The Company’s brands include Monistat® and Summer’s Eve® women's health products, BC® and Goody's® pain relievers, Clear Eyes® eye care products, DenTek® specialty oral care products, Dramamine® motion sickness treatments, Fleet® enemas and glycerin suppositories, Chloraseptic® sore throat treatments, Compound W® wart treatments, Little Remedies® pediatric over-the-counter products, The Doctor's® NightGuard® dental protector, Efferdent® denture care products, Luden's® throat drops, Beano® gas prevention, Debrox® earwax remover, Gaviscon® antacid in Canada, and Hydralyte® rehydration products and the Fess® line of nasal and sinus care products in Australia. Visit the Company's website at www.prestigebrands.com .
Prestige Brands Holdings, Inc.
Consolidated Statement of Income (Loss) and Comprehensive Income (Loss)
(Unaudited) Three Months Ended
March 31, Year Ended
March 31, (In thousands, except per share data) 2018 2017 2018 2017 Revenues Net sales $ 255,853 $ 240,594 $ 1,040,792 $ 881,113 Other revenues 112 76 387 947 Total revenues 255,965 240,670 1,041,179 882,060 Cost of Sales Cost of sales excluding depreciation 113,609 110,046 459,676 381,333 Cost of sales depreciation 1,099 441 4,998 441 Cost of sales 114,708 110,487 464,674 381,774 Gross profit 141,257 130,183 576,505 500,286 Operating Expenses Advertising and promotion 35,319 41,450 147,286 128,359 General and administrative 21,891 28,760 85,001 89,143 Depreciation and amortization 6,946 6,651 28,428 25,351 Loss on divestitures — 268 — 51,820 Tradename impairment 99,924 — 99,924 — Total operating expenses 164,080 77,129 360,639 294,673 Operating (loss) income (22,823 ) 53,054 215,866 205,613 Other (income) expense Interest income (115 ) (54 ) (388 ) (203 ) Interest expense 26,953 32,886 106,267 93,546 Loss on extinguishment of debt 2,901 1,420 2,901 1,420 Total other expense 29,739 34,252 108,780 94,763 (Loss) income before income taxes (52,562 ) 18,802 107,086 110,850 (Benefit) provision for income taxes (12,875 ) 7,712 (232,484 ) 41,455 Net (loss) income $ (39,687 ) $ 11,090 $ 339,570 $ 69,395 (Loss) earnings per share: Basic $ (0.75 ) $ 0.21 $ 6.40 $ 1.31 Diluted $ (0.75 ) $ 0.21 $ 6.34 $ 1.30 Weighted average shares outstanding: Basic 53,131 53,009 53,099 52,976 Diluted 53,131 53,419 53,526 53,362 Comprehensive income (loss), net of tax: Currency translation adjustments (2,625 ) 9,282 5,702 (2,575 ) Unrecognized net gain (loss) on pension plans 1,334 (252 ) 1,335 (252 ) Total other comprehensive (loss) income (1,291 ) 9,030 7,037 (2,827 ) Comprehensive (loss) income $ (40,978 ) $ 20,120 $ 346,607 $ 66,568
Prestige Brands Holdings, Inc.
Consolidated Balance Sheet
(Unaudited) (In thousands)
March 31, Assets 2018 2017 Current assets Cash and cash equivalents $ 32,548 $ 41,855 Accounts receivable, net of allowance of $12,734 and $13,010, respectively 140,881 136,742 Inventories 118,547 115,609 Deferred income tax assets 26 — Prepaid expenses and other current assets 11,475 40,228 Total current assets 303,477 334,434 Property, plant and equipment, net 52,552 50,595 Goodwill 620,098 615,252 Intangible assets, net 2,780,916 2,903,613 Other long-term assets 3,569 7,454 Total Assets $ 3,760,612 $ 3,911,348 Liabilities and Stockholders' Equity Current liabilities Accounts payable $ 61,390 $ 70,218 Accrued interest payable 9,708 8,130 Other accrued liabilities 52,101 83,661 Total current liabilities 123,199 162,009 Long-term debt Principal amount 2,013,000 2,222,000 Less unamortized debt costs (20,048 ) (28,268 ) Long-term debt, net 1,992,952 2,193,732 Deferred income tax liabilities 442,518 715,086 Other long-term liabilities 23,333 17,972 Total Liabilities 2,582,002 3,088,799 Stockholders' Equity Preferred stock - $0.01 par value Authorized - 5,000 shares Issued and outstanding - None — — Common stock - $0.01 par value Authorized - 250,000 shares Issued – 53,396 shares at March 31, 2018 and 53,287 shares at March 31, 2017 534 533 Additional paid-in capital 468,783 458,255 Treasury stock, at cost – 353 shares at March 31, 2018 and 332 at March 31, 2017 (7,669 ) (6,594 ) Accumulated other comprehensive loss, net of tax (19,315 ) (26,352 ) Retained earnings 736,277 396,707 Total Stockholders' Equity 1,178,610 822,549 Total Liabilities and Stockholders' Equity $ 3,760,612 $ 3,911,348
Prestige Brands Holdings, Inc.
Consolidated Statement of Cash Flows
(Unaudited) Year Ended March 31, (In thousands) 2018 2017 Operating Activities Net income $ 339,570 $ 69,395 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 33,426 25,792 Loss on divestitures — 51,820 Loss (gain) on sale or disposal of property and equipment 1,568 573 Deferred income taxes (269,086 ) (5,778 ) Long term income taxes payable — 581 Amortization of debt origination costs 6,742 8,633 Excess tax benefits from share-based awards — 900 Stock-based compensation costs 8,909 8,148 Loss on extinguishment of debt 2,901 1,420 Impairment loss 99,924 — Lease termination costs 214 524 Other non-cash items 1,704 — Changes in operating assets and liabilities, net of effects from acquisitions: Accounts receivable (5,043 ) (18,938 ) Inventories (2,482 ) (10,262 ) Prepaid expenses and other assets 33,721 (1,996 ) Accounts payable (10,028 ) 21,447 Accrued liabilities (31,495 ) 2,413 Pension and deferred compensation contribution (435 ) (6,000 ) Net cash provided by operating activities 210,110 148,672 Investing Activities Purchases of property, plant and equipment (12,532 ) (2,977 ) Proceeds from divestitures — 110,717 Proceeds from the sale of property, plant and equipment — 85 Proceeds from working capital arbitration settlement — 1,419 Acquisition of C.B. Fleet, less cash acquired — (803,839 ) Acquisition of Fleet escrow receipt 970 — Net cash used in investing activities (11,562 ) (694,595 ) Financing Activities Proceeds from issuance of 2016 Senior Notes 250,000 — Proceeds from issuance of Term Loan — 1,427,000 Term Loan repayments (444,000 ) (862,500 ) Borrowings under revolving credit agreement 30,000 110,000 Repayments under revolving credit agreement (45,000 ) (105,000 ) Payments of debt origination costs (500 ) (11,140 ) Proceeds from exercise of stock options 1,620 4,028 Fair value of shares surrendered as payment of tax withholding (1,075 ) (1,431 ) Net cash (used in) provided by financing activities (208,955 ) 560,957 Effects of exchange rate changes on cash and cash equivalents 1,100 (409 ) (Decrease) increase in cash and cash equivalents (9,307 ) 14,625 Cash and cash equivalents - beginning of year 41,855 27,230 Cash and cash equivalents - end of year $ 32,548 $ 41,855 Interest paid $ 98,572 $ 85,209 Income taxes paid $ 24,440 $ 47,999
Prestige Brands Holdings, Inc.
Consolidated Statement of Income
Business Segments
(Unaudited) Three Months Ended March 31, 2018 (In thousands) North American OTC
Healthcare International OTC
Healthcare Household
Cleaning Consolidated Total segment revenues* $ 212,062 $ 24,086 $ 19,817 $ 255,965 Cost of sales 88,449 10,487 15,772 114,708 Gross profit 123,613 13,599 4,045 141,257 Advertising and promotion 30,392 4,440 487 35,319 Contribution margin $ 93,221 $ 9,159 $ 3,558 105,938 Other operating expenses** 128,761 Operating loss (22,823 ) Other expense 29,739 Loss before income taxes (52,562 ) Provision for income taxes (12,875 ) Net loss $ (39,687 ) *Intersegment revenues of $2.1 million were eliminated from the North American OTC Healthcare segment. **Other operating expenses for the three months ended March 31, 2018 includes a tradename impairment charge of $99.9 million.
Year Ended March 31, 2018 (In thousands) North American OTC
Healthcare International OTC
Healthcare Household
Cleaning Consolidated Total segment revenues* $ 868,874 $ 91,658 $ 80,647 $ 1,041,179 Cost of sales 357,298 40,244 67,132 464,674 Gross profit 511,576 51,414 13,515 576,505 Advertising and promotion 129,058 16,267 1,961 147,286 Contribution margin $ 382,518 $ 35,147 $ 11,554 429,219 Other operating expenses** 213,353 Operating income 215,866 Other expense 108,780 Income before income taxes 107,086 Benefit for income taxes (232,484 ) Net income $ 339,570 *Intersegment revenues of $7.7 million were eliminated from the North American OTC Healthcare segment. **Other operating expenses for the year ended March 31, 2018 includes a tradename impairment charge of $99.9 million.
Three Months Ended March 31, 2017 (In thousands) North American OTC
Healthcare International OTC
Healthcare Household
Cleaning Consolidated Total segment revenues* $ 199,024 $ 20,237 $ 21,409 $ 240,670 Cost of sales 84,736 9,067 16,684 110,487 Gross profit 114,288 11,170 4,725 130,183 Advertising and promotion 35,814 4,564 1,072 41,450 Contribution margin $ 78,474 $ 6,606 $ 3,653 88,733 Other operating expenses 35,679 Operating income 53,054 Other expense 34,252 Income before income taxes 18,802 Provision for income taxes 7,712 Net income $ 11,090 *Intersegment revenues of $2.0 million were eliminated from the North American OTC Healthcare segment.
Year Ended March 31, 2017 (In thousands) North American OTC
Healthcare International OTC
Healthcare Household
Cleaning Consolidated Total segment revenues* $ 720,824 $ 73,304 $ 87,932 $ 882,060 Cost of sales 282,750 30,789 68,235 381,774 Gross profit 438,074 42,515 19,697 500,286 Advertising and promotion 112,465 13,434 2,460 128,359 Contribution margin $ 325,609 $ 29,081 $ 17,237 371,927 Other operating expenses** 166,314 Operating income 205,613 Other expense 94,763 Income before income taxes 110,850 Provision for income taxes 41,455 Net income $ 69,395 * Intersegment revenues of $4.2 million were eliminated from the North American OTC Healthcare segment. **Other operating expenses for the year ended March 31, 2017 includes a pre-tax net loss of $51.8 million related to divestitures. These divestitures include Pediacare®, New Skin®, Fiber Choice®, e.p.t®, Dermoplast®, and license rights in certain geographic areas pertaining to Comet . The assets and corresponding contribution margin associated with the pre-tax net loss on divestitures related to Pediacare®, New Skin®, Fiber Choice®, e.p.t® and Dermoplast® are included within the North American OTC Healthcare segment, while the pre-tax gain on sale of license rights related to Comet are included in the Household Cleaning segment. About Non-GAAP Financial Measures
We have pursued various strategic initiatives and completed a number of acquisitions in recent years that have resulted in revenues that would not have otherwise been recognized. The frequency and the amount of such revenues vary significantly based on the size, timing and complexity of the transaction. In addition to financial results reported in accordance with GAAP, we disclose certain Non-GAAP financial measures ("NGFMs"), including, but not limited to, Non-GAAP Organic Revenues, Non-GAAP Organic Revenue Growth Percentage, Non-GAAP Proforma Revenues , Non-GAAP Proforma Revenue Growth Percentage, Non-GAAP Adjusted Gross Margin, Non-GAAP Adjusted Gross Margin Percentage, Non-GAAP Adjusted Advertising and Promotion Expense, Non-GAAP Adjusted Advertising and Promotion Expense Percentage, Non-GAAP Adjusted General and Administrative Expense, Non-GAAP Adjusted General and Administrative Expense Percentage, Non-GAAP EBITDA, Non-GAAP EBITDA Margin, Non-GAAP Adjusted EBITDA, Non-GAAP Adjusted EBITDA Margin, Non-GAAP Adjusted Net Income, Non-GAAP Adjusted EPS, Non-GAAP Free Cash Flow, Non-GAAP Adjusted Free Cash Flow and Net Debt. We use these NGFMs internally, along with GAAP information, in evaluating our operating performance and in making financial and operational decisions. We believe that the presentation of these NGFMs provides investors with greater transparency, and provides a more complete understanding of our business than could be obtained absent these disclosures, because the supplemental data relating to our financial condition and results of operations provides additional ways to view our operation when considered with both our GAAP results and the reconciliations below. In addition, we believe that the presentation of each of these NGFMs is useful to investors for period-to-period comparisons of results in assessing shareholder value, and we use these NGFMs internally to evaluate the performance of our personnel and also to evaluate our operating performance and compare our performance to that of our competitors.
These NGFMs are not in accordance with GAAP, should not be considered as a measure of profitability or liquidity, and may not be directly comparable to similarly titled NGFMs reported by other companies. These NGFMs have limitations and they should not be considered in isolation from or as an alternative to their most closely related GAAP measures reconciled below. Investors should not rely on any single financial measure when evaluating our business. We recommend investors review the GAAP financial measures included in this earnings release. When viewed in conjunction with our GAAP results and the reconciliations below, we believe these NGFMs provide greater transparency and a more complete understanding of factors affecting our business than GAAP measures alone.
NGFMs Defined
We define our NGFMs presented herein as follows:
Non-GAAP Organic Revenues : GAAP Total Revenues excluding revenues associated with products acquired or divested in the periods presented. Non-GAAP Organic Revenue Growth Percentage : Calculated as the change in Non-GAAP Organic Revenues from prior year divided by prior year Non-GAAP Organic Revenues. Non-GAAP Proforma Revenues : Non-GAAP Organic Revenues plus revenues associated with acquisitions. Non-GAAP Proforma Revenue Growth Percentage : Calculated as the change in Non-GAAP Proforma Revenues from prior year divided by prior year Non-GAAP Proforma Revenues. Non-GAAP Adjusted Gross Margin : GAAP Gross Profit minus inventory step-up charges and certain integration, transition and other acquisition related costs. Non-GAAP Adjusted Gross Margin Percentage : Calculated as Non-GAAP Adjusted Gross Margin divided by GAAP Total Revenues. Non-GAAP Adjusted Advertising and Promotion Expense : GAAP Advertising and Promotion expenses minus certain integration, transition and other acquisition related costs. Non-GAAP Adjusted Advertising and Promotion Expense Percentage : Calculated as Non-GAAP Adjusted Advertising and Promotion expense divided by GAAP Total Revenues. Non-GAAP Adjusted General and Administrative Expense : GAAP General and Administrative expenses minus certain integration, transition and other acquisition related costs and divestiture costs and tax adjustment associated with acquisitions. Non-GAAP Adjusted General and Administrative Expense Percentage : Calculated as Non-GAAP Adjusted General and Administrative expense divided by GAAP Total Revenues. Non-GAAP EBITDA : GAAP Net Income (Loss) less interest expense (income), income taxes provision (benefit), and depreciation and amortization. Non-GAAP EBITDA Margin : Calculated as Non-GAAP EBITDA divided by GAAP Total Revenues. Non-GAAP Adjusted EBITDA : Non-GAAP EBITDA less inventory step-up charges, certain integration, transition and other acquisition related costs, divestiture costs, tradename impairment, tax adjustment associated with acquisitions, loss on extinguishment of debt, and (gain) loss on divestitures. Non-GAAP Adjusted EBITDA Margin : Calculated as Non-GAAP Adjusted EBITDA divided by GAAP Total Revenues. Non-GAAP Adjusted Net Income : GAAP Net Income (Loss) before inventory step-up charges, certain integration, transition and other acquisition related costs, divestiture costs, tax adjustment associated with acquisitions, accelerated amortization of debt origination costs, additional interest expense as a result of term loan debt refinancing, tradename impairment, loss on extinguishment of debt, (gain) loss on divestitures, applicable tax impact associated with these items and normalized tax rate adjustment. Non-GAAP Adjusted EPS : Calculated as Non-GAAP Adjusted Net Income, divided by the weighted average number of common and potential common shares outstanding during the period. Non-GAAP Free Cash Flow : GAAP Net cash provided by operating activities less cash paid for capital expenditures. Non-GAAP Adjusted Free Cash Flow : Non-GAAP Free Cash Flow plus cash payments made for integration, transition, and other costs associated with acquisitions and divestitures, additional expense as a result of Term Loan debt refinancing, pension contribution, and additional income tax payments associated with divestitures. Net Debt : Calculated as total principal amount of debt outstanding ($2,013,000 at March 31, 2018) less cash and cash equivalents ($32,548 at March 31, 2018). Amounts in thousands.
The following tables set forth the reconciliations of each of our NGFMs to their most directly comparable financial measures presented in accordance with GAAP.
Reconciliation of GAAP Total Revenues to Non-GAAP Organic Revenues and Non-GAAP Proforma Revenues and related growth percentages:
Three Months Ended
March 31, Year Ended
March 31, 2018 2017 2018 2017 (In thousands) GAAP Total Revenues $ 255,965 $ 240,670 $ 1,041,179 $ 882,060 Revenue Growth 6.4 % 18.0 % Adjustments: Revenues associated with acquisitions (1) (14,699 ) — (175,391 ) — Revenues associated with divested brands (2) — (116 ) — (23,021 ) Non-GAAP Organic Revenues 241,266 240,554 865,788 859,039 Non-GAAP Organic Revenues Growth 0.3 % 0.8 % Non-GAAP Organic Revenues $ 241,266 $ 240,554 $ 865,788 $ 859,039 Revenues associated with acquisitions (3) 14,699 9,464 175,391 164,966 Non-GAAP Proforma Revenues $ 255,965 $ 250,018 $ 1,041,179 $ 1,024,005 Non-GAAP Proforma Revenue Growth 2.4 % 1.7 % (1) Revenues of our Fleet acquisition are excluded in 2018 for the comparable period that we did not own them in 2017 for purposes of calculating Non-GAAP organic revenues. These revenue adjustments relate to our North American and International OTC Healthcare segments.
(2) Revenues of our divested brands have been excluded from the current year and the prior year for purposes of calculating Non-GAAP organic revenues. These revenue adjustments relate to our North American OTC Healthcare segment and our Household Cleaning segment.
(3) Revenues of our Fleet acquisition are included for purposes of calculating Non-GAAP proforma revenues. These revenue adjustments relate to our North American and International OTC Healthcare segments.
Reconciliation of GAAP Gross Profit to Non-GAAP Adjusted Gross Margin and related Non-GAAP Adjusted Gross Margin percentage:
Three Months Ended
March 31, Year Ended
March 31, 2018 2017 2018 2017 (In thousands) GAAP Total Revenues $ 255,965 $ 240,670 $ 1,041,179 $ 882,060 GAAP Gross Profit $ 141,257 $ 130,183 $ 576,505 $ 500,286 Adjustments: Inventory step-up charges and other costs associated with acquisitions (1) — 1,664 — 1,664 Integration, transition and other costs associated with acquisitions (2) — 1,367 3,719 1,367 Total adjustments — 3,031 3,719 3,031 Non-GAAP Adjusted Gross Margin $ 141,257 $ 133,214 $ 580,224 $ 503,317 Non-GAAP Adjusted Gross Margin as a Percentage of GAAP Total Revenues 55.2 % 55.4 % 55.7 % 57.1 % (1) Inventory step-up charges relate to our North American and International OTC Healthcare segments.
(2) Acquisition related items represent costs related to integrating recently acquired businesses including (but not limited to), costs to exit or convert contractual obligations, severance, information system conversion and consulting costs.
Reconciliation of GAAP Advertising and Promotion Expense and related GAAP Advertising and Promotion Expense percentage to Non-GAAP Adjusted Advertising and Promotion Expense and related Non-GAAP Adjusted Advertising and Promotion Expense percentage:
Three Months Ended March 31, Year Ended
March 31, 2018 2017 2018 2017 (In thousands) GAAP Advertising and Promotion Expense $ 35,319 $ 41,450 $ 147,286 $ 128,359 GAAP Advertising and Promotion Expense as a Percentage of GAAP Total Revenue 13.8 % 17.2 % 14.1 % 14.6 % Adjustments: Integration, transition and other costs associated with acquisitions (1) — 2,242 (192 ) 2,242 Total adjustments — 2,242 (192 ) 2,242 Non-GAAP Adjusted Advertising and Promotion Expense $ 35,319 $ 39,208 $ 147,478 $ 126,117 Non-GAAP Adjusted Advertising and Promotion Expense as a Percentage of GAAP Total Revenues 13.8 % 16.3 % 14.2 % 14.3 % (1) Acquisition related items represent costs related to integrating the advertising agencies of the recently acquired businesses.
Reconciliation of GAAP General and Administrative Expense and related GAAP General and Administrative Expense percentage to Non-GAAP Adjusted General and Administrative Expense and related Non-GAAP Adjusted General and Administrative Expense percentage:
Three Months Ended
March 31, Year Ended
March 31, 2018 2017 2018 2017 (In thousands) GAAP General and Administrative Expense $ 21,891 $ 28,760 $ 85,001 $ 89,143 GAAP General and Administrative Expense as a Percentage of GAAP Total Revenue 8.6 % 11.9 % 8.2 % 10.1 % Adjustments: Integration, transition and other costs associated with acquisitions and divestitures (1) 124 9,187 2,001 16,015 Tax adjustment associated with acquisitions — — 704 — Total adjustments 124 9,187 2,705 16,015 Non-GAAP Adjusted General and Administrative Expense $ 21,767 $ 19,573 $ 82,296 $ 73,128 Non-GAAP Adjusted General and Administrative Expense as a Percentage of GAAP Total Revenues 8.5 % 8.1 % 7.9 % 8.3 % (1) Acquisition related items represent costs related to integrating recently acquired businesses including (but not limited to), costs to exit or convert contractual obligations, severance, information system conversion and consulting costs; and certain costs related to the consummation of the acquisition process such as insurance costs, legal and other acquisition related professional fees.
Reconciliation of GAAP Net Income to Non-GAAP EBITDA and related Non-GAAP EBITDA Margin, Non-GAAP Adjusted EBITDA and related Non-GAAP Adjusted EBITDA Margin:
Three Months Ended March 31, Year Ended
March 31, 2018 2017 2018 2017 (In thousands) GAAP Net Income (Loss) $ (39,687 ) $ 11,090 $ 339,570 $ 69,395 Interest expense, net 26,838 32,832 105,879 93,343 Provision (benefit) for income taxes (12,875 ) 7,712 (232,484 ) 41,455 Depreciation and amortization 8,045 7,092 33,426 25,792 Non-GAAP EBITDA (17,679 ) 58,726 246,391 229,985 Non-GAAP EBITDA Margin (6.9 )% 24.4 % 23.7 % 26.1 % Adjustments: Inventory step-up charges and other costs associated with acquisitions (1) — 1,664 — 1,664 Integration, transition and other costs associated with acquisitions and divestitures in Cost of Goods Sold (2) — 1,367 3,719 1,367 Integration, transition and other costs associated with acquisitions and divestitures in Advertising and Promotion Expense (2) — 2,242 (192 ) 2,242 Integration, transition and other costs associated with acquisitions and divestitures in General and Administrative Expense (2) 124 9,187 2,001 16,015 Tradename impairment 99,924 — 99,924 — Tax adjustment associated with acquisitions — — 704 - Loss on extinguishment of debt 2,901 1,420 2,901 1,420 Loss on divestitures — 268 — 51,820 Total adjustments 102,949 16,148 109,057 74,528 Non-GAAP Adjusted EBITDA $ 85,270 $ 74,874 $ 355,448 $ 304,513 Non-GAAP Adjusted EBITDA Margin 33.3 % 31.1 % 34.1 % 34.5 % (1) Inventory step-up charges relate to our North American and International OTC Healthcare segments.
(2) Acquisition related items represent costs related to integrating recently acquired businesses including (but not limited to), costs to exit or convert contractual obligations, severance, information system conversion and consulting costs; and certain costs related to the consummation of the acquisition process such as insurance costs, legal and other acquisition related professional fees.
Reconciliation of GAAP Net Income to Non-GAAP Adjusted Net Income and related Adjusted Earnings Per Share:
Three Months Ended March 31, Year Ended March 31, 2018 2018
Adjusted
EPS 2017 2017
Adjusted
EPS 2018 2018
Adjusted
EPS 2017 2017
Adjusted
EPS (In thousands) GAAP Net Income (Loss) (1) $ (39,687 ) $ (0.74 ) $ 11,090 $ 0.21 $ 339,570 $ 6.34 $ 69,395 $ 1.30 Adjustments: Inventory step-up charges and other costs associated with acquisitions (2)
— — 1,664 0.03 — — 1,664 0.03 Integration, transition and other costs associated with acquisitions and divestitures in Cost of Goods Sold (3) — — 1,367 0.03 3,719 0.07 1,367 0.03 Integration, transition and other costs associated with acquisitions and divestitures in Advertising and Promotion Expense (3) — — 2,242 0.04 (192 ) — 2,242 0.04 Integration, transition and other costs associated with acquisitions and divestitures in General and Administrative Expense (3) 124 — 9,187 0.17 2,001 0.04 16,015 0.30 Tax adjustment associated with acquisitions in General and Administrative Expense — — — — 704 0.01 — — Accelerated amortization of debt origination costs 392 0.01 575 0.01 392 0.01 1,706 0.03 Additional expense as a result of Term Loan debt refinancing 270 — 9,184 0.17 270 — 9,184 0.17 Tradename impairment 99,924 1.87 — — 99,924 1.87 — — Loss on extinguishment of debt 2,901 0.05 1,420 0.03 2,901 0.05 1,420 0.03 Loss on divestitures — — 268 0.01 — — 51,820 0.97 Tax impact of adjustments (4) (36,574 ) (0.68 ) (9,438 ) (0.18 ) (38,804 ) (0.72 ) (28,024 ) (0.53 ) Normalized tax rate adjustment (5) 5,679 0.11 1,278 0.02 (272,201 ) (5.09 ) (199 ) — Total adjustments 72,716 1.36 17,747 0.33 (201,286 ) (3.76 ) 57,195 1.07 Non-GAAP Adjusted Net Income and Adjusted EPS $ 33,029 $ 0.62 $ 28,837 $ 0.54 $ 138,284 $ 2.58 $ 126,590 $ 2.37 (1) Reported GAAP is calculated using diluted shares outstanding. Diluted shares outstanding for the three months ended March 31, 2018 are 53,512.
(2) Inventory step-up charges relate to our North American and International OTC Healthcare segments.
(3) Acquisition related items represent costs related to integrating recently acquired businesses including (but not limited to), costs to exit or convert contractual obligations, severance, information system conversion and consulting costs; and certain costs related to the consummation of the acquisition process such as insurance costs, legal and other acquisition related professional fees.
(4) The income tax adjustments are determined using applicable rates in the taxing jurisdictions in which the above adjustments relate and includes both current and deferred income tax expense (benefit) based on the specific nature of the specific Non-GAAP performance measure.
(5) Income tax adjustment to adjust for discrete income tax items.
Reconciliation of GAAP Net Income to Non-GAAP Free Cash Flow and Non-GAAP Adjusted Free Cash Flow:
Three Months Ended
March 31, Year Ended
March 31, 2018 2017 2018 2017 (In thousands) GAAP Net Income (Loss) $ (39,687 ) $ 11,090 $ 339,570 $ 69,395 Adjustments: Adjustments to reconcile net income (loss) to net cash provided by operating activities as shown in the Statement of Cash Flows 103,215 21,447 (113,698 ) 92,613 Changes in operating assets and liabilities, net of effects from acquisitions as shown in the Statement of Cash Flows (9,090 ) (25,013 ) (15,762 ) (13,336 ) Total adjustments 94,125 (3,566 ) (129,460 ) 79,277 GAAP Net cash provided by operating activities 54,438 7,524 210,110 148,672 Purchases of property and equipment (2,876 ) (1,042 ) (12,532 ) (2,977 ) Non-GAAP Free Cash Flow 51,562 6,482 197,578 145,695 Integration, transition and other payments associated with acquisitions and divestitures (1) 221 8,304 10,358 10,448 Additional expense as a result of Term Loan debt refinancing 182 9,184 182 9,184 Pension contribution — 6,000 — 6,000 Additional income tax payments associated with divestitures — 16,956 — 25,545 Non-GAAP Adjusted Free Cash Flow $ 51,965 $ 46,926 $ 208,118 $ 196,872 (1) Acquisition related items represent costs related to integrating recently acquired businesses, including (but not limited to) costs to exit or convert contractual obligations, severance, information system conversion and consulting costs, and certain costs related to the consummation of the acquisition process such as insurance costs, legal and other acquisition related professional fees.
Outlook for Fiscal Year 2019:
Reconciliation of Projected GAAP Net cash provided by operating activities to Projected Non-GAAP Adjusted Free Cash Flow:
2019 Projected Free Cash Flow (In millions) Projected FY'19 GAAP Net cash provided by operating activities $ 228 Additions to property and equipment for cash (13 ) Projected Non-GAAP Free Cash Flow $ 215
Source:Prestige Brands Holdings Inc | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/globe-newswire-prestige-brands-holdings-inc-reports-fiscal-2018-fourth-quarter-and-full-year-results-provides-fiscal-2019-outlook.html |
Personal and professional items from Jerry Lewis set to hit the auction block 1:33am IST - 01:31
Movie props, jewelry, and a gun and book collection make up the 400 lot sale. Rough cut (no reporter narration)
Movie props, jewelry, and a gun and book collection make up the 400 lot sale. Rough cut (no reporter narration) //reut.rs/2GEpQmu | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/21/personal-and-professional-items-from-jer?videoId=429112059 |
- Accretive and disciplined capital management strategy -
- Enhances portfolio composition -
- Re-affirms 2018 distribution guidance -
MEXICO CITY--(BUSINESS WIRE)-- FIBRA Macquarie México (FIBRA Macquarie) (BMV: FIBRAMQ), owner of one of the largest portfolios of industrial and retail property in Mexico, announced today that it has agreed to sell 37 non-strategic industrial assets comprising 2.6 million square feet of GLA for US$87.4 million of cash proceeds (the “Transaction”). The Transaction is expected to close in mid-2018, subject to satisfaction of customary closing conditions.
“The sale of this portfolio marks a key milestone in our asset recycling program. Upon the close of this Transaction we will have sold 44 non-strategic properties, for an equivalent total of US$117.5 million at an aggregate 2.2 percent premium to book value. This is in stark contrast to the substantial discount of FIBRA Macquarie’s certificate price to its intrinsic net asset value, which exceeds 40 percent,” said Juan Monroy, FIBRA Macquarie’s chief executive officer. “This Transaction enhances our overall portfolio composition and key financial metrics, and substantially accomplishes our near term asset recycling objectives. Furthermore, we are delivering on what we set out to achieve with our capital management strategy as we continue to source and deploy capital in a disciplined manner to maximize value to our investors on a per certificate basis. The proceeds from our asset recycling program, together with retained AFFO, are expected to be ultimately used to fund accretive investments including high quality real estate expansions and selective developments, along with our certificate repurchase for cancellation program.”
The Transaction is fully comprised of non-strategic properties located in Mexico’s northern markets including Matamoros, Reynosa, Ciudad Juarez, Chihuahua, Mexicali and Tijuana. The Transaction complements the US$30.1 million of asset sales completed to date, which resulted in the complete exit from four tertiary industrial markets: Ascension, La Paz, Durango and Villahermosa. In achieving these asset sales, FIBRA Macquarie has sourced a diverse set of buyers including private equity funds, listed entities, existing tenants and family offices.
USE OF PROCEEDS
The Transaction sale proceeds of US$87.4 million are to be received in three tranches comprising US$66.4 million at closing and US$12.2 million and US$8.8 million to be received 18 months and 24 months following closing, respectively. The first tranche will initially be used to fully repay FIBRA Macquarie’s drawn revolver of US$40.0 million, with the remaining US$26.4 million held as unrestricted cash.
The Transaction increases FIBRA Macquarie’s total capital available for investment to approximately US$300 million, comprised of undrawn revolver facility and cash on hand. All of the Transaction sale proceeds are expected to be ultimately re-deployed in accretive investment opportunities, including expansions, developments and certificate repurchases for cancellation.
ENHANCED PORTFOLIO COMPOSITION
Following completion of the Transaction, FIBRAMQ’s industrial portfolio will have an increased focus in core assets and core markets, and will also achieve improved operational efficiencies, with expected NOI margin expansion driven by higher average occupancy and rental rates in the remaining portfolio.
KEY INDUSTRIAL PORTFOLIO METRICS 1 1Q18 Actual
1Q18 Pro forma 2
Variance
Net operating income (NOI) (LTM) Ps 2,648.6m Ps 2,537.7m (-4.2%) NOI margin (LTM) 90.5% 91.1% +60bps Occupancy (EOP) 91.9% 93.3% +140bps Avg. monthly rent per leased (US$/sqm) (EOP) $4.67 $4.75 +1.7% Weighted avg. lease term remaining (years) (EOP) 3.2 3.3 +1.5% Percentage of US$ leases (EOP) 92.5% 92.0% (50bps) GLA (’000s sqft) (EOP) 31,991 29,407 (8.1%) GLA (’000s sqm) (EOP) 2,972 2,732 (8.1%) Number of properties (EOP) 271 234 (13.7%) 1. LTM represents last 12 months. EOP represents end of period. 2. 1Q18 pro forma is provided for illustrative purposes. It assumes the Transaction was completed at the beginning of 2Q17 and includes adjustments which are directly attributable to the Transaction. Portfolio composition by geography and tenant industries will not be materially affected by the Transaction.
STRENGTHENED KEY FINANCIAL METRICS
The initial debt repayment will improve a number of key financial metrics, including leverage ratios, liquidity and proportion of fixed rate debt.
KEY FINANCIAL METRICS 1 1Q18 Actual
1Q18 Pro forma 3
Variance
Real estate net LTV 2 38.8% 36.4% (240bps) Regulatory LTV 35.8% 34.7% (110bps) Undrawn revolver facility (US$) 224.0m 264.0m +17.9% Fixed rate debt proportion (%) 95.0% 100.0% +500bps Debt tenor (weighted avg. years) 5.7 5.9 +3.5% Total debt (US$) 880.1m 840.1m (4.5%) Total unrestricted cash (US$) 19.0m 44.5m +134.2% Asset sales receivable (US$) 0.0m 21.0m n.a. Net debt/EBITDA (LTM) 5.3x 5.1x (4.0%) Weighted avg. cost of debt (p.a.) 5.3% 5.4% +10bps Regulatory DSCR 4.6x 5.4x +17.4% 1. LTM represents last 12 months, EOP represents end of period. 2. Real estate Net LTV is stated on a proportionately combined basis and is calculated as (debt - unrestricted cash - asset sales receivable) / (property values). To date, Real estate LTV had been reported based upon a proportionately combined gross debt basis of (debt) / (property values). 3. 1Q18 pro forma is provided for illustrative purposes. It assumes the Transaction was completed at the beginning of 2Q17 and includes adjustments which are directly attributable to the Transaction. UPDATED GUIDANCE
In respect of the full year 2018, FIBRAMQ re-iterates its expectation to make cash distributions of approximately Ps. 1.56 per certificate, payable in quarterly distributions of Ps. 0.39 per certificate.
FIBRA Macquarie is updating its AFFO guidance for 2018, and estimates revised AFFO of between Ps. 2.19 and Ps. 2.24 per certificate, from its prior range of Ps. 2.25 to Ps. 2.30 per certificate. This reflects the Transaction’s net impact being an expected temporary AFFO reduction of Ps. 0.06 per certificate for 2018.
This guidance is based on the following assumptions:
Transaction financial close in mid-2018 Based on the cash-generating capacity of its post-Transaction portfolio and an average exchange rate of Ps. 18.5 per US dollar for the remainder of the year, consistent with guidance provided to date No new acquisitions No further divestments Repurchase for cancellation of the remaining 21.4 million certificates available for buyback, resulting in an aggregate 5.0% of issued certificates being repurchased and cancelled, to close 2018 with 770.8 million certificates outstanding The payment of cash distributions is subject to the approval of the board of directors of the Manager, the continued stable performance of the properties in the portfolio, and market conditions.
Based upon the mid-point of our revised 2018 guidance and closing certificate price on May 18, 2018 of Ps. 18.68, the current implied AFFO yield is 11.9% per annum, distribution yield is 8.4% per annum and AFFO payout ratio is approximately 70%.
PRUDENT CAPITAL MANAGEMENT
FIBRA Macquarie continues to source and deploy capital in a disciplined manner to maximize value to its investors on a per certificate basis. FIBRA Macquarie remains committed to utilizing retained AFFO and proceeds from our asset recycling program to deploy accretively across high quality property expansions and developments and certificate repurchases for cancellation.
About FIBRA Macquarie
FIBRA Macquarie México (FIBRA Macquarie) (BMV:FIBRAMQ) is a real estate investment trust (fideicomiso de inversión en bienes raíces), or FIBRA, listed on the Mexican Stock Exchange (Bolsa Mexicana de Valores) targeting industrial, retail and office real estate opportunities in Mexico, with a primary focus on stabilized income-producing properties. FIBRA Macquarie’s portfolio consists of 271 industrial properties and 17 retail properties, located in 20 cities across 16 Mexican states as of March 31, 2018. Nine of the retail properties are held through a 50/50 joint venture. FIBRA Macquarie is managed by Macquarie México Real Estate Management, S.A. de C.V. which operates within the Macquarie Infrastructure and Real Assets division of Macquarie Group. For additional information about FIBRA Macquarie, please visit www.fibramacquarie.com . Macquarie Infrastructure and Real Assets is a business within the Macquarie Asset Management division of Macquarie Group and a global alternative asset manager focused on real estate, infrastructure, agriculture and energy assets. Macquarie Infrastructure and Real Assets has significant expertise over the entire investment lifecycle, with capabilities in investment sourcing, investment management, investment realization and investor relations. Established in 1996, Macquarie Infrastructure and Real Assets has approximately US$119 billion of total assets under management as of March 31, 2018.
About Macquarie Group
Macquarie Group (Macquarie) is a global provider of banking, financial, advisory, investment and funds management services. Macquarie’s main business focus is making returns by providing a diversified range of services to clients. Macquarie acts on behalf of institutional, corporate and retail clients and counterparties around the world. Founded in 1969, Macquarie operates in more than 61 office locations in 25 countries. Macquarie employs over 14,400 people and has assets under management of approximately US$382 billion as of March 31, 2018.
For more information, please visit www.macquarie.com .
Cautionary Note Regarding Forward-looking Statements
This release may contain forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. We caution you that a number of important factors could cause actual results to differ significantly from these forward-looking statements and we undertake no obligation to update any forward-looking statements.
None of the entities noted in this document is an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these entities do not represent deposits or other liabilities of Macquarie Bank Limited ABN 46 008 583 542 (MBL). MBL does not guarantee or otherwise provide assurance in respect of the obligations of these entities.
THIS RELEASE IS NOT AN OFFER FOR SALE OF SECURITIES IN THE UNITED STATES, AND SECURITIES MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES ABSENT REGISTRATION OR AN EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED.
THIS ANNOUNCEMENT IS NOT FOR RELEASE IN ANY MEMBER STATE OF THE EUROPEAN ECONOMIC AREA.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180521005659/en/
For FIBRA Macquarie México
Investor relations:
+52 (55) 9178 7751
[email protected]
or
Evelyn Infurna , +1-203-682-8265
[email protected]
or
Nikki Sacks , +1-203-682-8263
[email protected]
or
For press queries:
FleishmanHillard México
Alejandro Sampedro Llorens , +52 55 5540 6031 ext. 249
[email protected]
Source: FIBRA Macquarie México | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/business-wire-fibra-macquarie-maxico-to-sell-us87-million-of-non-strategic-assets.html |
(Reuters) - Fortis Healthcare Ltd ( FOHE.NS ) on Monday said the consortium of Hero Enterprise Investment Office and Burman Family Office, which won a five-way bidding war for the Indian firm, has permitted re-opening the bidding process, amid shareholder concerns over the board’s choice of the underdog.
FILE PHOTO: A Fortis hospital building is pictured in Gurgaon, India, May 11, 2018. REUTERS/Saumya Khandelwal/File Photo Though permitted to re-open the bidding, Fortis had not yet made a decision on the matter, a spokesperson told Reuters.
The board of the cash-strapped company approved the consortium’s offer to invest 18 billion rupees ($266.9 million) earlier this month.
However, investors have been wary of the board’s selection, given the consortium’s offer was much lower than those of Manipal Hospitals Enterprises or Malaysia’s IHH Healthcare Bhd ( IHHH.KL ).
In a letter to the company’s board on Monday, the Hero-Burman group acknowledged stakeholders’ preference for re-opening the bidding process.
“We believe that this situation may have arisen largely on account of the lack of information available to stakeholders,” Hero-Burman said.
Disapproval from shareholders became evident after they voted out a director last week. Three other directors had resigned ahead of the vote.
Fortis has been in the middle of a five-way bidding war with local and international suitors wanting to invest in the firm or buy it. Manipal sweetened its offer for a fifth time after the Hero-Burman offer was selected, and IHH extended the acceptance period for its offer.
Reporting by Tanvi Mehta in BENGALURU and Zeba Siddiqui in MUMBAI; Editing by Gopakumar Warrier and Christopher Cushing
| ashraq/financial-news-articles | https://www.reuters.com/article/us-fortis-health-m-a-bidding/indias-fortis-healthcare-says-consortium-agrees-to-re-open-bidding-idUSKCN1IT0IZ |
MUMBAI (Reuters) - Australian Shane Watson overcame a slow start on his way to an unbeaten 117 to guide the Chennai Super Kings to their third Indian Premier League title with a eight-wicket win over the Sunrisers Hyderabad on Sunday.
Chasing 179 for victory at the Wankhede Stadium, the Mahendra Singh Dhoni-led Chennai eased to the target with nine deliveries to spare to complete a fairytale comeback to the popular Twenty20 tournament.
Chennai, easily the most consistent team in the tournament with four runner-up trophies, returned to the 11th edition having served a two-year ban along with the Rajasthan Royals following a spot-fixing and illegal betting scandal in 2013.
Former India captain Dhoni won the toss and opted to field first and his bowlers never allowed the Hyderabad batsmen to score too freely.
Hyderabad captain Kane Williamson top-scored for his side with a 47 off 36 balls while Yusuf Pathan scored a brisk unbeaten 45 off 25 deliveries to take Hyderabad to 178-6 in their 20 overs.
The total appeared big enough when Chennai started their chase with retired Australian international Watson unable to score off the first 10 balls he faced.
Chennai were 20 for one after five overs and looking down the barrel when the burly opening batsman decided to open his arms.
The 36-year-old peppered all corners of the stadium overlooking the Arabian Sea with powerfully-hit boundaries and ended up with 11 fours and eight sixes in his 57-ball knock.
Watson added 117 for the second wicket with Suresh Raina, who scored 32, and picked up a single off teenaged Afghan leg-spinner Rashid Khan to complete his hundred, his second of the season.
Rashid, 19, was the biggest threat to Chennai’s chase having single-handedly dismantled the Kolkata Knight Riders in Friday’s playoffs with an all-round show. But Chennai kept him wicketless in his four overs while scoring 25.
Chennai had finished behind table toppers Hyderabad in the group stage but defeated them in the playoffs at the same venue on Tuesday. They picked up their third IPL trophy after a gap of seven years.
Reporting by Sudipto Ganguly; editing by Clare Fallon
| ashraq/financial-news-articles | https://in.reuters.com/article/cricket-t20-ipl/cricket-watsons-unbeaten-hundred-hands-chennai-third-ipl-crown-idINKCN1IS0NN |
May 4 (Reuters) - ATEME SA:
* Q1 TOTAL REVENUE EUR 9.6 MILLION VERSUS EUR 10.6 MILLION YEAR AGO
* RE-ITERATED FINANCIAL OUTLOOK Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-ateme-q1-total-revenue-down-at-96/brief-ateme-q1-total-revenue-down-at-9-6-million-euros-idUSFWN1SB191 |
May 24 (Reuters) - Sportsmans Warehouse Holdings Inc :
* SPORTSMAN’S WAREHOUSE HOLDINGS, INC. ANNOUNCES AMENDMENT OF REVOLVING CREDIT FACILITY AND REFINANCING OF TERM LOAN
* SPORTSMANS WAREHOUSE HOLDINGS - ON MAY 23, AMENDED EXISTING CREDIT AGREEMENT TO INCREASE BORROWING CAPACITY TO $250 MILLION
* SPORTSMANS WAREHOUSE HOLDINGS INC - AMENDED ITS EXISTING CREDIT AGREEMENT TO PROVIDE FOR A NEW $40 MILLION TERM LOAN
* SPORTSMANS WAREHOUSE HOLDINGS - MATURITY DATE OF REVOLVING CREDIT FACILITY WAS EXTENDED TO MAY 23, 2023, TERM LOAN WILL ALSO MATURE ON MAY 23, 2023
* SPORTSMANS WAREHOUSE HOLDINGS INC - REFINANCING IS EXPECTED TO REDUCE INTEREST EXPENSE BY APPROXIMATELY $4.5 MILLION ON AN ANNUALIZED BASIS
* SPORTSMANS WAREHOUSE HOLDINGS INC - USED PROCEEDS TO REPAY ITS PRIOR TERM LOAN IN FULL THAT WAS SCHEDULED TO MATURE ON DECEMBER 3, 2020 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-sportsmans-warehouse-holdings-anno/brief-sportsmans-warehouse-holdings-announces-amendment-of-revolving-credit-facility-and-refinancing-of-term-loan-idUSASC0A3JB |
SHANGHAI (Reuters) - Chinese prosecutors have filed a lawsuit against an individual accused of insulting a fireman who died in the line of duty, the first such case since the country adopted a law in April that bans the defamation of heroes and martyrs, state media said.
President Xi Jinping has ushered in several laws in the name of protecting China and the ruling Communist Party from perceived threats both internal and external, as well as presiding over a crackdown on dissent and free speech.
The procuratorate of the eastern province of Jiangsu filed the public interest case on Monday, the influential Global Times tabloid said online.
A person it identified only by the surname Zeng had “allegedly spread hate speech” on social media against Xie Yong, a fireman who fell to his death from a building during a rescue operation on May 12.
The law makes it illegal to “misrepresent, defame, profane or deny the deeds and spirits of heroes and martyrs, or to praise or beautify invasions,” state media said in a summary when it was introduced.
Anyone infringing it faces punishment in line with the law and may be investigated for criminal responsibility.
In its report late on Monday, the Global Times said Xie was declared a martyr a day after his death in heavy smoke, after he left his respirator with a colleague.
It said Zeng had been placed in criminal detention after posting comments in WeChat groups. Reuters was unable to trace contact details for Zeng or a representative to seek comment.
The Communist Party has long kept a tight grasp on its history, bolstering its legitimacy with tales of heroes and martyrs who gave their lives to the party’s causes.
Disputing party history and questioning the deeds of heroes have already landed some historians in court.
Reporting by John Ruwitch; Editing by Clarence Fernandez
| ashraq/financial-news-articles | https://in.reuters.com/article/china-martyr-lawsuit/china-sues-person-accused-of-defaming-dead-fireman-global-times-idINKCN1IN0HY |
Pompeo makes second quiet visit to North Korea 4:28pm IST - 01:18
U.S. Secretary of State Mike Pompeo is expected to return from North Korea with three American detainees, as well as details of an upcoming summit between leader Kim Jong Un and U.S. President Donald Trump, according to a South Korean official.
U.S. Secretary of State Mike Pompeo is expected to return from North Korea with three American detainees, as well as details of an upcoming summit between leader Kim Jong Un and U.S. President Donald Trump, according to a South Korean official. //reut.rs/2KO07LU | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/09/pompeo-makes-second-quiet-visit-to-north?videoId=425146298 |
May 9, 2018 / 11:24 PM / Updated 21 hours ago U.S. senators ask billionaire Icahn for refinery waiver details Jarrett Renshaw 4 Min Read
(Reuters) - Six Democratic U.S. senators have asked billionaire investor Carl Icahn and Environmental Protection Agency Administrator Scott Pruitt to explain how an Icahn-owned refinery secured a valuable EPA exemption from the nation’s biofuels law. FILE PHOTO: Billionaire activist-investor Carl Icahn gives an interview on FOX Business Network's Neil Cavuto show in New York, U.S. on February 11, 2014. REUTERS/Brendan McDermid/File Photo
The request, made in letters sent late on Tuesday and reviewed by Reuters, adds pressure on the embattled EPA chief over his pro-business policies, as well as on Icahn, whose dual role last year as an investor and presidential adviser is being investigated by the Justice Department.
Reuters reported last week that EPA granted a small refinery hardship waiver from the nation’s biofuel laws to an Oklahoma refinery operated by Icahn’s CVR Energy Inc ( CVI.N ), allowing it to avoid tens of millions of dollars worth of costs related to the U.S. Renewable Fuel Standard.
“We ... are troubled that a company that is owned by a billionaire former ‘special adviser’ to the President who is currently under investigation by federal prosecutors ... has now received an ‘economic hardship waiver’,” the senators wrote in the letters to Icahn and Pruitt.
Icahn did not respond to a request for comment. His attorney, Jesse Lynn, declined to comment.
The senators asked Icahn and Pruitt for details on the waiver, including records of discussions between both men in the months before it was granted.
The letters were signed by Democrats Elizabeth Warren of Massachusetts, Sheldon Whitehouse of Rhode Island, Sherrod Brown of Ohio, Tammy Duckworth of Illinois, Tammy Baldwin of Wisconsin, and Amy Klobuchar and Tina Smith of Minnesota.
The RFS requires refiners to add biofuels such as corn-based ethanol into their gasoline and diesel, or to buy blending credits from rival companies that do - a policy intended to help farmers, cut petroleum imports, and reduce air pollution.
EPA has the authority to exempt small refineries of less than 75,000 barrels per day of capacity if they can prove they are struggling financially with these regulations.
The agency has said it has granted more than two dozen such waivers in recent months, but has refused to confirm the recipients, saying the information is business sensitive. The EPA has in the past tended to grant less than 10 per year, according to a former official.
Reuters has reported that Andeavor ( ANDV.N ), one of America’s biggest refining companies, was among the other companies that have received hardship waivers from Trump’s EPA for its small refineries.
An early supporter of Trump’s 2016 presidential run and a key supporter on Wall Street, Icahn had met with Pruitt when Pruitt was being vetted in late 2016 for the EPA administrator job, and later served as a special regulatory adviser to the Republican president.
Icahn stepped down from his advisory role last August after lawmakers cited potential ethical problems.
Currently, Icahn is under investigation by the U.S. Department of Justice for his role in influencing biofuels policy while serving as Trump’s adviser. Some U.S. lawmakers have expressed concern that Icahn may have used his presidential access to benefit his investments, a charge Icahn has rejected. Writing by Richard Valdmanis; Editing by Susan Thomas and Lisa Shumaker | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-usa-biofuels-icahn/senators-ask-billionaire-icahn-for-refinery-waiver-details-idUKKBN1IA3KI |
EASTON, Md., May 9, 2018 /PRNewswire/ -- Shore Bancshares, Inc. (NASDAQ: SHBI) announced that the Board of Directors has declared a quarterly common stock dividend in the amount of $0.08 per share, payable May 31, 2018 to stockholders of record on May 15, 2018.
"We are pleased to announce the continuation of our quarterly cash dividend and an increase to $0.08 per share." said Lloyd L. "Scott" Beatty, Jr., President and Chief Executive Officer. "The first quarter of 2018 was a profitable quarter for all of our business lines and we are happy to share that with our shareholders."
Shore Bancshares Information
Shore Bancshares, Inc. is a financial holding company headquartered in Easton, Maryland and is the largest independent bank holding company located on Maryland's Eastern Shore. It is the parent company of Shore United Bank; one retail insurance producer firm, The Avon-Dixon Agency, LLC ("Avon-Dixon"), with two specialty lines, Elliott Wilson Insurance (Trucking) and Jack Martin Associates (Marine); and an insurance premium finance company, Mubell Finance, LLC ("Mubell"). Shore Bancshares Inc. engages in trust and wealth management services through Wye Financial & Trust, a division of Shore United Bank. Additional information is available at www.shorebancshares.com .
Additional information is available at www.shorebancshares.com .
Forward-Looking Statements
The statements contained herein that are not historical facts are (as defined by the Private Securities Litigation Reform Act of 1995) based on management's current expectations and beliefs concerning future developments and their potential effects on the Company. Such statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond the control of the Company. There can be no assurance that future developments affecting the Company will be the same as those anticipated by management. These statements are evidenced by terms such as "anticipate," "estimate," "should," "expect," "believe," "intend," and similar expressions. Although these statements reflect management's good faith beliefs and projections, they are not guarantees of future performance and they may not prove true. These projections involve risk and uncertainties that could cause actual results to differ materially from those addressed in the . For a discussion of these risks and uncertainties, see the section of the periodic reports filed by Shore Bancshares, Inc. with the Securities and Exchange Commission entitled "Risk Factors".
The Company specifically disclaims any obligation to update any factors or to publicly announce the result of revisions to any of the included herein to reflect future events or developments.
View original content: http://www.prnewswire.com/news-releases/shore-bancshares-inc-reports-quarterly-dividend-of-0-08-per-share-300645742.html
SOURCE Shore Bancshares, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/pr-newswire-shore-bancshares-inc-reports-quarterly-dividend-of-0-point-08-per-share.html |
BATESVILLE, Ind., Hillenbrand, Inc. (NYSE: HI) announced that its Board of Directors has elected Daniel C. Hillenbrand as an independent director. Mr. Hillenbrand, age 52, will serve an initial term that will expire at the Company's next annual meeting of shareholders in February 2019, where he will then be up for election for another term. As previously announced, a current Board member will be retiring at that time per the Company's mandatory retirement policy.
"We are excited to welcome Dan to our Board," said Joe Loughrey, Hillenbrand chairman. "Dan brings broad industrial experience, with a track record of increasing revenue, profit and cash flow in multiple diversified manufacturing environments."
Mr. Hillenbrand is currently Chairman, and was previously President and Chief Executive Officer, of Able Manufacturing and Assembly, LLC, a diversified manufacturing company with platforms in metal fabrication, fiberglass composites and plastic thermoform manufacturing. He also serves as Chairman of the Board of Nambé, Inc., a leading international high-end consumer products company, where he previously served as President and Chief Executive Officer. In addition, he is the Founder and Managing Partner of Clear Water Capital Partners, LLC, a private venture capital firm.
Mr. Hillenbrand holds a Bachelor of Arts degree from Boston College and a Master's in Business Administration from Northwestern University's Kellogg School of Management.
Commenting on his election, Mr. Hillenbrand said, "I am honored to serve as a member of this talented Board and support the Company's focus on extending its leadership as a world-class global diversified industrial company."
About Hillenbrand, Inc.
Hillenbrand ( www.Hillenbrand.com ) is a global diversified industrial company with multiple market-leading brands that serve a wide variety of industries across the globe. We pursue profitable growth and robust cash generation driving increased value for our shareholders. Hillenbrand's portfolio is composed of two business segments: the Process Equipment Group and Batesville. The Process Equipment Group businesses design, develop, manufacture and service highly engineered industrial equipment around the world. Batesville is a recognized leader in the North American death care industry. Hillenbrand is publicly traded on the NYSE under "HI".
View original content with multimedia: releases/hillenbrand-board-elects-daniel-c-hillenbrand-independent-director-300647989.html
SOURCE Hillenbrand, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/pr-newswire-hillenbrand-board-elects-daniel-c-hillenbrand-independent-director.html |
NEWTON, Mass., May 04, 2018 (GLOBE NEWSWIRE) -- Karyopharm Therapeutics Inc. (Nasdaq:KPTI), a clinical-stage pharmaceutical company, today announced that the Compensation Committee of Karyopharm’s Board of Directors granted stock options to purchase an aggregate of 103,500 shares of Karyopharm’s common stock to 16 newly-hired employees, with a grant date of April 30, 2018. The stock options were granted as inducements material to the new employees entering into employment with Karyopharm in accordance with NASDAQ Listing Rule 5635(c)(4).
Each of the stock options has an exercise price of $13.08 per share, the closing price of Karyopharm’s common stock on April 30, 2018. Each stock option vests over four years, with 25% of the original number of shares underlying the stock option vesting on the one-year anniversary of the applicable employee’s employment commencement date and an additional 1/48th of the remaining shares vesting monthly thereafter, subject to the employee’s continued service as an employee of, or other service provider to, Karyopharm through the applicable vesting dates. In addition, each stock option will be immediately exercisable in full if, on or prior to the first anniversary of the consummation of a “change in control event,” the employee’s employment is terminated for “good reason” by the employee or terminated without “cause” by Karyopharm (as such terms are defined in the applicable stock option agreement).
About Karyopharm Therapeutics
Karyopharm Therapeutics Inc. (Nasdaq:KPTI) is a clinical-stage pharmaceutical company focused on the discovery and development of novel first-in-class drugs directed against nuclear transport and related targets for the treatment of cancer and other major diseases. Karyopharm's SINE compounds function by binding with and inhibiting the nuclear export protein XPO1 (or CRM1). The Company's initial focus is on seeking regulatory approval and commercialization of its lead drug candidate, oral selinexor (KPT-330). To date, over 2,400 patients have been treated with selinexor and Karyopharm announced positive topline data from the Phase 2b STORM study of selinexor in penta-refractory multiple myeloma. Selinexor is currently being evaluated in several mid- and later-phase clinical trials across multiple cancer indications, including in multiple myeloma in a pivotal, randomized Phase 3 study in combination with Velcade® (bortezomib) and low-dose dexamethasone (BOSTON) and as a potential backbone therapy in combination with approved therapies (STOMP), and in diffuse large B-cell lymphoma (SADAL) and liposarcoma (SEAL), among others. Additional Phase 1, Phase 2 and Phase 3 studies are ongoing or currently planned, including multiple studies in combination with one or more approved therapies in a variety of tumor types to further inform the Company's clinical development priorities for selinexor. In addition to single-agent and combination activity against a variety of human cancers, SINE compounds have also shown biological activity in models of neurodegeneration, inflammation, autoimmune disease, certain viruses and wound-healing. Karyopharm, which was founded by Dr. Sharon Shacham, currently has five investigational programs in clinical or preclinical development. For more information, please visit www.karyopharm.com .
Velcade® is a registered trademark of Takeda Pharmaceutical Company Limited
Contacts:
Investors:
Kimberly Minarovich
(646) 368-8014
[email protected]
Mary Jenkins
(617) 340-6073
[email protected]
Source:Karyopharm Therapeutics Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/04/globe-newswire-karyopharm-therapeutics-reports-inducement-grants-under-nasdaq-listing-rule-5635c4.html |
NEW YORK, May 21, 2018 (GLOBE NEWSWIRE) -- Micron Technology, Inc. (NASDAQ:MU) today announced at its Analyst and Investor Event in New York City that its Board of Directors has authorized the discretionary repurchase of up to $10 billion of its outstanding common stock, in conjunction with newly announced plans to return at least 50% of free cash flow to stockholders beginning in fiscal 2019.
"The data-driven economy will transform nearly every industry, and drive secular growth in demand for memory and storage. Micron is exceptionally well positioned to capitalize on these opportunities and deliver strong business performance and robust free cash flow," said Sanjay Mehrotra, president and CEO of Micron. "Our business results have dramatically strengthened Micron’s balance sheet and this stock buyback program emphasizes our ongoing commitment to enhancing shareholder value."
Micron may purchase shares on a discretionary basis, through open market purchases, block trades, privately negotiated transactions and/or derivative transactions, subject to market conditions and Micron's ongoing determination that it is the best use of available cash. The repurchase authorization does not obligate Micron to acquire any common stock.
Forward-Looking Statements
This press release contains projections or other forward-looking statements regarding future events and the future financial performance of the company and the industry. These forward-looking statements are predictions subject to a number of risks and uncertainties, and the actual events or results may differ materially. Please refer to the documents the company files with the Commission, specifically the company's most recent Form 10-K and Form 10-Q. These documents contain and identify important factors that could cause the company's actual results to differ materially from those contained in projections or forward-looking statements. These certain factors can be found at www.micron.com/certainfactors . Although the company believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, levels of activity, performance or achievements. The company is under no duty to update any of the forward-looking statements after the date of this release to conform these statements to actual results.
About Micron
We are an industry leader in innovative memory and storage solutions. Through our global brands — Micron®, Crucial® and Ballistix® — our broad portfolio of high-performance memory and storage technologies, including DRAM, NAND, NOR Flash and 3D XPoint™ memory, is transforming how the world uses information to enrich life. Backed by nearly 40 years of technology leadership, our memory and storage solutions enable disruptive trends, including artificial intelligence, machine learning and autonomous vehicles, in key market segments like cloud, data center, networking and mobile. Our common stock is traded on the NASDAQ under the MU symbol. To learn more about Micron Technology, Inc., visit www.micron.com .
The Micron logo and Micron symbol are trademarks of Micron Technology, Inc. All other trademarks are the property of their respective owners.
Contacts: Shanye Hudson Investor Relations [email protected] (208) 492-1205 David Oro Media Relations [email protected] (707) 558-8585
Source:Micron Technology, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/globe-newswire-micron-announces-10-billion-share-repurchase-authorization.html |
EXCLUSIVE: Tesla calls in airlift for battery plant 5:37am IST - 02:01
Tesla flew six planes full of robots and equipment from Europe in an unusual, high-stakes effort to speed up battery production for its Model 3 electric sedan, people familiar with the matter told Reuters this week.
Tesla flew six planes full of robots and equipment from Europe in an unusual, high-stakes effort to speed up battery production for its Model 3 electric sedan, people familiar with the matter told Reuters this week. //reut.rs/2KQQ8Es | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/26/exclusive-tesla-calls-in-airlift-for-bat?videoId=430307062 |
MOSCOW (Reuters) - Lukoil, Russia’s second biggest oil producer, said on Tuesday it had decided not to go ahead with plans to develop projects in Iran at the moment due to the threat of U.S. sanctions, a company official said.
FILE PHOTO: The logo of Russian oil company Lukoil is seen on a board at the St. Petersburg International Economic Forum 2017 (SPIEF 2017) in St. Petersburg, Russia, June 1, 2017. Picture taken June 1, 2017. REUTERS/Sergei Karpukhin The United States plans to impose new sanctions on Iran after pulling out of a 2015 agreement between Iran and major world powers to limit Tehran’s nuclear ambitions.
“Considering the latest developments, I guess, it’s too early to say what our plans (about Iran) will be. For the moment, basically, we have everything on hold,” the official told a conference call which followed publication of Lukoil’s first-quarter results on Monday.
A general view shows a gas facility of Lukoil company in Jarkuduk, Uzbekistan September 23, 2017. Picture taken September 23, 2017. REUTERS/Olesya Astakhova Lukoil said on Monday its first-quarter net profit rose to 109.1 billion rubles ($1.8 billion), up 75 percent on the previous year with the help of rising oil prices.
The official said that company’s focus remained on its domestic business. “We don’t plant to do anything material on the international M&A side,” he said.
Lukoil has been in talks with Iran over development of Abe Timur and Mansuri oilfields.
Reporting by Vladimir Soldatkin. Editing by Jane Merriman
| ashraq/financial-news-articles | https://www.reuters.com/article/us-russia-lukoil-iran/lukoil-puts-iran-plans-on-hold-due-to-threat-of-u-s-sanctions-idUSKCN1IU1M7 |
May 5, 2018 / 1:56 PM / in 2 hours Afghan forces, Taliban battle for control of highway in Ghazni province Reuters Staff 2 Min Read
KABUL (Reuters) - At least 31 Taliban militants were killed by Afghan security forces backed by U.S. air strikes in Afghanistan’s central Ghazni province, as the Afghan army battled to protect a key highway, officials said on Saturday.
Mohammad Arif Noori, the spokesman for the provincial governor, said the militants were planning to wrest control of an arterial road and had attacked many security check posts.
“With the help of U.S. air forces, the Taliban militants have been pushed back from the areas near Ghazni-Paktika highway, but the road is still closed due to serious damages caused by the Taliban,” said Noori.
During clashes on Friday, two civilians were killed and four were injured when a mortar shell hit a home in the Andar district. Andar is one of the unstable districts of Ghazni province, 95 miles (153 km) southwest of the capital, Kabul.
In a separate incident, two militants were killed when explosives went off on a highway in Ghazni.
The Taliban confirmed the clashes. The group’s spokesman, Zabihullah Mujahid, however, gave a conflicting casualty figure.
According to Mujahid, nine Afghan soldiers and one Taliban fighter were killed. He said 10 Afghan soldiers and three Taliban fighters were wounded in the battle to control Andar district.
In April, the militants killed a district governor in Ghazni, his bodyguards and five intelligence agents.
The Taliban have stepped up attacks across the country, after they announced their annual spring offensive, a start of the fighting season as the weather allows easier manoeuvrability through Afghanistan’s mountains.
This week suicide bombers in the capital Kabul killed at least 26 people, including nine journalists.
According to the top U.S. watchdog on Afghanistan, the number of Afghan security forces fell by nearly 11 percent in the past year, and the vast majority of Afghan forces are incapable of preventing the Taliban from capturing territory. Reporting by Mustafa Andalib, Qadir Sediqi, Writing by Rupam Jain, editing by John Stonestreet and Stephen Powell | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-afghanistan-attacks/afghan-forces-taliban-battle-for-control-of-highway-in-ghazni-province-idUKKBN1I60I7 |
Crude sending a warning sign for the markets? 16 Hours Ago Crude gets crushed. Is more pain ahead for energy? With CNBC's Melissa Lee and the Fast Money traders, David Seaburg, Tim Seymour, Dan Nathan and Guy Adami. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/25/crude-sending-a-warning-sign-for-the-markets.html |
Democrats fight to win back the union vote 7:32am EDT - 02:05
Union workers who turned out heavily for Trump and his fellow Republicans in 2016 are souring on the president and his party, shifting their support back to the Democrats
Union workers who turned out heavily for Trump and his fellow Republicans in 2016 are souring on the president and his party, shifting their support back to the Democrats //reut.rs/2FGjEdn | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/04/democrats-fight-to-win-back-the-union-vo?videoId=423789862 |
May 20, 2018 / 11:38 AM / Updated an hour ago Palestinian President hospitalised, condition 'reassuring' says doctor Ali Sawafta 3 Min Read
RAMALLAH (Reuters) - Palestinian President Mahmoud Abbas was hospitalised in the West Bank on Sunday, doctors and Palestinian officials said, giving conflicting accounts of the leader’s condition. FILE PHOTO - Palestinian President Mahmoud Abbas waves in Ramallah, in the occupied West Bank May 1, 2018. REUTERS/Mohamad Torokman/File Photo
It is the third time Abbas, 82, has been hospitalized in less than a week. He is expected to stay at least overnight.
Abbas underwent minor ear surgery on Tuesday but went back into al-Istishari Hospital in Ramallah briefly overnight on Saturday/Sunday, the official Palestinian news agency Wafa said.
He was then rushed back later on Sunday, for what doctors described only as “medical tests”.
Dr. Saed al-Sarahneh, medical director of the hospital, spoke outside the private hospital late Sunday, saying that Abbas had entered in the morning “for medical tests after the surgery he had three days ago in his middle ear. All the tests are normal and his medical condition is reassuring.”
The Palestine Liberation Organization (PLO), which is headed by Abbas, said on its Twitter account that Palestinian chief negotiator Saeb Erekat had visited the leader in hospital and quoted Erekat as saying: “the President is in good health”.
An aide to Erekat said that Abbas had talked and joked with him, and that Abbas was expected to leave hospital tomorrow or the day after.
One Palestinian official in Ramallah said Abbas had gone back in because of complications after Tuesday’s ear surgery. Abbas had been running a high temperature, he said, “so doctors advised that he go back into hospital”.
However, a source at al-Istishari hospital said the president’s condition was unrelated to the ear operation.
“The president will stay in hospital until tomorrow. He is being given antibiotics to treat an inflammation in the chest,” said the hospital source, who spoke on condition of anonymity because he or she was not authorised to speak with the media.
Abbas, a heavy smoker, was hospitalised in the United States for medical checks in February during a trip to address the U.N. Security Council.
The Western-backed leader became Palestinian president after the death in 2004 of his predecessor, Yasser Arafat. He pursued U.S.-led peace talks with Israel but the negotiations broke down in 2014.
He is also chairman of the executive committee of the PLO, a position to which he was re-elected unopposed on May 4.
Abbas’ hospitalisation has coincided with an escalation in Israeli-Palestinian tensions after Israeli troops shot dead dozens of Palestinian protesters on the Gaza border on May 14 as the new U.S. Embassy opened in Jerusalem.
The Gaza Strip is controlled by the Islamist group Hamas, a bitter political rival of Abbas’s secular Fatah movement. Reporting by Ali Sawafta and Nidal al-Mughrabi; Writing by Maayan Lubell; Editing by Stephen Farrell, Dale Hudson, William Maclean | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-palestinians-abbas/palestinian-leader-abbas-in-hospital-for-third-time-in-a-week-officials-idUKKCN1IL0EF |
May 26, 2018 / 8:45 AM / Updated 2 hours ago Suspect wounds teacher, fellow student in 23rd school shooting in 2018 Reuters Staff 3 Min Read
(Reuters) - Indiana authorities on Saturday were yet to charge and identify the student who they say was responsible for wounding a teacher and student at a middle school in what media is reporting as the 23rd shooting on a United States campus in 2018. A helicopter lands near Noblesville West Middle School in Noblesville, Indiana, U.S., May 25, 2018 in this still image obtained from social media video. COURTESY CHRISTOPHER REILY/via REUTERS
The student, who was being held by police, was armed with two handguns when he shot a science teacher and another student in a science classroom at a Noblesville West Middle School on Friday morning, police in the community 25 miles (42 km) northeast of Indianapolis said.
Police said on Friday they were investigating the shooter’s motive and how he obtained the guns. They did not detail how he was stopped, but witnesses told local media that the teacher knocked the guns away and wrestled the suspect to the floor despite being wounded.
As of early Saturday, authorities had not identified the student or filed charges against him. Police is seen near Noblesville West Middle School in Noblesville, Indiana, U.S., May 25, 2018 in this still image obtained from social media video. COURTESY CHRISTOPHER REILY/via REUTERS
The shooting, by CNN’s count, was the 23rd in the United States this year and comes just a week after a high school student in Santa Fe, Texas, shot and killed eight classmates and two teachers.
The shooting incidents in 2018 on campuses across the nation have ranged from a teacher accidentally discharging a gun during a public safety class at a California high school, injuring a student, to a mass shooting at Marjory Stoneman Douglas High School in Florida that left 17 people dead, CNN reported. Slideshow (2 Images)
The shootings have fuelled debate about how to keep campuses safe.
“Here we go again ... I wish I had an answer,” Indiana State Police Superintendent Doug Carter said to reporters. “It’s another sad day.”
The suspect in Friday’s shooting had excused himself from class and came back armed with the pistols and opened fire in a science class, authorities said. Police apprehended him in the classroom.
A police guard at the school responded to the shooting, and other law enforcement officers arrived within minutes, police said in a statement.
The wounded teacher was identified as Jason Seaman, 29. The unidentified girl was in critical condition at an Indianapolis hospital, police said.
Seaman’s mother, Kristi Seaman, said on Facebook that he was shot through the abdomen, in the hip and in the forearm and was doing well after surgery. Reporting by Brendan O'Brien, editing by Louise Heavens | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-indiana-shooting/suspect-wounds-teacher-fellow-student-in-23rd-school-shooting-in-2018-idUKKCN1IR082 |
First quarter comparable sales increased by 1% First quarter diluted earnings per share (EPS) of $0.01 E-commerce sales increased 35%, accounting for 28% of net sales; on a comparable sales basis, e-commerce sales increased 33% Gross margin expanded 200 basis points in the first quarter Continued success from omni-channel initiatives, with rollout tracking ahead of plan Strong balance sheet maintained with $185 million in cash, an improved inventory position, and no debt Repurchased 4.9 million shares for $38 million to date under existing $150 million share repurchase program
COLUMBUS, Ohio--(BUSINESS WIRE)-- Express, Inc. (NYSE: EXPR), a specialty retail apparel company, announced its financial results for the first quarter of 2018. These results, which cover the thirteen weeks ended May 5, 2018, are compared to the thirteen weeks ended April 29, 2017. Comparable sales for the first quarter of 2018 were calculated using the 13-week period ended May 5, 2018, as compared to the 13-week period ended May 6, 2017.
David Kornberg, the Company’s president and chief executive officer, stated: “Our first quarter performance demonstrates that our strategy and holistic approach to driving improved sales and profitability is working. Comparable sales grew for the first time since late 2015, and for the second consecutive quarter we expanded our gross margin and increased earnings relative to the prior year. We are making significant progress executing against our initiatives and the business is building momentum. E-commerce had another outstanding quarter, with comparable sales increasing 33%, on top of 27% growth achieved in the prior year period.”
Mr. Kornberg continued, “As we look to the balance of the year, we are focused on continuing to drive growth through important initiatives across product, brand, and customer experience. The initial customer reaction to our launch of extended sizes in stores has been positive and is driving customer acquisition and incremental business to the brand. We continue to see success from our expanded omni-channel capabilities and expect their contribution to our results to build as we move through the year. Our financial position remains strong with $185 million in cash at quarter end, no debt, and our inventories are well-positioned. Under our $150 million share repurchase program, we have repurchased $38 million, or 4.9 million shares to date, underscoring our confidence in the business and commitment to driving shareholder value.”
First Quarter 2018 Operating Results:
Net sales increased 1% to $479.4 million from $474.2 million in the first quarter of 2017. Comparable sales (including e-commerce sales) increased 1%, compared to a 10% decrease in the first quarter of 2017. E-commerce sales increased 35% year over year to $132.6 million. On a comparable sales basis, e-commerce sales increased 33%. Gross margin improved 200 basis points to 29.9% of net sales compared to 27.9% in last year’s first quarter. The improvement was driven by a 90 basis point increase in merchandise margin and a 110 basis point decrease in buying and occupancy costs as a percentage of net sales. Selling, general, and administrative (SG&A) expenses were $140.6 million versus $132.3 million in last year’s first quarter. As a percentage of net sales, SG&A expenses increased by 140 basis points year over year to 29.3%. Operating income was $2.8 million. This compares to an operating loss of $6.7 million in the first quarter of 2017. Operating loss in the first quarter of 2017 includes a $6.3 million impact related to the exit of Canada. Income tax expense was $2.1 million, at an effective tax rate of 80.1%, compared to an income tax benefit of $4.8 million, at an effective tax rate of 64.5% in last year’s first quarter. The effective tax rates for the first quarter of 2018 and 2017 include negative impacts from certain discrete items totaling $1.3 million and $3.2 million, respectively. Net income was $0.5 million, or $0.01 per diluted share. This compares to a net loss of $2.7 million, or $(0.03) per diluted share, in the first quarter of 2017. On an adjusted basis, net loss in the first quarter 2017 was $3.7 million, or $(0.05) per diluted share. Real estate activity for the first quarter of 2018 is presented in Schedule 5.
First Quarter 2018 Balance Sheet Highlights:
Cash and cash equivalents totaled $184.5 million versus $191.0 million at the end of the first quarter of 2017. Capital expenditures totaled $7.9 million for the thirteen weeks ended May 5, 2018, compared to $14.6 million for the thirteen weeks ended April 29, 2017. Inventory was $277.5 million compared to $280.2 million at the end of the prior year’s first quarter.
Share Repurchase Program:
On November 28, 2017, the Company’s Board of Directors approved a new share repurchase program that authorized the Company to repurchase up to $150 million of the Company’s outstanding common stock using available cash. Under this program, the Company repurchased 2.1 million common shares for $17.3 million during the fourth quarter of 2017 and 2.2 million common shares for $15.6 million during the first quarter of 2018. Subsequent to the end of the first quarter, the Company has repurchased an additional 0.7 million shares for approximately $5 million and currently has approximately $112 million remaining under its authorization. The Company’s second quarter and full year 2018 guidance reflects share repurchases made to date, however does not contemplate any future share repurchases.
Revenue Recognition:
Effective February 4, 2018, the Company adopted the new revenue recognition standard (“ASC 606”) on a full retrospective basis. As a result, the condensed financial statements as of February 3, 2018 and for the thirteen weeks ended April 29, 2017, have been recast. The adoption of ASC 606 did not change the timing of cash flows or cash available for return to shareholders but did change the timing of revenue recognition for certain revenue streams. In addition, the adoption of ASC 606 resulted in changes in classifications of certain items within the Company’s financial statements. For additional information regarding the adjustments see Exhibit 99.3 to the Company’s Form 8-K filed with the SEC on March 14, 2018.
2018 Guidance:
The Company notes that 2018 is a fifty-two week period as compared to a fifty-three week period in 2017. The fifty-third week was in the fourth quarter and contributed approximately $0.04 in diluted EPS in 2017. The table below compares the Company’s projected results for the thirteen week period ended August 4, 2018 to the actual results for the thirteen week period ended July 29, 2017.
Second Quarter 2018 Guidance Second Quarter 2017
Actual Results
Comparable Sales -1% to 1% -4% Effective Tax Rate NM (1) 26.6% (2,4) Interest Expense, Net $0.1 million $0.7 million Net Income ($1.5) to $1.5 million ($11.9) million (2,3,4) Adjusted Net Income N/A $0.7 million (4,5) Diluted EPS ($0.02) to $0.02 ($0.15) (2,3,4) Adjusted Diluted EPS N/A $0.01 (4,5) Weighted Average Diluted Shares Outstanding 74.5 million 78.8 million (1) Not meaningful for the second quarter of 2018 due to the projected near break even pre-tax income. (2) Includes an income tax benefit of $5.1 million related to the exit of Canada. (3) Includes $17.6 million in restructuring costs and inventory adjustments related to the exit of Canada. (4) Retrospectively adjusted to reflect adoption of the new revenue recognition accounting standard. For additional information regarding the adjustments see Exhibit 99.3 to the Company’s Form 8-K filed with the SEC on March 14, 2018. (5) Adjusted Net Income and Adjusted Diluted EPS are non-GAAP financial measures. Refer to Schedule 4 for a reconciliation of GAAP to Non-GAAP financial measures. The table below compares the Company’s projected results for the fifty-two week period ended February 2, 2019 to the actual results for the fifty-three week period ended February 3, 2018.
Full Year 2018 Guidance Full Year 2017
Actual Results
Comparable Sales -1% to 1% -3% Effective Tax Rate Approximately 33% (1) 34.6% (2,4) Interest Expense, Net $0.6 million $2.2 Million Net Income $28 to $35 million $18.9 million (2,3,4) Adjusted Net Income N/A $28.9 million (4,5) Diluted EPS $0.37 to $0.47 $0.24 (2,3,4) Adjusted Diluted EPS N/A $0.37 (4,5) Weighted Average Diluted Shares Outstanding 75.1 million 78.9 million Capital Expenditures $60 to $65 million $57.4 million (1) The Company’s effective tax rate for the full year is expected to be above its operating tax rate of approximately 28% due to certain discrete tax items. (2) Includes a net $12.1 million tax benefit related to the exit of Canada, as well as a $2.1 million net tax benefit related to tax reform, specifically the re-measurement of the Company’s deferred taxes. (3) Includes $24.2 million in restructuring costs and inventory adjustments related to the exit of Canada. (4) Retrospectively adjusted to reflect adoption of the new revenue recognition accounting standard. For additional information regarding the adjustments see Exhibit 99.3 to the Company’s Form 8-K filed with the SEC on March 14, 2018. (5) Adjusted Net Income and Adjusted Diluted EPS are non-GAAP financial measures. Refer to Schedule 4 for a reconciliation of GAAP to Non-GAAP financial measures. This guidance does not take into account any additional non-core items that may occur.
See Schedule 5 for a discussion of projected real estate activity.
Conference Call Information:
A conference call to discuss first quarter 2018 results is scheduled for May 31, 2018 at 9:00 a.m. Eastern Time (ET). Investors and analysts interested in participating in the call are invited to dial (877) 705-6003 approximately ten minutes prior to the start of the call. The conference call will also be webcast live at: http://www.express.com/investor and remain available for 90 days. A telephone replay of this call will be available at 12:00 p.m. ET on May 31, 2018 until 11:59 p.m. ET on June 7, 2018 and can be accessed by dialing (844) 512-2921 and entering replay pin number 13679216.
About Express, Inc.:
Express is a specialty retailer of women’s and men’s apparel and accessories, targeting the 20 to 30-year-old customer. Express has more than 35 years of experience offering a distinct combination of fashion and quality for multiple lifestyle occasions at an attractive value addressing fashion needs across work, casual, jeanswear, and going-out occasions. The Company currently operates more than 600 retail and factory outlet stores, located primarily in high-traffic shopping malls, lifestyle centers, and street locations across the United States and Puerto Rico. Express merchandise is also available at franchise locations and online in Latin America. Express also markets and sells its products through its e-commerce website, www.express.com , as well as on its mobile app.
Forward-Looking Statements:
Certain statements are “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include any statement that does not directly relate to any historical or current fact and include, but are not limited to, (1) guidance and expectations for the second quarter and full year 2018, including statements regarding expected comparable sales, effective tax rates, interest expense, net income, diluted earnings per share, and capital expenditures, (2) statements regarding expected store openings, store closures, store conversions, gross square footage, and inventory, and (3) statements regarding the Company’s strategy, plans, and initiatives, including, but not limited to, results expected from such strategy, plans, and initiatives. Forward- based on our current expectations and assumptions, which may not prove to be accurate. These statements are not guarantees and are subject to risks, uncertainties, and changes in circumstances that are difficult to predict, and significant contingencies, many of which are beyond the Company’s control. Many factors could cause actual results to differ materially and adversely from these forward-looking statements. Among these factors are (1) changes in consumer spending and general economic conditions; (2) our ability to identify and respond to new and changing fashion trends, customer preferences, and other related factors; (3) fluctuations in our sales, results of operations, and cash levels on a seasonal basis and due to a variety of other factors, including our product offerings relative to customer demand, the mix of merchandise we sell, promotions, and inventory levels; (4) customer traffic at malls, shopping centers, and at our stores; (5) competition from other retailers; (6) our dependence on a strong brand image; (7) our ability to adapt to changing consumer behavior and develop and maintain a relevant and reliable omni-channel experience for our customers; (8) the failure or breach of information systems upon which we rely; (9) our ability to protect customer data from fraud and theft; (10) our dependence upon third parties to manufacture all of our merchandise; (11) changes in the cost of raw materials, labor, and freight; (12) supply chain or other business disruption; (13) our dependence upon key executive management; (14) our ability to execute our growth strategy, including improving profitability, providing an exceptional brand and customer experience, transforming and leveraging our systems and processes, and cultivating a strong company culture, and achieving our strategic objectives, including delivering compelling merchandise at an attractive value, investing in growing brand awareness and retaining and acquiring new customers to the Express brand, growing e-commerce sales and expanding our omni-channel capabilities, optimizing our store footprint, and managing our overall cost structure; (15) our substantial lease obligations; (16) our reliance on third parties to provide us with certain key services for our business; (17) impairment charges on long-lived assets; (18) claims made against us resulting in litigation or changes in laws and regulations applicable to our business; (19) our inability to protect our trademarks or other intellectual property rights which may preclude the use of our trademarks or other intellectual property around the world; (20) restrictions imposed on us under the terms of our asset-based loan facility, including restrictions on the ability to effect share repurchases; and (21) changes in tax requirements, results of tax audits, and other factors that may cause fluctuations in our effective tax rate. Additional information concerning these and other factors can be found in Express, Inc.’s filings with the Securities and Exchange Commission. 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.
Schedule 1 Express, Inc. Consolidated Balance Sheets (In thousands)
(Unaudited)
May 5, 2018 February 3, 2018 (1)
April 29, 2017 (1) ASSETS CURRENT ASSETS: Cash and cash equivalents $ 184,521 $ 236,222 $ 190,992 Receivables, net 11,248 12,084 16,218 Inventories 277,513 260,728 280,180 Prepaid minimum rent 29,920 30,779 31,109 Other 26,182 24,319 28,390 Total current assets 529,384 564,132 546,889 PROPERTY AND EQUIPMENT 1,051,508 1,047,447 1,039,467 Less: accumulated depreciation (657,752 ) (642,434 ) (599,126 ) Property and equipment, net 393,756 405,013 440,341 TRADENAME/DOMAIN NAMES/TRADEMARKS 197,618 197,618 197,618 DEFERRED TAX ASSETS 7,358 7,346 8,001 OTHER ASSETS 12,873 12,815 13,413 Total assets $ 1,140,989 $ 1,186,924 $ 1,206,262 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts payable $ 125,502 $ 145,589 $ 197,751 Deferred revenue 37,811 41,240 34,506 Accrued expenses 106,586 110,563 107,639 Total current liabilities 269,899 297,392 339,896 DEFERRED LEASE CREDITS 134,283 137,618 147,313 OTHER LONG-TERM LIABILITIES 102,407 103,600 89,113 Total liabilities 506,589 538,610 576,322 COMMITMENTS AND CONTINGENCIES Total stockholders’ equity 634,400 648,314 629,940 Total liabilities and stockholders’ equity $ 1,140,989 $ 1,186,924 $ 1,206,262 (1) The Company’s balance sheet as of February 3, 2018 and April 29, 2017 have been updated to reflect the adoption of Accounting Standards Update No. 2014-09, Revenue From Contracts with Customers (ASC 606) under the full retrospective method on February 4, 2018. Schedule 2 Express, Inc. Consolidated Statements of Income (In thousands, except per share amounts)
(Unaudited)
Thirteen Weeks Ended May 5, 2018 April 29, 2017 (1) NET SALES $ 479,352 $ 474,192 COST OF GOODS SOLD, BUYING AND OCCUPANCY COSTS 336,190 341,911 Gross profit 143,162 132,281 OPERATING EXPENSES: Selling, general, and administrative expenses 140,634 132,339 Restructuring costs — 6,271 Other operating (income) expense, net (247 ) 401 Total operating expenses 140,387 139,011 OPERATING INCOME/(LOSS) 2,775 (6,730 ) INTEREST EXPENSE, NET 174 797 OTHER EXPENSE (INCOME), NET — (12 ) INCOME/(LOSS) BEFORE INCOME TAXES 2,601 (7,515 ) INCOME TAX EXPENSE/(BENEFIT) 2,084 (4,847 ) NET INCOME/(LOSS) $ 517 $ (2,668 ) EARNINGS PER SHARE: Basic $ 0.01 $ (0.03 ) Diluted $ 0.01 $ (0.03 ) WEIGHTED AVERAGE SHARES OUTSTANDING: Basic 75,407 78,446 Diluted 76,123 78,446 (1) The Company’s income statement for the thirteen weeks ended April 29, 2017 has been updated to reflect the adoption of Accounting Standards Update No. 2014-09, Revenue From Contracts with Customers (ASC 606) under the full retrospective method on February 4, 2018. Schedule 3 Express, Inc. Consolidated Statements of Cash Flows (In thousands)
(Unaudited)
Thirteen Weeks Ended May 5, 2018 April 29, 2017 (1) CASH FLOWS FROM OPERATING ACTIVITIES: Net (loss)/income $ 517 $ (2,668 ) Adjustments to reconcile net (loss)/income to net cash provided by operating activities: Depreciation and amortization 21,162 22,893 Loss on disposal of property and equipment 231 403 Impairment charge — 5,512 Share-based compensation 3,814 4,018 Deferred taxes (12 ) 2,286 Landlord allowance amortization (2,973 ) (3,126 ) Changes in operating assets and liabilities: Receivables, net 837 (442 ) Inventories (16,785 ) (43,772 ) Accounts payable, deferred revenue, and accrued expenses (29,530 ) 17,424 Other assets and liabilities (2,040 ) (1,577 ) Net cash provided by operating activities (24,779 ) 951 CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures (7,920 ) (14,623 ) Net cash used in investing activities (7,920 ) (14,623 ) CASH FLOWS FROM FINANCING ACTIVITIES: Payments on lease financing obligations (454 ) (414 ) Repayments of financing arrangements (303 ) (303 ) Repurchase of common stock under share repurchase program (15,638 ) — Repurchase of common stock for tax withholding obligations (2,607 ) (1,534 ) Net cash used in financing activities (19,002 ) (2,251 ) EFFECT OF EXCHANGE RATE ON CASH — (458 ) NET DECREASE IN CASH AND CASH EQUIVALENTS (51,701 ) (16,381 ) CASH AND CASH EQUIVALENTS, Beginning of period 236,222 207,373 CASH AND CASH EQUIVALENTS, End of period $ 184,521 $ 190,992 (1) The Company’s cash flow statement for the thirteen weeks ended April 29, 2017 has been updated to reflect the adoption of Accounting Standards Update No. 2014-09, Revenue From Contracts with Customers (ASC 606) under the full retrospective method on February 4, 2018. Schedule 4
Supplemental Information - Consolidated Statements of Income
Reconciliation of GAAP to Non-GAAP Financial Measures
(Unaudited)
The Company supplements the reporting of its financial information determined under United States generally accepted accounting principles (GAAP) with certain non-GAAP financial measures: adjusted operating income, adjusted net income, and adjusted diluted earnings per share. The Company believes that these non-GAAP measures provide additional useful information to assist stockholders in understanding its financial results and assessing its prospects for future performance. Management believes adjusted operating income, adjusted net income, and adjusted diluted earnings per share are important indicators of the Company’s business performance because they exclude items that may not be indicative of, or are unrelated to, the Company’s underlying operating results, and provide a better baseline for analyzing trends in the business. In addition, adjusted operating income is used as a performance measure in the Company’s seasonal cash incentive compensation program and adjusted diluted earnings per share is used as a performance measure in the Company’s executive compensation program for purposes of determining the number of equity awards that are ultimately earned. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names. These adjusted financial measures should not be considered in isolation or as a substitute for reported operating income, reported net income, or reported diluted earnings per share. These non-GAAP financial measures reflect an additional way of viewing the Company’s operations that, when viewed with the GAAP results and the below reconciliations to the corresponding GAAP financial measures, provide a more complete understanding of the Company’s business. Management strongly encourages investors and stockholders to review the Company’s financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure.
Thirteen Weeks Ended April 29, 2017 (in thousands, except per share amounts) Operating
Loss
Net Loss Diluted
Earnings per
Share
Weighted
Average
Diluted Shares
Outstanding
Reported GAAP Measure $ (6,730 ) $ (2,668 ) $ (0.03 ) 78,446 Impact of Canadian Exit 6,271 6,271 0.08 Income Tax Benefit - Canadian Exit — (7,297 ) (0.09 ) Adjusted Non-GAAP Measure $ (459 ) $ (3,694 ) $ (0.05 ) Thirteen Weeks Ended July 29, 2017 (in thousands, except per share amounts) Operating
Loss
Net Loss Diluted
Earnings per
Share
Weighted
Average
Diluted Shares
Outstanding
Reported GAAP Measure $ (16,028 ) $ (11,890 ) $ (0.15 ) 78,786 Impact of Canadian Exit (a) 17,622 17,622 0.22 Income Tax Benefit - Canadian Exit — (5,074 ) (0.06 ) Adjusted Non-GAAP Measure $ 1,594 $ 658 $ 0.01 78,810 (b) (a) Includes $16.3 million in restructuring costs and an additional $1.3 million in inventory adjustments related to the Canadian exit. (b) Weighted average diluted shares outstanding for purpose of calculating adjusted diluted earnings per share includes the dilutive effect of share-based awards as determined under the treasury stock method Fifty-Three Weeks Ended February 3, 2018 (in thousands, except per share amounts) Net Income Diluted
Earnings per
Share
Weighted
Average
Diluted Shares
Outstanding
Recast GAAP Measure (a) $ 18,873 $ 0.24 78,870 Impact of Canadian Exit 24,151 0.31 Income Tax Benefit - Canadian Exit (12,067 ) (0.15 ) Impact of Tax Reform (a) (2,050 ) (0.03 ) Recast Non-GAAP Measure (a) $ 28,907 $ 0.37 (a) Retrospectively adjusted to reflect adoption of the new revenue recognition accounting standard. Schedule 5 Express, Inc. Real Estate Activity (Unaudited)
First Quarter 2018 - Actual May 5, 2018 - Actual Company-Operated Stores Opened Closed Conversion Store Count Gross Square
Footage
United States - Retail Stores — (5) — 485 United States - Outlet Stores 1 — — 146 Total 1 (5) — 631 5.4 million Second Quarter 2018 - Projected August 4, 2018 - Projected Company-Operated Stores Opened Closed Conversion Store Count Gross Square
Footage
United States - Retail Stores — (3) (27) 455 United States - Outlet Stores 3 — 27 176 Total 3 (3) — 631 5.4 million Full Year 2018 - Projected February 2, 2019 - Projected Company-Operated Stores Opened Closed Conversion Store Count Gross Square
Footage
United States - Retail Stores — (11) (29) 450 United States - Outlet Stores 10 — 29 184 Total 10 (11) — 634 5.4 million
View source version on businesswire.com : https://www.businesswire.com/news/home/20180531005316/en/
Express, Inc.
Mark Rupe, 614-474-4465
Vice President, Investor Relations
Source: Express, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/31/business-wire-express-inc-exceeds-first-quarter-2018-eps-guidance-on-a-positive-comp-introduces-second-quarter-guidance-and-updates-full.html |
CINCINNATI--(BUSINESS WIRE)-- Phillips Edison Grocery Center REIT III, Inc. (“PECO III”), announced today that its registration statement pertaining to an initial public offering has been declared effective by the Securities and Exchange Commission on May 8, 2018. Phillips Edison Grocery Center REIT III will offer up to an aggregate of $1.7 billion in Class T and Class I common stock.
PECO III primarily invests and will continue to invest in well-occupied grocery-anchored neighborhood and community shopping centers leased to a mix of national and regional credit-worthy tenants providing necessity-based goods and services in strong demographic markets throughout the United States.
PECO III’s current portfolio consists of four properties located in three states totaling 381,000 leasable square feet.
About Phillips Edison Grocery Center REIT III, Inc.
Phillips Edison Grocery Center REIT III, Inc. is a public non-traded real estate investment trust (“REIT”) that seeks to acquire and manage well-occupied grocery-anchored neighborhood shopping centers having a mix of national and regional retailers selling necessity-based goods and services, in strong demographic markets throughout the United States. The REIT is co-sponsored by Phillips Edison & Company and Griffin Capital Company, LLC ("Griffin Capital").
About Phillips Edison & Company, Inc.
Phillips Edison & Company (“Phillips Edison”), is a fully-integrated real estate company specializing in owning and operating grocery-anchored shopping centers. Founded in 1991, Phillips Edison has launched multiple equity funds, including three non-traded REITs: Phillips Edison Grocery Center REIT I, Inc., Phillips Edison Grocery Center REIT II, Inc. and Phillips Edison Grocery Center REIT III, Inc. Led by senior executives with more than two decades of real estate experience, Phillips Edison currently manages 341 shopping centers totaling approximately $6.3 billion. For more information, please visit www.phillipsedison.com .
About Griffin Capital Company, LLC
Griffin Capital is a leading alternative investment asset manager with approximately $10.3 billion in assets under management. Founded in 1995, the privately held firm is led by a seasoned team of senior executives with more than two decades of investment and real estate experience and who collectively have executed more than 650 transactions valued at over $22 billion.
Forward Looking Statements
This press release may contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as "may," "will," "expect," "intend," "anticipate," "estimate," "believe," "continue," or other similar words. Because such statements include risks, uncertainties and contingencies, actual results may differ materially from the expectations, intentions, beliefs, plans or predictions of the future expressed or implied by such forward-looking statements. These risks, uncertainties and contingencies include, but are not limited to: uncertainties relating to changes in general economic and real estate conditions; uncertainties relating to the implementation of our real estate investment strategy; uncertainties relating to financing availability and capital proceeds; uncertainties relating to the closing of property acquisitions; uncertainties relating to the public offering of our common stock; uncertainties related to the timing and availability of distributions; and other risk factors as outlined in Phillips Edison Grocery Center REIT III's prospectus, as amended from time to time. This is neither an offer nor a solicitation to purchase securities.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180509005683/en/
Phillips Edison Grocery Center REIT III, Inc.
[email protected]
Source: Phillips Edison Grocery Center REIT III, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/business-wire-phillips-edison-grocery-center-reit-iii-initial-public-offering-declared-effective-by-u-s-securities-and-exchange-commission.html |
'Pain Killer': America's opioid crisis uncovered 2 Hours Ago Barry Meier, "Pain Killer" author, discusses how the opioid epidemic spread in the U.S. amid allegations Purdue Pharma knew of its abuse. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/31/pain-killer-americas-opioid-crisis-uncovered.html |
LONDON, May 22 (Reuters) - Nationwide Building Society , one of Britain’s three biggest mortgage providers, on Tuesday said its annual profit fell 7 percent amid intense competition in the market for home loans.
Nationwide reported an annual profit of 977 million pounds ($1.31 billion), down from 1.05 billion pounds a year earlier, and said annual profits of between 0.9 to 1.3 billion pounds per year would ensure it meets its capital strength targets.
It was Nationwide’s second consecutive year of declining profits, which it blamed on costs from buying back its own debt as well as increased competition and continued low interest rates. ($1 = 0.7449 pounds) (Reporting By Lawrence White, editing by Sinead Cruise)
| ashraq/financial-news-articles | https://www.reuters.com/article/nationwide-results/british-lender-nationwide-annual-profit-falls-7-pct-idUSL3N1SS4HD |
MEMPHIS, Tenn.--(BUSINESS WIRE)-- Mueller Industries, Inc. (NYSE: MLI) announced today that its Board of Directors has declared a regular quarterly cash dividend on its common stock of 10 cents per share. The dividend will be payable June 15, 2018 to shareholders of record on June 1, 2018.
Mueller Industries, Inc. is an industrial manufacturer that specializes in copper and copper alloy manufacturing while also producing goods made from aluminum, steel, and plastics. It is headquartered in Memphis, Tennessee and comprises a network of operations in the United States, Canada, Mexico, Great Britain, South Korea, and China. Its products include tubing, fittings, valves, vessels, and related items for plumbing and HVACR related piping systems, as well as rod, forgings, extrusions, and various components for OEM applications. Products are distributed into sectors such as building construction, appliance, defense, energy, and automotive.
Statements in this release that are not strictly historical may be "forward-looking" statements, which involve risks and uncertainties. These include economic and currency conditions, continued availability of raw materials and energy, market demand, pricing, competitive and technological factors, and the availability of financing, among others, as set forth in the Company's SEC filings. The words "outlook," "estimate," "project," "intend," "expect," "believe," "target," "encourage," "anticipate," "appear," and similar expressions are intended to identify . The reader should not place undue reliance on , which speak only as of the date of this report. The Company has no obligation to publicly update or revise any to reflect events after the date of this report.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180504005055/en/
Mueller Industries, Inc.
Jeffrey A. Martin, 901-753-3226
Source: Mueller Industries, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/04/business-wire-mueller-industries-inc-declares-cash-dividend-for-second-quarter.html |
May 14 (Reuters) - Restoration Robotics Inc:
* RESTORATION ROBOTICS, INC. REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS
* Q1 LOSS PER SHARE $0.26 * Q1 REVENUE FELL 9 PERCENT TO $5.0 MILLION Source text for Eikon: Further company coverage:
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-restoration-robotics-inc-reports-q/brief-restoration-robotics-inc-reports-q1-loss-per-share-0-26-idUSASC0A21M |
LAS VEGAS, May 11, 2018 /PRNewswire/ --
As Fusion Bank continues its steady rise as an emerging cannabis banking solution and cash and treasury management service, each week brings with it the announcement of fresh faces within the organization's structure. This week, Fusion Bank has appointed experienced banking and loans veteran Beth McCoy as Regional Sales Manager in Michigan and Illinois.
"I am thrilled to be on the ground-floor of such an awesome banking solution for the cannabis industry. With the structured business model in place, I feel we can make a major impact, helping this industry to grow," says Ms. McCoy.
Beth McCoy, who lives in Clarkton Michigan, has over 25 years' experience in mortgage banking in both sales and operations, taking care of tasks such as pipeline management, monitoring loans from disclosure to close, and facilitating loans closing smoothly and on-time, all the while adhering to compliance regulations and applicable guidelines.
Ms. McCoy began her career as a closer, back in 1983 in San Diego, CA. From there, she's worked for FNMA as a quality control auditor in Houston TX, at Countrywide Home Loans as a processor, and then an underwriter assistant in Novi, MI. She became a loan originator for Direct Mortgage Lending (Holly, MI) and Golden Mortgage Corp (Bloomfield Hills, MI). Thereafter and until most recently, Ms. McCoy was a team leader in sales and then transferred to loan manager at Summit Funding Inc., the Nashville branch. She currently lives in Michigan where she will be spearheading sales for Fusion Bank in her home state and its neighbor, Illinois.
When asked about her daily responsibilities, which have already begun, Beth McCoy reported: "I have been calling on licensed dispensaries and laboratories, as well as grow operations in the Michigan and Illinois area, while also helping to manage Fusion Bank's existing list of customers."
She is also heavily involved in ironing out the day-to-day operational kinks as they arise and as the company launches in states where cannabis has been legalized.
About Fusion Bank
Fusion Bank is an innovative cash and treasury management solution that operates in compliance with the required government and central bank regulations. This members-only financial institution is licensed under the Bahamas-based Sovereign Friendly Society and provides safe, legal, and ethical financial, cash, and treasury management services to licensed cannabis operators, ancillary service providers, and qualified cannabis friendly members around the globe, including cultivators, grower industry supporters, patients, healthcare providers, lobbyists, and more.
Contact:
For information, please email [email protected] call +1-866-347-3321 or visit Fusion Bank to Register for a Bank Account .
SOURCE Fusion Bank | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/11/pr-newswire-fusion-bank-appoints-regional-sales-manager-for-michigan-and-illinois.html |
LONDON (Reuters) - Prime Minister Theresa May has asked experts to look into options for a British satellite navigation system to rival the European Union’s Galileo project amid a row over attempts to restrict Britain’s access to sensitive information after Brexit.
A hologram of the 'Galileo' satellite is projected inside a dome during a European Space Expo, running under the auspices of the European Commission in Athens' Syntagma Square, March 28, 2015. REUTERS/Kostas Tsironis/Files Galileo, a 10 billion euro ($12 billion) satellite programme being developed by the EU as a rival to the U.S. Global Positioning System, has emerged as a flashpoint in talks ahead of Britain’s exit from the bloc.
“The Prime Minister has tasked engineering and aerospace experts in the UK to develop options for a British global navigation satellite system,” May’s spokesman said on Wednesday.
“This could see Britain develop and launch its own satellite navigation system by the mid 2020s. This is a response to the EU indicating that it would not allow the UK to participate fully in Galileo.”
The European Commission has started to exclude Britain and its companies from sensitive future work on Galileo ahead of the country’s exit from the EU in a year’s time, a move which Britain has said threatens security collaboration.
Reporting by Elizabeth Piper; writing by Costas Pitas; editing by Stephen Addison
| ashraq/financial-news-articles | https://in.reuters.com/article/britain-eu-galileo/uk-developing-options-for-satellite-system-to-rival-eus-galileo-idINKBN1I31TL |
* Remuneration report rejected by 58 pct of shareholders
* Satellite company’s Q1 revenue rise 5 pct
* Says maritime, aviation performing well
* Shares up as much as 10 pct (Adds AGM result)
By Paul Sandle
LONDON, May 2 (Reuters) - Investors in Inmarsat voted against the British satellite firm’s remuneration report as they made clear their unhappiness at executive rewards for a year in which the company’s shares fell 35 percent.
Some 58.5 percent of shares voted opposed the report in a non-binding vote at the company’s AGM on Wednesday.
Chairman Andrew Sukawaty said he recognised that shareholders had concerns, and he would consult with them further before next year’s annual general meeting.
A new remuneration policy would be put forward for shareholder approval at next year’s AGM, he said.
Chief Executive Rupert Pearce was paid 1.88 million pounds ($2.56 million) in 2017, according to its annual report.
His payout was down on the 2.35 million pounds he received in 2016, in part reflecting the fall in the share price, remuneration committee chairman Simon Bax said in the report.
Earlier on Wednesday, the company said growing demand for wifi on flights helped it get 2018 off to a good start, sending its shares up as much as 10 percent.
Inmarsat, which provides communications for shipping, aircraft and for governments, reported a 5 percent rise in first-quarter revenue to $345.4 million.
Core earnings slipped 4.5 percent to $174.9 million, which the company said reflected less government work in the quarter.
Pearce said it was a solid start to the year, with Inmarsat’s core maritime operations and its fast-growing aviation services both performing well.
“We are seeing a predictable pattern start to develop here,” he told Reuters in a phone interview after the results.
“Overall 5 percent revenue growth is I think a good performance during tough market conditions.”
Pearce said the company was performing particularly well in aviation, driven by in-flight connectivity for commercial airlines. The number of aircraft with its Global Xpress service installed rose to 245 at the end of the first quarter, from 194 at the end of last year.
“The in-flight connectivity business Ebitda (earnings before interest, tax, depreciation and amortisation) is now close to break even and operating free cash is improving significantly - that is something investors have been concerned about,” Pearce said.
Inmarsat said in March it would not slow investment in in-flight connectivity, despite some risks to cash flow from a separate contract with a U.S. company that uses its airwaves.
The company kept its outlook, targeting mid-single digit revenue growth on average over the next five years, unchanged from March.
$1 = 0.7352 pounds Editing by Susan Fenton and Adrian Croft
| ashraq/financial-news-articles | https://www.reuters.com/article/inmarsat-outlook/update-1-in-flight-wifi-boosts-inmarsat-in-first-quarter-idUSL8N1S91QA |
One of the currencies left most bruised by the dollar’s resurgence has arrested its decline and is clawing back lost ground. Turkey’s lira gained 1.8% against the buck Wednesday, outstripping other emerging-market currencies and putting it on course for a fifth straight day of gains. It has recovered more than 6.5% since plumbing a record An Italian Euro-Exit Fear Gauge Next WSJ City PM: Europe's Banks Face an All Too Familiar Problem, What to Make of Italy's Bond Selloff | ashraq/financial-news-articles | https://blogs.wsj.com/moneybeat/2018/05/30/turkeys-bruised-lira-rebounds/ |
Interim Analysis for Phase 3 HONOR study of Tonmya® in Military-Related PTSD
Expected in Third Quarter of 2018
NEW YORK, May 14, 2018 (GLOBE NEWSWIRE) -- Tonix Pharmaceuticals Holding Corp. (Nasdaq:TNXP) (Tonix), a clinical-stage biopharmaceutical company focused on developing pharmaceutical products to treat serious neuropsychiatric conditions and biological products to improve biodefense, today announced financial results for the first quarter ended March 31, 2018.
“In April 2018, we announced enrollment of 50% of the planned total number of participants for the Phase 3 HONOR study, and we continue to expect an interim analysis on this first 50% of participants in the third quarter of 2018,” said Seth Lederman, M.D., President and Chief Executive Officer. “We also recently announced receiving Investigational New Drug (IND) clearance by the U.S. Food and Drug Administration (FDA) for TNX-102 SL for the treatment of agitation in Alzheimer’s disease (AAD). Leveraging the existing safety and tolerance data for TNX-102 SL and our understanding of its mechanism of action, this IND allows us to start a Phase 2, potentially pivotal efficacy study in AAD. It further supports the potential use of TNX-102 SL in multiple therapeutic areas.”
Upcoming Milestones and Recent Program Highlights
A pre-planned interim analysis based on the first 50% of randomized participants in the Phase 3 HONOR study of Tonmya* (cyclobenzaprine HCl sublingual tablets) is anticipated in the third quarter of 2018 after the first 50% of patients have completed 12 weeks of treatment. Randomization of 50% of participants in the Phase 3 HONOR study was completed in April. Topline results from the full Phase 3 HONOR study of 550 participants (unless stopped for success at the interim analysis) anticipated in the first quarter of 2019. Received IND clearance by the FDA in May, supporting the initiation of a Phase 2 potential pivotal efficacy study of TNX-102 SL 5.6 mg for agitation in Alzheimer’s disease. Continued expansion of patent portfolio. U.S. Patent No. 9,918,948 issued, protecting the use of Tonmya for the treatment of PTSD. Upon approval, patent protection is expected until at least 2030. Japanese Patent No. 6,310,542 issued, protecting the eutectics and methods of manufacturing eutectic formulations. Upon approval, patent protection is expected until at least 2034.
*Tonmya has been conditionally accepted by the FDA as the proposed trade name for TNX-102 SL (cyclobenzaprine HCl sublingual tablets) for PTSD. TNX-102 SL is an investigational new drug and has not been approved for any indication.
First Quarter 2018 Financial Results
At March 31, 2018, Tonix had $19.3 million of cash and cash equivalents, compared to $25.5 million as of December 31, 2017. Cash used in operations was $6.8 million for the three months ended March 31, 2018, compared to $4.8 million for the three months ended March 31, 2017.
Research and development expenses for the first quarter of 2018 totaled $5.2 million, compared to $3.0 million for the same period in 2017. The increase was largely due to a multiple-dose, randomized, open-label, pharmacokinetic bridging study that was conducted primarily in the first quarter of 2018.
General and administrative expenses for the first quarter of 2018 were $1.8 million, compared to $2.1 million for the same period in 2017. This decrease is due primarily to a reduction in compensation-related expenses including decreases in cash and stock-based compensation.
Net loss was $6.9 million, or $0.88 per share, for the first quarter of 2018, compared to net loss of $5.1 million, or $1.27 per share, for the first quarter of 2017. The net loss for the three months ended March 31, 2018, excluding non-cash expenditures of $0.4 million, was $6.5 million, as compared to a net loss, excluding non-cash expenditures of $0.6 million, of $4.5 million for the first quarter of 2017. The higher net loss was primarily due to increased research and development expenses.
About Tonix Pharmaceuticals Holding Corp.
Tonix is a clinical-stage biopharmaceutical company focused on discovering and developing pharmaceutical products to treat serious neuropsychiatric conditions and biological products to improve biodefense through potential medical counter-measures. Tonix’s lead product candidate, Tonmya, or TNX-102 SL, is in Phase 3 development as a bedtime treatment for PTSD. Tonix is also developing TNX-102 SL as a bedtime treatment for agitation in Alzheimer’s disease and has received Investigational New Drug (IND) clearance from the U.S. FDA to support the initiation of a Phase 2 efficacy study. TNX-601 (tianeptine oxalate) is in the pre-IND application stage, also for the treatment of PTSD but designed for daytime dosing. Tonix’s lead biologic candidate, TNX-801, is a potential smallpox-preventing vaccine based on a live synthetic version of horsepox virus, currently in the pre-IND application stage.
This press release and further information about Tonix can be found at www.tonixpharma.com .
Forward Looking Statements
Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of forward-looking words such as “anticipate,” “believe,” “forecast,” “estimate,” “expect,” and “intend,” among others. These forward-looking statements are based on Tonix's current expectations and actual results could differ materially. There are a number of factors that could cause actual events to differ materially from those indicated by such forward-looking statements. These factors include, but are not limited to, risks related to failure to obtain FDA clearances or approvals and noncompliance with FDA regulations; our need for additional financing; uncertainties of patent protection and litigation; uncertainties of government or third party payor reimbursement; limited research and development efforts and dependence upon third parties; and substantial competition. As with any pharmaceutical under development, there are significant risks in the development, regulatory approval and commercialization of new products. Tonix does not undertake an obligation to update or revise any forward-looking statement. Investors should read the risk factors set forth in the Annual Report on Form 10-K for the year ended December 31, 2017, as filed with the Securities and Exchange Commission (the “SEC”) on March 9, 2018, and periodic reports filed with the SEC on or after the date thereof. All of Tonix's forward-looking statements are expressly qualified by all such risk factors and other cautionary statements. The information set forth herein speaks only as of the date thereof.
Tonix Pharmaceuticals Reports First Quarter 2018 Financial Results and Provides Programs Update
TONIX PHARMACEUTICALS HOLDING CORP.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share amounts)
(Unaudited)
Three Months Ended March 31, 2018 2017 Costs and expenses Research and development $ 5,170 $ 2,994 General and administrative 1,818 2,097 Total costs and expenses 6,988 5,091 Operating loss (6,988 ) (5,091 ) Interest income, net 53 27 Net loss $ (6,935 ) $ (5,064 ) Net loss per common share, basic and diluted $ (0.88 ) $ (1.27 ) Weighted average common shares outstanding, basic and diluted 7,850,298 3,985,529
TONIX PHARMACEUTICALS HOLDING CORP.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(Unaudited)
March 31, 2018
December 31, 2017 (1) Assets Cash and cash equivalents $ 19,253 $ 25,496 Prepaid expenses and other current assets 1,429 947 Total current assets 20,682 26,443 Other non-current assets 298 311 Total assets $ 20,980 $ 26,754 Liabilities and stockholders' equity Total liabilities $ 2,369 $ 2,138 Stockholders' equity 18,611 24,616 Total liabilities and stockholders' equity $ 20,980 $ 26,754
(1) The condensed consolidated balance sheet for the year ended December 31, 2017 has been derived from the audited financial statements but does not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. Contacts
Jessica Morris (investors)
Tonix Pharmaceuticals
[email protected]
(212) 980-9159
Rich Allan (media)
Russo Partners
[email protected]
(646) 942-5588
Source:Tonix Pharmaceuticals Holding Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/globe-newswire-tonix-pharmaceuticals-reports-first-quarter-2018-financial-results-and-provides-programs-update.html |
Elon Musk’s 'bonehead' rant costs Tesla billions Wednesday, May 02, 2018 - 02:11
Tesla CEO Elon Musk snubs analysts on an earnings call and Tesla shares tumble. Here's what he told them.
Tesla CEO Elon Musk snubs analysts on an earnings call and Tesla shares tumble. Here's what he told them. //reut.rs/2KxaNhK | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/02/elon-musks-bonehead-rant-costs-tesla-bil?videoId=423334141 |
May 7 (Reuters) -
* ELLIOTT MAKES ALL-CASH OFFER FOR ATHENAHEALTH FOR $155-$160 PER SHARE - CNBC, CITING SOURCES Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-elliott-makes-all-cash-offer-for-a/brief-elliott-makes-all-cash-offer-for-athenahealth-for-155-160-per-share-cnbc-citing-sources-idUSFWN1SE0QO |
M.H. Carnegie & Co.’s Trevor Moody Joins Cardiac Dimensions’ Board of Directors
KIRKLAND, Wash.--(BUSINESS WIRE)-- Cardiac Dimensions, a leader in the development of innovative, minimally invasive treatments for patients with heart failure, today announced the appointment of Matthew Stark, Ph.D., as vice president of clinical and regulatory affairs, and Trevor Moody as the newest member of its board of directors.
“We’re thrilled to have Matthew and Trevor join our team as they both have deep experience working with medical device companies at our current stage,” said Gregory Casciaro, Cardiac Dimensions’ president and CEO. “Matthew’s experience in leading clinical studies and bringing products to market will play a key role as we build our portfolio of clinical data demonstrating the benefits of the Carillon System in providing a viable treatment option for patients with functional mitral regurgitation. It’s an exciting time for Matthew and Trevor to be joining as we anticipate revealing the results of the landmark REDUCE FMR trial by the end of the year, and significantly increasing enrollment in the pivotal CARILLON Trial over the next several months, bringing us closer to submission for FDA approval.”
The company’s Carillon® Mitral Contour System® is a minimally invasive treatment designed to treat the stretched mitral annulus, the underlying mechanical problem of functional mitral regurgitation (FMR). Unlike other mitral regurgitation therapies, the Carillon System is designed to replicate traditional surgical standards through a catheter-based alternative to medications and invasive surgery.
An authority on medical device clinical affairs, Stark brings more than 15 years of experience in clinical study design and oversight to this role. Before joining Cardiac Dimensions, Stark served as vice president of clinical and regulatory affairs for Terumo Aortic, formerly Bolton Medical. Prior to his tenure at Terumo Aortic, Stark established and led the medical affairs department for Spectranetics, Inc. and guided the company through multiple product submissions and approvals. Prior to his time at Spectranetics, Stark managed the clinical study and submission of W.L. Gore & Associates, Inc.’s thoracic stent graft products to the FDA for approval.
“During my career, I’ve been fortunate to witness the potential for improved outcomes in patients’ lives through the development of innovative technologies,” said Stark. “Current treatments meant to improve the quality of life for patients with functional mitral regurgitation fall short, and I’m proud to join a team of experts working to advance the level of care the Carillon System can provide individuals and physicians around the world.”
The company also announced the addition of Trevor Moody to its Board of Directors. Moody currently serves as managing director at M.H. Carnegie & Co. and has more than 25 years of experience in medical technology, including roles in product development, marketing, management consulting, and venture capital investing.
“Trevor’s broad global experience in growth-oriented medical technology markets and his past tenure as interim CEO of Cardiac Dimensions provide him a unique perspective that will be invaluable as we continue our path towards FDA approval and broadening our commercial endeavors outside the U.S,” said Casciaro.
Prior to joining M.H. Carnegie & Co., Moody was a general partner at Frazier Healthcare Ventures, a leading healthcare venture capital and private equity investment firm with more than $2 billion under management. He co-led the medical device team and became known as an active and well-regarded investor with particular depth in medical devices. Prior to Frazier Healthcare Ventures, Trevor was a senior consultant at The Wilkerson Group. Trained as a biomedical engineer with an electrical focus, Trevor also held product development and product marketing roles at Telectronics Pacing Systems and Ventritex, both in the cardiac rhythm management market.
About the Carillon Mitral Contour System
The Carillon® Mitral Contour System® is an innovative minimally invasive treatment for people diagnosed with FMR. The Carillon System is designed to offer physicians a safe and easy-to-use option to treat patients earlier in their disease diagnosis, including those with lesser degrees of FMR (2+ MR grade), to slow disease progression, and stabilize or improve quality of life. The Carillon System treats the dilated mitral annulus, the underlying mechanical problem of FMR, with a catheter-based alternative to medications and invasive surgery. Unlike other mitral regurgitation therapies, the Carillon System replicates traditional surgical standards through a simple, minimally invasive approach that offers patients annular reduction, while keeping adjunctive therapy options open.
To date, more than 850 patients worldwide have been treated with the Carillon System. The Carillon System has a CE Mark and is available in certain European markets and other key geographies including Turkey, the Netherlands and Italy. Clinical data from three completed international studies of the Carillon System (AMADEUS, TITAN, and TITAN II) have demonstrated the performance of the device. In addition, the company is near completion of the follow-up period of the landmark REDUCE FMR Trial – the first randomized, blinded evaluation of a therapy for FMR. The results of the REDUCE FMR trial are expected before the end of 2018. The company is also currently enrolling patients in its U.S. pivotal study – The CARILLON Trial. More information on The CARILLON Trial can be found at http://www.cardiacdimensions.com/current-studies/ .
About Cardiac Dimensions
Cardiac Dimensions is the leader in innovative, minimally invasive treatment modalities addressing the heart failure patient population. Left untreated, FMR contributes to heart failure – a chronic, progressive condition that weakens the heart and makes everyday activities difficult. The Carillon System addresses the underlying mechanical problem of FMR with a catheter-based alternative to medications and invasive surgery. Cardiac Dimensions has operations in Kirkland, Sydney, and Frankfurt.
The Carillon Mitral Contour System is limited to investigational use in the U.S. For more information, please visit www.cardiacdimensions.com . Cardiac Dimensions, Carillon and Mitral Contour System are registered trademarks of Cardiac Dimensions.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180508006055/en/
Cardiac Dimensions
Rick Wypych, 425-605-5910
[email protected]
Source: Cardiac Dimensions | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/business-wire-cardiac-dimensions-announces-appointment-of-dr-matthew-stark-as-vice-president-of-clinical-and-regulatory-affairs-adds-new.html |
DENVER, Cimarex Energy Co. (NYSE: XEC) announced today that its Board of Directors has declared a quarterly cash dividend on its common stock of $0.16 per share. The dividend is payable on August 31, 2018, to stockholders of record on August 15, 2018.
About Cimarex Energy
Denver-based Cimarex Energy Co. is an independent oil and gas exploration and production company with principal operations in the Mid-Continent and Permian Basin areas of the U.S.
View original content with multimedia: releases/cimarex-energy-declares-quarterly-cash-dividend-300646842.html
SOURCE Cimarex Energy Co. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/11/pr-newswire-cimarex-energy-declares-quarterly-cash-dividend.html |
May 24 (Reuters) - Bell Food Group AG:
* DEFINITIVE END RESULT OF PUBLIC TENDER OFFER FOR ALL PUBLICLY HELD BEARER SHARES OF HÜGLI HOLDING
* HOLDS A TOTAL OF 98.09% OF ALL LISTED BEARER SHARES OF HÜGLI Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-bell-food-group-holds-9809-of-hgli/brief-bell-food-group-holds-98-09-of-hgli-shares-idUSFWN1SU14K |
STOCKHOLM (Reuters) - Sweden will send out instructions to its citizens next week on how to cope with an outbreak of war, as the country faces an assertive Russia across the Baltic Sea.
A leaflet issued by Sweden's government to its citizens with the advisory for crisis of conflict situations is seen in this screenshot obtained by Reuters May 21, 2018. Government of Sweden/Handout via REUTERS The 20-page pamphlet titled “If Crisis or War Comes” gives advice on getting clean water, spotting propaganda and finding a bomb shelter, in the first public awareness campaign of its kind since the days of the Cold War.
It also tells Swedes they have a duty to act if their country is threatened. “If Sweden is attacked by another country, we will never give up,” the booklet says. “All information to the effect that resistance is to cease is false.”
The leaflet’s publisher, the Swedish Civil Contingencies Agency, did not spell out where an attack might come from. “Even if Sweden is safer than most countries, threats do exist,” agency head Dan Eliasson told journalists.
But Sweden and other countries in the region have been on high alert since Russia’s annexation of Ukraine’s Crimea peninsula in March, 2014. They have also accused Russia of repeated violations of their airspace - assertions that Moscow has either dismissed or not responded to.
The Kremlin has in the past insisted that it does not interfere in the domestic affairs of other countries and has accused Western powers of stoking “Russophobia”.
A leaflet issued by Sweden's government to its citizens with the advisory for crisis of conflict situations is seen in this screenshot obtained by Reuters May 21, 2018. Government of Sweden/Handout via REUTERS Stockholm has repeatedly cited Russian aggression as the reason for a series of security measures including the reintroduction of conscription this year and the stationing of troops on the Baltic island of Gotland.
The Swedish government decided to start increasing military spending from 2016, reversing years of declines.
The booklet on its way to Sweden’s 4.8 million households warns that supplies of food, medicine and gasoline could run short during a crisis.
It also lists oat milk, tins of Bolognese sauce and salmon balls as examples of food that people should store in case of an emergency along with tortillas and sardines.
The publication describes what an air raid warning sounds like in the first such publication handed out since 1961.
Sweden has not been at war with anyone for more than 200 years, not since its war with Norway in 1814. It was officially neutral during World War Two.
Additional reporting by Denis Pinchuk in Moscow; Editing by Niklas Pollard and Andrew Heavens
| ashraq/financial-news-articles | https://www.reuters.com/article/us-sweden-defence-pamphlet/swedes-told-to-prepare-for-conflict-in-cold-war-style-booklet-idUSKCN1IM1MR |
SYLMAR, Calif. (AP) _ Second Sight Medical Products Inc. (EYES) on Thursday reported a loss of $9.8 million in its first quarter.
The Sylmar, California-based company said it had a loss of 17 cents per share. Losses, adjusted for one-time gains and costs, were 14 cents per share.
The maker of camera-based retinal implants posted revenue of $976,000 in the period.
In the final minutes of trading on Thursday, the company's shares hit $1.93. A year ago, they were trading at $1.19.
This story was generated by Automated Insights ( http://automatedinsights.com/ap ) using data from Zacks Investment Research. Access a Zacks stock report on EYES at https://www.zacks.com/ap/EYES | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/10/the-associated-press-second-sight-medical-products-1q-earnings-snapshot.html |
World's largest known freshwater pearl to be auctioned in The Hague 10:25am IST - 00:57
The pearl, known as th Sleeping Lion Pearl is valued between 340,000 and 540,000 euros. Rough cut (no reporter narration)
The pearl, known as th Sleeping Lion Pearl is valued between 340,000 and 540,000 euros. Rough cut (no reporter narration) //reut.rs/2KYW1Q0 | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/29/worlds-largest-known-freshwater-pearl-to?videoId=431175883 |
Apple Inc.’s aggressive plans to buy back stock and increase its dividend is designed to fulfill a longstanding promise to shower its cash stockpile on shareholders.
Tuesday, Apple said its board approved a 16% increase in its quarterly dividend, to 73 cents a share from 63 cents, and $100 billion in share buybacks.
The payout is among... RELATED VIDEO Behind the Glass: How The iPhone Was Born On the iPhone’s 10th birthday, former Apple executives Scott Forstall, Tony Fadell and Greg Christie recount the arduous process of turning Steve Jobs’s vision into one of the best-selling products ever made. Watch the full documentary at wsj.com/docs. To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/apple-raises-bar-with-stock-buyback-plans-1525209324 |
May 11, 2018 / 6:36 AM / Updated 11 hours ago AstraZeneca's drug Fasenra flops in COPD trial Reuters Staff 1 Min Read
LONDON (Reuters) - AstraZeneca’s said its first respiratory biologic medicine Fasenra failed to meet its target in a clinical trial treating patients with moderate to very severe chronic obstructive pulmonary disease (COPD). FILE PHOTO: A sign is seen at an AstraZeneca site in Macclesfield, central England May 19, 2014. REUTERS/Phil Noble
The drug is currently approved as an add-on treatment for severe eosinophilic asthma in the United States, the European Union, Japan and several other countries.
The British company said Fasenra did not cause a statistically-significant reduction of exacerbations in patients with COPD in the final-stage trial, named Galathea.
A separate study, named Terranova, is ongoing, and AstraZeneca said it would fully evaluate both trials to determine the next steps for Fasenra in COPD. Reporting by Paul Sandle, editing by James Davey | ashraq/financial-news-articles | https://uk.reuters.com/article/us-astrazeneca-fasenra/astrazenecas-drug-fasenra-flops-in-copd-trial-idUKKBN1IC0IZ |
Injured forward Andre Iguodala is out for a fifth consecutive playoff game with a leg injury, the Golden State Warriors announced on the eve of Game 1 of the NBA Finals.
May 14, 2018; Houston, TX, USA; Golden State Warriors forward Andre Iguodala (9) dunks against Houston Rockets guard Gerald Green (14) during the third quarter in game one of the Western conference finals of the 2018 NBA Playoffs at Toyota Center. Mandatory Credit: Erik Williams-USA TODAY Sports Iguodala will not play Thursday when the Warriors and Cleveland Cavaliers meet in the first game of the NBA Finals at Oracle Arena.
According to the Warriors, Iguodala was evaluated this week and is making progress.
“However, the pain that accompanies the bone bruise persists, as does the inflammation of the nerve surrounding the left knee,” the team said Wednesday in a statement, adding Iguodala would be “re-evaluated again before Game 2.”
Head coach Steve Kerr said the injury, originally described as a bone bruise, had no defined timetable for recovery and is typically a matter of an individual’s pain threshold.
Iguodala was missing for the final four games of the Western Conference finals as the Warriors outlasted the Houston Rockets on Monday night in the finale of a seven-game series.
“He’s frustrated,” Kerr said Wednesday. “His body has not responded at this point.”
Without Iguodala, the Warriors are squeezing more minutes out of Jordan Bell and Kevon Looney. Bell, in particular, is helping the Warriors defensively and bringing energy at both ends of the court, Kerr said Monday.
“We’re thrilled with the way he’s played,” Kerr said.
Iguodala received a second opinion on the injury, which the Warriors are now classifying as a lateral (left) leg contusion. He was injured in Game 3 of the series with the Rockets when he bumped knees with Houston Rockets guard James Harden.
The MVP of the 2015 Finals, Iguodala and Klay Thompson shared the responsibility of defending LeBron James in the 2017 meeting between the teams. Golden State won the series last summer four games to one.
According to ESPN, Iguodala is actively seeking any remedy to the knee discomfort.
—Field Level Media
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TORONTO, May 01, 2018 (GLOBE NEWSWIRE) -- Alacer Gold Corp. (“Alacer” or the “Corporation”) (TSX:ASR) (ASX:AQG) announced today that it has filed its 2018 first quarter operating and financial results and related management’s discussion and analysis (“MD&A”). The corresponding financial statements and MD&A are available on www.AlacerGold.com and on www.SEDAR.com . All currencies referenced herein are denominated in USD unless otherwise stated.
Rod Antal, Alacer’s President and Chief Executive Officer , stated, “A good start to the year from our oxide operations with 37,875 ounces of gold production generating robust operating cashflow at All-in Sustaining Costs of US$737 per ounce. Production and costs are tracking in line with guidance as we progressively transition from oxide to predominately sulfide ore in the second half of the year.
The Çöpler Sulfide Project capital estimate declined further to $692 million or currently 7% under the original capital estimate of $744 million, meaning it will be delivered under budget. The start-up of the sulfide plant is only a quarter away and remains on schedule as we enter the final stage of construction. Commissioning activities are advanced, and the new operations team have embedded themselves into these efforts. The sulfide ore stockpiles have grown to over 1 million contained gold ounces and we have started physically testing the stockpile management strategy.
The rest of our pipeline continues to advance with permitting progressing for Çakmaktepe and mining is on track to commence in the fourth quarter. At Ardich exciting drill results were released in the quarter indicating the discovery of a new oxide ore source. Exploration work at Ardich continues.”
Highlights
Strategic
The Sulfide Project is approximately 85% complete, with commissioning underway. The Project is on schedule for start-up in Q3 2018. The Sulfide Project is under budget, and the capital cost estimate has been reduced from $744 million to $692 million. On January 15, 2018, the Corporation released 2018 Guidance. 1 Pending approval of the revised Çakmaktepe Environmental Impact Assessment and Operating Permits, Alacer plans to commence mining at Çakmaktepe in Q4 2018. Haul road construction from Çakmaktepe to the Çöpler infrastructure is progressing. On February 26, 2018, the Corporation released an exploration update on the Ardich Project 2 . Exploration drilling and analysis work at Ardich continues. The Gediktepe Project DFS is progressing with scheduled completion later in 2018.
Operational
At March 31, 2018, the Çöpler Gold Mine, including the Sulfide Project expansion construction, surpassed 10.8 million man-hours worked and has operated 491 days without a lost-time injury. Gold production was 37,875 ounces, and attributable gold production 3 was 30,300 ounces. Total Cash Costs (C2) per ounce 4 were $552 and All‐in Sustaining Costs per ounce 4 were $737. Expansion of the existing heap leach pad capacity to 58 million tonnes continues. In-pit exploration at the Çöpler Gold Mine continues with the goal of adding oxide production. Sulfide stockpiles at March 31, 2018 were 9.6 million tonnes at an average grade of 3.33 g/t gold or over 1 million contained gold ounces.
Financial
The Corporation ended the first quarter with cash of $137 million, debt of $250 million, and $100 million undrawn on the finance facility. Cash flow from operating activities during the quarter totaled $30 million. Working capital was $166 million at March 31, 2018. Attributable net profit 3 was $26.7 million or $0.09 per share. During the quarter, the Corporation hedged an additional 20,000 ounces of gold at an average price of $1,350 with settlements between July and December 2018 to secure the gold price on oxide gold production during the ramp-up of the Sulfide Project.
Conference Call / Webcast Details
Alacer will host a conference call on Tuesday, May 1, 2018 at 5:00 p.m. (North America Eastern Daylight Time) / Wednesday, May 2, 2018 at 7:00 a.m. (Australian Eastern Standard Time).
You may listen to the call via webcast at http://services.choruscall.ca/links/alacer20180501.html . The conference call presentation will also be available at the link provided prior to the call commencing.
You may participate in the conference call by dialing:
1-800-319-4610 for U.S. and Canada
1-800-423-528 for Australia
800-930-470 for Hong Kong
800-101-2425 for Singapore
0808-101-2791 for United Kingdom
1-604-638-5340 for International
“Alacer Gold Call” Conference ID
If you are unable to participate in the call, a webcast will be archived until August 2, 2018 and a recording of the call will be available on Alacer’s website at www.AlacerGold.com or through replay until Tuesday, June 12, 2018 by using passcode 2185# and calling:
1-855-669-9658 for U.S. and Canada
800-984-354 for Australia
About Alacer
Alacer is a leading low-cost gold producer, with an 80% interest in the world-class Çöpler Gold Mine in Turkey operated by Anagold Madencilik Sanayi ve Ticaret A.S. (“Anagold”), and the remaining 20% owned by Lidya Madencilik Sanayi ve Ticaret A.S. (“Lidya Mining”). The Corporation’s primary focus is to leverage its cornerstone Çöpler Gold Mine and strong balance sheet to maximize portfolio value and free cash flow, minimize project risk, and therefore, create maximum value for shareholders. The Çöpler Gold Mine is located in east-central Turkey in the Erzincan Province, approximately 1,100 kilometers southeast from Istanbul and 550 kilometers east from Ankara, Turkey’s capital city.
Alacer is actively pursuing initiatives to enhance value beyond the current mine plan:
Çöpler Oxide Production Optimization – Expansion of the existing heap leach pad capacity to 58 million tonnes continues in preparation for the addition of oxide ore from Çakmaktepe reserves expected in Q4 2018, pending approval of the revised Çakmaktepe Environmental Impact Assessment (“EIA”) and operating permits. The Corporation continues to evaluate opportunities to extend oxide production beyond the current reserves with in-pit exploration, Çöpler District exploration, and evaluating options to increase heap leach pad capacity, including potential for a new heap leach pad to the west of the Çöpler Gold Mine. Çöpler Sulfide Expansion Project (the “Sulfide Project”) – The Sulfide Project is approximately 85% complete with commissioning underway. Additionally, the Project is under budget and on schedule for start-up in Q3 2018. The Sulfide Project is expected to deliver long-term growth with robust financial returns and adds 20 years of production at Çöpler. The Sulfide Project will bring Çöpler’s remaining life-of-mine (“LoM”) gold production to approximately 4 million ounces at All-in Sustaining Costs averaging $645 per ounce 5 . The Corporation continues to pursue opportunities to further expand its current operating base to become a sustainable multi-mine producer with a focus on Turkey. The systematic and focused exploration efforts in the Çöpler District, as well as in other regions of Turkey, are progressing. In February 2018, the Corporation announced additional positive drilling results at Ardich within the Çöpler District. The Çöpler District remains the focus, with the goal of continuing to grow oxide resources that will deliver production utilizing the existing Çöpler infrastructure. In the other regions of Turkey, targeted exploration work continues, and work on the Definitive Feasibility Study (“DFS”) for the Gediktepe Project 6 is expected to be complete later in 2018.
Alacer is a Canadian corporation incorporated in the Yukon Territory with its primary listing on the Toronto Stock Exchange. The Corporation also has a secondary listing on the Australian Securities Exchange where CHESS Depositary Interests (“CDIs”) trade.
Cautionary Statements
Certain statements contained in this document constitute “forward-looking information”, “future oriented financial information” or “financial outlooks” (collectively, “forward looking information”) within the meaning of applicable securities laws. Forward-looking information often relates to statements concerning Alacer’s outlook and anticipated events or results, and in some cases, can be identified by terminology such as “may,” “will,” “could,” “should,” “expect,” “plan,” “anticipate,” “believe,” “intend,” “estimate,” “projects,” “predict,” “potential,” “continue” or other similar expressions concerning matters that are not historical facts.
Forward-looking information includes statements concerning, among other things, production, cost, and capital expenditure guidance; the results of any gold reconciliations; matters relating to proposed exploration; communications with local stakeholders; maintaining community and government relations; negotiations of joint ventures; negotiation and completion of transactions; commodity prices; mineral resources, mineral reserves, realization of mineral reserves, and the existence or realization of mineral resource estimates; the timing and amount of future production; the timing of studies, announcements, and analysis; the timing of construction and development of proposed mines and process facilities; capital and operating expenditures; economic conditions; availability of sufficient financing; exploration plans; receipt of regulatory approvals; and any and all other timing, exploration, development, operational, financial, budgetary, economic, legal, social, regulatory, and political matters that may influence or be influenced by future events or conditions.
Such forward-looking information and statements are based on a number of material factors and assumptions, including, but not limited in any manner to, those disclosed in any of Alacer’s other public filings, and include the inherent speculative nature of exploration results; the ability to explore; communications with local stakeholders; maintaining community and governmental relations; status of negotiations of joint ventures; weather conditions at Alacer’s operations; commodity prices; the ultimate determination of and realization of mineral reserves; existence or realization of mineral resources; the development approach; availability and receipt of required approvals, titles, licenses and permits; sufficient working capital to develop and operate the mines and implement development plans; access to adequate services and supplies; foreign currency exchange rates; interest rates; access to capital markets and associated cost of funds; availability of a qualified work force; ability to negotiate, finalize, and execute relevant agreements; lack of social opposition to the mines or facilities; lack of legal challenges with respect to the property of Alacer; the timing and amount of future production; the ability to meet production, cost, and capital expenditure targets; timing and ability to produce studies and analyses; capital and operating expenditures; economic conditions; availability of sufficient financing; the ultimate ability to mine, process, and sell mineral products on economically favorable terms; and any and all other timing, exploration, development, operational, financial, budgetary, economic, legal, social, geopolitical, regulatory and political factors that may influence future events or conditions. While we consider these factors and assumptions to be reasonable based on information currently available to us, they may prove to be incorrect.
You should not place undue reliance on forward-looking information and statements. Forward-looking information and statements are only predictions based on our current expectations and our projections about future events. Actual results may vary from such forward-looking information for a variety of reasons including, but not limited to, risks and uncertainties disclosed in Alacer’s Annual Information Form and other public filings, as well as other unforeseen events or circumstances.
For further information on Alacer Gold Corp., please contact:
Lisa Maestas – Director, Investor Relations at +1-303-292-1299
1 Detailed information can be found in the press release entitled “Alacer Gold Achieves 2017 Production Guidance, Beats Cost Guidance and Provides 2018 Outlook as Sulfide Project Approaches First Gold Pour” filed on January 15, 2018, which is available on www.sedar.com and on www.asx.com.au .
2 Detailed information, including complete drill hole data, can be found in the press release entitled “Alacer Announced Additional Positive Drilling Results for the Çöpler District including 67.7 Meters at 4.08 Grams per Tonne Gold Near Surface” (the “Ardich Update”), filed on February 26, 2018, which is available on www.sedar.com and on www.asx.com.au .
3 Attributable gold production and attributable net profit reflect the 20% reduction for non-controlling interest at the Çöpler Gold Mine.
4 Total Cash Costs (C2) per ounce and All-in Sustaining Costs per ounce are consolidated non-IFRS performance measures with no standardized definition under IFRS. For further information and a detailed reconciliation to IFRS, please see the “ Non-IFRS Measures ” section of this MD&A.
5 Detailed information regarding the Sulfide Project, including the material assumptions on which the forward-looking financial information is based, can be found in the technical report dated June 9, 2016 entitled “Çöpler Mine Technical Report” (the “Çöpler Mine Technical Report”) available on www.sedar.com and on www.asx.com.au .
6 Additional information on the Gediktepe Project can be found in the press release entitled “Alacer Gold Announces a New Reserve for its Gediktepe Project Providing Future Growth,” (the “Gediktepe PFS”) dated September 13, 2016, available on www.sedar.com and on www.asx.com.au .
Source:Alacer Gold Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/globe-newswire-alacer-gold-announces-first-quarter-2018-operating-and-financial-results.html |
Shares of Tesla fell on Thursday after CEO Elon Musk delivered a bizarre earnings conference call.
Musk dismissed a question from Toni Sacconaghi, an analyst at Bernstein, about gross margins, calling it "boring."
The stock's decline and Musk's comments took place after the company reported a narrower-than-expected loss for the previous quarter.
Here's a wrap of all the major analyst opinions going out to Wall Street pros regarding Tesla on Thursday. Bank of America Merrill Lynch (Underperform):
"Key takeaways were as follows: 1) Revenue of $3.41bn was a bit ahead of our $3.29bn estimate, as lighter deliveries (relative to BofAML estimates) were offset by a greater proportion of vehicles sold with immediate revenue recognition; 2) Reported total company gross margin of 13.4% was lower than our 17.4% estimate, as Automotive was roughly in line and other segments relatively weak, although Auto gross margin of 19.7% was down roughly 800bps+ YoY due primarily to the slow Model 3 ramp; and 3) Operating expenses (SG&A, R&D) of $1.05bn were just above our $1.02bn forecast, up both YoY and sequentially." Bernstein (Hold):
"Tesla's Q1 earnings call was a unique experience, to say the least. For those who missed it – halfway through the call, CEO Elon Musk abruptly declared that our questions were 'boring' and 'not cool,' and pivoted to a 20-minute back-and-forth with a retail investor from YouTube. Beneath the bizarre theatrics, however, we see Tesla's Q1 as in-line with expectations on most metrics, including revenues, gross margins, and free cash flow." Morgan Stanley (Hold):
"To be clear. Tonight's conference call didn't go very well. Feedback we have received from investors during and following the call support this view. Irrespective of the Tesla CEO's annoyance with the genre of questions he was receiving from the analyst community, we note that an important part of Tesla's success has been its relationship with the capital markets in funding its ambitious plans." J.P. Morgan (Sell):
"Tesla reported mixed 1Q results after the close yesterday, marked by better than expected revenue, margin, & EPS but accompanied by a bigger than expected cash outflow and record net loss. Given that the market has seemed somewhat less focused on cash burn than we have been, initially we believed that the 1Q performance — combined with forceful management guidance for a strong 2H inflection in revenue, margin, and cash flow — would be enough to elicit a modestly positive reaction in the shares Thursday. Instead, we expect TSLA to fall today after CEO Elon Musk dismissed multiple analyst questions as 'dry' and 'boring' (including questions probing what we feel are key topics, such as profitability of the Model 3 and the company's capital requirements)." Goldman Sachs (Sell): "Altogether, we believe the update had more negative undertones than positive implications and believe shares should see pressure as a result. Ultimately, the path for shares over the next two months likely tracks available VIN registration data – which has helped point to weekly production cadence of the Model 3." Barclays (Sell):
"We expected the shareholder letter to be more about the future than about the quarter in the books that was plagued by a slow ramp of the M3. And in that we were right – the letter is replete with optimistic predictions of achieving positive profits in 2H, based on the assumption that it can get to a 5000/wk run rate (which we note is likely a steady 5k/week, not a burst rate). But at the same time, while still a large loss and cash burn, the quarter was less bad than we thought – with a modest amount of opex discipline, lower than expected capex (and a lower capex guide for the year) – which contributed to somewhat better cash burn (a mere $1.1bn instead of our more dire $1.9bn) and EPS." Guggenheim (Buy):
"As Tesla keeps grinding through its ramp of the Model 3, it continues to target production hitting 5K units/week entering Q3E, which we continue to forecast dramatically flipping the company's economics from sizeable cash-burn in 1H18E to profitability in 2H18E, with Model 3 volumes then driving meaningful positive leverage in 2019-20E off the big fixed-cost structure it has been building." Piper Jaffray (Buy):
"Management strongly rejected the need for new equity, while trimming its capex forecast and guiding for profitability in 2H. Model 3 choppiness notwithstanding, these results initially looked like a modest positive vs. bearish expectations. But then Elon Musk began dismissing analysts' questions and decided instead to field TWELVE questions from a YouTuber because it was 'way more interesting.' The unorthodox behavior sparked an after-hours sell-off. We still recommend TSLA, but in the next few months especially, we would expect significant volatility." Baird (Buy):
"Ignore the noise and focus on metrics. TSLA reported solid results and is successfully ramping Model 3 vehicle and battery production, although Elon refused to answer several questions on the conference call which he deemed mundane, which may create pressure on the stock. That said, we believe investors should continue to focus on TSLA's progress and recommend buying shares." Nomura (Buy):
"We are disappointed by the way last night's earnings call went. No shareholder wants to see a CEO lose his patience over important, albeit mundane questions about margins, capex and customer deposits. It will most likely divert attention today away from several positive fundamentals from the Q1 report and outlook." RBC Capital Markets (Hold):
"An odd conference call that lacked answers to questions on investors' minds and overshadowed earnings. Investor feedback is that the performance shook confidence, which we'd argue is an important piece of the Tesla story. The results themselves probably did little to incrementally persuade bulls/bears either way. There is still healthy, and warranted, skepticism about Tesla's near-term production capabilities." Evercore ISI (Hold):
"'Wow' is the only way to describe the Tesla Q1 call which was unlike anything we have heard before. The call yielded little of incremental value to investors in our view. However, it did witness CEO Musk somewhat curtly dismiss questions from two well respected peers in favour of a plethora of questions from a retail investor. Were the retail investor's questions basic or boring? No. However, they did not address the more granular aspects of Tesla's Q1 performance and Q2 expectations which the analyst community was attempting to address. Questions which we believe need to be answered in order for the broader investment community to become more constructive on a name that continues to burn cash and whose funding needs remain subject to debate." Oppenheimer (Hold):
"We expect many investors to focus on questions around strategic leadership as CEO Elon Musk hung up on analysts asking questions related to battery production runrate and what he deemed boring questions about financial and operational metrics. The company also effectively pushed out its year-end target for 10k/week runrate suggesting it would wait until 3Q18 before deciding how best to configure manufacturing to reach that runrate. Musk also indicated TSLA is in planning stages for a new factory to produce Model Y, it was planning to announce a Chinese factory, and Semi truck availability would be 2020 at the earliest." KeyBanc (Hold):
"While we remain Sector Weight on longer-term valuation sensitivity (and in spite of an unfavorable conference call), shares still look a bit oversold given a low Model 3 profitability bar to step over, a solid and likely improving demand narrative, almost certain headline upside risks as the Company works toward 5K/week, and likely incremental production announcements in the upcoming one to two quarters." WATCH: Elon Musk's big ambitions may be killing Tesla show chapters | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/03/what-wall-street-thinks-of-teslas-quarterly-results-earnings-call.html |
May 3, 2018 / 11:11 AM / Updated 9 minutes ago Trump says campaign funds were not used to pay adult-film star Susan Heavey 5 Min Read
WASHINGTON (Reuters) - President Donald Trump said on Thursday his personal lawyer was paid back through a monthly retainer, not campaign funds, for the $130,000 given to adult-film star Stormy Daniels to stop “false and extortionist accusations” she made about a sexual encounter with him.
Trump, who in April told reporters he did not know about the payment to Daniels made by his lawyer Michael Cohen the month before the 2016 election or the source of the money, said on Twitter the funds were part of a “private agreement” that involved money that had “nothing to do with the campaign.”
In his fullest account to date regarding the payment to Daniels, whose real name is Stephanie Clifford, Trump acknowledged the non-disclosure agreement with her to secure her silence about what she has called a one-night sexual encounter with Trump in 2006. Trump also forcefully denied the affair.
“The agreement was used to stop the false and extortionist accusations made by her about an affair ... despite already having signed a detailed letter admitting that there was no affair,” Trump wrote, adding that Daniels and her lawyer had violated it.
“Money from the campaign, or campaign contributions, played no roll (sic) in this transaction,” Trump added.
The claim of repayment is significant because a payment by Cohen could be seen as an illegal campaign contribution. Trump as candidate would have been permitted to make unlimited personal contributions to his own campaign.
Cohen is currently facing a federal criminal investigation in New York in part over the payment to Daniels, with the FBI seizing material from his office and home. The investigation is an offshoot of the ongoing probe by Special Counsel Robert Mueller into potential collusion between Trump’s campaign and Russia and whether Trump has unlawfully sought to obstruct the probe.
Trump on Thursday said Cohen “received a monthly retainer” from which he entered into the “non-disclosure agreement.” Trump described such agreements as “very common among celebrities and people of wealth.”
Trump’s tweets came the morning after former New York City Mayor Rudy Giuliani, who joined Trump’s legal team last month, said Trump had repaid Cohen the hush money given to Daniels.
Even if Trump repaid Cohen, the payment to Daniels could still be found to be an undisclosed campaign loan in violation of federal election laws, law professor Kathleen Clark of Washington University in St. Louis said. Related Coverage
Clark said Giuliani’s statement strongly suggests the payment could have been campaign-related. Omitting the loan from disclosure forms is also arguably a violation of statutes against making false statements to the government, she said. ‘HE DID HIS JOB’
Giuliani pushed back on that idea on Thursday on the Fox News program “Fox & Friends,” saying it was a personal rather than campaign matter to protect the president’s family and that Trump did not know the details of the arrangement until about 10 days ago. But Giuliani also appeared to make the opposing argument.
“Imagine if that came out on October 15, 2016, in the middle of the last debate with Hillary Clinton ... Cohen made it go away. He did his job,” said Giuliani, referring to Trump’s election opponent.
Daniels has filed two lawsuits against Trump, one to get out of a non-disclosure agreement she had signed in October 2016 ahead of the November presidential election in exchange for the $130,000, and another for defamation.
The lawsuit over the non-disclosure agreement was put on hold last week by a judge in Los Angeles, who said the potential overlap between the case and the criminal investigation in New York could violate Cohen’s constitutional right against self-incrimination.
Asked about the president’s tweets, Daniels’ lawyer Michael Avenatti told MSNBC Trump opened himself up to another possible defamation suit.
“Our case just got exponentially better,” Avenatti said. “This is not about sex ... this is about a cover up.” FILE PHOTO: U.S. President Donald Trump's personal lawyer Michael Cohen leaves federal court in the Manhattan borough of New York City, New York, U.S., April 16, 2018. REUTERS/Lucas Jackson
Daniels offered her account of her relationship with Trump in an interview on the CBS News program “60 Minutes” broadcast in March. Avenatti has said that appearance did not violate the agreement because Trump never signed the contract.
Separately, Giuliani told the Washington Post that he understood that Cohen’s reimbursement from Trump was made in a series of transactions after the 2016 election that were completed in 2017 - during his presidency - but could have continued into this year. Reporting by Susan Heavey and Makini Brice; Additional Reporting by Jan Wolfe; Editing by Anthony Lin and WIll Dunham | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-trump-daniels/trump-says-money-for-his-lawyer-cohen-not-from-the-campaign-idUSKBN1I417I |
May 9 (Reuters) - ProQR Therapeutics NV:
* Q1 LOSS PER SHARE EUR 0.34 * AT MARCH 31, 2018, PROQR HELD CASH AND CASH EQUIVALENTS OF €38.0 MILLION, COMPARED TO €48.1 MILLION AT DECEMBER 31, 2017 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-proqr-announces-q1-loss-per-share/brief-proqr-announces-q1-loss-per-share-eur-0-34-idUSASC0A0WF |
76 COMMENTS After a nearly yearlong social-media hiatus, polarizing rap star Kanye West re-emerged on Twitter last month. On April 25 he shocked the mainstream media by expressing admiration for President Donald Trump.
“You don’t have to agree with trump but the mob can’t make me not love him,” Mr. West tweeted. “We are both dragon energy. He is my brother. I love everyone. I don’t agree with everything anyone does. That’s what makes us individuals. And we have the right to independent thought.”
The tweet heard round the internet pleased America’s Twitter-loving president, who promptly thanked the rapper. It had a much different effect on liberal elites. Mr. West’s tweet and his other missives supporting center-right figures like Candace Owens and Scott Adams constituted left-wing betrayal of the highest order. The man who once vilified George W. Bush for the slow response to Hurricane Katrina was joining the birther president?
Rep. Maxine Waters (D., Calif.) bashed Mr. West for speaking “out of turn.” Mr. West shared over Twitter text messages from singer John Legend scolding him for aligning with President Trump. “Don’t let this be a part of your legacy,” implored Mr. Legend. The Atlantic’s Ta-Nehisi Coates even spent 5,000 words admonishing Mr. West for straying too far from his betters’ thinking.
Last week, when Mr. West flippantly and foolishly ascribed blame for American slavery on African-Americans during a TMZ interview, he provided his critics the out they needed to dismiss him. But Mr. West’s larger point should not be rejected because bravado caused him to suggest he would’ve chosen death over slavery. Should we also now discard his criticism of President Bush? Liberals loved that. But they now fear what Mr. West is attempting to credibly convey to black people. It’s a message that could devastate the Democratic Party.
Liberalism is black people’s cigarette. In the immediate aftermath of the civil-rights movement, Democrats marketed liberalism to us as fashionable, sophisticated and liberating. Today it needs a surgeon general’s warning: hazardous to your family and the values you were taught as a child.
Martin Luther King Jr. was a Southern, conservative minister who believed in the American promise. His dream was patriotic and traditional. Family, work, self-determination and religion comprised his core values. He never demonized his enemies. He chose to shame them by being better.
The turbulent and assassination-scarred 1960s created an acute leadership void in black America. The Democratic Party capitalized by promising black people government dependency disguised as assistance. The welfare check, the replacement for black fathers, is liberalism’s nicotine. Hollywood celebrities were once deployed by advertising companies to make smoking seem cool; today, they are deployed by liberal interest groups to make progressive politics seem like the only solution to black people’s problems.
Since King’s death, liberalism has increasingly become our religion and the Democratic Party our church. The rewards for our allegiance are at best disappointing: Our families have disintegrated. Our men have been incarcerated and emasculated. Our communities have been abandoned by high achievers. And our children are confused and resentful of their elders.
In 1965, the Moynihan report sounded alarm because only 76% of black children were born to married women. By 2015, 77% of nonimmigrant black children were born to single mothers, according to the National Center for Health Statistics. Major cities such as Baltimore and Detroit—run almost exclusively by black Democrats—remain crime-ridden and economically challenged, especially for black residents.
Perhaps this can be attributed to the evil work of conservative Republican politicians at the federal level. Or maybe we, African-Americans, have chosen the wrong strategy. No other ethnic group is chained to a single political ideology. Hispanics, whites and Asians actually make political parties compete for their support. Maybe Mr. West is trying to warn us of the dangers of Democratic cigarette addiction?
On April 18 he tweeted: “Don’t follow crowds. Follow the innate feelings inside of you. Do what you feel not what you think. Thoughts have been placed in our heads to make everyone assimilate. Follow what you feel.”
On April 22: “there was a time when slavery was the trend and apparently that time is still upon us. But now it’s a mentality.”
On April 23: “new ideas will no longer be condemned by the masses. We are on the frontier of massive change. Starting from breaking out of our mental prisons.”
Here’s the tweet just before his now infamous President Trump tweet: “Free thinkers don’t fear retaliation for your thoughts. The traditional thinkers are only using thoughts and words but they are in a mental prison. You are free. You’ve already won. Feel energized. Move in love not fear. Be afraid of nothing.”
Black people have no reason to fear political free agency.
Mr. Whitlock is a co-host of “Speak for Yourself” on Fox Sports 1.
Appeared in the May 8, 2018, print edition. | ashraq/financial-news-articles | https://www.wsj.com/articles/kanye-had-one-of-the-best-tweets-of-all-time-1525731749 |
May 15, 2018 / 11:25 AM / Updated 7 hours ago Whirlpool fridge model declared safe after London's Grenfell fire Reuters Staff 2 Min Read
LONDON (Reuters) - A model of Whirlpool fridge freezer has been declared safe after technical investigations ordered by the British authorities because last year’s deadly Grenfell Tower fire was initially thought to have started in one of the appliances.
Seventy-one people died in the blaze which engulfed Grenfell Tower, a 24-storey social housing block, in the middle of the night last June.
In the days after the disaster, police said the blaze had started in a Hotpoint FF175BP fridge freezer, prompting the government to order detailed tests of the model, of which some 64,000 units were manufactured between 2006 and 2009.
Britain’s business ministry and Whirlpool both said on Tuesday that the tests had established the model was safe and no recall was necessary.
“We wish to reassure consumers that these models are safe and that people may continue to use them as normal,” Whirlpool spokesman Jeff Noel said in a statement.
The models investigated were the FF175BP and its colour variant the FF175BG.
The causes of the Grenfell Tower fire are the subject of a public inquiry which is due to start public hearings next month. A separate police investigation is under way which could result in criminal charges.
The areas under investigation by both the public inquiry and the police include whether safety standards were met in the design, construction, maintenance and refurbishment of the building.
Some former residents had said before the blaze that they had serious safety concerns about various features of the building, but that their warnings fell on deaf ears. Reporting by Estelle Shirbon; editing by Stephen Addison | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-britain-fire-whirlpool/whirlpool-fridge-model-declared-safe-after-londons-grenfell-fire-idUKKCN1IG1LQ |
May 14 (Reuters) - American International Group Inc:
* AIG NAMES MARK D. LYONS AS SENIOR VICE PRESIDENT & CHIEF ACTUARY, GENERAL INSURANCE
* AIG - LYONS WILL ALSO SERVE AS A MEMBER OF GENERAL INSURANCE EXECUTIVE LEADERSHIP TEAM
* AIG - LYONS IS REJOINING AIG FROM ARCH CAPITAL GROUP LTD Source text for Eikon: Further company coverage:
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-aig-names-mark-lyons-as-senior-vic/brief-aig-names-mark-lyons-as-senior-vice-president-chief-actuary-general-insurance-idUSASC0A242 |
May 14 (Reuters) - ImmunoCellular Therapeutics Ltd:
* IMMUNOCELLULAR THERAPEUTICS ANNOUNCES FIRST QUARTER 2018 FINANCIAL RESULTS
* Q1 LOSS PER SHARE $0.02 Source text for Eikon: Further company coverage:
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-immunocellular-therapeutics-q1-los/brief-immunocellular-therapeutics-q1-loss-per-share-0-02-idUSASC0A22G |
SEOUL, South Korea, May 9, 2018 /PRNewswire/ -- KT Corp. (NYSE:KT), South Korea's largest telephone and Internet company, announced today that it has filed its Annual Report on Form 20-F for the year ended December 31, 2017 with the Securities and Exchange Commission of the United States. The report can be accessed on KT's English website at https://corp.kt.com/eng in the Investors section under Business Report as well as the SEC's Edgar database at www.sec.gov . Shareholders may also request a hard copy of the Annual Report that includes audited financial statements of 2017, free of charge, by sending an e-mail to the Company's IR department at [email protected] .
About KT Corp. (NYSE: KT)
KT Corporation, Korea's largest comprehensive communication operator reestablished in 1981 under the Telecommunications Business Act, is leading the era of innovations in the world's most connected country. The company leads the 4 th industrial revolution with high speed wire/wireless network and innovative ICT technology. Expanding 4.5 million fixed lines to 20 million in just 12 years, with first introducing 5G broad-scale trial service in 2018, KT also keep bring essential products and services to customers to be No.1 ICT Company and People's Company.
Forward-Looking Statements
This communication contains "forward-looking statements" that are based on our current expectations, assumptions, estimates and projections about us and the industries in which we operate. The forward-looking statements are subject to various risks and uncertainties. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "anticipate," "believe," "estimate," "expect," "intend," "project," "should," and similar expressions. Those statements include, among other things, the discussions of our business strategy and expectations concerning our market position, future operations, margins, profitability, liquidity and capital resources. We caution you that reliance on any forward-looking statement involves risks and uncertainties, and that although we believe that the assumptions on which our forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and, as a result, the forward-looking statements based on those assumptions could be incorrect. The uncertainties in this regard include, but are not limited to, those identified in the risk factors discussed above. In light of these and other uncertainties, you should not conclude that we will necessarily achieve any plans and objectives or projected financial results referred to in any of the forward-looking statements. We do not undertake to release the results of any revisions of these forward-looking statements to reflect future events or circumstances.
For investor inquiries, please contact:
Sunyoung Park
IR Manager, KT Corp.
Tel : +82 (2) 3495-3595
Email: [email protected]
View original content: http://www.prnewswire.com/news-releases/kt-corp-files-2017-annual-report-on-form-20-f-300645258.html
SOURCE KT Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/pr-newswire-kt-corp-files-2017-annual-report-on-form-20-f.html |
Dow Jones, a News Corp company News Corp is a network of leading companies in the worlds of diversified media, news, education, and information services Dow Jones | ashraq/financial-news-articles | http://jp.wsj.com/articles/SB11252457003671273998304584241121630753840 |
Mike Noonen Joins Rambus to Grow RISC-V and Memory Ecosystems
SUNNYVALE, Calif.--(BUSINESS WIRE)-- Rambus Inc. (NASDAQ: RMBS) today announced the appointment of Mike Noonen as senior vice president of global market development. Mr. Noonen will expand the Rambus semiconductor and memory ecosystem and will report to president and chief executive officer, Dr. Ron Black.
During the course of his career, Mr. Noonen has held executive positions at several semiconductor and IoT companies, and in 2013 he was elected to the board of the Global Semiconductor Alliance (GSA). He has held various leadership positions at Silego Technology, Ambiq Micro, Silicon Catalyst, GLOBALFOUNDRIES, NXP, National Semiconductor and Cisco Systems.
“Mike is joining Rambus at a pivotal time as we continue to extend our reach into the semiconductor ecosystem with technologies and products that have us partnering with the industry’s best,” said Dr. Ron Black, CEO at Rambus. “He is a recognized industry leader with important relationships and influence; we are excited to have him join our team.”
“Rambus continues to establish itself as a leader in providing the technologies that make data faster and safer, and I look forward to leveraging my experience to further develop Rambus’ partner and customer relationships, as well as foster future company growth,” said Noonen.
Follow Rambus:
Company website: rambus.com
Rambus blog: rambus.com/blog
Twitter: @rambusinc
LinkedIn: www.linkedin.com/company/rambus
Facebook: www.facebook.com/RambusInc
About Rambus Inc.
Dedicated to making data faster and safer, Rambus creates innovative hardware, software and services that drive technology advancements from the data center to the mobile edge. Our architecture licenses, IP cores, chips, software, and services span memory and interfaces, security, and emerging technologies to positively impact the modern world. We collaborate with the industry, partnering with leading chip and system designers, foundries, and service providers. Integrated into tens of billions of devices and systems, our products and technologies power and secure diverse applications, including Big Data, Internet of Things (IoT) security, mobile payments, and smart ticketing. For more information, visit rambus.com .
Source: Rambus Inc.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180529006064/en/
Rambus Inc.
Cori Pasinetti, 408-462-8306
Rambus Corporate Communications
[email protected]
Source: Rambus Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/29/business-wire-rambus-announces-new-senior-vice-president-of-global-market-development.html |
May 16, 2018 / 11:48 AM / Updated 24 minutes ago Former Thai football boss' ban reduced by FIFA Appeal Committee Reuters Staff 2 Min Read
BERLIN (Reuters) - Former Thai football chief Worawi Makudi saw his ban from the sport slightly reduced to three and half years from five on Wednesday after a ruling by world body FIFA’s appeal committee. FILE PHOTO: Former Football Association of Thailand (FAT) President Worawi Makudi speaks during a news conference at the association office in Bangkok September 19, 2012. REUTERS/Chaiwat Subprasom/File Photo
Worawi had received the original ban from FIFA’s ethics committee in October 2016. That was after he had been handed a suspended 16-month prison sentence by the Southern Bangkok Criminal Court for altering documents ahead of the Thailand football association’s presidential election in 2013.
Last year he was declared not guilty of forgery and falsification by an appeals court in his country, however FIFA still maintain there were infringements on their code of ethics.
“The FIFA Appeal Committee has partially confirmed the decision taken... on 10 October 2016, reducing the ban from all football-related activities... imposed on Mr Makudi from five years to three years and six months, and confirming the fine of CHF 10,000 (7,413 pounds),” it said in a statement.
“While reducing the sanction imposed by the adjudicatory chamber of the Ethics Committee, the Appeal Committee agreed with the principles and arguments presented by the adjudicatory chamber.”
The ban came into force on Oct. 18, 2016.
Worawi, who was on the FIFA executive committee that voted to award the 2018 World Cup to Russia and the 2022 tournament to Qatar, had been an Asian Football Confederation representative on the committee for 18 years until he was voted off in 2015. Reporting by Karolos Grohmann; Editing by Christian Radnedge | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-fifa/former-thai-football-boss-ban-reduced-by-fifa-appeal-committee-idUKKCN1IH1GP |
May 7, 2018 / 10:05 AM / Updated 16 minutes ago EU regulators approve ArcelorMittal to buy Italian peer Ilva Reuters Staff 1 Min Read
BRUSSELS (Reuters) - EU antitrust regulators approved on Monday ArcelorMittal’s ( MT.AS ) bid for Italian group Ilva after the world’s largest steelmaker pledged to sell a string of businesses across Europe to address competition concerns. FILE PHOTO: A view of ILVA steel plant in Taranto, Italy August 3, 2012. REUTERS/Yara Nardi/File Photo FOR EDITORIAL USE ONLY. NO RESALES. NO ARCHIVES - RC17367954B0
ArcelorMittal will divest production facilities assets in Belgium, the Czech Republic, Luxembourg, Italy, Romania and Macedonia. It will also sell some distribution activities in France and Italy.
The European Commission said the steel plants would be sold to buyers who would continue to operate them, allowing them to compete with ArcelorMittal.
Reuters reported on April 20 that the deal would secure conditional EU antitrust approval. Reporting by Foo Yun Chee and Robert-Jan Bartunek | ashraq/financial-news-articles | https://uk.reuters.com/article/us-ilva-m-a-arcelormitta-eu/eu-regulators-approve-arcelormittal-to-buy-italian-peer-ilva-idUKKBN1I80WN |
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