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– ABP HOLDS FIRST & ONLY CANNABIS LICENSE IN ARGENTINA –
– ABP REVENUES IN EXCESS OF USD$11 MILLION IN 2017 AND PROFITABLE –
TORONTO, May 11, 2018 (GLOBE NEWSWIRE) -- Scythian Biosciences Corp. (the " Company " or “ Scythian ”) (TSXV:SCYB) (Frankfurt:9SB) (OTC – Nasdaq Intl:SCCYF) is pleased to announce that the Company has entered into a business combination agreement (the " Agreement ") with MMJ International Investments Inc. (“ MMJ ” or “ MMJ International ”), owner of Argentina-based ABP S.A. (“ ABP ”), a pharmaceutical import and distribution company with a license to import, sell and distribute medical products and derivatives in Argentina. ABP also holds a license to import CBD oil into Argentina (the “ License ”). Under the terms of the Agreement, Scythian will acquire all of the issued and outstanding common shares of MMJ by way of a three-cornered amalgamation (the “ Transaction ”) whereby MMJ will amalgamate with a wholly-owned subsidiary of the Company. In consideration, Scythian will issue an aggregate of 6,176,320 common shares of the Company to the shareholders of MMJ. The Agreement supersedes the non-binding letter of intent between Scythian and MMJ previously announced on March 12, 2018, which was extended on March 29, 2018, and extended again on May 1, 2018.
The Transaction is subject to a number of conditions, including approval of the shareholders of MMJ and approval from the TSX Venture Exchange (“ TSXV ”). The Transaction will not constitute a “Reverse-Takeover” of Scythian under the policies of the TSXV.
“With this Agreement, Scythian now has access to Argentina’s network of hospitals, doctors, retail pharmacies, private health providers and public health system,” said Rob Reid, CEO of Scythian. “We are thrilled to have accomplished this significant step forward in the Company’s expansion efforts and are eager to work with MMJ to develop quality medical cannabis backed by Argentina’s top health researchers and institutions.”
ABP has had a strong platform from its distribution and retail business to build on, having had revenues in excess of USD$10,000,000 per year since 2014, with over USD$11,000,000 in 2017. Scythian, working with ABP, will focus on continuing to build out ABP’s distribution and retail sales network, while strategically leveraging the License for expansion purposes.
On April 9, 2018, Scythian announced that ABP had received its license to import CBD oil for research and development purposes. Shortly after this, ABP issued its first purchase order of CBD oil from Aphria Inc. (“Aphria”) to be imported into Argentina for use in pioneering clinical studies conducted by Argentina’s top neurologists and pediatric specialists at the Dr. Juan P. Garrahan Pediatric Hospital. The study, which will be conducted over 2.5 years, is investigating the use of cannabis in treating refractory epilepsy in children and will determine the product’s pharmacokinetics for the optimization of dosage in future treatments. Additionally, with the support of Scythian and ABP, a training program will be conducted during and after the study to train and educate a network of specialized doctors across multiple provinces in Argentina using Aphria’s pharmaceutical grade medical cannabis.
“Now that a binding agreement to acquire MMJ International has been finalized, we can focus our efforts on the research and development of pharmaceutical grade medical cannabis in South America,” said CEO Rob Reid. “We are eager to begin making a positive global impact on the lives of countless patients in need.”
About Scythian Biosciences Corp.
Scythian is a research and development company committed to advancing prevention and treatment efforts for concussion and traumatic brain injury with its proprietary cannabinoid-based combination drug therapy.
Scythian’s mission is to be the first accepted drug regimen for the treatment of concussion. Scythian is partnered with the University of Miami and its neuroscientific team to conduct pre-clinical and clinical trials of its drug regimen. Through the Company’s collaborative efforts with the university, Scythian has access to the university’s extensive network of experts in the fields of traumatic brain injury and concussion. These connections provide Scythian with the ability to conduct its clinical studies at world-class facilities by widely recognized medical professionals.
Scythian has initiated its international expansion by launching additional cannabis-related activities across the globe. These significant endeavours complement the Company’s research and development efforts to enhance the many medical applications of cannabis.
Scythian is evaluating several strategic initiatives and pursuing partnerships with local cultivators, pharmaceutical import and distribution entities and universities in North America, South America, the Caribbean and beyond. This comprehensive approach positions Scythian as a potential global frontrunner in the research and development of medical cannabis.
CONTACT INFORMATION
Scythian Biosciences Corp.
Rob Reid, CEO
Phone: (212) 729-9208
Email: [email protected]
For media inquiries, please contact:
David Schull or Nic Johnson
Russo Partners
(858) 717-2310
[email protected]
[email protected]
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statements
This press release contains certain forward-looking information and statements (“forward-looking information”) within the meaning of applicable Canadian securities legislation, that are not based on historical fact, including without limitation, statements containing the words "believes", "anticipates", "plans", "intends", "will", "should", "expects", "continue", "estimate", "forecasts" and other similar expressions. Such forward-looking information includes information relating to the proposed acquisition of MMJ and ABP, the Company’s expansion plans as well as training and research and development initiatives.
Readers are cautioned to not place undue reliance on forward-looking information. Forward-looking information is subject to a number of risks and uncertainties that may cause actual results or events to differ materially from those contemplated in the forward-looking information, and even if such actual results or events are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company. Such risks and uncertainties include, among other things, the risk that a regulatory approval that may be required for the proposed acquisition is not obtained or is obtained subject to conditions that are not anticipated, that a condition to the completion of the acquisition of MMJ may not be satisfied or that the Company fails to successfully integrate MMJ and ABP into its current business.
Although the Company has attempted to identify important factors that could cause actual results or events to differ materially from those contained in the forward-looking information, there can be other factors that cause results or events to not be as anticipated, estimated or intended, including, but not limited to: the Company’s ability to comply with all applicable governmental regulations in a highly regulated business; investing in target companies or projects which have limited or no operating history and are engaged in activities currently considered illegal under US federal laws; changes in laws; limited operating history; reliance on management; requirements for additional financing; competition; inconsistent public opinion and perception regarding the medical-use and adult-use marijuana industry; and regulatory or political change. Additional risk factors can also be found in the Company’s annual information form filed on SEDAR and available at www.sedar.com .
The forward-looking information contained in this press release are expressly qualified by this cautionary statement and are made as of the date hereof. The Company disclaims any intention and has no obligation or responsibility, except as required by law, to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.
Source:Scythian Biosciences Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/11/globe-newswire-scythian-biosciences-announces-binding-agreement-for-argentinian-acquisition-of-abp.html |
INSIGHT: 1,374 dancing drones break world record 8:06am EDT - 00:40
Lighting up the sky of Chinese ancient city of Xi'an, 1,374 illuminated drones broke a Guinness World Record on Sunday (April 29) for the most unmanned aerial vehicles simultaneously airborne. ▲ Hide Transcript ▶ View Transcript
Lighting up the sky of Chinese ancient city of Xi'an, 1,374 illuminated drones broke a Guinness World Record on Sunday (April 29) for the most unmanned aerial vehicles simultaneously airborne. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2Kvvqei | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/02/insight-1374-dancing-drones-break-world?videoId=423202985 |
Trump all but decided to quit Iran nuclear deal: sources 5:29am EDT - 02:12
U.S. President Donald Trump has all but decided to withdraw from the 2015 Iran nuclear accord by May 12 but exactly how he will do so remains unclear, two White House officials and a source familiar with the administration’s internal debate said on Wednesday.
U.S. President Donald Trump has all but decided to withdraw from the 2015 Iran nuclear accord by May 12 but exactly how he will do so remains unclear, two White House officials and a source familiar with the administration’s internal debate said on Wednesday. //reut.rs/2FG1tEm | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/03/trump-all-but-decided-to-quit-iran-nucle?videoId=423365915 |
Royal Bank of Scotland is—finally—investible once more. Late on Wednesday it reached a $4.9 billion settlement in principle with U.S. prosecutors over crisis-era mortgage bond sales, one of the last banks to do so.
That settlement means that the bank that took the U.K.’s largest bailout in the financial crisis now has clarity on the last big threat to its capital. It leaves it likely to pay its first dividend in a decade once it gets to the end of 2018. The shares leapt 6% at the open on Thursday.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/big-rewards-finally-await-rbs-shareholders-1525949519 |
May 4 (Reuters) - Regional Health Properties Inc:
* REGIONAL HEALTH PROPERTIES SAYS ON APRIL 24, CO RECEIVED WRITTEN NOTICES FROM FIVE OF FACILITY TENANTS - SEC FILING
* REGIONAL HEALTH PROPERTIES INC - RECEIVED WRITTEN NOTICES STATING TENANTS CAN NO LONGER OPERATE FIVE REGIONAL FACILITIES LOCATED IN OHIO
* REGIONAL HEALTH PROPERTIES - SUBLEASE DEALS CONSTITUTE ABOUT 14% OF 2018 RENT PAYMENTS REGIONAL EXPECTED TO RECEIVE FROM LEASING & SUBLEASING BUSINESS Source text: ( bit.ly/2wcrdsK ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-regional-health-properties-says-on/brief-regional-health-properties-says-on-april-24-co-received-written-notices-from-5-of-facility-tenants-idUSFWN1SB1AB |
PARIS (Reuters) - All Reblochon cheese coming from a factory in the French Alps should be removed from the market after young children were found to have been infected by a E.coli bacteria linked to the raw milk based product, the French agriculture ministry said on Monday.
French food retailer Leclerc had issued a recall on Friday of Reblochon products produced by cheesemaker Chabert and sold in its own shops under the “Nos regions ont du talent” (“Our regions have talent”) brand.
The recall now concerns all distributors of the suspect cheese, including retailers Carrefour and Intermarché, which sold the cheese produced in Cruseilles in the western Haute-Savoie region under their own brand, the company said.
The move came after the French health authorities linked seven cases of E.coli 026 bacteria among children between one-and-a-half and three years to the cheese, which is a creamy specialty of the French Alps.
Six of the seven cases of infection involved hemolytic-uremic syndrome (HUS), a potentially serious condition that can cause kidney failure among young children.
“Following the traceability survey conducted this weekend, it was decided as a precaution measure to withdraw and recall all Reblochon cheese made with whole raw milk manufactured on this site (carrying the sanitary mark: FR 74.096.050 CE) and marketed until today,” the ministry said in a statement.
It reiterated official guidance that raw milk and cheese made with raw milk should not be given to young children.
The ministry said the recall concerned 329 tonnes of cheese produced by the family firm since the end of January. It was unclear how much was still on the market.
Cheeses made at other plants of the supplier are not covered by the alert, Chabert said.
In another health alert affecting children, France witnessed a massive recall of baby milk late last year after cases of salmonella bacteria were linked to a factory of dairy giant Lactalis.
The health ministry said on Monday there had been no new case of E.coli reported over the weekend and that one of the seven children infected was yet to return home.
However, new cases could emerge now that hospitals and doctors had been alerted to the problem, the French agriculture ministry’s deputy head of food, Loic Evain, said.
“A case of HUS is far more serious than a case of salmonella as seen at Lactalis,” he said.
“The problem is solved in terms of products, there won’t be any contaminated Reblochon left on the market, but we cannot say that things are over as a public health matter. It is possible that other cases will be revealed.”
Reporting by Sybille de La Hamaide; Editing by Toby Chopra
| ashraq/financial-news-articles | https://www.reuters.com/article/us-france-cheese-ecoli/france-extends-cheese-recall-after-e-coli-cases-in-children-idUSKCN1IF23Y |
May 4 (Reuters) - Manomay Tex India Ltd:
* SAYS COMMERCIAL PRODUCTION AT DENIM PLANT AT GANGRAR(RAJ) SUCCESSFULLY COMMENCED Source text - bit.ly/2HObaXh Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-manomay-tex-india-starts-commercia/brief-manomay-tex-india-starts-commercial-production-at-denim-plant-at-gangrar-idUSFWN1SB0Q7 |
Ireland votes on whether to legalise abortion 1:35am EDT - 01:59
Irish voters go to the polls Friday to decide whether to legalise abortion. The build-up has seen heated campaigning in the Catholic country. At stake - whether to scrap part of the constitution prohibiting terminations. ▲ Hide Transcript ▶ View Transcript
Irish voters go to the polls Friday to decide whether to legalise abortion. The build-up has seen heated campaigning in the Catholic country. At stake - whether to scrap part of the constitution prohibiting terminations. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2IKQjVg | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/25/ireland-votes-on-whether-to-legalise-abo?videoId=430102197 |
Is it time to fade the financials? 10 Hours Ago Will banks continue to underperform? With CNBC's Melissa Lee and the Options Action traders, Carter Worth, Mike Khouw and Dan Nathan. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/25/is-it-time-to-fade-the-financials.html |
By Chris Morris 9:34 AM EDT
FCC Chairman Ajit Pai is doing a victory lap after slapping a $120 million fine on Adrian Abramovic for his role in 97 million robocalls placed over a three-month period in 2016. It’s the biggest fine on record for the bothersome calls, but it’s also pure political posturing.
The number of calls Abramovic oversaw sounds impressive, until you learn that last month alone there were 3.36 billion robocalls placed . Using those numbers, the monthly calls from Abramovic constitute less than 3% of the total robocalls being made today.
On average, there are 1,297 robocalls placed per second in the United States. (“Pam, from account services” is apparently a very busy woman.) And the number has risen been on a sharp increase for the past few months. Total calls in December 2017 were just 2.78 billion, according to YouMail, which tracks robocalls.
Why the surge? In part because the calls work. Some are legitimate, reminding people of an upcoming appointment or that a prescription has been filled. The majority are scams, though. And people running them can cast a much wider net with robocalls than boiler rooms full of humans. They, in essence, act as catnip for the naive, and bring those people to them.
The calls also frequently use spoofed numbers, generally with a local area code, to seem authentic. And because those numbers are spoofed (and change frequently), it’s harder for people to block them.
People hate robocalls, though. In 2017, the FTC received 7.1 million complaints about telemarketers, with 4.5 million of those being robocalls. Both numbers are more than twice the 2015 totals.
So while Pai might say “our decision sends a loud and clear message: this FCC is an active cop on the beat and will through the book at anyone who violates our spoofing and robocall rules and harms consumers,” don’t expect robocall companies to shut down operations or quake in their boots.
After all, even the courts seem to be on their side. In March, an appeals court judge overturned a portion of the Telephone Consumer Protection Act (TCPA). The bill, which officials hoped would curb the use of automated dialers (a primary tool of robocalls), was found to be too broadly defined.
The number of calls spiked after that ruling, jumping from 98 million a day in February to just under 102 million per day in March. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/11/robocall-lawsuit-settlement-fcc/ |
May 2 (Reuters) - Horizon Discovery Group Plc:
* CONFIRMS REJECTION OF ABCAM’S PROPOSAL * CONFIRMS IT RECEIVED UNSOLICITED AND HIGHLY CONDITIONAL PROPOSAL FROM ABCAM REGARDING A POSSIBLE OFFER FOR HORIZON DISCOVERY GROUP
* BOARD CONSIDERS UNSOLICITED PROPOSAL TO BE HIGHLY OPPORTUNISTIC BELIEVES IT FUNDAMENTALLY UNDERVALUES CO AND ITS FUTURE PROSPECTS Source text for Eikon: Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-horizon-discovery-group-confirms-r/brief-horizon-discovery-group-confirms-rejection-of-abcams-proposal-idUSFWN1S918Q |
Market Insider Dollar rallies to highs of year as breakout gains momentum With stronger U.S. growth and rising interest rates, the dollar has staged a surprise rally and could be setting up for a bigger run. A better tone on trade issues and rising interest rates are two factors driving the dollar higher, as is a stronger U.S. economy. The dollar broke its 200-day moving average and the euro broke a key psychological level. CNBC.com Mohamed Abd El Ghany | Reuters
After a few baby steps, the dollar is starting to look like it could be getting ready to sprint .
With stronger U.S. growth and rising interest rates, the dollar has staged a surprise rally and could be setting up for a bigger run.
The dollar's move has not been huge, but it has been impressive.
The dollar index is up 3.4 percent in just two weeks, and was up 0.7 percent Tuesday, as it smashed through the technically important 200-day moving average at 91.98. By late afternoon, it was trading at 92.56, near the highs of the year, going back to January.
"The dollar could be on a firming trend for the next six months," said Robert Sinche, chief global strategist at Amherst Pierpont. He said the dollar is being supported by the 'classic mix' of firming monetary policy and the expected kick to the U.S. economy from fiscal stimulus.
The euro also slid through $1.20, a psychological support level, and it was trading Tuesday just above a key retracement level at $1.1935.
"If you look at the dollar downdraft since the Trump election, you had the rally immediately into mid November, 2016. You've broken the down trend line we had from December, 2016. If you think this is a break of the dollar downtrend, it's constructive and a bigger deal," said Alan Ruskin, Deutsche Bank global co-head of foreign exchange strategy.
But Ruskin cautioned the moves aren't big and they could easily reverse.
The dollar has a few things working on its side this week, including the Fed's two-day meeting. The Fed is not expected to raise interest rates but it is expected to give a nod to firming inflation. Rising inflation means the Fed will be more comfortable raising rates, and that's a dollar positive.
The fact that the Trump administration has extended exemptions on steel and aluminum tariffs is another positive, since protectionism is a negative for the green back and had been seen as a factor holding it back.
Sinche said the foreign exchange market is closely monitoring the trip to China this week by Treasury Secretary Steven Mnuchin and others. They are expected to discuss trade and it is hoped that the trip will end with a willingness by the administration to hold off on slapping China with tariffs. China has said it would retaliate.
"If that goes well, I think that lowers the whole tension level. I think there's a lot of things that the market has been wary of in terms of administration policy. If the China trip goes well, that opens up the avenue for more U.S. exports. You have fiscal stimulus coming in. You have a lot of reasons to think a lot of the concerns about the dollar could begin to fade into the background," Sinche said.
Strategists point to interest rate differentials and Fed policy as major drivers. Higher U.S. rates and a proactive central bank, which is on a tightening path, should provide support to the currency.
Sinche said the dollar, given the right conditions could reach 100, another 8 percent move and a level it has not touched in a full year.
"'You have to see. If it goes up too quickly and wehter the presidnet says somethign about it. There's always the risk that he's going to say something.. that he doesn't like it," said Sinche. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/01/dollar-rallies-to-highs-of-year-as-breakout-gains-momentum.html |
BOCA RATON, Fla., May 2, 2018 /PRNewswire/ -- Nestler Poletto Sotheby's International Realty is pleased to announce Nita Summers Max , a real estate industry veteran, has been named director of sales.
Since entering the industry in the 1980s, Summers Max has been a leading listing agent and resale specialist in both Florida and New York and has spent the majority of her career as managing broker for several top real estate offices in both states.
Prior to being promoted to her new position, Summers Max spent two years as an agent at Nestler Poletto Sotheby's International Realty where she represented buyers and sellers in the South Florida luxury markets, including Marrano Marc Equities in the sell-out of its new oceanfront 1200 Hillsboro Mile condominium offering in Hillsboro Beach.
"Nita has a proven record of success in the industry and brings a style of management that is consistent with the leadership that we have offered our sales associates, and all whom we have represented for the past 28 years," said John Poletto who, along with Mark Nestler are co-founders and owners of the company.
"Nita intimately knows our market from just north of Fort Lauderdale to Manalapan, from the ocean to the everglades. She knows the wants and needs of our sellers and buyers, and most importantly, our sales associates," according to Mark Nestler.
In her new role, Summers Max will be supporting the existing team of Nestler Poletto Sotheby's International Realty associates and continue the recruitment of high-caliber agents to the firm.
"Management is my passion," she said. "I love coaching the associates and bringing qualified agents to the Sotheby's International Realty team. I enjoy mentoring and helping each person develop their business."
Active in the South Florida community, Summers Max founded the Women's Council of Realtors of Palm Beaches Toastmasters Club, supports many local charities including the March of Dimes, Charles E. Schmidt College of Medicine at Florida Atlantic University in Boca Raton, the National Inclusion Project, and several animal rescue organizations. She is married to South Florida restaurateur Dennis Max.
Specializing in luxury homes, country club communities, Intracoastal and oceanfront homes and condominiums, Nestler Poletto Sotheby's International Realty is part of the Sotheby's International Realty network, which has more than 930 offices in 69 countries and 22,000 sales associates worldwide. For more information visit npsir.com or call the Boca office at 561-997-7227 or the Delray office at 561-381-9090.
View original content with multimedia: http://www.prnewswire.com/news-releases/nita-summers-max-named-director-of-sales-for-nestler-poletto-sothebys-international-realty-300640222.html
SOURCE Nestler Poletto Sotheby's International Realty | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/pr-newswire-nita-summers-max-named-director-of-sales-for-nestler-poletto-sothebys-international-realty.html |
11:53 AM EDT
Apple is leading the technology industry in its self-driving car testing in California.
In an e-mailed statement to Apple-tracking site MacReports recently, the California Department of Motor Vehicles confirmed the tech giant now has 55 self-driving car permits and 83 drivers licensed to test the technology on the state’s roads. That puts Apple in second place, behind only General Motors’ Cruise division, which has 104 vehicles and 407 drivers, according to the report.
Apple’s permit number is staggering. The iPhone maker didn’t have a single permit in March 2017 and was awarded three permits in April 2017. In a little over a year, Apple has amassed the largest number of self-driving car permits of any tech company . That said, some of its apparent competitors are coming on strong.
Get Data Sheet , Fortune’s technology newsletter
Alphabet’s Waymo, for instance, now has 51 self-driving car permits and 338 drivers. Tesla, which is also testing self-driving car technology, has 39 vehicles permitted and 92 drivers.
Although many of the other companies testing self-driving cars in California have been discussing their plans and strategies openly, Apple has remained tight-lipped. And although it was rumored a couple of years ago that Apple was building its own self-driving car , it’s now believed to be working on the technology that will control a self-driving car. If all goes well, Apple ostensibly plans to sell the technology to carmakers when autonomous vehicles begin hitting the road with consumers inside.
Self-driving car testing has been conducted by several companies for years. While the eventual launch of the vehicles is a bit of a moving target, most industry experts say the technology should start hitting the road in large numbers by 2020. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/15/apple-self-driving-car-permits-waymo-tesla-gm/ |
May 7, 2018 / 9:34 AM / Updated 12 minutes ago BRIEF-Cui Global Reports Unaudited Q1 2018 Financial Results Reuters Staff
May 7 (Reuters) - CUI Global Inc:
* CUI GLOBAL, INC. REPORTS UNAUDITED FIRST QUARTER 2018 FINANCIAL RESULTS * Q1 REVENUE $22 MILLION VERSUS I/B/E/S VIEW $20 MILLION
* Q1 EARNINGS PER SHARE VIEW $-0.09 — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-cui-global-reports-unaudited-q1-20/brief-cui-global-reports-unaudited-q1-2018-financial-results-idUSASC09ZZY |
FRANKFURT (Reuters) - Proposed tougher European rules for foreign clearing houses may still leave EU regulators short of the power they need to protect Europe’s financial sector after Britain leaves the bloc, a board member of Germany’s central bank warned.
“If push comes to shove, we would rely on an entity outside the euro zone to preserve a key part of the European financial market’s ability to function,” Joachim Wuermeling, a member of the board of the Bundesbank, told Reuters in an interview.
“As a regulator I am still ill at ease when I look at this construction, under which I would be informed but cannot intervene,” he said.
A European Parliament committee last week voted in favor of a draft law that instructs EU regulators to check on “systemic” foreign clearing houses that handle large amounts of euro-denominated assets like interest rate swaps.
Reporting by Frank Siebelt; Writing by Maria Sheahan; Editing by Paul Carrel
| ashraq/financial-news-articles | https://www.reuters.com/article/us-britain-eu-clearing-buba/bundesbanker-ill-at-ease-over-post-brexit-euro-clearing-rules-idUSKCN1IQ1OV |
(Repeats story that ran Sunday)
By Pei Li and Michael Martina
BEIJING, May 20 (Reuters) - Hollywood’s push for greater access to China’s booming film market - delayed since last year - has become tangled in broader trade talks between Washington and Beijing, a potentially thorny position amid whipsawing trade relations.
Negotiations to raise a Chinese quota on imported films and boost the share that overseas producers get of box office takings are now being discussed within the broader framework of a U.S.-China trade stand-off, four industry sources said.
The shift from earlier talks is a double-edged sword for U.S. producers looking at China’s $8.6 billion cinema market. It could be bad news if broader talks go sour, but it could offer a potential path forward if the two countries find common ground.
“It wouldn’t really hit the domestic movie business much whether we bring in more foreign movies or not,” said Yu Jianhong, vice president of Beijing Film Academy. “This should be something both parties can agree on.”
China’s quota system allows 34 imported movies a year to be shown in theatres, while overseas producers get a 25 percent share of box office takings - less than in other international markets. Since 2016 a handful more have been allowed in via a “cultural exchange” channel.
In a government document provided to the U.S. delegation in Beijing two weeks ago, Chinese negotiators said that opening up the market more for U.S. movies was a concession China could offer to Washington as part of a broader trade deal.
The document, seen by Reuters, said that China was “willing to discuss expanding movie imports with the U.S. side”.
Chinese Vice Premier Liu He is currently in Washington leading a Chinese trade delegation on a second round of talks to find a deal with the United States and avert a full-blown trade war between the world’s two biggest economies.
China on Friday said it was dropping an anti-dumping probe into imports of U.S. sorghum, a conciliatory gesture hours after U.S. officials familiar with the matter said China was offering a package to slash the U.S. trade deficit by up to $200 billion.
On Thursday, U.S. President Donald Trump criticised China as being “very spoiled” on trade with the United States but said he was aiming for an overall deal with Beijing.
“ON PAUSE” U.S. studios had hoped for an improved deal for imported films last year. This, however, had been held up as Beijing rejigged its film regulator, handing more control to the ruling Communist Party, and then as trade tensions with the United States grew.
“The movie deal is essentially on pause,” one person familiar with U.S.-China negotiations on the movie agreement told Reuters, adding that Beijing’s willingness to ease up would likely be swayed by the state of trade tensions.
Hollywood producers are pushing for more access, but a bigger share of revenues was even higher on the agenda, especially as locally-made productions became more competitive.
China has become a key market for U.S. studios from Walt Disney Co to Universal Pictures. “The Fate of the Furious”, the latest instalment of Universal’s “The Fast and the Furious” franchise, was the second top grossing film in China last year while “Avengers: Infinity War” has taken 1.6 billion yuan ($251.23 million) so far this year.
China’s box office revenue rose 13.45 percent last year to 55.91 billion yuan, accelerating after a sharp slowdown in 2016.
Jacob Parker, vice president of China operations at the U.S.-China Business Council, said firms were more concerned about the revenue split for films they brought to China, though higher quotas would be well received too.
“Profit sharing is a higher priority,” he said, and studios “would like to see 45 percent as opposed to 25 percent.” He added: “Forty-five percent is what companies receive in most other markets where they operate.”
Hollywood movies, which once ruled in China, are seeing a rising challenge from locally-made productions, while a spate of tie-ups and financing deals have gone sour amid cultural clashes and a brighter spotlight on risky Chinese investments.
China is also looking to tighten control over content, potentially at odds with allowing in more overseas productions, which generally will have to get past domestic censors.
“China has pledged to open its market on a lot of fronts, but you have to consider the special aspect of culture and entertainment industry,” said Beijing Film Academy’s Yu.
“It has the education and ideology feature so it would be treated differently.” ($1 = 6.3686 Chinese yuan renminbi)
Reporting by Pei Li and Michael Martina in BEIJING and Lisa Richwine in LOS ANGELES; Writing by Adam Jourdan; Editing by Philip McClellan
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-trade-china-movies/rpt-hollywoods-china-dreams-get-tangled-in-trade-talks-idUSL3N1SR05P |
May 30, 2018 / 6:51 AM / Updated 24 minutes ago Italy poll shows support for right-wing League up, 5-Star steady Reuters Staff 1 Min Read
ROME (Reuters) - An Italian opinion poll published on Wednesday showed support for the right-wing League party up eight percent to 25.4 percent compared to is result at the March 4 elections. League party leader Matteo Salvini speaks at the media after a round of consultations with Italy's newly appointed Prime Minister Giuseppe Conte at the Lower House in Rome, Italy, May 24, 2018. REUTERS/Tony Gentile/File Photo
The IPSOS poll in the Corriere della Sera newspaper also showed support for the 5-Star Movement holding steady at about 32.6 percent.
Another poll on Monday showed the League jumping 10 points to 27.5 percent and the 5-Star falling about three points to 29.5 percent. In both cases, the two would have a majority in parliament if they decided to join forces as they did after the March vote. Reporting By Philip Pullella | ashraq/financial-news-articles | https://www.reuters.com/article/us-italy-politics-poll/italy-poll-shows-support-for-right-wing-league-up-5-star-steady-idUSKCN1IV0LN |
May 4, 2018 / 11:08 AM / Updated 21 minutes ago Russia sees closer Iran ties if U.S. exits nuclear deal - official Tom Miles 3 Min Read
GENEVA (Reuters) - Russia will stand by the Iran nuclear deal and develop closer ties with Iran if U.S. President Donald Trump withdraws from the agreement on May 12, a senior Russian official said on Friday. FILE PHOTO - Russian President Vladimir Putin (L) meets with his Iranian counterpart Hassan Rouhani in Tehran, Iran November 1, 2017. Sputnik/Alexei Druzhinin/Kremlin via REUTERS
Vladimir Yermakov, Director General of the Department for Non-Proliferation and Arms Control at Russia’s Foreign Ministry, told reporters that a U.S. withdrawal from the 2015 accord known as the JCPOA did not necessarily mean the end of the deal.
“It might even be easier for us on the economic front, because we won’t have any limits on economic cooperation with Iran. We would develop bilateral relations in all areas – energy, transport, high tech, medicine,” he said.
Trump, a long-time critic of the deal struck by major world powers, has threatened to pull out unless a follow-on agreement is reached to fix what he calls its “flaws.”
“If the United States breaks an international agreement backed by U.N. Security Council resolutions, it will be the United States that should suffer the consequences. Neither Iran nor China nor Russia nor the European states should lose out,” Yermakov said. U.S. Secretary of State John Kerry (L) meets with Iranian Foreign Minister Mohammad Javad Zarif on what is expected to be "implementation day," the day the International Atomic Energy Agency (IAEA) verifies that Iran has met all conditions under the nuclear deal, in Vienna January 16, 2016. REUTERS/Kevin Lamarque TPX IMAGES OF THE DAY - GF2 96885
Russia would continue to uphold its obligations under the deal, if it was able to and if continuing adherence to the JCPOA was in Russia’s interests. Keeping the deal alive was in the best interests of international security, he said.
Likewise, there was no reason for Iran to pull out of the deal, and it was in a strong position because it was fully meeting its obligations, said Yermakov, who was attending a nuclear non-proliferation conference in Geneva.
“It’s not in anybody’s interest that Iran goes back to the kind of development of its nuclear programme that all states would be concerned about. But Iran is fully entitled to develop peaceful nuclear energy,” he said. FILE PHOTO: Iranian Foreign Minister Mohammad Javad Zarif addresses during a joint news conference with High Representative of the European Union for Foreign Affairs and Security Policy Federica Mogherini (L) after a plenary session at the United Nations building in Vienna, Austria July 14, 2015. REUTERS/Leonhard Foeger/File
If the United States pulled out, there was no question of discussing new U.N. Security Council sanctions on Iran, he added.
In fact, the United States should theoretically be sanctioned for breaking an international agreement, but that would not happen because it had a veto at the United Nations.
Yermakov said nobody could foresee what calculations Trump might make about withdrawing from the JCPOA, but the vast majority of U.N. states at the Geneva conference had supported a joint Russian-Chinese declaration supporting the JCPOA.
Practically all states had backed the declaration, but the United States had put pressure on its European NATO allies to persuade them not to give it their backing, Yermakov said.
“That was a great surprise for us, because what we put in our joint statement completely accorded with their national positions. There wasn’t a single word that in any way contradicted their national positions,” he said.
“We explained this to our European partners and it was very difficult for them. They were under colossal pressure.” Reporting by Tom Miles, Editing by William Maclean | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-iran-nuclear-russia/russia-says-will-honour-iran-nuclear-deal-as-long-as-others-do-ifax-idUKKBN1I517L |
CHIANG MAI, Thailand (Reuters) - Environmental activists in the northern Thai city of Chiang Mai claimed victory after the country’s military government agreed in talks on Sunday not to use forested land to develop luxury property.
The construction site of a government luxury housing project earmarked as homes for judges on land in the foothills of Doi Suthep mountains is seen in Chiang Mai, Thailand May 6, 2018. REUTERS/Panu Wongcha-um It follows a protest in Chiang Mai last week in which more than 1,000 demonstrators protested against the construction of a government luxury housing project earmarked as homes for judges on land in the foothills of the province’s famous Doi Suthep mountains.
Last week’s gathering was one of the largest since Thailand’s junta took power following a 2014 coup.
It was also one of a growing number of anti-government protests around Thailand, including in the capital Bangkok, that are putting pressure on the military government before a general election planned for early 2019.
Green ribbons symbolizing the environmental movement have appeared in public places in Chiang Mai, including on lamp posts and on cars, over the past week.
Prime Minister Prayuth Chan-ocha sent Suwaphan Tanyuvardhana, a minister to the Prime Minister’s Office, to Chiang Mai on Sunday to talk to protest leaders.
“We have concluded that no one will be living in this housing estate,” Suwaphan said after a meeting with the activists, adding that the area “will eventually be restored to the forest.”
Decisions on the future use of the land currently under development, which includes 45 houses, will be taken later this week, Suwaphan said, adding that the government will form a committee with activists and representatives from the local community to determine further steps to restore the land.
However, Suwaphan said construction of the homes already under way would have to continue in order for the government to honor its agreement with the construction firm involved.
He added that nobody would live in the finished homes.
Activists hailed the decision as a victory.
“What we have now is a promise that Doi Suthep forest will be restored,” said Teerasak Roopsuwan, one of the movement’s leaders.
“I think this could be a model for other parts of the country that public projects must not only be legal, but they must also consider local people’s opinions,” Teerasak said.
Sawat Chantalay, a Chiang Mai environmental activist, told Reuters that the activists will continue to organize public events to create awareness about such issues.
“This housing estate is like an open wound that reflects layers of problems Thailand has accumulated over many years,” said environmental activist Wattana Wachirodom.
“But if the government doesn’t fix this then people could rise up,” said Wattana.
Photographs of the construction of a government luxury housing project earmarked as homes for judges on land in the foothills of the province's famous Doi Suthep mountains are on display at an art fair organised by environmentalist groups in Chiang Mai, Thailand May 6, 2018. REUTERS/Panu Wongcha-um Reporting by Panu Wongcha-um in CHIANG MAI, Thailand;Editing by Amy Sawitta Lefevre and Adrian Croft
| ashraq/financial-news-articles | https://in.reuters.com/article/us-thailand-politics-protest/thai-environment-protesters-claim-victory-in-battle-over-forest-housing-idINKBN1I70KE |
Updated: May 31, 2018 12:44 PM ET
No essay today, sorry! I’m recovering from a nasty bug.
But I wanted to at least share some comments on the news, since there has been so much of it.
First, the Starbucks racial bias training day. You can find the curriculum they used here , which includes a moving short film by award-winning documentary filmmaker Stanley Nelson .
My big take: It was a well-executed first step for a company dedicated to inclusive leadership, and an extraordinary attempt to host a bigger conversation about race in America.
New Yorker writer Jelani Cobb further explains the white-dominance of public spaces — the napping while, walking while, barbequing while black phenomenon — and the insistence that the authorities support that dominance. “It would be possible to see the recent incidents as a survivable pestering — racism as nuisance — were it not for the fact that the denial of the unimpeded use of public space has been central to the battles over civil rights since Emancipation,” he says . “The crucial aspect of the Starbucks story isn’t whether a company can, in a single training session, diminish bias among its employees. It’s the implied acknowledgment that such attitudes are so pervasive in America that a company has to shoulder the responsibility of mitigating them in its workforce.”
Adding on, Phillip Atiba Goff, a professor and the president of the Center for Policing Equity at the John Jay College of Criminal Justice, wonders if Starbucks could help change the way tensions in public spaces are assessed.
“Instead of training sessions, Starbucks could make more of a difference by helping cities fund non-police options for people worried about suspicious behaviors,” he writes . “Employees at a Starbucks in Oakland, Calif., for example, posted the phone numbers of social workers and others who are trained to de-escalate conflicts. If we funded these resources to scale, we could make it less likely that an employee calls the police for a ‘quality of life’ complaint that turns out to be unwarranted.”
This is an interesting conversation to have and a lot to ask a corporation to do.
One of the things the Nelson film does particularly well is to show the deep exhaustion associated with being a suspect based on the color of your skin. “Am I going to take the burden of this interaction being comfortable?” says one man who talks about the reality of white discomfort. “Because what I really want is a sandwich. Do you know what I mean? I don’t want to fight. I’m hungry.”
The burden is real, whether it is shared or not.
In other news, Roseanne Barr got fired from her television show for a clearly racist tweet-storm. For fans who wonder if she was treated fairly, or if you’re looking for a teachable moment, maybe some background will help.
Here is a piece exploring the dangerous rise of racist dog whistles in modern media. More directly, here’s some analysis from Psychology Today that helps assess the damage that has been done by our long and ugly history of dehumanizing black people by comparing us to apes. Here’s just one component — research shows that the perception of black people as subhuman and ape-like directly informs the public’s view of whether police brutality against a black suspect is deserved.
And if you’re worried that television is missing the perspective of the working class or conservative family, Vox has provided a list of eleven other options for you to choose from.
Last but no means least, there’s a new report on the true death toll of Hurricane Maria in Puerto Rico. According to this New England Journal of Medicine article , 4,645 people died because of the storm—more than the number of people who perished during the attacks of September 11, and more than seventy times the official death toll of 64.
My colleague Clifton Leaf explains the specific tragedy of this number in his must-read newsletter Brainstorm Health Daily: Many fatalities occurred long after the wind had passed; in fact, one-third of the deaths were attributable to “delayed or interrupted” health care.
“I bring this up not merely to talk about the ferocity of Mother Nature,” Leaf writes . “I bring this up to point out, once again, that delayed care , and the lack of accessibility to care, and the inability to afford care, leads to death. Plain and simple.” On Point Walmart will pay for its workers to get college degrees Add the mega-retailer to a growing list of companies who are adding subsidized college tuition for its employees to its array of benefits. The company will pay for full or part-time workers to take courses in person or online at three colleges, chosen for their high graduation rates, as long as their coursework is business or supply chain management. And there are no strings – students do not have to keep working for Walmart after they earn their degrees. New York Times Moving the money: Would black divestiture make a difference? This is the question posed by Kia Garvey, who explores the role of black-owned banks in the lives of depositors, borrowers and the communities they invest in. There is a long and necessary history of black-owned financial institutions providing essential capital when more mainstream commercial banks would not; more recently, a call to move to black-owned banks has revived a Martin Luther King-era political tactic. “[G]o to your bank tomorrow and say, ‘Until you as a corporation start to speak on our behalf, I want all my money,’” hip-hop artist Michael “Killer Mike” Render told radio listeners after Philando Castille was shot and killed by a police officer in St. Paul, Minn. The New Republic A jury decision raises new questions on the value of black lives Jury awards are a typically fraught exercise, and often deliver decisions that are difficult to understand from the outside. But questions remain about the shooting death of Gregory Vaughn Hill Jr. at his home in Fort Pierce, Fla four years ago, killed by a white sheriff dispatched after a noise complaint. A federal jury was asked to determine damages in a wrongful death suit, specifically the pain and suffering of Hill’s three children and the culpability of the sheriff. They awarded $4 in damages: $1 for funeral expenses and $1 for each child’s loss. And then it got worse. | ashraq/financial-news-articles | http://fortune.com/2018/05/31/raceahead-starbucks-change-america/ |
May 3 (Reuters) - Super Micro Computer Inc:
* SUPERMICRO® ANNOUNCES THIRD QUARTER FISCAL 2018 PRELIMINARY FINANCIAL INFORMATION
* SEES Q4 2018 SALES $800 MILLION TO $860 MILLION * SEES Q3 2018 NON-GAAP EARNINGS PER SHARE $0.48 TO $0.52
* SEES Q3 2018 GAAP EARNINGS PER SHARE $0.28 TO $0.32 * SEES Q3 2018 SALES $785 MILLION TO $795 MILLION Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-supermicro-sees-q3-2018-earnings-p/brief-supermicro-sees-q3-2018-earnings-per-share-0-28-to-0-32-idUSASC09ZNW |
May 3, 2018 / 10:14 AM / in 8 hours Rhinos to return to Chad in airlift after five-decade absence Ed Stoddard , Dinky Mkhize 3 Min Read
ADDO ELEPHANT NATIONAL PARK, South Africa (Reuters) - Almost 50 years after they were hunted to local extinction, black rhinos will again roam the wilds of the Central African nation of Chad, the latest chapter in a movement to bring big mammals back to former ranges on the continent.
On Thursday, six rhinos will be flown to Chad’s Zakouma National Park from the South African city of Port Elizabeth, sedated and confined in specially-crafted crates to ensure they don’t cause a commotion mid-air.
The initiative comes against the backdrop of a poaching crisis that saw more than 1,000 rhinos slain in South Africa last year to meet red-hot demand for their horns in Asia, where they are prized for their alleged medicinal properties.
For graphic on rhino poaching on South Africa click here
With 18,000 white rhinos and 2,000 of the smaller black rhino, South Africa is home to about 80 percent of the global population of the pachyderms, making it the springboard for reintroduction efforts elsewhere.
“By establishing a viable and secure population of rhino in Chad, we are contributing to the expansion of the rhino population in Africa, and the survival of a species that has faced high levels of poaching,” said South African Environment Minister Edna Molewa.
No rhino has been seen in Chad since the early 1970s.
African Parks, a non-government organization which runs Chad’s Zakouma and other reserves, has also reintroduced rhinos and lions from South Africa to Rwanda and is planning to relocate lions to Malawi. One of the six black rhinos due to be relocated to Chad is seen in an enclosure at Addo Elephant National Park, near Addo, South Africa, May 2, 2018. REUTERS/Ed Stoddard
“We have been using the history of conservation success in South Africa to repopulate other areas in Africa,” Andrew Parker, director of conservation at African Parks, told Reuters as a hulking rhino lumbered about its holding pen below him.
The Chad-bound rhinos were in the fortified enclosures or “bomas” for three months in preparation for their long haul.
The animals have been fed lucerne, a kind of super-nutritious hay, the past few weeks. It will be initially provided to them in Chad as they adjust their diet to new trees and shrubs.
Security has been tight: the animals’ location was kept under wraps, they will be given a police escort to the airport, and in Chad they will be dehorned and fitted with transponders.
Jumbo-sized logistics and planning go into such an operation: the animals were tranquilized in Marakele National Park in northern South Africa and then brought to Addo, which has better facilities.
Cranes hoisted the crates containing the rhinos onto flat-bed trucks and they will be monitored carefully by vets on the plane for the 15-hour trip which involves two stops. Slideshow (2 Images)
The hope is that the two bulls and four cows will establish a breeding herd which will be the most northern wild population of the species in Africa. Editing by Peter Graff | ashraq/financial-news-articles | https://www.reuters.com/article/us-wildlife-rhinos-africa/rhinos-to-return-to-chad-in-airlift-after-five-decade-absence-idUSKBN1I410V |
0 COMMENTS About a third of New York City fifth-graders who appeal their middle-school admission decisions are successful and win seats at the public schools they prefer, Education Department data show.
The department lets students unhappy with their April acceptance letters file appeals, and expects to announce those results in early June.
Suspense runs high .
Last spring, about 8,600 fifth-graders appealed their offers for the fall of 2017—almost 12% of applicants, according to department data. About 2,800 of them, or 33%, won their appeals and nabbed a spot at one of their choices.
About 500 students who appealed never enrolled: Many switched to private schools, charters or options outside the city.
Under New York’s complex system, fifth-graders rank schools they want to attend, and schools rank students they want to enroll, often based on their academic records and other criteria, such as interviews or auditions. The department makes matches. In appeals, students can ask again for their initial choices or new ones.
Nicola DiMaria, an 11-year-old in Brooklyn’s Carroll Gardens, broke into tears when she was matched last year to a school she had never toured.
“All my friends were getting their first or second choice and saying, ‘I got into the school of my dreams!’” she said.
Her mother, Ana Larios, said she was upset to discover that Nicola’s assigned school in District 15 had a metal detector at the door and staff she found unimpressive when they visited. They appealed, and were thrilled Nicola was accepted at her original first pick, Boerum Hill School for International Studies.
“I love my school so much,” Nicola said, citing its French-immersion program, floor hockey and off-campus lunch privileges. “I was lucky,” she said. But for some students she knew, appeals failed.
Department officials said students are matched to schools during appeals through the same criteria as initial applications, and get spots that open up when accepted students change plans.
This high-anxiety process is tied to a choice system that is under increasing scrutiny . Critics of sorting children by academic records say it often ends up segregating them by family income, race and prior access to strong elementary schools. Meanwhile, parents who support the choice system say high-performing, selective options keep them in public education.
The city’s new chancellor, Richard Carranza, surprised many parents last week by questioning the whole rationale for screening students this way , though he didn’t announce any changes.
“Why are we screening kids in a public school system?” he asked. “That’s, to me, antithetical to what I think we all want for our kids.”
Fifth-graders who appealed roughly reflected the demographics of the system overall. About 15% of those appealing last year were white, 19% were Asian, 21% were black and 37% were Hispanic, according to city data. About 72% qualified for subsidized lunch.
High achievers on state tests were least likely to appeal: Only 13% of those who appealed earned the top test scores, or Level 4 on state exams. That is probably because they are more successful at getting into the selective schools they want, educators said.
“Everyone wants to go to the same middle schools,” said Robin Aronow, an admissions consultant with School Search NYC. “Inevitably there are kids who don’t get in, some of whom are just as qualified as anyone else.”
As parents and educators debate changing admissions systems to integrate public schools in parts of the city, some say the number of appeals will rise, especially if strong students lose access to sought-after spots.
In District 3, for example, covering the Upper West Side and parts of Harlem, 88% of students with Level 4 scores got into their favorite middle-school choices for last fall, compared with 55% of low scorers, or Level 1. When students appealed and didn’t end up enrolling in schools run by the department, they were most frequently hoping for high-achieving options in great demand—Mott Hall II, the Computer School, Booker T. Washington and West End Secondary School.
Students who failed state tests were especially likely to appeal their placements. Only 6% of those who appealed in District 3 had top test scores of Level 4.
To diversify schools in District 3, and make access to popular schools more equitable, the department has proposed setting aside 25% of seats in each middle school for struggling students. To decide who would get priority, it has suggested using various combinations of low test scores, course grades and poverty measures.
Many District 3 parents have balked at these scenarios , saying talented students would unfairly lose access to desirable schools and might be sent to classrooms with few children who passed state tests. Many parents say they want more integration, but that this plan lacks money for remedial help for children below grade level who would be assigned to high-performing schools, among other concerns. And many say the real problem is there are simply too few options with sufficient resources.
“The problem is the Department of Education hasn’t provided enough quality schools,” said Debra Plafker, a District 3 parent and education consultant. “Parents are jostling for too few good seats.”
A department spokesman countered that. “We have high-quality middle-school programs all across the city, and are investing in every school as we build a pathway to success for all students,” said Doug Cohen in an email. “We’ll continue working closely with students and families throughout the appeals process to help them find a program that best fits their needs. ”
Write to Leslie Brody at [email protected] | ashraq/financial-news-articles | https://www.wsj.com/articles/in-high-stress-school-admissions-process-some-students-win-in-second-shot-1527426000 |
ROME, May 17 (Reuters) - The leaders of Italy’s anti-establishment 5-Star Movement and the far-right League on Thursday gave their approval to a joint policy programme for their planned coalition government, a 5-Star source said.
5-Star leader Luigi Di Maio and League chief Matteo Salvini are still discussing who should be prime minister of the new administration, but had made progress on the issue, the source said.
The programme, which was not immediately released, contains no reference to possible exit from the euro single currency or “anything that could cause any concern regarding Italy’s euro membership,” the source added.
Reporting by Giuseppe Fonte, Writing by Gavin Jones; Editing by Crispian Balmer
| ashraq/financial-news-articles | https://www.reuters.com/article/italy-politics-programme/italys-5-star-league-leaders-sign-off-on-policy-programme-source-idUSR1N1R502M |
May 14 (Reuters) - Dynasil Corporation of America:
* REPORTS SECOND QUARTER FISCAL 2018 NET INCOME OF $1.3 MILLION
* Q2 EARNINGS PER SHARE $0.08 * QTRLY REVENUE $10.3 MILLION VERSUS $10.1 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-dynasil-corporation-of-america-rep/brief-dynasil-corporation-of-america-reports-q2-eps-of-0-08-idUSASC0A20T |
May 21, 2018 / 6:14 AM / in 2 hours UPDATE 1-China will "actively and steadily" deleverage, tackle risks -sources Reuters Staff
* China will prevent rapid rises in macro leverage ratio- sources
* China will tackle short- and medium-term financial risks
* China to further promote yuan internationalisation- plan (Adds details, quotes)
BEIJING, May 21 (Reuters) - China will “actively and steadily” deleverage and tackle financial risks, sources said on Monday, underscoring concerted efforts by Beijing to defuse a potentially damaging economic fallout from years of cheap money and loose lending practices.
The sources cited the country’s five-year plan (2016-2020) for the financial sector which has been a major focus for regulators as they look to rein in shadow banking activity, improve transparency in funding sources and generally reduce a dangerous build-up of debt across the economy.
China will boost the role of price-based monetary policy targets with interest rates as core, according to two sources with knowledge of the matter and a document seen by Reuters.
The sources were quoting the plan jointly issued by the People’s Bank of China, financial regulators and other government agencies.
“China must actively and steadily deleverage, adjust the overall floodgate of money supply and prevent the rapid increase in the macro leverage ratio,” the five-year plan said.
The government is in the third year of a regulatory crackdown on riskier lending practices, which has slowly pushed up borrowing costs while reducing these alternative and murkier funding sources for companies such as shadow banking.
China’s overall debt level rose 2.7 percentage points in 2017 to 250.3 percent of gross domestic product due to the impact from China’s supply-side reforms, improving economy and corporate profits, the central bank has said.
Beijing will also actively and steadily tackle financial risks in the short- and medium-term, the sources said, adding that regulators will increase oversight of the shadow banking sector and various online financial businesses.
China will significantly boost the share of direct financing in its financial system, especially equity financing, the sources said.
The outstanding value of China’s bond market is expected to match its gross domestic product by the end of 2020, they said.
China will continue to promote the process of yuan internationalisation, expecting cross-border yuan payments to account for over a third of all cross-border payments by 2020, the sources said.
The central bank has yet to respond to a Reuters request for comment. (Reporting by Li Zheng, Ma Rong and Kevin Yao Editing by Shri Navaratnam) | ashraq/financial-news-articles | https://www.reuters.com/article/china-economy-plan/update-1-china-will-actively-and-steadily-deleverage-tackle-risks-sources-idUSL3N1SS243 |
At Trump Tower, the President’s flagship Fifth Avenue residence and corporate headquarters, condominium sales have slowed sharply since last fall amid a broader slump in Manhattan transactions.
The building has logged just one sale this year and two since last September, both one-bedroom apartments on lower floors that sold for less than other recent sales of similar units in the tower. Larger, more expensive listings have been lingering.
... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/condo-sales-stall-at-trump-tower-1525288810 |
CARACAS, Venezuela—For Venezuelan President Nicolás Maduro, the easy part was winning a presidential race where the main opposition candidates were barred, their supporters boycotted the vote, and his government controlled every aspect of the contest, including counting votes.
Now comes the hard part: Trying to pull his country out of the worst economic crisis in its history as it faces growing isolation from the international community.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/after-venezuela-strongmans-victory-isolated-nation-faces-growing-chaos-1526935047 |
HOUSTON, May 7, 2018 /PRNewswire/ - Enbridge Energy Management, L.L.C. (NYSE: EEQ) ("Enbridge Management") today confirmed that its previously declared share distribution, to be paid on May 15, 2018, will consist of 3.7041 additional shares for each 100 shares of record on May 8, 2018.
The distribution of additional Enbridge Management shares is based on the notional cash value of the declared distribution of $0.35 per share and the average closing price of Enbridge Management shares for the ten consecutive trading days prior to the ex-dividend date.
About Enbridge Energy Management, L.L.C.
Enbridge Energy Management, L.L.C. manages the business and affairs of the Partnership, and its sole asset is an approximate 20 percent limited partner interest in the Partnership. Enbridge Energy Company, Inc., an indirect wholly owned subsidiary of Enbridge Inc. of Calgary, Alberta, Canada (NYSE: ENB) (TSX: ENB) is the general partner of the Partnership and holds an approximate 35 percent interest in the Partnership. Enbridge Management is the delegate of the general partner of the Partnership.
About Enbridge Energy Partners, L.P.
Enbridge Energy Partners, L.P. owns and operates a diversified portfolio of crude oil transportation systems in the United States. Its principal crude oil system is the largest pipeline transporter of growing oil production from western Canada and the North Dakota Bakken formation. The system's deliveries to refining centers and connected carriers in the United States account for approximately 25 percent of total U.S. oil imports. Enbridge Energy Partners, L.P. is traded on the New York Stock Exchange under the symbol EEP; information about the company is available on its website at www.enbridgepartners.com .
FOR FURTHER INFORMATION PLEASE CONTACT:
Enbridge Energy Partners, L.P.
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Michael Barnes
Toll Free: (877) 496-8142
Email: [email protected]
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Roni Cappadonna
Toll Free: (800) 481-2804
Email: [email protected]
View original content: http://www.prnewswire.com/news-releases/enbridge-energy-management-llc-confirms-amount-of-share-distribution-for-first-quarter-2018-300643883.html
SOURCE Enbridge Energy Management L.L.C. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/pr-newswire-enbridge-energy-management-l-l-c-confirms-amount-of-share-distribution-for-first-quarter-2018.html |
CARMICHAELS, Pa., May 16, 2018 (GLOBE NEWSWIRE) -- CB Financial Services, Inc. (the “Company”) (NASDAQ:CBFV), the holding company for Community Bank, today announced that its Board of Directors has declared a quarterly cash dividend of $0.22 per outstanding share of common stock. The dividend will be paid on or about June 18, 2018 to stockholders of record as of the close of business on June 8, 2018.
“We are pleased to continue the $0.22 per share dividend in the second quarter of 2018,” commented Barron P. McCune, Jr., Vice Chairman and Chief Executive Officer. “Our strong capital position along with core loan and deposit growth allows us to continue to tell our story.”
About CB Financial Services, Inc.
CB Financial Services, Inc. is the bank holding company for Community Bank, a Pennsylvania-chartered commercial bank. Community Bank operates sixteen offices in Greene, Allegheny, Washington, Fayette, and Westmoreland Counties in southwestern Pennsylvania, seven offices in Brooke, Marshall, Ohio, Upshur and Wetzel Counties in West Virginia, and one office in Belmont County in Ohio. Community Bank offers a broad array of retail and commercial lending and deposit services and provides commercial and personal insurance brokerage services through Exchange Underwriters, Inc., its wholly owned subsidiary.
For more information about CB Financial Services, Inc. and Community Bank, visit our website at www.communitybank.tv .
Contact:
Barron P. McCune, Jr.
Vice Chairman and Chief Executive Officer
Phone: (724) 225-2400
Fax: (724) 225-4903
Source:CB Financial Services, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/globe-newswire-cb-financial-services-inc-announces-quarterly-cash-dividend.html |
May 28, 2018 / 4:14 PM / Updated 12 minutes ago Tennis: Great Dane Wozniacki in solid form early in Paris Ossian Shine 1 Min Read
PARIS (Reuters) - The most recently minted Grand Slam champion in tennis booked her second round French Open slot on Monday as Caroline Wozniacki overcame a stuttering start to beat Danielle Collins 7-6(2) 6-1 in Paris. Tennis - French Open - Roland Garros, Paris, France - May 28, 2018 Denmark's Caroline Wozniacki in action during her first round match against Danielle Collins of the U.S REUTERS/Gonzalo Fuentes
The Dane, who landed her first major at the Australian Open earlier this year in what was her 43rd Grand Slam attempt, generally prefers faster surfaces, but looked increasingly at ease once she had ironed out some early glitches.
Collins, coming into this tournament on a career-high ranking of 42, fought throughout but was unable to hold off Wozniacki who won on a bizarre point after the umpire ruled a Collins shot had been long while the American, her back turned, was preparing to play on.
Seeded two here, Wozniacki is one of six players who could end the tournament world number one. Editing by Christian Radnedge | ashraq/financial-news-articles | https://www.reuters.com/article/us-tennis-frenchopen-wozniacki/tennis-great-dane-wozniacki-in-solid-form-early-in-paris-idUSKCN1IT1NS |
GLENDALE, Calif.--(BUSINESS WIRE)-- Public Storage’s (NYSE:PSA) affiliate, Shurgard Self Storage Europe S.a.r.l. (“Shurgard”), is considering an initial public offering.
Public Storage acquired its interest in Shurgard in August 2006 through the acquisition of Shurgard Storage Centers, Inc. In March 2008, Public Storage sold 51% of its interest in Shurgard to an institutional investor. Public Storage acts as the managing member of the joint venture.
“Shurgard began developing European self-storage properties in 1995. It currently owns and operates over 220 self-storage facilities with over 12 million net rentable square feet located in Belgium, Denmark, France, Germany, Netherlands, Sweden and in the U.K.,” said Ron Havner, Chairman and Chief Executive Officer of Public Storage. “We believe the European market presents excellent growth opportunities,” added Havner.
THE SECURITIES THAT WOULD BE THE SUBJECT OF ANY OFFERING WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “SECURITIES ACT”) AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES ABSENT REGISTRATION UNDER THE SECURITIES ACT OR PURSUANT TO AN APPLICABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS THEREUNDER.
About Public Storage
Public Storage, a member of the S&P 500 and FT Global 500, is a REIT that primarily acquires, develops, owns and operates self-storage facilities. The Company’s headquarters are located in Glendale, California. At March 31, 2018, we had interests in 2,392 self-storage facilities located in 38 states with approximately 159 million net rentable square feet in the United States and 223 storage facilities located in seven Western European nations with approximately 12 million net rentable square feet operated under the “Shurgard” brand. We also own a 42% common equity interest in PS Business Parks, Inc. (NYSE:PSB) which owned and operated approximately 28 million rentable square feet of commercial space at March 31, 2018.
Additional information about Public Storage is available on our website, PublicStorage.com .
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements in this press release, other than statements of historical fact, are forward-looking statements which may be identified by the use of the words “expects,” “believes,” “anticipates,” “should,” “estimates” and similar expressions. These forward-looking statements involve known and unknown risks and uncertainties, which may cause our actual results and performance to be materially different from those expressed or implied in the forward-looking statements. Factors and risks that may impact future results and performance include, but are not limited to, those described in Part 1, Item 1A, “Risk Factors” in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on March 1, 2018 and in our other filings with the SEC and the following: general risks associated with the ownership and operation of real estate, including changes in demand, risk related to development of self-storage facilities, potential liability for environmental contamination, natural disasters and adverse changes in laws and regulations governing property tax, real estate and zoning; risks associated with downturns in the national and local economies in the markets in which we operate, including risks related to current economic conditions and the economic health of our customers; the impact of competition from new and existing self-storage and commercial facilities and other storage alternatives; difficulties in our ability to successfully evaluate, finance, integrate into our existing operations and manage acquired and developed properties; risks associated with international operations including, but not limited to, unfavorable foreign currency rate fluctuations, changes in tax laws, and local and global economic uncertainty that could adversely affect our earnings and cash flows; risks related to our participation in joint ventures; the impact of the regulatory environment as well as national, state and local laws and regulations including, without limitation, those governing environmental, taxes, our tenant reinsurance business and labor, and risks related to the impact of new laws and regulations; risks of increased tax expense associated either with a possible failure by us to qualify as a REIT, or with challenges to the determination of taxable income for our taxable REIT subsidiaries; changes in federal or state tax laws related to the taxation of REITs and other corporations; security breaches or a failure of our networks, systems or technology could adversely impact our business, customer and employee relationships; risks associated with the self-insurance of certain business risks, including property and casualty insurance, employee health insurance and workers compensation liabilities; difficulties in raising capital at a reasonable cost; delays in the development process; ongoing litigation and other legal and regulatory actions which may divert management’s time and attention, require us to pay damages and expenses or restrict the operation of our business; and economic uncertainty due to the impact of war or terrorism. These forward-looking statements speak only as of the date of this press release. All of our forward-looking statements, including those in this press release, are qualified in their entirety by this statement. We expressly disclaim any obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, new estimates, or other factors, events or circumstances after the date of this press release, except where expressly required by law. Given these risks and uncertainties, you should not rely on any forward-looking statements in this press release, or which management may make orally or in writing from time to time, as predictions of future events nor guarantees of future performance.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180530006479/en/
Public Storage
Ryan Burke
(818) 244-8080, Ext. 1141
Source: Public Storage | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/business-wire-public-storageas-affiliate-shurgard-self-storage-europe-s-a-r-l-is-considering-an-initial-public-offering.html |
ALEXANDRIA, Va., May 22, 2018 /PRNewswire/ -- NRL Federal Credit Union launched into an exciting era today with the announcement of new CEO Kristin Shultz. NRLFCU, with assets of $465 million and more than 23,000 members, selected Shultz upon the retirement of Linda Powell, who served NRLFCU for 16 years, including the last three years as CEO.
"The Board of Directors is excited to begin a new chapter with Kristin Shultz as she takes up the reins as our new CEO. She brings continuity from her experience as COO, and we're exceedingly confident in her abilities to take us forward into the exciting times ahead," Dr. Richard Bevilacqua, Chairman.
The credit union headquartered in Alexandria, Virginia, chose Shultz based on her extensive experience in the financial industry, as well as her proven leadership in her most recent role as Chief Operations Officer. During her first year as COO, the credit union saw loans grow more than 7.5% and membership by nearly 15%. She also oversaw multiple technology projects and hired a first-class team of executives.
With more than 25 years of financial industry insight, Shultz brings unparalleled experience coupled with unbridled enthusiasm to her new role. "NRL Federal Credit Union is poised for greatness. Our credit union is ready to grow and to bring enhanced services, products, and experiences to our members," said Shultz. "I envision the credit union to remain financially strong and sustainable and to be recognized as a top employer."
Shultz has a BA in Economics from University of Virginia and an MBA from Virginia Tech. Her career has included serving in nearly every leadership role in a credit union including Consumer Lending, Real Estate Lending, Retail Branches, Communication Center, eCommerce, Information Technology, Debt Management, Facilities, Marketing, Operations, and Card Services.
Shultz says she will pay homage to the past but will keep a sharp eye to the future. She says the credit union is "informed by the past, inspired by possibility, and driven to discover."
About NRL Federal Credit Union
Founded in 1946 to serve the Naval Research Lab, NRLFCU is now a strong $465 million financial institution serving more than 23,000 members. Membership is open to employees of the Naval Research Laboratory and members of the American Consumer Council. For more information, visit NRLFCU.org .
View original content with multimedia: http://www.prnewswire.com/news-releases/nrl-federal-credit-union-names-new-ceo-300653130.html
SOURCE NRL Federal Credit Union | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/pr-newswire-nrl-federal-credit-union-names-new-ceo.html |
May 16 (Reuters) - India’s TVS Motor Company Ltd posted an about 31 percent increase in quarterly profit on Wednesday, helped by higher vehicle sales at home and growth in exports, but missed analysts’ estimates.
Net profit came in at 1.66 billion rupees ($24.47 million) for the fourth quarter ended March 31, compared with a profit of 1.27 billion rupees a year earlier, the company said bit.ly/2IqzYkG.
Analysts on average expected a quarterly profit of 2.04 billion rupees, Thomson Reuters Eikon data showed.
Overall two-wheeler and three-wheeler sales in the quarter grew 31.7 percent to 889,000 units, with the motorcycles segment posting a growth of 61.1 percent. Exports rose 45.3 percent to 111,000 units.
Shares of TVS Motor were down 2.5 percent as of 0835 GMT. ($1 = 67.8300 Indian rupees) (Reporting by Krishna V Kurup in Bengaluru; Editing by Biju Dwarakanath)
| ashraq/financial-news-articles | https://www.reuters.com/article/tvs-motor-results/indias-tvs-motor-co-q4-profit-up-31-pct-lags-street-idUSL3N1SN2K9 |
BRUSSELS (Reuters) - The U.S. withdrawal from the Iran nuclear deal opens the way to raising pressure on Tehran to stop its military support for Syrian President Bashar al-Assad and leave the country, a Syrian opposition leader said on Thursday.
FILE PHOTO: Nasr al-Hariri, Head of the opposition Syrian Negotiation Commission (SNC), speaks in Brussels, Belgium, February 20, 2018. REUTERS/Francois Lenoir/File Photo Nasr Hariri of the Syrian Negotiation Commission (SNC) spoke in the EU political hub Brussels as Assad declared separately that U.S. forces should leave Syria because people in the Middle East were tired of foreign invasions.
Hariri pushed back against Assad’s comments, stressing that Russia and Iran had been fighting on behalf of Assad in the Syrian war, helping him retake considerable territory from rebels and Islamic groups. Hariri said there were now up to 100,000 Iranian or Iran-affiliated fighters in the country.
“The role of Iran is getting bigger and bigger, at the expense of our people,” Hariri said. “So we are supporting any international mechanism that could limit the influence of Iran in the region in general, and in our country in particular.”
“We cannot separate one from another, the (Iranian) nuclear program from Tehran’s missile program and Iran’s malign behavior in our region,” he said.
Earlier in May, U.S. President Donald Trump walked away from the 2015 international nuclear accord under which world powers lifted some economic sanctions on Iran in exchange for curbs on its disputed atomic energy program.
The EU is now scrambling to keep the deal alive because it sees it as a key element of international security.
But some EU states also share Trump’s anger with Iranian military involvement across the Middle East, including in Yemen, and would want to limit Tehran’s missile capabilities as well.
Hariri had talks with EU foreign policy chief Federica Mogherini about the matter on Thursday.
“While Iran and Iranian militias are present in our country, there will not be a political, negotiated solution. There will not be a solution while these foreign partners are there. We are looking for ways to force Iran out of Syria,” he said.
With Moscow and Tehran behind him, Assad now seems unassailable in a war that has killed half a million people, uprooted around 6 million inside Syria and driven another 5 million abroad as refugees - including to the EU.
But Hariri said three years of deepening Russian military intervention were still not enough to secure a decisive victory for Assad and that Damascus could still lose if Moscow withdrew.
“The rumor that the regime has won the war are not true. Based on the current situation, the regime cannot claim any stable victory,” Hariri said. Russia, he added, should get serious about international peace talks if it wants a way out.
The EU also strongly supports U.N.-led peace talks on Syria but they have made scant progress since conflict first erupted there in 2011, largely because the Russia and the United States are backing opposing sides in the war.
Editing by Mark Heinrich
| ashraq/financial-news-articles | https://www.reuters.com/article/us-mideast-crisis-syria-opposition/eu-should-help-push-iran-out-of-syria-opposition-negotiator-idUSKCN1IW1RC |
May 1, 2018 / 5:07 PM / in 34 minutes BRIEF-Airbus Aerial Says Partnership With Dronebase for Multi-Source Data Services Solution Reuters Staff 1 Min Read
May 1 (Reuters) - Airbus Aerial:
* AIRBUS AERIAL - PARTNERSHIP WITH DRONEBASE THAT DELIVERS MULTI-SOURCE DATA SERVICE SOLUTION FOR AERIAL IMAGERY, DATA FROM SINGLE PROVIDER
* AIRBUS AERIAL - PARTNERSHIP WITH DRONEBASE WILL ALLOW COS TO WORK WITH ONE GLOBAL SOURCE TO PROVIDE DATA FROM DRONES, MANNED AIRCRAFT, OR SATELLITES Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-airbus-aerial-says-partnership-wit/brief-airbus-aerial-says-partnership-with-dronebase-for-multi-source-data-services-solution-idUSFWN1S80KK |
May 23 (Reuters) - HomeStreet Inc:
* HOMESTREET INC - HOMESTREET AGAIN RECOMMENDS SHAREHOLDERS VOTE WHITE PROXY CARD TO ENSURE THEIR VOTES ARE COUNTED
* HOMESTREET INC - COMPANY WILL NOT BE ABLE TO COUNT ANY VOTES ON ROARING BLUE LION’S BLUE PROXY CARD, INCLUDING FOR QUORUM PURPOSES
* HOMESTREET INC - CO WILL COUNT VOTES ON BLUE PROXY CARDS AT 2018 ANNUAL MEETING ON PROVISIONAL BASIS Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-homestreet-inc-recommends-sharehol/brief-homestreet-inc-recommends-shareholders-vote-white-proxy-card-to-ensure-votes-are-counted-idUSFWN1SU0MK |
First Quarter Results Meaningfully Exceeded LaSalle’s Expectations; EBITDA Outperformed Outlook by Approximately $6 Million or 15%
First Quarter Unaffected Property RevPAR Flat
Strong Growth in Corporate and International Travel Segments
Increases Full Year 2018 Outlook
BETHESDA, Md.--(BUSINESS WIRE)-- LaSalle Hotel Properties (NYSE: LHO) today announced results for the quarter ended March 31, 2018. The Company’s results are summarized below.
First Quarter 2018 2017 % Var. (dollars in millions except per share/unit data) Net (loss) income attributable to common shareholders (1) $ (11.1 ) $ 76.1 -114.6 % Net (loss) income attributable to common shareholders per diluted share (1) $ (0.10 ) $ 0.67 -114.9 % Unaffected Properties (Excludes Washington, DC, Key West and Properties Under Renovation)
RevPAR (2) $ 169.97 $ 169.56 0.2 % All Properties
RevPAR (2) $ 165.23 $ 178.81 -7.6 % Hotel EBITDAre Margin (2) 23.7 % 27.4 % Hotel EBITDAre Margin Change (2) -370 bps Adjusted EBITDAre (2) $ 47.6 $ 61.8 -23.0 % Note: Adjusted EBITDAre in the first quarter of 2017 included $3.6 million for assets that the Company sold in 2017. Adjusted FFO attributable to common shareholders and unitholders (2) $ 37.3 $ 51.3 -27.3 % Adjusted FFO attributable to common shareholders and unitholders per diluted share/unit (2) $ 0.33 $ 0.45 -26.7 % (1) First quarter 2017 net income included $74.4 million of gains from the sales of Hotel Deca, Lansdowne Resort, and Alexis Hotel. (2) See the discussion of non-GAAP measures and the tables later in this press release for reconciliations from net (loss) income to such measures, including earnings before interest, taxes, depreciation and amortization (“EBITDA”), adjusted EBITDA for real estate (“EBITDAre”), adjusted funds from operations (“FFO”), and pro forma hotel EBITDAre. Room revenue per available room (“RevPAR”) is presented on a pro forma basis to reflect hotels in the Company’s current portfolio. See “Statistical Data for the Hotels - Pro Forma” later in this press release. Michael D. Barnello, President and Chief Executive Officer of LaSalle said, “First quarter results were meaningfully stronger than we expected and we are seeing the markets continue to build on this momentum so far in the second quarter. During the first quarter, corporate and international demand rebounded in our portfolio, and our early indication for the second quarter is that these positive trends should continue. Additionally, despite rising supply, the Manhattan market experienced its highest RevPAR growth of any quarter dating back to 2013, which is very promising. These data points are notably more positive than we expected just two months ago. We are encouraged by the market strength we are seeing and have raised our full year outlook; we believe the LaSalle portfolio is well positioned to capitalize on these drivers.”
Mr. Barnello added, “Furthermore, during the first quarter, we continued to make significant progress on our strategic and financial objectives and are confident in the unique value of our assets and position in the market. We delivered strong operational execution with flat RevPAR at our unaffected properties, demonstrated disciplined expense management and completed the majority of our renovations that began at the end of 2017. Importantly, we maintained our focus on prudent capital allocation and repurchased shares under the share repurchase program, creating additional value for our shareholders.”
First Quarter 2018 Results
Net Loss: The Company’s net loss attributable to common shareholders was $11 million, which changed by $87 million from the same period in 2017, primarily due to $74 million of gains from three asset sales last year. RevPAR: The Company’s first quarter 2018 RevPAR decreased 7.6% to $165, driven by a 4.0% reduction in average daily rate to $221 and an occupancy decline of 3.7% to 74.9%. Excluding the Company’s hotels located in Washington, DC and Key West and hotels under renovation, RevPAR was approximately flat to last year.
First Quarter 2017 and 2018 RevPAR Bridge: Actual Results
Inauguration (1) Renovation
Displacement
Subtotal
Anomalies
Market
Conditions
First Quarter
First Quarter 2017 RevPAR Actual 275 bps 100 bps 375 bps -235 bps 1.4 % First Quarter 2018 RevPAR Outlook -330 bps -265 bps -595 bps -255 bps -8.5 % First Quarter 2018 RevPAR Actual -330 bps -260 bps -590 bps -170 bps -7.6 % Outlook vs. Actual 0 bps 5 bps 5 bps 85 bps 90 bps (1) First quarter 2017 RevPAR (and the 2017 inauguration impact) did not include the results from Mason & Rook Hotel because it was not open for the first quarter of 2016. Mason & Rook Hotel is included in the full year 2018 outlook. The table below further subdivides the above “Market Conditions” category to show integration disruption at the Company’s nine hotels managed by IHG (Kimpton) and two hotels managed by Marriott (Westin). As shown in the table, the impact of the integration disruption increased relative to the Company’s expectations during the first quarter by 55 basis points, while the unaffected market conditions improved by 140 basis points.
First Quarter 2018 Market Conditions Detail
Integration
Impact (1)
Unaffected
Market
Conditions
Total Market
Conditions
First Quarter 2018 RevPAR Outlook -60 bps -195 bps -255 bps First Quarter 2018 RevPAR Actual -115 bps -55 bps -170 bps Outlook vs. Actual -55 bps 140 bps 85 bps (1) Includes disruption at the Company’s hotels managed by IHG (Kimpton) and Marriott (Westin). The original outlook for the integration impact in the first quarter was Quote: d on the Company’s fourth quarter 2017 earnings call. Hotel EBITDAre Margin: The Company’s hotel EBITDAre margin was 23.7%, which declined by 370 basis points from the first quarter 2017. The Company’s hotel expenses declined by 1% during the quarter. Adjusted EBITDAre: The Company’s adjusted EBITDAre was $48 million, a decrease of $14 million from the first quarter 2017. Adjusted FFO: The Company generated adjusted FFO of $37 million, or $0.33 per diluted share/unit, compared to $51 million, or $0.45 per diluted share/unit, for the first quarter 2017.
Capital Investments: The Company invested $39 million of capital in its hotels in the first quarter. The majority of this investment was for renovations, which are now mostly complete at Westin Copley Place in Boston, Paradise Point Resort and Spa in San Diego, Chamberlain and Le Montrose Suite Hotel in West Hollywood, Hotel Spero (formerly Serrano Hotel) and Harbor Court Hotel in San Francisco, and The Heathman Hotel in Portland.
The Company anticipates investing approximately $175 million of capital in its hotels in 2018, as previously disclosed.
Balance Sheet and Capital Markets Activities
Balance Sheet Summary as of March 31, 2018: The Company had total outstanding debt of $1.1 billion, and total net debt to trailing 12 month Corporate EBITDA (as defined in the financial covenant section of the Company’s senior unsecured credit facility, adjusted for all cash and cash equivalents on its balance sheet) was 2.6 times. The Company’s fixed charge coverage ratio was 5.3 times, and its weighted average interest rate for the first quarter was 3.2%. The Company had capacity of $773 million available on its credit facilities, in addition to $229 million of cash and cash equivalents on its balance sheet. Hyatt Regency Boston Harbor Bond Repayment: On March 1, 2018, the Company repaid the $42.5 million of outstanding bonds on the Hyatt Regency Boston Harbor with cash on hand. Share Repurchase: Between February 26, 2018 and March 5, 2018, the Company repurchased 2,982,800 common shares of the Company at a cost of $74.5 million and a weighted average price of $24.96 per share under the Company’s previously announced share repurchase program, which equates to an 8.1% capitalization rate on 2017 NOI. The Company has approximately $500 million of capacity remaining in its share repurchase authorization. The Company has not repurchased any common shares under the program since March 5, 2018.
Key West Impact Update: In the first quarter, the Company recorded $1.3 million of business interruption proceeds related to losses in 2017 following Hurricane Irma. The Company will continue to process business interruption claims for both of the Key West properties.
Full Year 2018 Outlook
The Company is updating its full year outlook for 2018 to account for outperformance during the first quarter and second quarter outlook only. The Company has not made any changes to its outlook in the second half of 2018 at this time. The outlook is based on the current economic environment and assumes no acquisitions, dispositions, or capital markets activity.
Mr. Barnello concluded, “With the bulk of the renovations behind us, coupled with the strong rebound in corporate and international travel, we are more confident than ever that LaSalle is poised to deliver compelling shareholder returns, and we are pleased to raise our full year outlook as a result. As always, we remain focused on enhancing value for shareholders and open-minded to all viable opportunities to achieve our objectives with our irreplaceable portfolio of outstanding hotel assets, solid balance sheet and strong cash flow.”
The Company’s RevPAR, hotel EBITDAre margin, and financial expectations for 2018 are shown in the table below:
Full Year 2018 Outlook
(dollars in millions except per share/unit data) Original
Current
Variance at
Midpoint
Net income $ 68 $70 to $73 +$3.5 RevPAR change -2.0 % -1.0% to -0.5% +125 bps Hotel expenses change 2.0 % 2.5% to 2.7% +60 bps Hotel EBITDAre margin 30.4 % 30.9% to 31.1% +60 bps Hotel EBITDAre margin change -275 bps -230 bps to -210 bps +55 bps Adjusted EBITDAre $ 291 $302 to $305 +$12.5 Adjusted FFO $ 235 $241 to $244 +$7.5 Adjusted FFO per diluted share/unit $ 2.06 $2.16 to $2.19 +$0.12 Second Quarter 2018 Outlook
The Company is providing a second quarter outlook for 2018, as shown in the following table:
Second Quarter 2018 Outlook (dollars in millions except per share/unit data) Current
Excluding
Kimpton and
Marriott
Net income $40 to $43 RevPAR change 0.0% to 1.5% 2.0% to 3.5% Adjusted EBITDAre $102 to $105 Adjusted FFO $82 to $85 Adjusted FFO per diluted share/unit $0.74 to $0.77 The only anomaly affecting the Company’s second quarter outlook is the continued integration-related disruption at all nine of its Kimpton-managed hotels and both of its Marriott-managed Westin hotels. Excluding these 11 hotels, the implied RevPAR outlook range for the second quarter is 2.0% to 3.5%.
If any of the foregoing estimates and assumptions prove to be inaccurate, actual results for the second quarter and full year 2018 may vary, and could vary significantly, from the amounts shown above. Achievement of the anticipated results is subject to the risks discussed in the Company’s filings with the Securities and Exchange Commission.
Dividend
On March 15, 2018, the Company declared a first quarter 2018 dividend of $0.45 per common share.
On March 28, 2018, the Company announced its dividend policy for the remaining quarters of 2018. Pursuant to the dividend policy, the Company expects to pay a quarterly dividend of $0.225 per common share for each of the quarters ending June 30, 2018, September 30, 2018 and December 31, 2018.
To the extent that the regular quarterly dividends for 2018 do not satisfy the annual distribution requirements under the REIT provisions of the Internal Revenue Code, the Company expects to satisfy the annual distribution requirements by paying a special dividend in January 2019.
The adoption of a dividend policy does not commit the Company to declare future dividends at the expected levels, or at all. The timing, form and amount of any future dividends will be in the discretion of the Company’s Board of Trustees and will depend upon the Company’s cash flow, financial condition and capital expenditure requirements, the annual REIT distribution requirements and other factors that the Board deems relevant.
Earnings Call
The Company will conduct its quarterly conference call on Thursday, May 10, 2018 at 8:00 AM eastern time. To participate in the conference call, please dial (800) 289-0438 . Additionally, a live webcast of the conference call will be available through the Company’s website. A replay of the conference call webcast will also be archived and available online through the Investor Relations section of the Company’s website.
About LaSalle Hotel Properties
LaSalle Hotel Properties is a leading multi-operator real estate investment trust. The Company owns 41 properties, which are upscale, full-service hotels, totaling 10,452 guest rooms in 11 markets in seven states and the District of Columbia. The Company focuses on owning, redeveloping and repositioning upscale, full-service hotels located in urban, resort and convention markets. LaSalle Hotel Properties seeks to grow through strategic relationships with premier lodging groups, including Access Hotels & Resorts, Accor, Benchmark Hospitality, Davidson Hotel Company, Evolution Hospitality, HEI Hotels & Resorts, Highgate Hotels, Hilton, Hyatt Hotels Corporation, IHG, JRK Hotel Group, Inc., Marriott International, Noble House Hotels & Resorts, Outrigger Lodging Services, Provenance Hotels, Two Roads Hospitality, and Viceroy Hotel Group.
This press release, together with other statements and information publicly disseminated by the Company, contains 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. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe the Company's future plans, strategies and expectations, are generally identifiable by use of the words “will,” "believe," "expect," "intend," "anticipate," "estimate," "project," “may,” “plan,” “seek,” “should,” or similar expressions. Forward-looking statements in this press release include, among others, statements about the Company’s outlook for RevPAR, adjusted FFO, adjusted EBITDAre and derivations thereof, dividend policy, share repurchase program, asset management strategies, insurance coverage, and capital expenditure program. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond the Company's control and which could materially affect actual results, performances or achievements. Factors that may cause actual results to differ materially from current expectations include, but are not limited to, (i) risks associated with the hotel industry, including competition for guests and meetings from other hotels and alternative lodging companies, increases in wages, energy costs and other operating costs, potential unionization or union disruption, actual or threatened terrorist attacks, any type of flu or disease-related pandemic and downturns in general and local economic conditions, (ii) the availability and terms of financing and capital and the general volatility of securities markets, (iii) the Company’s dependence on third-party managers of its hotels, including its inability to implement strategic business decisions directly, (iv) risks associated with the real estate industry, including environmental contamination and costs of complying with the Americans with Disabilities Act of 1990, as amended, and similar laws, (v) interest rate increases, (vi) the possible failure of the Company to maintain its qualification as a REIT and the risk of changes in laws affecting REITs, (vii) the possibility of uninsured losses, (viii) risks associated with redevelopment and repositioning projects, including delays and cost overruns, (ix) the risk of a material failure, inadequacy, interruption or security failure of the Company’s or the hotel managers’ information technology networks and systems, and (x) the risk factors discussed in the Company’s Annual Report on Form 10-K as updated in its Quarterly Reports. Accordingly, there is no assurance that the Company's expectations will be realized. Except as otherwise required by the federal securities laws, the Company disclaims any obligation or undertaking to publicly release any updates or revisions to any forward-looking statement contained herein (or elsewhere) to reflect any change in the Company’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
For additional information or to receive press releases via e-mail, please visit our website at www.lasallehotels.com .
LASALLE HOTEL PROPERTIES Consolidated Balance Sheets (in thousands, except share and per share data)
March 31,
2018
December 31,
2017
(unaudited) Assets: Investment in hotel properties, net $ 3,297,028 $ 3,265,615 Property under development 18,191 49,459 Cash and cash equivalents 228,985 400,667 Restricted cash reserves 13,871 14,262 Hotel receivables (net of allowance for doubtful accounts of $361 and $404, respectively) 30,875 35,916 Debt issuance costs for borrowings under credit facilities, net 3,001 3,274 Deferred tax assets 5,882 2,136 Prepaid expenses and other assets 58,756 43,612 Total assets $ 3,656,589 $ 3,814,941 Liabilities: Borrowings under credit facilities $ 0 $ 0 Term loans, net of unamortized debt issuance costs 853,341 853,195 Bonds payable, net of unamortized debt issuance costs 0 42,494 Mortgage loan, net of unamortized debt issuance costs 224,671 224,432 Accounts payable and accrued expenses 144,043 134,216 Advance deposits 27,610 26,625 Accrued interest 2,497 2,383 Distributions payable 53,852 55,135 Total liabilities 1,306,014 1,338,480 Commitments and contingencies Equity: Shareholders’ Equity: Preferred shares of beneficial interest, $0.01 par value (liquidation preference of $260,000), 40,000,000 shares authorized; 10,400,000 shares issued and outstanding 104 104 Common shares of beneficial interest, $0.01 par value, 200,000,000 shares authorized; 113,251,427 shares issued and 110,379,395 shares outstanding, and 113,251,427 shares issued and 113,209,392 shares outstanding, respectively 1,132 1,132 Treasury shares, at cost (71,731 ) (1,181 ) Additional paid-in capital, net of offering costs of $82,865 and $82,842, respectively 2,765,336 2,767,924 Accumulated other comprehensive income 19,072 10,880 Distributions in excess of retained earnings (366,590 ) (305,708 ) Total shareholders’ equity 2,347,323 2,473,151 Noncontrolling Interests: Noncontrolling interests in consolidated entities 16 18 Noncontrolling interests of common units in Operating Partnership 3,236 3,292 Total noncontrolling interests 3,252 3,310 Total equity 2,350,575 2,476,461 Total liabilities and equity $ 3,656,589 $ 3,814,941 LASALLE HOTEL PROPERTIES Consolidated Statements of Operations and Comprehensive Income (in thousands, except share and per share data)
(unaudited)
For the three months ended March 31, 2018 2017 Revenues: Hotel operating revenues: Room $ 155,422 $ 178,365 Food and beverage 43,632 52,304 Other operating department 20,107 20,367 Total hotel operating revenues 219,161 251,036 Other income 3,862 3,369 Total revenues 223,023 254,405 Expenses: Hotel operating expenses: Room 49,186 52,323 Food and beverage 34,816 39,148 Other direct 2,933 4,184 Other indirect 62,194 69,656 Total hotel operating expenses 149,129 165,311 Depreciation and amortization 45,315 47,263 Real estate taxes, personal property taxes and insurance 16,028 16,115 Ground rent 3,829 3,385 General and administrative 6,516 6,554 Costs related to unsolicited takeover offer 2,651 0 Other expenses 1,220 1,918 Total operating expenses 224,688 240,546 Operating (loss) income (1,665 ) 13,859 Interest income 834 142 Interest expense (10,160 ) (9,827 ) Loss from extinguishment of debt 0 (1,706 ) (Loss) income before income tax benefit (10,991 ) 2,468 Income tax benefit 4,027 4,773 (Loss) income before gain on sale of properties (6,964 ) 7,241 Gain on sale of properties 0 74,358 Net (loss) income (6,964 ) 81,599 Noncontrolling interests of common units in Operating Partnership 2 (110 ) Net (loss) income attributable to the Company (6,962 ) 81,489 Distributions to preferred shareholders (4,116 ) (5,405 ) Net (loss) income attributable to common shareholders $ (11,078 ) $ 76,084 LASALLE HOTEL PROPERTIES Consolidated Statements of Operations and Comprehensive Income - Continued (in thousands, except share and per share data)
(unaudited)
For the three months ended March 31, 2018 2017 Earnings per Common Share - Basic: Net (loss) income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ (0.10 ) $ 0.67 Earnings per Common Share - Diluted: Net (loss) income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ (0.10 ) $ 0.67 Weighted average number of common shares outstanding: Basic 112,163,674 112,923,719 Diluted 112,163,674 113,306,209 Comprehensive Income: Net (loss) income $ (6,964 ) $ 81,599 Other comprehensive income: Unrealized gain on interest rate derivative instruments 8,209 1,124 Reclassification adjustment for amounts recognized in net (loss) income (6 ) 985 1,239 83,708 Noncontrolling interests of common units in Operating Partnership (9 ) (112 ) Comprehensive income attributable to the Company $ 1,230 $ 83,596 LASALLE HOTEL PROPERTIES FFO, EBITDA and EBITDAre
(in thousands, except share/unit and per share/unit data)
(unaudited)
For the three months ended March 31, 2018 2017 Net (loss) income $ (6,964 ) $ 81,599 Depreciation 45,154 47,131 Amortization of deferred lease costs 120 79 Gain on sale of properties 0 (74,358 ) FFO $ 38,310 $ 54,451 Distributions to preferred shareholders (4,116 ) (5,405 ) FFO attributable to common shareholders and unitholders $ 34,194 $ 49,046 Pre-opening, management transition and severance expenses 208 82 Costs related to unsolicited takeover offer 2,651 0 Loss from extinguishment of debt 0 1,706 Hurricane property insurance proceeds, net of related repairs and cleanup costs (355 ) 0 Loss from The Marker Waterfront Resort original development deficiencies 145 0 Non-cash ground rent 454 465 Adjusted FFO attributable to common shareholders and unitholders $ 37,297 $ 51,299 Weighted average number of common shares and units outstanding: Basic 112,308,897 113,068,942 Diluted 112,714,534 113,451,432 FFO attributable to common shareholders and unitholders per diluted share/unit $ 0.30 $ 0.43 Adjusted FFO attributable to common shareholders and unitholders per diluted share/unit $ 0.33 $ 0.45 For the three months ended March 31, 2018 2017 Net (loss) income $ (6,964 ) $ 81,599 Interest expense 10,160 9,827 Income tax benefit (4,027 ) (4,773 ) Depreciation and amortization 45,315 47,263 EBITDA $ 44,484 $ 133,916 Gain on sale of properties 0 (74,358 ) EBITDAre $ 44,484 $ 59,558 Pre-opening, management transition and severance expenses 208 82 Costs related to unsolicited takeover offer 2,651 0 Loss from extinguishment of debt 0 1,706 Hurricane property insurance proceeds, net of related repairs and cleanup costs (355 ) 0 Loss from The Marker Waterfront Resort original development deficiencies 145 0 Non-cash ground rent 454 465 Adjusted EBITDAre $ 47,587 $ 61,811 Corporate expense 8,011 8,632 Interest and other income (4,698 ) (3,512 ) Pro forma hotel level adjustments, net (1) 1,302 (2,889 ) Hotel EBITDAre $ 52,202 $ 64,042 (1) Pro forma includes all properties owned by the Company as of March 31, 2018. LASALLE HOTEL PROPERTIES Hotel Operational Data Schedule of Property Level Results - Pro Forma(1) (in thousands)
(unaudited)
For the three months ended March 31, 2018 2017 Revenues: Room $ 155,422 $ 168,175 Food and beverage 43,632 47,045 Other 21,092 18,384 Total hotel revenues 220,146 233,604 Expenses: Room 49,186 49,764 Food and beverage 34,816 35,620 Other direct 2,931 2,397 General and administrative 18,215 18,575 Information and telecommunications systems 4,010 4,180 Sales and marketing 17,544 17,775 Management fees 5,954 6,751 Property operations and maintenance 8,923 9,066 Energy and utilities 6,252 6,466 Property taxes 14,487 13,785 Other fixed expenses (2) 5,626 5,183 Total hotel expenses 167,944 169,562 Hotel EBITDAre $ 52,202 $ 64,042 Hotel EBITDAre Margin 23.7 % 27.4 % (1) This schedule includes the operating data for the three months ended March 31, 2018 and 2017 for all properties owned by the Company as of March 31, 2018. (2) Other fixed expenses includes ground rent expense, but excludes ground rent payments for The Roger and Harbor Court in all periods due to the hotels being subject to capital leases of land and building under GAAP. At The Roger, the base ground rent payments were $99 for the three months ended March 31, 2018 and 2017. At Harbor Court, the base and participating ground rent payments were $235 and $288 for the three months ended March 31, 2018 and 2017, respectively. LASALLE HOTEL PROPERTIES Statistical Data for the Hotels - Pro Forma (1)
(unaudited)
For the three months ended March 31, 2018 2017 Total Portfolio Occupancy 74.9 % 77.8 % Decrease (3.7 )% ADR $ 220.62 $ 229.92 Decrease (4.0 )% RevPAR $ 165.23 $ 178.81 Decrease (7.6 )% For the three months ended
March 31, 2018
Market Detail RevPAR Variance % Boston (7.4)% Chicago 2.8% Key West (9.3)% Los Angeles (8.3)% New York 2.6% Other (2) 5.3% San Diego Downtown (4.1)% San Francisco (6.4)% Washington, DC (24.9)% (1) Pro forma includes the statistical data for all properties owned by the Company as of March 31, 2018. (2) Other includes The Heathman Hotel in Portland, Chaminade Resort in Santa Cruz, Embassy Suites Philadelphia - Center City in Philadelphia, L’Auberge Del Mar in Del Mar, and The Hilton San Diego Resort and Paradise Point Resort in San Diego. LASALLE HOTEL PROPERTIES 2018 Outlook - FFO and Adjusted FFO (in millions, except per share/unit data)
(unaudited)
For the three months ending June 30, 2018 Low High Net income $ 40.1 $ 43.1 Depreciation and amortization 45.5 45.5 FFO $ 85.6 $ 88.6 Distributions to preferred shareholders (4.1 ) (4.1 ) FFO attributable to common shareholders and unitholders $ 81.5 $ 84.5 Non-cash ground rent 0.5 0.5 Adjusted FFO attributable to common shareholders and unitholders $ 82.0 $ 85.0 Weighted average number of common shares and units outstanding (diluted) 110.8 110.8 FFO attributable to common shareholders and unitholders per diluted share/unit $ 0.74 $ 0.76 Adjusted FFO attributable to common shareholders and unitholders per diluted share/unit $ 0.74 $ 0.77 For the year ending December 31, 2018 Low High Net income $ 69.8 $ 72.8 Depreciation and amortization 185.9 185.9 FFO $ 255.7 $ 258.7 Distributions to preferred shareholders (16.5 ) (16.5 ) FFO attributable to common shareholders and unitholders $ 239.2 $ 242.2 Non-cash ground rent 1.8 1.8 Adjusted FFO attributable to common shareholders and unitholders $ 241.0 $ 244.0 Weighted average number of common shares and units outstanding (diluted) 111.4 111.4 FFO attributable to common shareholders and unitholders per diluted share/unit $ 2.15 $ 2.17 Adjusted FFO attributable to common shareholders and unitholders per diluted share/unit $ 2.16 $ 2.19 LASALLE HOTEL PROPERTIES 2018 Outlook - EBITDAre and Adjusted EBITDAre
(in millions)
(unaudited)
For the three months ending June 30, 2018 Low High Net income $ 40.1 $ 43.1 Interest expense and income tax expense 15.9 15.9 Depreciation and amortization 45.5 45.5 EBITDAre $ 101.5 $ 104.5 Non-cash ground rent 0.5 0.5 Adjusted EBITDAre $ 102.0 $ 105.0 For the year ending December 31, 2018 Low High Net income $ 69.8 $ 72.8 Interest expense and income tax expense 44.4 44.4 Depreciation and amortization 186.0 186.0 EBITDAre $ 300.2 $ 303.2 Non-cash ground rent 1.8 1.8 Adjusted EBITDAre $ 302.0 $ 305.0 The Company’s full year 2018 outlook for hotel EBITDAre margin of 30.9% on the low end and 31.1% on the high end is calculated using estimated total hotel revenue of $1,052 million and $1,055 million, respectively. Non-GAAP Financial Measures
The Company considers the non-GAAP measures of FFO (including FFO per share/unit), adjusted FFO (including adjusted FFO per share/unit), EBITDA, EBITDAre, adjusted EBITDAre and hotel EBITDAre to be key supplemental measures of the Company’s performance and should be considered along with, but not as alternatives to, net income or loss as a measure of the Company’s operating performance. Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, most real estate industry investors consider FFO, adjusted FFO, EBITDA, EBITDAre, adjusted EBITDAre and hotel EBITDAre to be helpful in evaluating a real estate company’s operations.
FFO, adjusted FFO, EBITDA, EBITDAre, adjusted EBITDAre and hotel EBITDAre do not represent cash generated from operating activities as determined by GAAP and should not be considered as alternatives to net income or loss, cash flows from operations or any other operating performance measure prescribed by GAAP. FFO, adjusted FFO, EBITDA, EBITDAre, adjusted EBITDAre and hotel EBITDAre are not measures of the Company’s liquidity, nor are such measures indicative of funds available to fund the Company’s cash needs, including its ability to make cash distributions. These measurements do not reflect cash expenditures for long-term assets and other items that have been or will be incurred. FFO, adjusted FFO, EBITDA, EBITDAre, adjusted EBITDAre and hotel EBITDAre may include funds that may not be available for management’s discretionary use due to functional requirements to conserve funds for capital expenditures, property acquisitions and other commitments and uncertainties. To compensate for this, management considers the impact of these excluded items to the extent they are material to operating decisions or the evaluation of the Company’s operating performance.
FFO
The white paper on FFO approved by the National Association of Real Estate Investment Trusts (“NAREIT”) defines FFO as net income or loss (computed in accordance with GAAP), excluding gains or losses from sales of properties and items classified by GAAP as extraordinary, plus real estate-related depreciation and amortization and impairment writedowns, and after comparable adjustments for the Company’s portion of these items related to unconsolidated entities and joint ventures. The Company computes FFO consistent with the standards established by NAREIT, which may not be comparable to FFO reported by other REITs that do not define the term in accordance with the current NAREIT definition or that interpret the current NAREIT definition differently than the Company.
With respect to FFO, the Company believes that excluding the effect of extraordinary items, real estate-related depreciation and amortization and impairments, and the portion of these items related to unconsolidated entities, all of which are based on historical cost accounting and which may be of limited significance in evaluating current performance, can facilitate comparisons of operating performance between periods and between REITs, even though FFO does not represent an amount that accrues directly to common shareholders. However, FFO may not be helpful when comparing the Company to non-REITs.
EBITDA and EBITDAre
EBITDA represents net income or loss (computed in accordance with GAAP), excluding interest expense, income tax, depreciation and amortization. The white paper “Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate” approved by NAREIT defines EBITDAre as net income or loss (computed in accordance with GAAP), excluding interest expense, income tax, depreciation and amortization, gains or losses on the disposition of depreciated property (including gains or losses on change of control), impairment write-downs of depreciated property and of investments in unconsolidated affiliates caused by a decrease in value of depreciated property in the affiliate, and after comparable adjustments for the Company’s portion of these items related to unconsolidated affiliates. The Company computes EBITDAre consistent with the standards established by NAREIT, which may not be comparable to EBITDAre reported by other REITs that do not define the term in accordance with the current NAREIT definition or that interpret the current NAREIT definition differently than the Company.
With respect to EBITDA, the Company believes that excluding the effect of non-operating expenses and non-cash charges, and the portion of these items related to unconsolidated entities, all of which are also based on historical cost accounting and may be of limited significance in evaluating current performance, can help eliminate the accounting effects of depreciation and amortization, and financing decisions and facilitate comparisons of core operating profitability between periods and between REITs, even though EBITDA also does not represent an amount that accrues directly to common shareholders. In addition, the Company believes the presentation of EBITDAre, which adjusts for certain additional items including gains on sale of property, allows for meaningful comparisons with other REITs and between periods and is more indicative of the ongoing performance of its assets.
Adjusted FFO and Adjusted EBITDAre
The Company presents adjusted FFO (including adjusted FFO per share/unit) and adjusted EBITDAre, which measures are adjusted for certain additional items, including impairment losses (to the extent included in EBITDAre), loss from extinguishment of debt, acquisition transaction costs, costs associated with management transitions or the departure of executive officers, costs associated with the recognition of issuance costs related to the redemption of preferred shares, non-cash ground rent and certain other items. The Company excludes these items as it believes it allows for meaningful comparisons with other REITs and between periods and is more indicative of the ongoing performance of its assets. As with FFO, EBITDA and EBITDAre, the Company’s calculation of adjusted FFO and adjusted EBITDAre may be different from similar adjusted measures calculated by other REITs.
Hotel EBITDAre
The Company also presents hotel EBITDAre, which excludes the effect of corporate-level expenses, non-cash items, and the portion of these items related to unconsolidated entities. In addition, hotel EBITDAre is presented on a pro forma basis to include the results of operations of certain hotels under previous ownership acquired during the periods presented and exclude the results of operations of any hotels sold or closed for renovations during the periods presented. Results for the hotels for periods prior to the Company’s ownership were provided by prior owners and have not been adjusted by the Company or audited by its auditors. The Company believes that presenting pro forma hotel EBITDAre, excluding the effect of corporate-level expenses, non-cash items, and the portion of these items related to unconsolidated entities, provides a more complete understanding of the operating results over which the individual hotels and operators have direct control. The Company believes these property-level results provide investors with supplemental information on the ongoing operational performance of each of the hotels and the effectiveness of the third-party management companies operating the Company’s business on a property-level basis.
NOI Capitalization Rates
The Company calculates the capitalization rates based on 12-month net operating income (“NOI”). The Company defines NOI as hotel revenues (room and other hotel operating revenues) less hotel expenses (hotel operating expenses, real estate and personal property taxes, insurance, ground rent, furniture, fixtures and equipment reserve, and other hotel expenses).
View source version on businesswire.com : https://www.businesswire.com/news/home/20180510005242/en/
LaSalle Hotel Properties
Kenneth G. Fuller or Max D. Leinweber
301-941-1500
Source: LaSalle Hotel Properties | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/business-wire-lasalle-hotel-properties-reports-first-quarter-2018-results.html |
May 11 (Reuters) - InnerWorkings Inc:
* INNERWORKINGS INC FILES FOR NON TIMELY 10-Q - SEC FILING Source text - bit.ly/2IhkbVi Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-innerworkings-inc-files-for-non-ti/brief-innerworkings-inc-files-for-non-timely-10-q-idUSFWN1SI1GS |
Conference call and webcast will be held at 4:30 p.m. ET today
LOS ANGELES--(BUSINESS WIRE)-- FAT (Fresh. Authentic. Tasty.) Brands Inc. (NASDAQ:FAT) (“FAT Brands” or the “Company”) today announced financial results for the 13-week period ended April 1, 2018.
Andy Wiederhorn, President and CEO of FAT Brands, commented, “First quarter results provided a strong start to 2018, with particularly impressive momentum at our flagship Fatburger brand, where same-store sales grew 6.3%, inclusive of 2.1% transaction growth. Fatburger results continue to be driven by successful cobranding with Buffalo’s Express, increases in delivery, and the strong reception to the plant-based Impossible Burger. During the quarter, we also made great progress in integrating Ponderosa and Bonanza into the FAT Brands platform. We have stabilized Ponderosa and Bonanza same-store sales, reduced the overhead required to support the brand going forward, and rejuvenated the existing franchisee base with new marketing and operational initiatives.”
“Additionally, we have taken significant steps towards closing the previously announced acquisition of Hurricane Grill & Wings, a brand known for its jumbo fresh wings, which has over 60 restaurants open or under construction across eight states. We expect to complete the Hurricane acquisition in the next 30 days. Pro forma for this acquisition, and after full integration of anticipated synergies, we continue to expect to achieve an annualized revenue run-rate of over $18.5 million, and an annualized EBITDA run-rate of $11 million, or $1.10 per share, beginning in the third quarter of 2018.”
Wiederhorn concluded, “Our Company’s foundation is strong and our platform is highly scalable. The financing we are securing will facilitate future acquisitions of strong brands with long track records of sustainable operating performance and steady cash flows. FAT Brands is poised for growth.” Wiederhorn concluded.
The Company was formed as a Delaware corporation on March 21, 2017 as a wholly-owned subsidiary of Fog Cutter Capital Group Inc. (“FCCG”). The Company was formed for the purpose of completing a public offering and related transactions, and to acquire and continue certain businesses previously conducted by subsidiaries of FCCG. These transactions occurred on October 20, 2017. Because this is our initial year of operation, comparative information is not available for the first quarter of 2017.
Fiscal First Quarter 2018 Highlights
Total revenues of $3.6 million (1) EBITDA of $940,000 Net income of $509,000, or $0.05 per share
(1)
In the first quarter of 2018, the Company adopted Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606), which changed the timing of recognition of franchise fees, including development fees, territory fees, renewal and transfer fees. Adoption of ASU 2014-09 also changed the reporting of advertising fund contributions and related expenditures. Please see the “Adoption of New Accounting Guidance” section below for additional information. Fiscal First Quarter 2018 Segment Performance
Fatburger & Buffalo’s Express Same-store sales growth in core domestic market of 9.6% System-wide same-store sales growth of 6.3% Total revenues of $2.0 million EBITDA of $851,000 Net income of $705,000 2 new store openings Buffalo’s Cafe System-wide same-store sales growth of (0.9%) Total revenue of $457,000 EBITDA of $103,000 Net income of $180,000 1 new store opening Ponderosa & Bonanza Steakhouse System-wide same-store sales growth of 1.2% Total revenue of $1.1 million EBITDA of $210,000 Net income of $166,000
Subsequent Events
On April 27, 2018, FAT Brands established a $5 million credit facility with TCA Global Credit Master Fund, LP. A total of $2 million was funded by TCA as part of the initial closing on April 27, 2018, and the proceeds are being used for working capital.
Key Financial Definitions
New store openings - The number of new store openings reflects the number of stores opened during a particular reporting period. The total number of new stores per reporting period and the timing of stores openings has, and will continue to have, an impact on our results.
Same-store sales growth – Same-store sales growth reflects the change in year-over-year sales for the comparable store base, which we define as the number of stores open for at least one full fiscal year. Given our focused marketing efforts and public excitement surrounding each opening, new stores often experience an initial start-up period with considerably higher than average sales volumes, which subsequently decrease to stabilized levels after three to six months. Thus, we do not include stores in the comparable base until they have been open for at least one full fiscal year. We expect that this trend will continue for the foreseeable future as we continue to open and expand into new markets.
Conference Call and Webcast
FAT Brands will host a conference call and webcast to discuss its fiscal first quarter 2018 financial results today at 4:30 PM ET. Hosting the call and webcast will be Andy Wiederhorn, President and Chief Executive Officer; and Ron Roe, Chief Financial Officer.
Interested parties may listen to the conference call via telephone by dialing 201-493-6725. A replay will be available after the call until Wednesday, May 16, 2018, and can be accessed by dialing 412-317-6671. The passcode is 13679533.
The webcast will be available at www.fatbrands.com under the “invest” section, and will be archived on the site shortly after the call has concluded.
About FAT (Fresh. Authentic. Tasty.) Brands
FAT Brands (NASDAQ:FAT) is a leading global franchising company that strategically acquires, markets and develops fast casual and casual dining restaurant concepts around the world. The Company currently owns five restaurant brands, Fatburger, Buffalo’s Cafe, Buffalo’s Express and Ponderosa & Bonanza Steakhouses, that have approximately 300 locations open and 300 under development in 32 countries. For more information, please visit www.fatbrands.com .
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the timing and anticipated benefits of the proposed acquisition of Hurricane, the future financial and operating results of the combined companies, and our ability to pay a cash dividend to our common stockholders. Forward-looking statements generally use words such as "expect," "foresee," "anticipate," "believe," "project," "should," "estimate," "will," "plans," "forecast," and similar expressions, and reflect our expectations concerning the future. It is possible that our future performance may differ materially from current expectations expressed in these forward-looking statements. We refer you to the documents we file from time to time with the Securities and Exchange Commission, such as our recent Offering Statement on Form 1-A and our reports on Form 10-K, Form 10-Q and Form 8-K, for a discussion of these and other risks and uncertainties that could cause our actual results to differ materially from our current expectations and from the forward-looking statements contained in this press release. We undertake no obligation to update any forward-looking statement to reflect events or circumstances occurring after the date of this press release.
Adoption of New Accounting Guidance
The Company adopted ASU 2014-09 on January 1, 2018 using the modified retrospective method, in which the cumulative effect of applying the standard is recognized at the date of initial application. Amounts presented for the thirteen weeks ended April 1, 2018 have been adjusted to reflect the adoption of ASU 2014-09, resulting in an increase in revenues of $773,000 .
Non-GAAP Measure
This press release includes the non-GAAP financial measure of EBITDA.
EBITDA is defined as earnings before interest, taxes, depreciation and amortization. We use the term EBITDA, as opposed to income from operations, as it is widely used by analysts, investors and other interested parties to evaluate companies in our industry. We believe that EBITDA is an appropriate measure of operating performance because it eliminates the impact of expenses that do not relate to business performance. EBITDA is not a measure of our financial performance or liquidity that is determined in accordance with generally accepted accounting principles (“GAAP”), and should not be considered as an alternative to net income (loss) as a measure of financial performance or cash flows from operations as measures of liquidity, or any other performance measure derived in accordance with GAAP.
A reconciliation of net income to EBITDA is set forth in the tables below.
Statement of operations data (In thousands) 13 weeks ended April 1, 2018 FAT Brands Fatburger Buffalo’s Ponderosa Consolidated (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Statement of operations data: Revenues Royalties $ - $ 1,288 $ 313 $ 971 $ 2,572 Franchise fees - 383 5 11 399 Advertising fees - 317 139 140 596 Management fee - 18 - - 18 Total revenues - 2,006 457 1,122 3,585 General and administrative expenses 224 1,154 354 912 2,644 Income (loss) from operations (224 ) 852 103 210 941 Other income (expense) Interest income (expense) (446 ) 79 148 5 (214 ) Depreciation and amortization (5 ) - - (28 ) (33 ) Other expense - (1 ) - - (1 ) Other income (expense) (451 ) 78 148 (23 ) (248 ) Income (loss) before income tax expense (benefit) (675 ) 930 251 187 693 Income tax expense (benefit) (133 ) 225 71 21 184 Net income (loss) $ (542 ) $ 705 $ 180 $ 166 $ 509 Basic and diluted EPS ($0.05 ) $ 0.07 $ 0.02 $ 0.02 $ 0.05 Consolidated Balance Sheet for FAT Brands, Inc. as of April 1, 2018 (In thousands) April 1, 2018 FAT Brands FBNA BFCI Ponderosa Elimination Consolidated (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Consolidated balance sheet data: Cash $ - $ - $ - $ 15 $ - $ 15 Total assets $ 9,635 $ 12,521 $ 7,263 $ 11,335 $ (10,550 ) $ 30,204 Total liabilities $ 20,643 $ 8,993 $ 1,159 $ 594 $ - $ 31,389 Total stockholders' equity (deficit) $ (11,008 ) $ 3,528 $ 6,104 $ 10,741 $ (10,550 ) $ (1,185 ) EBITDA Reconciliation 13 weeks ended April 1, 2018 FAT Brands Fatburger Buffalo's Ponderosa Consolidated (in thousands) Net income (loss) $ (542 ) $ 705 $ 180 $ 166 $ 509 Depreciation and amortization expense 5 - - 28 33 Interest (income) expense 446 (79 ) (148 ) (5 ) 214 Income tax expense (benefit) (133 ) 225 71 21 184 EBITDA $ (224 ) $ 851 $ 103 $ 210 $ 940
View source version on businesswire.com : https://www.businesswire.com/news/home/20180509006270/en/
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Source: Fat Brands Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/business-wire-fat-brands-inc-announces-fiscal-first-quarter-2018-financial-results.html |
May 2 (Reuters) - Five9 Inc:
* FIVE9, INC. ANNOUNCES $200 MILLION CONVERTIBLE NOTES OFFERING
* INTENTION TO OFFER, $200 MILLION AGGREGATE PRINCIPAL AMOUNT OF CONVERTIBLE SENIOR NOTES DUE 2023
* EXPECTS TO USE A PORTION OF NET PROCEEDS OF OFFERING OF NOTES TO PAY COST OF CAPPED CALL TRANSACTIONS Source text for Eikon: Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-five9-announces-200-million-conver/brief-five9-announces-200-million-convertible-notes-offering-idUSASC09Z3A |
* Dow, S&P edge above 200-day moving average
* Breakthrough seen highly unlikely in US-China trade talks
* Tesla sinks after Musk snubs analysts’ questions on call
* Indexes down: Dow 0.10 pct, S&P 0.28 pct, Nasdaq 0.17 pct (Updates to early afternoon)
By Sruthi Shankar
May 3 (Reuters) - U.S. stock indexes were down on Thursday, but off their session lows on what some traders said was due to technical buying amid worries of the outcome of U.S.-China trade talks, rising interest rates and disappointing earnings reports.
A sharp drop out of the open had pushed the benchmark S&P 500 below its 200-day moving average, a key technical indicator of longer-term momentum, for the first time since April 6.
The Dow Jones Industrial Average also dipped below its 200-day mark before both the indexes staged a fight back to reclaim those levels in early afternoon trading.
“I think it was technical. The market’s trying to stabilize and trying to get back on the other side,” said Ken Polcari, Director of the NYSE floor division at O’Neil Securities in New York.
While it is considered highly unlikely that the U.S. delegation in Beijing will strike a breakthrough deal to fundamentally change China’s policies, a package of short-term Chinese measures could delay a U.S. decision to impose tariffs on about $50 billion worth of Chinese exports.
The Federal Reserve on Wednesday reaffirmed its outlook for more rate hikes and expressed confidence that a recent rise in inflation near to its target would be sustained.
“It’s definitely rate hikes and tariffs, and the sense that earnings have peaked,” said Paul Brigandi, head of trading at Direxion Funds in New York.
“There is a lot of negative sentiment out there ... (on fears) that this really is the end of the cycle and we could see a slowdown at the same time rates are rising.”
At 13:22 p.m. ET, the Dow was down 24.97 points, or 0.10 percent, at 23,900.01, above its 200-day average of 23,750.83.
The S&P was down 7.28 points, or 0.28 percent, at 2,628.39, slightly above its 200-day average of 2,615.03.
The Nasdaq Composite was down 11.73 points, or 0.17 percent, at 7,089.17.
Bank stocks dropped, tracking a pullback in U.S. Treasury yields after the ISM non-manufacturing data for April came in below estimates.
Among stocks, Tesla fell 6.3 percent after Chief Executive Officer Elon Musk cut off analysts asking about the company’s profit potential, despite promises that production of the troubled Model 3 electric car was on track.
Declining issues outnumbered advancers for a 1.45-to-1 ratio on the NYSE and for a 1.83-to-1 ratio on the Nasdaq. (Reporting by Sruthi Shankar in Bengaluru; Editing by Shounak Dasgupta)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/usa-stocks/us-stocks-wall-street-dips-on-trade-woes-weak-earnings-idUSL3N1SA53K |
May 16, 2018 / 5:43 PM / Updated 29 minutes ago Hundreds protest against 'fixed' election in Venezuela Luc Cohen , Franciso Aguilar 3 Min Read
CARACAS/BARINAS (Reuters) - Several hundred Venezuelan opposition demonstrators blocked traffic in a march to the Organization of American States (OAS) headquarters in Caracas on Wednesday to protest this weekend’s presidential vote, which they say is rigged.
With the mainstream opposition boycotting Sunday’s election and two of their most popular leaders barred from standing, leftist President Nicolas Maduro is expected to win re-election despite Venezuela’s crushing economic crisis.
Wednesday’s march, a far cry from months of mass protests that drew hundreds of thousands onto the streets last year, was led by a recently-formed new opposition grouping called Broad Front, which is promoting abstention.
“I’m not going to vote because it’s all fixed in advance,”said Nancy Forrero, 54, an engineer for a private oil company.
“This is a dictatorship,” added Forrero, whose son has moved to Buenos Aires. Tens of thousands of Venezuelans have left their country for other places in South America in a growing exodus of migrants escaping high inflation and food shortages.
Chanting anti-Maduro slogans and waving the flags of militant opposition parties Justice First and Popular Will, the protesters planned to deliver a letter to the OAS office.
“We want free, transparent, true elections, not what’s going to happen on Sunday, a farce,” said economist Ivan Lopez, 65.
The abstention push has split Venezuela’s opposition and played into Maduro’s hands.
His main rival is a former state governor, Henri Falcon, who broke with the opposition coalition to run, arguing the only way to defeat Maduro was at the ballot box.
“Those promoting abstention are not offering any alternative, they want a foreign military intervention, but it is we Venezuelans who have to resolve our problems,” Falcon told Reuters at a rally in Barinas state on Tuesday night.
While polls are mixed and unreliable due to the anticipated larger-than-usual abstention, some do show Falcon ahead of Maduro. However, Maduro benefits from the ruling Socialist Party’s election machinery, the vote-winning power of state food handouts, and an election board controlled by loyalists.
The United States, European Union and various Latin American nations have already condemned Sunday’s vote conditions as unfair, and U.S. President Donald Trump is considering adding oil sanctions to measures already taken to stop Venezuela issuing more debt.
In an interview with French TV channel France 24 released on Wednesday, Maduro condemned those international actions as “unacceptable threats” to sovereignty and insisted Venezuela’s democracy was “impeccable.” He also said there may be a referendum after the election to revoke opposition legislators in the National Assembly.
“It seems a very good idea,” he said, of the idea being floated by the entirely pro-Maduro Constituent Assembly, which has taken over the opposition-run legislature’s functions. Reporting by Luc Cohen and Francisco Aguilar, Additional reporting by Corina Rodriguez, Writing by Andrew Cawthorne, Editing by Rosalba O'Brien | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-venezuela-election/hundreds-protest-against-fixed-election-in-venezuela-idUKKCN1IH2J9 |
*U.S. futures point to a positive open
*Air France-KLM shares drop 13% as investors react to CEO resignation
*U.S. oil benchmark topped $70 a barrel for the first time since 2014
Global... | ashraq/financial-news-articles | https://www.wsj.com/articles/asia-stocks-helped-by-wall-streets-rebound-1525658263 |
President Donald Trump says Secretary of State Mike Pompeo is en route to North Korea ahead of Trump's planned meeting with North Korean leader Kim Jong Un .
Trump said Tuesday afternoon that Pompeo will be arriving in the country shortly and has meetings scheduled.
It will be Pompeo's second known visit to the country. Trump revealed last month that Pompeo also met with Kim over Easter weekend.
Trump says the time and date of his planned meeting with Kim have now been agreed to, but he has yet to reveal where or when it will happen.
Trump broke the news while announcing his plans to withdraw from the Iran nuclear agreement. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/08/trump-secretary-of-state-pompeo-is-en-route-to-north-korea.html |
Roku CEO: Streaming is just a better way to watch TV 7 Hours Ago Anthony Wood, Roku CEO, speaks to “Squawk Alley” about the company’s quarterly earnings and his views on how content consumption habits are changing. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/10/roku-ceo-streaming-is-just-a-better-way-to-watch-tv.html |
A look at the opportunities in emerging markets 9 Hours Ago Bank of Singapore's Gareth Nicholson says some emerging markets such as China, Indonesia and India still offer opportunities, but investors have to be selective. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/24/a-look-at-the-opportunities-in-emerging-markets.html |
Here's what the Beardstown Ladies Picked in the 2018 CNBC Stock Draft 49 Mins Ago The Beardstown Ladies' Buffy Tillitt-Pratt tells CNBC's Leslie Picker what her team's three stock picks are in the 2018 CNBC Stock Draft. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/03/heres-what-the-beardstown-ladies-picked-in-the-2018-cnbc-stock-draft.html |
April 30 (Reuters) - CNA Financial Corp:
* Q1 EARNINGS PER SHARE $1.07 * Q1 EARNINGS PER SHARE VIEW $0.91 — THOMSON REUTERS I/B/E/S
* CNA FINANCIAL - BOOK VALUE PER SHARE EXCLUDING AOCI AT MARCH 31, 2018 OF $43.57 VERSUS $43.49 REPORTED AT MARCH 31, 2017 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-cna-financial-q1-core-earnings-per/brief-cna-financial-q1-core-earnings-per-share-1-03-idUSASC09Y5B |
CAMDEN, N.J.--(BUSINESS WIRE)-- Campbell Soup Company (NYSE:CPB) invites interested shareholders, investors, members of the media and consumers to listen to and view the slides accompanying its third-quarter fiscal 2018 earnings conference call, which will be webcast live over the Internet on Friday, May 18, 2018, at 8:30 a.m. EDT. The call will follow the company’s third-quarter fiscal 2018 earnings release, which will be distributed earlier in the day.
WHAT: Campbell Soup Company Third-Quarter Fiscal 2018 Earnings Conference Call WHEN:
Friday, May 18, 2018, at 8:30 a.m. EDT
WHERE: By Internet: investor.campbellsoupcompany.com
By Telephone: U.S and International: +1 (703) 639-1316, access code: 6498114
HOW: Simply log on to the above Web address or call the above phone number 10 minutes before the start of the call. For those unable to participate in the live call, a replay of the broadcast will be available at the above website approximately two hours after the conclusion of the call. The replay of the call will also be available from approx. 1:00 p.m. EDT on May 18, 2018, through 11:59 p.m. EDT, June 1, 2018, by dialing +1 (404) 537-3406, access code: 6498114.
Following its issuance on May 18, 2018, a copy of the earnings release will be available at the above website under the News and Events caption.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180504005061/en/
Campbell Soup Company
INVESTOR CONTACT:
Ken Gosnell, 856-342-6081
[email protected]
or
MEDIA CONTACT:
Thomas Hushen, 856-342-5227
[email protected]
Source: Campbell Soup Company | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/04/business-wire-campbell-soup-company-announces-the-webcast-of-its-third-quarter-fiscal-2018-results.html |
May 17 (Reuters) - Aphria Inc:
* APHRIA’S GERMAN SUBSIDIARY, NUUVERA DEUTSCHLAND, ACQUIRES INTEREST IN BERLIN-BASED SHÖNEBERG HOSPITAL
* APHRIA INC - ACQUISITION IS VALUED AT EUR 1.2 MILLION.
* APHRIA INC - UNIT ACQUIRED A 25.1% INTEREST IN BERLIN-BASED SCHÖNEBERG HOSPITAL Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-aphrias-german-subsidiary-acquires/brief-aphrias-german-subsidiary-acquires-interest-in-berlin-based-shneberg-hospital-idUSASC0A2RS |
BEIJING/SHANGHAI (Reuters) - China’s biggest ride-sharing company apologized on Thursday over the killing of a passenger, apparently by her driver, and said it had to win back the trust of users after the “tragedy”.
FILE PHOTO: The logo of Didi Chuxing is seen at its headquarters in Beijing, China, May 18, 2016. REUTERS/Kim Kyung-Hoon/File Photo The young woman passenger was killed in Zhengzhou city last week, turning a spotlight on passenger safety as ride-sharing giant Didi Chuxing, which is valued at $50 billion, looks to make a big push outside China’s borders.
Didi was “deeply saddened by and sorry about the tragedy”, the company said in a statement, adding that it had apologized to the family of the 21-year-old flight attendant killed en route from the city’s airport hotel to downtown.
“We need to step up to win the trust of our users. Our responsibilities in this case are undeniable,” Didi said in a statement to Reuters.
Didi Chuxing Technology Co is the world’s largest ride-hailing firm by number of rides, thanks to its commanding market share in China, where it has 450 million users.
It completed more than 7.4 billion rides last year, not quite double Uber’s count.
Uber learned the hard way about Didi’s brawn. After waging a campaign to crack the Chinese market, Uber in 2016 sold its operation to Didi in exchange for a 17.5 percent stake in the Chinese firm, which also made a $1 billion investment in Uber.
Didi said police were looking for the person suspected to have killed the woman and it would work closely with law enforcement authorities on the case.
Zhengzhou police did not comment on the killing but urged customers to exercise caution.
“Do not engage in disputes with drivers,” police said in n advice posted on social media, adding: “be accompanied when taking rides at night”.
The killing of the woman has been discussed extensively on social media platforms in China with many expressing fears for their safety.
“Didi really needs to step up internal supervision; who is going to ensure our safety?” said one user of the Weibo platform.
Didi is on a push to expand globally after sealing its dominance in China.
It has made a foray into other businesses including a recent cash-burning experiment in food delivery that pitted it against Meituan-Dianping, China’s largest provider of on-demand online services.
(This story has been corrected to say the killing raises, not compounds, safety fears in headline and second paragraph)
Reporting by Pei Li and Adam Jourdan; Editing by Robert Birsel
| ashraq/financial-news-articles | https://www.reuters.com/article/us-china-didi/chinas-didi-apologizes-after-killing-of-passenger-compounds-safety-fears-idUSKBN1IB18K |
(Reuters) - Women’s healthcare company TherapeuticsMD Inc won its first-ever U.S. approval on Wednesday with the drug regulator clearing its hormone therapy for a painful condition triggered by menopause after rejecting it a year earlier.
A view shows the U.S. Food and Drug Administration (FDA) headquarters in Silver Spring, Maryland August 14, 2012. REUTERS/Jason Reed/File Photo The company’s shares were volatile, oscillating between gains and losses. They had risen more than 50 percent since the U.S. FDA declined to approve the treatment and then agreed to let the company reapply without a new study.
“Given the drug’s review history and apparent market skepticism as to its approvability, the FDA’s decision should be viewed as a major event,” Cantor Fitzgerald analyst William Tanner said.
The treatment, Imvexxy, has been approved for use in two doses to treat moderate-to-severe dyspareunia, or vaginal pain associated with sex, but comes with a black box warning, the regulator’s strictest, flagging risks of cardiovascular disorders, probable dementia and endometrial and breast cancers.
On a call with analysts, Chief Executive Officer Robert Finizio said the drug’s label was better than expected, despite the warning.
Dyspareunia is a symptom of vulvar and vaginal atrophy, a condition triggered by the loss of female hormone estrogen after menopause that the company estimates affect about 32 million women in the United States.
The company said its 4 mcg dose is set to be the lowest available on the market, at a time when the FDA is pushing for lower doses of hormone therapies.
“When you have the lowest effective dose, that’s a huge advantage,” Finizio said.
Imvexxy is expected to bring in peak U.S. sales of $650 million by 2032, according to an estimate by Jefferies analyst Matthew Andrews.
The company, which plans to conduct a post-approval observational study, plans to price Imvexxy on a par with currently available treatments.
Imvexxy is delivered through a softgel capsule inserted into the vagina, distinguishing it from competing products including Allergan Plc’s Estrace cream and NovoNordisk’s Vagifem insert.
The approval also turns the spotlight on TherapeuticsMD’s second hormone therapy, TX-001, which analysts expect to be approved by October.
TX-001, which will treat menopause symptoms, particularly hot flashes, is already being seen as a potential blockbuster by analysts.
Imvexxy and TX-001 are expected to rake in revenue of $112 million in 2019, according to Cantor Fitzgerald analyst Tanner.
Reporting by Tamara Mathias in Bengaluru; Editing by Sriraj Kalluvila
| ashraq/financial-news-articles | https://in.reuters.com/article/us-therapeuticsmd-fda/fda-approves-therapeuticsmds-hormone-therapy-idINKCN1IV16D |
WASHINGTON—The White House granted a permanent security clearance to senior adviser Jared Kushner this week, his lawyer said, three months after his interim clearance was downgraded as part of a larger push to tighten control of classified information inside the administration.
Mr. Kushner’s lawyer, Abbe Lowell, also said Wednesday that his client had been interviewed a second time by special counsel Robert Mueller, who is investigating whether Trump campaign associates colluded with Russia’s efforts to interfere in the 2016... | ashraq/financial-news-articles | https://www.wsj.com/articles/jared-kushner-gains-permanent-security-clearance-1527108116 |
Rising dollar and rising rates not good for emerging markets: Pro 1 Hour Ago Steve Weiss of Short Hills Capital Partners, Jon Najarian of Najarian Family Office, Kari Firestone of Aureus Asset and Jim Lebenthal of HPM Partners discuss the pros and cons with investing in emerging markets. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/17/rising-dollar-and-rising-rates-not-good-for-emerging-markets-pro.html |
NEW DELHI, May 23 (Reuters) - Airlines in India may need to pay passengers higher compensation when flights are delayed or cancelled, according to rule changes proposed by the Civil Aviation Ministry aimed at raising efficiency in the world’s fastest-growing aviation market.
The proposals, made public late on Tuesday, also cap cancellation charges airlines can levy, and let passengers cancel or amend tickets without charge for up to 24 hours after booking. The ministry also proposed airlines should compensate passengers for any bodily injury sustained on board aircraft.
The proposals come after the government announced plans to invest millions of dollars to upgrade and build airports in a country where passenger traffic is rising 20 percent annually.
“Given this rapid growth, it is necessary to dramatically improve the efficiency and convenience of our aviation system to enhance the passenger air travel experience,” the Civil Aviation Ministry said in a statement accompanying the proposals.
The government of Prime Minister Narendra Modi last year launched a scheme to get millions of Indians to fly by improving air connectivity in small towns and lowering fares, giving rise to start-up airlines and boosting growth prospects for existing carriers such as InterGlobe Aviation Ltd’s IndiGo Airlines, SpiceJet Ltd and Jet Airways Ltd.
The government expects air passenger numbers to reach about 1 billion over the next 15 to 20 years from 117 million in 2017.
The ministry also proposed that, if airlines are at fault for delays or cancellations, they need to compensate passengers up to 20,000 rupees ($293) or offer a full refund or provide free hotel accommodation, depending the nature of the issue.
At present, airlines mainly have to provide only refreshments when delays are under 24 hours.
Airport operators should also provide medical facilities, free wi-fi for 30 minutes and affordable food outlets at all airports, the ministry proposed.
The ministry said it will seek comments on the proposals from stakeholders including airlines and airports over the next 30 days, and that it expects to finalise rules in two months.
$1 = 68.2300 Indian rupees Reporting by Aditi Shah Editing by Christopher Cushing
| ashraq/financial-news-articles | https://www.reuters.com/article/india-airlines/india-proposes-higher-compensation-for-flight-delays-in-efficiency-push-idUSL3N1SU2JB |
By Chris Morris 10:57 AM EDT
May 1 is International Workers’ Day, a day where many countries choose to commemorate the working class. But for most people in the U.S., it’s just another Tuesday.
Sure it gets its own Google Doodle, but as the rest of the world claims May Day as its Labor Day , Americans choose to celebrate it in early September. How come?
Thank former president Grover Cleveland for the disparity.
It’s kind of a complicated story, but International Workers’ Day actually got its start in the U.S.
It was on this day in 1886 that the eight-hour work day was supposed to begin. Some business owners resisted that, though, and workers in Chicago (many of whom were immigrants) began a strike for the reduced hours. Three days later, at a labor rally in Haymarket Square, a bomb exploded, killing 11 people.
Socialists in Europe seized on the movement a few years later, choosing the day to honor the “Haymarket martyrs,” and the day began to spread.
There was a strong anti-union movement after the incident in the U.S., though, with immigrant groups coming under suspicion, especially the Bolsheviks. It led to the first “red scare” in the U.S.
When time had passed and the U.S. began to seriously consider a worker’s holiday , officials were divided on whether to distance themselves from May Day because of its violent associations or to honor the movement’s origins. Cleveland, ultimately, felt a May 1 labor holiday would become a memorial to the Haymarket bombing, so threw his support behind the alternative September date. It was adopted as a federal holiday in 1894.
Much of the rest of the world, though, still observes May 1 as the day to celebrate workers (and, in some countries, for protest movements focused on worker rights). Here, May 1 is officially called “Loyalty Day” now—a day set aside “for the reaffirmation of loyalty to the United States and for the recognition of the heritage of American freedom.” (Dwight Eisenhower oversaw that proclamation, again in the midst of a red scare, in 1921.)
We might all disagree on International Workers’ Day, but as far as May Day itself, it’s easy to bypass the political implications of that. Many of the celebrations of the occasion around the world are less labor focused and more centered as a spring festival. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/01/international-workers-day-us-celebration-labor-day/ |
The following Spanish stocks may be affected by newspaper reports and other factors on Tuesday. Reuters has not verified the newspaper reports, and cannot vouch for their accuracy:
IBERDROLA Iberdrola has decided to sell its 2,000 MW gas power plants in the United Kingdom, newspaper El Economista reported on Tuesday, citing unnamed financial sources.
GESTAMP Gestamp Automocion Q1 net profit 62.8 million euros versus 55.0 million euros year ago
ENDESA Endesa Q1 net profit 372 million euros versus 253 million euros year ago.
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| ashraq/financial-news-articles | https://www.reuters.com/article/markets-spain-factors/spanish-stocks-factors-to-watch-on-tuesday-idUSL8N1SF13G |
(Repeats from MAY 10, no changes to text)
* Springer Nature cancelled 3.2 bln euro IPO
* Several large 2018 listings trading below IPO price
* Investors asking for higher discounts on IPOs
* Stock market and earnings out of kilter for valuation
By Dasha Afanasieva and Arno Schuetze
LONDON/FRANKFURT, May 10 (Reuters) - An increasing number of companies are failing to get over the start line in this year’s race to the public markets in Europe, the Middle East and Africa as investors take a harder line on the price they will pay.
German publisher Springer Nature became the largest European firm to cancel its initial public offering (IPO) this year, and at least 13 others have pulled previously announced IPOs, although 52 still went ahead, an analysis of Thomson Reuters data shows.
Global IPO proceeds rose to $39 billion in the first quarter, the highest since 2014, with the proceeds from European listings more than tripling to $13 billion.
And IPOs in Europe Middle East and Africa have raised $16.5 billion, versus $11.2 billion in the same period last year.
But despite low market volatility and a broadly positive economic outlook, this flood of new listings, combined with poor stock market trading performances of several of them, has given investors pause for thought.
“The market is oversaturated and IPO investors scared off by poor after-market performance of IPOs,” an equity capital markets banker familiar with the Springer IPO said.
IPOs are historically a stop-and-start market and it is not unusual for companies and their advisers to miss the boat in terms of timing, or to have over-inflated price expectations.
Equity markets have not risen much in 2018: for example the FTSE 100 is down 0.7 percent year to date and the STOXX Europe 600, which represents 90 percent of the freefloat market of the European stock market is up 0.6 percent.
So while many companies in Europe have produced strong results, pricing for buyers and sellers has got out of kilter.
“While stock market indices are flat, good company earnings mean that companies trade on average at 15 times price to earnings, compared to 16 times last year. So investors are asking for higher discounts to buy into IPOs, something sellers are not willing to offer,” the banker said.
The aftermarket is also playing a role with Swiss-based Ceva Logistics, Deutsche Bank’s asset management unit DWS , Dutch bank NIBC and Spanish real estate company Metrovacesa trading down in the days after their debuts.
Others have fared better, but overall gains are limited.
“While overall valuations have come off recent highs due strong corporate earnings, stocks of European companies which floated this year are only up approximately 2 percent on average,” Christoph Stanger, co-head of equity capital markets in Europe Middle East and Africa at Goldman Sachs said.
Equity capital markets bankers, those who advise companies on the pricing, timing and investor appetite for their IPOs, say that the market is not shut to new issuers.
“Investors are subjecting IPOs to strict scrutiny, they are kicking the tyres and looking under the bonnet, and they want to make sure that the valuations are attractive enough for a sustainable after-market,” Craig Coben, vice chairman of global capital markets at Bank of America Merrill Lynch.
ALTERNATIVE AVENUES Flotations are not the biggest fee earners for equity capital markets bankers, but they drive secondary offerings and are often a bellwether for confidence in the market.
And listings are still being done, with software firm Avast trading lower on Thursday after pricing its IPO, the biggest by market capitalisation in London since July, at the low end of its offer range.
Others are also in the pipeline, with Blackstone’s Middle East-focused education firm GEMs expected in the coming weeks.
“The market has seen an increasing number of cancellations given higher investor scrutiny. Despite this pullback, the market is open for high quality issuers as the recent successful IPO of Siemens Healthineers, the largest year-to-date in Europe, has demonstrated,” Goldman’s Stanger said.
Healthcare unit Siemens Healthineers is trading 18 percent above its March issue price.
Meanwhile companies such as online betting firm Sky Bet have opted for a trade sale, despite lengthy preparations for a listing, while plans for a Frankfurt listing of German home shopping TV network HSE24 have also taken a back seat in favour of a sale, sources told Reuters.
The IPO market wobble has extended beyond developed markets, with cancellations in countries including Russia and Turkey, driven largely by geo-political factors.
Fresh sanctions imposed by the United States on several businessmen, politicians and related companies scuppered the flotations of Russian meat producer Cherkizovo Group and information technology firm IBS Group.
Meanwhile in Turkey, two of the three retail IPOs recently announced have been pulled, weeks before an election which may delay the next opportunity to head to the market.
Macroeconomic risks, such as the uncertainly caused by U.S.. President Donald Trump’s decision to withdraw from the Iran nuclear deal, have also weighed on IPO plans, with Turkey’s lira to hitting a record low this week.
Editing by Alexander Smith
| ashraq/financial-news-articles | https://www.reuters.com/article/europe-ipo/rpt-analysis-european-flotations-falter-as-investors-hold-line-on-price-idUSL8N1SI1GI |
TAIPEI, Taiwan, May 10, 2018 /PRNewswire/ -- Today, Egis Technology Inc. (TWO:6462) announces its net revenues for Q1 2018.
Consolidated 2018 Q1 Net Revenue (Unit: NTD Thousands)
Period
Q1 2018
Q1 2017
Y-o-Y
Increase (Decrease)
%
Q4 2017
Q-o-Q
Increase
(Decrease)
%
Net Revenues
1,633,685
1,185,487
38%
1,254,419
30%
About Egis Technology Inc.
As a leading provider of fingerprint biometrics, Egis Technology Inc. (TWO:6462), specializes in providing a total turnkey solution with superior sensor performance and software functionality. Their proprietary matching algorithm offers one of the best FAR/FRR performances in the current market while providing maximum security and convenience. Egis' leading edge fingerprint technology is the ideal choice for implementation in mobile devices. As a board member of the FIDO Alliance, Egis aims to provide security and authentication for all in the online world. Egis is headquartered in Taipei, Taiwan with branch offices located in mainland China, Japan, and USA. For more information, please visit www.egistec.com .
Egis Technology Inc. Spokesperson
YiPin Lee
Chief Financial Officer
+886-2-2658-9768
View original content with multimedia: http://www.prnewswire.com/news-releases/egis-technology-inc-2018-q1-revenue-report-300646278.html
SOURCE Egis Technology Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/pr-newswire-egis-technology-inc-2018-q1-revenue-report.html |
May 2, 2018 / 2:01 PM / Updated 21 minutes ago Abcam pursuing Horizon Discovery after $370-million offer rejected Reuters Staff 1 Min Read
LONDON (Reuters) - Biotech company Abcam ( ABCA.L ) said a 270 million pound ($368 million) takeover approach to British firm Horizon Discovery ( HZDH.L ) had been rebuffed, adding it was going public to try to force Horizon’s management to open talks.
Abcam said that combining Horizon Discovery’s capabilities in gene editing with its products would allow both companies to extend their reach and influence globally, in the latest deal to hit the red-hot pharmaceutical sector.
Abcam, which makes antibodies, proteins and other products for researchers, said its possible share offer, valued at 181 pence a share, represented a 26 percent premium to Horizon’s closing price on May 1.
Shares in Horizon Discovery jumped 30 percent to 187.5 pence after Abcam made public its offer on Wednesday.
($1 = 0.7330 pounds) | ashraq/financial-news-articles | https://uk.reuters.com/article/us-horizon-m-a-abcam/abcam-pursuing-horizon-discovery-after-370-million-offer-rejected-idUKKBN1I31WM |
May 1, 2018 / 1:26 PM / Updated 3 hours ago BRIEF-Broadfin Says Delivered Letter To BioDelivery Sciences With Nominations For Board Reuters Staff 1 Min Read
May 1 (Reuters) - BioDelivery Sciences International Inc :
* BROADFIN - ON APRIL 27, DELIVERED LETTER TO BIODELIVERY SCIENCES NOMINATING TODD C. DAVIS, PETER S. GREENLEAF, STEPHEN T. WILLS FOR ELECTION TO BOARD
* BROADFIN CAPITAL - HOPE TO CONTINUE DISCUSSIONS WITH BIODELIVERY ABOUT BOARD STRUCTURE, COMPOSITION, AMONG OTHERS Source: ( bit.ly/2w55oey ) Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-broadfin-says-delivered-letter-to/brief-broadfin-says-delivered-letter-to-biodelivery-sciences-with-nominations-for-board-idUSFWN1S8095 |
May 22, 2018 / 3:01 PM / Updated 21 minutes ago Saudi Arabia expands crackdown on women's rights activists Sarah Dadouch 4 Min Read
RIYADH (Reuters) - Saudi Arabia has arrested at least three more women’s rights activists in a widening crackdown just weeks before a ban on women driving is set to end, international rights watchdogs said on Tuesday. FILE PHOTO: A Saudi woman sits in a car during a driving training at a university in Jeddah, Saudi Arabia, March 7, 2018. REUTERS/Faisal Al Nasser/File Photo
Rights groups last week reported the detention of seven activists, mostly women who previously campaigned for the right to drive and an end to the kingdom’s male guardianship system, which requires women to obtain the consent of a male relative for major decisions.
The government later announced that seven people were arrested for suspicious contacts with foreign entities and offering financial support to “enemies overseas”, and said authorities would identify others involved.
State-backed media labelled those held as traitors and “agents of embassies”, unnerving diplomats in Saudi Arabia, a key U.S. ally, with some likening it to repression in neighbouring Egypt and saying their governments would privately discuss the matter with Saudi authorities.
“These actions are inconsistent with messages of reform on which Western support for Vision 2030 is based,” one diplomat said, referring to Saudi Arabia’s ambitious social and economic reform agenda. “These actions will have consequences.”
Official criticism by foreign governments, though, has been scant. Crown Prince Mohammed bin Salman has courted Western allies to support his reforms. Hundreds of billions of dollars of investments were discussed during his recent trips to the United States and Europe.
Amnesty International told Reuters that seven women and two men were now being held, in addition to “one unidentified activist”. Human Rights Watch confirmed that total. One activist said 11 people had been arrested - seven women and four men.
“Amnesty International is worried about reports of further arrests of individuals ... and we call on the authorities to reveal the whereabouts of these individuals and reveal the charges against them,” said Samah Hadid, Amnesty’s Middle East Director of Campaigns.
Government spokesmen were not immediately available for comment on the latest reports.
Ending a decades-old ban on women driving cars is part of a bid to diversify the economy away from oil and open up Saudis’ cloistered lifestyles. FILE PHOTO: A Saudi woman checks a car at the first automotive showroom solely dedicated for women in Jeddah, Saudi Arabia, Jan. 11, 2018. REUTERS/Reem Baeshen//File Photo CRACKDOWN
It has been hailed as proof of a new progressive trend in the conservative Muslim country, but has been accompanied by a crackdown on dissent, including dozens of arrests last September that appeared to pave the way for lifting the driving ban.
“It’s an act to stifle any kind of mobilisation in Saudi Arabia that comes from the grassroots level,” said Madawi al-Rasheed, visiting professor at the London School of Economics.
“Mohammed bin Salman wants all the credit for any kind of success story; he wants to tell the world and the audience that the rights of Saudi women and every Saudi citizen come from him.”
Of the 10 detainees, Amnesty has only publicly identified four women - Eman al-Nafjan, Loujain al-Hathloul, Aziza al-Yousef and Aisha al-Manea, and two men as Ibrahim Modeimigh and Mohammed al-Rabea.
Manea is a longtime women’s rights defender, campaigning for women’s right to drive since the 1990s. Both Nafjan and Yousef participated in a protest against the driving ban in 2013.
Yousef also authored a petition in 2016 seeking to end male guardianship, which Nafjan and Hathloul signed. Hathloul was previously detained at least twice for her activism.
Women who previously participated in protests against the driving ban told Reuters last year that two dozen activists had received phone calls instructing them not to comment on the decree lifting it. Some of those arrested this week nonetheless continued to speak out.
One activist, speaking on condition of anonymity, said terrified colleagues were shutting their social media accounts. Another warned: “To end the feminist movement risks closing the space for civil rights activism altogether.” Additional reporting by Katie Paul in Dubai; Editing by Stephen Kalin/Mark Heinrich | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-saudi-arrests/saudi-arabia-expands-crackdown-on-womens-rights-activists-idUKKCN1IN223 |
CALGARY, May 8, 2018 /PRNewswire/ - (TSX:PMT) - Perpetual Energy Inc. ("Perpetual", the "Corporation" or the "Company") is pleased to release its first quarter 2018 financial and operating results. A complete copy of Perpetual's unaudited condensed interim consolidated financial statements and related Management Discussion and Analysis ("MD&A") for the three months ended March 31, 2018 can be obtained through the Company's website at www.perpetualenergyinc.com and SEDAR at www.sedar.com .
FIRST QUARTER 2018 HIGHLIGHTS
Cash flow from operating activities in the first quarter of 2018 was $11.2 million ($0.19/share) compared to cash flow used in operating activities in the prior year period of $2.3 million. After adjusting for changes in non-cash working capital amounts which are impacted by changes in the timing of collection or payment, cash flow from operating activities increased by 119% over the prior year period.
Adjusted funds flow in the first quarter of 2018 was $9.1 million ($0.15/share), up 78% over the prior year period of $5.1 million ($0.09/share) due to increased production and lower cash costs, partially offset by lower revenue per boe. Adjusted funds flow per boe was $7.94/boe in the first quarter of 2018, up 14% over the prior year period.
Production averaged 12,742 boe/d in the first quarter of 2018, up 8% over the fourth quarter of 2017 and 56% over the first quarter of 2017 due to the completion and tie-in of the East Edson drilling program during the second half of 2017 and first quarter of 2018.
Cash costs were $12.82/boe in the first quarter of 2018, down 31% compared to the prior year period due to diligent cost management combined with the impact of increased production at East Edson on a substantially fixed cost base.
Perpetual's exploration and development spending in the first quarter of 2018 totaled $14.8 million. Capital expenditures included drilling 4 (4.0 net) wells, with 1 (1.0 net) horizontal natural gas well at Edson, as well as 3 (3.0 net) horizontal heavy oil wells at Mannville.
Production and Operations
Spending at East Edson represented 60% of total exploration and development expenditures in the first quarter of 2018. East Edson capital activity included the drilling of one (1.0 net) extended reach horizontal ("ERH") Wilrich horizontal well and frac and tie-in operations of two wells drilled in the fourth quarter of 2017. The two wells that were frac'd and tied-in to production during the first quarter commenced production in February. Frac and tie-in of the one ERH well drilled during the first quarter was deferred to the fourth quarter of 2018 to align high initial production rates with higher anticipated winter natural gas prices.
Spending in Eastern Alberta consisted of a three well (3.0 net) multi-lateral horizontal drilling program in the Company's Mannville heavy oil property, one waterflood injector well conversion, one water disposal well conversion and associated facilities. The three oil wells came on production in late March with one infill well producing at type curve expectations and two pool extension wells producing at lower rates than targeted. The disposal facility is working well and the Company expects this to translate into future netback improvements. Pressure response is already apparent from the injector conversion completed in December of 2017, further validating the success of the Mannville waterfloods. Summer drilling plans include the drilling of two (1.3 net) wells, with a third development well planned late in the year if positive pressure response from the new injector continues.
First quarter production averaged 12,742 boe/d, up 8% from the fourth quarter of 2017 and 56% from 8,143 boe/d produced in the prior year period, reflecting a 79% increase in natural gas and associated natural gas liquids ("NGL") production at East Edson driven by the 2017 and Q1 2018 capital program. Production at East Edson is expected to decline through the summer months before increasing in the fourth quarter when the well drilled in the first quarter is frac'd and tied-in to production. Heavy oil production at Eastern Alberta was maintained at 2017 first quarter levels as positive waterflood response in several pools restored pressure support and offset production declines. Production increases from wells drilled and tied in were not impactful on the first quarter of 2018 as the wells were brought on production at the end of the quarter.
Perpetual's oil and natural gas revenue, before derivatives and marketing contracts, for the three months ended March 31, 2018 of $23.3 million increased 29% from the first quarter of 2017 due to a 56% increase in average daily production, partially offset by lower natural gas prices.
Natural gas revenue, before derivatives and marketing contracts, of $15.5 million in the first quarter of 2018 comprised 66% (Q1 2017 - 69%) of total petroleum and natural gas revenue and 86% (Q1 2017 - 83%) of production. Natural gas revenue increased 23% from $12.6 million in 2017 reflecting the impact of the 62% increase in production volumes driven by the 2017 and Q1 2018 East Edson capital program, partially offset by lower AECO natural gas prices. Perpetual's average realized gas price, including derivatives and adjusted for heat content was $2.65/Mcf compared to an AECO Daily Index price of $2.08/Mcf. Perpetual's 35,000 MMBtu/d, five-year term market diversification contract contributed $2.4 million of incremental revenue and increased Perpetual's average realized natural gas price by $0.41/Mcf over the AECO Daily Index price in the quarter. The market diversification contract is priced based on daily index prices at five pricing hubs (Chicago, Malin, Dawn, Michcon and Empress) outside of Alberta that generally track North American NYMEX prices. Commencing April 1, 2018, volumes delivered to the market diversification contract increased to 40,000 MMBtu/d.
Oil revenue in the first quarter of $3.5 million represented 15% (Q1 2017 - 19%) of total petroleum and natural gas revenue while oil production was 7% (Q1 2017 - 11%) of total Company production. Perpetual's average realized oil price for the first quarter was $48.31/bbl compared to $31.39/bbl in the first quarter of 2017. Oil revenue was comparable to the same period in 2017 due to similar production levels and WCS average prices, as increases in the WTI US$ benchmark prices were fully offset by the higher WCS differential and a stronger Canadian dollar compared to the prior year period.
NGL revenue for the first quarter of 2018 of $4.4 million comprised 19% (Q1 2017 - 12%) of total petroleum and natural gas revenue while NGL production was just 7% (Q1 2017 - 6%) of total Company production. NGL revenue increased by 105% over the prior year period as production increased by 77%, tracking the Company's growth in natural gas production at East Edson, combined with a 16% increase in NGL prices compared to the prior year period, positively correlated to the increase in WTI light oil prices.
Royalty expenses for the quarter ended March 31, 2018 were $3.1 million, comparable to the first quarter of 2017, as higher revenue in the current quarter was offset by a decrease in the combined average royalty rate on P&NG revenue from 17.1% in the prior year period to 13.1% in the first quarter of 2018. The decreased royalty rate is primarily due to a lower effective freehold and overriding royalty rate at East Edson, with the East Edson joint venture take-in-kind royalty effectively a fixed volume over the larger production base in the first quarter of 2018.
Total production and operating expenses were $4.8 million for the first quarter of 2018, comparable to the prior year period despite the 56% increase in production over the comparable period, primarily from the low-cost East Edson area which averaged $2.05/boe in the first quarter of 2018. The first quarter of 2018 saw higher than average well servicing requirements in the Mannville assets which increased operating costs as well as negatively affected production volumes. Production and operating expenses on a unit-of-production basis were $4.16/boe, a decrease of 34% from the prior year period.
Transportation costs in the first quarter of 2018 were $1.4 million, up 42% from the prior year period due to increased production from West Central where transportation costs averaged $1.13/boe compared to $2.10/boe for production from Eastern Alberta. Transportation costs were $1.26/boe in the first quarter, down 9% from the prior year period largely due to a higher percentage of production from West Central properties where pipeline tariffs are less than half of transportation rates in Mannville in Eastern Alberta.
Perpetual's operating netback of $14.8 million in the first quarter of 2018 increased 45% from $10.2 million in the comparative period of 2017 driven by higher production. On a unit-of-production basis, operating netbacks per boe decreased 7% to $12.87/boe due to lower realized commodity prices.
Financial Highlights
Total G&A expense was $2.89/boe in the first quarter of 2018, down 32% from the prior year period due to reductions in office lease costs, staffing levels and diligent expense management, combined with increased production.
Total cash interest expense of $2.1 million for the three months ended March 31, 2018 was 11% higher than the prior year period (Q1 2017 – $1.9 million) due to increased debt levels, partially offset by lower interest rates and the initial dividend income of $0.1 million received from the TOU share investment in late March.
Net loss for the first quarter of 2018 was $6.5 million ($0.11/share), compared to a net loss of $14.2 million ($0.26/share) in the comparative 2017 period. The improvement from the prior year period reflected stronger operational and capital performance including a 56% increase in production, a 31% reduction in cash costs per boe and a 9% reduction in depletion expense per boe, partially offset by a 19% decrease in realized revenue per boe.
At March 31, 2018, Perpetual had total net debt of $115.1 million, up $9.1 million from December 31, 2017. The increase reflects the first quarter capital expenditures and lower market value of the TOU share investment, partially offset by the reduction of the net working capital deficiency.
As at March 31, 2018, 55% of net debt outstanding was repayable in 2021 or later. Perpetual's net debt to trailing twelve months adjusted funds flow improved slightly during the first quarter of 2018 to 3.3 times at March 31, 2018 (December 31, 2017 – 3.4 times).
2018 OUTLOOK
Perpetual has lowered its 2018 capital expenditure guidance from a range of $23 to 27 million provided in a press release dated February 7, 2018 ("Prior Guidance") to $21 to 25 million ($6 to 10 million for the remainder of 2018) and reduced its Mannville heavy oil drilling in the second half of 2018 to two wells (1.3 net) from the previous range of six to ten wells. At East Edson, one horizontal well drilled in the first quarter will be completed and tied-in during the fourth quarter of 2018 to align high initial production rates with higher expected winter natural gas prices. Additional development drilling is ready to activate if AECO forward prices normalize above $2.00/Mcf. Capital spending plans at Mannville include $1.5 to $2.0 million to capture anticipated banked oil from waterflood operations. Decommissioning expenditures are budgeted to be $1.0 to $1.5 million for the remainder of 2018. Capital spending during the remainder of 2018 will be funded through adjusted funds flow.
Production for 2018 is expected to be 10,500 boe/d to 11,000 boe/d, down from prior guidance of 11,500 boe/d due to lower natural gas production in the first quarter due to freeze offs and shut-ins and lower heavy oil production anticipated over the balance of the year due to reduced capital spending.
For the April through October period, Perpetual has fixed the price on 20,000 GJ/d at $1.74/GJ AECO with the remainder of its production sold at daily index prices at the Chicago, Dawn, Empress, Malin and Michcon markets through its 40,000 MMBtu/d market diversification contract. If AECO prices temporarily weaken, Perpetual's fixed price AECO position provides the ability to shut-in production and purchase gas to deliver against pre-sold commitments while preserving reserves and future deliverability capability.
Cash costs of $14.00 to $15.00/boe are anticipated compared to prior guidance of $13.00 to $14.00/boe, due to the impact of the forecast decrease in production on unit costs. Royalty costs are estimated to be moderately lower for the balance of 2018 than in the first quarter, consistent with lower AECO forward natural gas prices for the remainder of 2018. Other cash costs for the remainder of 2018 are anticipated to be comparable to first quarter expense levels.
Adjusted funds flow for 2018 is forecast to be in the $25 to $28 million range ($16 to $19 million for the remainder of 2018), down from previous guidance of $34 to $37 million due to lower heavy oil production and modestly lower natural gas prices.
Guidance assumptions are as follows:
Current Guidance
Prior Guidance
Exploration and development expenditures
$21 - 25 million
$23 - 27 million
2018 cash costs
$14.00 - $15.00/boe
$13.00 - 14.00/boe
2018 average daily production
10,500 - 11,000 boe/d
11,500 boe/d
2018 average production mix
15% oil and NGL
17% oil and NGL
Commodity price assumptions are consistent with current market price levels as follows:
Current Guidance
Prior Guidance
2018 average NYMEX natural gas price
US$2.86/MMBtu
US$2.98/MMBtu
2018 average NYMEX to AECO basis differential
(US$1.73)/MMBtu
(US$1.77)/MMBtu
2018 average West Texas Intermediate ("WTI") oil price
US$65.55/bbl
US$63.54/bbl
2018 average Western Canadian Select ("WCS") differential
(US$22.30)/bbl
(US$23.83)/bbl
2018 average exchange rate
US$1.00 = $1.277
US$1.00 = $1.235
Year end 2018 net debt (net of the current market value of the Company's TOU share investment of approximately $40 million) is forecast at $105 - $110 million, consistent with prior guidance, based on the following assumptions:
Net debt at March 31, 2018 of $115 million Adjusted funds flow for the remainder of 2018 of $16 to $19 million Capital spending for the remainder of 2018 of $6 to $10 million Decommissioning expenditures for the remainder of 2018 of $1.0 to $1.5 million Shallow gas property disposition – fixed marketing obligation payment of $7.6 million
On May 7, 2018, the revolving bank debt Borrowing Limit was decreased from $65 million to $60 million with the next Borrowing Limit redetermination scheduled on or prior to November 30, 2018. After giving effect to this Borrowing Limit reduction, Perpetual had available liquidity of $29.6 million. To improve liquidity, Perpetual plans to pursue additional asset sales in 2018 including the potential disposition of TOU shares.
Financial and Operating Highlights
Three months ended March 31,
($Cdn thousands except volume and per share amounts)
2018
2017
Change
Financial
Oil and natural gas revenue
23,340
18,158
29%
Net loss
(6,465)
(14,172)
54%
Per share – basic and diluted (2)
(0.11)
(0.26)
58%
Cash flow from (used in) operating activities
11,198
(2,289)
589%
Adjusted funds flow (1)
9,101
5,110
78%
Per share (1)(2)
0.15
0.09
67%
Total assets
363,273
389,739
(7%)
Revolving bank debt
46,912
–
100%
Term Loan, at principal amount
45,000
35,000
29%
TOU share margin loan, at principal amount
15,990
35,039
(54%)
Senior Notes, at principal amount
32,490
60,573
(46%)
TOU share investment
(36,434)
(49,440)
(26%)
Adjusted working capital deficiency (surplus) (1)
11,101
(16,714)
(166%)
Net debt (1)
115,059
64,458
79%
Net capital expenditures
Capital expenditures
14,897
24,590
(39%)
Net payments on acquisitions and dispositions
926
163
468%
Net capital expenditures
15,823
24,753
(36%)
Common shares (thousands) (3)
End of period
59,847
58,990
1%
Weighted average - basic and diluted
59,345
54,468
9%
Operating
Daily average production
Natural gas (MMcf/d)
65.9
40.7
62%
Oil (bbl/d)
900
877
3%
NGL (bbl/d)
848
479
77%
Total (boe/d)
12,742
8,143
56%
Average prices
Realized natural gas price ($/Mcf)
2.65
5.04
(47%)
Realized oil price ($/bbl)
48.31
31.39
54%
Realized NGL price ($/bbl)
57.61
49.70
16%
Wells drilled – gross (net)
Natural gas
1 (1.0)
6 (6.0)
Oil
3 (3.0)
4 (3.3)
Total
4 (4.0)
10 (9.3)
(1)
These are non-GAAP measures. Please refer to "Non-GAAP Measures" below.
(2)
Based on weighted average common shares outstanding for the period.
(3)
All common shares are presented net of shares held in trust.
About Perpetual
Perpetual is an oil and natural gas exploration, production and marketing company headquartered in Calgary, Alberta. Perpetual operates a diversified asset portfolio, including liquids-rich natural gas assets in the deep basin of west central Alberta, heavy oil and shallow natural gas in eastern Alberta, with longer term opportunities through undeveloped oil sands leases in northern Alberta. Additional information on Perpetual can be accessed at www.sedar.com or from the Corporation's website at www.perpetualenergyinc.com .
The Toronto Stock Exchange has neither approved nor disapproved the information contained herein.
Forward-Looking Information
Certain information regarding Perpetual in this news release including management's assessment of future plans and operations may constitute forward-looking information or statements under applicable securities laws. The forward looking information includes, without limitation, anticipated amounts and allocation of capital spending; statements pertaining to adjusted funds flow levels, statements regarding estimated production and timing thereof; statements pertaining to type curves being exceeded, forecast average production; completions and development activities; infrastructure expansion and construction; estimated FDC required to convert proved plus probable non-producing and undeveloped reserves to proved producing reserves; prospective oil and natural gas liquids production capability; projected realized natural gas prices and adjusted funds flow; estimated decommissioning obligations; commodity prices and foreign exchange rates; and commodity price management. Various assumptions were used in drawing the conclusions or making the forecasts and projections contained in the forward-looking information contained in this news release, which assumptions are based on management's analysis of historical trends, experience, current conditions and expected future developments pertaining to Perpetual and the industry in which it operates as well as certain assumptions regarding the matters outlined above. Forward-looking information is based on current expectations, estimates and projections that involve a number of risks, which could cause actual results to vary and, in some instances, to differ materially from those anticipated by Perpetual and described in the forward-looking information contained in this news release. Undue reliance should not be placed on forward-looking information, which is not a guarantee of performance and is subject to a number of risks or uncertainties, including without limitation those described under "Risk Factors" in Perpetual's Annual Information Form and MD&A for the year ended December 31, 2017 and those included in other reports on file with Canadian securities regulatory authorities which may be accessed through the SEDAR website ( www.sedar.com ) and at Perpetual's website ( www.perpetualenergyinc.com ). Readers are cautioned that the foregoing list of risk factors is not exhaustive. Forward-looking information is based on the estimates and opinions of Perpetual's management at the time the information is released and Perpetual disclaims any intent or obligation to update publicly any such forward-looking information, whether as a result of new information, future events or otherwise, other than as expressly required by applicable securities law.
Non-GAAP Measures
This news release contains the terms "adjusted funds flow", "adjusted funds flow per share", "adjusted funds flow per boe", "available liquidity", "annualized adjusted funds flow", "cash costs", "net working capital deficiency (surplus)", "net debt and net bank debt", "operating netback" and "realized revenue" which do not have standardized meanings prescribed by GAAP. Management believes that in addition to net income (loss) and net cash flows from operating activities as defined by GAAP, these terms are useful supplemental measures to evaluate operating performance. Users are cautioned however that these measures should not be construed as an alternative to net income (loss) or net cash flows from operating activities determined in accordance with GAAP as an indication of Perpetual's performance and may not be comparable with the calculation of similar measurements by other entities.
For additional reader advisories in regards to non-GAAP financial measures, including Perpetual's method of calculation and reconciliation of these terms to their corresponding GAAP measures, see the section entitled "Non-GAAP Measures" within the Company's MD&A filed on SEDAR.
Management uses adjusted funds flow and adjusted funds flow per boe as key measures to assess the ability of the Company to generate the funds necessary to finance capital expenditures, expenditures on decommissioning obligations and meet its financial obligations. Adjusted funds flow is calculated based on cash flows from operating activities, excluding changes in non-cash working capital and expenditures on decommissioning obligations since Perpetual believes the timing of collection, payment or incurrence of these items involves a high degree of discretion. Expenditures on decommissioning obligations may vary from period to period depending on capital programs and the maturity of our operating areas. Expenditures on decommissioning obligations are managed through our capital budgeting process which considers available adjusted funds flow. The Company has also deducted the change in gas over bitumen royalty financing from adjusted funds flow in order to present these payments net of gas over bitumen royalty credits. These payments are indexed to gas over bitumen royalty credits and are recorded as a reduction to the Corporation's gas over bitumen royalty financing obligation in accordance with IFRS. Additionally, the Company has excluded payments of restructuring costs associated with the disposition of the Shallow Gas Properties, which management considers to not be related to cash flow from operating activities. Restructuring costs include employee downsizing costs and surplus office lease obligations. Commencing in the first quarter of 2018, the Company no longer excludes 'exploration and evaluation – geological and geophysical costs' (Q1 2018 and 2017 – nil) from the calculation of adjusted funds flow as these costs are no longer significant to the Company's business. The calculation of adjusted funds flow for comparative periods has been adjusted to give effect to this change. Adjusted funds flow per share is calculated using the same weighted average number of shares outstanding used in calculating earnings per share. Adjusted funds flow is not intended to represent net cash flows from (used in) operating activities calculated in accordance with IFRS. Adjusted funds flow per boe is calculated as adjusted funds flow divided by total production sold in a period.
Available Liquidity: Available Liquidity is defined as Perpetual's Credit Facility Borrowing Limit, plus TOU share investment, less borrowings and letters of credit issued under the Credit Facility and TOU share margin loan. Management uses available liquidity to assess the ability of the Company to finance capital expenditures, expenditures on decommissioning obligations and meet financial obligations.
Cash costs: Management believes that cash costs assist management and investors in assessing Perpetual's efficiency and overall cost structure. Cash costs are comprised of royalties, production and operating, transportation, general and administrative and cash interest expense and net income. Cash costs per boe is calculated by dividing cash costs by total production sold in a period.
Net debt and net bank debt: Net bank debt is measured as current and long-term bank indebtedness including net working capital deficiency (surplus). Net debt includes the carrying value of net bank debt, the principal amount of the Term Loan, the principal amount of the TOU share margin loan and the principal amount of Senior Notes reduced for the mark-to-market value of the TOU share investment. Net bank debt and net debt are used by management to analyze borrowing capacity.
Net working capital deficiency (surplus): Net working capital deficiency (surplus) includes total current assets and current liabilities excluding short-term derivative assets and liabilities related to the Corporation's risk management activities, current portion of gas over bitumen royalty financing, TOU share investment, TOU share margin loan and current portion of provisions.
Operating netback: Perpetual considers operating netback an important performance measure as it demonstrates its profitability relative to current commodity prices. Operating netback is calculated by deducting royalties, operating costs, and transportation from realized revenue. Operating netback is also calculated on a per boe basis using production sold for the period. Operating netback on a per boe basis can vary significantly for each of the Company's operating areas.
Realized revenue: Realized revenue is the sum of realized natural gas revenue, realized oil revenue and realized NGL revenue which includes realized gains (losses) on financial natural gas, crude oil and foreign exchange contracts but excludes any realized gains (losses) resulting from contracts related to the disposition of the Shallow Gas Properties. Realized revenue, excluding foreign exchange contracts is used by management to calculate the Corporation's net realized commodity prices, taking into account monthly settlements on financial crude oil and natural gas forward sales, collars and basis differentials. These contracts are put in place to protect Perpetual's adjusted funds flow from potential volatility in commodity prices, and as such, any related realized gains or losses are considered part of the Corporation's realized price.
BOE Equivalents
Perpetual's aggregate proved and probable reserves are reported in barrels of oil equivalent (boe). Boe may be misleading, particularly if used in isolation. In accordance with NI 51-101 a boe conversion ratio for natural gas of 6 Mcf: 1 boe has been used, which is based on an energy equivalency conversion method primarily applicable at the burner tip and does not necessarily represent a value equivalency at the wellhead. As the value ratio between natural gas and crude oil based on the current prices of natural gas and crude oil is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.
The following abbreviations used in this news release have the meanings set forth below:
bbls
barrels
boe
barrels of oil equivalent
Mcf
thousand cubic feet
MMcf
million cubic feet
MMBtu
million British Thermal Units
GJ
gigajoules
: releases/perpetual-energy-inc-releases-first-quarter-2018-financial-and-operating-results-300644141.html
SOURCE Perpetual Energy Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/pr-newswire-perpetual-energy-inc-releases-first-quarter-2018-financial-and-operating-results.html |
Global Brass and Copper Holdings Inc:
* GLOBAL BRASS AND COPPER HOLDINGS, INC. REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS
* Q1 ADJUSTED NON-GAAP EARNINGS PER SHARE $0.82
* Q1 SALES $471.8 MILLION VERSUS $419.5 MILLION * REAFFIRMS 2018 FULL-YEAR GUIDANCE Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-global-brass-and-copper-holdings-q/brief-global-brass-and-copper-holdings-q1-earnings-per-share-0-71-idUSASC09ZRE |
MILWAUKEE--(BUSINESS WIRE)-- Directors of The Marcus Corporation (NYSE:MCS) today declared a regular quarterly cash dividend of $0.15 per share of common stock. The dividend will be paid June 15, 2018 to shareholders of record on May 25, 2018.
The Board of Directors also declared a dividend of $0.1364 per share on the Class B common stock. The dividend on the Class B common stock, which is not publicly traded, will also be paid June 15, 2018 to shareholders of record on May 25, 2018.
About The Marcus Corporation
Headquartered in Milwaukee, The Marcus Corporation is a leader in the lodging and entertainment industries, with significant company-owned real estate assets. The Marcus Corporation’s theatre division, Marcus Theatres ® , is the fourth largest theatre circuit in the U.S. and currently owns or operates 895 screens at 69 locations in eight states. The company’s lodging division, Marcus ® Hotels & Resorts , owns and/or manages 20 hotels, resorts and other properties in nine states, with another property opening in June 2018. For more information, please visit the company’s website at www.marcuscorp.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180508006619/en/
for The Marcus Corporation
Thomas F. Kissinger
(414) 905-1390
Source: The Marcus Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/business-wire-the-marcus-corporation-declares-quarterly-dividend.html |
THE WOODLANDS, Texas, May 31, 2018 (GLOBE NEWSWIRE) -- Conn's, Inc. (NASDAQ:CONN), a specialty retailer of furniture and mattresses, home appliances, consumer electronics, home office products and provider of consumer credit, today announced it will host a conference call on June 7, 2018 to discuss its first quarter fiscal year 2019 financial results. The conference call will begin at 10:00 A.M. CT (11:00 A.M. ET). A press release regarding the operating results will be released the same day before the market opens.
Participants can join the call by dialing 877-754-5302 or 678-894-3020. The conference call will also be broadcast simultaneously via webcast on a listen-only basis. A link to the earnings release and webcast will be available at ir.conns.com .
About Conn's, Inc.
Conn's is a specialty retailer currently operating 118 retail locations in Alabama, Arizona, Colorado, Georgia, Louisiana, Mississippi, Nevada, New Mexico, North Carolina, Oklahoma, South Carolina, Tennessee, Texas, and Virginia. The Company's primary product categories include:
Furniture and mattress, including furniture and related accessories for the living room, dining room and bedroom, as well as both traditional and specialty mattresses; Home appliance, including refrigerators, freezers, washers, dryers, dishwashers and ranges; Consumer electronics, including LED, OLED, Ultra HD, and internet-ready televisions, Blu-ray players, home theater and portable audio equipment; and Home office, including computers, printers and accessories.
Additionally, Conn's offers a variety of products on a seasonal basis. Unlike many of its competitors, Conn's provides flexible in-house credit options for its customers in addition to third-party financing programs and third-party lease-to-own payment plans.
CONN-G
Investor Contact:
S.M. Berger & Company
Andrew Berger, (216) 464-6400
Source:Conn's, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/31/globe-newswire-conns-inc-schedules-conference-call-to-discuss-first-quarter-fiscal-year-2019-results.html |
(Adds comments from CPS)
CHICAGO, May 17 (Reuters) - The junk-rated Chicago Public Schools (CPS) on Thursday more than doubled a planned bond refinancing issue to $561 million and accelerated its pricing amid rising rates in the U.S. municipal market.
The district had initially sized the issue at $260 million and set a tentative pricing date for next Tuesday through senior underwriter Loop Capital Markets.
CPS said it moved up the sale due to market conditions that allowed the debt refunding to meet savings targets.
“Today’s successful bond sale, which will save CPS $30 million next year and reduce debt costs in all years, is yet another product of the historic funding reform that our families and elected leaders worked so hard to achieve last year,” Janice Jackson, the school system’s chief executive officer, said in a statement.
School officials have touted an improved financial outlook under a new Illinois school funding formula enacted last year that boosted the flow of state funding to CPS by $450 million.
Rising yields in the market may have speeded up the deal’s pricing schedule.
“I guess they are taking advantage of the market while rates are increasing,” said Daniel Berger, Municipal Market Data’s (MMD) senior market strategist.
The 10-year bond yield on MMD’s benchmark triple-A scale has climbed 10 basis points since Monday.
Yields in the deal topped out at 4.95 percent for general obligation bonds due in 2035 with a 5 percent coupon, according to a repricing released by underwriters. Insurance by Assured Guaranty Municipal Corp on an additional 2035 maturity produced a lower yield of 4.05 percent.
Spreads over MMD’s scale ranged from 193 basis points to 224 basis points for uninsured bonds and were as high as 135 basis points for insured bonds.
Escalating pension payments have led to junk credit ratings, drained reserves and debt dependency for CPS, the country’s third-largest public school system.
The district still has an “extremely weak cash position,” according to S&P Global Markets, which last week rated the bonds at ‘B’ with a positive outlook.
The sale came a day after the Illinois State Board of Education placed the district’s special education services under supervision after finding some CPS policies and practices violated a federal law protecting disabled children’s’ right to a free and appropriate public education. (Reporting by Karen Pierog, editing by G Crosse)
| ashraq/financial-news-articles | https://www.reuters.com/article/chicago-education-bonds/update-1-chicago-schools-sells-upsized-561-mln-bond-deal-ahead-of-schedule-idUSL2N1SO27U |
* Q1 loss smaller than expected
* Sales and marketing spend increases 9 pct
* Shares fall 5 pct in extended trading after Q2 forecast (Adds CEO comments, updates share move)
May 30 (Reuters) - Cloud storage provider Box Inc reported first-quarter revenue that edged past Wall Street estimates amid a ramp-up in spending to attract paying customers.
However, Box's shares, which have risen nearly 45 percent in the last 12 months, fell 5 percent in extended trading after the company issued a conservative second-quarter forecast.
"I think investors are always ... looking for us to continue to raise guidance ... We think that makes sense but obviously we want to guide to numbers we feel very comfortable and confident," Chief Executive Officer Aaron Levie told Reuters.
Box forecast second-quarter revenue at between $146 million and $147 million. Analysts on average were expecting $146.1 million, according to Thomson Reuters I/B/E/S.
The company also said it has been investing in cyber security, compliance and administrative technology and plans to add more sales personnel as it expands in markets such as Germany, Australia and Canada.
"The growth rates of those markets are still lower because of how early we are building out our presence ... But we do expect they will be able to increase in the near future," Levie said.
Box, which competes with Dropbox Inc, Microsoft Corp's OneDrive and Google's Drive, said its revenue rose 20 percent to $140.5 million in the quarter ended April 30.
Dropbox beat expectations for quarterly results and topped estimates for paying subscribers in its first financial report as a publicly traded company earlier this month.
Box signed 85,000 paying customers in the first quarter, up from 82,000 in the fourth quarter, but also spent 9 percent more from last year to attract them.
Net loss attributable to Box's shareholders narrowed to $36.6 million, or 26 cents per share, from $40.1 million, or 30 cents per share.
Excluding items, the Redwood City, California-based company lost 7 cents per share.
Analysts had expected revenue of $139.7 million and a loss of 8 cents per share. (Reporting by Arjun Panchadar in Bengaluru; Editing by Maju Samuel) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/30/reuters-america-update-2-cloud-storage-firm-boxs-revenue-edges-past-estimates.html |
Rally held to spread awareness on cleaning India’s holy river Ganges 9:14pm IST - 01:02
Priests and devotees of the river Ganges in India perform rituals to spread awareness about water pollution.
Priests and devotees of the river Ganges in India perform rituals to spread awareness about water pollution. //reut.rs/2KV07tm | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/12/rally-held-to-spread-awareness-on-cleani?videoId=426260069 |
ELMA, N.Y., Servotronics, Inc. (NYSE American: SVT) a designer and manufacturer of servo-control components and other advanced technology products announced financial results for the period ended March 31, 2018.
Net income for the first quarter of 2018 was $331,000 (or $0.14 per share Basic and Diluted) on revenues of $10,559,000 as compared to net income for the same period of 2017 of $26,000 (or $0.01 per share Basic and Diluted) on revenues of $9,103,000. The 16.0% increase in revenue is the result of increases in commercial and government shipments at the Advanced Technology Group ("ATG") offset by a decrease in commercial and government sales at the Consumer Products Group ("CPG").
Chairman and Chief Executive Officer Kenneth Trbovich said, "We're off to a strong start to 2018 as demonstrated by our strong revenue growth and greater profitability. While we are seeing an increase in shipments at the ATG, progress is gradual and challenges are real. We believe our performance is reflective of the successful execution of our strategy and we look forward to continue building on this momentum today and in the years ahead."
Gross profit for the first quarter of 2018 was $2,247,000, or 21.3% of revenue, compared with $2,061,000, or 22.6% of revenue for the same period of 2017. Cost of goods sold (exclusive of depreciation and amortization) increased approximately $1,270,000 or 18.0%. The increase in cost of goods sold is primarily attributable to the increase in revenue volume, the costs incurred by an increase in headcount and increase warranty expense. Selling, general and administrative (SG&A) expenses decreased approximately $214,000 or 11.7%. The decrease is primarily driven by the decrease in salary and wages attributable to Servotronics' former Chairman of the Board and Chief Executive Officer recognized in 2017 but not in 2018.
The Company is composed of two groups – the ATG and the CPG. The ATG primarily designs, develops and manufactures servo controls and other components for various commercial and government applications (i.e., aircraft, jet engines, missiles, manufacturing equipment, etc.). The CPG designs and manufactures cutlery, bayonets, pocket knives, machetes and combat knives, survival, sporting, agricultural knives and other edged products for both commercial and government applications.
FORWARD-LOOKING STATEMENTS
Certain paragraphs of this release contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, such as those pertaining to the Company's planned growth efforts and expectation of new business and success in its entry into new product programs. Forward-looking statements involve numerous risks and uncertainties. The Company derives a material portion of its revenue from contracts with agencies of the U.S. Government or their prime contractors. The Company's business is performed under fixed price contracts and the following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: uncertainties in today's global economy and global competition, difficulty in predicting defense appropriations, the vitality and ability of the commercial aviation industry to purchase new aircraft, the willingness and ability of the Company's customers to fund long-term purchase programs, market demand and acceptance both for the Company's products and its customers' products which incorporate Company-made components and the ability of the Company to successfully execute its strategic plans. The success of the Company also depends upon the trends that affect the national and international economy. Readers are cautioned not to place undue reliance on forward-looking statements, which reflect management's analysis only as of the date hereof. The Company assumes no obligation to update forward-looking statements.
SERVOTRONICS, INC. (SVT) IS LISTED ON NYSE American
releases/servotronics-inc-announces-first-quarter-results-for-the-period-ended-march-31-2018-300648090.html
SOURCE Servotronics, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/pr-newswire-servotronics-inc-announces-first-quarter-results-for-the-period-ended-march-31-2018.html |
U.S. offshore revenue up 20% sequentially
Blackhawk segment reported record U.S. onshore product revenues Successful expansion of drilling tools technology in Middle East and North American markets
HOUSTON, Frank’s International N.V. (NYSE:FI) (the “Company” or “Frank’s”) today reported revenues of $115.6 million and a net loss of $42.1 million, or $0.19 per share, for the three months ended March 31, 2018. Adjusted net loss per diluted share for the first quarter was $0.18, excluding $1.1 million in severance and other items, net of tax. Adjusted EBITDA for the quarter was a loss of $2.2 million.
“The U.S. Services segment is benefitting from recent market share gains in the offshore business and continued rig activity growth in the onshore market,” said Michael Kearney, the Company’s Chairman, President and Chief Executive Officer.
“We are beginning to see increased offshore tendering activity in select markets giving us a more optimistic view of the longer-term offshore recovery. This will further support our ongoing expansion of the Blackhawk and Tubulars Sales segments to international markets, which we expect to build momentum throughout 2018. We are also on track to achieve our previously announced cost reduction targets that will improve our profitability.”
Financial measures not presented in accordance with U.S. generally accepted accounting principles (“GAAP”) are defined and reconciled to their most directly comparable GAAP measures below. Please see “Use of Non-GAAP Financial Measures” and the reconciliations to the nearest comparable GAAP measures.
Segment Results
International Services
International Services revenue was $48.7 million in the first quarter of 2018, down $4.2 million compared to the fourth quarter of 2017, and up $2.1 million compared to the first quarter of 2017. Sequential results were impacted by decreased activity and work scope in Europe and the Middle East, while year-over-year improvement was driven by increased activity in Asia Pacific and higher realized prices in Canada.
Segment adjusted EBITDA for the first quarter of 2018 of $2.6 million, or 5.3% of revenue, was down $2.8 million compared to the fourth quarter of 2017, and down $2.7 million compared to the first quarter of 2017. Adjusted EBITDA decreased sequentially due to decreased work scope and market share in Europe and year-over-year due to lower activity in Latin America.
U.S. Services
U.S. Services revenue was $32.6 million in the first quarter of 2018, up $3.7 million compared to the fourth quarter of 2017, and up $1.6 million compared to the first quarter of 2017.
For the first quarter of 2018, onshore revenue within the U.S. Services segment of $15.3 million was up $0.9 million compared to the fourth quarter of 2017, and up $4.6 million compared to the first quarter of 2017. Sequential and year-over-year revenue increases were a result of increased rig activity and improved pricing of services.
Offshore revenue within the U.S. Services segment of $17.3 million for the first quarter of 2018 was up $2.9 million compared to the fourth quarter of 2017, and down $3.0 million compared to the first quarter of 2017. Revenue increased sequentially due to increased market share in the offshore market and was lower year-over-year as a result of decreased rig activity in the U.S. Gulf of Mexico.
Segment adjusted EBITDA for the first quarter of 2018 was a loss of $9.3 million, an improvement of $2.3 million from the fourth quarter 2017. Adjusted EBITDA was higher sequentially due to increased contribution from the offshore business.
Tubular Sales
Tubular Sales revenue was $15.2 million in the first quarter of 2018, down $2.2 million compared to the fourth quarter of 2017, and down $1.7 million compared to the first quarter of 2017. Revenue experienced declines sequentially and year-over-year from lower Gulf of Mexico volumes due to decreased demand.
Segment adjusted EBITDA for the first quarter of 2018 was $2.2 million, or 14.4% of revenue, up $0.7 million compared to the fourth quarter of 2017, and down $0.1 million compared to the first quarter of 2017. Adjusted EBITDA and adjusted EBTIDA margin were higher sequentially due to some discrete above average margin business opportunities as well as lower manufacturing costs in this segment. Adjusted EBITDA was lower year-over-year due to lower revenues from decreased sales volumes.
Blackhawk
Blackhawk revenue for the first quarter of 2018 was $19.0 million, down $0.1 million compared to the fourth quarter of 2017, and up $2.8 million compared to the first quarter of 2017. Revenue was lower sequentially due to seasonal decline of well intervention services and products and higher year-over-year from an increase in onshore and offshore services in the U.S. and international markets.
Segment adjusted EBITDA for the first quarter of 2018 was $2.4 million, or 12.4% of revenue, down $1.1 million compared to the fourth quarter of 2017 and up $1.2 million compared to the first quarter of 2017. Adjusted EBITDA was lower sequentially due to seasonal declines in the offshore well intervention business and higher costs to support new product offerings and increasing activity levels, particularly in international markets. Adjusted EBITDA was higher year-over-year due to higher product and service revenue from increased activity in the U.S. onshore and offshore businesses.
Service revenue for the first quarter of 2018 was $10.0 million and products revenue was $9.0 million. Additionally, the Blackhawk U.S. onshore business reported record revenues for product sales during the first quarter of 2018.
Capital Expenditures and Balance Sheet
Expenditures related to property, plant and equipment and intangibles were $6.3 million for the first quarter of 2018. The Company expects total capital expenditures to be $48 million for 2018. The Company’s consolidated cash and short-term investments balance at March 31, 2018 was $264.9 million compared to $294.0 million at December 31, 2017.
Conference Call
The Company will host a conference call to discuss first quarter 2018 results on Tuesday, May 8, 2018 at 10:00 a.m. Central Time (11:00 a.m. Eastern Time). Participants may join the conference call by dialing (888) 771-4371 or (847) 585-4405. The conference access code is 46861430. To listen via live web cast, please visit the Investor Relations section of the Company’s website, www.franksinternational.com . A presentation will also be posted on the Company’s website prior to the conference call.
An audio replay of the conference call will be available approximately two hours after the conclusion of the call and will remain available for seven days. It can be accessed by dialing (888) 843-7419 or (630) 652-3042. The conference call replay access code is 46861430#. The replay will also be available in the Investor Relations section of the Company’s website approximately two hours after the conclusion of the call and remain available for approximately 90 days.
Forward Looking Statements
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. Without limiting the generality of the foregoing, forward-looking statements contained in this press release specifically include statements, estimates and projections regarding the Company’s future business strategy and prospects for growth, cash flows and liquidity, financial strategy, budget, projections and operating results, the amount, nature and timing of capital expenditures, the availability and terms of capital, the level of activity in the oil and gas industry, volatility of oil and gas prices, which have declined significantly in recent periods, unique risks associated with offshore operations, political, economic and regulatory uncertainties in international operations, the ability to develop new technologies and products, the ability to protect intellectual property rights, the ability to employ and retain skilled and qualified workers, the level of competition in the Company’s industry and other guidance. These statements are based on certain assumptions made by the Company based on management’s experience, expectations and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. Forward-looking statements are not guarantees of performance.
Although the Company believes the expectations reflected in its forward-looking statements are reasonable and are based on reasonable assumptions, no assurance can be given that these assumptions are accurate or that any of these expectations will be achieved (in full or at all) or will prove to have been correct. Moreover, such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. These include the factors discussed or referenced in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 that has been filed with the SEC and in the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2018 that will be filed with the SEC. Any forward-looking statement speaks only as of the date on which such statement is made, and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law, and we caution you not to rely on them unduly.
About Frank’s International
Frank’s International N.V. is a global oil services company that provides a broad and comprehensive range of highly engineered tubular running services, tubular fabrication, and specialty well construction and well intervention solutions with a focus on complex and technically demanding wells. Founded in 1938, Frank’s has approximately 2,900 employees and provides services to leading exploration and production companies in both onshore and offshore environments in approximately 50 countries on six continents. The Company’s common stock is traded on the NYSE under the symbol “FI.” Additional information is available on the Company’s website, www.franksinternational.com .
Use of Non-GAAP Financial Measures
This press release and the accompanying schedules include the non-GAAP financial measures of adjusted net income (loss), adjusted net income (loss) per diluted share, adjusted EBITDA and adjusted EBITDA margin, which may be used periodically by management when discussing the Company’s financial results with investors and analysts. The accompanying schedules of this press release provide a reconciliation of these non-GAAP financial measures to their most directly comparable financial measure calculated and presented in accordance with GAAP. Adjusted net income (loss), adjusted net income (loss) per diluted share, adjusted EBITDA and adjusted EBITDA margin are presented because management believes these metrics provide additional information relative to the performance of the Company’s business. These metrics are commonly employed by financial analysts and investors to evaluate the operating and financial performance of the Company from period to period and to compare it with the performance of other publicly traded companies within the industry. You should not consider adjusted net income (loss), adjusted net income (loss) per diluted share, adjusted EBITDA and adjusted EBITDA margin in isolation or as a substitute for analysis of the Company’s results as reported under GAAP. Because adjusted net income (loss), adjusted net income (loss) per diluted share, adjusted EBITDA and adjusted EBITDA margin may be defined differently by other companies in the Company’s industry, the Company’s presentation of these non-GAAP financial measures may not be comparable to similarly titled measures of other companies, thereby diminishing their utility.
The Company defines adjusted net income (loss) as net income (loss) before severance and other charges, net of tax and mergers and acquisition expense, net of tax. The Company defines adjusted net income (loss) per diluted share as net income (loss) before severance and other charges, net of tax and mergers and acquisition expense, net of tax, divided by diluted weighted average common shares. The Company defines adjusted EBITDA as net income (loss) before interest income, net, depreciation and amortization, income tax benefit or expense, asset impairments, gain or loss on disposal of assets, foreign currency gain or loss, equity-based compensation, the effects of the tax receivable agreement, unrealized and realized gains or losses and other non-cash adjustments and other charges or credits. The Company uses adjusted EBITDA to assess its financial performance because it allows the Company to compare its operating performance on a consistent basis across periods by removing the effects of its capital structure (such as varying levels of interest expense), asset base (such as depreciation and amortization) and items outside the control of the Company’s management team (such as income tax and foreign currency exchange rates). The Company defines adjusted EBITDA margin as adjusted EBITDA divided by total revenue.
Please see the accompanying financial tables for a reconciliation of these non-GAAP measures to their most directly comparable GAAP measures.
Contact:
Blake Holcomb – Director, Investor Relations and Communications
[email protected]
713-231-2463
FRANK'S INTERNATIONAL N.V. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) (Unaudited) Three Months Ended March 31, December 31, March 31, 2018 2017 2017 Revenues: Services $ 91,348 $ 91,659 $ 86,322 Products 24,221 26,663 24,409 Total revenue 115,569 118,322 110,731 Operating expenses: Cost of revenues, exclusive of depreciation and amortization Services (1) 63,210 60,721 51,683 Products (1) 18,747 25,674 22,269 General and administrative expenses 38,730 38,597 42,725 Depreciation and amortization 28,300 29,402 31,099 Severance and other charges 1,254 72,968 1,037 (Gain) loss on disposal of assets 235 46 (1,472 ) Operating loss (34,907 ) (109,086 ) (36,610 ) Other income (expense): Tax receivable agreement ("TRA") related adjustments (2,941 ) — — Other income (expense), net (440 ) 1,415 134 Interest income, net 944 139 398 Mergers and acquisition expense (58 ) — (449 ) Foreign currency gain (loss) 1,704 (1,109 ) 746 Total other income (expense) (791 ) 445 829 Loss before income taxes (35,698 ) (108,641 ) (35,781 ) Income tax expense (benefit) 6,375 499 (9,118 ) Net loss $ (42,073 ) $ (109,140 ) $ (26,663 ) Loss per common share: Basic and diluted $ (0.19 ) $ (0.49 ) $ (0.12 ) Weighted average common shares outstanding: Basic and diluted 223,567 223,219 222,564 (1) Our financial statements for the three months ended March 31, 2017, have been revised to decrease cost of revenues, services and increase cost of revenues, products by $5,424 in order to correct a misclassification associated with Blackhawk product cost.
FRANK'S INTERNATIONAL N.V. SELECTED OPERATING SEGMENT DATA (In thousands) (Unaudited) Three Months Ended March 31, December 31, March 31, 2018 2017 2017 Revenue International Services $ 48,733 $ 52,895 $ 46,610 U.S. Services 32,607 28,879 30,966 Tubular Sales 15,220 17,423 16,945 Blackhawk 19,009 19,125 16,210 Total $ 115,569 $ 118,322 $ 110,731 Segment Adjusted EBITDA: International Services $ 2,588 $ 5,342 $ 5,286 U.S. Services (1) (9,301 ) (11,582 ) (7,215 ) Tubular Sales 2,188 1,445 2,254 Blackhawk 2,366 3,437 1,211 Total $ (2,159 ) $ (1,358 ) $ 1,536 (1) Includes all corporate general and administrative expenses.
FRANK'S INTERNATIONAL N.V. NON-GAAP FINANCIAL MEASURES AND RECONCILIATION (In thousands) (Unaudited) ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN RECONCILIATION Three Months Ended March 31, December 31, March 31, 2018 2017 2017 Revenue $ 115,569 $ 118,322 $ 110,731 Net loss $ (42,073 ) $ (109,140 ) $ (26,663 ) Interest income, net (944 ) (139 ) (398 ) Depreciation and amortization 28,300 29,402 31,099 Income tax expense (benefit) 6,375 499 (9,118 ) (Gain) loss on disposal of assets 235 46 (1,472 ) Foreign currency (gain) loss (1,704 ) 1,109 (746 ) TRA related adjustments 2,941 — — Charges and credits (1) 4,711 76,865 8,834 Adjusted EBITDA $ (2,159 ) $ (1,358 ) $ 1,536 Adjusted EBITDA margin (1.9 )% (1.1 )% 1.4 % (1) Comprised of Equity-based compensation expense (for the three months ended March 31, 2018, December 31, 2017 and March 31, 2017: $2,280, $2,404 and $5,701 respectively), Mergers and acquisition expense (for the three months ended March 31, 2018, December 31, 2017 and March 31, 2017: $58, none and $449, respectively), Severance and other charges (for the three months ended March 31, 2018, December 31, 2017 and March 31, 2017: $1,254, $72,968 and $1,037, respectively), Unrealized and realized (gains) losses (for the three months ended March 31, 2018, December 31, 2017 and March 31, 2017: $400, $(28) and $608, respectively), Investigation-related matters (for the three months ended March 31, 2018, December 31, 2017 and March 31, 2017: $719, $1,034 and $1,039, respectively), and Other adjustments (for the three months ended March 31, 2018, December 31, 2017 and March 31, 2017: none, $487 and none, respectively).
FRANK'S INTERNATIONAL N.V. NON-GAAP FINANCIAL MEASURES AND RECONCILIATION (In thousands) (Unaudited) SEGMENT ADJUSTED EBITDA RECONCILIATION Three Months Ended March 31, December 31, March 31, 2018 2017 2017 Segment Adjusted EBITDA: International Services $ 2,588 $ 5,342 $ 5,286 U.S. Services (1) (9,301 ) (11,582 ) (7,215 ) Tubular Sales 2,188 1,445 2,254 Blackhawk 2,366 3,437 1,211 (2,159 ) (1,358 ) 1,536 Interest income, net 944 139 398 Depreciation and amortization (28,300 ) (29,402 ) (31,099 ) Income tax (expense) benefit (6,375 ) (499 ) 9,118 Gain (loss) on disposal of assets (235 ) (46 ) 1,472 Foreign currency gain (loss) 1,704 (1,109 ) 746 TRA related adjustments (2,941 ) — — Charges and credits (2) (4,711 ) (76,865 ) (8,834 ) Net loss $ (42,073 ) $ (109,140 ) $ (26,663 ) (1) Includes all corporate general and administrative expenses.
(2) Comprised of Equity-based compensation expense (for the three months ended March 31, 2018, December 31, 2017 and March 31, 2017: $2,280, $2,404 and $5,701, respectively), Mergers and acquisition expense (for the three months ended March 31, 2018, December 31, 2017 and March 31, 2017: $58, none and $449, respectively), Severance and other charges (for the three months ended March 31, 2018, December 31, 2017 and March 31, 2017: $1,254, $72,968 and $1,037, respectively), Unrealized and realized gains (losses) (for the three months ended March 31, 2018, December 31, 2017 and March 31, 2017: $(400), $28 and $(608), respectively), Investigation-related matters (for the three months ended March 31, 2018, December 31, 2017 and March 31, 2017: $719, $1,034 and $1,039, respectively), and Other adjustments (for the three months ended March 31, 2018, December 31, 2017 and March 31, 2017: none, $487 and none, respectively).
FRANK'S INTERNATIONAL N.V. NON-GAAP FINANCIAL MEASURES AND RECONCILIATION (In thousands, except per share amounts) (Unaudited) RECONCILIATION OF ADJUSTED NET LOSS AND ADJUSTED NET LOSS PER DILUTED SHARE Three Months Ended March 31, December 31, March 31, 2018 2017 2017 Net loss $ (42,073 ) $ (109,140 ) $ (26,663 ) Severance and other charges (net of tax) 1,040 50,549 731 Mergers and acquisition expense (net of tax) 58 — 254 Net loss excluding certain items $ (40,975 ) $ (58,591 ) $ (25,678 ) Loss per diluted share $ (0.19 ) $ (0.49 ) $ (0.12 ) Severance and other charges (net of tax) 0.01 0.23 — Mergers and acquisition expense (net of tax) — — — Loss per diluted share excluding certain items $ (0.18 ) $ (0.26 ) $ (0.12 )
FRANK'S INTERNATIONAL N.V. LOSS PER SHARE CALCULATIONS (In thousands, except per share amounts) (Unaudited) Three Months Ended March 31, December 31, March 31, 2018 2017 2017 Numerator Net loss $ (42,073 ) $ (109,140 ) $ (26,663 ) Denominator Basic and diluted weighted average common shares (1) 223,567 223,219 222,564 Loss per common share: Basic and diluted $ (0.19 ) $ (0.49 ) $ (0.12 ) (1) Approximate number of unvested restricted stock units and stock to be issued pursuant to the employee stock purchase plan that have been excluded from the computation of diluted loss per share as the effect would be anti-dilutive when the results from operations are at a net loss position. 702 642 799
FRANK'S INTERNATIONAL N.V. SELECTED BALANCE SHEET AND CASH FLOW DATA (In thousands) (Unaudited) March 31, December 31, 2018 2017 Cash and cash equivalents $ 188,779 $ 213,015 Short-term investments 76,149 81,021 Working capital 378,653 393,586 Property, plant and equipment, net 449,153 469,646 Total assets 1,209,306 1,261,769 Total debt 3,266 4,721 Total stockholders' equity 1,076,306 1,115,901 Three Months Ended March 31, 2018 2017 Net cash used in operating activities $ (20,909 ) $ (9,435 ) Net cash used in investing activities (143 ) (7,244 ) Net cash used in financing activities (1,929 ) (18,047 ) (22,981 ) (34,726 ) Effect of exchange rate changes on cash (1,255 ) (860 ) Net decrease in cash and cash equivalents $ (24,236 ) $ (35,586 ) Purchases of property, plant and equipment and intangibles $ 6,323 $ 11,720
Source:Frank's International N.V. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/globe-newswire-frankas-international-n-v-announces-first-quarter-2018-results.html |
0 COMMENTS A cashier scans a customers purchases at a Home Depot Inc. store in New York, U.S., on Friday, May 11, 2018. Photo: Mark Kauzlarich/Bloomberg
Home Depot Inc. already has shrugged off the negative impact this year’s prolonged winter had on the retailer’s first quarter sales, said Carol Tomé, finance chief of the Atlanta-based company.
Comparable store sales, which tracks performance of stores and websites that have been operating for more than a year, fell short of analysts’ expectations at 4.2% in the first quarter vs the 5.4% increase analysts expected, according to data from FactSet. Unusually cold weather in March and April took a toll on Home Depot’s sales of gardening supplies, but the rest of the retailer’s business performed ahead of expectation during the quarter, Ms. Tomé said.
“The whole company now is double-digit positive, our growth is double digit over last year,” Ms. Tomé told CFO Journal, referring to an uptick in revenue in recent weeks.
Home Depot posted fiscal first-quarter earnings of $2.4 billion, up from $2 billion in the year-ago period. Revenue rose 4.4% to nearly $25 billion from the comparable quarter of 2017. The retailer’s fiscal first quarter concluded at the end of April.
The world’s largest home-improvement chain also rolled out a new online shopping feature during the first fiscal quarter that allows customers to add installation services to online orders. For example, a customer looking for a kitchen faucet online can now arrange and pay for the installation of that faucet as part of the same online shopping experience.
The feature is part of the company’s effort to create an interconnected shopping experience for its customers, Ms. Tomé said. The retailer has earmarked $1 billion of its $2.5 billion in 2018 capital spending for such “interconnection” improvements, she said.
“It’s one Home Depot and we want to give a similar experience regardless of the channel that you chose to shop,” Ms. Tomé said.
Another aspect of that effort is Home Depot’s plan to hire around 1,500 new technology employees by year end. Each of those employees will be allocated to a project with certain return criteria to track the performance of the investment, Ms. Tomé said.
Still, as CFO, Ms. Tomé said she had to look beyond the numbers to resolve the logistics of such a large hiring drive.
“As CFO I had to decide where all those people are going to sit,” Ms. Tomé said. Home Depot is headquartered in Atlanta and has a technical facility in Austin, Texas.
“I had to work with business leaders to explain that some of their people weren’t going to be here in Georgia, they’re going to be in that facility in Austin,” she said, adding that balancing resource allocation and logistical challenge is part of her remit. “People have to have a place to sit and a place to park,” she added.
Share this: CAPEX CAPITAL SPENDING EARNINGS Previous Germany’s Merck Breaks Down Currency Impact | ashraq/financial-news-articles | https://blogs.wsj.com/cfo/2018/05/15/home-depot-shrugs-off-winter-blues/ |
The Norwegian Bliss is the latest ship to join the company's fleet. But it's not just carrying guests across the seas, it's also bringing along a race track. The Bliss is loaded with a wide range of features to keep guests busy while cruising to their next destination. The Bliss cost about $1 billion to build and is setting its sights to dethrone Carnival and Royal Caribbean. "The cruise industry is growing like a weed and every ship is full to the hilt. Every cruise line company is reporting record profits," said Frank Del Rio, CEO of Norwegian Cruise Line Holdings.
According to Cruise Line International Association, more than 25 million people boarded cruise liners in 2017. That number is expected to hit more than 27 million in 2018. To accommodate the influx of new and returning customers, cruise lines aren't just building bigger ships; they're building more of them. There are more than 80 new ships that are currently in development. 27 of those ships are expected to hit the seas this year.
The cruise market totals close to $41.1 billion in wages and salaries. As for Carnival, Royal Caribbean and Norwegian; they control close to 80 percent of the cruise market space. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/06/this-cruise-ship-is-trying-to-beat-out-carnival-and-royal-caribbean.html |
May 2 (Reuters) - Great Plains Energy Inc:
* GREAT PLAINS ENERGY REPORTS SOLID FIRST QUARTER 2018 RESULTS
* Q1 EARNINGS PER SHARE $0.16 * Q1 EARNINGS PER SHARE VIEW $0.17 — THOMSON REUTERS I/B/E/S
* Q1 ADJUSTED NON-GAAP EARNINGS PER SHARE $0.19
* WEATHER IMPACT IN Q1 2018, WHEN COMPARED TO NORMAL, WAS FLAT Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-great-plains-energy-reports-q1-adj/brief-great-plains-energy-reports-q1-adjusted-non-gaap-earnings-per-share-0-19-idUSASC09Z9B |
May 25, 2018 / 5:48 AM / Updated 2 hours ago Mane paints hometown red by donating 300 Liverpool shirts Reuters Staff 2 Min Read
(Reuters) - Liverpool forward Sadio Mane has despatched 300 club jerseys to supporters in his home village of Bambali in Senegal ahead of Saturday’s Champions League final against Real Madrid. Soccer Football - Champions League - Liverpool Press Conference - Anfield, Liverpool, Britain - May 21, 2018 Liverpool's Sadio Mane during the press conference REUTERS/Andrew Yates
Mane’s family still live in the village of 2,000 inhabitants, which is expected to come to a standstill as their favourite son looks to help the Premier League club claim a sixth European Cup in Kiev’s Olympic Stadium.
The 26-year-old has ensured the village can cheer his team in style as they look to beat 12-times champions Real.
“There are 2,000 in the village. I bought 300 Liverpool jerseys to send to the people in the village, so the fans can wear to watch the final,” Mane told the British media.
The Senegalese international is not expected to return home until after next month’s World Cup in Russia but is hopeful he can further reward fans for their continued support.
“Nobody in the village will work this day (Saturday). I will be going back in the summer after the World Cup and hopefully I will be showing everyone a medal.” Reporting by Shrivathsa Sridhar in Bengaluru; Editing by John O'Brien | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-champions-final-mane/mane-paints-hometown-red-by-donating-300-liverpool-shirts-idUKKCN1IQ0IH |
DUBAI (Reuters) - Saudi Arabia and other members of the Gulf Cooperation Council, placed 10 leaders of Lebanon’s Hezbollah on their terrorism lists on Wednesday, including Sayyed Hassan Nasrallah and his deputy Naim Qassem, Saudi state news agency SPA said.
The Gulf states also targeted four of the movement’s committees, and ordered the individuals’ assets and bank accounts frozen, it said.
The move followed the U.S. Treasury which said on Wednesday imposed additional sanctions on Lebanon’s Hezbollah leadership, targeting its top two officials, Sayyed Hassan Nasrallah and Naim Qassem.
(This version corrects wording of headline.)
Reporting By Aziz El Yaakoubi; Editing by Richard Balmforth
| ashraq/financial-news-articles | https://www.reuters.com/article/us-gulf-lebanon-hezbollah/gulf-states-puts-hezbollah-leadership-on-their-terror-lists-idUSKCN1IH2SK |
A male student opened fire at a suburban Indianapolis middle school Friday morning, wounding another student and a teacher before being taken into custody, authorities said.
The attack at Noblesville West Middle School happened around 9 a.m. local time, police Chief Kevin Jowitt said at a news conference. He said investigators believe the suspect acted alone, though he didn't release the boy's name or the names of the victims, who were taken to hospitals in Indianapolis.
Indiana University Health spokeswoman Danielle Sirilla said the teacher was taken to IU Health Methodist Hospital and the wounded student was taken to Riley Hospital for Children. She didn't know the seriousness of their injuries.
After the attack, students were bused to the Noblesville High School gym, where their families could retrieve them.
Erica Higgins, who was among the worried parents who rushed to get their kids, told WTHR-TV that she learned of the shooting from a relative who called her at home.
Google Earth Noblesville West Middle School in Nobesville, Indiana. "I just want to get my arms around my boy," she said.
Higgins said her son was shaken up but knew little about what happened.
"I got a 'Mom, I'm scared' text message and other than that, it was 'come get me at the high school,'" Higgins said.
Gov. Eric Holcomb, who was returning from a trip to Europe on Friday, issued a statement saying he and other state leaders were getting updates about the situation and that 100 state police officers had been made available to work with local law enforcement.
"Our thoughts are with all those affected by this horrible situation," Holcomb said.
Noblesville, which is about 20 miles (32 kilometers) northeast of Indianapolis, is home to about 50,000 people. The middle school has about 1,300 students from grades 6-8. The school's academic year was scheduled to end next Friday.
The attack comes a week after an attack at a high school in Santa Fe, Texas, that killed eight students and two teachers, and months after the school attack that killed 17 people in Parkland, Florida. The Florida attack inspired students from that school and others throughout the country to call for more restrictions on access to guns.
Indiana's Senate Democrats issued a statement in response to Friday's school shooting expressing their condolences to the victims and calling for steps to prevent such shootings, including restrictions on guns.
NoblesvilleFD Tweet
Perrine Tweet | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/25/active-shooter-taken-into-custody-at-indiana-middle-school.html |
SAN JOSE, Calif., May 2, 2018 /PRNewswire/ -- SunPower Corporation (NASDAQ:SPWR) today announced that Chief Financial Officer (CFO) Chuck Boynton will transition out of SunPower to spend time with his family, in advance of pursuing career opportunities later this year. Boynton agreed to continue as Chief Executive Officer (CEO) of 8point3 Energy Partners through the sale.
The company has named Manavendra Sial, an experienced business, operations and financial leader, as its new CFO, effective following the filing of SunPower's first-quarter 10-Q. He will lead SunPower's global finance, planning and accounting organizations. Boynton will transition responsibilities to Sial over the next couple months.
"During his eight years with SunPower, Chuck has worked tirelessly, providing strong leadership during a period of industry change and helping SunPower grow significantly," said SunPower CEO and Chairman of the Board Tom Werner. "Chuck has been an invaluable partner to me, leading many strategic transactions, providing thought leadership and disciplined financial acumen to SunPower. He will conclude his time with SunPower closing the sale of 8point3 Energy Partners along with completing the sale of other assets, which will improve our liquidity, allow us to delever our balance sheet and provide the resources necessary to further invest in our core growth initiatives. We thank him for his many contributions to SunPower and wish him the best with his future endeavors."
Sial, SunPower's newly named CFO, brings more than 20 years of global experience, including in operational finance, general management and financial planning and analysis. He most recently served as CFO for VECTRA, a $1 billion technology-driven diversified industry business, which was a portfolio company of certain funds managed by affiliates of Apollo Global Management, LLC. During his time with VECTRA, Sial leveraged his organizational expertise to drive top-line growth, increase margins and improve cash generation, while implementing initiatives to simplify the company's decision-making processes.
"Manavendra brings a great breadth of experience to SunPower, with a track record of driving top-line growth, and improving margins and cash," Werner said. "His knowledge of the energy business will allow him to bring value to the position on day one and continue our prioritization of financial operations and cost savings programs."
Prior to VECTRA, Sial was with SunEdison in various global finance and operations leadership roles from 2011 to 2015 including CFO of MEMC's solar energy and materials divisions. He spent 11 years with General Electric (GE) in a variety of roles, from FP&A leader for the Energy Services unit to CFO of Power Delivery for GE's Transmission and Distribution group.
He earned his MBA from Duke University's Fuqua School of Business and his Bachelor of Commerce from Delhi University in India.
Year-to-date, SunPower has made significant strides to simplify its business, improve liquidity and return to sustained profitability. The company continues to see tremendous growth potential and is structuring the business to profitably capitalize on this. For the first-quarter 2018, SunPower exceeded its revenue, gross margin and Adjusted EBITDA guidance. The company will provide additional details related to financial performance on its May 8, 2018 earnings call.
About SunPower
As one of the world's most innovative and sustainable energy companies, SunPower (NASDAQ:SPWR) provides a diverse group of customers with complete solar solutions and services. Residential customers, businesses, governments, schools and utilities around the globe rely on SunPower's more than 30 years of proven experience. From the first flip of the switch, SunPower delivers maximum value and superb performance throughout the long life of every solar system. Headquartered in Silicon Valley, SunPower has dedicated, customer-focused employees in Africa, Asia, Australia, Europe, and North and South America. For more information about how SunPower is changing the way our world is powered, visit www.sunpower.com .
Forward-Looking Statement
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding transition timing and expectations, our expectations regarding our strategic transactions and initiatives, and our expectations regarding growth and profitability. These forward-looking statements are based on our current assumptions, expectations and beliefs and involve substantial risks and uncertainties that may cause results, performance or achievement to materially differ from those expressed or implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to the continued contributions of our key personnel, challenges managing our joint ventures and partnerships, the risk that we may not be able to successfully monetize our interest in 8point3 Energy Partners, our ability to successfully implement actions to streamline our business and focus, competition in the solar and general energy industry and downward pressure on selling prices and wholesale energy pricing, our liquidity, substantial indebtedness, and ability to obtain additional financing for our projects and customers, and changes in public policy, including the imposition and applicability of tariffs pursuant to the Section 201 trade action and the process for exemptions. A detailed discussion of these factors and other risks that affect our business is included in filings we make with the Securities and Exchange Commission (SEC) from time to time, including our most recent report on Form 10-K, particularly under the heading "Risk Factors." Copies of these filings are available online from the SEC or on the SEC Filings section of our Investor Relations website at investors.sunpower.com . All forward-looking statements in this press release are based on information currently available to us, and we assume no obligation to update these forward-looking statements in light of new information or future events.
View original content with multimedia: http://www.prnewswire.com/news-releases/sunpower-cfo-announces-departure-new-cfo-named-300641499.html
SOURCE SunPower Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/pr-newswire-sunpower-cfo-announces-departure-new-cfo-named.html |
Kimball International Inc:
* KIMBALL INTERNATIONAL, INC. REPORTS THIRD QUARTER FISCAL YEAR 2018 RESULTS
* Q3 REVENUE ROSE 3 PERCENT TO $157.9 MILLION * CONSOLIDATED ORGANIC ORDERS INCREASED APPROXIMATELY 30% IN APRIL OVER PRIOR YEAR
* ESTIMATE THAT HIGHER TRANSPORTATION AND COMMODITY COSTS REDUCED OUR OPERATING INCOME BY APPROXIMATELY $1.9 MILLION IN OUR Q3
* KIMBALL INTERNATIONAL - REASSESSED OUR PREVIOUSLY DISCLOSED FINANCIAL TARGETS
* SEES OVER NEXT THREE TO FIVE YEARS, SALES OF MID-SINGLE DIGIT ORGANIC GROWTH ANNUALLY
* SEES OVER NEXT THREE TO FIVE YEARS, EPS GROWTH OF 2X TO 2.5X SALES GROWTH Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-kimball-international-q3-earnings/brief-kimball-international-q3-earnings-per-share-0-16-idUSASC09YQY |
May 13, 2018 / 5:01 PM / Updated 2 minutes ago RPT-Wall St Week Ahead-Homebuilders poised for gains but face interest-rate fears Reuters Staff 6 Min Read By April Joyner NEW YORK, May 11 (Reuters) - Some investors are betting on shares of homebuilders to outperform U.S. stocks at large, but with interest rates expected to rise they may have to wait several months before those bets pay off. The U.S. economy looks ideal for homebuilding stocks to benefit. The unemployment rate has fallen to its lowest level in more than 17 years and consumer confidence is near the highest levels in 17 years, according to the Conference Board. And demand for housing in an already tight market is being supported by the many millennials seeking to purchase their first home, several investors said. The U.S. Commerce Department's data on April housing starts will be released on Wednesday, followed by data on new-home sales on May 23. But other factors could raise costs for home buyers, potentially hampering home sales. A sharp rise this year in U.S. Treasury yields reflects increasing worries about inflation and fears that the Federal Reserve will raise interest rates more aggressively than has been expected. The yield on the 10-year Treasury note is used as the benchmark for mortgage interest rates; higher rates increase mortgage costs for home buyers. "The continued rally in yields is a potential red flag," said Jared Woodard, an investment strategist at Bank of America Merrill Lynch in New York. The 10-year Treasury yield has briefly exceeded the 3 percent mark, the highest level since January 2014 and more than 50 basis points higher than where it started the year. The S&P Composite 1500 Homebuilding index has lagged the broader market, falling 16.9 percent from its Jan. 22 peak, which is more than three times the percentage decline of the S&P 500 from its high that month. In 2017, the homebuilding index soared 74.8 percent from the previous year. Other factors also cast a cloud on the housing market. Last year's federal tax overhaul put a cap on deductions for state and local and property taxes and lowered the amount of mortgage interest that is deductible, all of which results in higher costs for many homeowners. Homebuilders have also pointed to rising costs for materials and labor in their earnings calls, though so far they have had little impact on their margins. "The factors indicate that there may be some headwinds going forward," said Michael Cuggino, president and portfolio manager of Permanent Portfolio Funds in San Francisco, which owns shares of Lennar Corp , the largest U.S. homebuilder by market capitalization. Shares of the five largest U.S. homebuilders by market capitalization jumped on April 4, when Lennar reported robust quarterly sales and raised its forecast for the year. Lennar's shares climbed 10 percent that day, and PulteGroup Inc , D.R. Horton Inc , Toll Brothers Inc and NVR Inc rose between 4.1 percent and 6.4 percent. The stocks have given up much of those gains since then, even though homebuilders have continued to deliver upbeat results. Lennar shares have tumbled 13.7 percent. D.R. Horton, NVR and Toll Brothers are down 3.9 percent, 3.3 percent and 3 percent, respectively. Only PulteGroup has added to its April 4 gains, rising 1.8 percent. Homebuilders that sell units at multiple price points, from starter homes to luxury properties, and are active throughout the United States are best positioned to withstand investors' skittishness over interest rates, Cuggino said. Next up to report is Toll Brothers, which focuses on the luxury market and is scheduled to release its quarterly earnings on May 22. Still, some investors say this year's industry underperformance looks like a normal response to the 2017 run-up. Though housing starts have risen, hitting 1.319 million units in March, demand among home buyers has outpaced the limited housing supply in part because of the many millennials are entering the market. "This is just a pause," said Brian Macauley, co-portfolio manager of the Hennessy Focus Fund in Arlington, Virginia, which owns shares of NVR. "As fundamentals come through, the stocks will behave better." Signs of worries about affordability among home buyers, such as a move toward smaller homes or an uptick in adjustable-rate mortgages, have not yet emerged, said Jack Micenko, an analyst at Susquehanna Financial Group in New York. Low earnings multiples could also draw investors' attention. The 12-month forward price-to-earnings ratio for the S&P 500 Homebuilding index , which comprises just Lennar, PulteGroup and D.R. Horton, has fallen to 9.5 from 13.7 at the end of 2017. The price-to-earnings ratio for the S&P 500 is 16, down from 18.5 at the end of 2017. "If (homebuilders) have solid orders and growth and hold their margins, they could work from here," said Jonathan Woloshin, head of Americas equities and real estate at the chief investment office of UBS Global Wealth Management in New York. "There are some very attractive valuations out there." (Reporting by April Joyner Editing by Alden Bentley and Leslie Adler) | ashraq/financial-news-articles | https://www.reuters.com/article/usa-stocks-weekahead/rpt-wall-st-week-ahead-homebuilders-poised-for-gains-but-face-interest-rate-fears-idUSL1N1SH2L1 |
May 18, 2018 / 10:20 AM / Updated 7 hours ago No room at the infield: Yankees forced to spend night in Dulles airport Reuters Staff 2 Min Read
Team bonding is one thing. A sleepover at an airport is another. May 16, 2018; Washington, DC, USA; The tarp covers the field at Nationals Park. The games between the New York Yankees and Washington Nationals have been postponed until June 18, 2018. Mandatory Credit: Brad Mills-USA TODAY Sports
The New York Yankees were forced to experience the latter as they spent almost 12 hours at Dulles (Va.) International Airport from Wednesday night into Thursday morning.
Yankees general manager Brian Cashman said the delay was the result of several issues including a mechanical problem with the plane, storms in the area and aviation regulations that limit the amount of time a flight crew can work in a single shift.
The region’s hotels were near capacity, forcing the Yankees to stay in the airport until their flight departed for Kansas City around 9:30 a.m. It had been scheduled to take off at 10 p.m. the previous night.
“It was an unfortunate set of circumstances,” Cashman told reporters. “It was a perfect storm of a series of events that caused it.”
The Yankees were due to play 1 1/2 games Wednesday in Washington — the completion of a suspended game against the Nationals and a regularly scheduled game — but both were rained out.
On Thursday, the Yankees had a day off Thursday to recover from their travel travails. They will open a weekend series against the Royals in Kansas City on Friday night.
—Field Level Media | ashraq/financial-news-articles | https://www.reuters.com/article/us-baseball-mlb-nyy-airport-delay/no-room-at-the-infield-yankees-forced-to-spend-night-in-dulles-airport-idUSKCN1IJ163 |
CALGARY, Alberta, Strategic Oil & Gas Ltd. (“Strategic” or the “Company”) (TSXV:SOG) is pleased to report financial and operating results for the three months ended March 31, 2018. Detailed results and additional information are presented in Strategic's interim condensed consolidated financial statements and related Management's Discussion and Analysis ("MD&A") which will be available through the Company's website at www.sogoil.com and on SEDAR at www.sedar.com .
Highlights for the quarter include:
Drilled two horizontal Muskeg development wells at west Marlowe which commenced production in March, one month ahead of schedule; Initial test rates in line with expectations and Muskeg type curve (average 473 boe/d over an 11 day test for one well and average of 388 boe/d over the last 4 days of a 19 day test for the second well); Realized oil price increased 15% from the first quarter of 2017, driven by an average WTI oil price of US $62.87/bbl for the current period.
FINANCIAL AND OPERATIONAL SUMMARY
Three months ended March 31
Financial ($thousands, except per share amounts) 2018 2017 % change Oil and natural gas sales 10,081 8,888 13 Funds from operations (1) 1,554 2,383 (35 ) Per share basic (1) (2) 0.03 0.05 (40 ) Cash provided by (used in) operating activities 769 50 1,438 Per share basic (2) 0.02 0.00 - Net loss (5,163 ) (4,440 ) 16 Per share basic (2) (0.11 ) (0.10 ) 10 Net capital expenditures 9,161 18,067 (49 ) Working capital (comparative figure is as of December 31, 2017) 264 10,251 (98 ) Net debt (comparative figure is as of December 31, 2017) (1) 109,771 95,801 15 Operating Average daily production Crude oil (bbl per day) 1,700 1,628 4 Natural gas (mcf per day) 2,902 3,872 (25 ) Barrels of oil equivalent (boe per day) 2,183 2,273 (4 ) Average prices Oil & NGL ($ per bbl) 62.20 53.86 15 Natural gas ($ per mcf) 2.17 2.86 (24 ) Operating netback ($ per boe) (1) Oil and natural gas sales 51.30 43.44 18 Royalties (7.61 ) (5.53 ) 38 Operating expenses (25.93 ) (18.57 ) 40 Transportation expenses (0.64 ) (1.43 ) (55 ) Operating Netback (1) 17.12 17.91 (4 ) Common Shares (2) (thousands) Common shares outstanding, end of period 46,402 46,374 - Weighted average common shares (basic & diluted) 46,396 45,549 2 (1) Funds from operations, adjusted working capital, net debt and operating netback are Non-GAAP measures; see “Non-GAAP measures” in the MD&A.
(2) Adjusted for the share consolidation on a 20:1 basis on March 6, 2017.
PERFORMANCE OVERVIEW
During the first quarter, Strategic was focused on the execution of a two-well Muskeg development drilling program at West Marlowe. The 1-2 and 5-1 wells were both drilled with a 1,900 metre lateral section and were completed with 28 and 30 stages, respectively. Initially only a fraction of the total stages were opened on each well to assess contributions from the new frac system employed. Initial production rates through testers averaged 473 boe/d (82% oil) for the 1-2 well on an 11-day test and 388 boe/d (83% oil) for the 5-1 well for the final 4 days of a 19 day test period. The Company is encouraged by the unconstrained deliverability of the wells and believes the new frac systems were effective in linking net pay intervals within the Muskeg zone. The wells are currently experiencing some surface restrictions due to pipeline pressures. Strategic is actively evaluating alternatives to debottleneck the system at west Marlowe to fully optimize the new wells. Average rates over the first 30 days of production are as follows:
IP30 Current rate Well Total (boe/d) % oil
Total (boe/d) % oil
1-2 309 86 % 122 83 % 5-1 165 87 % 168 91 % Corporate production volumes decreased 10% from the fourth quarter of 2017 to 2,183 boe/d for the current period due to natural declines and a Company-operated pipeline being evaluated at north Marlowe which resulted in a loss of 145 boe/d. The decline was partially offset by production volumes from the new Muskeg wells drilled in the first quarter.
Strategic had estimated a total of $9 million in capital spending for the first half of 2018. First quarter capital expenditures totaled $9.2 million, and the Company expects an additional $1 million in spending in the second quarter to complete the program, with the increase related to minor facilities projects and additional completion costs incurred while monitoring the effectiveness of the new frac design.
Strategic is encouraged by the production potential of the latest Muskeg wells, and feels that the new drilling and completion techniques were effective in correcting the well placement and connectivity issues experienced with the 2017 drilling program. The Company is working on reducing surface restrictions to enhance productivity of the west Marlowe area. The information gained from the two-well winter program will be incorporated into the next development plan, which is currently in the planning stage.
As previously announced, the Company’s new CEO Tony Berthelet started on May 21, 2018. Mr. Berthelet commented: “I am excited to join Strategic at this point in the Company’s history to lead the effort to realize value from the significant light oil resource under our land base.”
QUARTERLY SUMMARY
Capital expenditures of $9.2 million were incurred in the quarter, primarily related to the two well Muskeg development drilling program and minor recompletion and pipeline projects. Revenues increased 13% from the first quarter of 2017 to $10.1 million for the period, due to higher oil production and an increase in realized oil prices. The average WTI oil price for the quarter was US $62.87/bbl, and WTI prices are currently over US $70/bbl. Despite higher revenues, funds from operations decreased to $1.6 million for the quarter from $2.4 million for the three months ended March 31, 2017 and $3.0 million for the fourth quarter of 2017. The decrease was primarily related to higher operating costs, higher royalty rates driven by the increase in commodity prices and cash interest expense on the Company’s convertible debentures starting March 1, 2018. Average production decreased 4% from the first quarter of 2017 to 2,183 boe/d for the first three months of 2018, as contributions from the two new Muskeg wells drilled during the quarter were offset by downtime caused by pipeline maintenance work, primarily at north Marlowe. The Company issued $4.1 million of additional convertible debentures as payment in kind of interest payable on February 28, 2018 to preserve cash while pursuing its capital spending program. The additional debentures have the same terms as the original debentures except that they are convertible into common shares of the Company at a price of $1.08 per share.
STOCK OPTIONS
On May 22, 2018, Strategic issued 1.0 million stock options to the incoming CEO of the Company. Each option entitles the holder to acquire one common share of the Company for a period of five years at a price of $1.08 per share. These options are issued in accordance with the Company's incentive stock option plan.
About Strategic
Strategic is a junior oil and gas company committed to becoming a premier northern oil and gas operator by exploiting its light oil assets primarily in northern Alberta. The Company maintains control over its resource base through high working interest ownership in wells, construction and operation of its own processing facilities and a significant undeveloped land and opportunity base. Strategic’s primary operating area is at Marlowe, Alberta. Strategic’s common shares trade on the TSX Venture Exchange under the symbol SOG.
For more information, please contact:
Tony Berthelet
President & CEO Aaron Thompson
CFO Strategic Oil & Gas Ltd.
1100, 645 7 th Avenue SW
Calgary, AB T2P 4G8 Telephone: 403.767.9000
Fax: 403.767.9122 Test production rates
Any references in this news release to initial production or test rates are useful in confirming the presence of hydrocarbons, however, such rates are not necessarily determinative of the rates at which such wells will continue production. These flow-back or test results are Quote: d on a raw basis before shrinkage on natural gas volumes and may not be indicative of long-term well performance or ultimate recovery. While encouraging, readers are cautioned not to place reliance on such rates in estimating the aggregate production for the Company. Total corporate production volumes include natural gas shrinkage.
Forward-Looking Statements
Certain statements in this release constitute forward-looking information under applicable securities legislation. Forward-looking information typically contains statements with words such as "anticipate", "believe", "estimate", "will", "may", "expect", "plan", "schedule", "intend", "propose", or similar words suggesting future outcomes or an outlook. Forward-looking information in this release includes, but is not limited to:
plans for debottlenecking the Marlowe field; future development plans; the impact of adjustments to drilling and completion techniques; and general business strategies and objectives.
Such forward-looking information is based on a number of assumptions, including: future commodity prices; royalty rates, taxes and capital, operating, general and administrative and other costs; foreign currency exchange rates and interest rates; general business, economic and market conditions; the ability of the Company to obtain the required capital to finance its exploration, development and other operations and meet its commitments and financial obligations; the ability of Strategic to obtain equipment, services, supplies and personnel in a timely manner and at an acceptable cost to carry out its activities; the ability of Strategic to market its oil and natural gas successfully to current and new customers; the ability of Strategic obtain drilling success (including in respect of anticipated production volumes, reserves additions and resource recoveries) and operational improvements, efficiencies and results consistent with expectations; the timely receipt of required governmental and regulatory approvals; and anticipated timelines and budgets being met in respect of drilling programs and other operations (including well completions and tie-ins and the construction, commissioning and start-up of new and expanded facilities).
Although Strategic believes that the expectations reflected in such forward-looking information is reasonable, undue reliance should not be placed on them as the Company can give no assurance that such assumptions will prove to be correct. Forward-looking information is based on expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to differ materially from those anticipated by Strategic and described in the forward-looking information. The material risks and uncertainties include, but are not limited to: fluctuations in commodity prices, foreign currency exchange rates and interest rates; estimates and projections relating to future revenue, future production, reserve additions, resource recoveries, royalty rates, taxes and costs and expenses; operational risks in exploring for, developing and producing, oil and natural gas; the ability to obtain equipment, services, supplies and personnel in a timely manner and at an acceptable cost; potential disruptions, delays or unexpected technical or other difficulties in designing, developing, expanding or operating new, expanded or existing facilities; processing and pipeline infrastructure outages, disruptions and constraints; risks and uncertainties involving the geology of oil and gas deposits; uncertainty of reserves and resources estimates; general business, economic and market conditions; changes in, or in the interpretation of, laws, regulations or policies (including environmental laws); the ability to obtain required governmental or regulatory approvals in a timely manner, and to enter into and maintain leases and licenses; the effects of weather and other factors including wildlife and environmental restrictions which affect field operations and access; the timing and cost of future abandonment and reclamation obligations and potential liabilities for environmental damage and contamination; uncertainties regarding aboriginal claims and in maintaining relationships with local populations and other stakeholders; the outcome of existing and potential lawsuits, regulatory actions, audits and assessments; and other risks and uncertainties described elsewhere in Strategic’s other filings with Canadian securities authorities.
The foregoing list of risks is not exhaustive. For more information relating to risks, see the section titled "risk factors" in Strategic's current annual information form. The forward-looking information contained in this release is made as of the date hereof and, except as required by applicable securities law, Strategic undertakes no obligation to update publicly or revise any or information, whether as a result of new information, future events or otherwise.
Basis of Presentation
This discussion and analysis of Strategic’s oil and natural gas production and related performance measures is presented on a working-interest, before royalties basis. For the purpose of calculating unit information, the Company's production and reserves are reported in barrels of oil equivalent (boe) and boe per day (boed). Boe may be misleading, particularly if used in isolation. A boe conversion ratio for natural gas of 6 Mcf: 1 boe has been used, which is based on an energy equivalency conversion method primarily applicable at the burner tip and does not necessarily represent a value equivalency at the wellhead. As the value ratio between natural gas and crude oil based on the current prices of natural gas and crude oil is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.
Non-GAAP Measurements
The Company utilizes certain measurements that do not have a standardized meaning or definition as prescribed by IFRS and therefore may not be comparable with the calculation of similar measures by other entities, including net debt, operating netback and funds from operations. Readers are referred to advisories and further discussion on non-GAAP measurements contained in the Company’s MD&A.
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.
Source: Strategic Oil & Gas Ltd | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/24/globe-newswire-strategic-oil-gas-ltd-announces-first-quarter-2018-financial-and-operating-results.html |
WELLESLEY, Mass., May 10, 2018 /PRNewswire-USNewswire/ -- Babson College has appointed Kerry Salerno as Chief Marketing Officer and Vice President of Marketing, where she will oversee efforts to build and sustain awareness of the college's mission and programs, increase engagement with key audiences, and encourage future generations of students to consider pursuing a Babson education.
"Babson is pleased to welcome Kerry Salerno as our new Chief Marketing Officer and Vice President of Marketing," says Babson College President Kerry Healey . "As we approach our Centennial, Kerry's experience and leadership will elevate Babson's brand and position in the global marketplace, and support our vision to make Entrepreneurial Thought & Action (r) accessible to everyone, everywhere."
Salerno will lead the Babson College Marketing team and their work in raising awareness about the College's academic programs, history and mission, and the accomplishments of its faculty and alumni through owned, earned, and paid media opportunities.
"I am thrilled to join the Babson community," says Salerno. "I look forward to leveraging Babson's legacy and unwavering commitment to social and economic impact as we evolve the brand for its next 100 years."
Kerry Salerno
Kerry Salerno is joining Babson from 14 years of experience at Northeastern University where she ultimately served as the Vice President of Enrollment, Marketing and Recruitment for the Northeastern University Professional Advancement Network.
Her role expanded on her previous positions overseeing enrollment marketing and communications for the Global Network, Enrollment Management and Student Affairs units. In her role, Salerno provided leadership and strategic direction to the enrollment organization encompassing enrollment services, enrollment marketing and communication, recruitment and operations. As the enrollment planning and strategy leader, she oversaw the wide-ranging activities designed to achieve the university's enrollment goals and elevate its market position and prominence.
In previous roles at Northeastern, she has managed enrollment marketing and communications strategies related to undergraduate admissions programs, including outreach and scholarship programs (Torch, BPHS), International outreach programs (Global Pathways, USPP), New Student Orientation & Parent and Family Programs, and the Office of Global Services.
Salerno also served on the Senior Vice President and CEO's leadership team, and led the brand efforts for market entrance for the institution's global network of campuses. In addition, she provided leadership for marketing and communications for Enrollment Management and Student Affairs.
Before Northeastern, she served as assistant director of undergraduate marketing at Bentley University where she managed marketing projects for the undergraduate college. Prior to higher education, Kerry worked in multiple marketing and public relations firms where she managed technology and consumer brands.
She earned her BS in marketing and her MBA from Bentley University.
About Babson College Marketing
Babson College Marketing is comprised of creative services, integrated marketing, multimedia and interactive, Babson Magazine, institutional communications--including brand advertising, public relations, crisis communications, and presidential communications--and lifecycle marketing and communications which leads admissions, alumni, career services, development, and student experience communication efforts.
See the Babson College Marketing portfolio »
About Babson College
Babson College is the educator, convener, and thought leader for Entrepreneurship of All Kinds (r) . The top-ranked college for entrepreneurship education, Babson is a dynamic living and learning laboratory where students, faculty, and staff work together to address the real-world problems of business and society. We prepare the entrepreneurial leaders our world needs most: those with strong functional knowledge and the skills and vision to navigate change, accommodate ambiguity, surmount complexity, and motivate teams in a common purpose to make a difference in the world, and have an impact on organizations of all sizes and types. As we have for nearly a half-century, Babson continues to advance Entrepreneurial Thought & Action (r) as the most positive force on the planet for generating sustainable economic and social value.
This news release was issued on behalf of Newswise™. For more information, visit http://www.newswise.com .
Media Contacts: Michael Chmura
Public Relations Director
[email protected]
Phone: 781-239-4549
View original content: http://www.prnewswire.com/news-releases/kerry-salerno-joins-babson-college-as-chief-marketing-officer-and-vice-president-of-marketing-300646491.html
SOURCE Babson College | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/pr-newswire-kerry-salerno-joins-babson-college-as-chief-marketing-officer-and-vice-president-of-marketing.html |
May 25, 2018 / 7:42 PM / in 29 minutes UPDATE 1-Chile's Codelco profits up slightly despite rising costs Reuters Staff
(Updates with quotes from Pizarro, context on rising prices, challenges at Codelco)
By Fabian Cambero
SANTIAGO, May 24 (Reuters) - Chilean state copper company Codelco reported a slight increase in first quarter profits over the same period the previous year, as rising copper prices offset increasing costs at the world’s top producer of the red metal.
Codelco, which delivers all its profits to the Chilean state, reported pre-tax earnings of $537 million between January and March, an increase of nearly 1 percent and above the goal of $502 million set by the government.
Codelco chief executive Nelson Pizarro said a strong copper price in early 2018 had offset the impacts of rising production costs and a 2.7 percent decline in ore grades versus the same period in 2017.
“We are seeking to meet our targets and maintain the confidence of the Chilean state so that it will continue to invest in us,” Pizarro told reporters at a press conference announcing the results.
The world’s top copper miner produced 446,300 tonnes of copper in the first quarter, marking a 7 percent increase over the previous year, boosted primarily by increased output from its century-old Chuquicamata mine and its Radomiro Tomic division.
Costs this quarter rose 1 percent to $1.351 per pound, but remained below the industry average, Pizarro said.
“That cost (per pound) is tremendously competitive,” Pizarro said.
Pizarro said he expected the copper price to settle between $3 and $3.10 per pound this year despite market volatility in recent weeks.
Despite strong results, challenges remain for the company. Codelco is seeking stable financing from the government for a $39 billion, ten-year overhaul of its sprawling but aging mines.
The company also faces more than a dozen remaining contract negotiations with unions at its mines throughout the country before year’s end, Pizarro said. (Reporting by Fabian Cambero, writing by Dave Sherwood Editing by Chizu Nomiyama) | ashraq/financial-news-articles | https://www.reuters.com/article/corp-nac-cobr-cl-results/update-1-chiles-codelco-profits-up-slightly-despite-rising-costs-idUSL2N1SW1BC |
MANILA (Reuters) - The Philippine central bank said on Thursday the annual inflation rate in May would likely remain outside its 2-4 percent comfort range due to higher fuel and rice prices.
A woman arranges vegetable in a market stall in Edsa Kamias in Quezon City, metro Manila, May 23, 2018. REUTERS/Dondi Tawatao The Bangko Sentral ng Pilipinas (BSP) forecast an inflation range of 4.6-5.4 percent for May, above the 4.5 percent reading in April, which was the fastest in at least five years.
The forecast took into account higher domestic petroleum prices, blamed on geopolitical tensions in the Middle East, a sustained increase in rice prices and lower costs for power and some food items, the central bank said in a statement.
Slideshow (2 Images) “Going forward, the BSP will remain watchful of evolving price trends and ensure that the monetary policy stance remains appropriate to maintain price stability that is conducive to a balanced and sustainable economic growth,” the central bank said.
Some economists expect the central bank to raise interest rates for a second time in a row at its June 21 meeting. It increased rates on May 10 for the first time in more than three years to tame price pressures and manage inflation expectations.
Average inflation is forecast to reach 4.6 percent in 2018, the central bank has said, quicker than the previous year’s 2.9 percent. Inflation in 2019 would average 3.4 percent.
Reporting by Karen Lema; Editing by Neil Fullick
| ashraq/financial-news-articles | https://www.reuters.com/article/us-philippines-economy-inflation/philippines-central-bank-sees-inflation-in-may-staying-above-target-idUSKCN1IW0E6 |
YEREVAN, Armenia—Thousands of demonstrators brought Armenia’s capital and other cities to a standstill Wednesday, venting their anger at the government’s refusal to hand over power.
The scale of the protests will likely test the will of the increasingly embattled ruling Republican Party and the patience of Russia, Armenia’s biggest ally, which has been reluctant to get involved in what it considers a domestic dispute.
The... | ashraq/financial-news-articles | https://www.wsj.com/articles/armenian-mass-protests-paralyze-the-capital-pressuring-ally-russia-1525277306 |
NEW YORK, May 3, 2018 /PRNewswire/ -- Direxion today announces the hiring of Robert D. Nestor as President. Mr. Nestor brings over 25 years of experience in investment management, including more than 15 years directly in the ETF industry. He will be based in New York and report to Direxion CEO Dan O'Neill. This hire bolsters Direxion's senior management team, as the duties of President have been performed by Mr. O'Neill for several years.
"We're very excited to work with an industry executive like Rob Nestor, who has a proven track record of building and executing successful product and distribution plans across client channels," said Mr. O'Neill. "Given his broad experience in both product strategy and functional leadership, Mr. Nestor's expertise will prove invaluable in helping us reach our next growth phase, as we meet the rise in demand from both retail and institutional traders and investors."
Before joining Direxion, Mr. Nestor held several executive roles at BlackRock's iShares unit, most recently serving as the Head of US Smart Beta ETFs, driving commercial strategy, including product R&D, distribution support and the tools/analytics ecosystem for the Smart Beta product line. Previously, Mr. Nestor led the iShares Pillar for US Wealth Advisory (USWA) business. Prior to BlackRock, he spent 16 years at Vanguard working in a variety of product and business development roles in both the retail and institutional divisions.
Mr. Nestor is a CFA charter holder. He holds an MBA from Drexel University in Finance—Investment Management and a Bachelor of Science in Economics from the University of Delaware. He is also a member of the Financial Analysts of Philadelphia and the CFA Institute.
"Direxion is a powerhouse in the leveraged ETF space," Mr. Nestor said. "The firm is widely respected among tactically-oriented ETF traders, with significant potential for product and business extension. I'm looking forward to working with Dan and the senior management team to help lead the firm into the next growth phase."
For more information about Direxion, please contact James Doyle at 973-850-7308 or [email protected] .
About Direxion:
Direxion builds bold products for investors who want more than the status quo. Our index-based products deliver directional options, magnified exposure, and long-term, rules-based strategies. Founded in 1997, the company has approximately $14 billion in assets under management as of March 31, 2018. Direxion's diverse suite of products helps investors navigate today's ever-changing markets. For more information, please visit www.direxioninvestments.com .
There is no guarantee that the Funds will achieve their objectives.
For more information on all Direxion Shares daily leveraged ETFs, go to direxioninvestments.com , or call us at 866.476.7523.
The ETFs are not suitable for all investors and should be utilized only by investors who understand the risks associated with seeking daily leveraged and inverse investment results, and intend to actively monitor and manage their investments. Due to the daily nature of the leveraged and inverse investment strategies employed, there is no guarantee of long-term inverse returns. Past performance is not indicative of future results.
An investor should consider the investment objectives, risks, charges, and expenses of Direxion ETFs carefully before investing. The prospectus and summary prospectus contains this and other information about Direxion ETFs. Download a prospectus and summary prospectus at direxioninvestments.com . The prospectus and summary prospectus should be read carefully before investing.
Distributor: Foreside Fund Services, LLC.
CONTACT: James Doyle
JConnelly
973.850.7308
[email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/robert-nestor-joins-direxion-as-president-300641887.html
SOURCE Direxion | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/pr-newswire-robert-nestor-joins-direxion-as-president.html |
WASHINGTON—The Trump administration offered North Korea leader Kim Jong Un a significant incentive on Friday, vowing to help the isolated nation achieve economic prosperity if Mr. Kim agrees to eliminate his nuclear arsenal at next month’s summit meeting with President Donald Trump.
“If North Korea takes bold action to quickly denuclearize, the United States is prepared to work with North Korea to achieve prosperity on the par with our South Korean friends,” Secretary of State Mike Pompeo said.
... RELATED VIDEO Trump Thanks Kim Jong Un for Freeing Three Americans From North Korea President Donald Trump welcomed home three Americans who were detained in North Korea for more than a year and said he appreciated that Kim Jong Un set them free before the two leaders' planned summit. | ashraq/financial-news-articles | https://www.wsj.com/articles/top-u-s-diplomat-holds-out-promise-of-economic-prosperity-for-north-korea-1526072621 |
May 16 (Reuters) - New Zealand dairy company A2 Milk Ltd. said on Wednesday it expected full-year revenues to rise more than 63 percent after a surge in the first nine months of the financial year.
Revenue for the 12 months to June 30 is expected to be between NZ$900 million and NZ$920 million ($617.31 million to $631.03 million) compared to NZ$549.5 million the previous year, the company said in a statement to the stock exchange.
A2 Milk said revenue for the nine months ended March 31 was NZ$660 million, up about 70 percent from last year. ($1 = 1.4579 New Zealand dollars) (Reporting by Nicole Pinto in Bengaluru Editing by James Dalgleish)
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/a2-milk-company-outlook/new-zealands-a2-milk-sees-jump-in-fy-revenue-idUSL3N1SM6XS |
NEW YORK--(BUSINESS WIRE)-- TPG RE Finance Trust, Inc. (NYSE: TRTX) (“TRTX” or the “Company”) reported its operating results for the quarter ended March 31, 2018. For the first quarter of 2018, GAAP net income was $25.1 million, earnings per diluted common share was $0.42, and book value per common share at March 31, 2018 was $19.82.
FIRST QUARTER 2018 HIGHLIGHTS
-- Generated GAAP net income of $25.1 million, or $0.42 per diluted common share, based on a weighted average share count of 60.4 million common shares
-- Closed seven new loan commitments totaling $579.2 million, with an average loan size of $82.7 million, and an initial unpaid principal balance of $516.7 million
-- Closed a $932.4 million collateralized loan obligation (“CLO”) to finance one first mortgage whole loan and 25 pari passu first mortgage loan participation interests at a current advance rate of 80.0% and a weighted average coupon of LIBOR plus 1.08%
-- Declared cash dividends of $25.3 million, or $0.42 per common share, representing an 8.4% annualized dividend yield based on the quarter end closing share price of $19.89
Greta Guggenheim, Chief Executive Officer, stated: “Origination volume and credit quality during the first quarter represents a solid start to our year. Additionally, we reduced our cost of funds by approximately 40 bps compared to the fourth quarter of 2017 primarily by issuing a $932.4 million CRE CLO that provides low cost, matched-term funding for just over 25 percent of our high-quality loan portfolio. Our performance in a hotly competitive market demonstrates the importance of our long term lending, credit and capital markets experience, and our affiliation with TPG."
The Company issued a detailed supplemental presentation detailing its first quarter 2018 operating results, which can be viewed at http://investors.tpgrefinance.com/ .
CONFERENCE CALL AND WEBCAST INFORMATION
The Company will host a conference call tomorrow, May 8, 2018 at 8:30 a.m. Eastern Time (ET) to discuss its first quarter operating results. To participate in the conference call, domestic callers should dial +1-877-513-1694 at least ten minutes prior to the scheduled call time. International callers should dial +1-412-317-5244. The Webcast may also be accessed live by visiting the Company’s investor relations website at http://investors.tpgrefinance.com/ .
For those unable to participate during the live broadcast, a telephonic replay of the call will also be available from 12:00 p.m. ET on Tuesday, May 8, 2018 through 11:59 p.m. ET on Tuesday, May 22, 2018. To access the replay, listeners may use +1-877-344-7529 (domestic) or +1-412-317-0088 (international). The passcode for the replay is 10118481. The recorded replay will be available on the Company’s website for one year after the date of the call.
ABOUT TRTX
TPG RE Finance Trust, Inc. is a commercial real estate finance company that focuses primarily on originating, acquiring, and managing first mortgage loans and other commercial real estate‐related debt instruments secured by institutional properties located in primary and select secondary markets in the United States. The Company is externally managed by TPG RE Finance Trust Management, L.P., a part of TPG Real Estate, which is the real estate investment platform of TPG Global, LLC ("TPG"). TPG is a leading global alternative investment firm with a 25-year history and more than $82 billion of assets under management. For more information regarding TRTX, visit www.tpgrefinance.com .
FORWARD-LOOKING STATEMENTS
The information contained in this earnings release contains “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. These forward‐looking statements are subject to various risks and uncertainties, including, without limitation, statements relating to the performance of the Company’s investments, the Company’s ability to originate loans that are in the pipeline and under evaluation by the Company, and financing needs and arrangements. Forward‐looking statements are generally identifiable by use of forward‐looking terminology such as “may,” “will,” “should,” “potential,” “intend,” “expect,” “endeavor,” “seek,” “anticipate,” “estimate,” “believe,” “could,” “project,” “predict,” “continue” or other similar words or expressions. Forward‐looking statements are based on certain assumptions, discuss future expectations, describe existing or future plans and strategies, contain projections of results of operations, liquidity and/or financial condition or state other forward‐looking information. Statements relating to the Company’s ability to fund loans that are under signed term sheets, and in closing and originating loans in the pipeline that the Company is evaluating, are forward-looking statements, and the Company cannot assure you that TRTX will close loans that are under signed term sheets and in closing or enter into definitive documents and close any of the loans in the pipeline that the Company is evaluating. The ability of TRTX to predict future events or conditions or their impact or the actual effect of existing or future plans or strategies is inherently uncertain. Although the Company believes that such forward‐looking statements are based on reasonable assumptions, actual results and performance in the future could differ set forth in or implied by such forward‐looking statements. You are cautioned not to place undue reliance on these forward‐looking statements, which reflect the Company’s views only as of the date of this earnings release. Except as required by law, neither the Company nor any other person assumes responsibility for the accuracy and completeness of the forward‐looking statements appearing in this earnings release. The Company does not undertake any obligation to update any forward-looking statements contained in this earnings release as a result of new information, future events or otherwise.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180507006181/en/
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TPG RE Finance Trust
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Source: TPG RE Finance Trust, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/business-wire-tpg-re-finance-trust-inc-reports-operating-results-for-the-quarter-ended-march-31-2018.html |
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CNBC International Afternoon Briefing: May 16, 2018 48 Mins Ago CNBC market reporters bring you the latest on the stock markets throughout the day as well as fast, accurate, and actionable business news. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/16/cnbc-international-afternoon-briefing-may-16-2018.html |
May 31, 2018 / 7:13 AM / Updated 3 hours ago UPDATE 1-UK watchdog lodges complaint against Autonomy's auditors and finance executives Reuters Staff 2 Min Read
(Adds background, Deloitte statement)
LONDON, May 31 (Reuters) - Britain’s accountancy watchdog has filed formal complaints against the auditors and two former finance executives of Autonomy, the software business that was sold to Hewlett Packard (HP) for $11 billion in 2011.
The Financial Reporting Council (FRC) said the conduct of auditors Deloitte, Richard Knights and Nigel Mercer, as well as that of former chief financial officer Sushovan Hussain and ex-vice president of finance Stephen Chamberlain, had fallen significantly short of standards expected of them.
Hussain and Chamberlain were alleged to have acted dishonestly and/or recklessly, including when preparing the company’s accounts for 2009 and 2010, the FRC said.
A date for a Tribunal hearing will be announced in due course.
Hussain was convicted by a U.S. jury last month of wire fraud and other crimes related to claims that he inflated the firm’s value before its sale to HP.
The Autonomy deal was supposed to form the central part of HP’s move into software but instead led the U.S. company a year later to write-off three-quarters of Autonomy’s value.
It has been in a legal battle with Autonomy’s former executives since then, alleging that it was deceived about Autonomy’s financial condition and prospects for growth.
The FRC said its investigation had been carried out in parallel with criminal and civil investigations in both the United States and Britain.
Deloitte UK said it acknowledged Thursday’s announcement from the FRC and had fully cooperated with the investigation.
“We are disappointed that these complaints have been brought and we will defend ourselves against them at Tribunal,” a Deloitte spokesman said. (Reporting by Ben Martin and Paul Sandle Editing by Edmund Blair) | ashraq/financial-news-articles | https://www.reuters.com/article/britain-autonomy/update-1-uk-watchdog-lodges-complaint-against-autonomys-auditors-and-finance-executives-idUSL5N1T211C |
May 1 (Reuters) - CI Financial Corp:
* CI FINANCIAL REPORTS ASSETS UNDER MANAGEMENT FOR APRIL 2018
* CI FINANCIAL CORP - PRELIMINARY ASSETS UNDER MANAGEMENT AT APRIL 30, 2018 OF $138.8 BILLION AND TOTAL ASSETS OF $181.5 BILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-ci-financial-preliminary-aum-at-ap/brief-ci-financial-preliminary-aum-at-april-end-138-8-bln-idUSASC09YU3 |
Trading Nation: Pump the breaks on Tesla? 1 Hour Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/01/trading-nation-pump-the-breaks-on-tesla.html |
May 15 (Reuters) - Aviat Networks Inc:
* AVIAT NETWORKS ANNOUNCES STOCK REPURCHASE PROGRAM * AVIAT NETWORKS - MAY BUY UP TO $7.5 MILLION OF OUTSTANDING COMMON STOCK BEGINNING MAY 17 Source text for Eikon: Further company coverage: ([email protected])
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-aviat-networks-announces-stock-rep/brief-aviat-networks-announces-stock-repurchase-program-idUSASC0A2AA |
India has sent a government minister to North Korea for the first time in nearly two decades for talks on political and regional issues, the foreign ministry said on Wednesday, following signs of a thaw on the Korean peninsula.
File Photo: Indian Minister of External Affairs Vijay Kumar Singh attends the BRICS Foreign Ministers meeting in Beijing, China on June 19, 2017. REUTERS/Wang Zhao/Pool India established diplomatic relations with the North 45 years ago and has a small embassy there, but in recent years it halted trade and aid as the United States stepped up global pressure to isolate Pyongyang over its nuclear and missile programmes.
India’s diplomatic initiative comes weeks after the two Koreas held their first summit in more than a decade and as the leaders of the United States and North Korea prepare for a first meeting next month.
Junior foreign minister V.K. Singh, who began the two-day visit to North Korea on Tuesday, reiterated New Delhi’s support for peace initiatives on the peninsula, the Indian foreign ministry said in a statement.
Singh met the vice-president of the presidium of the Supreme People’s Assembly, Kim Yong Dae, Foreign Minister Ri Yong Ho and Culture Minister Pak Chun Nam, among others, it said.
“The DPRK side provided an overview of some of the recent developments in the Korean Peninsula,” the foreign ministry statement said, using the acronym of the North’s official name, the Democratic People’s Republic of Korea.
On Wednesday, however, North Korea said it might reconsider next month’s meeting between U.S. President Donald Trump and its supreme leader Kim Jong Un if Washington insists it unilaterally give up its nuclear weapons.
The North’s official KCNA news agency said Pyongyang had called off high-level talks with Seoul due on Wednesday.
Indian analysts said New Delhi could play a bit role in peacekeeping on the peninsula because it had kept its channels of communication open with the North.
Last year, when then-U.S. Secretary of State Rex Tillerson raised the issue of India’s diplomatic relations with North Korea, India said they were minimal and aimed at keeping open some channels of communication with the reclusive state.
“India is the only major country in the region that is not a party to the problem but which has good contacts with the North,” said Prashant Kumar Singh, a specialist on India’s ties with Pyongyang at the Institute for Defence Studies and Analyses.
The foreign ministry said the two sides had decided during Singh’s visit to explore cooperation in vocational education, agriculture, pharmaceuticals and promotion of yoga.
Editing by Sanjeev Miglani and Gareth Jones
| ashraq/financial-news-articles | https://in.reuters.com/article/northkorea-nuclear-india/indian-minister-holds-talks-in-north-korea-first-trip-in-20-years-idINKCN1IH22N |
Lance McCullers carried a perfect game into the sixth inning and Brian McCann snapped a scoreless tie with a home run in the seventh as the Houston Astros claimed the rubber match of their weekend series with the Cleveland Indians with a 3-1 win on Sunday at Minute Maid Park.
McCullers (6-2) breezed before Indians second baseman Jason Kipnis led off the sixth with a single to right field, completing his first five frames on 57 pitches. He leaned on his third pitch, a changeup, in his last outing but found his primary weapon against Cleveland, wielding his knuckle curveball to positive results while recording six strikeouts through three innings.
McCullers did not allow a baserunner to reach scoring position until there were two outs in the seventh when Edwin Encarnacion and Yonder Alonso walked in succession. McCullers followed by getting Melky Cabrera to fly out to right field on his 96th pitch, marking his second appearances this season with seven shutout frames. McCullers finished with eight strikeouts.
The Astros fashioned a rally on McCullers’ behalf in the bottom of the seventh, with Yuli Gurriel recording his second hard-hit ball off Indians right-hander Carlos Carrasco (5-3) to open the inning. Two batters later, Brian McCann followed the Gurriel single with a home run to the back of the Astros’ bullpen in right-center field, his fourth dinger of the season, finally ending the stalemate.
Before the 410-foot McCann blast, Carrasco found his footing following a wobbly start. Five of the first nine batters Carrasco faced reached base, and when Tony Kemp worked a two-out walk in the second inning, the Astros had the bases loaded for the top of their order.
But Carrasco induced a weak grounder to first off the bat of George Springer, and he followed by allowing just one baserunner against the ensuing 14 batters faced. Carrasco was charged with a third run when Josh Reddick doubled off left-handed reliever Tyler Olson in the eighth.
Alex Bregman, Jose Altuve and Gurriel each finished 2-for-4. Indians left fielder Michael Brantley extended his hitting streak to 10 games with a double in the ninth. Right-handers Will Harris, Chris Devenski, and Ken Giles recorded two outs apiece in relief of McCullers, with Giles notching his eighth save.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/baseball-mlb-hou-cle-recap/mccullers-mccann-carry-astros-past-indians-3-1-idUSMTZEE5L265NSV |
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