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May 8, 2018 / 10:14 PM / Updated 3 hours ago Stormy Daniels' lawyer says Russian firm's U.S. affiliate paid Trump attorney $500,000 Nathan Layne 5 Min Read
NEW YORK (Reuters) - An attorney for porn star Stormy Daniels said on Tuesday that President Donald Trump’s lawyer, Michael Cohen, was paid $500,000 by a company with ties to a Russian oligarch who was hit last month with U.S. sanctions to punish Moscow for activities that included suspected meddling in the 2016 U.S. election.
In a tweet and a report, Daniels’ attorney, Michael Avenatti, said a U.S.-based company controlled by Viktor Vekselberg, a businessman with ties to Russian President Vladimir Putin, sent Cohen the payment.
It was not immediately clear how Avenatti would know of any payments made to Cohen. Daniels, whose real name is Stephanie Clifford, has said Cohen paid her $130,000 in October 2016 to stay quiet about a 2006 sexual encounter she had with Trump.
Neither Avenatti nor Cohen responded to requests from Reuters for comment.
The disclosures could add to pressure on Cohen, whose house, office and hotel room were raided by the FBI a month ago as part of a criminal investigation into the hush payment and other business dealings. EIGHT PAYMENTS
Avenatti said Vekselberg and his cousin, Andrew Intrater, made eight transfers to Cohen between January and August 2017 through a U.S.-based company called Columbus Nova LLC for a total of $500,000.
A lawyer for Columbus Nova said Vekselberg had nothing to do with the transactions.
Columbus Nova was listed by Renova Group as one of its companies as of November 2017, according to an archived webpage for Renova, whose website now says it is under construction. Renova Group is a conglomerate controlled by Vekselberg.
The United States imposed sanctions last month on Vekselberg and Renova to retaliate for the Kremlin’s suspected meddling in the 2016 U.S. election and other “malign activity.”
The New York Times reported last week that Vekselberg was questioned by U.S. agents this year as part of Special Counsel Robert Mueller’s investigation into Russian interference and possible collusion by Trump’s campaign.
Russia denies U.S. intelligence agencies’ accusations it meddled in the election, and Trump has denied any collusion. He also denies having had an affair with Daniels. FILE PHOTO: A combination photo shows Adult film actress Stephanie Clifford, also known as Stormy Daniels speaking in New York City, and U.S. President Donald Trump speaking in Washington, Michigan, U.S. on April 16, 2018 and April 28, 2018 respectively. . REUTERS/Brendan Mcdermid (L) REUTERS/Joshua Roberts (R)/File Photos COMPANY HIRED COHEN
Vekselberg and Intrater could not be reached for comment, but Richard Owens, a lawyer for Columbus Nova, said in a statement the company hired Cohen after Trump’s January 2017 inauguration “as a business consultant regarding sources of capital and potential investments in real estate and other ventures.”
Owens said Columbus Nova was solely owned by Americans and that any claim that Vekselberg was involved in providing funding for the payments to Cohen was “patently untrue.”
Avenatti also detailed payments he said were made to Cohen by U.S. telecommunications company AT&T, Swiss drugmaker Novartis AG and Korea Aerospace Industries Ltd . He said all the payments were made in late 2017 and early 2018.
“There are too many unknowns to reach conclusions as to whether anything involved with these transactions was illegal,” said Michael Zeldin, a money-laundering expert and former federal prosecutor who is now a legal analyst on CNN.
AT&T confirmed the payments, saying they were aimed at gaining “insights” into the new administration. AT&T has been pursuing an $85 billion takeover of Time Warner Inc, which the U.S. Justice Department is trying to stop.
Avenatti also said he discovered four payments of just under $100,000 each by Novartis to Essential Consultants, the same company used by Cohen to make payments to Daniels.
A Novartis representative said: “Any agreements with Essential Consultants were entered before our current CEO taking office in February of this year and have expired.”
AT&T said Essential Consultants was one of several firms it “engaged in early 2017 to provide insights into understanding the new administration” but that it received no legal or lobbying services from Cohen’s firm.
AT&T said the contract ended in December 2017. Stormy Daniels' attorney Michael Avenatti leaves federal court in the Manhattan borough of New York, U.S., April 26, 2018. REUTERS/Lucas Jackson
A spokesman for Korea Aerospace Industries said the company had signed a contract with Essential Consultants last year for legal consulting concerning accounting standards on production costs, and upon the expiration of the contract, made a payment in November.
(Report published by Avenatti & Associates here %20Summary.pdf?dl=0) Reporting by Nathan Layne; Additional reporting by Tim Ahmann and Diane Bartz in Washington and Joyce Lee in Seoul; Editing by Peter Cooney and Howard Goller | ashraq/financial-news-articles | https://in.reuters.com/article/usa-trump-daniels/stormy-daniels-lawyer-alleges-big-payment-to-trump-attorney-cohen-from-russian-oligarch-idINKBN1I93D1 |
May 16, 2018 / 7:31 PM / Updated 11 minutes ago CORRECTION-Gulf states put Hezbollah leadership on their terror lists Reuters Staff 1 Min Read
(Corrects wording of headline. Text unchanged.)
DUBAI, May 16 (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 committes, 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. Reporting By Aziz El Yaakoubi Editing by Richard Balmforth | ashraq/financial-news-articles | https://www.reuters.com/article/gulf-lebanon-hezbollah/gulf-states-puts-hezbollah-leadership-on-their-terror-lists-idUSL5N1SN730 |
Revenue of $686 million, up 16% Y/Y
Operating Cash Flows of $271 million, up 73% Y/Y
Quarterly Cash Dividend Increased by 15%
WATERLOO, Ontario, May 9, 2018 /PRNewswire/ -- Open Text Corporation (NASDAQ: OTEX, TSX: OTEX), "The Information Company," today announced its third quarter ended March 31, 2018.
"We are pleased with our Q3 results, especially our Annual Recurring Revenues (ARR) of $521 million, up 18% y/y and our Operating Cash Flows (OCF) of $271 million, up 73% y/y," said OpenText Vice Chair, CEO and CTO, Mark J. Barrenechea. "We are making key investments in the OpenText Cloud that will drive growth and customer adoption, and these investments will help create even more predictability in our business model."
Barrenechea further added, "Based on the strength and trajectory of our recurring revenues and cash flows, we are setting an annual Operating Cash Flow target of $1 Billion as we exit Fiscal 2021."
"Supported by confidence in our long-term model and cash flow performance, we are announcing a 15% increase to our quarterly cash dividend to $0.1518 per share," said Barrenechea.
"OpenText has built a market leading business and I am excited to join such a highly talented team," said OpenText EVP and CFO, Madhu Ranganathan. "We will focus on recurring revenues, improving efficiency, expanding cash flow and strengthening the business as we to look to scale OpenText to new levels in the coming years."
Financial Highlights for Q3 Fiscal 2018 with Year Over Year Comparisons
Summary of Quarterly Results
(in millions except per share data)
Q3 FY18
Q3 FY17
$ Change
% Change
(Y/Y)
Q3 FY18 in
CC*
% Change
in CC*
Revenues:
Cloud services and subscriptions
$209.1
$177.1
$32.0
18.1
%
$204.0
15.2
%
Customer support
312.3
263.4
48.8
18.5
%
297.9
13.1
%
Total annual recurring revenues**
$521.4
$440.5
$80.8
18.3
%
$501.8
13.9
%
License
84.1
87.2
(3.1)
(3.6)
%
80.0
(8.3)
%
Professional service and other
80.4
65.4
15.0
23.0
%
75.3
15.3
%
Total revenues
$685.9
$593.1
$92.7
15.6
%
$657.1
10.8
%
GAAP-based operating income
$102.3
$65.3
$37.1
56.8
%
Non-GAAP-based operating income (1)
$204.1
$172.6
$31.5
18.2
%
$193.4
12.1
%
GAAP-based operating margin
14.9
%
11.0
%
n/a
390
bps
Non-GAAP-based operating margin (1)
29.8
%
29.1
%
n/a
70
bps
29.4
%
30
bps
GAAP-based EPS, diluted
$0.22
$0.08
$0.14
175.0
%
Non-GAAP-based EPS, diluted (1)(3)
$0.54
$0.45
$0.09
20.0
%
$0.51
13.3
%
GAAP-based net income attributable to OpenText
$58.8
$21.6
$37.2
172.0
%
Adjusted EBITDA (1)
$227.2
$189.1
$38.1
20.2
%
Operating cash flows
$270.7
$156.3
$114.4
73.2
%
Summary of YTD Results
(in millions except per share data)
FY18 YTD
FY17 YTD
$ Change
% Change
(Y/Y)
FY18 YTD
in CC*
% Change
in CC*
Revenues:
Cloud services and subscriptions
$611.1
$521.9
$89.2
17.1
%
$606.1
16.1
%
Customer support
915.8
693.3
222.5
32.1
%
891.3
28.6
%
Total annual recurring revenues**
$1,526.8
$1,215.2
$311.7
25.6
%
$1,497.4
23.2
%
License
297.6
245.6
51.9
21.1
%
287.8
17.1
%
Professional service and other
236.6
166.7
69.9
41.9
%
227.7
36.6
%
Total revenues
$2,061.0
$1,627.5
$433.5
26.6
%
$2,012.9
23.7
%
GAAP-based operating income
$356.1
$246.5
$109.6
44.5
%
Non-GAAP-based operating income (1)
$673.1
$508.5
$164.6
32.4
%
$654.3
28.7
%
GAAP-based operating margin
17.3
%
15.1
%
n/a
220
bps
Non-GAAP-based operating margin (1)
32.7
%
31.2
%
n/a
150
bps
32.5
%
130
bps
GAAP-based EPS, diluted (2)
$0.68
$3.88
($3.20)
(82.5)
%
Non-GAAP-based EPS, diluted (1)(3)
$1.84
$1.42
$0.42
29.6
%
$1.78
25.4
%
GAAP-based net income attributable to OpenText (2)
$180.5
$979.5
($799.0)
(81.6)
%
Adjusted EBITDA (1)
$737.3
$555.5
$181.7
32.7
%
Operating cash flows
$504.4
$336.8
$167.7
49.8
%
(1) Please see note 2 "Use of Non-GAAP Financial Measures" below
(2) Recorded a significant tax benefit in Q1 FY17 of $876.1 million. This significant tax benefit is specifically tied to the Company's internal reorganization and applied to Q1 FY17 only and as a result does not continue in future periods.
(3) Please also see note 14 to the Company's Condensed Consolidated Financial Statements on Form 10-Q. Reflective of the amount of net tax benefit arising from the internal reorganization assumed to be allocable to the current period based on the forecasted utilization period.
Note: Individual line items in tables may be adjusted by non-material amounts to enable totals to align to published financial statements.
*CC: Constant currency for this purpose is defined as the current period reported revenues/expenses/earnings represented at the prior comparative period's foreign exchange rate.
**Annual recurring revenue is defined as the sum of Cloud services and subscriptions revenue and Customer support revenue.
OpenText Quarterly Business Highlights
22 customer transactions over $1 million, 10 OpenText Cloud and 12 on-premise Financial, Consumer Goods, Services, Technology and Public Sector industries saw the most demand in cloud and license Key customer wins in the quarter included All InBox, City of Philadelphia, Corsair, PFU Limited, Central Provident Fund Board, Airports of Thailand, Progressive Insurance, ADP, Massachusetts Bay Transportation Authority, Nidec Automotive, Blue Shield of California, MUFG Union Bank, Bank Mandiri, West Bend Mutual Insurance Company, National Grid UK, SwissLife, Tieto, McGill University, and United States Census Bureau Madhu Ranganathan Joins OpenText as Chief Financial Officer OpenText acquires Hightail, a leading cloud service for file sharing and creative collaboration OpenText Release 16 EP4 extends security, artificial intelligence (AI), the internet of things (IoT), and cloud support into the market-leading OpenText EIM platform OpenText Enfuse 2018 to showcase the future of cybersecurity and digital investigations OpenText Enterprise World 2018 to Showcase the Intelligent and Connected Enterprise
Dividend Program Highlights
As part of our quarterly, non-cumulative cash dividend program, the Board declared on May 8, 2018 a cash dividend of $0.1518 per common share. The record date for this dividend is June 8, 2018 and the payment date is June 29, 2018. Future declarations of dividends and the establishment of future record and payment dates are subject to the final determination and discretion of the Board of Directors.
Summary of Quarterly Results
Q3 FY18
Q2 FY18
Q3 FY17
% Change
(Q3 FY18 vs
Q2 FY18)
% Change
(Q3 FY18 vs
Q3 FY17)
Revenue (million)
$685.9
$734.4
$593.1
(6.6)
%
15.6
%
GAAP-based gross margin
64.6
%
67.3
%
64.5
%
(270)
bps
10
bps
GAAP-based operating margin
14.9
%
22.7
%
11.0
%
(780)
bps
390
bps
GAAP-based EPS, diluted
$0.22
$0.32
$0.08
(31.3)
%
175.0
%
Non-GAAP-based gross margin (1)
71.6
%
73.9
%
71.2
%
(230)
bps
40
bps
Non-GAAP-based operating margin (1)
29.8
%
36.5
%
29.1
%
(670)
bps
70
bps
Non-GAAP-based EPS, diluted (1)(3)
$0.54
$0.76
$0.45
(28.9)
%
20.0
%
Summary of Year to Date Results
Q3 FY18 YTD
Q3 FY17 YTD
% Change
Revenue (million)
$2,061.0
$1,627.5
26.6
%
GAAP-based gross margin
65.7
%
66.6
%
(90)
bps
GAAP-based operating margin
17.3
%
15.1
%
220
bps
GAAP-based EPS, diluted (2)
$0.68
$3.88
(82.5)
%
Non-GAAP-based gross margin (1)
72.6
%
72.2
%
40
bps
Non-GAAP-based operating margin (1)
32.7
%
31.2
%
150
bps
Non-GAAP-based EPS, diluted (1)(3)
$1.84
$1.42
29.6
%
(1) Please see note 2 "Use of Non-GAAP Financial Measures" below
(2) Recorded a significant tax benefit in Q1 FY17 of $876.1 million. This significant tax benefit is specifically tied to the Company's internal reorganization and applied to Q1 FY17 only and as a result does not continue in future periods.
(3) Please also see note 14 to the Company's Condensed Consolidated Financial Statements on Form 10-Q. Reflective of the amount of net tax benefit arising from the internal reorganization assumed to be allocable to the current period based on the forecasted utilization period.
Conference Call Information
The public is invited to listen to the earnings conference call today at 5:00 p.m. ET (2:00 p.m. PT) by dialing 1-800-319-4610 (toll-free) or +1-604-638-5340 (international). Please dial-in 10 minutes ahead of time to ensure proper connection. Alternatively, a live webcast of the earnings conference call will be available on the Investor Relations section of the Company's website at http://investors.opentext.com/investor-events-and-presentations .
A replay of the call will be available beginning May 9, 2018 at 7:00 p.m. ET through 11:59 p.m. on May 23, 2018 and can be accessed by dialing 1-855-669-9658 (toll-free) or +1-604-674-8052 (international) and using passcode 2119 followed by the number sign.
Please see below note (2) for a reconciliation of U.S. GAAP-based financial measures used in this press release, to non-U.S. GAAP-based financial measures.
About OpenText
OpenText, The Information Company™, a market leader in Enterprise Information Management software and solutions, enabling companies to manage, leverage, secure and gain insight into their enterprise information, on premises or in the cloud. For more information about OpenText (NASDAQ/TSX: OTEX) visit www.opentext.com .
Cautionary Statement Regarding Forward-Looking Statements
Certain statements in this press release, including statements about the focus of Open Text Corporation ("OpenText" or "the Company") in our fiscal year ending June 30, 2018 (Fiscal 2018) on growth in earnings and cash flows, creating value through investments in broader Enterprise Information Management (EIM) capabilities, distribution, the Company's presence in the cloud and in growth markets, expected growth in our revenue lines, total growth from acquisitions, innovation and organic initiatives, and distribution expansion, the focus on recurring revenues, improving efficiency, expanding cash flow and strengthening the business, adjusted operating income and cash flow, its financial condition, the adjusted operating margin target range, results of operations and earnings, announced acquisitions, ongoing tax matters, the integration of the acquired businesses, expected timing, charges and savings related to restructuring activities, declaration of quarterly dividends, future tax rates, new platform and product offerings, scaling OpenText to new levels, and other matters, may contain words such as "anticipates", "expects", "intends", "plans", "believes", "seeks", "estimates", "may", "could", "would", "might", "will" and variations of these words or similar expressions are considered or information under applicable securities laws. In addition, any information or statements that refer to expectations, beliefs, plans, projections, objectives, performance or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking, and based on our current expectations, forecasts and projections about the operating environment, economies and markets in which we operate. Forward-looking statements reflect our current estimates, beliefs and assumptions, which are based on management's perception of historic trends, current conditions and expected future developments, as well as other factors it believes are appropriate in the circumstances, such as certain assumptions about the economy, as well as market, financial and operational assumptions. Management's estimates, beliefs and assumptions are inherently subject to significant business, economic, competitive and other uncertainties and contingencies regarding future events and, as such, are subject to change. We can give no assurance that such estimates, beliefs and assumptions will prove to be correct. Such involve known and unknown risks, uncertainties and other factors and assumptions that may cause the actual results, performance or achievements to differ materially. Such factors include, but are not limited to: (i) the future performance, financial and otherwise, of OpenText; (ii) the ability of OpenText to bring new products and services to market and to increase sales; (iii) the strength of the Company's product development pipeline; (iv) the Company's growth and profitability prospects; (v) the estimated size and growth prospects of the EIM market including expected growth in the Artificial Intelligence market; (vi) the Company's competitive position in the EIM market and its ability to take advantage of future opportunities in this market; (vii) the benefits of the Company's products and services to be realized by customers; (viii) the demand for the Company's products and services and the extent of deployment of the Company's products and services in the EIM marketplace; (ix) downward pressure on our share price and dilutive effect of future sales or issuances of equity securities (including in connection with future acquisitions); (x) the Company's financial condition and capital requirements; and (xi) statements about the impact of product releases. The risks and uncertainties that may affect include, but are not limited to: (i) integration of acquisitions and related restructuring efforts, including the quantum of restructuring charges and the timing thereof; (ii) the potential for the incurrence of or assumption of debt in connection with acquisitions and the impact on the ratings or outlooks of rating agencies on the Company's outstanding debt securities; (iii) the possibility that the Company may be unable to meet its future reporting requirements under the U.S. Securities Exchange Act of 1934, as amended, and the rules promulgated thereunder, or applicable Canadian securities regulation; (iv) the risks associated with bringing new products and services to market; (v) failure to comply with privacy laws and regulations that are extensive, open to various interpretations and complex to implement including General Data Protection Regulation (GDPR); (vi) fluctuations in currency exchange rates; (vii) delays in the purchasing decisions of the Company's customers; (viii) the competition the Company faces in its industry and/or marketplace; (ix) the final determination of litigation, tax audits (including tax examinations in the United States and elsewhere) and other legal proceedings; (x) potential exposure to greater than anticipated tax liabilities or expenses, including with respect to changes in Canadian, U.S. or international tax regimes including the new tax reform legislation enacted through the Tax Cuts and Jobs Act in the United States; (xi) the possibility of technical, logistical or planning issues in connection with the deployment of the Company's products or services; (xii) the continuous commitment of the Company's customers; and (xiii) demand for the Company's products and services. For additional information with respect to risks and other factors which could occur, see the Company's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other securities filings with the Securities and Exchange Commission (SEC) and other securities regulators. Readers are cautioned not to place undue reliance upon any such , which speak only as of the date made. Unless otherwise required by applicable securities laws, the Company disclaims any intention or obligation to update or revise any , whether as a result of new information, future events or otherwise.
For more information, please contact:
Greg Secord
Vice President, Investor Relations
Open Text Corporation
415-963-0825
[email protected]
OTEX-F
Copyright ©2018 Open Text. OpenText is a trademark or registered trademark of Open Text. The list of trademarks is not exhaustive of other trademarks. Registered trademarks, product names, company names, brands and service names mentioned herein are property of Open Text. All rights reserved. For more information, visit: http://www.opentext.com/who-we-are/copyright-information .
OPEN TEXT CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands of U.S. dollars, except share data)
March 31, 2018
June 30, 2017
ASSETS
(unaudited)
$
605,497
$
443,357
Accounts receivable trade, net of allowance for doubtful accounts of $9,007 as of March 31, 2018 and $6,319 as of June 30, 2017
515,012
445,812
Income taxes recoverable
42,880
32,683
Prepaid expenses and other current assets
105,657
81,625
Total current assets
1,269,046
1,003,477
Property and equipment
264,859
227,418
Goodwill
3,592,598
3,416,749
Acquired intangible assets
1,391,413
1,472,542
Deferred tax assets
1,142,385
1,215,712
Other assets
99,732
93,763
Deferred charges
39,148
42,344
Long-term income taxes recoverable
21,696
8,557
Total assets
$
7,820,877
$
7,480,562
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities
$
295,165
$
342,120
Current portion of long-term debt
282,760
182,760
Deferred revenues
689,189
570,328
Income taxes payable
33,685
31,835
Total current liabilities
1,300,799
1,127,043
Long-term liabilities:
Accrued liabilities
52,688
50,338
Deferred credits
3,366
5,283
Pension liability
62,996
58,627
Long-term debt
2,385,322
2,387,057
Deferred revenues
72,176
61,678
Long-term income taxes payable
171,174
162,493
Deferred tax liabilities
75,376
94,724
Total long-term liabilities
2,823,098
2,820,200
Shareholders' equity:
Share capital and additional paid-in capital
267,266,442 and 264,059,567 Common Shares issued and outstanding at March 31, 2018 and June 30, 2017, respectively; authorized Common Shares: unlimited
1,689,997
1,613,454
Accumulated other comprehensive income
51,810
48,800
Retained earnings
1,973,129
1,897,624
Treasury stock, at cost (694,169 shares at March 31, 2018 and 1,101,612 at June 30, 2017, respectively)
(18,823)
(27,520)
Total OpenText shareholders' equity
3,696,113
3,532,358
Non-controlling interests
867
961
Total shareholders' equity
3,696,980
3,533,319
Total liabilities and shareholders' equity
$
7,820,877
$
7,480,562
OPEN TEXT CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands of U.S. dollars, except share and per share data)
(unaudited)
Three Months Ended March 31,
Nine Months Ended March 31,
2018
2017
2018
2017
Revenues:
License
$
84,113
$
87,227
$
297,588
$
245,647
Cloud services and subscriptions
209,102
177,109
611,076
521,857
Customer support
312,279
263,436
915,753
693,298
Professional service and other
80,385
65,358
236,554
166,701
Total revenues
685,879
593,130
2,060,971
1,627,503
Cost of revenues:
License
3,098
4,008
10,645
10,244
Cloud services and subscriptions
94,264
77,225
269,012
220,667
Customer support
33,820
34,442
99,805
87,529
Professional service and other
64,246
55,529
188,690
137,167
Amortization of acquired technology-based intangible assets
47,303
39,285
138,391
87,268
Total cost of revenues
242,731
210,489
706,543
542,875
Gross profit
443,148
382,641
1,354,428
1,084,628
Operating expenses:
Research and development
83,522
77,086
241,455
200,379
Sales and marketing
129,987
117,498
381,951
315,297
General and administrative
54,817
44,828
152,717
122,939
Depreciation
23,093
16,557
64,042
47,128
Amortization of acquired customer-based intangible assets
46,762
40,825
136,819
108,248
Special charges
2,644
20,586
21,390
44,157
Total operating expenses
340,825
317,380
998,374
838,148
Income from operations
102,323
65,261
356,054
246,480
Other income (expense), net
11,140
1,424
26,911
4,565
Interest and other related expense, net
(34,534)
(31,734)
(101,914)
(86,752)
Income before income taxes
78,929
34,951
281,051
164,293
Provision for (recovery of) income taxes
20,129
13,239
100,644
(815,364)
Net income for the period
$
58,800
$
21,712
$
180,407
$
979,657
Net (income) loss attributable to non-controlling interests
(6)
(96)
94
(135)
Net income attributable to OpenText
$
58,794
$
21,616
$
180,501
$
979,522
Earnings per share—basic attributable to OpenText
$
0.22
$
0.08
$
0.68
$
3.91
Earnings per share—diluted attributable to OpenText
$
0.22
$
0.08
$
0.68
$
3.88
Weighted average number of Common Shares outstanding—basic
266,572
263,329
265,619
250,538
Weighted average number of Common Shares outstanding—diluted
267,764
265,440
266,954
252,469
Dividends declared per Common Share
$
0.1320
$
0.1150
$
0.3960
$
0.3450
OPEN TEXT CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands of U.S. dollars)
(unaudited)
Three Months Ended March 31,
Nine Months Ended March 31,
2018
2017
2018
2017
Net income for the period
$
58,800
$
21,712
$
180,407
$
979,657
Other comprehensive income (loss) —net of tax:
Net foreign currency translation adjustments
3,823
2,725
3,283
(7,582)
Unrealized gain (loss) on cash flow hedges:
Unrealized gain (loss) - net of tax expense (recovery) effect of ($338) and $125 for the three months ended March 31, 2018 and 2017, respectively; $65 and ($254) for the nine months ended March 31, 2018 and 2017, respectively
(935)
348
182
(705)
(Gain) loss reclassified into net income - net of tax (expense) recovery effect of ($112) and $14 for the three months ended March 31, 2018 and 2017, respectively; ($540) and ($24) for the nine months ended March 31, 2018 and 2017, respectively
(311)
40
(1,499)
(68)
Actuarial gain (loss) relating to defined benefit pension plans:
Actuarial gain (loss) - net of tax expense (recovery) effect of $413 and ($64) for the three months ended March 31, 2018 and 2017, respectively; $177 and $420 for the nine months ended March 31, 2018 and 2017, respectively
1,648
686
1,485
5,047
Amortization of actuarial (gain) loss into net income - net of tax (expense) recovery effect of $45 and $59 for the three months ended March 31, 2018 and 2017, respectively; $130 and $178 for the nine months ended March 31, 2018 and 2017, respectively
64
139
176
420
Unrealized net gain (loss) on marketable securities - net of tax effect of nil for the three and nine months ended March 31, 2018 and 2017, respectively
—
(541)
—
(141)
Release of unrealized gain on marketable securities - net of tax effect of nil for the three and nine months ended March 31, 2018 and 2017, respectively
—
—
(617)
—
Total other comprehensive income (loss) net, for the period
4,289
3,397
3,010
(3,029)
Total comprehensive income
63,089
25,109
183,417
976,628
Comprehensive (income) loss attributable to non-controlling interests
(6)
(96)
94
(135)
Total comprehensive income attributable to OpenText
$
63,083
$
25,013
$
183,511
$
976,493
OPEN TEXT CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands of U.S. dollars)
(unaudited)
Three Months Ended March 31,
Nine Months Ended March 31,
2018
2017
2018
2017
Cash flows from operating activities:
Net income for the period
$
58,800
$
21,712
$
180,407
$
979,657
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of intangible assets
117,158
96,667
339,252
242,644
Share-based compensation expense
5,080
6,661
20,473
22,373
Excess tax expense (benefits) on share-based compensation expense
—
(1,044)
—
(1,586)
Pension expense
965
892
2,834
2,953
Amortization of debt issuance costs
1,303
1,127
3,835
3,781
Amortization of deferred charges and credits
941
2,146
3,175
6,438
Loss on sale and write down of property and equipment
326
—
489
—
Release of unrealized gain on marketable securities to income
—
—
(841)
—
Deferred taxes
18,266
(22,011)
62,640
(890,244)
Share in net (income) loss of equity investees
307
(160)
503
(6,153)
Write off of unamortized debt issuance costs
—
833
—
833
Other non-cash charges
—
—
—
1,033
Changes in operating assets and liabilities:
Accounts receivable
(6,240)
(37,551)
(55,698)
(37,095)
Prepaid expenses and other current assets
(5,152)
(18,119)
(10,535)
(6,234)
Income taxes and deferred charges and credits
(23,651)
11,190
(22,068)
1,570
Accounts payable and accrued liabilities
(19,779)
40,516
(92,278)
16,521
Deferred revenue
123,550
54,659
74,704
6,917
Other assets
(1,197)
(1,215)
(2,466)
(6,635)
Net cash provided by operating activities
270,677
156,303
504,426
336,773
Cash flows from investing activities:
Additions of property and equipment
(27,101)
(17,797)
(83,038)
(50,071)
Proceeds from maturity of short-term investments
—
—
—
9,212
Purchase of Hightail Inc.
(20,466)
—
(20,466)
—
Purchase of Guidance Software, net of cash acquired
—
—
(229,275)
—
Purchase of Covisint Corporation, net of cash acquired
—
—
(71,279)
—
Purchase of ECD Business
—
(1,622,394)
—
(1,622,394)
Purchase of HP Inc. CCM Business
—
—
—
(315,000)
Purchase of Recommind, Inc.
—
—
—
(170,107)
Purchase consideration for acquisitions completed prior to Fiscal 2017
—
—
—
(7,146)
Other investing activities
(3,118)
(2,450)
(11,179)
(3,013)
Net cash used in investing activities
(50,685)
(1,642,641)
(415,237)
(2,158,519)
Cash flows from financing activities:
Excess tax (expense) benefits on share-based compensation expense
—
1,044
—
1,586
Proceeds from issuance of long-term debt and revolver
—
225,000
200,000
481,875
Proceeds from issuance of Common Shares from exercise of stock options and ESPP
36,442
15,967
66,064
26,668
Proceeds from issuance of Common shares under public Equity Offering
—
—
—
604,223
Repayment of long-term debt and revolver
(101,940)
(1,940)
(105,820)
(5,940)
Debt issuance costs
—
(2,045)
—
(6,200)
Equity issuance costs
—
(1,345)
—
(19,472)
Purchase of treasury stock
—
(4,245)
—
(4,245)
Payments of dividends to shareholders
(35,168)
(30,303)
(104,996)
(85,953)
Net cash provided by (used in) financing activities
(100,666)
202,133
55,248
992,542
Foreign exchange gain (loss) on cash held in foreign currencies
10,157
10,714
17,703
(5,553)
Increase (decrease) in cash and cash equivalents during the period
129,483
(1,273,491)
162,140
(834,757)
at beginning of the period
476,014
1,722,491
443,357
1,283,757
at end of the period
$
605,497
$
449,000
$
605,497
$
449,000
Notes
(1)
All dollar amounts in this press release are in U.S. Dollars unless otherwise indicated.
(2)
Use of Non-GAAP Financial Measures: In addition to reporting financial results in accordance with U.S. GAAP, the Company provides certain financial measures that are not in accordance with U.S. GAAP (Non-GAAP). These Non-GAAP financial measures have certain limitations in that they do not have a standardized meaning and thus the Company's definition may be different from similar Non-GAAP financial measures used by other companies and/or analysts and may differ from period to period. Thus it may be more difficult to compare the Company's financial performance to that of other companies. However, the Company's management compensates for these limitations by providing the relevant disclosure of the items excluded in the calculation of these Non-GAAP financial measures both in its reconciliation to the U.S. GAAP financial measures and its consolidated financial statements, all of which should be considered when evaluating the Company's results.
The Company uses these Non-GAAP financial measures to supplement the information provided in its consolidated financial statements, which are presented in accordance with U.S. GAAP. The presentation of Non-GAAP financial measures are not meant to be a substitute for financial measures presented in accordance with U.S. GAAP, but rather should be evaluated in conjunction with and as a supplement to such U.S. GAAP measures. OpenText strongly encourages investors to review its financial information in its entirety and not to rely on a single financial measure. The Company therefore believes that despite these limitations, it is appropriate to supplement the disclosure of the U.S. GAAP measures with certain Non-GAAP measures defined below.
Non-GAAP-based net income and Non-GAAP-based EPS, attributable to OpenText, are calculated as GAAP-based net income or earnings per share, attributable to OpenText, on a diluted basis, after giving effect to the amortization of acquired intangible assets, other income (expense), share-based compensation, and Special charges (recoveries), all net of tax and any tax benefits/expense items unrelated to current period income, as further described in the tables below. Non-GAAP-based gross profit is the arithmetical sum of GAAP-based gross profit and the amortization of acquired technology-based intangible assets and share-based compensation within cost of sales. Non-GAAP-based gross margin is calculated as Non-GAAP-based gross profit expressed as a percentage of total revenue. Non-GAAP-based income from operations is calculated as income from operations, excluding the amortization of acquired intangible assets, Special charges (recoveries), and share-based compensation expense. Non-GAAP-based operating margin is calculated as Non-GAAP-based income from operations expressed as a percentage of total revenue.
Adjusted earnings (loss) before interest, taxes, depreciation and amortization (Adjusted EBITDA) is calculated as GAAP-based net income, attributable to OpenText, excluding interest income (expense), provision for income taxes, depreciation and amortization of acquired intangible assets, other income (expense), share-based compensation and Special charges (recoveries).
The Company's management believes that the presentation of the above defined Non-GAAP financial measures provides useful information to investors because they portray the financial results of the Company before the impact of certain non-operational charges. The use of the term "non-operational charge" is defined for this purpose as an expense that does not impact the ongoing operating decisions taken by the Company's management and is based upon the way the Company's management evaluates the performance of the Company's business for use in the Company's internal reports. In the course of such evaluation and for the purpose of making operating decisions, the Company's management excludes certain items from its analysis, including amortization of acquired intangible assets, Special charges (recoveries), share-based compensation, other income (expense), and the taxation impact of these items. These items are excluded based upon the manner in which management evaluates the business of the Company and are not excluded in the sense that they may be used under U.S. GAAP.
The Company believes the provision of supplemental Non-GAAP measures allow investors to evaluate the operational and financial performance of the Company's core business using the same evaluation measures that management uses, and is therefore a useful indication of OpenText's performance or expected performance of future operations and facilitates period-to-period comparison of operating performance (although prior performance is not necessarily indicative of future performance). As a result, the Company considers it appropriate and reasonable to provide, in addition to U.S. GAAP measures, supplementary Non-GAAP financial measures that exclude certain items from the presentation of its financial results.
The following charts provide (unaudited) reconciliations of U.S. GAAP-based financial measures to Non-U.S. GAAP-based financial measures for the following periods presented:
Reconciliation of selected GAAP-based measures to Non-GAAP-based measures for the three months ended March 31, 2018.
(In thousands except for per share amounts)
Three Months Ended March 31, 2018
GAAP-based
Measures
GAAP-based
Measures
% of Total
Revenue
Adjustments
Note
Non-GAAP-
based
Measures
Non-GAAP-
based
Measures
% of Total
Revenue
Cost of revenues
Cloud services and subscriptions
$
94,264
$
(135)
(1)
$
94,129
Customer support
33,820
(277)
(1)
33,543
Professional service and other
64,246
(122)
(1)
64,124
Amortization of acquired technology-based intangible assets
47,303
(47,303)
(2)
—
GAAP-based gross profit and gross margin (%) /
Non-GAAP-based gross profit and gross margin (%)
443,148
64.6
%
47,837
(3)
490,985
71.6
%
Operating expenses
Research and development
83,522
(993)
(1)
82,529
Sales and marketing
129,987
(1,496)
(1)
128,491
General and administrative
54,817
(2,057)
(1)
52,760
Amortization of acquired customer-based intangible assets
46,762
(46,762)
(2)
—
Special charges (recoveries)
2,644
(2,644)
(4)
—
GAAP-based income from operations and operating margin (%) / Non-GAAP-based income from operations and operating margin (%)
102,323
14.9
%
101,789
(5)
204,112
29.8
%
Other income (expense), net
11,140
(11,140)
(6)
—
Provision for (recovery of) income taxes
20,129
3,612
(7)
23,741
GAAP-based net income / Non-GAAP-based net income, attributable to OpenText
58,794
87,037
(8)
145,831
GAAP-based earnings per share / Non-GAAP-based earnings per share-diluted, attributable to OpenText
$
0.22
$
0.32
(8)
$
0.54
(1)
Adjustment relates to the exclusion of share-based compensation expense from our Non-GAAP-based operating expenses as this expense is excluded from our internal analysis of operating results.
(2)
Adjustment relates to the exclusion of amortization expense from our Non-GAAP-based operating expenses as the timing and frequency of amortization expense is dependent on our acquisitions and is hence excluded from our internal analysis of operating results.
(3)
GAAP-based and Non-GAAP-based gross profit stated in dollars, and gross margin stated as a percentage of total revenue.
(4)
Adjustment relates to the exclusion of Special charges (recoveries) from our Non-GAAP-based operating expenses as Special charges (recoveries) are generally incurred in the periods relevant to an acquisition and include one-time, non-recurring charges or recoveries that are not indicative or related to continuing operations, and are therefore excluded from our internal analysis of operating results.
(5)
GAAP-based and Non-GAAP-based income from operations stated in dollars, and operating margin stated as a percentage of total revenue.
(6)
Adjustment relates to the exclusion of Other income (expense) from our Non-GAAP-based operating expenses as Other income (expense) relates primarily to the transactional impact of foreign exchange and is generally not indicative or related to continuing operations and is therefore excluded from our internal analysis of operating results. Other income (expense) also includes our share of income (losses) from our holdings in non-marketable securities investments as a limited partner. We do not actively trade equity securities in these privately held companies nor do we plan our ongoing operations based around any anticipated fundings or distributions from these investments. We exclude gains and losses on these investments as we do not believe they are reflective of our ongoing business and operating results.
(7)
Adjustment relates to differences between the GAAP-based tax provision rate of approximately 26% and a Non-GAAP-based tax rate of approximately 14%; these rate differences are due to the income tax effects of expenses that are excluded for the purpose of calculating Non-GAAP-based adjusted net income. Such excluded expenses include amortization, share-based compensation, Special charges (recoveries) and other income (expense), net. Also excluded are tax benefits/expense items unrelated to current period income such as changes in reserves for tax uncertainties and valuation allowance reserves, and "book to return" adjustments for tax return filings and tax assessments. Included is the amount of net tax benefits arising from the internal reorganization assumed to be allocable to the current period based on the forecasted utilization period. In arriving at our Non-GAAP-based tax rate of approximately 14%, we analyzed the individual adjusted expenses and took into consideration the impact of statutory tax rates from local jurisdictions incurring the expense. We also took into consideration changes in US tax reform legislation that was enacted on December 22, 2017 through the Tax Cuts and Jobs Act.
(8)
Reconciliation of GAAP-based net income to Non-GAAP-based net income:
Three Months Ended March 31, 2018
Per share diluted
GAAP-based net income, attributable to OpenText
$
58,794
$
0.22
Add:
Amortization
94,065
0.35
Share-based compensation
5,080
0.02
Special charges (recoveries)
2,644
0.01
Other (income) expense, net
(11,140)
(0.04)
GAAP-based provision for (recovery of) income taxes
20,129
0.07
Non-GAAP-based provision for income taxes
(23,741)
(0.09)
Non-GAAP-based net income, attributable to OpenText
$
145,831
$
0.54
Reconciliation of Adjusted EBITDA
Three Months Ended March 31, 2018
GAAP-based net income, attributable to OpenText
$
58,794
Add:
Provision for (recovery of) income taxes
20,129
Interest and other related expense, net
34,534
Amortization of acquired technology-based intangible assets
47,303
Amortization of acquired customer-based intangible assets
46,762
Depreciation
23,093
Share-based compensation
5,080
Special charges (recoveries)
2,644
Other (income) expense, net
(11,140)
Adjusted EBITDA
$
227,199
Reconciliation of selected GAAP-based measures to Non-GAAP-based measures for the nine months ended March 31, 2018.
(In thousands except for per share amounts)
Nine Months Ended March 31, 2018
GAAP-based
Measures
GAAP-based
Measures
% of Total
Revenue
Adjustments
Note
Non-GAAP-
based
Measures
Non-GAAP-
based
Measures
% of Total
Revenue
Cost of revenues
Cloud services and subscriptions
$
269,012
$
(1,119)
(1)
$
267,893
Customer support
99,805
(933)
(1)
98,872
Professional service and other
188,690
(1,322)
(1)
187,368
Amortization of acquired technology-based intangible assets
138,391
(138,391)
(2)
—
GAAP-based gross profit and gross margin (%) /
Non-GAAP-based gross profit and gross margin (%)
1,354,428
65.7
%
141,765
(3)
1,496,193
72.6
%
Operating expenses
Research and development
241,455
(4,206)
(1)
237,249
Sales and marketing
381,951
(6,679)
(1)
375,272
General and administrative
152,717
(6,214)
(1)
146,503
Amortization of acquired customer-based intangible assets
136,819
(136,819)
(2)
—
Special charges (recoveries)
21,390
(21,390)
(4)
—
GAAP-based income from operations and operating margin (%) / Non-GAAP-based income from operations and operating margin (%)
356,054
17.3
%
317,073
(5)
673,127
32.7
%
Other income (expense), net
26,911
(26,911)
(6)
—
Provision for (recovery of) income taxes
100,644
(20,674)
(7)
79,970
GAAP-based net income / Non-GAAP-based net income, attributable to OpenText
180,501
310,836
(8)
491,337
GAAP-based earnings per share / Non-GAAP-based earnings per share-diluted, attributable to OpenText
$
0.68
$
1.16
(8)
$
1.84
(1)
Adjustment relates to the exclusion of share-based compensation expense from our Non-GAAP-based operating expenses as this expense is excluded from our internal analysis of operating results.
(2)
Adjustment relates to the exclusion of amortization expense from our Non-GAAP-based operating expenses as the timing and frequency of amortization expense is dependent on our acquisitions and is hence excluded from our internal analysis of operating results.
(3)
GAAP-based and Non-GAAP-based gross profit stated in dollars, and gross margin stated as a percentage of total revenue.
(4)
Adjustment relates to the exclusion of Special charges (recoveries) from our Non-GAAP-based operating expenses as Special charges (recoveries) are generally incurred in the periods relevant to an acquisition and include one-time, non-recurring charges or recoveries that are not indicative or related to continuing operations, and are therefore excluded from our internal analysis of operating results.
(5)
GAAP-based and Non-GAAP-based income from operations stated in dollars, and operating margin stated as a percentage of total revenue.
(6)
Adjustment relates to the exclusion of Other income (expense) from our Non-GAAP-based operating expenses as Other income (expense) relates primarily to the transactional impact of foreign exchange and is generally not indicative or related to continuing operations and is therefore excluded from our internal analysis of operating results. Other income (expense) also includes our share of income (losses) from our holdings in non-marketable securities investments as a limited partner. We do not actively trade equity securities in these privately held companies nor do we plan our ongoing operations based around any anticipated fundings or distributions from these investments. We exclude gains and losses on these investments as we do not believe they are reflective of our ongoing business and operating results.
(7)
Adjustment relates to differences between the GAAP-based tax provision rate of approximately 36% and a Non-GAAP-based tax rate of approximately 14%; these rate differences are due to the income tax effects of expenses that are excluded for the purpose of calculating Non-GAAP-based adjusted net income. Such excluded expenses include amortization, share-based compensation, Special charges (recoveries) and other income (expense), net. Also excluded are tax benefits/expense items unrelated to current period income such as changes in reserves for tax uncertainties and valuation allowance reserves, and "book to return" adjustments for tax return filings and tax assessments. Included is the amount of net tax benefits arising from the internal reorganization assumed to be allocable to the current period based on the forecasted utilization period. In arriving at our Non-GAAP-based tax rate of approximately 14%, we analyzed the individual adjusted expenses and took into consideration the impact of statutory tax rates from local jurisdictions incurring the expense. We also took into consideration changes in US tax reform legislation that was enacted on December 22, 2017 through the Tax Cuts and Jobs Act.
(8)
Reconciliation of GAAP-based net income to Non-GAAP-based net income:
Nine Months Ended March 31, 2018
Per share diluted
GAAP-based net income, attributable to OpenText
$
180,501
$
0.68
Add:
Amortization
275,210
1.03
Share-based compensation
20,473
0.08
Special charges (recoveries)
21,390
0.08
Other (income) expense, net
(26,911)
(0.10)
GAAP-based provision for (recovery of) income taxes
100,644
0.37
Non-GAAP based provision for income taxes
(79,970)
(0.30)
Non-GAAP-based net income, attributable to OpenText
$
491,337
$
1.84
Reconciliation of Adjusted EBITDA
Nine Months Ended March 31, 2018
GAAP-based net income, attributable to OpenText
$
180,501
Add:
Provision for (recovery of) income taxes
100,644
Interest and other related expense, net
101,914
Amortization of acquired technology-based intangible assets
138,391
Amortization of acquired customer-based intangible assets
136,819
Depreciation
64,042
Share-based compensation
20,473
Special charges (recoveries)
21,390
Other (income) expense, net
(26,911)
Adjusted EBITDA
$
737,263
Reconciliation of selected GAAP-based measures to Non-GAAP-based measures for the three months ended December 31, 2017.
(In thousands except for per share amounts)
Three Months Ended December 31, 2017
GAAP-based
Measures
GAAP-based
Measures
% of Total
Revenue
Adjustments
Note
Non-GAAP-
based
Measures
Non-GAAP-
based
Measures
% of Total
Revenue
Cost of revenues
Cloud services and subscriptions
$
90,418
$
(462)
(1)
$
89,956
Customer support
33,194
(327)
(1)
32,867
Professional service and other
64,985
(603)
(1)
64,382
Amortization of acquired technology-based intangible assets
47,128
(47,128)
(2)
—
GAAP-based gross profit and gross margin (%) /
Non-GAAP-based gross profit and gross margin (%)
494,093
67.3
%
48,520
(3)
542,613
73.9
%
Operating expenses
Research and development
80,304
(1,587)
(1)
78,717
Sales and marketing
129,142
(2,095)
(1)
127,047
General and administrative
48,985
(2,084)
(1)
46,901
Amortization of acquired customer-based intangible assets
46,268
(46,268)
(2)
—
Special charges (recoveries)
715
(715)
(4)
—
GAAP-based income from operations and operating margin (%) / Non-GAAP-based income from operations and operating margin (%)
166,608
22.7
%
101,269
(5)
267,877
36.5
%
Other income (expense), net
5,547
(5,547)
(6)
—
Provision for (recovery of) income taxes
53,146
(22,095)
(7)
31,051
GAAP-based net income / Non-GAAP-based net income, attributable to OpenText
85,111
117,817
(8)
202,928
GAAP-based earnings per share / Non-GAAP-based earnings per share-diluted, attributable to OpenText
$
0.32
$
0.44
(8)
$
0.76
(1)
Adjustment relates to the exclusion of share-based compensation expense from our Non-GAAP-based operating expenses as this expense is excluded from our internal analysis of operating results.
(2)
Adjustment relates to the exclusion of amortization expense from our Non-GAAP-based operating expenses as the timing and frequency of amortization expense is dependent on our acquisitions and is hence excluded from our internal analysis of operating results.
(3)
GAAP-based and Non-GAAP-based gross profit stated in dollars, and gross margin stated as a percentage of total revenue.
(4)
Adjustment relates to the exclusion of Special charges (recoveries) from our Non-GAAP-based operating expenses as Special charges (recoveries) are generally incurred in the periods relevant to an acquisition and include one-time, non-recurring charges or recoveries that are not indicative or related to continuing operations, and are therefore excluded from our internal analysis of operating results.
(5)
GAAP-based and Non-GAAP-based income from operations stated in dollars, and operating margin stated as a percentage of total revenue.
(6)
Adjustment relates to the exclusion of Other income (expense) from our Non-GAAP-based operating expenses as Other income (expense) relates primarily to the transactional impact of foreign exchange and is generally not indicative or related to continuing operations and is therefore excluded from our internal analysis of operating results. Other income (expense) also includes our share of income (losses) from our holdings in non-marketable securities investments as a limited partner. We do not actively trade equity securities in these privately held companies nor do we plan our ongoing operations based around any anticipated fundings or distributions from these investments. We exclude gains and losses on these investments as we do not believe they are reflective of our ongoing business and operating results.
(7)
Adjustment relates to differences between the GAAP-based tax provision rate of approximately 38% and a Non-GAAP-based tax rate of approximately 13%; these rate differences are due to the income tax effects of expenses that are excluded for the purpose of calculating Non-GAAP-based adjusted net income. Such excluded expenses include amortization, share-based compensation, Special charges (recoveries) and other income (expense), net. Also excluded are tax benefits/expense items unrelated to current period income such as changes in reserves for tax uncertainties and valuation allowance reserves, and "book to return" adjustments for tax return filings and tax assessments. Included is the amount of net tax benefits arising from the internal reorganization assumed to be allocable to the current period based on the forecasted utilization period. In arriving at our Non-GAAP-based tax rate of approximately 13%, we analyzed the individual adjusted expenses and took into consideration the impact of statutory tax rates from local jurisdictions incurring the expense. In addition, as a result of the changes in US tax reform legislation that was enacted on December 22, 2017 through the Tax Cuts and Jobs Act, the Company has reassessed its Non-GAAP-based tax rate to be approximately 14% for the six months ended December 31, 2017, down from 15%. Pursuant to this, the Non-GAAP-based tax rate of approximately 13% for the three months ended December 31, 2017 includes a one-time cumulative catch up of recoveries and charges, as though the Company's Non-GAAP-based tax rate was 14% as of July 1, 2017.
(8)
Reconciliation of GAAP-based net income to Non-GAAP-based net income:
Three Months Ended December 31, 2017
Per share diluted
GAAP-based net income, attributable to OpenText
$
85,111
$
0.32
Add:
Amortization
93,396
0.35
Share-based compensation
7,158
0.03
Special charges (recoveries)
715
—
Other (income) expense, net
(5,547)
(0.02)
GAAP-based provision for (recovery of) income taxes
53,146
0.20
Non-GAAP-based provision for income taxes
(31,051)
(0.12)
Non-GAAP-based net income, attributable to OpenText
$
202,928
$
0.76
Reconciliation of Adjusted EBITDA
Three Months Ended December 31, 2017
GAAP-based net income, attributable to OpenText
$
85,111
Add:
Provision for (recovery of) income taxes
53,146
Interest and other related expense, net
34,092
Amortization of acquired technology-based intangible assets
47,128
Amortization of acquired customer-based intangible assets
46,268
Depreciation
22,071
Share-based compensation
7,158
Special charges (recoveries)
715
Other (income) expense, net
(5,547)
Adjusted EBITDA
$
290,142
Reconciliation of selected GAAP-based measures to Non-GAAP-based measures for the three months ended March 31, 2017.
(In thousands except for per share amounts)
Three Months Ended March 31, 2017
GAAP-based
Measures
GAAP-based
Measures
% of Total
Revenue
Adjustments
Note
Non-GAAP-
based
Measures
Non-GAAP-
based
Measures
% of Total
Revenue
Cost of revenues
Cloud services and subscriptions
$
77,225
$
(268)
(1)
$
76,957
Customer support
34,442
(261)
(1)
34,181
Professional service and other
55,529
(89)
(1)
55,440
Amortization of acquired technology-based intangible assets
39,285
(39,285)
(2)
—
GAAP-based gross profit and gross margin (%) /
Non-GAAP-based gross profit and gross margin (%)
382,641
64.5
%
39,903
(3)
422,544
71.2
%
Operating expenses
Research and development
77,086
(1,634)
(1)
75,452
Sales and marketing
117,498
(2,081)
(1)
115,417
General and administrative
44,828
(2,328)
(1)
42,500
Amortization of acquired customer-based intangible assets
40,825
(40,825)
(2)
—
Special charges (recoveries)
20,586
(20,586)
(4)
—
GAAP-based income from operations and operating margin (%) / Non-GAAP-based income from operations and operating margin (%)
65,261
11.0
%
107,357
(5)
172,618
29.1
%
Other income (expense), net
1,424
(1,424)
(6)
—
Provision for (recovery of) income taxes
13,239
7,798
(7)
21,037
GAAP-based net income / Non-GAAP-based net income, attributable to OpenText
21,616
98,135
(8)
119,751
GAAP-based earnings per share / Non-GAAP-based earnings per share-diluted, attributable to OpenText
$
0.08
$
0.37
(8)
$
0.45
(1)
Adjustment relates to the exclusion of share-based compensation expense from our Non-GAAP-based operating expenses as this expense is excluded from our internal analysis of operating results.
(2)
Adjustment relates to the exclusion of amortization expense from our Non-GAAP-based operating expenses as the timing and frequency of amortization expense is dependent on our acquisitions and is hence excluded from our internal analysis of operating results.
(3)
GAAP-based and Non-GAAP-based gross profit stated in dollars, and gross margin stated as a percentage of total revenue.
(4)
Adjustment relates to the exclusion of Special charges (recoveries) from our Non-GAAP-based operating expenses as Special charges (recoveries) are generally incurred in the periods relevant to an acquisition and include one-time, non-recurring charges or recoveries that are not indicative or related to continuing operations, and are therefore excluded from our internal analysis of operating results.
(5)
GAAP-based and Non-GAAP-based income from operations stated in dollars, and operating margin stated as a percentage of total revenue.
(6)
Adjustment relates to the exclusion of Other income (expense) from our Non-GAAP-based operating expenses as Other income (expense) relates primarily to the transactional impact of foreign exchange and is generally not indicative or related to continuing operations and is therefore excluded from our internal analysis of operating results. Other income (expense) also includes our share of income (losses) from our holdings in non-marketable securities investments as a limited partner. We do not actively trade equity securities in these privately held companies nor do we plan our ongoing operations based around any anticipated fundings or distributions from these investments. We exclude gains and losses on these investments as we do not believe they are reflective of our ongoing business and operating results.
(7)
Adjustment relates to differences between the GAAP-based tax provision rate of approximately 38% and a Non-GAAP-based tax rate of approximately 15%; these rate differences are due to the income tax effects of expenses that are excluded for the purpose of calculating Non-GAAP-based adjusted net income. Such excluded expenses include amortization, share-based compensation, Special charges (recoveries) and other income (expense), net. Also excluded are tax benefits/expense items unrelated to current period income such as changes in reserves for tax uncertainties and valuation allowance reserves, and "book to return" adjustments for tax return filings and tax assessments. Included is the amount of net tax benefits arising from the internal reorganization assumed to be allocable to the current period based on the forecasted utilization period. In arriving at our Non-GAAP-based tax rate of approximately 15%, we analyzed the individual adjusted expenses and took into consideration the impact of statutory tax rates from local jurisdictions incurring the expense.
(8)
Reconciliation of GAAP-based net income to Non-GAAP-based net income:
Three Months Ended March 31, 2017
Per share diluted
GAAP-based net income, attributable to OpenText
$
21,616
$
0.08
Add:
Amortization
80,110
0.30
Share-based compensation
6,661
0.03
Special charges (recoveries)
20,586
0.08
Other (income) expense, net
(1,424)
(0.01)
GAAP-based provision for (recovery of) income taxes
13,239
0.05
Non-GAAP-based provision for income taxes
(21,037)
(0.08)
Non-GAAP-based net income, attributable to OpenText
$
119,751
$
0.45
Reconciliation of Adjusted EBITDA
Three months ended March 31, 2017
GAAP-based net income, attributable to OpenText
$
21,616
Add:
Provision for (recovery of) income taxes
13,239
Interest and other related expense, net
31,734
Amortization of acquired technology-based intangible assets
39,285
Amortization of acquired customer-based intangible assets
40,825
Depreciation
16,557
Share-based compensation
6,661
Special charges (recoveries)
20,586
Other (income) expense, net
(1,424)
Adjusted EBITDA
$
189,079
Reconciliation of selected GAAP-based measures to Non-GAAP-based measures for the nine months ended March 31, 2017.
(In thousands except for per share amounts)
Nine Months Ended March 31, 2017
GAAP-based
Measures
GAAP-based
Measures
% of Total
Revenue
Adjustments
Note
Non-GAAP-
based
Measures
Non-GAAP-
based
Measures
% of Total
Revenue
Cost of revenues:
Cloud services and subscriptions
$
220,667
$
(839)
(1)
$
219,828
Customer support
87,529
(766)
(1)
86,763
Professional service and other
137,167
(1,002)
(1)
136,165
Amortization of acquired technology-based intangible assets
87,268
(87,268)
(2)
—
GAAP-based gross profit and gross margin (%) /
Non-GAAP-based gross profit and gross margin (%)
1,084,628
66.6
%
89,875
(3)
1,174,503
72.2
%
Operating expenses
Research and development
200,379
(5,372)
(1)
195,007
Sales and marketing
315,297
(7,230)
(1)
308,067
General and administrative
122,939
(7,164)
(1)
115,775
Amortization of acquired customer-based intangible assets
108,248
(108,248)
(2)
—
Special charges (recoveries)
44,157
(44,157)
(4)
—
GAAP-based income from operations and operating margin (%) / Non-GAAP-based income from operations and operating margin (%)
246,480
15.1
%
262,046
(5)
508,526
31.2
%
Other income (expense), net
4,565
(4,565)
(6)
—
Provision for (recovery of) income taxes
(815,364)
878,495
(7)
63,131
GAAP-based net income / Non-GAAP-based net income, attributable to OpenText
979,522
(621,014)
(8)
358,508
GAAP-based earnings per share / Non-GAAP-based earnings per share-diluted, attributable to OpenText
$
3.88
$
(2.46)
(8)
$
1.42
(1)
Adjustment relates to the exclusion of share-based compensation expense from our Non-GAAP-based operating expenses as this expense is excluded from our internal analysis of operating results.
(2)
Adjustment relates to the exclusion of amortization expense from our Non-GAAP-based operating expenses as the timing and frequency of amortization expense is dependent on our acquisitions and is hence excluded from our internal analysis of operating results.
(3)
GAAP-based and Non-GAAP-based gross profit stated in dollars, and gross margin stated as a percentage of total revenue.
(4)
Adjustment relates to the exclusion of Special charges (recoveries) from our Non-GAAP-based operating expenses as Special charges (recoveries) are generally incurred in the periods relevant to an acquisition and include one-time, non-recurring charges or recoveries that are not indicative or related to continuing operations, and are therefore excluded from our internal analysis of operating results.
(5)
GAAP-based and Non-GAAP-based income from operations stated in dollars, and operating margin stated as a percentage of total revenue.
(6)
Adjustment relates to the exclusion of Other income (expense) from our Non-GAAP-based operating expenses as Other income (expense) relates primarily to the transactional impact of foreign exchange and is generally not indicative or related to continuing operations and is therefore excluded from our internal analysis of operating results. Other income (expense) also includes our share of income (losses) from our holdings in non-marketable securities investments as a limited partner. We do not actively trade equity securities in these privately held companies nor do we plan our ongoing operations based around any anticipated fundings or distributions from these investments. We exclude gains and losses on these investments as we do not believe they are reflective of our ongoing business and operating results.
(7)
Adjustment relates to differences between the GAAP-based tax recovery rate of approximately 496% and a Non-GAAP-based tax rate of approximately 15%; these rate differences are due to the income tax effects of expenses that are excluded for the purpose of calculating Non-GAAP-based adjusted net income. Such excluded expenses include amortization, share-based compensation, Special charges (recoveries) and other income (expense), net. Also excluded are tax benefits/expense items unrelated to current period income such as changes in reserves for tax uncertainties and valuation allowance reserves and "book to return" adjustments for tax return filings and tax assessments. Included is the amount of net tax benefits arising from the internal reorganization assumed to be allocable to the current period based on the forecasted utilization period. In arriving at our Non-GAAP-based tax rate of 15%, we analyzed the individual adjusted expenses and took into consideration the impact of statutory tax rates from local jurisdictions incurring the expense.
(8)
Reconciliation of GAAP-based net income to Non-GAAP-based net income:
Nine Months Ended March 31, 2017
Per share diluted
GAAP-based net income, attributable to OpenText
$
979,522
$
3.88
Add:
Amortization
195,516
0.77
Share-based compensation
22,373
0.09
Special charges (recoveries)
44,157
0.17
Other (income) expense, net
(4,565)
(0.02)
GAAP-based provision for (recovery of) income taxes
(815,364)
(3.23)
Non-GAAP based provision for income taxes
(63,131)
(0.24)
Non-GAAP-based net income, attributable to OpenText
$
358,508
$
1.42
Reconciliation of Adjusted EBITDA
Nine Months Ended March 31, 2017
GAAP-based net income, attributable to OpenText
$
979,522
Add:
Provision for (recovery of) income taxes
(815,364)
Interest and other related expense, net
86,752
Amortization of acquired technology-based intangible assets
87,268
Amortization of acquired customer-based intangible assets
108,248
Depreciation
47,128
Share-based compensation
22,373
Special charges (recoveries)
44,157
Other (income) expense, net
(4,565)
Adjusted EBITDA
$
555,519
(3)
The following tables provide a composition of our major currencies for revenue and expenses, expressed as a percentage, for the three and nine months ended March 31, 2018 and 2017:
Three Months Ended March 31, 2018
Three Months Ended March 31, 2017
Currencies
% of Revenue
% of Expenses*
% of Revenue
% of Expenses*
EURO
22
%
15
%
19
%
15
%
GBP
6
%
6
%
6
%
7
%
CAD
4
%
11
%
4
%
11
%
USD
58
%
50
%
62
%
52
%
Other
10
%
18
%
9
%
15
%
Total
100
%
100
%
100
%
100
%
Nine Months Ended March 31, 2018
Nine Months Ended March 31, 2017
Currencies
% of Revenue
% of Expenses*
% of Revenue
% of Expenses*
EURO
22
%
15
%
22
%
15
%
GBP
6
%
6
%
7
%
7
%
CAD
4
%
11
%
4
%
11
%
USD
58
%
51
%
58
%
52
%
Other
10
%
17
%
9
%
15
%
Total
100
%
100
%
100
%
100
%
*
Expenses include all cost of revenues and operating expenses included within the Condensed Consolidated Statements of Income, except for amortization of intangible assets, share-based compensation and Special charges (recoveries).
View original content: http://www.prnewswire.com/news-releases/opentext-reports-third-quarter-fiscal-year-2018-financial-results-300645797.html
SOURCE Open Text Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/pr-newswire-opentext-reports-third-quarter-fiscal-year-2018-financial-results.html |
DANBURY, Conn.--(BUSINESS WIRE)-- Praxair, Inc. (NYSE:PX) has been named one of the 500 best U.S. companies to work for by Forbes in 2018. The company has been recognized as an employer of choice since the list was first published in 2015.
“We are proud to again be recognized as one of the best employers in the U.S. by Forbes,” said David Strauss, vice president and chief human resources officer for Praxair. "This recognition demonstrates our commitment to a culture of respect and inclusion where our employees drive for success as determined by our customers, shareholders and the communities in which we operate.”
During the selection process, nearly 30,000 employees at companies with at least 1,000 people in their U.S. operations were asked to rate their own employer and their likelihood of recommending their employer to a friend or family member. They were also asked to recommend other companies they admired.
About Praxair
Praxair, Inc. is a leading industrial gas company in North and South America and one of the largest worldwide . With market capitalization of approximately $40 billion and 2017 sales of $11 billion, the company employs over 26,000 people globally and has been named to the Dow Jones® World Sustainability Index for 15 consecutive years. Praxair produces, sells and distributes atmospheric, process and specialty gases , and high-performance surface coatings . Our products, services and technologies are making our planet more productive by bringing efficiency and environmental benefits to a wide variety of industries , including aerospace , chemicals , food and beverage , electronics , energy , healthcare , manufacturing, primary metals and many others. For more information about the company, please visit our website at www.praxair.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180515005892/en/
Praxair Media:
John Puskar, 203-837-2448
[email protected]
or
Praxair Investors:
Juan Pelaez, 203-837-2213
[email protected]
Source: Praxair, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/business-wire-praxair-named-one-of-americaas-best-employers-by-forbes-for-the-fourth-straight-year.html |
By Jen Wieczner 11:35 PM EDT
Berkshire Hathaway CEO Warren Buffett and Microsoft founder Bill Gates have known each other 27 years, enjoy playing bridge together and rallying in ping pong at the annual Berkshire Hathaway meeting.
But the billionaires’ friendship has its boundaries: Buffett will never buy Microsoft stock.
“It just would be a mistake for Berkshire to buy Microsoft,” the famous stock picker said at Berkshire Hathaway’s annual meeting Saturday.
Buffett has been notoriously averse to tech stocks for most of his investing career, though in 2016 he stunned shareholders by buying Apple stock , which is now by far Berkshire Hathaway’s largest holding .
Yet Buffett’s resistance to Microsoft (msft) has nothing to do with its business model or industry. Rather, the problem lies with Gates, who joined the Berkshire Hathaway board in 2004, and retired as chairman of Microsoft in 2014.
“If something happened a week later, a month later, in terms of [Microsoft] having better earnings than expected or making an acquisition—anything—both Bill and I would, incorrectly, but would be a target of suggestions and accusations, perhaps even, that somehow he had told me something, or vice versa,” Buffett said at the Berkshire meeting in Omaha.
In other words, Buffett is concerned with avoiding even the slightest perception of insider trading—however false—or anything that could invite such suspicions.
“I try to stay away from a few things just totally because the inference would be drawn that we might have talked, I might have talked to somebody about something,” Buffett added. “There’d be a lot of people who wouldn’t believe us if something good immediately happened after we bought it.”
Of course, Buffett had plenty of opportunities to buy Microsoft stock without any remote appearance of insider trading. Microsoft went public in 1986—more than five years before Buffett even met Gates. So why didn’t the Oracle of Omaha invest back then?
“In the earlier years, it’s very clear—the answer is stupidity,” Buffett admitted.
Now, Microsoft is just one of “a few [companies] that are off the list” of what Berkshire Hathaway (brk-a) is willing to invest in because of ethical conflicts, Buffett said. (He did not name the others in this group.)
“But both that and my stupidity have cost us a lot of money,” he added.
At least it doesn’t seem to be getting in the way of his friendship with Gates. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/05/warren-buffett-berkshire-hathaway-microsoft-stock/ |
GOLETA, Calif.--(BUSINESS WIRE)-- Deckers Brands (NYSE: DECK), a global leader in designing, marketing and distributing innovative footwear, apparel and accessories, today announced the appointment of William L. McComb to its Board of Directors. Mr. McComb brings expertise in building strong brands and leveraging omni-channel consumer engagement strategies. Coinciding with this appointment, Deckers also announced that John G. Perenchio has resigned from the Board.
“We are very pleased to welcome Bill to the Deckers Board,” said John Gibbons, Chairman of the Board. “He brings valuable and additive skills to our team, including experience in building strong brands through strategic portfolio development in the fashion lifestyle and footwear sectors, as well as evolving direct-to-consumer relationships through digital engagement. His capabilities and leadership approach are firmly aligned with Deckers’ vision and strategy, supporting management’s intent focus on driving stockholder value through our continued transformation.”
“I am delighted and honored to join the Deckers Board of Directors,” said Mr. McComb. “In Deckers, I see a company with great opportunities, a Board eager to drive value creation, and a management team deeply committed to unlocking growth and profitability. For years I admired their marketing and merchandising; I aim to help them achieve their vision and distinguish themselves in today's omni-channel marketplace.”
Mr. McComb served as chief executive officer of Liz Claiborne, Inc. (renamed Fifth & Pacific Companies, Inc. in 2012) and was a member of the company’s board of directors from November 2006 to February 2014. He led the company’s succession in management and name to Kate Spade & Company, after successfully completing an extensive turnaround of the company. Mr. McComb also previously served in various management positions of Johnson & Johnson, including company group chairman.
Mr. McComb is currently an advisor to Bain & Company’s digital consulting practice. He serves on the boards of the Center for Business Analytics at the University of Virginia’s McIntire School of Business, and The Marshall Project, a NYC based non-profit, where he chairs the nominating and governance committee. He formerly served on the boards of the American Apparel and Footwear Association and the National Retail Federation, among others. He holds a Bachelor of Arts degree in Economics from Miami University (Ohio) and a Masters of Business Administration in Marketing and Finance from the University of Chicago Graduate School of Business.
This appointment coincides with the resignation of John G. Perenchio. Mr. Perenchio has served as a member of the Deckers Board since 2005 and was serving on the Board’s Compensation Committee and Corporate Governance Committee. “On behalf of our management team and the Board, I'd like to thank John for his service to Deckers Brands,” continued Mr. Gibbons. “We are grateful for his contributions to our organization over the past twelve years and we wish him the best of luck in all of his future endeavors.”
As previously announced, Deckers remains committed to identifying at least two new independent directors in advance of its 2018 Annual Meeting of Stockholders. Mr. McComb represents the first new independent director appointed to the Board as part of this ongoing process.
About Deckers Brands
Deckers Brands is a global leader in designing, marketing and distributing innovative footwear, apparel and accessories developed for both everyday casual lifestyle use and high performance activities. The Company’s portfolio of brands includes UGG®, Koolaburra®, HOKA ONE ONE®, Teva® and Sanuk®. Deckers Brands products are sold in more than 50 countries and territories through select department and specialty stores, Company-owned and operated retail stores, and select online stores, including Company-owned websites. Deckers Brands has a 40-year history of building niche footwear brands into lifestyle market leaders attracting millions of loyal consumers globally. For more information, please visit www.deckers.com .
Forward Looking Statements
This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, which statements are subject to considerable risks and uncertainties. Forward-looking statements include all statements other than statements of historical fact contained in this press release, including statements regarding our anticipated financial performance, including our projected net sales, margins, expenses and earnings per share, as well as statements regarding our cost savings initiatives, product and brand strategies, and marketing and distribution plans. We have attempted to identify forward-looking statements by using words such as “anticipate,” “believe,” “could,” “estimate,” “expected,” “intend,” “may,” “plan,” “predict,” “project,” “should,” “will,” or “would,” and similar expressions or the negative of these expressions.
Forward-looking statements represent our management’s current expectations and predictions about trends affecting our business and industry and are based on information available as of the time such statements are made. Although we do not make forward-looking statements unless we believe we have a reasonable basis for doing so, we cannot guarantee their accuracy or completeness. Forward-looking statements involve numerous known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements predicted, assumed or implied by the forward-looking statements. Some of the risks and uncertainties that may cause our actual results to materially differ from those expressed or implied by these forward-looking statements are described in the section entitled “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended March 31, 2017, as well as in our other filings with the Securities and Exchange Commission.
Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. Except as required by applicable law or the listing rules of the New York Stock Exchange, we expressly disclaim any intent or obligation to update any forward-looking statements, or to update the reasons actual results could differ materially from those expressed or implied by these forward-looking statements, whether to conform such statements to actual results or changes in our expectations, or as a result of the availability of new information.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180430006503/en/
Investor Contact:
Deckers Brands
Steve Fasching, 805.967.7611
SVP, Corporate Strategy, Planning & Investor Relations
Source: Deckers Brands | ashraq/financial-news-articles | http://www.cnbc.com/2018/04/30/business-wire-deckers-brands-appoints-william-l-mccomb-to-board-of-directors.html |
As the founder of the world's largest hedge fund, Ray Dalio is successful by any standard. He took his company, Bridgewater Associates, from an operation running out of his two-bedroom New York apartment and turned it into a firm managing about $160 billion in assets — making him a billionaire along the way.
To succeed like he did, there are two bad habits you need to nip in the bud, Dalio says in " Principles for Success ," an animated video series based on his book " Principles: Life & Work ."
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Both habits have to do with self-awareness, and they are problems anyone can fix.
1. Listening to your ego The first bad habit is believing you are always correct.
"Because our need to be right can be more important than our need to find out what is true, we like to believe our own opinions without properly stress-testing them," Dalio says, meaning to offer up an idea for dispute by others. "We especially don't like to look at our mistakes and weaknesses."
When our ideas and opinions are questioned, the natural reaction is to be defensive and angry. But that doesn't mean it's the right reaction. "This leads to our making inferior decisions, learning less, and falling short of our potentials," Dalio explains.
To avoid this pitfall, he suggests viewing criticism as helpful feedback instead of as an attack. It's something the billionaire himself practices.
For example, when Dalio received a harshly critical email about his performance during a meeting from a junior employee, he passed it along to all of Bridgewater . The email, which Dalio shared at a Ted Talk , read:
Ray - you deserve a "D-" for your performance today in the meeting ... you did not prepare at all because there is no way you could have and been that disorganized. In the future, I/we would ask you to take some time and prepare and maybe even I should come up and start talking to you to get you warmed up or something but we can't let this happen again. If you in any way think my view is wrong, please ask the others or we can talk about it.
"Isn't that great?" Dalio said to the Ted Talk crowd about the email.
"It's great because I need feedback like that," he continued. "And it's great because if I don't let Jim and people like Jim express their points of view, our relationship wouldn't be the same."
2. Not realizing your blind spots "The blind-spot barrier is when a person believes he or she can see everything," Dalio explains in a "Principles for Success" video.
And that mentality is a mistake: "It is a simple fact no one alone can see a complete picture of reality," he adds.
Since people have varying strengths and weaknesses, Dalio says, the best outcomes are created with a wide range of perspectives.
"While some people are better at seeing the big picture, others excel at seeing details," he continues. "Some are linear thinkers, and others are more lateral. While some are creative but not reliable, others are reliable but not creative."
Organizational psychologist and Wharton professor Adam Grant agrees that sourcing a variety of opinions — even those you disagree with — improves idea generation.
"Evidence shows that minority opinions improve decision-making even when they are incorrect," Grant tells CNBC Make It . "Your probability of making a smart decision or coming up with a creative solution to a problem actually goes up, and the reason for that is that dissenting opinions force us to reexamine our criteria, to reconsider our processes and all the options available. Instead of leading to convergent thinking they stimulate divergent thinking and really increase diversity of thought."
show chapters Wharton Professor Adam Grant: Why Elon Musk wants his employees to always speak up 8:29 AM ET Fri, 28 July 2017 | 00:49 Even Amazon CEO (and the world's richest man) Jeff Bezos understands he isn't always going to be correct. To account for that, he asks a simple question: "Disagree and commit?"
"If you have conviction on a particular direction even though there's no consensus," Bezos writes in Amazon's 2017 annual shareholder letter , "it's helpful to say, 'Look, I know we disagree on this but will you gamble with me on it? Disagree and commit?'"
Bezos himself used this technique when deciding whether or not to produce a new project for Amazon Studios. He worried the production would be a flop.
"I told the team my view: debatable whether it would be interesting enough, complicated to produce, the business terms aren't that good, and we have lots of other opportunities," Bezos writes. But, his team saw the situation differently. They wanted to move ahead with the project.
Bezos decided to trust his team, despite their contrary opinion: "I wrote back right away with, 'I disagree and commit and hope it becomes the most watched thing we've ever made.'"
It's unclear what happened to that show, but as Dalio says : "If we put it out there and then we have a thoughtful disagreement process, aren't we going to be better off?"
Don't miss: Billionaire Ray Dalio shares a simple 5-step formula for new graduates (or anyone) to succeed
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show chapters Billionaire hedge fund founder Ray Dalio uses 'radical transparency' to deliver feedback—here's how it works 9:12 AM ET Wed, 13 Sept 2017 | 01:18 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/30/ray-dalio-quit-these-bad-habits-to-succeed.html |
0 COMMENTS AT&T Chief Executive Randall Stephenson leaves the federal courthouse in Washington in March. Photo: AP Photo/Jose Luis Magana
A daily roundup of corruption news from across the Web. We also provide a daily roundup of important risk & compliance stories via our daily newsletter, The Morning Risk Report, which readers can sign up for here . Follow us on Twitter at @WSJRisk.
Bribery:
The home of the mayor of Adelanto, Calif., was raided by federal agents as part of a marijuana bribery investigation. A person answering the door of the mayor’s house said he won’t comment. A spokesman for the city said it is cooperating. (Fox, LAT, SBS)
Footwear company Skechers USA is suing rival Adidas America Inc., alleging the company engaged in false advertising and unfair competition related to a college bribery scandal involving an Adidas executive. Adidas called the lawsuit frivolous. (FN, ESPN)
A New Jersey doctor found guilty of paying for test referrals was sentenced to two years in federal prison. (Reuters)
Police officers in Kenya were arrested for demanding bribes from highway drivers; the officers weren’t quoted in the article. (Standard)
Money Laundering:
Pakistan’s former prime minister says the head of the agency investigating him for alleged money laundering should produce evidence or resign . (DT, Nation)
Irish lawmakers took another step toward adopting the European Union’s latest directive to fight money laundering. (ILN)
Cybercrime/Privacy:
Bitcoin tumbled as South Korea’s largest digital-currency exchange came under investigation by local authorities. (WSJ)
The release by U.S. lawmakers of some 3,000 ads placed by Russian operatives to influence the 2016 presidential election displays the level of sophistication employed by the Putin regime. (WP)
Russian hackers were able to gain access to a tracking software program developed by a Canadian company to conduct espionage activities, according to a report. The company says it has moved to fix software flaws. (CS)
Sanctions:
The French finance minister says Europe needs to push back harder against the U.S. to preserve trade with Iran following the American withdrawal from the nuclear agreement, saying reimposition of sanctions is “ unacceptable .” Germany’s economy minister says the country will work to ensure German companies continue to do business in Iran. (DB, BBC, PTV)
Chinese traders are stockpiling coal at North Korean ports in anticipation of a reduction in sanctions against the country. (Reuters)
Officials in Cambodia say U.S. efforts to impose sanctions are hurting American credibility. (Reuters)
Transparency:
Is Canada lagging in it efforts to fight tax evaders? (RLP)
Whistleblowers:
Did U.K. regulators make the right call in choosing to fine but not demand the firing of Barclays Chief Executive Jes Staley for trying to hunt down a company whistleblower? (Sky, CNN)
General Anticorruption:
AT&T’s chief executive said the company’s hiring of U.S. President Donald Trump‘s personal attorney Michael Cohen was a “ big mistake .” The AT&T executive who oversaw the deal was forced out of his job. The story about AT&T’s payments came out hours after the company won an ethics award . The White House downplayed the stories of companies paying Mr. Cohen for insights into the president. (CNBC, WSJ, DMN, AJC)
Virginia’s attorney general filed charges against a dog breeder accused of trying to pawn off untrained puppies as service dogs . An attorney for the breeder didn’t return a call seeking comment. (ABC)
Some Democrats want Mr. Trump to withdraw his nominee to head the Justice Department’s Criminal Division because he previously worked for a Russian bank with ties to Vladimir Putin. (Politico)
What will the election of 92-year-old Mahatmir Mohamed as prime minister mean to the country’s fight against corruption? The prime minister promised to weed out wrongdoing . (BBC, Xinhua, Star)
Thinking stopping corruption is hard? Eliminating it after it takes root is much tougher work. (WP)
Share this: Adelanto Adidas ads AT&T Barclays Bitcoin Calif. Cambodia China coal Cohen Corruption Currents dog breeder election EU European Union France Germany Iran Ireland Jes Staley Kenya Mahatmir Mohamed Malaysia marijuana Mueller North Korea Pakistan pot Rabobank skechers Trump Previous Russia Remains Chief Sanctions Risk for Companies, Banks Content from our sponsor Deloitte Risk management, strategy and analysis from Deloitte Fintechs and Regulatory Compliance: Understanding Risks and Rewards From a regulatory perspective, the lines between fintech and traditional financial institutions are starting to blur, bringing greater regulatory expectations, along with potential penalties and legal actions for noncompliance. Regardless of whether fintech companies decide to become a bank chartered institution, they can increase their potential for success by having solid risk management controls in place. That differentiation might open doors to market share and revenue growth, as well as provide a level of comfort to a variety of stakeholders.
Please note: The Wall Street Journal News Department was not involved in the creation of the content above. More from Deloitte → | ashraq/financial-news-articles | https://blogs.wsj.com/riskandcompliance/2018/05/11/corruption-currents-att-ceo-admits-cohen-payment-a-big-mistake/ |
Bailey will drive best-in-class human resource programs to enrich business and employee growth
STERLING, Va.--(BUSINESS WIRE)-- Neustar® , Inc., a trusted, neutral provider of real-time information services, today announced the appointment of Marjorie R. Bailey as Senior Vice President of Human Resources. She will oversee Neustar’s people strategy, including talent acquisition and development, employee engagement and metrics, diversity and inclusion, and compensation and benefits. Bailey will report to Lisa Hook, Neustar President and Chief Executive Officer.
Bailey has a 25-year track record of diverse HR expertise in technology, consulting, service delivery and strategy. Previously, she was the Chief Human Resources Officer of CACI, a $4.5 billion IT government contractor. During her tenure she developed and implemented an HR technology roadmap, increased employee engagement, created career paths and mobility for employees and led due diligence and integration activities for a 4,000-person acquisition in a three month timeframe.
“Marjorie’s track record of success driving innovation in human capital programs and employee development is an ideal match for Neustar as we advance our thriving information services business,” said Hook. “Her expertise fostering high performance HR teams while supporting significant company growth will be a tremendous asset to our employees and our business.”
“I was attracted to Neustar because of its remarkable innovation and expansion in the information services business,” said Bailey. “I am excited to be part of the company’s continued growth. Together with an impressive senior leadership team, I look forward to helping drive significant opportunity for Neustar and its employees.”
Prior to CACI, Bailey was Chief Human Resources Officer of the Health and Engineering Sector at Leidos, a global $3.5 billion company with 17,000 employees serving commercial and federal clients. She led due diligence and integration activities on nine acquisitions ranging in revenue from $10 million to $800 million. Before Leidos, she was the Vice President of Human Resources for SAIC’s Research and Development business unit. SAIC was an $11 billion science and technology company that split into two separate businesses (Leidos and SAIC). Bailey also served in HR, Project Management and Technical writing positions at Troy Systems and Jacobs Engineering. She started her career as a school teacher.
Bailey holds a B.S. from Western Kentucky University. She served on the Board of Washington Women’s Leadership Initiative and is certified as a Compensation Professional (CCP) and in Strategic Workforce Planning.
About Neustar
Neustar, Inc. is a leading global information services provider driving the connected world forward with responsible identity resolution. As a company built on a foundation of Privacy by Design, Neustar is depended upon by the world’s largest corporations to help grow, guard and guide their businesses with the most complete understanding of how to connect people, places and things. Neustar’s unique, accurate and real-time identity system, continuously corroborated from billions of transactions, empowers critical decisions across our clients’ enterprise needs. More information is available at https://www.home.neustar .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180510005199/en/
Neustar, Inc.
Sheila S. Blackwell, 301-717-7345
[email protected]
Source: Neustar, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/business-wire-neustar-appoints-marjorie-r-bailey-as-senior-vice-president-of-human-resources.html |
No trade war with China but no trade peace either, analyst says 1 Hour Ago Terry Haines, Evercore head of public policy analysis, and Shawn Golhar, Barclays head of public policy research, discuss the Trump administration's ongoing rhetoric on trade with China. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/30/no-trade-war-with-china-but-no-trade-peace-either-says-analyst.html |
May 25, 2018 / 1:52 PM / Updated 9 minutes ago Icahn sells some of his Herbalife shares, remains biggest investor Reuters Staff 1 Min Read
BOSTON, May 25 (Reuters) - Billionaire investor Carl Icahn said on Friday that he sold some of his shares in Herbalife as the nutrition and weight loss company bought back some of its own shares because the position had become too within Icahn’s portfolio.
“Given that our Herbalife investment has become an outsized position, representing approximately 24 percent exposure to total NAV (net asset value), it is only prudent for IEP to reduce its exposure,” Icahn said in a statement. Icahn however remains the company’s largest shareholder. Reporting by Svea Herbst-Bayliss Editing by Chizu Nomiyama | ashraq/financial-news-articles | https://www.reuters.com/article/herbalife-icahn/icahn-sells-some-of-his-herbalife-shares-remains-biggest-investor-idUSL2N1SW0TI |
May 14 (Reuters) - Global Net Lease Inc:
* GLOBAL NET LEASE - INFORMATION ON POTENTIAL OFFERING OF SERIES OF PREFERRED STOCK IN ISRAEL PUBLISHED IN HEBREW-LANGUAGE DAILY BUSINESS NEWSPAPER
* GLOBAL NET LEASE - DID NOT AUTHORIZE ARTICLE IN HEBREW-LANGUAGE DAILY BUSINESS NEWSPAPER OR PUBLIC RELEASE OF INFORMATION REFLECTED IN IT
* GLOBAL NET LEASE - DUE TO UNAUTHORIZED DISCLOSURE, CO TO MAKE FILING CORRECTING CERTAIN INACCURACIES STATED IN HEBREW DAILY BUSINESS NEWSPAPER ARTICLE Source bit.ly/2jVP6M1 Further company coverage:
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An Amedeo Modigliani painting of a nude brunette lounging on tousled bedsheets and peering over her right shoulder sold for $157.2 million at Sotheby’s on Monday, one of the few paintings to ever surpass $150 million at auction.
On the heels of rival Christie’s $833 million sale of David Rockefeller’s estate last week, Sotheby’s set out to steal some of the spotlight with Modigliani’s 1917 “Reclining Nude” by asking $150 million for the painting —the highest price ever placed on an artwork headed to auction.
The pressure to perform may have backfired, in a way, because the work’s only bidder was a prearranged investor Sotheby’s had lined up to bid on—and win—should no other takers surface in the moment. After introducing bids at $125 million, auctioneer Helena Newman spent several awkward minutes seeking to stir up interest in the Modigliani before the anonymous, third-party guarantor called in and placed a winning bid of $139 million, or $157.2 million after Sotheby’s fees.
The result felt like watching someone pick up a coveted item they put on hold at a store: The seller and buyer were likely pleased, but the act itself failed to stir any competitive fever—no theatrical crackle—in Sotheby’s New York saleroom. The seller was Irish horse breeder John Magnier, who paid Christie’s $26.9 million for it in 2003.
Modigliani’s ‘Reclining Nude.’ Photo: Sotheby's/Associated Press
Afterward, dealers and art lenders said the Modigliani’s risk-offsetting guarantee may have ultimately dampened its appeal to seasoned collectors, who prefer to brag about scoring bargains rather than resetting price highs for artists they admire. “The guarantee level sucked all the oxygen out of the room,” said Evan Beard, national art services executive at U.S. Trust.
Simon Shaw, Sotheby’s co-head of impressionist and modern art world-wide, said the price was still a coup for the seller and the Italian artist, whose record stood around $42 million five years ago. “You can see the velocity of his price appreciation there,” Mr. Shaw said after the sale.
That one painting accounted for almost half of Sotheby’s $318.3 million sale on Monday night—a sign of how dependent these auction houses are on trophy art to shore up their sales.
Related
In the Art World, Is $100 Million the New $10 Million? (May 12, 2018) Rockefeller Art Smashes Records at Christie’s (May 8, 2018) An Estate Sale With the Rockefeller Touch (May 5, 2018 Sotheby’s sale felt like a pendulum all night, with an Asian bidder paying $37 million for Pablo Picasso’s “The Sleeper,” surpassing its $35 million high estimate. Yet later in the sale, another Picasso—“Woman With Dog”—stalled at $11 million and failed to sell. Overall, 13 of Sotheby’s 45 offerings failed to find buyers, including examples by Marc Chagall, Edouard Manet and Claude Monet.
Elsewhere in the sale, the Berkshire Museum in Pittsfield, Mass., auctioned off a pair of works by Henry Moore and Francis Picabia for $1.4 million, despite protesters outside Sotheby’s picketing the museum’s decision to sell the works. Moore’s “Three Seated Women” sold for $300,000, below its $400,000 low estimate, and Picabia’s “Comic Strength” sold for $1.1 million, within its $800,000-to-$1.2 million estimate.
Strong prices were paid for works by female artists. Georgia O’Keeffe’s 1921 piece “Lake George With White Birch,” which was only expected to sell for up to $6 million, went for $11.3 million, while the $4.5 million paid for Mary Cassatt work pastel, “A Goodnight Hug,” quadrupled its high estimate.
Christie’s will counter with its own sale of impressionist and modern art Tuesday.
Corrections & Amplifications
Sotheby’s sold a Modigliani nude for $157 million, below the artist’s $170.4 million auction record set in 2015 at Christie’s. An earlier version of this article incorrectly stated that the Sotheby’s sale was a record for Modigliani.
Write to Kelly Crow at [email protected] | ashraq/financial-news-articles | https://www.wsj.com/articles/sothebys-sells-modigliani-nude-for-a-record-157-million-1526357076 |
EMERYVILLE, Calif. (AP) _ Zogenix Inc. (ZGNX) on Wednesday reported a loss of $30.2 million in its first quarter.
The Emeryville, California-based company said it had a loss of 87 cents per share.
The results fell short of Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for a loss of 74 cents per share.
Zogenix shares have dropped almost 2 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $39.40, more than tripling in the last 12 months.
This story was generated by Automated Insights ( http://automatedinsights.com/ap ) using data from Zacks Investment Research. Access a Zacks stock report on ZGNX at https://www.zacks.com/ap/ZGNX | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/09/the-associated-press-zogenix-1q-earnings-snapshot.html |
Venezuela's Maduro casts vote early in controversial election Sunday, May 20, 2018 - 01:03
President Nicolas Maduro places his vote in a ballot box in an election that could see new foreign sanctions. Rough cut (no reporter narration) ▲ Hide Transcript ▶ View Transcript
President Nicolas Maduro places his vote in a ballot box in an election that could see new foreign sanctions. Rough cut (no reporter narration) Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://in.reuters.com/video/2018/05/20/venezuelas-maduro-casts-vote-early-in-co?videoId=428705532&videoChannel=13423 | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/20/venezuelas-maduro-casts-vote-early-in-co?videoId=428705532 |
BOSTON--(BUSINESS WIRE)-- State Street Corporation (NYSE:STT) today announced a quarterly cash dividend of $0.42 per share of common stock, payable on July 17, 2018 to common shareholders of record at the close of business on July 2, 2018.
About State Street Corporation
State Street Corporation (NYSE: STT) is one of the world's leading providers of financial services to institutional investors, including investment servicing, investment management and investment research and trading. With $33.30 trillion in assets under custody and administration and $2.70 trillion* in assets under management as of March 31, 2018, State Street operates in more than 100 geographic markets worldwide, including the US, Canada, Europe, the Middle East and Asia. For more information, visit State Street’s website at www.statestreet.com .
* Assets under management include the assets of the SPDR® Gold ETF and the SPDR® Long Dollar Gold Trust ETF (approximately $36 billion as of March 31, 2018), for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) serves as marketing agent; SSGA FD and State Street Global Advisors are affiliated.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180516006229/en/
State Street Corporation
Ilene Fiszel Bieler, +1 617-664-3477
or
Marc Hazelton, +1 617-513-9439
Source: State Street Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/business-wire-state-street-corporation-declares-quarterly-dividend-on-its-common-stock.html |
LAS VEGAS, May 4, 2018 /PRNewswire/ -- Elaine P. Wynn, co-founder and the largest shareholder of Wynn Resorts, Limited (NASDAQ: WYNN) ("Wynn Resorts," "Wynn," the "Company"), today announced that in a report issued on May 3, 2018, Glass, Lewis & Co., LLC ("Glass Lewis"), one of the nation's leading independent proxy advisor firms, has recommended that Wynn shareholders "WITHHOLD" votes from legacy director nominee John J. Hagenbuch and vote "AGAINST" approval of Wynn Resorts' say-on-pay proposal at the Company's annual meeting on Wednesday, May 16, 2018, in Las Vegas, Nevada.
Commenting on the decision, Ms. Wynn said, "I am pleased that the need to enhance Wynn's long-term value, eliminate the risk of longtime directors making short-sighted decisions, restore the Company's reputation, and transform it from a corporate governance laggard into a corporate governance leader has been recognized, and urge shareholders to support my WITHHOLD the vote campaign against Mr. Hagenbuch."
In summarizing its position to shareholders that shareholders should " WITHHOLD " votes from Mr. Hagenbuch, Glass Lewis commented*:
"[W]e are ultimately inclined to conclude there may be greater value in effectively objecting to Mr. Hagenbuch's nomination , which should be considered against his questionable role on the special committee reviewing accusations against Mr. Wynn and his shared culpability for years of misaligned compensation practices that Glass Lewis continues to believe are problematic." "[W]e consider a concerted vote opposing the continued service of a director personally linked to Mr. Wynn and certain of the Company's greater oversight failures would send a more pronounced message that investors seek a clearer break from the status quo ." "[W]e agree with Ms. Wynn that the effective utility of Mr. Hagenbuch's continued service on behalf of ordinary investors has been called into question , both by virtue of his determination to accept an oversight role on a committee charged with evaluating extremely serious and reputationally damaging claims against a personal friend and his culpability for Wynn's slide toward misaligned executive compensation practices and the Company's relatively obdurate pace of change in the face of distressingly large opposition from ordinary investors." "[W]e believe a significant withhold vote from Mr. Hagenbuch would offer a concrete mandate to a board that might otherwise continue to take actions that strain the credibility of a still-nascent pivot toward improved composition and potentially more progressive corporate governance."
Specifically commenting on Mr. Hagenbuch's membership on the special committee investigating allegations against former Chairman and CEO Steven A. Wynn, Glass Quote: :
"[W]e consider reasonable concern has been raised with respect to the appointment of Mr. Hagenbuch to this committee . In particular, we note Ms. Wynn asserts – and the Company does not deny – that Mr. Hagenbuch has long maintained a private, friendly relationship with Mr. Wynn . We believe the presence of such a potential conflict of interest – whether real or perceived – should have been viewed as functionally preclusive to a process centered on intensely personal allegations of misconduct by a direct associate of Mr. Hagenbuch."
In recommending that shareholders vote "AGAINST" Wynn's advisory vote on executive compensation, Glass Lewis said:
"The Company has been deficient in linking executive pay to corporate performance, as indicated by the 'D' grade received by the Company in Glass Lewis' pay-for-performance model. A properly structured pay program should motivate executives to drive corporate performance, thus aligning executive and long-term shareholder interests... In our view, shareholders should be concerned with these repeated misalignments. " "[W]e continue to believe the Company's executive compensation architecture -- which enables rather rich pay-outs with low performance correlation and a limited risk of forfeiture -- warrants opposition by unaffiliated investors."
In commenting on the Company's language in the February 6, 2018 announcement of Mr. Wynn's resignation, Glass Lewis noted:
"Given the gravity of the allegations in question, the possibly adverse impact on portions of Wynn's business and the decidedly nascent phase of the special committee's process at that point in time, we consider the issuance of such a statement -- which included references to Mr. Wynn as "a beloved leader and visionary" – is fairly tone deaf in terms of timing and cultural context. Perhaps just as importantly, the included language implies the then-serving board , including all members of the special committee, either consented to or were not participant in a crucial and questionably framed opening communication to investors regarding allegations against the Company's CEO ."
Ms. Wynn further stated, "If you agree that accountability and transparency need to be restored to the Wynn board room, WITHHOLD your vote from legacy director nominee John J. Hagenbuch at this year's annual meeting on May 16, 2018. "
*Elaine Wynn has neither sought nor obtained consent from any third party to use previously published information as proxy soliciting material.
Important Additional Information
Elaine P. Wynn is a participant in the solicitation of proxies from the shareholders of Wynn Resorts, Limited (the " Company ") in connection with the Company's 2018 annual meeting of shareholders (the " Annual Meeting "). On April 27, 2018, Ms. Wynn filed a definitive proxy statement (the " Definitive Proxy Statement ") and form of BLUE proxy card with the U.S. Securities and Exchange Commission (the " SEC ") in connection with such solicitation of proxies from the Company's shareholders. A description of Ms. Wynn's direct or indirect interests, by security holdings or otherwise, is contained in the Definitive Proxy Statement. MS. WYNN STRONGLY ENCOURAGES THE COMPANY'S SHAREHOLDERS TO READ THE DEFINITIVE PROXY STATEMENT, ACCOMPANYING BLUE PROXY CARD AND OTHER PROXY MATERIALS BECAUSE THEY CONTAIN IMPORTANT INFORMATION. The Definitive Proxy Statement was first sent to the shareholders of the Company on or about April 30, 2018 and is accompanied by a BLUE proxy card. Shareholders may obtain the Definitive Proxy Statement and any other relevant documents at no charge from the SEC's website at www.sec.gov or by contacting Ms. Wynn's proxy solicitor MacKenzie Partners, Inc. at [email protected] or by calling toll-free (800) 322-2885 or collect (212) 929-5500.
If you have any questions, require assistance in voting your BLUE proxy card,
or need additional copies of Ms. Wynn's proxy materials,
please contact MacKenzie Partners, Inc. at the phone numbers listed below.
1407 Broadway, 27th Floor
New York, New York 10018
Call Collect: (212) 929-5500
or
Toll-Free: (800) 322-2885
Email: [email protected]
View original content: http://www.prnewswire.com/news-releases/elaine-wynn-comments-on-glass-lewis-recommendation-that-wynn-resorts-shareholders-withhold-votes-from-legacy-director-john-j-hagenbuch-300642886.html
SOURCE Elaine Wynn | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/04/pr-newswire-elaine-wynn-comments-on-glass-lewis-recommendation-that-wynn-resorts-shareholders-withhold-votes-from-legacy-director-john-j.html |
U.S. private-equity firm Blackstone Group will buy commercial real estate manager Gramercy Property Trust in a $7.6 billion all-cash deal, the companies said on Monday.
Blackstone's $27.50-per-share offer represents a premium of 15.4 percent to Gramercy's close on Friday at $23.82.
The deal will add to Blackstone's real estate business, which has emerged as a bigger contributor to earnings in recent years than its private equity division.
Blackstone earlier this year elevated Jonathan Gray, who turned the buyout firm into the world's biggest real estate investor, to president and chief operating officer, setting him up as successor to CEO Stephen Schwarzman.
The acquisition has an equity value of $4.42 billion, according to Reuters' calculations. Gramercy's total liabilities, as of March 31, were $3.14 billion.
Gramercy's shareholders will receive a second-quarter dividend of 37.5 cents per share.
The deal is expected to close in the second half of the year, Gramercy said.
Morgan Stanley was Gramercy's financial adviser, while Citigroup and BofA Merrill Lynch advised Blackstone. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/07/blackstone-to-buy-gramercy-property-in-7-point-6-billion-deal.html |
May 16, 2018 / 7:21 PM / Updated 15 minutes ago Volcanic smog drifts to other Hawaii islands, ash carpets towns Terray Sylvester 4 Min Read
PAHOA, Hawaii (Reuters) - Smog from Hawaii’s Kilauea volcano drifted north up the island chain on Wednesday and communities south of its summit were warned of up to a quarter-inch (0.6 cm) of ashfall as the nearly two-week eruption showed no sign of easing. People watch as ash erupts from the Halemaumau crater near the community of Volcano during ongoing eruptions of the Kilauea Volcano in Hawaii, U.S., May 15, 2018. REUTERS/Terray Sylvester
Rockfalls and explosions in Kilauea’s crater sent ash and smoke spewing thousands of feet above the volcano, sparking an aviation red alert. A change in prevailing winds blew the volcanic smog, or vog, north toward the next island, Maui.
On the Big Island, ash fell on southern communities, such as Pahala, 18 miles (29 km) south of the summit, with cars heading from the area covered in the gray powder.
Ash is a new hazard for Hawaii’s Big Island, already grappling with volcanic gas and lava that has destroyed 37 homes and other structures and forced the evacuation of about 2,000 residents from communities in the southeast Puna district.
(GRAPHIC: Scorched earth - tmsnrt.rs/2IldVyS ) Ash erupts from the Halemaumau crater near the community of Volcano during ongoing eruptions of the Kilauea Volcano in Hawaii, U.S., May 15, 2018. REUTERS/Terray Sylvester
Volcanic smog, which can cause irritation to eyes and airways, has till now mainly blown southwest out to the ocean or caused pollution in Big Island cities like Kona on the west coast.
“The Big Island is going to have a lot of vog today and maybe Maui,” said National Weather Service meteorologist Matt Foster. “By Thursday, we should have the tradewinds building back in and it will again push that plume over the open ocean away from the island.”
Kilauea’s ash cloud prompted the U.S. Geological Survey to raise the alert level for aviation to red due to risks ash could blow into aircraft routes and damage jet engines. Slideshow (3 Images)
There was no effect on air carrier operations to Hawaii on Wednesday, Federal Aviation Administration spokesman Ian Gregor said in an email.
Ash is not poisonous but irritates the nose, eyes and airways. It can make roads slippery, clog drinking water catchment systems common on the island and cause the failure of electrical power lines in large enough quantities, said USGS chemist David Damby.
The area taking the brunt of the eruption is about 25 miles down Kilauea’s eastern flank, near the village of Pahoa. Lava has burst from 21 giant ground cracks or fissures and torn through housing developments and farmland, threatening two highways that are exit routes for coastal areas.
Several fissures shot lava into the air on Wednesday but the flow from number 17 had not advanced any further toward coastal Highway 137, which remains around a mile distant, County of Hawaii Civil Defense said in a statement.
A red alert for toxic sulfur dioxide gas was issued for the evacuated Lanipuna Gardens housing development, meaning gas levels had reached levels high enough to cause “choking and inability to breathe,” authorities said.
No serious injuries or deaths have been reported from the eruption.
A looming menace remains the risk of an “explosive eruption” of Kilauea, an event last seen in 1924. Pent-up steam could drive a 20,000-foot (6,100-meter) ash plume out of the crater and scatter debris, including rocks the size of refrigerators, over 12 miles, the USGS said. Reporting by Terray Sylvester in Pahoa; additional reporting and writing by Andrew Hay in Taos, New Mexico; Editing by Bill Tarrant and Tom Brown | ashraq/financial-news-articles | https://www.reuters.com/article/us-hawaii-volcano/volcanic-smog-drifts-to-other-hawaii-islands-ash-carpets-towns-idUSKCN1IH2R6 |
Published: May 27, 2018 4:11 p.m. ET Share
Kim committed to denuclearization, South Korean leader says The Presidential Blue House via Reuters South Korean President Moon Jae-in and North Korean leader Kim Jong Un leave after their surprise summit at Panmunjom, North Korea, on Saturday.
By Jonathan Cheng
U.S. officials arrived in North Korea on Sunday to help plan a summit between President Donald Trump and North Korean leader Kim Jong Un, a day after the leaders of the two Koreas held a surprise meeting of their own, in a burst of weekend diplomacy aimed at reviving the rendezvous after Trump abruptly cancelled it last week.
The U.S. delegation — including Sung Kim, formerly Washington’s top official on the North Korean nuclear issue and the current ambassador to the Philippines, and Allison Hooker, a senior National Security Council specialist on Korea issues — are due to meet with North Korean officials during their trip, a person familiar with the matter said.
The delegation could stay in North Korea until Tuesday or beyond, this person added. The U.S. State Department confirmed talks between American and North Korean officials to prepare for a summit. The meeting, it said, was in Panmunjom, the inter-Korean truce village where the leaders of the two Koreas have now met on Sunday.
Separately, South Korean President Moon Jae-in said on Sunday that Kim had personally reaffirmed his commitment to “completely denuclearize the Korean Peninsula” when the two men met for a surprise inter-Korean summit on Saturday. | ashraq/financial-news-articles | https://www.wsj.com/articles/u-s-officials-visit-north-korea-to-prepare-for-a-trump-kim-summit-1527436029 |
LANCASTER, Pa., May 22, 2018 (GLOBE NEWSWIRE) -- OpSec Security , the global leader in securing, enhancing, and protecting brands, services and revenues, is excited to announce that Bill Patterson, Vice President of Corporate Marketing, has been appointed to the Board of Directors for the International Licensing Industry Merchandisers’ Association (LIMA) effective July 1, 2018.
Bill Patterson, Vice President of Corporate Marketing at OpSec Security
LIMA is the leading trade organization for the global licensing industry. Founded in 1985, LIMA’s mission is to foster the growth and expansion of licensing around the world, raise the level of professionalism for licensing practitioners, and create greater awareness of the benefits of licensing to the business community at large.
Starting with OpSec in March 2003, Bill Patterson was involved in all aspects of OpSec’s business until his promotion to lead the licensing business in 2006. Bill has worked with such prestigious licensed properties as MLB, NFL, NBA, NHL, MLS, NASCAR, Learfield Licensing, Hard Rock, WWE, Elvis Presley, Marilyn Monroe, Peanuts, Manchester United and Angry Birds/Rovio. Appointed to the position of Vice President of Corporate Marketing in 2015, Bill continues to be actively involved in OpSec’s licensing business and serves as an ambassador for OpSec in promoting trademark protection for both brand owners and licensees.
“We’re thrilled that LIMA has accepted Bill onto their Board of Directors,” said Richard Cremona, CEO of OpSec Security. “I have seen him firsthand with clients and in educational seminars, panel discussions and trade events. LIMA and its members have a great advocate for brand owners’ rights with Bill on the Board.”
About OpSec Security
OpSec Security is the market leader in fighting counterfeits for brands, transaction cards and government documents and currency. OpSec delivers a comprehensive suite of end-to-end solutions, including advanced physical security technologies, supply chain track and trace services, and online and e-commerce monitoring and analysis for thousands of companies across industry sectors and 50 governments worldwide. OpSec is a wholly-owned division of OpSec Security Group Limited and operates manufacturing and software development facilities and laboratories in the USA, the UK, and Germany and has sales operations in the Americas, Europe, and Asia. For more information, please visit www.opsecsecurity.com . Follow OpSec on Twitter @OpSecSecurity , Facebook and LinkedIn .
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/e766a264-d608-4a87-9436-014cf7931401
For further information, contact: OpSec Security, Inc. Branddy Spence Director, Corporate Communications [email protected] +1 410 917 8943
Source: OpSec Security | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/globe-newswire-opsec-vice-president-appointed-to-lima-board-of-directors.html |
May 18, 2018 / 12:35 PM / Updated 8 hours ago Ex-Malaysia PM to face graft probe as police seize jewellery, handbags Rozanna Latiff 4 Min Read
KUALA LUMPUR (Reuters) - Ousted Malaysian Prime Minister Najib Razak has been summoned by the anti-graft agency amid a probe into troubled state fund 1MDB, sources said on Friday, after police launched pre-dawn raids on premises linked to Najib and confiscated jewellery, luxury handbags and cash. Malaysia’s former Prime Minister Najib Razak prays before he attends the United Malays National Organisation (UMNO) 72th anniversary celebrations in Kuala Lumpur, Malaysia May 11, 2018. REUTERS/Athit Perawongmetha//Files
Police have been searching Najib’s home and other places as part of an investigation into scandal-plagued 1Malaysia Development Berhad (1MDB), an extraordinary turn of events that few would have predicted before his shock defeat in the May 9 general election.
The embattled former premier is to meet Malaysian Anti-Corruption Commission (MACC) officers on Tuesday.
Three commission sources confirmed that a notice had been served on Najib to give his statement in relation to their probe on SRC International, a former unit of 1MDB.
“It has been done,” one source said when asked if the notice had been delivered to Najib at his family home.
A member of a panel that reviewed the MACC’s files on 1MDB found that the commission had evidence that Najib received $10.5 million from SRC International.
Najib’s lawyer declined to comment on the MACC summons. Najib has denied wrongdoing.
The investigations started barely a week after Najib’s ruling coalition suffered a spectacular loss to an opposition bloc led by his former mentor, Mahathir Mohamad, 92, the first change of government since Malaysia gained independence from Britain in 1957.
Mahathir on Friday announced his cabinet of 15 senior ministers who will take their oath of office on Monday.
Police seized 284 boxes of designer handbags and dozens of bags filled with cash and jewellery in the raid on a luxury condominium in the centre of Kuala Lumpur linked to Najib.
Items such as Birkin handbags from Hermes, watches and other valuables were carted out of the condominium at the upmarket Pavilion Residences, police said.
“Exactly how much jewellery, I would not be able to say, because we know that we confiscated bags containing jewellery and the number of jewellery is rather big,” Amar Singh, director of police commercial crime investigations, told reporters.
Mahathir has barred Najib and his wife, Rosmah Mansor, from leaving the country. Malaysia’s former Prime Minister Najib Razak attends the United Malays National Organisation (UMNO) 72th anniversary celebrations in Kuala Lumpur, Malaysia May 11, 2018. REUTERS/Athit Perawongmetha/Files
Mahathir says there is sufficient evidence to investigate the multi-billion-dollar scandal at the 1MDB fund that Najib founded. Authorities in six countries, including the United States, are also investigating the fund.
Najib’s lawyer on Thursday denounced the search of Najib’s home as “harassment”.
Critics of Najib have often accused his wife of lavish spending, which they say was done with public funds. SIMULTANEOUS SEARCHES
The U.S. Justice Department said last year in a filing in a civil lawsuit that nearly $30 million of funds stolen from 1MDB was used to buy jewellery for Rosmah, including a rare 22-carat pink diamond set in a necklace.
Singh said police carried out simultaneous searches at six premises - the prime minister’s office and official residence in the administrative capital of Putrajaya, the family mansion in Kuala Lumpur where Najib lives, and three other private residences.
“This is the result of the search in one of the six premises,” Singh said, pointing to the hundreds of luxury items seized from the condominium.
Singh said police had also seized documents linked to 1MDB.
Stories of lavish spending by Najib’s family have long been a sore point for Malaysians.
A prime minister earns a fixed salary of 22,826.65 ringgit ($5,750) a month and cannot invest in businesses or stocks while in office. Najib earned an additional monthly salary of 16,000 ringgit as a member of parliament.
Police began their searches late on Wednesday, with officers seen entering Najib’s private home some 20 minutes after he had asked, in a post on Twitter, for “forgiveness for past sins”. Slideshow (5 Images) | ashraq/financial-news-articles | https://in.reuters.com/article/malaysia-politics/ex-malaysia-pm-to-face-graft-probe-as-police-seize-jewellery-handbags-idINKCN1IJ1JE |
GREENWICH, Conn., May 16, 2018 /PRNewswire/ -- Brynwood Partners VII L.P.'s and Brynwood Partners VIII L.P.'s (collectively, "Brynwood") wholly-owned portfolio company, Cold Spring Brewing Company ("Cold Spring"), announced today that it had acquired 100% of the stock of Carolina Beverage Group, LLC from SunTx Capital Partners and other selling shareholders. Terms and conditions of the transaction were not disclosed.
The combined company is being named Carolina Beverage Group ("Carolina Beverage") and will be headquartered in the Charlotte, NC area. By combining Cold Spring and Carolina Beverage Group, LLC, Brynwood has created one of the largest independently-owned contract manufacturers in the beverage sector for numerous well-known national and international brands. The company's blue-chip customers include brand owners of well-known energy drinks, sparkling waters, teas, cocktails, flavored malt beverages, craft beers and other ready-to-drink beverages. The company also produces private label beverages for leading retailers throughout the U.S.
Carolina Beverage manufacturers its high-quality products out of its three strategically located state-of-the-art manufacturing facilities located in Cold Spring, MN; Mooresville, NC and Fort Worth, TX. With over 650,000 sq. ft. of flexible manufacturing space and 1.7 million sq. ft. of warehouse availability, the company offers a broad range of value-added production services in a variety of packaging options, including plastic and aluminum cans and glass bottles.
"We are very pleased to announce the acquisition of Carolina Beverage Group, LLC by Cold Spring," said Henk Hartong III, Chairman and CEO of Brynwood Partners. "We are excited about the opportunity to create a company with a significant manufacturing footprint in the value-added beverage space that will strengthen our ability to service both national branded and retail customers with innovative products in flexible packaging solutions." Mr. Hartong continued, "Value added manufacturing is an important sector and an area that Brynwood continues to make significant investments in."
"On behalf of Brynwood Partners, I would like to express my sincere gratitude to SunTx and the other selling shareholders," said Ian MacTaggart, President and COO of Brynwood Partners. "While Brynwood VII already had an investment in Cold Spring, this marks Brynwood VIII's first investment since the fund closed in January 2018 with $649 million of committed capital. We look forward to supporting Carolina Beverage's loyal employees and growing its operations both organically and through potential strategic add-on acquisitions."
Brynwood Partners did not retain an investment banking advisor but was represented by Holland & Knight LLP on legal matters. Carolina Beverage Group, LLC retained Cascadia Capital LLC as its investment banking advisor and was represented by Haynes and Boone, LLP on legal matters.
About Brynwood Partners:
Founded in 1984 and based in Greenwich, CT, Brynwood Partners is an operationally-focused private equity firm that makes control investments in North American-based lower middle market companies. The firm targets non-core brands or companies operating exclusively in the consumer sector.
Brynwood Partners currently manages more than $1.1 billion of private equity capital for its limited partners, which include U.S. and international pension funds, fund-of-funds, endowments, high net worth family investment offices and financial institutions. For more information on Brynwood Partners, please visit www.brynwoodpartners.com .
View original content: http://www.prnewswire.com/news-releases/cold-spring-brewing-company-acquires-carolina-beverage-group-llc-300648752.html
SOURCE Brynwood Partners | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/pr-newswire-cold-spring-brewing-company-acquires-carolina-beverage-group-llc.html |
May 4 (Reuters) - NORWEGIAN PROPERTY ASA:
* BOARD OF DIRECTORS HAS APPROVED A DIVIDEND OF NOK 0.07 PER SHARE
* Q1 OPERATING PROFIT BEFORE FAIR VALUE ADJUSTMENTS NOK 149.2 MILLION (REUTERS POLL NOK 153 MILLION)
* Q1 REVENUES NOK 197.1 MILLION VERSUS NOK 196.6 MILLION YEAR AGO Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-norwegian-property-q1-revenues-sli/brief-norwegian-property-q1-revenues-slightly-up-at-nok-197-1-million-idUSFWN1SA1F4 |
Trump to decide on Iran nuclear deal Tuesday Monday, May 07, 2018 - 01:33
U.S. President Donald Trump said he would announce a decision on Tuesday about the future of an international nuclear agreement with Iran, as Tehran hinted it might stay in the 2015 accord even if Washington pulls out.
U.S. President Donald Trump said he would announce a decision on Tuesday about the future of an international nuclear agreement with Iran, as Tehran hinted it might stay in the 2015 accord even if Washington pulls out. //reut.rs/2rr7IXO | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/07/trump-to-decide-on-iran-nuclear-deal-tue?videoId=424793937 |
Zverev through to second round, Venus Williams out at French Open 10:35am BST - 01:17
German Alexander Zverev secures spot in second round as Venus Williams crashes out in the opening round to Qiang Wang. ▲ Hide Transcript ▶ View Transcript
German Alexander Zverev secures spot in second round as Venus Williams crashes out in the opening round to Qiang Wang. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2IUYgHC | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/29/zverev-through-to-second-round-venus-wil?videoId=430926341 |
May 10 (Reuters) - CNO Financial Group Inc:
* CNO FINANCIAL GROUP INC FILES FOR POTENTIAL MIXED SHELF OFFERING; SIZE NOT DISCLOSED- SEC FILING Source text: ( bit.ly/2jP8lai ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-cno-financial-group-inc-files-for/brief-cno-financial-group-inc-files-for-potential-mixed-shelf-offering-idUSFWN1SH1PC |
Although no Canadian teams made it to the Stanley Cup finals this year, Canadians may still have an extra reason to tune in and watch closely on Monday night — and to cheer for the Washington Capitals.
Originally mentioned in the Canadian edition of the Essentials of Corporate Finance textbook in 2007, the Canadian stock market tends to perform much better in the year when an Eastern conference team lifts Lord Stanley's Cup.
Specifically, starting from the 1993-1994 NHL season (when the names of conferences were changed to Eastern and Western to reflect their geographic locations), the S&P/TSX composite index gained on average 11 per cent if an Eastern conference team won the Stanley Cup. In contrast, the Canadian stock market produced less than a quarter of that, 2.6 per cent to be exact, in the year when a Western conference team was victorious.
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And in 10 times when an Eastern team won the Stanley Cup, the S&P/TSX composite index finished in the red for the year only twice.
Although not as distinct —hockey is still largely a Canadian game, after all — a similar relation seems to exist south of the border as well.
The Dow Jones industrial average index increased on average by 13.7 per cent in the year when an Eastern conference team won, but produced only half of that when the Western conference prevailed.
Super Bowl predictor The Stanley Cup is not alone in its apparent predictive powers. The famous Super Bowl predictor suggests that a stock market will finish in a positive territory if the winner of the Super Bowl is from the original National Football League, and the market will be down for the year if the winning team is from the original American Football League.
While it was initially suggested by New York Times sportswriter Leonard Koppett as a light-hearted way to forecast the U.S. stock market in 1972, the Super Bowl predictor has ended up doing a decent job in forecasting the performance of the Canadian stock market as well.
Out of 51 Super Bowls, it was correct 40 times for the U.S. stock market and 39 times for the Canadian stock market — a 76 per cent accuracy rate. The Super Bowl predictor was especially impressive for the first 31 matches, when it made 28 correct predictions out of 31 times — an accuracy rate any economist would envy.
Hemline index Don't believe indicators based on a lucky puck bounce or a Hail Mary pass are real? At least two stock market indicators rely on human preferences, such as women's choices about the length of their skirts and hair.
Namely, the hemline index , proposed by Wharton School economist George Taylor in 1926, claims that long skirts are associated with down markets, while bare knees with rising stock market returns.
Indeed, during the 1920s when women began showing their knees, the stock market roared. In the booming 1980s when mini skirts ruled again, but prior to the October 1987 stock market crash, women's fashion shifted to longer skirts.
Haircut indicator While the popularity of jeans and pants among women has made the hemline index almost outdated, another indicator based on women's fashion is still easily observable. Specifically, in 2008, Japan's leading business daily Nikkei presented the haircut indicator , which predicts good economic times when women let their hair grow and a grim future if women start cropping their locks.
Unlike their sport counterparts, women's fashion indicators can offer some rationale for their validity. As uncertainty about economy grows, women who are frequently in charge of family finances might go for no-fuss, shorter styles to save on hair-care products.
Don't bet the farm No matter what stock market predictor one believes in, investors should resist betting his or her farm on it.
The predictors are based on correlation, not causation, and on the assumption that history will repeat itself.
Nevertheless, this year's Super Bowl winner, the Philadelphia Eagles, predicts a stock market's gain for the year. Investors might feel even more confident about this year if Alexander Ovechkin and company provide another sign for the stock market's advance.
Let's go Caps!
Commentary by Ernest Biktimirov , a Professor of Finance at Goodman School of Business, Brock University. He is also a contributor at The Conversation , an independent source of news and views from the academic and research community.
For more insight from CNBC contributors, follow @CNBCopinion on Twitter. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/29/hoping-for-a-bullish-stock-market-cheer-for-the-washington-capitals.html |
May 21, 2018 / 7:47 AM / Updated an hour ago European shares inch up as trade war concerns ease; Ryanair dips Reuters Staff 2 Min Read
MILAN (Reuters) - European equities rose slightly in early trading on Monday as easing trade war worries further boosted the dollar supporting exporters, while budget airline Ryanair ( RYA.I ) was weighed down by a disappointing outlook. Traders work at Frankfurt's stock exchange in Frankfurt, Germany, April 6, 2018. REUTERS/Ralph Orlowski
The pan-European STOXX 600 index rose 0.3 percent by 0736 GMT, hovering near its highest level in over 3 months, while the FTSE 100 .FTSE hit a new record high, as strength in the dollar supported the internationally exposed index.
While activity was reduced by the closure of some markets including Germany for Whit Monday, Italy's FTSE MIB .FTMIB fell 1.7 percent, weighed down by a number of stocks going ex-dividend including banking heavyweight Intesa Sanpaolo ( ISP.MI ).
FTSE MIB futures IFSc1 however still underperformed, down 0.1 percent as worries over the creation of a eurosceptic government pushed Italian government bond yields higher.
Ryanair ( RYA.I ) fell as much as 3.1 percent at the open. The Irish airline posted a record annual profit as it brushed off a rostering mess-up that forced it to cancel flights and sparked a dispute with pilots, but warned profits would fall back in the coming year due to higher costs and no fare growth.
Its shares pared losses and were last down 0.2 percent. Reporting by Danilo Masoni, Editing by Helen Reid | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-europe-stocks/european-shares-inch-up-as-trade-war-concerns-ease-ryanair-dips-idUKKCN1IM0MV |
May 19, 2018 / 9:57 PM / Updated an hour ago Rugby-New Zealand squad for June series against France Reuters Staff 1 Min Read
WELLINGTON, May 20 (Reuters) - New Zealand coach Steve Hansen named the following 33-man squad on Sunday for the June test series against France:
Forwards: Owen Franks, Ofa Tu’ungafasi, Joe Moody, Tim Perry, Jeffrey Toomaga-Allen, Codie Taylor, Nathan Harris, Sam Whitelock (captain), Scott Barrett, Brodie Retallick, Liam Squire, Vaea Fifita, Shannon Frizell, Sam Cane, Jordan Taufua, Ardie Savea, Luke Whitelock.
Backs: Aaron Smith, TJ Perenara, Te Toiroa Tahuriorangi, Beauden Barrett, Damian McKenzie, Richie Mo’unga, Ryan Crotty, Sonny Bill Williams, Anton Lienert-Brown, Ngani Laumape, Jack Goodhue, Jordi Barrett, Waisake Naholo, Rieko Ioane, Nehe Milner-Skudder, Ben Smith. (Reporting by Nick Mulvenney, editing by Ed Osmond) | ashraq/financial-news-articles | https://uk.reuters.com/article/rugby-union-nzl-squad/rugby-new-zealand-squad-for-june-series-against-france-idUKL3N1SP244 |
SEOUL (Reuters) - North Korean leader Kim Jong Un said he accepted a U.S. suggestion to release to American detainees and gave them amnesty, state media said on Thursday.
The upcoming summit between the United States and North Korea will be an excellent first meeting for promotion of a positive situation on the Korean peninsula, North Korea KCNA Quote: d Kim as saying.
State media KCNA also said that Kim reached a satisfactory consensus with U.S. Secretary of State Mike Pompeo upon their meeting.
Reporting by Joyce Lee; Editing by Sandra Maler
| ashraq/financial-news-articles | https://www.reuters.com/article/us-northkorea-missiles-amnesty/north-koreas-kim-says-releases-three-american-detainees-upon-u-s-request-kcna-idUSKBN1IA3DS |
DODGEVILLE, Wis., May 29, 2018 /PRNewswire/ -- Lands' End, Inc. (Nasdaq:LE) will host a conference call at 8:30 a.m. Eastern Time on Tuesday, June 12, 2018, to discuss its first quarter fiscal 2018 financial results. A news release containing these results will be issued before the call. Listeners may access a live broadcast of the conference call on the Company's investor relations website: http://investors.landsend.com in the Events and Presentations section or by dialing (866) 753-5836.
An online archive of the broadcast will be available at approximately noon on June 12, 2018, and will be accessible on the Company's website: http://investors.landsend.com in the Events and Presentations section.
About Lands' End
Lands' End, Inc. (NASDAQ:LE) is a leading multi-channel retailer of casual clothing, accessories, footwear and home products. We offer products through catalogs, online at www.landsend.com and affiliated specialty and international websites, and through retail locations. We are a classic American lifestyle brand with a passion for quality, legendary service and real value, and seek to deliver timeless style for women, men, kids and the home.
View original content with multimedia: http://www.prnewswire.com/news-releases/lands-end-announces-first-quarter-fiscal-2018-earnings-conference-call-300656013.html
SOURCE Lands' End, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/29/pr-newswire-lands-end-announces-first-quarter-fiscal-2018-earnings-conference-call.html |
May 25, 2018 / 4:44 PM / Updated 16 minutes ago ATP World Tour 250, Lyon Men's Singles Results Reuters Staff 1 Results from the ATP World Tour 250, Lyon Men's Quarter-final .. 1-Dominic Thiem (AUT) beat Guillermo Garcia-Lopez 6-7(4) 7-6(0) (ESP) 6-4 .. Semi-final .. 1-Dominic Thiem (AUT) beat Dusan Lajovic (SRB) 6-4 5-7 6-4 Gilles Simon (FRA) beat Cameron Norrie (GBR) 6-1 7-6(6) | ashraq/financial-news-articles | https://uk.reuters.com/article/tennis-atp-results-mens-singles/atp-world-tour-250-lyon-mens-singles-results-idUKMTZXEE5PAMAV5Q |
May 25, 2018 / 9:32 AM / Updated an hour ago Partners Group consortium to buy Techem in $5.4 billion deal Reuters Staff 2 Min Read
ZURICH (Reuters) - A consortium led by Swiss asset manager Partners Group Holding ( PGHN.S ) will buy Techem from Macquarie ( MQG.AX ) in a deal that values the German metering company at an enterprise value of 4.6 billion euros ($5.4 billion), Partners Group said on Friday.
The buyers include Caisse de dépôt et placement du Québec (CDPQ) and Ontario Teachers’ Pension Plan as well as Techem’s management team, it said in a statement.
They plan to work with Techem’s management to further develop the company, which supplies energy invoicing and energy management in buildings, in existing markets and expand into new geographic markets.
“One value creation initiative will focus on the introduction of new technologies to Techem’s strong existing platform and installed base to enhance the customer experience,” Partners Group said.
The transaction values Techem at roughly 13 times expected 2018 core earnings, more than the valuation of 11 to 12 times that sources had told Reuters bidders were hoping to pay.
People close to the matter had told Reuters last month that other parties in a final round of bidding were a consortium of buyout firm CVC, Canada Pension Plan Investment Board (CPPIB) and Government of Singapore Investment Corporation (GIC) as well as buyout group Silver Lake.
Macquarie bought Techem for 1.5 billion euros in 2007. The company was founded in 1952 and has more than 3,600 employees.
The deal is expected to close in the third quarter of 2018, Macquarie said in a separate statement. Reporting by Michael Shields; Editing by Maria Sheahan and Edward Taylor | ashraq/financial-news-articles | https://www.reuters.com/article/us-techem-m-a-partners-group/partners-group-consortium-to-buy-techem-in-5-4-billion-deal-idUSKCN1IQ13Q |
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By Abhinav Ramnarayan and Dhara Ranasinghe
LONDON, May 24 (Reuters) - Germany’s 10-year government bond yield dropped to its lowest since early January on Thursday after U.S. President Donald Trump on Thursday called off a planned summit with North Korean leader Kim Jong Un.
The White House announcement sparked a rush into safe haven assets including euro zone government bonds and the Japanese yen .
“German bonds were already in demand after yesterday’s weak PMIs and with the Italian political risk, and the Trump news just put the icing on the cake,” said Mizuho strategist Peter Chatwell.
The yield on Germany’s 10-year government bond, one of the safest and most liquid investments in the world, dropped 4 basis points to 0.46 percent at one stage, its lowest since Jan. 11, before settling at 0.47 percent.
Most other high-grade euro zone government bond yields — which move inversely to prices — were down 2-5 basis points on the day.
Ten-year U.S. Treasury yields hit a session low after the news.
High-grade euro zone bond yields have been under pressure on concerns about political developments in Italy and signs of a slowdown in euro zone growth.
Weak data has pushed back European Central Bank rate hike expectations, with JPMorgan, for example, extending its forecast for the next hike by three months to June 2019.
ITALY SEESAWS Italian government bond yields had fallen sharply in early trades and were set for their biggest daily drop in six months even as President Sergio Mattarella gave political novice Giuseppe Conte a mandate to lead the country’s first government made up of anti-establishment parties.
But by the close, yields were only marginally lower on the day as the country’s coalition parties pushed for eurosceptic economist Paolo Savona as economy minister, spooking markets.
At 2.40 percent, the yield on Italy’s 10-year government bond is not far from the 14-month high of 2.45 percent it hit earlier this week. (Reporting by Abhinav Ramnarayan; Editing by Saikat Chatterjee and John Stonestreet)
| ashraq/financial-news-articles | https://www.reuters.com/article/eurozone-bonds/update-1-german-bond-yields-hit-4-1-2-month-low-after-trump-ditches-n-korea-summit-idUSL5N1SV6IB |
MEXICO CITY--(BUSINESS WIRE)-- FIBRA Macquarie México (FIBRA Macquarie) (BMV:FIBRAMQ) announced that Michael Brennan has been appointed as an independent member of the Technical Committee and the Ethics and Corporate Governance Committee. Mr. Brennan brings a wealth of knowledge to the Committee from his extensive US REIT industry experience. The Technical Committee is now comprised of 83% independent members.
“We are excited to welcome Michael to the Technical Committee. Michael’s experience in founding and growing several successful real estate investment vehicles will be invaluable to FIBRA Macquarie. We look forward to benefitting from Michael’s significant expertise as we continuously develop and execute on our objectives to create long term value for investors,” stated Juan Monroy, chief executive officer of FIBRA Macquarie.
Michael Brennan is a co-founder, chairman, and managing principal of Brennan Investment Group. Mr. Brennan has orchestrated more than US$14 billion in industrial real estate transactions in the course of his 33-year career.
Prior to forming Brennan Investment Group, Mr. Brennan co-founded First Industrial Realty Trust (NYSE: FR) in 1994, and served as president, chief executive officer and a member of the board of directors until late 2008.
Before co-founding First Industrial Realty Trust, Mr. Brennan was a president and partner in The Shidler Group, a nationally prominent US real estate firm. He was a founding investor of Tri-Net Property Trust and co-founder and member of the board of directors for Pacific Office Properties (AMEX: PCE), an office REIT.
He began his industrial real estate career in 1984, as an investment specialist with CB Commercial. Mr. Brennan earned his Bachelor’s degree in Finance from the University of Notre Dame in 1979.
Mr. Brennan currently serves as executive director of the University of Wisconsin’s James A. Graaskamp Center for Real Estate. Under his direction, The Guide to Classifying Industrial Property Types was written, the rights for which were later acquired by the Urban Land Institute (ULI).
Mr. Brennan’s appointment was confirmed at FIBRA Macquarie’s recent annual general meeting held on April 24, 2018. Consistent with all other Manager-appointed independent Technical Committee members, Mr. Brennan’s re-appointment in subsequent years is also subject to confirmation by unitholders at the annual general meeting, and he is required to invest 40% of his Technical Committee fees in FIBRA Macquarie certificates, to be purchased on the secondary market and increasing alignment with FIBRA Macquarie investors.
About FIBRA Macquarie
FIBRA Macquarie México (FIBRA Macquarie) (BMV:FIBRAMQ) is a real estate investment trust (fideicomiso de inversión en bienes raíces), or FIBRA, listed on the Mexican Stock Exchange (Bolsa Mexicana de Valores) targeting industrial, retail and office real estate opportunities in Mexico, with a primary focus on stabilized income-producing properties. FIBRA Macquarie’s portfolio consists of 271 industrial properties and 17 retail/office properties, located in 20 cities across 16 Mexican states as of March 31, 2018. Nine of the retail/office properties are held through a 50/50 joint venture. FIBRA Macquarie is managed by Macquarie México Real Estate Management, S.A. de C.V. which operates within the Macquarie Infrastructure and Real Assets division of Macquarie Group. For additional information about FIBRA Macquarie, please visit www.fibramacquarie.com .
Macquarie Infrastructure and Real Assets is a business within the Macquarie Asset Management division of Macquarie Group and a global alternative asset manager focused on real estate, infrastructure, agriculture and energy assets. Macquarie Infrastructure and Real Assets has significant expertise over the entire investment lifecycle, with capabilities in investment sourcing, investment management, investment realization and investor relations. Established in 1996, Macquarie Infrastructure and Real Assets has approximately US$119 billion of total assets under management as of March 31, 2018.
About Macquarie Group
Macquarie Group (Macquarie) is a global provider of banking, financial, advisory, investment and funds management services. Macquarie’s main business focus is making returns by providing a diversified range of services to clients. Macquarie acts on behalf of institutional, corporate and retail clients and counterparties around the world. Founded in 1969, Macquarie operates in more than 61 office locations in 25 countries. Macquarie employs over 14,400 people and has assets under management of approximately US$382 billion as of March 31, 2018.
For more information, please visit www.macquarie.com .
Cautionary Note Regarding Forward-looking Statements
This release may contain forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. We caution you that a number of important factors could cause actual results to differ significantly from these forward-looking statements and we undertake no obligation to update any forward-looking statements.
None of the entities noted in this document is an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these entities do not represent deposits or other liabilities of Macquarie Bank Limited ABN 46 008 583 542 (MBL). MBL does not guarantee or otherwise provide assurance in respect of the obligations of these entities.
THIS RELEASE IS NOT AN OFFER FOR SALE OF SECURITIES IN THE UNITED STATES, AND SECURITIES MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES ABSENT REGISTRATION OR AN EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED.
THIS ANNOUNCEMENT IS NOT FOR RELEASE IN ANY MEMBER STATE OF THE EUROPEAN ECONOMIC AREA.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180521005650/en/
For FIBRA Macquarie México
Investor relations:
Tel: +52 (55) 9178 7751
[email protected]
or
Evelyn Infurna
Tel: +1 203 682 8265
[email protected]
or
Nikki Sacks
Tel: +1 203 682 8263
[email protected]
or
For press queries:
FleishmanHillard México
Alejandro Sampedro Llorens
Tel: +52 (55) 5540 6031 ext. 249
[email protected]
Source: FIBRA Macquarie México | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/business-wire-fibra-macquarie-maxico-announces-appointment-of-new-independent-technical-committee-member.html |
May 16 (Reuters) - Biostar Pharmaceuticals Inc:
* BIOSTAR PHARMACEUTICALS FILES FOR NON-TIMELY 10-Q WITH U.S. SEC - SEC FILING Source bit.ly/2wLwd7M Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-biostar-pharmaceuticals-files-for/brief-biostar-pharmaceuticals-files-for-non-timely-10-q-idUSFWN1SN10E |
ULAANBAATAR/ KUALA LUMPUR (Reuters) - Mongolia’s president has urged new Malaysian Prime Minister Mahathir Mohamad to reopen investigations into the murder of a Mongolian model near Kuala Lumpur in 2006, a move that could put more pressure on Mahathir’s embattled predecessor.
FILE PHOTO: New Mongolia's president Khaltmaa Battulga speaks during his inauguration ceremony in Ulaanbaatar, Mongolia July 10, 2017. REUTERS/B. Rentsendorj Shaariibuu Altantuya, 28, was killed and blown up with military grade explosives in a forest on the outskirts of Malaysia’s capital. In 2015, two former police officers were sentenced to death for the crime after first being sentenced in 2009 and acquitted four years later.
But reports have alleged that the officers served as bodyguards for ousted prime minister Najib Razak, who was deputy prime minister at the time of the killing.
President Battulga Khaltmaa congratulated the 92-year-old Mahathir on his appointment but said reopening the investigation would not only help justice but also ease tensions between the two countries.
“As president of Mongolia, I pay special attention to the aggravated crime, that in October 18, 2006, a citizen of Mongolia and mother of two children Shaariibuu Altantuya was murdered in Malaysia,” he said in a letter to Mahathir that was also published on his office’s website.
Sirul Azhar Umar, one of the former policemen convicted of the murder said that he is willing to assist the new government in any renewed investigations, provided that he is granted a full pardon, local news website Malaysiakini reported on Saturday.
Reuters could not immediately reach Sirul for comment. He has been in detention at the Immigration and Border Protection Department's facility in Sydney since 2015 after his acquittal was overturned by the Malaysian Federal Court. [ reut.rs/2LfnspJ ]
Civil society groups have alleged Altantuya’s murder was linked to her role as an interpreter and associate of Abdul Razak Baginda, a former adviser to Najib, in Malaysia’s purchase of two Scorpene-class submarines from French shipbuilding giant DCNS in 2002. Najib has denied allegations of links to Shaariibuu or corruption in the purchase.
Najib’s coalition was defeated by Mahathir’s opposition alliance in a stunning election upset last week. Najib is currently under investigation as part of a probe into the scandal-hit state fund 1Malaysia Development Berhad (1MDB).
Reporting by Munkhchimeg Davaasharav in Ulaanbaatar and Fathin Ungku in Kuala Lumpur; Writing by David Stanway; Editing by Kim Coghill and Muralikumar Anantharaman
| ashraq/financial-news-articles | https://www.reuters.com/article/us-malaysia-politics-mongolia/mongolian-president-urges-malaysia-to-reopen-2006-model-murder-case-idUSKCN1IK05I |
May 2, 2018 / 3:43 PM / Updated 36 minutes ago GRAPHIC-Southern Europe bond spreads defy the odds even as ECB pullback looms Reuters Staff
(Repeats item that ran on Wednesday)
By Abhinav Ramnarayan and Fanny Potkin
LONDON, May 3 (Reuters) - At a time when the impending withdrawal of European Central Bank stimulus was expected to hurt southern European bond markets, so-called “peripheral” euro zone debt continues to outperform its higher-rated peers.
Italian, Spanish and Portuguese bonds have been among the bloc’s best performers over the past year, and yield premia — or spreads — over benchmark German debt have narrowed relentlessly.
Their outperformance has even defied data indicating Europe’s growth acceleration may be running out of steam.
And despite recent volatility in the wake of Italy’s inconclusive March 4 election, spreads remain near their tightest levels in months, or even years.
“There has been a regime change in sovereign spreads, which are now reacting mostly to economic developments. As long as growth remains healthy, we can see spreads tighten further,” said Mizuho strategist Antoine Bouvet.
Reasons for the “regime change”?
First, the three Southern European countries are well and truly out of recession, helped by 2.55 trillion euros in ECB stimulus. The euro bloc posted its fastest economic growth in a decade last year at 2.7 percent.
Even if growth slows from there, it is a far cry way from 2010-2012, when Spain and Portugal required bailouts and Italy’s debt levels spiralled to record highs.
Second, unlike a year ago, anti-establishment parties such as Italy’s 5-Star Movement are not considered an existential threat to the single currency. Italy may not have a government yet, but the Italy/Germany 10-year bond yield spread is near the tightest since August 2016 at 110 bps.
So can it continue?
The Italy/Germany spread can go all the way to 90 basis points, Nick Gartside, chief investment officer at JP Morgan Asset Management, told Reuters in January when the spread was 145 bps.
That target now seems within reach, especially as U.S. Treasuries look expensive, once currency hedging costs are taken into account. That means many European investors who would have bought nominally higher-yielding Treasuries, may seek domestic alternatives.
“Ten-year Italian government bonds at nearly 1.8 percent, or even (German government bonds) at 0.6 percent, yield more than the near-zero yield on equivalent currency-hedged U.S. Treasury bonds,” said Andrew Bosomworth, head of portfolio management, Germany, for PIMCO, the world’s largest bond manager.
In addition, Italy’s “real” yield, a measure looked at by some investors that discounts the effect of inflation, is higher than that of the United States.
PERIPHERY TO SEMI-CORE
Rabobank strategist Richard McGuire predicts Italy/Germany will reach 100 bps but reckons Spain will outperform.
Spanish spreads stand around 72 basis points, having tightened from around 150 bps a year ago.
“The Spanish spread (over Germany) has traditionally found resistance at the 100 basis-point mark ever since the crisis,” McGuire said. “But right now it is well below that level and we think it could go as low as 50 basis points.”
Spain may represent the best “regime change” example, in fact. With sovereign credit ratings back in “A” territory, many see Spain following Ireland’s example to transition out of the periphery into “semi-core” - market jargon for the debt of Belgium, France and Ireland.
Portuguese spreads meanwhile recently touched 109 bps, their tightest since 2010. It caps a remarkable comeback for a country until recently classed as junk by the big ratings agencies.
S&P Global and Fitch late last year raised their Portuguese ratings back to investment grade, helping push its 10-year borrowing costs below Italy’s.
In early 2017, they were 200 basis points higher.
For this reason, the Portugal/Germany spread is the one which may not have legs — investors do not see it sustainably trading tighter than Italy, a larger economy with a far more liquid bond market. PERIPHERAL DANGER
The periphery trade however faces the same danger as it always did - the end of ECB bond-buying. ING analysts for instance predict Italian and Spanish spreads will widen to 150 bps and 80 bps respectively by the end of 2018.
Some investors such as Eric Brard, head of fixed income at Amundi, may also switch back to higher-rated French and German debt should yields there rise. German 10-year yields hitting 1 percent would be the time to return to the euro zone “core”, Brard said.
“That would also mean the French (government bond) market would be above 1.20 percent on the 10-year, we would rather be in these better-rated names,” he added.
In February, when German 10-year yields rose above 0.80 percent, that day looked ominously close.
But with euro zone growth seemingly cooling — the economy grew just 0.4 percent in the first quarter — and the ECB sounding cautious on monetary policy, German yields are back at 0.6 percent. This suggests the gravy train will chug along for southern Europe in the foreseeable future. Reporting by Abhinav Ramnarayan and Fanny Potkin; Graphics by Abhinav Ramnarayan and Saikat Chatterjee; Editing by Sujata Rao and Hugh Lawson | ashraq/financial-news-articles | https://www.reuters.com/article/eurozone-bonds-periphery/graphic-southern-europe-bond-spreads-defy-the-odds-even-as-ecb-pullback-looms-idUSL8N1S96BU |
HUNTSVILLE, Ala., May 2, 2018 /PRNewswire/ -- LSINC Corporation today announced that Robert M. Lightfoot, Jr. will join the company as President. LSINC is a rapidly growing firm dedicated to helping clients achieve mission success by providing innovative strategy assurance and product development, to bring client ideas to reality.
Lightfoot is for the former Acting Administrator of the National Aeronautics & Space Administration (NASA) serving in the position for the last 15 months. His permanent position at NASA Headquarters was Associate Administrator, the agency's highest-ranking civil service position. He previously was director of NASA's Marshall Space Flight Center in Huntsville, AL. Lightfoot spent much of his NASA career in rocket propulsion testing and space shuttle program propulsion offices. He spent two years at NASA Headquarters focused on strategies for the shuttle return to flight following the Columbia tragedy.
"We look forward to his contributions as we enhance our ability to provide strategic services to our customers," said Alicia Ryan, Chief Executive Officer. "His forward-thinking and consensus-building leadership style brings a new dimension to how we can work with those we serve."
"I'm extremely excited to join the LSINC team and appreciate the confidence placed in me to further elevate the company's growth," said Lightfoot. "My experience in leading NASA and LSINC's proven track record is the solid foundation our clients will leverage to achieve mission success."
Lightfoot received a bachelor's degree in mechanical engineering from the University of Alabama where he is a Distinguished Departmental Fellow for the Department of Mechanical Engineering, a College of Engineering fellow, and served on the Mechanical Engineering Advisory Board. He is a native of Alabama and married to the former Caroline Smith of Huntsville.
"I'm also excited about coming home to the community that has supported me throughout my career," Lightfoot said. "I will build on Alicia's impressive legacy of community service and look forward to re-engaging with the Huntsville-Madison County team to expand what we can do here in North Alabama."
About LSINC Corporation
LSINC Corporation provides product development, engineering, strategy, strategic communications, intelligence and security solutions to commercial and government clients. Product development and engineering services include design and analysis, prototyping, test, and low-volume adaptable production, with expertise in digital printing, military, law enforcement, medical, industrial, and consumer product markets. LSINC Corporation is a Woman-Owned Small Business (WOSB) headquartered in Huntsville, Alabama. www.LSINC.com
View original content with multimedia: http://www.prnewswire.com/news-releases/lsinc-corporation-appoints-robert-m-lightfoot-jr-president-300640908.html
SOURCE LSINC Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/pr-newswire-lsinc-corporation-appoints-robert-m-lightfoot-jr-president.html |
May 22 (Reuters) - Tesla Inc:
* TESLA SPOKESPERSON SAYS CONFIRMS SNAP’S VICE PRESIDENT OF MONETIZATION, STUART BOWERS, IS JOINING COMPANY AS VP, ENGINEERING Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-tesla-says-snaps-stuart-bowers-is/brief-tesla-says-snaps-stuart-bowers-is-joining-co-as-vp-engineering-idUSFWN1ST0P7 |
I made a change to my daily commute that could save me over $1,000 a year 2 Hours Ago CNBC Make It's Yoni Blumberg experiments with his morning commute to see how much biking to work could save him each month. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/18/i-made-a-change-to-my-commute-that-could-save-me-over-1000-a-year.html |
U.S. revenue grew approximately 8% sequentially in the first quarter of 2018, in spite of adverse weather impacts in January and March
U.S. Rig Services revenue grew approximately 8% sequentially in the first quarter of 2018 as demand for production and completion activity continues to increase Coiled Tubing Services revenue grew 24% sequentially in the first quarter of 2018 and 245% as compared to the first quarter of 2017
HOUSTON, May 09, 2018 (GLOBE NEWSWIRE) -- Key Energy Services, Inc. (“Key” or the “Company”) reported first quarter 2018 consolidated revenues of $125.3 million and a pre-tax GAAP loss of $25.0 million, or $1.23 per share. The results for the first quarter include expenses of $2.1 million, or $0.10 per share, associated with certain equity awards and a gain on sale of assets of $4.7 million, or $0.23 per share. Excluding these items, the Company reported a pre-tax loss of $27.6 million, or $1.36 per share.
Consolidated revenues in the first quarter or 2018 increased $24.0 million, or 23% from the first quarter of 2017. The Company’s net loss in the first quarter of 2018 improved $21.9 million to a net loss of $25 million as compared to a net loss of $46.9 million in the first quarter of 2017, with diluted loss per share improving to $1.23 per share in the first quarter of 2018 as compared to $2.33 per share in the first quarter of 2017.
Overview and Outlook
Key’s President and Chief Executive Officer, Robert Drummond, stated, “I am pleased to see another quarter of growth, with our consolidated revenues up approximately 8% in the first quarter from the fourth quarter. We had continued success staffing and deploying our large diameter coiled tubing units, generating a sequential 24% increase in revenues. Since the end of the first quarter, we have deployed an additional 4 units, bringing our total deployed fleet to 13 units today. Our rig services segment generated an approximately 8% increase in revenues in the first quarter compared to the fourth quarter, overcoming weather and the usual seasonal factors. We were also successful in increasing prices in our rig services segment which provided some benefit in the first quarter with the full effect expected to benefit the second quarter.
Drummond continued, “Given the improvements in demand we were seeing in the market, in the first quarter of 2018, we continued to add employees and to incur start-up costs to take advantage of the improving market conditions. This impacted our results during the quarter and offset the incremental earnings we otherwise would expect from the price increases and improving activity. In March, and again in April, we began to see healthy incremental earnings fall-through via price and lower start-up costs and expect the same for the second quarter of 2018.
“We believe we’re in the early stages of customers responding to the uplift in oil prices and the associated economics of increasing production from existing wells. We have experienced increased customer inquiries for well service rigs, but have not yet seen a substantial activity increase. I am confident that the economics for well maintenance represents a compelling value proposition for our customers to realize easily accessible, return-accretive cash flows and we expect our activity to increase as a result.”
Financial Overview
The following table sets forth summary data for the first quarter 2018 and prior comparable quarterly periods:
Three Months Ended (unaudited) March 31,
2018 December 31,
2017 March 31,
2017 Revenues $ 125.3 $ 116.3 $ 101.5 Net loss (25.0 ) (22.3 ) (46.9 ) Diluted loss per share (1.23 ) (1.11 ) (2.33 ) Adjusted EBITDA 0.7 1.8 (11.0 ) U.S. Results
First quarter 2018 U.S. Rig Services revenues of $70.3 million were up 8.5% as compared to fourth quarter 2017 revenues of $64.8 million, with rig hours increasing approximately 6.5% to 175,232 hours. Margins increased by approximately 190 basis points in the first quarter of 2018 from the fourth quarter of 2017 largely due to increased activity and a partial quarter benefit of pricing increases offsetting a 180 basis point impact due to first quarter payroll tax effect.
First quarter 2018 Fluid Management Services revenues of $22.8 million were down 2.1% as compared to the fourth quarter 2017 revenues of $23.3 million. First quarter truck hours were down approximately 6% quarter on quarter with revenue per truck hour increasing approximately 4% largely due to higher pricing. Truck hours fell primarily due to customer and regional transition of trucks into more attractive markets. Fluid Management Services margins declined approximately 420 basis points on lower activity and the first quarter payroll tax effect.
First quarter 2018 Coiled Tubing Services revenues of $18.4 million were up 24.0% as compared to fourth quarter 2017 revenue of $14.9 million on higher utilization of large diameter coiled tubing units during the first quarter of 2018 as compared to the fourth quarter of 2017. Coiled Tubing Services margins were negatively impacted by approximately 800 basis points in the first quarter as compared to the fourth quarter due to payroll taxes and start-up costs for first and early second quarter deployments.
First quarter 2018 Fishing & Rental Services revenues of $13.8 million were up 3.5% as compared to fourth quarter 2017 revenues of $13.4 million. First quarter 2018 Fishing & Rental Services margins were negatively impacted by approximately 200 basis points due largely to lower activity and equipment repair costs.
General and Administrative Expenses
General and Administrative (G&A) expenses were $24.6 million for the first quarter of 2018 compared to $16.8 million in the prior quarter. First quarter 2018 G&A expenses included $2.0 million of stock-based compensation expense. Fourth quarter 2017 G&A expenses included a $3.7 million gain related to stock-based compensation cancellation expense.
Liquidity
As of March 31, 2018, Key had total liquidity of $78.2 million, consisting of $50.5 million in unrestricted cash and $27.7 million of borrowing capacity available under the Company’s $100.0 million asset-based loan facility. This compares to total liquidity of $97.8 million at December 31, 2017, consisting of $73.1 million in unrestricted cash and $24.7 million of borrowing capacity available under the Company’s $100.0 million asset-based loan facility. Capital expenditures for the first quarter of 2018 were $9.4 million.
Conference Call Information
As previously announced, Key management will host a conference call to discuss its first quarter 2018 financial results on Thursday, May 10, 2018 at 10:00 a.m. CDT. Callers from the United States and Canada should dial 888-794-4637 to access the call. International callers should dial 352-204-8973. All callers should ask for the "Key Energy Services Conference Call" or provide the access code 2199541. The conference call will also be available live via the internet. To access the webcast, go to www.keyenergy.com and select "Investor Relations."
A telephonic replay of the conference call will be available on Thursday, May 10, 2018, beginning approximately two hours after the completion of the conference call and will remain available for two weeks. To access the replay, call 855-859-2056 or 800-585-8367. The access code for the replay is 2199541. The replay will also be accessible at www.keyenergy.com under "Investor Relations" for a period of at least 90 days.
Consolidated Statements of Operations (in thousands, except per share amounts, unaudited):
Three Months Ended March 31,
2018 December 31,
2017 March 31,
2017 REVENUES $ 125,316 $ 116,280 $ 101,452 COSTS AND EXPENSES: Direct operating expenses 98,211 94,351 87,306 Depreciation and amortization expense 20,356 21,217 21,301 General and administrative expenses 24,574 16,786 30,996 Impairment expense — — 187 Operating loss (17,825 ) (16,074 ) (38,338 ) Interest expense, net of amounts capitalized 8,144 8,125 7,710 Other income, net (1,007 ) (1,408 ) (240 ) Reorganization items, net — — 1,340 Loss before tax income taxes (24,962 ) (22,791 ) (47,148 ) Income tax (expense) benefit (1 ) 464 289 NET LOSS $ (24,963 ) $ (22,327 ) $ (46,859 ) Loss per share: Basic and diluted $ (1.23 ) $ (1.11 ) $ (2.33 ) Weighted average shares outstanding: Basic and diluted 20,218 20,116 20,096 Segment Revenue and Operating Income (in thousands, except for percentages, unaudited):
Three Months Ended March 31,
2018 December 31,
2017 March 31,
2017 Revenues U.S. Rig Services $ 70,304 $ 64,804 $ 60,291 Fluid Management Services 22,754 23,251 17,895 Coiled Tubing Services 18,423 14,861 5,341 Fishing & Rental Services 13,835 13,364 15,855 International — — 2,070 Consolidated Total $ 125,316 $ 116,280 $ 101,452 Operating Income (Loss) U.S. Rig Services $ 2,950 $ (854 ) $ (2,087 ) Fluid Management Services (3,064 ) (2,106 ) (6,937 ) Coiled Tubing Services 3,932 1,737 (2,285 ) Fishing & Rental Services (3,952 ) (3,745 ) (3,877 ) International — (213 ) (2,300 ) Functional Support (17,691 ) (10,893 ) (20,852 ) Consolidated Total $ (17,825 ) $ (16,074 ) $ (38,338 ) Operating Income (Loss) % of Revenues U.S. Rig Services 4.2 % (1.3 )% (3.5 )% Fluid Management Services (13.5 )% (9.1 )% (38.8 )% Coiled Tubing Services 21.3 % 11.7 % (42.8 )% Fishing & Rental Services (28.6 )% (28.0 )% (24.5 )% International — % — % (111.1 )% Consolidated Total (14.2 )% (13.8 )% (37.8 )% Following is a reconciliation of net loss as presented in accordance with United States generally accepted accounting principles (GAAP) to EBITDA and Adjusted EBITDA as required under Regulation G of the Securities Exchange Act of 1934.
Reconciliations of EBITDA and Adjusted EBITDA to net loss (in thousands, except for percentages, unaudited):
Three Months Ended March 31,
2018 December 31,
2017 March 31,
2017 Net loss $ (24,963 ) $ (22,327 ) $ (46,859 ) Income tax expense (benefit) 1 (464 ) (289 ) Interest expense, net of amounts capitalized 8,144 8,125 7,710 Interest income (184 ) (176 ) (198 ) Depreciation and amortization 20,356 21,217 21,301 EBITDA $ 3,354 $ 6,375 $ (18,335 ) % of revenues 2.7 % 5.5 % (18.1 )% Severance costs — — 473 Stock-based compensation 2,056 (3,989 ) 3,700 Restructuring items, net — — 1,340 Impairment expense — — 187 Gain on sales of assets (4,737 ) (596 ) (147 ) Restructuring professional fees — — 1,780 Adjusted EBITDA $ 673 $ 1,790 $ (11,002 ) % of revenues 0.5 % 1.5 % (10.8 )% Revenues $ 125,316 $ 116,280 $ 101,452
Three Months Ended March 31, 2018 U.S. Rig
Services Fluid
Management
Services Coiled Tubing
Services Fishing and
Rental
Services Functional
Support Total Net loss $ 3,006 $ (3,028 ) $ 3,932 $ (3,945 ) $ (24,928 ) $ (24,963 ) Income tax expense — — — �� — 1 1 Interest expense, net of amounts capitalized — — — — 8,144 8,144 Interest income — — — — (184 ) (184 ) Depreciation and amortization 7,787 5,179 1,172 5,754 464 20,356 EBITDA $ 10,793 $ 2,151 $ 5,104 $ 1,809 $ (16,503 ) $ 3,354 % of revenues 15.4 % 9.5 % 27.7 % 13.1 % — % 2.7 % Stock-based compensation 224 — 88 — 1,744 2,056 Gain on sales of assets (1,648 ) (49 ) (2,923 ) (117 ) — (4,737 ) Adjusted EBITDA $ 9,369 $ 2,102 $ 2,269 $ 1,692 $ (14,759 ) $ 673 % of revenues 13.3 % 9.2 % 12.3 % 12.2 % — % 0.5 % Revenues $ 70,304 $ 22,754 $ 18,423 $ 13,835 $ — $ 125,316
Three Months Ended December 31, 2017 U.S. Rig
Services Fluid
Management
Services Coiled
Tubing
Services Fishing and
Rental
Services International Functional
Support Total Net loss $ (844 ) $ (2,052 ) $ 1,737 $ (3,737 ) $ (224 ) $ (17,207 ) $ (22,327 ) Income tax benefit — — — — — (464 ) (464 ) Interest expense, net of amounts capitalized — — — — — 8,125 8,125 Interest income — — — — — (176 ) (176 ) Depreciation and amortization 8,265 5,290 1,231 5,799 — 632 21,217 EBITDA $ 7,421 $ 3,238 $ 2,968 $ 2,062 $ (224 ) $ (9,090 ) $ 6,375 % of revenues 11.5 % 13.9 % 20.0 % 15.4 % — % — % 5.5 % Stock-based compensation (418 ) (7 ) (64 ) — — (3,500 ) (3,989 ) (Gain) loss on sales of assets (342 ) (108 ) 13 (159 ) — — (596 ) Adjusted EBITDA $ 6,661 $ 3,123 $ 2,917 $ 1,903 $ (224 ) $ (12,590 ) $ 1,790 % of revenues 10.3 % 13.4 % 19.6 % 14.2 % — % — % 1.5 % Revenues $ 64,804 $ 23,251 $ 14,861 $ 13,364 $ — $ — $ 116,280 “EBITDA” is defined as income or loss attributable to Key before interest, taxes, depreciation, and amortization.
“Adjusted EBITDA” is EBITDA as further adjusted for certain non-recurring or extraordinary items such as impairment expense, severance expense, loss on debt extinguishment, gains or losses on asset sales, asset retirements and impairments, and certain non-recurring transaction or other costs.
EBITDA and Adjusted EBITDA are non-GAAP measures that are used as supplemental financial measures by the Company’s management and directors and by external users of the Company’s financial statements, such as investors, to assess:
The financial performance of the Company’s assets without regard to financing methods, capital structure or historical cost basis; The ability of the Company’s assets to generate cash sufficient to pay interest on its indebtedness; The Company’s operating performance and return on invested capital as compared to those of other companies in the well services industry, without regard to financing methods and capital structure; and The Company’s operating trends underlying the items that tend to be of a non-recurring nature.
Normalized operating loss is a non-GAAP financial measure and is defined as operating loss plus or minus certain items such as impairment expense, severance expense, FCPA settlement costs and FCPA investigation costs. Normalized operating loss is used as a supplemental financial measure by the Company’s management and directors and by external users of the Company’s financial statements, such as investors, primarily to compare the Company’s core operating and financial performance from period to period without regard to the many non-cash accounting charges or unusual expenses that have impacted the Company’s GAAP operating income and net income due to the severe downturn in the company’s business.
EBITDA, Adjusted EBITDA and normalized operating income have limitations as analytical tools and should not be considered an alternative to net income, operating income, cash flow from operating activities, or any other measure of financial performance or liquidity presented in accordance with GAAP. EBITDA, Adjusted EBITDA and normalized operating income exclude some, but not all, items that affect net income and operating income and these measures may vary among other companies. Limitations in using normalized operating loss as an analytical tool include that normalized operating loss excludes certain cash costs and losses actually incurred by the Company. Limitations to using EBITDA and Adjusted EBITDA as an analytical tool include:
EBITDA and Adjusted EBITDA do not reflect Key’s current or future requirements for capital expenditures or capital commitments; EBITDA and Adjusted EBITDA do not reflect changes in, or cash requirements necessary to service, interest or principal payments on Key’s debt; EBITDA and Adjusted EBITDA do not reflect income taxes; Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and EBITDA and Adjusted EBITDA do not reflect any cash requirements for such replacements; Other companies in Key’s industry may calculate EBITDA and Adjusted EBITDA differently than Key does, limiting their usefulness as a comparative measure; and EBITDA and Adjusted EBITDA are a different calculation from earnings before interest, taxes, depreciation and amortization as defined for purposes of the financial covenants in the Company’s senior secured credit facility, and therefore should not be relied upon for assessing compliance with covenants.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements that are not historical in nature or that relate to future events and conditions are, or may be deemed to be, forward-looking statements. These based on Key’s current expectations, estimates and projections and its management’s beliefs and assumptions concerning future events and financial trends affecting its financial condition and results of operations. In some cases, you can identify these statements by terminology such as “may,” “will,” “should,” “predicts,” “expects,” “believes,” “anticipates,” “projects,” “potential” or “continue” or the negative of such terms and other comparable terminology. These statements are only predictions and are subject to substantial risks and uncertainties and are not guarantees of performance. Future actions, events and conditions and future results of operations may differ materially from those expressed in these statements. In evaluating those statements, you should carefully consider the information above as well as the risks outlined in “Item 1A. Risk Factors,” in Key’s Annual Report on Form 10-K for the year ended December 31, 2017 and in other reports Key files with the Securities and Exchange Commission.
Key undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release except as required by law. All of Key’s written and oral expressly qualified by these cautionary statements and any other cautionary statements that may accompany such forward-looking statements.
Important factors that may affect Key’s expectations, estimates or projections include, but are not limited to, the following: conditions in the oil and natural gas industry, especially oil and natural gas prices and capital expenditures by oil and natural gas companies; volatility in oil and natural gas prices; Key’s ability to implement price increases or maintain pricing on its core services; risks that Key may not be able to reduce, and could even experience increases in, the costs of labor, fuel, equipment and supplies employed in its businesses; industry capacity; asset impairments or other charges; the periodic low demand for Key’s services and resulting operating losses and negative cash flows; Key’s highly competitive industry as well as operating risks, which are primarily self-insured, and the possibility that its insurance may not be adequate to cover all of its losses or liabilities; significant costs and potential liabilities resulting from compliance with applicable laws, including those resulting from environmental, health and safety laws and regulations, specifically those relating to hydraulic fracturing, as well as climate change legislation or initiatives; Key’s historically high employee turnover rate and its ability to replace or add workers, including executive officers and skilled workers; Key’s ability to incur debt or long-term lease obligations; Key’s ability to implement technological developments and enhancements; severe weather impacts on Key’s business, including hurricane activity; Key’s ability to successfully identify, make and integrate acquisitions and its ability to finance future growth of its operations or future acquisitions; Key’s ability to achieve the benefits expected from disposition transactions; the loss of one or more of Key’s larger customers; Key’s ability to generate sufficient cash flow to meet debt service obligations; the amount of Key’s debt and the limitations imposed by the covenants in the agreements governing its debt, including its ability to comply with covenants under its current debt agreements; an increase in Key’s debt service obligations due to variable rate indebtedness; Key’s inability to achieve its financial, capital expenditure and operational projections, including quarterly and annual projections of revenue and/or operating income and its inaccurate assessment of future activity levels, customer demand, and pricing stability which may not materialize (whether for Key as a whole or for geographic regions and/or business segments individually); Key’s ability to respond to changing or declining market conditions, including Key’s ability to reduce the costs of labor, fuel, equipment and supplies employed and used in its businesses; Key’s ability to maintain sufficient liquidity; the adverse impact of litigation; and other factors affecting Key’s business described in “Item 1A. Risk Factors” in its Annual Report on Form 10-K for the year ended December 31, 2017, and other reports Key files with the Securities and Exchange Commission.
About Key Energy Services
Key Energy Services is the largest onshore, rig-based well servicing contractor based on the number of rigs owned. Key provides a complete range of well intervention services and has operations in all major onshore oil and gas producing regions of the continental United States.
Contact:
Marshall Dodson
713-651-4403
Source:Key Energy Services, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/globe-newswire-key-energy-services-reports-first-quarter-2018-earnings.html |
May 6, 2018 / 1:23 PM / in 33 minutes Turkey's Erdogan says will carry out new military operations after Syria offensives Reuters Staff 3 Min Read
ANKARA (Reuters) - Turkey will carry out new military operations along its borders after its two previous offensives into Syria, President Tayyip Erdogan said on Sunday, as he announced his manifesto for next month’s snap elections. Turkish President Tayyip Erdogan attends his ruling AK Party's Istanbul congress, Turkey May 6, 2018. REUTERS/Osman Orsal
Turkey is now carrying out an offensive into northern Syria’s Afrin region against the Syrian Kurdish YPG militia, which Ankara considers a terrorist organisation linked to Kurdish militants waging an insurgency on Turkish soil.
The Afrin campaign is Turkey’s second cross-border operation into Syria during the seven-year-old civil war. The first, dubbed “Euphrates Shield”, targeted Islamic State and Kurdish fighters further east than Afrin, and was completed in early 2017.
Speaking to thousands of supporters in Istanbul, Erdogan said Turkey’s operations along its southern border would continue “until not a single terrorist is left.”
“We will not give up on constricting terrorist organisations. In the new period, Turkey will add new ones to the Euphrates Shield and Olive Branch operations in order to clear its borders,” Erdogan said.
“We shattered the terror corridor being formed on our southern border with these operations. Our soldiers, who lastly wrote an epic in Afrin, are ready for new missions,” he said.
Erdogan has previously threatened to push its Afrin offensive against the YPG further east to Manbij, where U.S. troops are stationed, risking confrontation between the NATO allies.
Turkey considers the YPG an extension of the outlawed Kurdistan Workers Party (PKK) and has been infuriated with U.S. support for the militia.
However, Ankara and Washington have reached an understanding on a roadmap in Manbij in which the militants will leave the area, Foreign Minister Mevlut Cavusoglu said on Sunday, adding that the details were being discussed with the new U.S. secretary of state, Mike Pompeo.
Erdogan has also said Turkey could carry out a joint offensive against Kurdish militants in northern Iraq with Baghdad. Cavusoglu said the operation was still on the agenda. Reporting by Tuvan Gumrukcu; editing by Adrian Croft, Larry King | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-mideast-crisis-syria-turkey/turkeys-erdogan-says-will-carry-out-new-military-operations-after-syria-offensives-idUKKBN1I70GB |
May 16, 2018 / 7:20 PM / Updated 20 minutes ago China denounces trade unilateralism, defends free trade Reuters Staff 1 Min Read
PARIS (Reuters) - China’s foreign minister on Wednesday took a swipe at the United States’ trade policy and defended international free trade on the basis of World Trade Organisation regulations. FILE PHOTO: The YM Bamboo, a container ship operated by the China Ocean Shipping Company (COSCO) is docked at the Port of Oakland in Oakland, California January 14, 2011. REUTERS/Beck Diefenbach/File Photo
“Trade unilateralism goes against the current of history,” Wang-Yi said alongside his French counterpart Jean-Yves Le Drian speaking through an interpreter. “We must preserve international free trade on the basis of WTO rules.”
The two foreign ministers also agreed to the need to maintain the Iran nuclear deal. Reporting by John Irish; Editing by Richard Balmforth | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-china-trade/china-denounces-trade-unilateralism-defends-free-trade-idUKKCN1IH2RG |
DONGYING, China (Reuters) - At least five independent refineries in Shandong, China’s northern province, have been ordered to cut operating rates as Beijing aims for blue skies for a regional summit in port city Qingdao next month, sources at the companies said.
The instructions come as Qingdao prepares to host the Shanghai Cooperation Organization (SCO) summit on June 9-10. China typically takes such steps ahead of major political gatherings to ensure they proceed with clear air and without any accidents that could disrupt events.
The cuts range between 30 percent and 50 percent of the plants’ capacities, removing about 45,000 barrels per day of processing capacity from the market, according to Reuters calculations.
That’s a fraction of the 1.9 million bpd that independent refiners, known as teapots, imported in April.
But the measures are the latest setback for teapots as they struggle with shrinking profit margins, new tax rules, tighter regulatory scrutiny and greater competition.
The largest company under orders to slash runs is Dongying-based Haike Group, which has reduced production by 30 percent at its two plants since mid-May, a company official directly informed of the matter said.
The company was told by the Dongying safety regulation bureau to keep the curbs in place until mid-June, he said on the sidelines of an industry seminar in Dongying, a hub for teapots. He declined to be identified because he was not authorized to speak with media.
Haike Group has capacity to process 120,000 barrels per day.
Wudi Xinyue Fuel Co, based in Binzhou, received instructions from the city government to cut production in half for the same period, two company executives with direct knowledge of the plan said. The company processes 6,575 bpd.
Rizhao-based Rizhao Lanqiao Petrochemical Co and Dongying-based Qicheng Petrochemical Co were told by their respective city authorities to reduce crude runs by 30 percent for two weeks starting around June 1, executives at the refineries told Reuters.
They each have processing capacity of just under 10,000 bpd.
Dongying-based Yatong Petrochemical Co also received verbal orders from the city government to curb production, but the authorities did not specify the amount or give a timeframe, a company executive said.
Dongying, Rizhao and Binzhou city authorities did not respond to requests for comment.
It’s not clear if other refineries are under similar orders. Widespread cutbacks would likely rattle oil traders, who worry that refinery cuts ahead of the summit could crimp crude demand.
Teapots account for a fifth of China’s monthly crude imports, which hit a record 9.6 million bpd in April.
Qingdao authorities earlier announced plans to ban handling of refined oil products, liquefied petroleum gas and dangerous chemicals in early June.
Reporting by Meng Meng and Chen Aizhu; additional reporting by Beijing newsroom; writing by Josephine Mason; Editing by Manolo Serapio Jr.
| ashraq/financial-news-articles | https://www.reuters.com/article/us-china-pollution-refiners/chinas-teapot-refineries-ordered-to-cut-runs-as-port-readies-for-summit-idUSKCN1IU147 |
Korean Air staff protest against 'nut rage' family 9:15pm IST - 00:46
Hundreds protest against Korean Air's chairman, calling for him to resign because of the bad behavior of his daughters. Rough cut (no reporter narration). ▲ Hide Transcript ▶ View Transcript
Hundreds protest against Korean Air's chairman, calling for him to resign because of the bad behavior of his daughters. Rough cut (no reporter narration). Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2FI6GeU | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/04/korean-air-staff-protest-against-nut-rag?videoId=423854697 |
To get their $26 billion deal done, T-Mobile and Sprint need to convince regulators that the combined company will continue T-Mobile’s “maverick” ways.
The politically important sideshow will be whether the companies can convince President Donald Trump the deal will create jobs. In both cases, the companies have a tough task.
John Legere,... | ashraq/financial-news-articles | https://www.wsj.com/articles/will-t-mobile-keep-disrupting-after-the-deal-1525121067 |
(Adds Italian debt move, Bostic comments, updates prices)
* Treasury to sell $99 bln coupon-bearing supply
* Fed to release meeting minutes Wednesday
By Karen Brettell
NEW YORK, May 21 (Reuters) - U.S. Treasuries were steady on Monday as investors evaluated whether last week’s selloff that sent benchmark yields to almost 7-year highs was overdone, and before demand for U.S. debt will be tested by new supply.
The Treasury will sell $99 billion in short and intermediate-dated notes this week, including $33 billion in two-year notes on Tuesday, $36 billion in five-year notes on Wednesday and $30 billion in seven-year notes on Thursday.
Demand for the debt will likely depend on whether investors are more attracted by the higher yields, or reticent to buy the debt with further weakness possible.
“I think that’s going to be really the tug of war, investors who think rates to continue rising further versus those who will get in at an auction and say we like rates where they are,” said Gennadiy Goldberg, an interest rate strategist at TD Securities in New York.
Investors are nervous of further yield increases as the Federal Reserve appears on track to raise rates at least two more times this year. Concerns about the U.S. deficits and rising government debt needs are also weighing on bonds.
Two-year note yields, which are the most sensitive to rate hikes, rose as high as 2.598 percent on Thursday, the highest since August 2008, before falling back to 2.569 percent on Monday.
Benchmark 10-year note yields rose to 3.128 percent on Friday, the highest since July 2011, before falling back to 3.069 percent on Monday.
The Fed will release minutes from its May meeting on Wednesday, which will be further evaluated for indications of how many rate hikes are likely this year.
The U.S. central bank left rates unchanged at the meeting and expressed confidence that a recent rise in inflation to near the U.S. central bank’s target would be sustained, leaving it on track to raise borrowing costs in June.
Atlanta Federal Reserve Bank President Raphael Bostic said on Monday the U.S. economy is close to meeting the Fed’s employment and inflation goals, with growth of around 2.5 percent expected this year.
Philadelphia Fed President Patrick Harker said that he expects two further rate hikes this year, and that the economy could possibly support an additional hike.
Treasuries were also supported on Monday by safety buying as Italy’s borrowing costs surged as two anti-establishment parties that plan to ramp up spending appeared set to form a coalition government.
Editing by Chizu Nomiyama; editing by Diane Craft
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-bonds/treasuries-bonds-steady-ahead-of-new-supply-idUSL2N1SS19P |
May 2 (Reuters) - ConforMIS Inc:
* Q1 LOSS PER SHARE $0.22 * Q1 REVENUE $19.7 MILLION VERSUS I/B/E/S VIEW $19.5 MILLION
* Q1 EARNINGS PER SHARE VIEW $-0.25 — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-conformis-inc-q1-loss-per-share-02/brief-conformis-inc-q1-loss-per-share-0-22-idUSASC09Z4H |
North Korea details steps to destroy nuclear site 4:15pm EDT - 01:33
North Korea has scheduled the dismantlement of its Punggye-ri nuclear test site for sometime between May 23 and 25, depending on weather conditions, in order to uphold its pledge to discontinue nuclear tests, according to the country's state media. Jillian Kitchener reports. ▲ Hide Transcript ▶ View Transcript
North Korea has scheduled the dismantlement of its Punggye-ri nuclear test site for sometime between May 23 and 25, depending on weather conditions, in order to uphold its pledge to discontinue nuclear tests, according to the country's state media. Jillian Kitchener reports. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2G9D4Hu | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/12/north-korea-details-steps-to-destroy-nuc?videoId=426315775 |
President Donald Trump said Thursday that the U.S. military stands "ready if necessary" following his cancellation of a planned summit with North Korea's Kim Jong Un , ramping up already tense rhetoric exchanged between Washington and Pyongyang.
The president, throwing aside his conciliatory rhetoric, called the meeting's cancellation a "great setback for the world." Touting a "greatly enhanced" American military and the power of U.S. allies, Trump warned Kim against taking "foolish or reckless" action.
"I have spoken to South Korea and Japan and they are not only ready should foolish or reckless acts be taken by North Korea, but they are willing to shoulder much of the cost of any financial burden — any of the costs associated by the United States in operations, if such an unfortunate situation is forced upon us," he said during an event at which he signed a bill rolling back bank regulations .
The abandonment of the summit reduces Trump administration hopes of soon reaching a peaceful agreement for Pyongyang to give up its nuclear and missile programs. It leaves U.S. allies and lawmakers scrambling to determine how best to proceed, and discern how Trump wants to treat talks moving forward. U.S. stock markets fell after the president canceled the summit .
Getty Images Donald Trump It marked only the latest sudden twist in a dramatic series of interactions between Washington and Pyongyang. Trump's rhetoric Thursday moved closer to the more aggressive stance he took last year, when he threatened to bring "fire and fury" on North Korea and "Little Rocket Man" Kim.
Still, the president said Thursday that he has hopes for a peaceful resolution or even scheduling another summit with Kim in the future as the U.S. puts economic pressure on Pyongyang. He said "nobody should be anxious" and "we have to get this right."
"If and when Kim Jong Un chooses to engage in constructive dialogue and actions, I am waiting. In the meantime, our very strong sanctions, by far the strongest sanctions ever imposed, and maximum pressure campaign will continue as it has been continuing," Trump said.
The Trump administration is considering putting new sanctions on North Korea as early as next week, The Wall Street Journal reported later Thursday.
Trump said he had spoken to Defense Secretary James Mattis about military readiness. Chief Pentagon spokesperson Dana White told reporters that the Trump administration will keep up the economic pressure campaign, and added that "we are ready to fight tonight, that has always been the case." White said, "the way forward is in the hands of the North Koreans."
In a letter to Kim released Thursday, Trump accused the communist dictatorship of "tremendous anger and open hostility" ahead of the meeting. The summit, previously set for June 12 in Singapore, would have marked the first face-to-face meeting between a sitting U.S. president and a North Korean leader.
Trump wrote that canceling the meeting — during which he planned to press for denuclearization — was "for the good of both parties, but to the detriment of the world." In scrapping the historic summit, he again used some of the fiery rhetoric against North Korea he has recently avoided.
"You talk about your nuclear capabilities, but ours are so massive and powerful that I pray to God they will never have to be used," the president wrote.
Speaking to reporters Thursday, he said dialogue with Kim "was good until recently." He added that "I think I know why that happened," without giving any more details. Trump has previously suggested China may have intervened in the process.
The latest escalation between Washington and Pyongyang came this week, when Vice President Mike Pence warned that the North Korean regime may end up like former Libyan leader Moammar Gadhafi. His government was toppled years after he agreed to give up his budding nuclear weapons program.
Choe Son Hui, a North Korean official, responded by calling Pence's remarks "ignorant and stupid."
After Trump canceled the summit, both American allies and U.S. lawmakers questioned how Trump would proceed with peace talks. A representative for South Korean President Moon Jae-in , who helped to spark diplomatic talks, said his government was "trying to figure out what President Trump's intention is and the exact meaning of it," the country's Yonhap News Agency reported .
On Capitol Hill, Republicans applauded Trump's move and said they felt Kim had dubious intentions entering the talks about potentially abandoning his nuclear and weapons programs. Democrats worried about whether Trump had a plan to proceed in the peace talks.
Asked if he thinks Thursday's developments increase the chance of war, Trump said, "we'll see what happens. I hope that we'll continue onward."
"I think they want to do what's right," he said of the North Korean regime.
— CNBC's Amanda Macias contributed to this report.
WATCH: Trump realized he was walking into a trap with N. Korea show chapters Trump realized he was walking into a trap with North Korea: Sung-Yoon Lee 1 Hour Ago | 03:47 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/24/trump-says-us-military-is-ready-if-necessary-after-kim-jong-un-summit-cancellation.html |
Five Star, Lega propose law professor Giuseppe Conte as new prime minister 2 Hours Ago 01:27 01:27 | 9:57 AM ET Sun, 13 May 2018 02:54 02:54 | 10:32 AM ET Mon, 14 May 2018 00:44 00:44 | 11:48 AM ET Fri, 11 May 2018 | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/22/five-star-lega-propose-law-professor-giuseppe-conte-as-new-prime-minister.html |
Double-Digit Growth in Digital Sales
SEATTLE--(BUSINESS WIRE)-- Nordstrom, Inc. (NYSE: JWN) today reported earnings per diluted share for the first quarter ended May 5, 2018 of $0.51, compared with the first quarter ended April 29, 2017 of $0.37, which included a debt refinancing charge of $0.06.
Total Company net sales increased 5.8 percent for the first quarter ended May 5, 2018 compared with the quarter ended April 29, 2017. This reflected an increase of approximately 250 basis points primarily due to the shift of a Nordstrom Rewards loyalty event into the first quarter relative to the second quarter last year. Comparable sales for the first quarter ended May 5, 2018 increased 0.6 percent, compared with the 13-week period ended May 6, 2017.
The Company continues to invest in new market opportunities and digital capabilities to drive customer engagement and market share gains. During the quarter, the Company made the following achievements in executing its growth plans:
The Company reached a significant milestone in its history with the opening of the Nordstrom Men's Store in New York City. The Company expanded its presence in Canada with the introduction of Nordstrom Rack, opening three stores in the Toronto and Calgary markets. In executing its digital strategy, the Company increased sales enabled through digital capabilities by 18 percent in the first quarter, compared with the same period in 2017. Digitally enabled sales represented 29 percent of first quarter sales, up from 25 percent a year ago. Sales from Nordstrom Rewards customers represented 53 percent of first quarter sales, compared with 47 percent a year ago.
FIRST QUARTER SUMMARY
First quarter net earnings were $87 million compared with $63 million during the same period in fiscal 2017. Results in 2017 included an interest expense charge of $18 million related to a debt refinancing. Earnings before interest and taxes ("EBIT") were $153 million, or 4.4 percent of net sales, compared with $151 million, or 4.6 percent of net sales, during the same period in fiscal 2017. In Full-price, which consists of Nordstrom U.S. full-line stores, Nordstrom.com , the Canadian operation, Trunk Club, Jeffrey and Nordstrom Local, comparable sales increased 0.7 percent. The top-ranking merchandise categories were Kids' Apparel and Men's Apparel. In Off-price, which consists of Nordstrom U.S. Rack stores, Nordstromrack.com/HauteLook and Last Chance clearance stores, comparable sales increased 0.4 percent. Gross profit, as a percentage of net sales, of 34.1 percent decreased 21 basis points compared with the same period in fiscal 2017. This reflected higher occupancy expenses related to U.S. and Canada Rack openings in addition to planned pre-opening expenses associated with the Nordstrom Men's Store NYC. The Company ended the first quarter in a good inventory position with net sales growth exceeding a decline in inventory. Selling, general and administrative expenses, as a percentage of net sales, of 32.3 percent increased 32 basis points compared with the same period in fiscal 2017, primarily due to planned pre-opening expenses associated with the Nordstrom Men's Store NYC. The Company's rate performance reflected an improvement relative to recent historical trends driven by productivity gains in technology, supply chain and marketing. During the quarter, the Company repurchased 0.3 million shares of its common stock for $13 million. A total capacity of $401 million remains available under its existing share repurchase board authorization. The actual timing, price, manner and amounts of future share repurchases, if any, will be subject to market and economic conditions and applicable Securities and Exchange Commission ("SEC") rules.
EXPANSION UPDATE
To date in fiscal 2018, the Company opened eight stores and closed one store. The Company opened the following stores in the first quarter of 2018:
Location Store Name
Square
Footage
(000's)
Timing Full-price U.S. - Nordstrom full-line New York, New York Nordstrom Men's Store NYC
47
April 12 Canada - Nordstrom Rack Toronto, Ontario Vaughan Mills
38
March 22 Calgary, Alberta Deerfoot Meadows
30
April 26 Toronto, Ontario One Bloor
39
May 3 Off-price U.S. - Nordstrom Rack Bridgewater, New Jersey Chimney Rock Crossing
36
March 8 Lancaster County, Pennsylvania Shoppes at Belmont
26
March 8 Shenandoah, Texas Portofino Shopping Center
27
March 18 Santa Clarita, California Promenade at Town Center
30
April 19 Number of stores May 5, 2018 April 29, 2017 Full-price U.S. - Nordstrom full-line 1 117 117 Canada - Nordstrom full-line 6 5 Canada - Nordstrom Rack 3 — Other Full-price 2 9 9 Off-price U.S. - Nordstrom Rack 236 220 Last Chance clearance stores 2 2 Total 373 353 1 U.S. - Nordstrom full-line includes the Nordstrom Local store in California. 2 Other Full-price includes Trunk Club clubhouses and Jeffrey boutiques. Gross square footage 30,420,000 29,764,000 FISCAL YEAR 2018 OUTLOOK
The Company updated its annual outlook expectations for earnings per diluted share to incorporate first quarter results. Nordstrom's current expectations for fiscal 2018 are as follows:
Prior Outlook Current Outlook Net sales $15.2 to $15.4 billion No change Comparable sales (percent) 0.5 to 1.5 No change EBIT $885 to $940 million $895 to $940 million Earnings per diluted share (excluding the impact of any future share repurchases) $3.30 to $3.55 $3.35 to $3.55 The Company’s updated annual outlook expectations incorporated the following assumptions:
The shift in the Anniversary Sale event into the second quarter relative to the second and third quarters in 2017 and the adoption of the new revenue recognition guidance is expected to impact total sales percentage by an increase of approximately 150 basis points in the second quarter and a decrease of approximately 150 basis points in the third quarter. Credit card revenues growth in the mid-teens range.
CONFERENCE CALL INFORMATION
The Company's senior management will host a conference call to discuss first quarter 2018 results and fiscal 2018 outlook at 4:45 p.m. Eastern Daylight Time today. To listen to the live call online and view the conference call slides and the speakers' prepared remarks, visit the Investor Relations section of the Company's corporate website at http://investor.nordstrom.com . An archived webcast with the speakers' prepared remarks and the conference call slides will be available in the Quarterly Earnings section for at least one year. Interested parties may also dial 201-689-8354. A telephone replay will be available beginning approximately three hours after the conclusion of the call by dialing 877-660-6853 or 201-612-7415 and entering Conference ID 13679678, until the close of business on May 24, 2018.
ABOUT NORDSTROM
Nordstrom, Inc. is a leading fashion retailer based in the U.S. Founded in 1901 as a shoe store in Seattle, today Nordstrom operates 373 stores in 40 states, including 122 full-line stores in the United States, Canada and Puerto Rico; 239 Nordstrom Rack stores; two Jeffrey boutiques; two clearance stores; seven Trunk Club clubhouses; and its Nordstrom Local service concept. Additionally, customers are served online through Nordstrom.com , Nordstromrack.com , HauteLook, and TrunkClub.com . Nordstrom, Inc.'s common stock is publicly traded on the NYSE under the symbol JWN.
Certain statements in this news release contain or may suggest "forward-looking" information (as defined in the Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties including, but not limited to, our anticipated financial outlook for the fiscal year ending February 2, 2019, our anticipated annual total and comparable sales rates, our anticipated new store openings in existing, new and international markets, our anticipated Return on Invested Capital and trends in our operations. Such statements are based upon the current beliefs and expectations of our management and are subject to significant risks and uncertainties. Our actual future results may differ materially from historical results or current expectations depending upon factors including, but not limited to: successful execution of our customer strategy to provide a differentiated and seamless experience across all Nordstrom channels; timely and effective implementation of our plans to evolve our business model, including development of applications for electronic devices, improvement of customer-facing technology, timely delivery of products purchased digitally, enhancement of inventory management systems, greater and more fluid inventory availability between our digital channels and retail store locations, and greater consistency in marketing and pricing strategies, as well as our ability to manage the costs associated with this evolving business model; our ability to evolve our business model as necessary to respond to the business and retail environment, as well as fashion trends and consumer preferences, including changing expectations of service and experience in stores and online; our ability to properly balance our investments in existing and new store locations, especially our investments in our Nordstrom Men's Store NYC and Nordstrom NYC; successful execution of our information technology strategy; our ability to effectively utilize data in strategic planning and decision making; timely completion of construction associated with newly planned stores, relocations and remodels, all of which may be impacted by the financial health of third parties and consumer traffic to the locations; efficient and proper allocation of our capital resources; effective inventory management processes and systems, fulfillment and supply chain processes and systems, disruptions in our supply chain and our ability to control costs; the impact of any systems or network failures, cybersecurity and/or security breaches, including any security breach of our systems or those of a third party provider that results in the theft, transfer or unauthorized disclosure of customer, employee or Company information or compliance with information security and privacy laws and regulations in the event of such an incident; our ability to safeguard our reputation and maintain our vendor relationships; our ability to maintain relationships with and motivate our employees and to effectively attract, develop and retain our future leaders; our ability to realize the expected benefits, respond to potential risks and appropriately manage costs associated with our program agreement with TD; the effectiveness of planned advertising, marketing and promotional campaigns in the highly competitive and promotional retail industry; market fluctuations, increases in operating costs, exit costs and overall liabilities and losses associated with owning and leasing real estate; potential goodwill impairment charges, future impairment charges and fluctuations in the fair values of reporting units or of assets in the event projected financial results are not achieved within expected time frames; compliance with debt covenants and operating covenants, availability and cost of credit, changes in our credit rating and changes in interest rates; the timing, price, manner and amounts of future share repurchases by the Company, if any, or any share issuances by the Company; the impact of the seasonal nature of our business and cyclical customer spending; the impact of economic and market conditions and the resultant impact on consumer spending and credit patterns; the impact of economic, environmental or political conditions in the U.S. and countries where our third party vendors operate; weather conditions, natural disasters, health hazards, national security or other market and supply chain disruptions, or the prospects of these events and the resulting impact on consumer spending patterns or information technology systems and communications; our compliance with applicable domestic and international laws, regulations and ethical standards, including those related to employment and tax, and the outcome of claims and litigation and resolution of such matters; the impact of the current regulatory environment and financial system, health care, and tax reforms; and the impact of changes in accounting rules and regulations, changes in our interpretation of the rules or regulations, or changes in underlying assumptions, estimates or judgments. Our SEC reports, including our Form 10-K for the fiscal year ended February 3, 2018, contain other information on these and other factors that could affect our financial results and cause actual results to differ materially from any forward-looking information we may provide. The Company undertakes no obligation to update or revise any forward-looking statements to reflect subsequent events, new information or future circumstances, except as required by law.
NORDSTROM, INC.
CONSOLIDATED STATEMENTS OF EARNINGS
(unaudited; amounts in millions, except per share amounts)
Quarter Ended May 5, 2018 April 29, 2017 Net sales $ 3,469 $ 3,279 Credit card revenues, net 92 75 Total revenues 3,561 3,354 Cost of sales and related buying and occupancy costs (2,288 ) (2,155 ) Selling, general and administrative expenses (1,120 ) (1,048 ) Earnings before interest and income taxes 153 151 Interest expense, net (28 ) (48 ) Earnings before income taxes 125 103 Income tax expense (38 ) (40 ) Net earnings $ 87 $ 63 Earnings per share: Basic $ 0.52 $ 0.38 Diluted $ 0.51 $ 0.37 Weighted-average shares outstanding: Basic 167.8 167.3 Diluted 170.2 169.1 Percent of net sales: Gross profit 34.1 % 34.3 % Selling, general and administrative expenses 32.3 % 32.0 % Earnings before interest and income taxes 4.4 % 4.6 % NORDSTROM, INC.
CONSOLIDATED BALANCE SHEETS
(unaudited; amounts in millions)
May 5, 2018 February 3, 2018 April 29, 2017 Assets Current assets: Cash and cash equivalents $ 966 $ 1,181 $ 653 Accounts receivable, net 186 145 209 Merchandise inventories 2,120 2,027 2,160 Prepaid expenses and other 291 150 147 Total current assets 3,563 3,503 3,169 Land, property and equipment (net of accumulated depreciation of $6,227, $6,105 and $5,742) 3,887 3,939 3,872 Goodwill 249 238 238 Other assets 317 435 492 Total assets $ 8,016 $ 8,115 $ 7,771 Liabilities and Shareholders' Equity Current liabilities: Accounts payable $ 1,575 $ 1,409 $ 1,590 Accrued salaries, wages and related benefits 317 578 319 Other current liabilities 1,307 1,246 1,225 Current portion of long-term debt 56 56 11 Total current liabilities 3,255 3,289 3,145 Long-term debt, net 2,680 2,681 2,731 Deferred property incentives, net 495 495 530 Other liabilities 516 673 688 Commitments and contingencies Shareholders' equity: Common stock, no par value: 1,000 shares authorized; 167.8, 167.0 and 166.0 shares issued and outstanding 2,852 2,816 2,730 Accumulated deficit (1,738 ) (1,810 ) (1,999 ) Accumulated other comprehensive loss (44 ) (29 ) (54 ) Total shareholders' equity 1,070 977 677 Total liabilities and shareholders' equity $ 8,016 $ 8,115 $ 7,771 NORDSTROM, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited; amounts in millions)
Quarter Ended May 5, 2018 April 29, 2017 Operating Activities Net earnings $ 87 $ 63 Adjustments to reconcile net earnings to net cash (used in) provided by operating activities: Depreciation and amortization expenses 169 161 Amortization of deferred property incentives and other, net (18 ) (26 ) Deferred income taxes, net (22 ) (21 ) Stock-based compensation expense 23 16 Change in operating assets and liabilities: Accounts receivable (42 ) (10 ) Merchandise inventories (30 ) (266 ) Prepaid expenses and other assets (173 ) (11 ) Accounts payable 212 272 Accrued salaries, wages and related benefits (259 ) (136 ) Other current liabilities 4 9 Deferred property incentives 24 32 Other liabilities (3 ) 6 Net cash (used in) provided by operating activities (28 ) 89 Investing Activities Capital expenditures (129 ) (153 ) Other, net (20 ) 9 Net cash used in investing activities (149 ) (144 ) Financing Activities Proceeds from long-term borrowings, net of discounts — 635 Principal payments on long-term borrowings (3 ) (653 ) Increase (decrease) in cash book overdrafts 27 (21 ) Cash dividends paid (62 ) (62 ) Payments for repurchase of common stock (13 ) (211 ) Proceeds from issuances under stock compensation plans 24 11 Tax withholding on share-based awards (11 ) (5 ) Other, net — 7 Net cash used in financing activities (38 ) (299 ) Net decrease in cash and cash equivalents (215 ) (354 ) Cash and cash equivalents at beginning of period 1,181 1,007 Cash and cash equivalents at end of period $ 966 $ 653
NORDSTROM, INC.
SUMMARY OF NET SALES
(unaudited; amounts in millions)
During the first quarter of 2018, we adopted the new revenue recognition guidance using the modified retrospective adoption method. Results beginning in the first quarter of 2018 are presented under the new guidance, while prior period amounts are not adjusted. Also beginning in 2018, we aligned our sales presentation with how we view the results of our operations internally and how our customers view us, by our Full-price and Off-price businesses.
Our Full-price business includes our Nordstrom U.S. full-line stores, Nordstrom.com , the Canadian operation, Trunk Club, Jeffrey and Nordstrom Local. Our Off-price business includes Nordstrom U.S. Rack stores, Nordstromrack.com/HauteLook and Last Chance clearance stores. The following table summarizes net sales and comparable sales within our business for the first quarter ended 2018 compared with the same period in fiscal 2017:
Quarter Ended May 5, 2018 2 April 29, 2017 Net sales by business 1 : Full-price $ 2,240 $ 2,156 Off-price 1,229 1,152 Other — (29 ) Total net sales $ 3,469 $ 3,279 Comparable sales increase (decrease) by business: Full-price 0.7 % (2.9 %) Off-price 0.4 % 2.3 % Total Company 0.6 % (0.8 %) Digitally enabled sales as % of total net sales 3 29 % 25 % 1 We present our sales for 2018 and 2017 to align with how management views our results internally, including presenting 2018 under the new revenue recognition guidance and allocating our sales returns reserve to our Full-price and Off-price business. For 2017 and prior, Other primarily included unallocated sales return, in-transit and loyalty related adjustments necessary to reconcile sales by business to total net sales.
2 Total net sales in the first quarter of 2018 increased approximately 250 basis points due to the shift of a Nordstrom Rewards loyalty event into the first quarter relative to the second quarter and the adoption of the new revenue recognition guidance. Full-price and Off-price net sales increased approximately 200 basis points and 100 basis points for the same impacts as total company, in addition to allocating sales return reserves to the Full-price and Off-price businesses.
3 Digitally enabled sales are online sales and digitally assisted store sales which include Buy Online, Pickup in Store (“BOPUS”), Reserve Online, Try on in Store (Store Reserve) and Style Board, a digital selling tool.
NORDSTROM, INC.
RETURN ON INVESTED CAPITAL (NON-GAAP FINANCIAL MEASURE)
(unaudited; dollar amounts in millions)
We believe that ROIC is a useful financial measure for investors in evaluating the efficiency and effectiveness of the capital we have invested in our business to generate returns. ROIC adjusts our operating leases as if they met the criteria for capital leases or we had purchased the properties. This provides additional supplemental information that reflects the investment in our off-balance sheet operating leases, controls for differences in capital structure between us and our competitors and provides investors and credit agencies with another way to comparably evaluate the efficiency and effectiveness of our capital investments over time. In addition, we incorporate ROIC into our executive incentive measures and it is an important component of shareholders’ return over the long term.
We define ROIC as our adjusted net operating profit after tax divided by our average invested capital using the trailing 12-month average. ROIC is not a measure of financial performance under generally accepted accounting principles (“GAAP”) and should be considered in addition to, and not as a substitute for, return on assets, net earnings, total assets or other financial measures prepared in accordance with GAAP. Our method of determining non-GAAP financial measures may differ from other companies’ methods and therefore may not be comparable to those used by other companies. Estimated depreciation on capitalized operating leases and average estimated asset base of capitalized operating leases are not calculated in accordance with, or an alternative for, GAAP and should not be considered in isolation or as a substitution of our results as reported under GAAP. The financial measure calculated under GAAP which is most directly comparable to ROIC is return on assets.
For the 12 fiscal months ended May 5, 2018, our ROIC increased to 9.9% compared with 8.7% for the 12 fiscal months ended April 29, 2017. Results for the prior period were negatively impacted by approximately 320 basis points due to the Trunk Club non-cash goodwill impairment charge in the third quarter of 2016.
The following is a reconciliation of the components of ROIC and return on assets:
12 Fiscal Months Ended May 5, 2018 April 29, 2017 Net earnings $ 461 $ 371 Add: income tax expense 1 351 341 Add: interest expense 123 140 Earnings before interest and income tax expense 935 852 Add: rent expense, net 254 212 Less: estimated depreciation on capitalized operating leases 2 (135 ) (113 ) Adjusted net operating profit 1,054 951 Less: estimated income tax expense (456 ) (436 ) Adjusted net operating profit after tax $ 598 $ 515 Average total assets $ 8,067 $ 7,977 Less: average non-interest-bearing current liabilities 3 (3,306 ) (3,013 ) Less: average deferred property incentives and deferred rent liability 3 (642 ) (644 ) Add: average estimated asset base of capitalized operating leases 2 1,893 1,570 Average invested capital $ 6,012 $ 5,890 Return on assets 4 5.7 % 4.7 % ROIC 4 9.9 % 8.7 % 1 Results for the 12 fiscal months ended May 5, 2018 include a $42 impact related to the Tax Act.
2 Capitalized operating leases is our best estimate of the asset base we would record for our leases that are classified as operating if they had met the criteria for a capital lease or we had purchased the property. The asset base is calculated based upon the trailing 12-month average of the monthly asset base. The asset base for each month is calculated as the trailing 12 months of rent expense multiplied by eight. The multiple of eight times rent expense is a commonly used method of estimating the asset base we would record for our capitalized operating leases.
3 Balances associated with our deferred rent liability have been classified as long-term liabilities as of January 28, 2017.
4 Results for the 12 fiscal months ended April 29, 2017 include the $197 impact of the Trunk Club non-cash goodwill impairment charge in the third quarter of 2016, which negatively impacted the prior period return on assets by approximately 240 basis points and ROIC by approximately 320 basis points.
NORDSTROM, INC.
ADJUSTED DEBT TO EBITDAR (NON-GAAP FINANCIAL MEASURE)
(unaudited; dollar amounts in millions)
Adjusted Debt to earnings before interest, income taxes, depreciation, amortization and rent ("EBITDAR") is one of our key financial metrics, and we believe that our debt levels are best analyzed using this measure. Our goal is to manage debt levels to maintain an investment-grade credit rating and operate with an efficient capital structure. In evaluating our debt levels, this measure provides a reflection of our credit worthiness that could impact our credit rating and borrowing costs. We also have a debt covenant that requires an adjusted debt to EBITDAR leverage ratio of no more than four times. As of May 5, 2018, our Adjusted Debt to EBITDAR was 2.6, and as of April 29, 2017, it was 2.3.
Adjusted Debt to EBITDAR is not a measure of financial performance under GAAP and should be considered in addition to, and not as a substitute for, debt to net earnings, net earnings, debt or other financial measures prepared in accordance with GAAP. Our method of determining non-GAAP financial measures may differ from other companies' methods and therefore may not be comparable to those used by other companies. The financial measure calculated under GAAP which is most directly comparable to Adjusted Debt to EBITDAR is debt to net earnings. The following is a reconciliation of the components of Adjusted Debt to EBITDAR and debt to net earnings:
2018 1 2017 1 Debt $ 2,736 $ 2,742 Add: estimated capitalized operating lease liability 2 2,029 1,700 Adjusted Debt $ 4,765 $ 4,442 Net earnings $ 461 $ 371 Add: income tax expense 351 341 Add: interest expense, net 116 138 Earnings before interest and income taxes 928 850 Add: depreciation and amortization expenses 674 649 Add: rent expense, net 254 212 Add: non-cash acquisition-related charges 3 1 207 Adjusted EBITDAR $ 1,857 $ 1,918 Debt to Net Earnings 4 5.9 7.4 Adjusted Debt to EBITDAR 2.6 2.3 1 The components of Adjusted Debt are as of May 5, 2018 and April 29, 2017, while the components of Adjusted EBITDAR are for the 12 months ended May 5, 2018 and April 29, 2017.
2 Based upon the estimated lease liability as of the end of the period, calculated as the trailing 12 months of rent expense multiplied by eight. The multiple of eight times rent expense is a commonly used method of estimating the debt we would record for our leases that are classified as operating if they had met the criteria for a capital lease or we had purchased the property.
3 Non-cash acquisition-related charges for the 12 months ended April 29, 2017 included the goodwill impairment charge of $197 related to Trunk Club.
4 Results for the period ended April 29, 2017 include the $197 impact of the Trunk Club goodwill impairment charge, which approximates 260 basis points.
NORDSTROM, INC.
FREE CASH FLOW (NON-GAAP FINANCIAL MEASURE)
(unaudited; amounts in millions)
Free Cash Flow is one of our key liquidity measures, and when used in conjunction with GAAP measures, provides investors with a meaningful analysis of our ability to generate cash from our business. For the quarter ended May 5, 2018, we had Free Cash Flow of ($130) compared with ($85) for the first quarter ended 2017.
Beginning in the first quarter of fiscal 2018, we no longer reduce free cash flow by cash dividends paid. We believe that no longer reducing free cash flow by dividends paid is more reflective of our operating performance and more consistent with the way we manage our business, how our peers calculate free cash flows, and prevailing industry practice. Prior period Free Cash Flow financial measures have been recast to conform with current period presentation.
Free Cash Flow is not a measure of financial performance under GAAP and should be considered in addition to, and not as a substitute for, operating cash flows or other financial measures prepared in accordance with GAAP. Our method of determining non-GAAP financial measures may differ from other companies' methods and therefore may not be comparable to those used by other companies. The financial measure calculated under GAAP which is most directly comparable to Free Cash Flow is net cash provided by operating activities. The following is a reconciliation of net cash provided by operating activities to Free Cash Flow:
Quarter Ended May 5, 2018 April 29, 2017 Net cash (used in) provided by operating activities $ (28 ) $ 89 Less: capital expenditures (129 ) (153 ) Add (Less): change in cash book overdrafts 27 (21 ) Free Cash Flow $ (130 ) $ (85 )
NORDSTROM, INC.
ADJUSTED EBITDA (NON-GAAP FINANCIAL MEASURE)
(unaudited; amounts in millions)
Adjusted earnings before interest, income taxes, depreciation and amortization (“EBITDA”) is our key financial metric to reflect our view of cash flow from net earnings. Adjusted EBITDA excludes significant items which are non-operating in nature in order to evaluate our core operating performance against prior periods and increase comparability with our peers. The financial measure calculated under GAAP which is most directly comparable to Adjusted EBITDA is net earnings. As of May 5, 2018 and April 29, 2017, Adjusted EBITDA was $301 and $293.
Adjusted EBITDA is not a measure of financial performance under GAAP and should be considered in addition to, and not as a substitute for net earnings, overall change in cash or liquidity of the business as a whole. Our method of determining non-GAAP financial measures may differ from other companies’ methods and therefore may not be comparable to those used by other companies. The following is a reconciliation of net earnings to Adjusted EBITDA:
Quarter Ended May 5, 2018 April 29, 2017 Net earnings $ 87 $ 63 Add: income tax expense 38 40 Add: interest expense, net 28 48 Earnings before interest and income taxes 153 151 Add: depreciation and amortization expenses 169 161 Less: amortization of deferred property incentives (21 ) (19 ) Adjusted EBITDA $ 301 $ 293
View source version on businesswire.com : https://www.businesswire.com/news/home/20180517006099/en/
Nordstrom, Inc.
Investors:
Trina Schurman, 206-303-6503
or
Media:
Gigi Ganatra Duff, 206-303-3030
Source: Nordstrom, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/business-wire-nordstrom-reports-first-quarter-2018-earnings.html |
Fortinet Inc:
* FORTINET REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS * Q1 NON-GAAP EARNINGS PER SHARE $0.33
* Q1 GAAP EARNINGS PER SHARE $0.24 * Q1 REVENUE $399 MILLION VERSUS I/B/E/S VIEW $390.4 MILLION
* Q1 EARNINGS PER SHARE VIEW $0.24 — THOMSON REUTERS I/B/E/S
* SEES Q2 2018 NON-GAAP EARNINGS PER SHARE $0.34 TO $0.36 INCLUDING ITEMS
* SEES Q2 2018 REVENUE $420 MILLION TO $430 MILLION * Q2 EARNINGS PER SHARE VIEW $0.34, REVENUE VIEW $415.2 MILLION — THOMSON REUTERS I/B/E/S
* QTRLY DEFERRED REVENUE OF $1.40 BILLION, UP 27% YEAR OVER YEAR
* QTRLY BILLINGS OF $463.2 MILLION, UP 15% YEAR OVER YEAR * FOR Q2 OF 2018, FORTINET EXPECTS BILLINGS IN RANGE OF $485 MILLION TO $495 MILLION
* FOR FISCAL YEAR OF 2018, FORTINET EXPECTS REVENUE IN RANGE OF $1.715 BILLION TO $1.735 BILLION
* FOR FISCAL YEAR OF 2018, FORTINET EXPECTS BILLINGS IN RANGE OF $2.040 BILLION TO $2.065 BILLION
* FOR FISCAL YEAR OF 2018, FORTINET EXPECTS DILUTED NON-GAAP EARNINGS PER SHARE IN RANGE OF $1.51 TO $1.55
* FY2018 EARNINGS PER SHARE VIEW $1.42, REVENUE VIEW $1.71 BILLION — THOMSON REUTERS I/B/E/S Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-fortinet-q1-gaap-earnings-per-shar/brief-fortinet-q1-gaap-earnings-per-share-0-24-idUSASC09ZQT |
CANONSBURG, Pa., May 3, 2018 /PRNewswire/ -- SciCan, Inc., manufacturer of infection control products, is proud to announce Scott Rinnas as its new Sales Representative based in Chicago, IL.
Scott will be responsible for managing SciCan's product lines in Northern Illinois, Wisconsin, and Northern Michigan.
Scott comes to us with an extensive background in the US dental market. He has held positions across the country with Henry Schein Dental, and most recently Crosstex International. Scott holds a Bachelors degree from Michigan State University in Marketing, Sales, and Entrepreneurship.
Contact:
Mike Etheridge
US Marketing Manager and Central Region Sales Manager
SciCan, Inc.
701 Technology Drive
Canonsburg, PA 15317
Phone: 724-820-1600
Email: [email protected]
View original content: http://www.prnewswire.com/news-releases/scican-announces-the-appointment-of-scott-rinnas-300642569.html
SOURCE SciCan | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/pr-newswire-scican-announces-the-appointment-of-scott-rinnas.html |
May 11, 2018 / 11:02 AM / Updated 37 minutes ago No forced layoffs in planned Innogy break-up: unions, companies Reuters Staff 1 Min Read
DUESSELDORF (Reuters) - The planned break-up of German energy group Innogy ( IGY.DE ) will happen without forced layoffs, according to a framework agreement between labor unions, Innogy, its parent RWE ( RWEG.DE ) and rival E.ON ( EONGn.DE ) published on Friday.
The far-reaching asset swap deal between RWE and E.ON, first announced in March, will essentially mark the end of Innogy as an independently listed company and has led to concerns that Innogy could bear the brunt of planned job cuts. Reporting by Tom Kaeckenhoff; Writing by Christoph Steitz; Editing by Caroline Copley | ashraq/financial-news-articles | https://uk.reuters.com/article/us-innogy-m-a-e-on-redundancies/no-forced-layoffs-in-planed-innogy-break-up-unions-companies-idUKKBN1IC168 |
May 7 (Reuters) - Clearbridge Energy MLP Fund Inc:
* CLEARBRIDGE ENERGY MLP FUND INC - AS OF APRIL 30, 2018, NET ASSETS WERE $1,004.5 MILLION, AND ITS NET ASSET VALUE PER SHARE WAS $14.27 Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-clearbridge-energy-mlp-reports-net/brief-clearbridge-energy-mlp-reports-net-assets-of-1-00-bln-as-of-april-30-idUSFWN1SE0Q1 |
April 30 (Reuters) - Domo Activos Socimi SA:
* SAID ON SATURDAY FY NET LOSS 400,648 EUROS VERSUS LOSS 34,771 EUROS YEAR AGO
Source text: bit.ly/2JAnoQ0
Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/idUSL8N1S70OC |
OSAKA, Japan and DEERFIELD, Ill., Takeda Pharmaceutical Company Limited (Takeda; TSE: 4502) and H. Lundbeck A/S (Lundbeck; LUN.CO, LUN DC, HLUYY) today announced the U.S. Food and Drug Administration (FDA) approved a supplemental new drug application for TRINTELLIX ® (vortioxetine). TRINTELLIX is the first FDA-approved treatment for MDD where the U.S. labelling now includes data from the largest replicated clinical studies on an important aspect of cognitive function in acute major depressive disorder (MDD, depression). The FOCUS and CONNECT studies showed TRINTELLIX had a positive effect on processing speed, an important aspect of cognitive function that may be impaired in adult patients with acute MDD.
FOCUS and CONNECT, two eight-week, randomized, double-blind, placebo-controlled studies, were conducted to evaluate the effect of TRINTELLIX on the Digit Symbol Substitution Test (DSST) during the treatment of acute MDD. The DSST is a neuropsychological test that most specifically measures processing speed, an aspect of cognitive function that may be impaired in MDD. The effects observed on DSST may reflect improvement in depression. Comparative studies have not been conducted to demonstrate a therapeutic advantage over other antidepressants on the DSST.
"Many of my MDD patients recognize the mood and physical attributes of depression, but do not often recognize that their cognitive symptoms may also be part of their depression. As part of a comprehensive treatment approach, it's important for clinicians to talk to patients about all symptoms associated with depression. This updated TRINTELLIX labelling regarding improvement in processing speed provides important information to improve discussions between healthcare providers and patients about their depression," said Dr. Gregory Mattingly, Associate Clinical Professor, Department of Psychiatry, Washington University School of Medicine.
Depression is a complex disorder that is more than just sadness. This condition has a wide range of symptoms, including depressed mood or loss of interest, physical symptoms such as sleep problems, decrease or increase in appetite, significant weight loss when not dieting or weight gain, and cognitive symptoms, like difficulty concentrating or slowed thinking. The prevalence of cognitive impairment associated with MDD is high.
"With my depression, I felt like my thoughts slowed down. It was as if my brain just couldn't keep up. After speaking with my doctor, I was surprised to learn that this could be part of my depression," said David, a patient who spoke about his experience with depression at a FDA Advisory Committee Meeting in 2016.
"Years of research, including the FOCUS and CONNECT studies, have helped us better understand how complex and debilitating depression can be for people and reinforces how important innovation is in bringing potential options to those suffering from depression," said Anders Gersel Pedersen, Executive Vice President, Head of Drug Development, Lundbeck.
"We are pleased with the FDA's approval of our sNDA to include data on an important aspect of cognitive function in MDD in the U.S. labelling of TRINTELLIX. The FOCUS and CONNECT data provides additional clinical information to healthcare professionals for people suffering from depression," said Emiliangelo Ratti, Senior Vice President, Head of Neuroscience Therapeutic Area Unit, Takeda.
The FDA approved TRINTELLIX on September 30, 2013 for the treatment of MDD in adults. Vortioxetine is furthermore approved in 77 countries (including Europe, Canada, Chile, China, Mexico, Argentina, South Korea, Turkey, Australia, Hong Kong, Singapore and South Africa). It is available in more than 60 countries to date.
About Major Depressive Disorder (MDD)
MDD is a complex mental health illness that affects approximately 14 million people annually. Also known as clinical depression, MDD is the leading cause of disability worldwide and a major contributor to the overall global burden of disease. MDD may trigger emotional, cognitive and physical symptoms, which includes depressed mood, loss of interest or pleasure, significant weight loss or gain or change in appetite, insomnia or hypersomnia, psychomotor agitation or retardation, fatigue or loss of energy, feelings of worthlessness or excessive guilt, diminished ability to think or concentrate, or indecisiveness, and recurrent suicidal ideation.
About TRINTELLIX (vortioxetine)
The mechanism of the antidepressant effect of TRINTELLIX is not fully understood. It is an inhibitor of serotonin (5-HT) reuptake and that is thought to be a mechanism of its action. It is also an agonist at 5-HT1A receptors, a partial agonist at 5-HT1B receptors and an antagonist at 5-HT3, 5-HT1D and 5-HT7 receptors. The contribution of each of these activities to TRINTELLIX's antidepressant effect has not been established. It is considered to be the first and only compound with this combination of pharmacodynamic activity. The clinical relevance of this is unknown.
TRINTELLIX was discovered by Lundbeck researchers in Copenhagen, Denmark. The clinical trial program in the U.S. was conducted jointly by Lundbeck and Takeda, and Takeda holds the new drug application for the U.S. market. TRINTELLIX is a trademark of H. Lundbeck A/S and is used under license by Takeda Pharmaceuticals U.S.A., Inc. For more information, visit www.Trintellix.com .
The World Health Organization has issued an Anatomical Therapeutic Chemical (ATC) code for TRINTELLIX that places it in the category of "Other" antidepressants.
The most commonly observed adverse events in MDD patients treated with TRINTELLIX in 6-8 week placebo-controlled studies (incidence greater than or equal to 5 percent and at least twice the rate of placebo) were nausea, constipation and vomiting. Overall, 5 to 8 percent of the patients who received TRINTELLIX 5 to 20 mg/day in short-term trials discontinued treatment due to an adverse reaction, the most common being nausea, compared with 4 percent of placebo-treated patients in these studies. TRINTELLIX and other antidepressants may cause serious side effects. See Important Safety Information below.
In clinical studies, TRINTELLIX had no significant effect on body weight as measured by the mean change from baseline in 6-8 week placebo-controlled studies. In the 6-month, double-blind, placebo-controlled phase of a long-term study in patients who had responded to TRINTELLIX during the initial 12-week, open-label phase, there was no significant effect on body weight between TRINTELLIX and placebo-treated patients. Some reports of weight gain have been received since product approval. TRINTELLIX has not been associated with any clinically significant effects on vital signs, including systolic and diastolic blood pressure and heart rate, as measured in placebo-controlled studies.
The recommended starting dose of TRINTELLIX is 10 mg once daily without regard to meals. The dose should then be increased to 20 mg/day, as tolerated, because higher doses demonstrated better treatment effects in trials conducted in the U.S. A dose decrease down to 5 mg/day may be considered for patients who do not tolerate higher doses. The available doses provide important flexibility for physicians to help address the variability of patient needs.
TRINTELLIX is available as 5 mg, 10 mg and 20 mg tablets.
IMPORTANT SAFETY INFORMATION
Suicidal Thoughts and Actions and Antidepressant Drugs
Antidepressants may increase suicidal thoughts or actions in some children, teens or young adults within the first few months of treatment or when the dose is changed. Depression or other serious mental illnesses are the most important causes of suicidal thoughts or actions. People who have (or have a family history of) bipolar illness, or suicidal thoughts or actions may have a particularly high risk. Pay close attention to any changes, especially sudden changes in mood, behavior, thoughts or feelings. Call your healthcare provider right away if symptoms such as anxiety, irritability, impulsivity, trouble sleeping, aggressive behavior or suicidal thoughts are new, worse or worry you. TRINTELLIX has not been evaluated for use in patients under 18.
Do not take TRINTELLIX if you:
Are allergic to vortioxetine or any of the ingredients in TRINTELLIX
Take a Monoamine Oxidase Inhibitor (MAOI). Ask your healthcare provider or pharmacist if you are not sure if you take an MAOI, including the antibiotic linezolid; do not take an MAOI within 21 days of stopping TRINTELLIX; do not start TRINTELLIX if you stopped taking an MAOI in the last 14 days
TRINTELLIX may cause serious side effects including:
Serotonin Syndrome: A potentially life-threatening problem that can happen when medicines such as TRINTELLIX are taken with certain other medicines. Symptoms may include agitation, hallucinations, coma or other changes in mental status; problems controlling movements or muscle twitching, stiffness or tightness; fast heartbeat, high or low blood pressure; sweating or fever; nausea, vomiting or diarrhea.
Abnormal bleeding or bruising: TRINTELLIX and other serotonergic antidepressant medicines may increase your risk of bleeding or bruising, especially if you take the blood thinner warfarin (Coumadin ® , Jantoven ® ), a non-steroidal anti-inflammatory drug (NSAID), or aspirin.
Manic episode: Symptoms may include greatly increased energy; severe trouble sleeping; racing thoughts; reckless behavior; unusually grand ideas; excessive happiness or irritability; talking more or faster than usual.
Visual problems: May include eye pain, changes in vision, swelling or redness in or around the eye. Only some people are at risk for these problems. You may want to undergo an eye examination to see if you are at risk and receive preventative treatment if you are.
Low salt (sodium) levels in the blood: Symptoms may include headache; difficulty concentrating, memory changes or confusion; weakness and unsteadiness on your feet; and in severe or sudden cases hallucinations, fainting, seizures or coma. If not treated, severe low sodium levels can cause death.
Before starting TRINTELLIX, tell your healthcare provider if you have or had liver problems, seizures or convulsions, bipolar disorder (manic depression) or mania, low salt (sodium) levels in your blood, bleeding problems, drink alcohol, have any other medical conditions or if you are pregnant, nursing, plan to become pregnant, or plan to nurse.
TRINTELLIX and some medicines may interact with each other, may not work as well, or may cause serious side effects when taken together. Tell your healthcare provider if you plan on or are taking any other prescription and non-prescription medicines, vitamins and herbal supplements including medicines for migraine headaches, such as triptans; medicines used to treat mood, anxiety, psychotic or thought disorders such as tricyclics, lithium, SSRIs, SNRIs, bupropion, buspirone or antipsychotics; MAOIs including linezolid (a specific antibiotic); over-the-counter supplements such as tryptophan or St. John's wort; and the following medicines: aspirin, NSAIDs, warfarin (Coumadin ® , Jantoven ® ), diuretics, rifampin, carbamazepine, phenytoin, quinidine, tramadol or fentanyl.
Common side effects of TRINTELLIX include: nausea, constipation or vomiting. These are not all the possible side effects of TRINTELLIX.
Do not start or stop taking TRINTELLIX without talking to your healthcare provider first. Suddenly stopping TRINTELLIX when you take higher doses may cause you to have side effects including headache, stiff muscles, mood swings, sudden outbursts of anger, dizziness or feeling lightheaded, or runny nose.
Talk to your healthcare provider.
You are encouraged to report negative side effects of prescription drugs to the FDA. Visit https://www.fda.gov/medwatch or call 1-800-FDA-1088.
Indication for TRINTELLIX
TRINTELLIX is a prescription medicine used to treat Major Depressive Disorder (MDD) in adults.
Please see accompanying Prescribing Information , including Medication Guide for TRINTELLIX.
About Takeda Pharmaceutical Company Limited
Takeda Pharmaceutical Company Limited (TSE: 4502) is a global, research and development-driven pharmaceutical company committed to bringing better health and a brighter future to patients by translating science into life-changing medicines. Takeda focuses its R&D efforts on oncology, gastroenterology and neuroscience therapeutic areas plus vaccines. Takeda conducts R&D both internally and with partners to stay at the leading edge of innovation. Innovative products, especially in oncology and gastroenterology, as well as Takeda's presence in emerging markets, are currently fueling the growth of Takeda. Approximately 30,000 Takeda employees are committed to improving quality of life for patients, working with Takeda's partners in health care in more than 70 countries. For more information, visit https://www.takeda.com/newsroom/ .
About Takeda Neuroscience
Neuroscience is a core therapeutic area for Takeda. Our mission is to provide innovative medicines for targeted patient populations suffering from neuropsychiatric disorders for whom there are no treatments available. We identify targets either genetically linked with specific neuropsychiatric disorders or with high association to the disease pathophysiology, design and operationalize clinical trials in novel ways in an effort to overcome historical challenges, and collaborate with patients, academic institutions, pharmaceutical and biotechnology partners, payors, regulators and prescribers to integrate their unique expertise and perspective. Takeda's current global portfolio consists of five approved medicines to treat adults with: Major Depressive Disorder (MDD), Alzheimer's-type dementia, insomnia, multiple sclerosis, and Parkinson's disease. In addition, there are many novel compounds in clinical development for targeted patient populations.
About H. Lundbeck A/S
H. Lundbeck A/S (LUN.CO, LUN DC, HLUYY) is a global pharmaceutical company specialized in psychiatric and neurological disorders. For more than 70 years, we have been at the forefront of research within neuroscience. Our key areas of focus are Alzheimer's disease, depression, Parkinson's disease and schizophrenia.
Our approximately 5,000 employees in 55 countries are engaged in the entire value chain throughout research, development, manufacturing, marketing and sales. Our pipeline consists of several late-stage development programs and our products are available in more than 100 countries. We have production facilities in Denmark, France and Italy. Lundbeck generated revenue of DKK 17.2 billion in 2017 (EUR 2.3 billion; USD 2.6 billion).
For additional information, visit www.lundbeck.com and connect on Twitter at @Lundbeck.
Lundbeck in the U.S.
In the U.S., Lundbeck employs more than 800 people focused solely on accelerating therapies for brain disorders. With a special commitment to the lives of patients, families and caregivers, Lundbeck U.S. actively engages in hundreds of initiatives each year that support our patient communities.
For additional information, visit www.lundbeckus.com and connect on Twitter at @LundbeckUS.
Takeda Pharmaceutical Company Limited Contacts
Japanese media
Media outside Japan
Tsuyoshi Tada
Julia Ellwanger
Tel: +81 (0) 3-3278-2417
Tel: +1-224-554-7681
Email: [email protected]
Email: [email protected]
H. Lundbeck A/S Contacts
U.S.
Ashleigh Duchene
Tel: +1-312-802-2906
Email: [email protected]
releases/trintellix-vortioxetine-prescribing-information-now-includes-new-data-showing-improvement-in-processing-speed-an-important-aspect-of-cognitive-function-in-acute-major-depressive-disorder-mdd-300641565.html
SOURCE Takeda Pharmaceuticals U.S.A., Inc.; Lundbeck U.S. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/pr-newswire-trintellixa-vortioxetine-prescribing-information-now-includes-new-data-showing-improvement-in-processing-speed-an-important.html |
MORRIS PLAINS, N.J., May 02, 2018 (GLOBE NEWSWIRE) -- Immunomedics, Inc. (NASDAQ:IMMU) (“Immunomedics” or the “Company”) today announced that it will host a conference call on Wednesday, May 9, 2018 at 5:00 p.m. Eastern Time to discuss third quarter fiscal 2018 financial results and provide a corporate update.
To access the conference call, please dial (877) 303-2523 or (253) 237-1755 using the Conference ID 9679918. The conference call will be webcast via the Investors page on the Company’s website at https://immunomedics.com/investors/ . Approximately two hours following the live event, a webcast replay of the conference call will be available on the Company’s website for approximately 30 days.
About Immunomedics
Immunomedics is a clinical-stage biopharmaceutical company developing monoclonal antibody-based products for the targeted treatment of cancer and other serious diseases. Immunomedics’ corporate objective is to become a fully-integrated biopharmaceutical company and a leader in the field of antibody-drug conjugates. To that end, Immunomedics’ immediate priority is to commercialize its most advanced product candidate, sacituzumab govitecan (IMMU-132), beginning in the U.S., with metastatic triple-negative breast cancer as the first indication. For additional information on the Company, please visit its website at https://immunomedics.com/ . The information on its website does not, however, form a part of this press release.
Cautionary note regarding forward-looking statements
This release, in addition to historical information, may contain forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995. Such statements, including statements regarding clinical trials (including the funding therefor, anticipated patient enrollment, trial outcomes, timing or associated costs), regulatory applications and related timelines, including the anticipated filing timeline for the BLA, out-licensing arrangements, forecasts of future operating results, potential collaborations, capital raising activities, and the timing for bringing any product candidate to market, involve significant risks and uncertainties and actual results could differ materially from those expressed or implied herein. Factors that could cause such differences include, but are not limited to, the Company’s dependence on business collaborations or availability of required financing from capital markets, or other sources on acceptable terms, if at all, in order to further develop our products and finance our operations, new product development (including clinical trials outcome and regulatory requirements/actions), the risk that we or any of our collaborators may be unable to secure regulatory approval of and market our drug candidates, risks associated with the outcome of pending litigation and competitive risks to marketed products, and the Company’s ability to repay its outstanding indebtedness, if and when required, as well as the risks discussed in the Company’s filings with the Securities and Exchange Commission. The Company is not under any obligation, and the Company expressly disclaims any obligation, to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise.
For More Information :
Dr. Chau Cheng
Senior Director, Investor Relations & Corporate Secretary
(973) 605-8200, extension 123
[email protected]
Source:Immunomedics, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/globe-newswire-immunomedics-to-report-third-quarter-fiscal-2018-results-and-host-conference-call-and-webcast-on-may-9-2018.html |
JOHANNESBURG (Reuters) - South Africa’s Civil Aviation Authority (SACAA) said on Thursday it had suspended all flights of state-run airline SA Express over safety concerns.
Passengers alight from a South African Airways at George Airport in the Western Cape, South Africa. December 14, 2017. Picture taken December 14, 2017. REUTERS/Siphiwe Sibeko The decision comes after Public Enterprises Minister Pravin Gordhan said on Thursday that he had appointed an “intervention team” to help at the troubled airline, which has lost several executive managers who have been suspended over graft allegations.
President Cyril Ramaphosa has pledged to clean up the graft and misgovernance that critics say bedeviled the administration of his predecessor Jacob Zuma, who was forced from office in February by the ruling African National Congress (ANC).
“The decision to revoke the airline’s permits comes after the SACAA conducted an audit at the airline and its maintenance organization in the past several days, which uncovered severe cases of non-compliance that pose serious safety risks,” SACAA said in a statement.
“SA Express PTY can no longer continue to operate as an airline. In order to be able to operate, SA Express will have to re-apply and be issued with relevant approvals,” it said.
Nine of its 21 aircraft have had their certificates of airworthiness suspended, SACAA said.
Gordhan said in a statement Thursday evening that “today’s suspension of the airline is a classic example of the impact of corruption and malfeasance on the country’s national assets.”
“This impact is informed by actions of the previous executive management that resulted in looting of resources without being held accountable during their tenure in the airline,” he said.
Gordhan said earlier on Thursday during a press briefing that a merger of SA Express, state-run Mango and national flagship carrier South African Airways, which also has financial difficulties, was on the table.
In a statement, SA Express confirmed the suspension and said, “the SACAA finding relates, amongst others, to the safety management processes within the airline.” It said passengers would be accommodated.
Reporting by Ed Stoddard; Editing by Edmund Blair and Alexandra Hudson
| ashraq/financial-news-articles | https://www.reuters.com/article/us-safrica-airline/south-africa-authorities-halt-flights-of-state-run-sa-express-over-safety-idUSKCN1IP353 |
Students across USA plan 16-minute walkout to back Second Amendment
The umbrella organization will retain its name, Boy Scouts of America. The term Cub Scouts, for kids 7-10 years old, is gender neutral and also will go unchanged. Boy Scouts, which runs through age 17, will become Scouts BSA in February.
Cub Scouts will formally accept girls starting this summer. But Saurbaugh said more than 3,000 girls nationwide already enrolled in the BSA’s Early Adopter Program and are participating in Cub Scouts ahead of the full launch.
“Cub Scouts is a lot of fun, and now it’s available to all kids,” said Stephen Medlicott, marketing director for Boy Scouts of America. “That’s why we love ‘Scout Me In’ – because it speaks to girls and boys and tells them, ‘This is for you. We want you to join!'”
Boy Scouts of America claims almost 2.3 million members, down from 2.6 million five years ago. That includes Venturing and Sea Scouting programs, the latter allows membership up to 21 years of age. In its peak years, Boy Scout of America had more than 4 million participants.
Adults play a major role in the program, with almost 1 million adult volunteers serving as the backbone of the organization.
Surbaugh predicted that both boys and girls in Scouts BSA would refer to themselves simply as scouts, rather than adding “boy” or “girl” as a modifier.
The program for the older boys and girls will largely be divided along gender-lines, with single-sex units pursuing the same types of activities, earning the same array of merit badges and potentially having the same pathway to the coveted Eagle Scout award.
Surbaugh said that having separate units for boys and girls should alleviate concerns that girls joining the BSA for the first time might be at a disadvantage in seeking leadership opportunities.
Girl Scout leaders said they were blindsided by the move, and they are gearing up an aggressive campaign to recruit and retain girls as members. Girl Scouts, founded two years after Boy Scouts, currently claim a membership of about 1.8 million.
Among the initiatives is creation of numerous new badges that girls can earn, focusing on outdoor activities and on science, engineering, technology and math. The organization is expanding corporate partnerships in both those areas, and developing a Girl Scout Network Page on LinkedIn to support career advancement for former Girl Scouts.
The overall impact of the BSA’s policy change on Girl Scouts membership won’t be known any time soon. But one regional leader, Fiona Cummings of Girl Scouts of Northern Illinois, believes the BSA’s decision to admit girls is among the factors that have shrunk her council’s youth membership by more than 500 girls so far this year.
She said relations with the Boy Scouts in her region used to be collaborative and now are “very chilly.”
“How do you manage these strategic tensions?” she asked. “We both need to increase our membership numbers.” | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/02/the-boy-scouts-are-dropping-the-word-boy-from-the-name-of-their-flagship-program.html/ |
BRUSSELS (Reuters) - The EU executive warned Italy’s incoming government on Wednesday it should go on cutting the country’s heavy public debt, as EU officials pointed to market pressure as a more effective form of euro zone discipline than finger-wagging from Brussels.
A two Euro coin is seen in this picture illustration taken in Rome, Italy February 3, 2017. REUTERS/Tony Gentile/Files In publishing annual recommendations for economic policy in the bloc’s 28 member states, the European Commission did not refer to the appointment of a new coalition in Rome that is sceptical of euro zone strictures. EU officials were at pains not to appear to be publicly interfering in Italian politics.
But the executive sounded its clearest warning yet that any risk of financial instability in the euro zone’s third-biggest economy could spill across the single currency area, which is still licking wounds inflicted by sovereign debt crises in several other much smaller countries, notably Greece.
“Given its systemic importance, Italy is a source of potentially significant spillovers to the rest of the euro area,” the Commission said in its report, which also highlighted risks for the Italian economy from backsliding on efforts to cut state pension costs and an end to the bloc’s easy money policies.
The report rammed home existing concerns about the state of Italy’s economy, although senior Commission officials told reporters they had no plan to institute penalty procedures over its high public sector debts.
Valdis Dombrovskis, the Commission’s vice president for the euro, said the country had to continue reducing its debt and recommended a cut in the structural budget deficit next year of 0.6 percentage points — an austerity plan unlikely to find favour with the parties trying to form a government this week.
The League and the 5-Star movement, whose nominee for prime minister Giuseppe Conte was given a mandate to form a government by the head of state late on Wednesday, both performed well in an election in March on promises to spend more and tax less.
Economics Commissioner Pierre Moscovici said that it was important that Italy, an EU founder member and the most indebted euro zone state bar Greece, have a credible debt policy.
Speaking privately, senior EU officials suggested that the reality of having to raise funding in the markets could temper the spending and tax-cutting ambitions of the new ruling parties — rather as Greece’s leftist government found in 2015.
“Reality is something else from posturing in a campaign,” one said. Others acknowledged that Brussels’ tools for enforcing deficit and debt regulations on member states were limited, and that the rule that investors needed a return for risk might prove tougher.
Markets have already started to bite.
Italy’s 10-year bond yield hit a 14-month high on Wednesday, widening the gap over German yields by 18 basis points at one stage. Yet yields remain far below the peak reached in 2011 when Silvio Berlusconi’s centre-right government quit amid fears of default.
Markus Ferber, a German conservative member of the European Parliament whose views generally reflect hawkish sentiment in Berlin over the financial problems of Mediterranean euro zone states, said the Commission must challenge a League/5-Star government head on and not let it breach the bloc’s fiscal rules.
The League and 5-Star were planning “an open attack on ... the EU system of economic governance”, he said. “The Commission must find a credible answer for once. Laissez-faire and business as usual will just not do the trick any more.”
Additional reporting by Philip Blenkinsop; Writing by Alastair Macdonald; editing by John Stonestreet
| ashraq/financial-news-articles | https://in.reuters.com/article/eurozone-italy-budget/eu-tells-italy-to-cut-debt-warns-of-euro-spillovers-idINKCN1IO1KO |
LONDON, May 29 (Reuters) - Swiss lender Banque de Commerce et de Placements (BCP) has suspended new transactions with Iran and is winding down activities with the country after U.S. President Donald Trump’s pullout from the nuclear deal with Tehran, the bank said on Tuesday.
“We have suspended any new transaction related to Iran after May 8, 2018 and started the ‘wind down period’ within the framework of OFAC announcement,” the bank said in a emailed statement to Reuters, referring to the U.S. Treasury’s sanctions enforcement arm.
Trump’s withdrawal from the accord on May 8 was announced in tandem with the re-imposition of U.S. sanctions within 180 days, prompting several European companies to announce their exit from Iran. (Reporting by Jonathan Saul; Editing by Adrian Croft)
| ashraq/financial-news-articles | https://www.reuters.com/article/switzerland-iran-bcp/swiss-bank-bcp-says-halts-all-new-business-with-iran-idUSL5N1T03C8 |
SHANGHAI (Reuters) - Japanese retailer Muji has been fined 200,000 yuan (23,445 pounds) in Shanghai for using packaging that lists Taiwan as a country, underscoring China’s growing sensitivity to how companies refer to the self-ruled island.
A woman walks outside a newly opened Muji store at a shopping mall in Hangzhou, Zhejiang province, China December 12, 2016. Picture taken December 12, 2016. REUTERS/Stringer This marks the second time Muji has been hit by such criticism from China this year, and comes after a number of foreign firms including Delta Air Lines ( DAL.N ) and Marriott International Inc ( MAR.O ) have apologized for similar actions.
Muji, which is owned by Ryohin Keikaku Co ( 7453.T ), imported 119 clothes hangers from Japan last year in packaging that marked Taiwan as the “country of origin”, the Shanghai Administration for Industry and Commerce said in a statement.
FILE PHOTO: People shop at a Muji store at Kansai International Airport in Osaka, Japan October 28, 2017. REUTERS/Thomas White The Muji packaging violated Chinese advertising law which warns against hurting China’s dignity and interest, said the statement, which was published last month but reported by Chinese media on Wednesday.
“The party did not properly fulfill their inspection obligations which lead to the above-mentioned goods to enter the market to be sold,” the regulator said, adding that Muji had since changed the packaging and made corrections.
A Ryohin Keikaku spokeswoman in Tokyo confirmed the fine and said the company would make thorough efforts to comply with the regulation.
Its Shanghai unit also pulled a catalog in January after authorities complained that it had published an “inaccurate” map with wrong borders and missing islands.
China has been increasing its efforts to police language used by firms to describe territories such as Taiwan, Hong Kong and Macau. Its actions, particularly those directed at foreign airlines, have been criticized by the White House as “Orwellian nonsense.”
Taiwan is China’s most sensitive territorial issue. Beijing considers the self-ruled, democratic island a wayward province. Hong Kong and Macau are former European colonies that are now part of China but run largely autonomously.
In January, U.S. carrier Delta apologized for listing Taiwan and Tibet as countries on its website, while hotel chain Marriott International’s Chinese website was suspended for a week for listing Tibet, Taiwan, Hong Kong and Macau as separate countries in a customer questionnaire.
Reporting by Brenda Goh, Additional Reporting by Ritsuko Shimizu in TOKYO; Editing by Edwina Gibbs
| ashraq/financial-news-articles | https://www.reuters.com/article/us-china-muji/china-fines-muji-for-packaging-that-lists-taiwan-as-a-country-idUSKCN1IP0EQ |
NASA launches its first mission to the surface of Mars in over 6 years 5 Hours Ago Breaking News
A rocket bound for Mars blasted off early Saturday, marking NASA's first journey to the red planet in six years, in a mission that is expected to last nearly six months.
United Launch Alliance launched NASA's InSight lander from Vandenberg Air Force Base in California. ULA – the rocket-building joint venture of Boeing and Lockheed Martin – used an Atlas V rocket to lift the spacecraft off the Earth's surface and send it on its way to the red planet. NASA tweet
The InSight lander (an acronym, meaning "Interior Exploration using Seismic Investigations, Geodesy and Heat Transport") is on a two-year mission to drill into the surface of Mars to study the planet's crust.
All three parts of the Insight spacecraft – cruise stage, heat-absorbing shell and lander – were built by Lockheed. Once InSight reaches Mars, the it will disconnect from the cruise stage and begin entering the atmosphere.
InSight's heat-absorbing shell will the take the brunt of the intense entry, until it reaches the lower atmosphere and disconnects.
Then InSight's lander will use a parachute to continue to decelerate, before firing its on-board descent engines for a vertical landing.
The craft intends to touch down on the Martian surface at only a few miles per hour.
Once on the surface, InSight will begin deploying its primary instruments. These include a seismometer to measure movement within the Martian crust, a probe reaching about 16 feet down to measure heat and environmental sensors to collect more data about the Mars atmosphere.
InSight is scheduled to travel through space for the next six months, reaching Mars in November. About
The Edge explores the limitless potential of innovation: From how new products and ideas will shape our lives to the long-term investment opportunity that’ll bring you high yield returns. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/05/watch-nasa-insight-launch-aboard-united-launch-alliance-rocket-live.html |
--Patient enrollment into the study expected to begin by the end of June 2018--
NEWTOWN, Pa.--(BUSINESS WIRE)-- Palladio Biosciences, Inc. (Palladio) http://palladiobio.com/ , a privately held biopharmaceutical company founded to develop medicines that make a meaningful impact on the lives of patients with orphan diseases of the kidney, today announces that the US Food and Drug Administration (FDA) has granted Palladio Biosciences Investigational New Drug (IND) clearance to proceed with a Phase 2 clinical trial of lixivaptan capsules in patients with autosomal dominant polycystic kidney disease (ADPKD).
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180508005129/en/
The ELISA Phase 2 study (Evaluation of Lixivaptan In Subjects with ADPKD), will evaluate the safety, pharmacokinetics and pharmacodynamics of multiple doses of lixivaptan in patients with ADPKD with relatively preserved kidney function (chronic kidney disease stages CKD1 and CKD2) and moderately impaired renal function (CKD3).
The ELISA study is expected to begin enrolling patients at the end of June 2018 and is an open-label study which will enroll patients at several sites in the United States. It will pave the way for the initiation of a Phase 3 registration study in the first half of 2019.
“We are very pleased that the FDA granted clearance of our Phase 2 trial of lixivaptan for patients with ADPKD” said Lorenzo Pellegrini, CEO of Palladio. “This is a pivotal event for our company as it marks the rebirth of lixivaptan as a clinical stage program for a disease with significant unmet medical need. We would like to take this opportunity to thank our advisors and collaborators for helping us meet this important milestone.”
“We are looking forward to advancing lixivaptan’s development program to provide a meaningfully differentiated treatment option for a broad population of ADPKD patients,” added Frank Condella, Palladio Biosciences’ Director. “We remain committed to working with patients, physicians and the PKD Foundation, the only organization in the U.S. solely dedicated to finding treatments and a cure for Polycystic Kidney Disease, to advance new treatments that improve the lives of patients with kidney disease.”
About Lixivaptan:
Lixivaptan was granted orphan designation by FDA for the treatment of ADPKD. It is a potent, selective vasopressin V2 receptor antagonist, a mechanism of action that has clinical proof of concept to slow kidney function decline in adults at risk of rapidly progressing ADPKD. Lixivaptan was previously administered to more than 1,600 subjects across 36 clinical studies as part of a prior clinical development program for the treatment of hyponatremia. Palladio expects to leverage lixivaptan’s large body of data generated in the hyponatremia clinical program to accelerate the development of lixivaptan for the treatment of ADPKD.
About Polycystic Kidney Disease (PKD) – Key Facts and Figures:
PKD is an inherited genetic disease that affects thousands of people in the United States and millions globally. ADPKD is the most common type of PKD. A person with ADPKD has a 50 percent chance of passing the disease on to each of his or her children. The disease is characterized by uncontrolled growth of fluid-filled cysts in the kidney, which can each grow to be as large as a football. Symptoms often include kidney infections and chronic pain. The continued enlargement of cysts and replacement of normal kidney tissue causes irreversible loss of renal function. In the United States, approximately 2,500 new people with PKD require dialysis or a kidney transplant every year, making PKD the 4 th leading cause of kidney failure. There is no cure for PKD.
About Palladio Biosciences, Inc.:
Palladio Biosciences is a privately-owned, clinical stage biopharmaceutical company developing medicines for orphan diseases of the kidney and is located in Newtown, PA. For more information, please visit www.palladiobio.com .
Please note that lixivaptan is for investigational use only.
Posted in: Press Releases
View source version on businesswire.com : https://www.businesswire.com/news/home/20180508005129/en/
Palladio Biosciences, Inc.
Linda Hogan, +1 908-294-8728
[email protected]
Source: Palladio Biosciences, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/business-wire-palladio-biosciences-receives-fda-ind-clearance-to-begin-the-elisa-study-a-phase-2-clinical-trial-with-lixivaptan-in.html |
0 COMMENTS Activision Blizzard Inc. ATVI 3.47% reported record first-quarter results Thursday, with revenue and profit rising by double-digit percentages thanks to increased in-game spending in key titles such as “Call of Duty: World War II” and “Candy Crush Saga.”
While the company didn’t put out any major new releases during the quarter, it said revenue grew nearly 14% to $1.97 billion from a year earlier. The company posted a profit of $500 million, or 65 cents a share, up from $426 million, or 56 cents a share, in the first quarter of 2017.
Activision Blizzard beat its own forecast for first-quarter revenue by $145 million and profit by 18 cents a share.
“Our business is strong on all fronts,” Chief Executive Bobby Kotick told The Wall Street Journal.
The Call of Duty publisher raised its full-year outlook slightly and said it now expects revenue of $7.36 billion and profit of $1.79 a share.
Dow Jones Newswires, the professional business information service operated by the Journal’s publisher, inadvertently published select earnings results, including an incorrect revenue number, for Activision’s latest quarter ahead of their scheduled release. The company then released its full earnings report during trading hours Thursday.
Shares, which fell by as much as 6% after the early report, closed down 2.3% at $66.82.
“We regret our error as well as inadvertently breaking the embargo,” Dow Jones said in a statement. “We have issued a correction and are reviewing our processes.”
In its earnings report, Activision Blizzard said the launch of its “Overwatch” videogame league in January has attracted millions of viewers, boosting combined play and watch times for the cartoonish shooter. Other game makers are trying to create leagues that mirror the structure of traditional professional athletics, including Take-Two Interactive Software Inc. and Riot Games Inc. | ashraq/financial-news-articles | https://www.wsj.com/articles/activision-blizzard-results-get-boost-from-in-game-spending-1525384027 |
May 15, 2018 / 11:27 PM / Updated 6 hours ago U.S. judges weigh fate of programme protecting young immigrants Mica Rosenberg , Lucy Nicholson 3 Min Read
NEW YORK/PASADENA, California (Reuters) - A panel of three appeals court judges in California on Tuesday asked the federal government to defend its decision to end a program protecting from deportation some immigrants who came to the United States illegally as children, who are often referred to as “Dreamers.” Protestors demonstrate against the termination of the Deferred Action for Childhood Arrivals (DACA) program outside the 9th Circuit Court of Appeals in Pasadena, California, U.S. May 15, 2018. REUTERS/Lucy Nicholson
The 9th U.S. Circuit Court of Appeals must rule on whether to uphold a lower court’s nationwide injunction ordering the government to keep the Deferred Action for Childhood Arrivals (DACA) programme in place while litigation challenging its termination proceeds.
The administration of President Donald Trump announced in September it would scrap the 2012 programme launched by former President Barack Obama, and said it was up to Congress to find a legislative solution.
Several plaintiffs, including the University of California, which enrols many DACA recipients, sued over the administration’s decision, and in January, U.S. District Judge William Alsup in San Francisco issued the injunction. A judge in Brooklyn, New York, made a similar finding, and a judge in Washington, D.C., gave the government extra time to explain its reasoning. Protestors demonstrate against the termination of the Deferred Action for Childhood Arrivals (DACA) program outside the 9th Circuit Court of Appeals in Pasadena, California, U.S. May 15, 2018. REUTERS/Lucy Nicholson
U.S. Attorney General Jeff Sessions said the programme was unlawful when he announced the end of DACA, a position the appeals court judges asked attorneys for the government to explain on Tuesday.
Deputy Assistant Attorney General Hashim Mooppan responded that it was within the government’s discretion to decide the fate of the programme. Slideshow (4 Images)
“It is perfectly lawful to have a zero tolerance enforcement policy, but it is potentially unlawful to not enforce the law on a large swath of people,” Mooppan said.
Lawyers for plaintiffs challenging DACA’s termination argued that while Obama was clearly within his rights to establish the programme, its end robbed hundreds of thousands of young immigrants of protections they had come to rely on.
Outside the Pasadena courthouse on Tuesday, some 30 DACA supporters gathered in a rose garden, shouting slogans in Spanish and English.
Ali Torabi, 27, a DACA recipient who came from Iran with his mother and younger brother 23 years ago, said he is hoping for a favourable decision from the courts since Congress seems unable to act.
“Both parties are playing a lot of politics with our lives,” Torabi said. “They’ve let us down so many times.”
The panel of judges, all appointed by Democratic presidents, could issue its decision at any time. The Supreme Court, which in February declined a request to weigh in before the appellate court, said at the time it assumed the appeals court would rule swiftly. Reporting by Mica Rosenberg in New York and Lucy Nicholson in Pasadena; Editing by Sue Horton | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-usa-immigration-daca/u-s-judges-weigh-fate-of-programme-protecting-young-immigrants-idUKKCN1IG3H4 |
MELBOURNE, May 21 (Reuters) - Harbour Energy said on Monday its latest takeover proposal of $10.8 billion for Australian gas producer Santos Ltd was its “best and final” offer.
“Harbour’s 21 May 2018 proposal is ‘best and final’ and will not be further increased prior to entering into a Scheme Implementation Deed,” Harbour said in an emailed statement.
Reporting by Sonali Paul; editing by Richard Pullin
| ashraq/financial-news-articles | https://www.reuters.com/article/santos-ma-harbour-bid/harbour-energy-says-10-8-bln-offer-for-santos-is-best-and-final-idUSL3N1SS1L1 |
ACHESON, Alberta, May 11, 2018 (GLOBE NEWSWIRE) -- ENTREC Corporation (“ ENTREC ” or the “ Corporation ”) (TSX:ENT) reports that all of the motions put forward at its annual general meeting of shareholders held on May 10, 2018 were approved by the shareholders. The detailed results of the voting were as follows:
Motion Votes For Number (1) % (2) To fix the number of directors to be elected and appointed
at the Meeting at not more than 6. 29,873,389 99.36 To elect the following persons as directors of ENTREC for
the ensuing year. Rod Marlin 29,360,964 97.65 John Stevens 29,362,677 97.66 Brian Tod 29,820,689 99.18 Chuck Sanders 29,363,464 97.66 Don Goodwill 29,238,464 97.24 Joe Brennan 29,820,689 99.18 To appoint Ernst & Young LLP, Chartered Accountants as
auditors of ENTREC for the ensuing year and to authorize
the directors of ENTREC to fix the remuneration of such
auditors. 30,004,214 99.79 Notes:
Indicates shares held or represented by proxy with instructions to vote for the motion. Indicates the percentage of the total number of shares represented in person or by proxy at the meeting.
About ENTREC
ENTREC is a heavy haul transportation and crane solutions provider to the oil and natural gas, construction, petrochemical, mining and power generation industries. ENTREC is listed on the Toronto Stock Exchange under the symbol ENT .
For further information, please contact:
John M. Stevens - President & CEO
Telephone: (780) 960-5625
Jason Vandenberg – CFO
Telephone: (780) 960-5630
www.entrec.com
Source:ENTREC Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/11/globe-newswire-entrec-corporation-reports-agm-voting-results.html |
HONG KONG (Reuters) - China’s aviation regulator said on Friday 18 out of 44 airlines it contacted have changed how they refer to Chinese territories on their websites by the 30-day deadline it set.
China’s civil aviation administration last month sent letters requesting airlines remove references on their websites or in other material that suggests Taiwan, Hong Kong and Macau are part of countries independent from China, in a move described by the White House as “Orwellian nonsense.”
The letters were dated April 25 and airlines were given 30 days to comply, indicating a deadline of May 25.
26 airlines have asked for more time to comply due to technical issues, the aviation regulator said in a statement, while some airlines had promised to comply by July 25.
Australian airline Qantas Airways on Thursday said it had been given more time by the Chinese authorities.
Airlines such as Air Canada, Lufthansa and British Airways have made changes to their website descriptions, according to Reuters’ checks. The Taiwanese foreign ministry last week asked Air Canada for a “speedy correction” after the carrier made changes.
Reporting by Meg Shen; Editing by Elaine Hardcastle
| ashraq/financial-news-articles | https://www.reuters.com/article/us-china-airlines/airlines-comply-with-chinas-request-to-change-description-of-territories-idUSKCN1IQ24L |
May 22 (Reuters) - S&T Bancorp Inc:
* S&T BANCORP, INC. APPOINTS CHRISTINE J. TORETTI CHAIR OF THE BOARD OF DIRECTORS
* S&T BANCORP INC - APPOINTED CHRISTINE TORETTI AS CHAIR OF BOARD FOLLOWING RETIREMENT OF CHARLES URTIN Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-st-bancorp-appoints-christine-tore/brief-st-bancorp-appoints-christine-toretti-as-chair-of-the-board-of-directors-idUSASC0A391 |
TORONTO, May 18, 2018 /PRNewswire/ - Symbility Solutions Inc. ("Symbility" or the "Company") (TSX.V: SY), a global software company focused on modernizing the insurance industry, today announced financial results for the first quarter ending March 31, 2018.
"I am pleased to report another strong quarter as we continue to grow revenue and show profitability, a trend we expect to continue going forward," said James Swayze, CEO of Symbility Solutions. "With the sale of Symbility Health, we have realigned our focus around our P&C Insurance platform and are looking to leverage our strengthened balance sheet to drive scale into the business."
Mr. Swayze continued, "The success we are enjoying in the UK through the launch of new products last year is now translating into pipeline growth in multiple markets. Insurtech momentum is compelling top 10 companies to challenge the status quo of their operations and begin testing new claim submission and settlement products which is seen as Symbility's strength. Over the course of this year, we look forward to expanding the reach of our consumer-facing product LINK, as policyholders continue to demand more transparency from their insurance providers."
2018 GUIDANCE
In 2018, Symbility estimates that it will generate revenue of $40 million, compared to $35.6 revenue in 2017 from continuing operations. This revenue growth is expected to generate Adjusted EBITDA 1 in the range of $4 million to $5 million, compared to $3.9 million Adjusted EBITDA in 2017 from continuing operations. The Company also expects to have positive cash flow.
SYMBILITY HEALTH
As announced on May 8, 2018, Symbility Solutions sold its Symbility Health division for $16.5 million, subject to working capital adjustments. This divestiture allows Symbility to focus on the growth and expansion of its P&C Insurance platform which is now offered in eight countries on four continents. The cash proceeds of this deal give Symbility a strengthened balance sheet in excess of $20 million which will allow the company to contemplate further transformative M&A as it continues to strategically review growth and scale opportunities.
FIRST QUARTER FINANCIAL RESULTS
Consolidated revenue from continuing operations for the first quarter of 2018 ended March 31, 2018 was $8.6 million compared to $7.7 million in the same period in 2017 from containing operations, an increase of 11 per cent.
The Company reported Adjusted EBITDA from continuing operations of $0.8 million in first quarter of 2018 compared to an Adjusted EBITDA loss of ($0.4) million in the first quarter of 2017, an improvement of 325 per cent.
Net income and comprehensive income from continuing operations for the first quarter of 2018 was $0.1 million compared to a net loss of ($1.1) million for the same period in 2017.
The Company had income per share 2 of $0.00 in the first quarter of 2018 compared to a loss per share of ($0.00) in the first quarter of 2017.
The Company had a cash balance of $10.9 million as at March 31, 2018 compared to a cash balance of $8.2 million as at December 31, 2017.
SELECTED FINANCIAL INFORMATION
in thousands of dollars
three months ended March 31,
Continuing Operations
2018
2017
Revenue
$8,552
$7,738
Cost of Sales
$2,121
$2,322
Expenses
$6,340
$6,535
Net Income (Loss)
$100
($1,130)
Adjusted EBITDA 1
$829
($369)
Income (Loss) per share 2
$0.00
($0.00)
As at
March 31,
2018
December 31,
2017
Cash and cash equivalents
$10,942
$8,238
Total Assets
$39,679
$37,971
Total long-term liabilities
$6
$389
three months ended March 31,
Reconciliation of Adjusted EBITDA
2018
2017
IFRS Net Income (Loss)
$175
($1,134)
Discontinued operations
(75)
4
Finance income, net
(17)
(4)
Depreciation and amortization
454
604
Stock-based compensation
159
146
Transaction Related Expense
125
-
Income tax expense
8
15
Adjusted EBITDA 1 (Continuing Operations)
$829
($369)
1 Adjusted EBITDA is a non-IFRS measure and is calculated as earnings before interest income, taxes, depreciation and amortization, impairment losses, stock-based compensation, and other non-recurring gains or losses including transaction costs related to acquisition and restructuring cost. Management believes Adjusted EBITDA is a useful measure that facilitates period-to-period operating comparisons. Adjusted EBITDA does not have any standardized meaning prescribed by IFRS and is not necessarily comparable to similar measures presented by other companies. Adjusted EBITDA should not be considered in isolation or as a substitute for net earnings (loss) prepared in accordance with IFRS as issued by IASB. All other financial measures referenced herein have been prepared in accordance with International Financial Reporting Standards unless stated otherwise.
2 In Canadian dollars, rounded to the nearest cent.
INVESTOR CONFERENCE CALL
Symbility will host a live webcast and conference call Friday, May 18, 2018, at 11 a.m. Eastern Time to review highlights of its quarterly results, recent transaction news, discussion on guidance and general business update. All interested parties are welcome to join the live webcast, which can be accessed at
https://event.on24.com/wcc/r/1668865/A2E153DB5C827403F60809DBB766ECB8 . Participants may also join the conference call by dialing toll free (888) 231-8191 or (647) 427-7450 for international participants. A replay of the webcast will be available on Symbility's website.
ABOUT SYMBILITY
Symbility (TSX.V: SY) believes in creating world-class experiences that simplify business and improve lives. With a history in modernizing insurance claims solutions for the property & casualty industry, Symbility has established itself as a partner that puts security, efficiency and customer experience first. Symbility PROPERTY ™ brings smarter thinking to property insurance. Our strategic services team, Symbility INTERSECT ™ empowers a variety of businesses with smarter mobile and IoT product development strategy, design thinking and engineering excellence. We push industries forward and prove that change for the better is entirely possible. symbilitysolutions.com
CAUTION REGARDING FORWARD-LOOKING INFORMATION
This press release may contain forward-looking statements with respect to the Company, its products and operations and the contemplated financing. These statements generally can be identified by use of forward looking words such as "may", "will", "expect", "estimate", "anticipate", "intends", "believe" or "continue" or the negative thereof or similar variations. The actual results and performance of the Company discussed herein could differ materially from those expressed or implied by such statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, competition, changes in government regulations, and the factors described under "Risk Factors" in the Management's Discussion and Analysis and Annual Information Form of the Company which are available at www.sedar.com . The cautionary statements qualify all forward-looking statements attributable to the Company and persons acting on their behalf. Unless otherwise stated, all forward-looking statements speak only as of the date of this press release and the Company has no obligation to update such statements.
This press release should be read in conjunction with Company's consolidated financial statements and related notes, and management's discussion and analysis for the quarter ending March 31, 2018, copies of which can be found at www.sedar.com .
Neither 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.
All trade names are the property of their respective owners.
Symbility Solutions Inc.
Interim Consolidated Statements of Financial Position
(Unaudited - In thousands of Canadian dollars)
March 31,
2018
December 31,
2017
Assets
Current assets
Cash and cash equivalents
10,942
8,238
Accounts receivable
5,145
7,651
Prepaid expenses
1,517
1,614
Tax credits receivables
447
665
Assets held for sale including cash
18,051
2,306
18,168
-
20,357
18,168
Long-term assets
Prepaid expenses
44
54
Security deposits
Property and equipment
115
455
115
502
Intangible assets
7,945
8,369
Goodwill
10,763
10,763
39,679
37,971
Liabilities
Current Liabilities
Accounts payable
Accrued liabilities
Provisions
696
3,643
174
1,786
4,079
220
Deferred revenue
3,772
2,121
8,285
8,206
Liabilities directly associated with the assets
held for sale
1,659
-
9,944
8,206
Long-term liabilities
Accrued liabilities and others
6
7
Customer deposits
-
382
9,950
8,595
Shareholders' equity
29,729
29,376
39,679
37,971
Symbility Solutions Inc.
Interim Consolidated Statements of Income (Loss) and Comprehensive Income (Loss)
Unaudited - In thousands of Canadian dollars, except per share data
three-month period ended
March 31 ,
2018
2017
Continuing Operations
Revenue
Software and other
5,699
5,652
Professional services
2,853
2,086
Total Revenue
8,552
7,738
Cost of sales
Software and other
780
956
Professional services
1,341
1,366
Total cost of sales
2,121
2,322
Gross Profit
6,431
5,416
Expenses
Sales and Marketing
3,244
3,496
General and administration
2,285
2,233
Research and development
794
689
Depreciation, amortization, and foreign exchange
(108)
117
Transaction
125
-
6,340
6,535
Income (loss) before finance income, net and
income tax expense
91
(1,119)
Finance income, net
(17)
(4)
Income (Loss) before income tax expense
108
(1,115)
Income tax expense
8
15
Net income (loss) and comprehensive income
(loss) for the period from continuing operations
100
(1,130)
Discontinued Operations
Net income (loss) for the period from
discontinued operations
75
(4)
Net income (loss) and comprehensive income
(loss) for the period
175
(1,134)
Basic and diluted income and comprehensive
income per common share
0.00
(0.00)
Basic and diluted income and comprehensive
income per common share from continuing
operations
0.00
(0.00)
Weighted average number of common shares
outstanding
Basic
239,473,840
238,921,896
Diluted
247,469,229
238,921,896
View original content with multimedia: http://www.prnewswire.com/news-releases/symbility-solutions-reports-fourth-consecutive-profitable-quarter-with-q1-2018-financial-results-300650786.html
SOURCE Symbility Solutions Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/18/pr-newswire-symbility-solutions-reports-fourth-consecutive-profitable-quarter-with-q1-2018-financial-results.html |
May 1 (Reuters) - National Health Investors Inc:
* NHI ACQUIRES 5 ASSISTED LIVING AND MEMORY CARE COMMUNITIES FOR $69.75 MILLION
* NATIONAL HEALTH INVESTORS INC - PURCHASE WAS FUNDED WITH A DRAW ON NHI’S REVOLVING CREDIT FACILITY Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-nhi-acquires-5-assisted-living-and/brief-nhi-acquires-5-assisted-living-and-memory-care-communities-for-69-75-million-idUSASC09YH7 |
May 3 (Reuters) - Telefonica Deutschland Holding AG :
* DGAP-NEWS: TELEFÓNICA DEUTSCHLAND HOLDING AG: TELEFÓNICA DEUTSCHLAND NAMES LAURA ABASOLO AS NEW CHAIRPERSON OF THE SUPERVISORY BOARD
* SAYS WILL CONTINUE TO PURSUE ITS STRATEGY AS ANNOUNCED AT CAPITAL MARKET DAY IN FEBRUARY
* SAYS REITERATES ITS COMMITMENT TO DIVIDEND GROWTH OVER THREE CONSECUTIVE YEARS
* SAYS REMAINS CONFIDENT IN ITS ABILITY TO GENERATE FREE CASH FLOW Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-telefonica-deutschland-names-laura/brief-telefonica-deutschland-names-laura-abasolo-as-new-chairperson-idUSASO00048K |
SAN JOSE, Calif., May 14, 2018 (GLOBE NEWSWIRE) -- Restoration Robotics, Inc. (NASDAQ:HAIR), announced today financial results for the first quarter
First Quarter and Recent Highlights
Received U.S. FDA 510(k) clearance for implantation functionality Revenue of $5.0 million, compared to $5.5 million in 2017 Sold 8 ARTAS® Robotic Hair Restoration Systems Appointed Chris Aronson, Vice President, Sales, effective February 1, 2018 Announced the appointment of aesthetics veteran Keith Sullivan to the Board of Directors, effective July 1, 2018 Finalized a $20 million loan and security agreement on May 10, 2018
Ryan Rhodes, President and Chief Executive Officer of Restoration Robotics, said, “In the first quarter we continued to position the Company for sustained sales growth especially following our receipt of FDA 510(k) clearance for ARTAS implantation functionality. This allows us to further extend ARTAS’ leadership position in the field of robotic hair restoration by rounding out our offering to address all three of the most difficult, repetitive tasks in hair restoration: harvesting, site making, and implantation. We strengthened and expanded our U.S. Sales leadership, with the appointment of Chris Aronson as Vice President of Sales. We also grew our team of U.S. regional sales managers responsible for capital sales to seven professionals, as we execute a more U.S. centric strategy in preparation for the launch of the implantation functionality expected before the end of 2018.”
Mr. Rhodes continued, “In the first quarter we sold eight ARTAS Systems while continuing to drive procedure-based revenue through the installed base. As of March 31, 2018 we have sold a cumulative total of 261 ARTAS systems worldwide, providing a strong base for increased procedure volume as we continue to drive growth and penetrate the market.”
Mr. Rhodes added, “We are also very excited to welcome Keith Sullivan to our board of directors, effective July 1, 2018. I am confident that Keith’s deep commercial and operational experience within the aesthetics space as Interim General Manager of miraDry® at Sientra® and as former Chief Commercial Officer and President, North America at ZELTIQ® Aesthetics, will prove to be invaluable as we further penetrate our substantial addressable market.”
First Quarter 2018 Financial Results
Revenue in the first quarter of 2018 was $5.0 million, a 9% decrease from $5.5 million in the first quarter of 2017. The decline was driven by a decrease in system revenue, partially offset by a year over year increase in procedure-based fees.
Gross margin for the first quarter was 36% compared to 44% in the first quarter of 2017. The decrease in gross margin was primarily related to a non-recurring charge for excess components procured in connection with existing ARTAS technology. This was partially offset by product cost efficiencies and higher procedure-based revenue which generally provides a higher gross margin.
Operating expenses in the first quarter of 2018 were $8.9 million, a 30% increase from the $6.8 million in the first quarter of 2017. The increase reflects investments in the company's sales and marketing initiatives along with higher head count and other costs related to being a public company.
Net loss for the first quarter of 2018 was $(7.4) million or $(0.26) per share, compared with a net loss of $(5.2) million, or $(0.32) per share, for the first quarter of 2017.
Total cash and cash equivalents were $16.5 million as of March 31, 2018 compared to $23.5 million as of December 31, 2017. Cash and cash equivalents as of March 31, 2018 do not include proceeds from our new debt facility finalized on May 10, 2018. The refinancing of the Company’s debt provided an incremental $9.3 million of cash net of the repayment of its previous loan facility and costs related to the new facility.
Conference Call Information
Restoration Robotics will hold a conference call on, Monday, May 14, 2018, at 4:30pm ET to discuss the results. The dial-in numbers are (866) 916-2179 for domestic callers and (210) 874-7716 for international callers. The conference ID is 7886649. A live webcast of the conference call will be available on the investor relations section of the Company’s website.
A replay of the call will be available starting on May 14, 2018 through May 21, 2018. To access the replay, dial (855) 859-2056 for domestic callers and (404) 537-3406 for international callers and enter access code 7886649. The webcast will be available in the investor relations section of the Company’s website for 90 days following the completion of the call.
About Restoration Robotics
Restoration Robotics, Inc., is a medical device company developing and commercializing the ARTAS™ Robotic Hair Restoration System. We believe the ARTAS System is the first and only physician-assisted system to dissect, and assist in the harvesting of, follicular units directly from the scalp and create recipient implant sites using proprietary algorithms. The Company has unique expertise in machine vision, image guidance, visual servoing and robotics, as well as developing intuitive interfaces to manage these technologies.
Forward-Looking Statements
Statements made in this press release and the earnings call referencing the press release that are not statements of historical fact are forward-looking statements. Forward-looking statements are subject to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are commonly identified by words such as “would,” “may,” “expects,” “believes,” “plans,” “intends,” “projects” and other terms with similar meaning. Investors are cautioned that the forward-looking statements in this document are based on current beliefs, assumptions and expectations, speak only as of the date of this document and involve risks and uncertainties that could cause actual results to differ materially from current expectations. Such statements, including our expectations as to our cash runway and timing and expectations for the launch of implantation functionality, are subject to certain known and unknown risks and uncertainties, many of which are difficult to predict and generally beyond our control, that could cause actual results and other future events to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. Material factors that could cause actual results to differ materially from current expectations include, without limitation, the following: whether there is growth in demand for our ARTAS System for use in harvesting hair follicles for transplant; the progress of our commercialization, marketing and manufacturing capabilities; the continuing productivity and effectiveness of our commercial infrastructure and salesforce; our financial performance; our ability to establish collaborations and/or partnerships; the timing or likelihood of regulatory filings and approvals for ARTAS for use in transplanting of hair follicles, and expanding the approved use of ARTAS for use in dissecting hair follicles to include women and individuals without straight brown or black hair; our expectations regarding the potential market size and the size of the patient populations for ARTAS being accurate; whether we are effective in the pricing of ARTAS; whether we are successful in the implementation of our business model and strategic plans for our business and technology; the scope of protection we are able to establish and maintain for intellectual property rights covering ARTAS, along with any product enhancements; our ability to accurately estimate our expenses, future revenue, capital requirements, our needs for additional financing and our ability to obtain additional capital; and developments relating to our competitors and our industry, including competing therapies and procedures. These factors, together with those that are described in greater detail in our Annual Report on Form 10-K filed on March 5, 2018, as well as any reports that we may file with the SEC in the future, including our Quarterly Report for the three months ended March 31, 2018 which we expect to file on May 14, 2018, may cause our actual results, performance or achievements to differ materially and adversely from those anticipated or implied by our forward-looking statements. We expressly disclaim any obligation, except as required by law, or undertaking to update or revise any such forward-looking statements. Our results for the quarter ended March 31, 2018 are not necessarily indicative of our operating results for the full year 2018 or any other future periods.
Media Contact
Lisa Markle
Director of Marketing
Restoration Robotics, Inc.
+1-408-883-6764
[email protected]
Investor Contact
The Ruth Group
Lee Roth & Brian Johnston
[email protected]
646-536-7000
RESTORATION ROBOTICS, INC. CONSOLIDATED STATEMENT OF OPERATIONS (in thousands, except share and per share data) Three Months Ended March 31, 2018 2017 Revenue, net $ 5,005 $ 5,475 Cost of revenue 3,185 3,091 Gross profit 1,820 2,384 Gross Margin 36 % 44 % Operating expenses: Sales and marketing 4,384 3,966 Research and development 2,125 1,916 General and administrative 2,351 926 Total operating expenses 8,860 6,808 Loss from operations (7,040 ) (4,424 ) Other expense, net: Interest expense (358 ) (586 ) Other expense, net (20 ) (149 ) Total other expense, net (378 ) (735 ) Net loss before provision for income taxes (7,418 ) (5,159 ) Provision for income taxes 13 16 Net loss attributable to common stockholders $ (7,431 ) $ (5,175 ) Net loss per share attributable to common stockholders, basic and diluted $ (0.26 ) $ (0.32 ) Weighted-average shares used in computing net loss per share attributable
to common stockholders, basic and diluted 28,962,269 16,183,178
RESTORATION ROBOTICS, INC. CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share data) March 31, December 31, 2018 2017 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 16,530 $ 23,545 Accounts receivable, net 4,478 3,864 Inventory 2,222 2,761 Prepaid expenses and other current assets 1,233 1,562 Total current assets 24,463 31,732 Property and equipment, net 1,217 1,138 Restricted cash 100 100 Other assets 100 TOTAL ASSETS $ 25,880 $ 32,970 LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ DEFICIT CURRENT LIABILITIES: Accounts payable $ 2,296 $ 2,044 Accrued compensation 1,648 1,630 Other accrued liabilities 2,199 1,125 Deferred revenue 1,884 1,517 Current portion of long-term debt, net of discount of $199 and $270 as of March 31, 2018
and December 31, 2017 7,801 7,730 Total current liabilities 15,828 14,046 Other long-term liabilities 670 459 Long-term debt, net of discount of $6 and $29 as of March 31, 2018 and December 31,
2017 3,294 5,271 TOTAL LIABILITIES 19,792 19,776 Commitments and Contingencies Convertible preferred stock, $0.0001 par value; 236,154,444 shares authorized and no shares issued
and outstanding as of March 31, 2018 and December 31, 2017 — — STOCKHOLDERS’ DEFICIT: Common stock, $0.0001 par value: 350,490,000 shares authorized as of March 31, 2018 and
December 31, 2017; 29,046,156 and 28,940,282 shares issued and outstanding as of March 31,2018
and December 31, 2017 3 3 Additional paid-in capital 178,078 177,757 Accumulated other comprehensive loss (75 ) (79 ) Accumulated deficit (171,918 ) (164,487 ) TOTAL STOCKHOLDERS’ DEFICIT 6,088 13,194 TOTAL LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’
DEFICIT $ 25,880 $ 32,970
Source:Restoration Robotics, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/globe-newswire-restoration-robotics-inc-reports-first-quarter-2018-financial-results.html |
May 17, 2018 / 7:09 AM / Updated 4 hours ago Exclusive - RBS lawyers ask ex-staffer to destroy documents, DOJ informed Sinead Cruise 7 Min Read
LONDON (Reuters) - Lawyers for Royal Bank of Scotland ( RBS.L ) asked an ex-employee to destroy confidential documents, according to a letter seen by Reuters, in a move which the former staffer’s lawyer said put him at risk of legal action by the U.S. government. FILE PHOTO: Morning commuters walk past a branch of the Royal Bank of Scotland (RBS) in London, Britain, November 4, 2011. REUTERS/Andrew Winning/File Photo
The letter, dated Jan. 18 and signed by Herbert Smith Freehills, a British law firm acting for the bank, asked Victor Hong to “permanently destroy any confidential materials in his possession” obtained via litigation disclosures or during his employment in breach of his separation agreement with the bank.
A spokesman for the bank denied any wrong-doing, describing the action as “necessary and appropriate” and in line with standard practice.
Hong resigned from RBS in Nov. 2007, less than two months after joining as a managing director for risk management and head of fixed-income independent price verification at the bank’s U.S. division, Greenwich Capital.
Hong submitted evidence against RBS in a UK legal action brought by shareholders who believed they were misled about the bank’s true financial position when they were tapped for 12 billion pounds of emergency cash in April 2008.
The bank narrowly avoided insolvency after accepting a 46 billion pound government bailout six months later.
In his witness statement for that case, Hong said he had repeatedly warned managers the bank was misrepresenting the values of millions of dollars of asset-backed securities on its books prior to the subprime mortgage crisis.
In documents filed by lawyers acting for RBS in 2016, the bank rejected those allegations, and denied that it should have repriced assets more promptly or that it misled shareholders over its finances.
RBS settled the case in May 2017, prompting HSF to request destruction of documents circulated among the case participants, including witness statements, emails and transcripts of interviews given by executives to regulators that shed light on how RBS valued these assets.
Prior to the settlement of the case, lawyers for the bank had requested the court to seal some evidence from the public domain, court documents show.
In the letter, HSF alleged that Hong was responsible for uploading the documents in question to the online library Scribd which is accessible to registered users.
Hong declined to comment on the allegation.
In a statement, a spokeswoman for Scribd said all documents are uploaded by users without approval but Scribd would remove content deemed to be in violation of its policies when notified. She added Scribd typically did not divulge user account activity to third parties without a subpoena or court order.
HSF wrote that the documents were “never put in evidence” and that publishing them in this way “arguably interfered in the administration of justice” and potentially put those responsible for publishing them in contempt of court.
HSF also reminded Hong’s representatives that sharing confidential material in this way would “likely” breach the terms of his separation agreement.
“Confidential copies of documents disclosed by RBS ahead of the Rights Issue litigation were published on the internet. This is absolutely prohibited by UK Civil Procedure Rules and the bank took the necessary and appropriate action to have the documents removed from the public domain and destroyed, in line with normal practice,” a spokesman for RBS said.
HSF referred all comment for this article to RBS. FEDERAL LAW
Hong’s lawyer said that compliance with the request to destroy documents would violate U.S. federal law and requirements that bound the former employee following earlier submissions to the Department of Justice in its separate investigations into RBS’s mis-selling of residential mortgage-backed securities (RMBS).
“The letter was apparently written by RBS’ UK lawyers in disregard of legal requirements under federal law and governmental subpoenas,” said Richard Corenthal of Meyer Suozzi English & Klein, the law firm which represented Hong with respect to his employment at RBS.
The DOJ declined to comment.
RBS said last week it had agreed to pay $4.9 billion to the DOJ to settle its years-long civil investigation into the bank’s sales of mis-priced RMBS and collateralised debt obligations. [nL1N1SG2P0]
Some lawyers unconnected to the case said that RBS’s request to destroy legally sensitive documents could also be interpreted as a breach of Deferred Prosecution Agreements the bank signed to settle earlier DOJ investigations into its role in the widespread manipulation of interest rate and foreign exchange benchmarks.
The Foreign Exchange DPA obliges RBS to use its “best efforts to secure the full, truthful, and continuing cooperation of the current or former directors, officers and employees” and to provide “any non-privileged or non-protected document, record, or other tangible evidence” upon request.
“On its face, this seems to me an extraordinary proposition that documents could be destroyed in these circumstances,” Jonathan Fisher, QC at Bright Line Law, a London-based barrister law firm which specialises in white collar crime cases, told Reuters.
Pointing to the conflicting legal demands on his client, Corenthal said the letter had caused Hong emotional distress.
“It’s disingenuous for RBS to tell Mr. Hong to destroy evidence and then claim it is not trying to intimidate him into silence,” he told Reuters.
RBS, however, denied any possible breach of the DPA or intimidation of its former employee.
“RBS has not at any point sought to prevent the disclosure of evidence to the relevant authorities in relation to other investigations, nor does it believe that the letter in any way infringes on the terms of its Deferred Prosecution Agreements or constitutes mistreatment of a witness,” the spokesman said.
Hong told Reuters that he had alerted the DOJ to the existence of the letter on April 30.
A second notification, to the U.S. Securities and Exchange Commission, was made on May 9, Hong said.
The SEC declined to comment. Additional reporting by Lawrence White, Emma Rumney and Kirstin Ridley in London, Nate Raymond in Boston and Michelle Price in Washington D.C.; Editing by Mike Collett-White | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-rbs-whistleblower/exclusive-rbs-lawyers-ask-ex-staffer-to-destroy-documents-doj-informed-idUKKCN1II0PN |
May 10, 2018 / 10:08 AM / in 6 minutes BRIEF-Photon Control Says Q1 Revenue Rose 17 Pct To C$13.9 Mln Reuters Staff
May 10 (Reuters) - Photon Control Inc:
* PHOTON CONTROL REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS * ORDER BACKLOG GREW TO $24.7 MILLION AS AT Q1, 2018
* LOOKING AHEAD TO Q2 2018 WE EXPECT REVENUE TO BE IN RANGE OF $14 MILLION TO $16 MILLION
* HAVE COMMITTED $3 MILLION TOWARDS SHARE BUYBACK PROGRAM Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-photon-control-says-q1-revenue-ros/brief-photon-control-says-q1-revenue-rose-17-pct-to-c13-9-mln-idUSASC0A1B5 |
May 9, 2018 / 4:17 PM / in 10 minutes EMERGING MARKETS-Argentina stocks jump as gov't seeks IMF financing Reuters Staff 4 Min Read SAO PAULO, May 9 (Reuters) - Argentina's MerVal stocks index shot higher on Wednesday, just a day after the government said it had initiated financing talks with the International Monetary Fund. After a volatile period for Argentina's peso currency and the MerVal on Tuesday, President Mauricio Macri announced Latin America's third largest economy would seek a financing deal with the IMF to stabilize the economy. A weakening peso had spurred the central bank to the raise the benchmark interest rate some 1,275 basis points since April 27. The MerVal had fallen some 12 percent over the last 12 sessions. Market participants viewed a potential IMF deal as positive, while warning that the move is unusual given that the fund usually makes such deals with less economically frenetic countries. "In general, flexible credit lines have been given to countries with a solid track record when its comes to inflation and fiscal accounts," said Jorge Mariscal, emerging markets chief investment officer at UBS Global Wealth Management. "If Argentina gets any help from the IMF, it would increase the odds of successfully navigating the current turbulence and allow the Macri administration to deepen the reform process." Argentina's Merval had gained 3.84 percent by midday, slightly paring gains after rising over 4 percent in morning trade. Across the region, Mexico's IPC equities index posted the largest losses, falling 1.06 percent as traders said spirits were subdued by reports the United States had rejected Mexico's latest auto sector proposal during North American Free Trade Agreement negotiations. In currency markets, Brazil's real was the biggest regional loser, falling 0.78 percent after central bank president Ilan Goldfajn gave a dovish speech that boosted bets on a benchmark Selic rate cut next week. "With the speech of the central bank president, bets on a new 25-basis-point cut to the Selic rate should gain steam," brokerage Renascença Corretora wrote in a note to clients. Key Latin American stock indexes and currencies at 1522 GMT: Stock indexes Latest Daily YTD pct pct change change MSCI Emerging Markets 1,143.22 0.05 -1.36 MSCI LatAm 2,799.26 0.06 -1.08 Brazil Bovespa 83,392.43 0.53 9.15 Mexico IPC 46,225.16 -1.06 -6.34 Chile IPSA 5,661.50 0.3 1.74 Chile IGPA 28,541.54 0.34 2.00 Argentina MerVal 27,282.39 3.83 -9.26 Colombia IGBC 12,415.16 0.73 9.19 Venezuela IBC 17,365.19 -1.06 1274.76 Currencies Latest Daily YTD pct pct change change Brazil real 3.5961 -0.78 -7.86 Mexico peso 19.5395 0.18 0.82 Chile peso 631.45 0.38 -2.66 Colombia peso 2,852.16 0.64 4.55 Peru sol 3.292 -0.12 -1.67 Argentina peso 22.6000 0.00 -17.70 (interbank) Argentina peso 22.85 -0.66 -15.84 (parallel) (Reporting by Gram Slattery; additional reporting by Rodrigo Campos in New York and Miguel Angel Gutiérrez in Mexico City) | ashraq/financial-news-articles | https://www.reuters.com/article/emerging-markets-latam/emerging-markets-argentina-stocks-jump-as-govt-seeks-imf-financing-idUSL1N1SG1BI |
Lower maintenance and strong price momentum drive improved results
(All financial information is in U.S. dollars, and all earnings per share results are diluted, unless otherwise noted).
First quarter 2018 net earnings of $0.86 per share; earnings before items 1 of $0.87 per share Announced a $50 per ton price increase on the majority of communication grades to be implemented in May 2018 $90 million of cash flow from operating activities
FORT MILL, S.C.--(BUSINESS WIRE)-- Domtar Corporation (NYSE: UFS) (TSX: UFS) today reported net earnings of $54 million ($0.86 per share) for the first quarter of 2018 compared to a net loss of $386 million ($6.16 per share) for the fourth quarter of 2017 and net earnings of $20 million ($0.32 per share) for the first quarter of 2017. Sales for the first quarter of 2018 were $1.3 billion.
Excluding items listed below, the Company had earnings before items 1 of $55 million ($0.87 per share) for the first quarter of 2018 compared to earnings before items 1 of $40 million ($0.64 per share) for the fourth quarter of 2017 and earnings before items 1 of $20 million ($0.32 per share) for the first quarter of 2017.
First quarter 2018 items :
Litigation settlement of $2 million ($2 million after tax); and Gain on disposal of property, plant & equipment of $1 million ($1 million after tax).
Fourth quarter 2017 items :
Non-cash goodwill impairment charge associated with Personal Care of $578 million ($573 million after tax); Closure and restructuring costs of $2 million ($1 million after tax); Net tax benefit of $140 million related to the U.S. Tax Cuts and Jobs Act of 2017 (U.S. Tax Reform); and Net gain on disposal of property, plant & equipment of $9 million ($8 million after tax).
First quarter 2017 items :
None.
QUARTERLY REVIEW
“We continued to see strong price momentum for our products in the first quarter with higher price realizations in both of our pulp and paper businesses,” said John D. Williams, President and Chief Executive Officer. “Despite improved results, some of our operations were adversely affected by severe weather, notably in our pulp business, which impacted production and costs. Constrained availability of trucking options also contributed to higher than expected freight costs in the first quarter. Nevertheless, the short-term outlook for pulp and paper markets continues to be favorable.”
Commenting on Personal Care, Mr. Williams added, “Our results in Personal Care were in line with our expectations. While our margins were impacted by higher raw material prices and lower selling prices, we are taking actions to reduce costs in order to improve performance. We continue to mitigate headwinds, with a focus on continued cost savings and converting our sales pipeline into new wins.”
Operating income was $77 million in the first quarter of 2018 compared to an operating loss of $513 million in the fourth quarter of 2017. Depreciation and amortization totaled $79 million in the first quarter of 2018.
Operating income before items 1 was $78 million in the first quarter of 2018 compared to an operating income before items 1 of $58 million in the fourth quarter of 2017.
(In millions of dollars) 1Q 2018 4Q 2017 Sales $ 1,345 $ 1,335 Operating income (loss) Pulp and Paper segment 76 56 Personal Care segment 8 (564 ) Corporate (7 ) (5 ) Total operating income (loss) 77 (513 ) Operating income before items 1 78 58 Depreciation and amortization 79 82 The operating income in the first quarter of 2018 was primarily the result of higher average selling prices and lower maintenance costs, selling, general and administrative expenses and other costs, when compared to the operating loss in the fourth quarter of 2017, which included a goodwill impairment charge. These factors were partially offset by higher raw material and freight costs, lower volume in pulp, unfavorable exchange rates and lower productivity.
When compared to the fourth quarter of 2017, manufactured paper shipments were up 6% and pulp shipments decreased 19%. The shipments-to-production ratio for paper was 104% in the first quarter of 2018, compared to 100% in the fourth quarter of 2017. Paper inventories decreased by 28,000 tons, and pulp inventories increased by 17,000 metric tons when compared to the fourth quarter of 2017.
LIQUIDITY AND CAPITAL
Cash flow from operating activities amounted to $90 million, and capital expenditures were $25 million, resulting in free cash flow 1 of $65 million for the first quarter of 2018. Domtar’s net debt-to-total capitalization ratio 1 stood at 28% at March 31, 2018 compared to 29% at December 31, 2017.
OUTLOOK
For the remainder of the year, our paper shipments should benefit from the announced industry capacity closures, and we expect to benefit from recently announced pulp and paper price increases. The second quarter will be affected by seasonally higher maintenance activity in our Pulp and Paper business as we move into the annual shutdowns at some of our major facilities. Personal Care is expected to be negatively impacted by higher raw material costs and an unfavorable tender balance.
EARNINGS CONFERENCE CALL
The Company will hold a conference call today at 10:00 a.m. (ET) to discuss its first quarter 2018 financial results. Financial analysts are invited to participate in the call by dialing 1 (800) 499-4035 (toll free - North America) or 1 (416) 204-9269 (International) at least 10 minutes before start time, while media and other interested individuals are invited to listen to the live webcast on the Domtar Corporation website at www.domtar.com .
The Company will release its second quarter 2018 earnings results on August 2, 2018 before markets open, followed by a conference call at 10:00 a.m. (ET) to discuss results. The date is tentative and will be confirmed approximately three weeks prior to the official earnings release date.
About Domtar
Domtar is a leading provider of a wide variety of fiber-based products including communication, specialty and packaging papers, market pulp and absorbent hygiene products. With approximately 10,000 employees serving more than 50 countries around the world, Domtar is driven by a commitment to turn sustainable wood fiber into useful products that people rely on every day. Domtar’s annual sales are approximately $5.1 billion, and its common stock is traded on the New York and Toronto Stock Exchanges. Domtar’s principal executive office is in Fort Mill, South Carolina. To learn more, visit www.domtar.com .
Forward-Looking Statements
Statements in this release about our plans, expectations and future performance, including the statements by Mr. Williams and those contained under “Outlook,” are “forward-looking statements.” Actual results may differ materially from those suggested by these statements for a number of reasons, including changes in customer demand and pricing, changes in manufacturing costs, future acquisitions and divestitures, including facility closings, and the other reasons identified under “Risk Factors” in our Form 10-K for 2017 as filed with the SEC and as updated by subsequently filed Form 10-Qs. Except to the extent required by law, we expressly disclaim any obligation to update or revise these forward-looking statements to reflect new events or circumstances or otherwise.
Domtar Corporation
Highlights
(In millions of dollars, unless otherwise noted)
Three months ended Three months ended March 31, March 31, 2018 2017 (Unaudited) $ $ Selected Segment Information Sales (1) Pulp and Paper 1,100 1,073 Personal Care 262 247 Total for reportable segments 1,362 1,320 Intersegment sales (17 ) (18 ) Consolidated sales 1,345 1,302 Depreciation and amortization Pulp and Paper 61 64 Personal Care 18 16 Consolidated depreciation and amortization 79 80 Operating income (loss) (2) Pulp and Paper 76 30 Personal Care 8 16 Corporate (7 ) (8 ) Consolidated operating income 77 38 Interest expense, net 16 17 Non-service components of net periodic benefit cost (4 ) (4 ) Earnings before income taxes 65 25 Income tax expense 11 5 Net earnings 54 20 Per common share (in dollars) Net earnings Basic 0.86 0.32 Diluted 0.86 0.32 Weighted average number of common shares outstanding (millions)
Basic 62.7 62.6 Diluted 62.9 62.8 Cash flows from operating activities 90 91 Additions to property, plant and equipment 25 34 (1) As a result of adopting ASU 2014-09 “Revenue from Contracts with Customers,” the Company has revised its 2017 segment disclosures to conform to the new guideline. (Previously reported numbers for Sales were as follows: $1,073 million for Pulp and Paper, $249 million for Personal Care, and $(18) million for Intersegment sales.)
(2) As a result of adopting ASU 2017-07 “Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost,” the Company has revised its 2017 segment disclosures to conform to the new guideline. (Previously reported numbers for Operating income (loss) were as follows: $34 million for Pulp and Paper, $16 million for Personal Care, and $(8) million for Corporate.)
Domtar Corporation
Consolidated Statements of Earnings
(In millions of dollars, unless otherwise noted)
Three months ended Three months ended March 31, March 31, 2018 2017 (Unaudited) $ $ Sales 1,345 1,302 Operating expenses Cost of sales, excluding depreciation and amortization 1,084 1,079 Depreciation and amortization 79 80 Selling, general and administrative 110 106 Other operating income, net (5 ) (1 ) 1,268 1,264 Operating income 77 38 Interest expense, net 16 17 Non-service components of net periodic benefit cost (4 ) (4 ) Earnings before income taxes 65 25 Income tax expense 11 5 Net earnings 54 20 Per common share (in dollars) Net earnings Basic 0.86 0.32 Diluted 0.86 0.32 Weighted average number of common shares outstanding (millions) Basic 62.7 62.6 Diluted 62.9 62.8
Domtar Corporation
Consolidated Balance Sheets at
(In millions of dollars)
March 31, December 31, 2018 2017 (Unaudited) $ $ Assets Current assets Cash and cash equivalents 152 139 Receivables, less allowances of $6 and $7 704 704 Inventories 766 757 Prepaid expenses 27 33 Income and other taxes receivable 16 24 Total current assets 1,665 1,657 Property, plant and equipment, net 2,694 2,765 Intangible assets, net 637 633 Other assets 155 157 Total assets 5,151 5,212 Liabilities and shareholders' equity Current liabilities Trade and other payables 682 716 Income and other taxes payable 30 24 Long-term debt due within one year 1 1 Total current liabilities 713 741 Long-term debt 1,103 1,129 Deferred income taxes and other 486 491 Other liabilities and deferred credits 356 368 Shareholders' equity Common stock 1 1 Additional paid-in capital 1,972 1,969 Retained earnings 876 849 Accumulated other comprehensive loss (356 ) (336 ) Total shareholders' equity 2,493 2,483 Total liabilities and shareholders' equity 5,151 5,212
Domtar Corporation
Consolidated Statements of Cash Flows
(In millions of dollars)
For the three months ended March 31, 2018 March 31, 2017 (Unaudited) $ $ Operating activities Net earnings 54 20 Adjustments to reconcile net earnings to cash flows from operating activities Depreciation and amortization 79 80 Deferred income taxes and tax uncertainties (3 ) (4 ) Net gains on disposals of property, plant and equipment (1 ) — Stock-based compensation expense 3 1 Other (1 ) — Changes in assets and liabilities Receivables (2 ) (47 ) Inventories (13 ) 39 Prepaid expenses (2 ) 1 Trade and other payables (37 ) (19 ) Income and other taxes 16 21 Other assets and other liabilities (3 ) (1 ) Cash flows from operating activities 90 91 Investing activities Additions to property, plant and equipment (25 ) (34 ) Proceeds from disposals of property, plant and equipment 1 — Other (4 ) — Cash flows used for investing activities (28 ) (34 ) Financing activities Dividend payments (26 ) (26 ) Net change in bank indebtedness — (11 ) Change in revolving credit facility — (20 ) Repayments of receivables securitization facility (25 ) (15 ) Cash flows used for financing activities (51 ) (72 ) Net increase (decrease) in cash and cash equivalents 11 (15 ) Impact of foreign exchange on cash 2 1 Cash and cash equivalents at beginning of period 139 125 Cash and cash equivalents at end of period 152 111 Supplemental cash flow information Net cash payments (refunds) for: Interest 19 19 Income taxes 4 (8 )
Domtar Corporation
Quarterly Reconciliation of Non-GAAP Financial Measures
(In millions of dollars, unless otherwise noted)
The following table sets forth certain non-U.S. generally accepted accounting principles (“GAAP”) financial metrics identified in bold as “Earnings before items”, “Earnings before items per diluted share”, “EBITDA”, “EBITDA margin”, “EBITDA before items”, “EBITDA margin before items”, “Free cash flow”, “Net debt” and “Net debt-to-total capitalization”. Management believes that the financial metrics are useful to understand our operating performance and benchmark with peers within the industry. The Company calculates “Earnings before items” and “EBITDA before items” by excluding the after-tax (pre-tax) effect of specified items. These metrics are presented as a complement to enhance the understanding of operating results but not in substitution for GAAP results.
2018 2017 Q1 Q1 Q2 Q3 Q4 Year Reconciliation of "Earnings before items" to Net earnings (loss) Net earnings (loss) ($) 54 20 38 70 (386 ) (258 ) (+) Impairment of goodwill ($) — — — — 573 573 (+) Closure and restructuring costs ($) — — — — 1 1 (+) Litigation settlement ($) 2 — — — — — (-) Net gains on disposals of property, plant and equipment ($) (1 ) — — (3 ) (8 ) (11 ) (-) Reversal of contingent consideration ($) — — — (2 ) — (2 ) (-) U.S. Tax Reform ($) — — — — (140 ) (140 ) (=) Earnings before items ($) 55 20 38 65 40 163 (/) Weighted avg. number of common shares outstanding (diluted) (millions) 62.9 62.8 62.7 62.9 62.7 62.7 (=) Earnings before items per diluted share ($) 0.87 0.32 0.61 1.03 0.64 2.60 Reconciliation of "EBITDA" and "EBITDA before items" to Net earnings (loss)
Net earnings (loss) ($) 54 20 38 70 (386 ) (258 ) (+) Income tax expense (benefit) ($) 11 5 9 3 (142 ) (125 ) (+) Interest expense, net ($) 16 17 17 16 16 66 (+) Depreciation and amortization ($) 79 80 79 80 82 321 (+) Impairment of goodwill ($) — — — — 578 578 (-) Net gains on disposals of property, plant and equipment ($) (1 ) — — (4 ) (9 ) (13 ) (=) EBITDA ($) 159 122 143 165 139 569 (/) Sales ($) 1,345 1,302 1,221 1,290 1,335 5,148 (=) EBITDA margin (%) 12 % 9 % 12 % 13 % 10 % 11 % EBITDA ($) 159 122 143 165 139 569 (+) Closure and restructuring costs ($) — — — — 2 2 (+) Litigation settlement ($) 2 — — — — — (-) Reversal of contingent consideration ($) — — — (2 ) — (2 ) (=) EBITDA before items ($) 161 122 143 163 141 569 (/) Sales ($) 1,345 1,302 1,221 1,290 1,335 5,148 (=) EBITDA margin before items (%) 12 % 9 % 12 % 13 % 11 % 11 % Reconciliation of "Free cash flow" to Cash flows from operating activities Cash flows from operating activities ($) 90 91 121 112 125 449 (-) Additions to property, plant and equipment ($) (25 ) (34 ) (37 ) (40 ) (71 ) (182 ) (=) Free cash flow ($) 65 57 84 72 54 267 "Net debt-to-total capitalization" computation Bank indebtedness ($) — 2 — — — (+) Long-term debt due within one year ($) 1 64 1 1 1 (+) Long-term debt ($) 1,103 1,188 1,203 1,164 1,129 (=) Debt ($) 1,104 1,254 1,204 1,165 1,130 (-) Cash and cash equivalents ($) (152 ) (111 ) (124 ) (143 ) (139 ) (=) Net debt ($) 952 1,143 1,080 1,022 991 (+) Shareholders' equity ($) 2,493 2,685 2,770 2,886 2,483 (=) Total capitalization ($) 3,445 3,828 3,850 3,908 3,474 Net debt ($) 952 1,143 1,080 1,022 991 (/) Total capitalization ($) 3,445 3,828 3,850 3,908 3,474 (=) Net debt-to-total capitalization (%) 28 % 30 % 28 % 26 % 29 %
“Earnings before items”, “Earnings before items per diluted share”, “EBITDA”, “EBITDA margin”, “EBITDA before items”, “EBITDA margin before items”, “Free cash flow”, “Net debt” and “Net debt-to-total capitalization” have no standardized meaning prescribed by GAAP and are not necessarily comparable to similar measures presented by other companies and therefore should not be considered in isolation or as a substitute for Net earnings (loss), Operating income (loss) or any other earnings statement, cash flow statement or balance sheet financial information prepared in accordance with GAAP. It is important for readers to understand that certain items may be presented in different lines by different companies on their financial statements, thereby leading to different measures for different companies.
Domtar Corporation
Quarterly Reconciliation of Non-GAAP Financial Measures – By Segment 2018
(In millions of dollars, unless otherwise noted)
The following table sets forth certain non-U.S. generally accepted accounting principles (“GAAP”), financial metrics identified in bold as “Operating income (loss) before items”, “EBITDA before items” and “EBITDA margin before items” by reportable segment. Management believes that the financial metrics are useful to understand our operating performance and benchmark with peers within the industry. The Company calculates the segmented “Operating income (loss) before items” by excluding the pre-tax effect of specified items. These metrics are presented as a complement to enhance the understanding of operating results but not in substitution for GAAP results.
Pulp and Paper Personal Care Corporate Total Q1'18 Q2'18 Q3'18 Q4'18 YTD Q1'18 Q2'18 Q3'18 Q4'18 YTD Q1'18 Q2'18 Q3'18 Q4'18 YTD Q1'18 Q2'18 Q3'18 Q4'18 YTD Reconciliation of Operating income (loss) to "Operating income (loss) before items"
Operating income (loss) ($) 76 — — — 76 8 — — — 8 (7) — — — (7) 77 — — — 77 (-) Net gains on disposals of property, plant and equipment
($) (1) — — — (1) — — — — — — — — — — (1) — — — (1) (+) Litigation settlement ($) — — — — — — — — — — 2 — — — 2 2 — — — 2 (=) Operating income (loss) before items ($) 75 — — — 75 8 — — — 8 (5) — — — (5) 78 — — — 78 Reconciliation of "Operating income (loss) before items" to "EBITDA before items"
Operating income (loss) before items ($) 75 — — — 75 8 — — — 8 (5) — — — (5) 78 — — — 78 (+) Non-service components of net periodic benefit cost ($) 4 — — — 4 — — — — — — — — — — 4 — — — 4 (+) Depreciation and amortization ($) 61 — — — 61 18 — — — 18 — — — — — 79 — — — 79 (=) EBITDA before items ($) 140 — — — 140 26 — — — 26 (5) — — — (5) 161 — — — 161 (/) Sales ($) 1,100 — — — 1,100 262 — — — 262 — — — — — 1,362 — — — 1,362 (=) EBITDA margin before items (%) 13% — — — 13% 10% — — — 10% — — — — — 12% — — — 12% “Operating income (loss) before items”, “EBITDA before items” and “EBITDA margin before items” have no standardized meaning prescribed by GAAP and are not necessarily comparable to similar measures presented by other companies and therefore should not be considered in isolation or as a substitute for Operating income (loss) or any other earnings statement, cash flow statement or balance sheet financial information prepared in accordance with GAAP. It is important for readers to understand that certain items may be presented in different lines by different companies on their financial statements thereby leading to different measures for different companies.
Domtar Corporation
Quarterly Reconciliation of Non-GAAP Financial Measures – By Segment 2017
(In millions of dollars, unless otherwise noted)
The following table sets forth certain non-U.S. generally accepted accounting principles (“GAAP”), financial metrics identified in bold as “Operating income (loss) before items”, “EBITDA before items” and “EBITDA margin before items” by reportable segment. Management believes that the financial metrics are useful to understand our operating performance and benchmark with peers within the industry. The Company calculates the segmented “Operating income (loss) before items” by excluding the pre-tax effect of specified items. These metrics are presented as a complement to enhance the understanding of operating results but not in substitution for GAAP results.
Pulp and Paper Personal Care Corporate Total Q1'17 Q2'17 Q3'17 Q4'17 Year Q1'17 Q2'17 Q3'17 Q4'17 Year Q1'17 Q2'17 Q3'17 Q4'17 Year Q1'17 Q2'17 Q3'17 Q4'17 Year Reconciliation of Operating income (loss) to "Operating income (loss) before items"
Operating income (loss) ($) 30 62 89 56 237 16 13 8 (564) (527) (8) (13) (12) (5) (38) 38 62 85 (513) (328) (+) Impairment of goodwill ($) — — — — — — — — 578 578 — — — — — — — — 578 578 (-) Net gains on disposals of property, plant and equipment
($) — — (4) — (4) — — — — — — — — (9) (9) — — (4) (9) (13) (-) Reversal of contingent consideration ($) — — — — — — — — — — — — (2) — (2) — — (2) — (2) (+) Closure and restructuring costs ($) — — — — — — — — 2 2 — — — — — — — — 2 2 (=) Operating income (loss) before items ($) 30 62 85 56 233 16 13 8 16 53 (8) (13) (14) (14) (49) 38 62 79 58 237 Reconciliation of "Operating income (loss) before items" to "EBITDA before items"
Operating income (loss) before items ($) 30 62 85 56 233 16 13 8 16 53 (8) (13) (14) (14) (49) 38 62 79 58 237 (+) Non-service components of net periodic benefit cost ($) 4 3 4 2 13 — — — — — — (1) — (1) (2) 4 2 4 1 11 (+) Depreciation and amortization ($) 64 63 63 64 254 16 16 17 18 67 — — — — — 80 79 80 82 321 (=) EBITDA before items ($) 98 128 152 122 500 32 29 25 34 120 (8) (14) (14) (15) (51) 122 143 163 141 569 (/) Sales ($) 1,073 999 1,054 1,090 4,216 247 238 251 260 996 — — — — — 1,320 1,237 1,305 1,350 5,212 (=) EBITDA margin before items (%) 9% 13% 14% 11% 12% 13% 12% 10% 13% 12% — — — — — 9% 12% 12% 10% 11% “Operating income (loss) before items”, “EBITDA before items” and “EBITDA margin before items” have no standardized meaning prescribed by GAAP and are not necessarily comparable to similar measures presented by other companies and therefore should not be considered in isolation or as a substitute for Operating income (loss) or any other earnings statement, cash flow statement or balance sheet financial information prepared in accordance with GAAP. It is important for readers to understand that certain items may be presented in different lines by different companies on their financial statements thereby leading to different measures for different companies.
Domtar Corporation
Supplemental Segmented Information
(In millions of dollars, unless otherwise noted)
2018 2017 Q1 Q1 Q2 Q3 Q4 Year Pulp and Paper Segment Sales ($) 1,100 1,073 999 1,054 1,090 4,216 Operating income ($) 76 30 62 89 56 237 Depreciation and amortization
($) 61 64 63 63 64 254 Paper Paper Production ('000 ST) 739 709 715 745 724 2,893 Paper Shipments - Manufactured
('000 ST) 769 745 698 722 726 2,891 Communication Papers ('000 ST) 640 622 582 597 600 2,401 Specialty and Packaging Papers
('000 ST) 129 123 116 125 126 490 Paper Shipments - Sourced from 3rd parties
('000 ST) 28 29 26 29 25 109 Paper Shipments - Total ('000 ST) 797 774 724 751 751 3,000 Pulp Pulp Shipments (a) ('000 ADMT) 374 453 383 424 462 1,722 Pulp Shipments mix (b) : Hardwood Kraft Pulp (%) 4 % 4 % 3 % 7 % 5 % 5 % Softwood Kraft Pulp (%) 58 % 67 % 62 % 61 % 54 % 61 % Fluff Pulp (%) 38 % 29 % 35 % 32 % 41 % 34 % Personal Care Segment Sales ($) 262 247 238 251 260 996 Operating income (loss) ($) 8 16 13 8 (564 ) (527 ) Depreciation and amortization
($) 18 16 16 17 18 67 Impairment of goodwill ($) — — — — 578 578 Average Exchange Rates $US / $CAN 1.264 1.323 1.344 1.253 1.272 1.297 $CAN / $US 0.791 0.756 0.744 0.798 0.786 0.771 € / $US 1.229 1.066 1.100 1.175 1.178 1.130 (a) Figures represent Pulp Shipments to third parties.
(b) Percentages include Pulp Shipments to our Personal Care segment.
Note: The term “ST” refers to a short ton, and the term “ADMT” refers to an air dry metric ton.
1 Non-GAAP financial measure. Refer to the Reconciliation of Non-GAAP Financial Measures in the appendix.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180501005840/en/
DOMTAR CORPORATION
INVESTOR RELATIONS
Nicholas Estrela, 514-848-5049
Director
Investor Relations
or
MEDIA RELATIONS
David Struhs, 803-802-8031
Vice-President
Corporate Services and Sustainability
Source: Domtar Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/business-wire-domtar-corporation-reports-preliminary-first-quarter-2018-financial-results.html |
* Expected Saudi and Russian output boost weighs on prices
* Oil prices tumble as hedge funds quit crude: Kemp
* Brent/U.S. crude spread reaches widest since March 2015
* OPEC due to meet in Vienna on June 22 (Updates to market settle, adds commentary)
NEW YORK, May 29 (Reuters) - U.S. crude futures fell more than $1 on Tuesday on worries that Saudi Arabia and Russia will pump more crude to boost supplies after more than a year of reducing worldwide inventories.
U.S. West Texas Intermediate (WTI) crude futures fell $1.15 to settle at $66.73 a barrel, a 1.7 percent loss. Brent crude futures settled up 9 cents to $75.39 a barrel.
Saudi Arabia and Russia have discussed raising OPEC and non-OPEC oil production by 1 million barrels per day (bpd) to counter potential supply shortfalls from Venezuela and Iran.
Ahead of the Organization of the Petroleum Exporting Countries' meeting on June 22, concerns that Saudi Arabia and Russia could increase output have exerted downward pressure on oil prices.
"Market participants remain unsure how quickly an exit strategy can be implemented and whether it will go beyond just balancing the output drop from Venezuela," said Abhishek Kumar, senior energy analyst at Interfax Energy's Global Gas Analytics in London.
Credit Suisse analysts on Tuesday said even if Russia and OPEC producers raise output, they would likely only add an additional 500,000 bpd, which would leave inventories in the most developed countries short of the five-year average by the end of 2018.
Brent has fallen about 6 percent since hitting $80.50 on May 17, its highest since 2014.
Falling stocks and a stronger U.S. dollar index also weighed on prices. U.S. stock markets sank more than 1 percent, while the dollar gained about 0.7 percent. A stronger dollar makes greenback-denominated commodities more expensive for holders of other currencies.
"There is a risk-off trade today where we have seen people going back into dollar assets and less so in the stock market," said Brian Kessens, portfolio manager and managing director at Tortoise in Leawood, Kansas.
Hedge funds and other money managers reduced their net long position in Brent and WTI by 169 million barrels over the five weeks to May 22, suggesting unease about the rally's strength. (https://tmsnrt.rs/2LBbW8l).
Brent now commands its largest premium over U.S. futures in more than three years, meaning U.S. exports are rapidly becoming far more competitive globally than those from northern Europe, Russia or parts of the Middle East.
The spread between Brent and U.S. crude <CL-LCO1=R> hit $9.38 on Monday in thin holiday volumes, widest since March 2015.
U.S. oil production <C-OUT-T-EIA> has surged by more than 20 percent in the past two years to 10.7 million bpd. Record crude oil volumes from the United States are expected to head to Asia in the coming months.
(Reporting by Stephanie Kelly Additional reporting by Amanda Cooper in London and Jane Chung in Seoul Editing by David Goodman and Lisa Shumaker) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/29/reuters-america-update-7-wti-falls-on-threat-of-opec-boost-funds-quit-crude.html |
May 25, 2018 / 7:39 PM / Updated 34 minutes ago Turkey, U.S. outline road map for cooperation in Syria's Manbij - statement Reuters Staff 1 Min Read
ANKARA (Reuters) - Turkish and U.S. working groups, meeting in Ankara on Friday, outlined a draft for cooperation in ensuring security and stability in Manbij in northern Syria, they said in a statement.
Turkey’s Foreign Minister Mevlut Cavusoglu and his U.S. counterpart Mike Pompeo will meet on June 4 to consider the group’s recommendations, the statement said. Reporting by Ece Toksabay; editing by John Stonestreet | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-mideast-crisis-syria-turkey-usa/turkey-u-s-outline-road-map-for-cooperation-in-syrias-manbij-statement-idUKKCN1IQ2VS |
WARSAW, Poland, May 30, 2018 /PRNewswire/ --
On 28 May 2018 , VLET Holdings S. a. r. l., a subsidiary of Abris CEE Mid-Market Fund III LP , a private equity fund managed by Abris Capital Partners Ltd. , acquired a majority stake in Velvet CARE Sp. z o. o. T his transaction has also been approved by Poland ' s Office of Competition and Consumer Protection (UOKiK).
Velvet CARE is Poland's leading manufacturer of brand-name, paper-based personal care products (including tissues, toilet paper and kitchen paper towels) and the owner of the highly-regarded Velvet brand in Poland. Velvet CARE can boast of having more than 20 years of success on the Polish market, with brand recognition recorded at an impressive 96% among Poles.
The process of passing control over Velvet CARE to the new majority shareholder has now been completed. The change will facilitate further acceleration of the company's rapid growth, including international expansion in the CEE region. Velvet CARE was established in August 2013, although its origins date from 1897. In that year the Paper Mill in Klucze was established and the company's main manufacturing facility has been located there for over 120 years. The Velvet name, the brand underpinning its paper-based hygiene products, was launched in 1997 on the 100 th anniversary of establishing the company. Today, the Velvet brand has grown to become the leader among paper-based categories and the most popular tissue brand in Poland.
"We are delighted that in less than three months from the time of signing the agreement we have been able to complete the acquisition of Velvet CARE successfully. Our approach to this investment reflects our long-term investment strategy of turning Velvet CARE into a leading manufacturer in Central Europe. We are convinced that we will achieve this target in a few years by working hand-in-hand with the highly seasoned management team at Velvet CARE," says Paweł Gieryński, Managing Partner of Abris Capital Partners.
Artur Pielak, CEO of Velvet CARE Sp. Z o. o. remarks: "One of the core principles hardwired into our company's DNA is the drive to grow the business rapidly and deliver on ambitious goals. For that reason, we appreciate the great accountability involved in selecting the business partners who will help us attain those goals. As we open a new chapter in the company's history, this time with Abris Capital Partners as our new partner and with whom we share a similar approach to business, we are poised to pursue a path of international expansion by acquiring attractive entities in our region while also growing organically in Poland as well as on selected western European markets."
Abris Capital Partners
Abris Capital Partners is an independent private equity fund manager which invests in Central & Eastern Europe. Since its inception in 2007, Abris has secured cumulative commitments of approximately €1.3 billion from investors, all targeted at mid-market opportunities in CEE.
Since 2007, Abris funds have made more than 20 investments in Poland and elsewhere in CEE.
SOURCE Abris Capital Partners | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/pr-newswire-abris-finalizes-the-acquisition-of-velvet-care-the-largest-manufacturer-of-tissue-hygiene-consumer-products-in-poland.html |
WASHINGTON (Reuters) - Walking through the Korean War Memorial in Washington, Grace Jo remembers a pivotal point in her childhood in North Korea, what she calls “the almost dying moment.”
On the brink of starvation, she and her brother burned so hot with fever that they could only find relief on the cold concrete floor of their home in rural North Korea. Another time they were so hungry, Jo said, that they ate six newborn mice found under a stone.
Memories like those keep the 26-year-old Jo from placing much faith in North Korean leader Kim Jong Un’s bid for peace talks after years of threatening his neighbors and the United States with his nuclear arsenal.
He will meet with President Donald Trump on June 12 in Singapore in the first-ever summit between a sitting U.S. president and North Korean leader.
“If the North Korean government doesn’t drop the bombs around their other neighbor countries, that doesn’t mean it’s actual peace for North Korean people,” Jo said in a recent interview. “Inside of North Korea, there are thousands of people that will still die and keep dying in the future. So I don’t really call it a peace treaty.”
North Korea, in announcing last month a suspension of nuclear and missile tests, said it wanted to concentrate on “markedly improving” its socialist economy and the living standards of its people.
‘THINK ABOUT THE PEOPLE’ Now an American citizen, Jo arrived in the United States in 2008 as a refugee, one of about 200 North Korean refugees who have been resettled here.
Severe famine in North Korea in the 1990s took its toll on Jo’s family. She said her two younger brothers died of starvation, as did her grandmother, whose dying wish for a potato went unfulfilled. Jo’s older sister disappeared. Her father escaped to China to find food. Caught, he was returned to North Korea. He was tortured and starved to death in a North Korean jail in 1997, she said.
When Jo was 6, her mother decided the only hope for her and her two remaining daughters was to forge a new life in China, where they lived a secretive and transient existence for 10 years. They were returned several times to North Korea and were tortured, Jo said.
Their luck turned when a Korean-American pastor raised money to bribe North Korean officials for their release. In 2008, the United Nations High Commission for Refugees (UNHCR) took the family from China and settled them as refugees in the United States.
Jo is a college student in Maryland and works as an assistant in a dentist’s office, but also helps run NKinUSA, an organization her sister founded to help rescue North Koreans from their country and establish new lives.
With the meeting between Kim and Trump on the horizon, she said she hoped the struggles of North Koreans were not buried in the push to denuclearize the Korean peninsula.
“Whatever the leaders decide, I hope the U.S. government can bring up the humanitarian issues and think about the people in North Korea,” Jo said. “The only way helping this generation of North Koreans is to end that regime.”
Reporting by Katharine Jackson; Editing by Mary Milliken and Peter Cooney
| ashraq/financial-news-articles | https://in.reuters.com/article/northkorea-refugee/memories-of-hunger-cloud-north-korean-refugees-hopes-for-trump-kim-summit-idINKBN1IC07J |
May 22, 2018 / 4:08 PM / Updated 27 minutes ago UK's Prince Harry and Meghan Markle attend Charles' garden party Reuters Staff 2 Min Read
LONDON (Reuters) - Prince Harry and his new wife Meghan Markle - the Duke and Duchess of Sussex - appeared at their first official engagement since marrying last weekend when they attended an event in the gardens of Buckingham Palace on Tuesday. Britain's Prince Harry and his wife Meghan, Duchess of Sussex, at a garden party at Buckingham Palace with Prince Charles and Camilla the Duchess of Cornwall, their first royal engagement as a married couple, in London, May 22, 2018. Dominic Lipinski/Pool via Reuters
The couple, whose wedding in Windsor on Saturday was watched by millions of TV viewers worldwide, were at a party to celebrate Harry’s father Prince Charles’ charity patronages and military affiliations ahead of his 70th birthday this year.
Also there were several emergency services personnel who were first responders after the Manchester suicide bombing exactly a year ago which killed 22 people, the palace said.
Charles and his wife Camilla visited Manchester Arena last June to meet staff who were first on the scene immediately after the bombing.
Heir to the throne Charles, who will be 70 in November, played an impromptu role in Saturday’s royal wedding, accompanying Markle up the aisle in the absence of her own father who was unable to attend.
Harry and U.S. former actress Markle are expected to go on honeymoon later, though no details of when or where have been announced. Slideshow (16 Images) | ashraq/financial-news-articles | https://in.reuters.com/article/us-britain-royals-harry/uks-prince-harry-and-meghan-markle-attend-charles-garden-party-idINKCN1IN28H |
BOULDER, Colo., May 7, 2018 /PRNewswire/ -- Encision Inc. (OTC:ECIA), a medical device company owning patented surgical technology that prevents dangerous stray electrosurgical burns in minimally invasive surgery, today announced financial results for its fiscal 2018 fourth quarter that ended March 31, 2018.
The Company posted quarterly net revenue of $2.04 million for a quarterly net loss of $18 thousand, or $0.00 per diluted share. These results compare to net revenue of $2.21 million for a quarterly net loss of $115 thousand, or $(0.01) per diluted share, in the year-ago quarter. Net revenue for the current quarter included net revenue of $68 thousand from an order for non-AEM product. Gross margin on net revenue was 57% in the fiscal 2018 fourth quarter and 52% in the fiscal 2017 fourth quarter. Gross margin on net revenue was higher in the current quarter as a result of product mix. Gross margin on net revenue was lowered further in last year's fourth quarter by applying overhead costs to faster turnover inventory.
The Company posted twelve months net revenue of $8.75 million for a twelve months net income of $336 thousand, or $0.03 per diluted share. These results compare to net revenue of $8.87 million for a twelve months net loss of $729 thousand, or $(0.07) per diluted share, in the year-ago twelve months. Net revenue for the current twelve months included net revenue of $492 thousand from an order for non-AEM product. Gross margin on net revenue was 57% in the fiscal 2018 twelve months and 50% in the fiscal 2017 twelve months. Gross margin on net revenue was higher in the current twelve months as a result of product mix. Gross margin on net revenue was lowered further in the fiscal 2017 twelve months by higher slow moving and obsolete inventory costs and applying overhead costs to faster turnover inventory.
Net cash of $420 thousand was generated by operating activities in the current twelve months compared to $23 thousand of cash generated by operating activities in last year's twelve months.
"This past year has been a turning point for Encision," said Greg Trudel, President and CEO of Encision. "We delivered new levels of operational excellence, launched new products and delivered black ink on the bottom line for the first time in recent history. Our focus going forward will be to grow the top line. To that effect, we have already strengthened our sales channel with direct sales representation to fill strategic gaps in the marketplace and to eliminate underperforming distribution relationships. We have a number of products in development and we are always open to partnering on OEM opportunities and licensing. We look forward to advancing the awareness of the risks of Stray Energy and to driving increased deployment of life saving AEM® Technology."
Encision Inc. designs and markets a portfolio of high performance surgical instrumentation that delivers advances in patient safety with AEM technology, surgical performance, and value to hospitals across a broad range of minimally invasive surgical procedures. Based in Boulder, Colorado, the company pioneered the development and deployment of Active Electrode Monitoring, AEM technology, to eliminate dangerous stray energy burns during minimally invasive procedures. For additional information about all our products, please visit www.encision.com .
In accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the Company notes that statements in this press release and elsewhere that look forward in time, which include everything other than historical information, involve risks and uncertainties that may cause actual results to differ materially from those indicated by the forward-looking statements. Factors that could cause the Company's actual results to differ materially include, among others, its ability to develop new or enhanced products and have such products accepted in the market, its ability to increase net sales through the Company's distribution channels, its ability to compete successfully against other manufacturers of surgical instruments, insufficient quantity of new account conversions, insufficient cash to fund operations, delay in developing new products and receiving FDA approval for such new products and other factors discussed in the Company's filings with the Securities and Exchange Commission. Readers are encouraged to review the risk factors and other disclosures appearing in the Company's Annual Report on Form 10-K for the year ended March 31, 2017 and subsequent filings with the Securities and Exchange Commission. We do not undertake any obligation to update publicly any forward-looking statements, whether as a result of the receipt of new information, future events, or otherwise.
CONTACT: Mala Ray, Encision Inc., 303-444-2600, [email protected]
Encision Inc.
Unaudited Condensed Statements of Operations
(in thousands, except per share information)
Three Months Ended
Years Ended
March 31, 2018
March 31, 2017
March 31, 2018
March 31, 2017
Net revenue
$2,038
$2,212
$8,754
$8,870
Cost of revenue
867
1,070
3,747
4,464
Gross profit
1,171
1,142
5,007
4,406
Operating expenses:
Sales and marketing
567
629
2,312
2,511
General and administrative
399
367
1,457
1,456
Research and development
207
246
842
1,127
Total operating expenses
1,173
1,242
4,611
5,094
Operating income (loss)
(2)
(100)
396
(688)
Interest expense and other expense, net
(16)
(15)
(60)
(41)
Income (loss) before provision for income taxes
(18)
(115)
336
(729)
Provision for income taxes
––
––
––
––
Net income (loss)
$(18)
$(115)
$ 336
$ (729)
Net income (loss) per share—basic
$0.00
$(0.01)
$0.03
$(0.07)
Net income (loss) per share—diluted
$0.00
$(0.01)
$0.03
$(0.07)
Weighted average number of shares—basic
10,683
10,683
10,683
10,677
Weighted average number of shares—diluted
10,683
10,683
10,707
10,677
Encision Inc.
Unaudited Condensed Balance Sheets
(in thousands)
March 31, 2018
March 31, 2017
ASSETS
Cash and cash equivalents
$ 115
$ 45
Restricted cash
25
50
Accounts receivable, net
962
1,042
Inventories, net
1,437
1,129
Prepaid expenses
75
62
Total current assets
2,614
2,328
Equipment, net
349
468
Patents, net
270
254
Other assets
19
17
Total assets
$ 3,252
$ 3,067
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable
$ 466
$ 403
Accrued compensation
257
268
Other accrued liabilities
285
248
Line of credit
––
275
Deferred rent
30
30
Total current liabilities
1,038
1,224
Deferred rent
10
41
Total liabilities
1,048
1,265
Common stock and additional paid-in capital
23,818
23,752
Accumulated (deficit)
(21,614)
(21,950)
Total shareholders' equity
2,204
1,802
Total liabilities and shareholders' equity
$ 3,252
$ 3,067
Encision Inc.
Unaudited Condensed Statements of Cash Flows
(in thousands)
Years Ended
March 31, 2018
March 31, 2017
Operating activities:
Net income (loss)
$ 336
$ (729)
Adjustments to reconcile net income (loss) to cash generated by operating activities:
Depreciation and amortization
203
225
Share-based compensation expense
66
70
(Recovery from) provision for doubtful accounts, net
(13)
24
(Recovery from) inventory obsolescence, net
(29)
(360)
Changes in operating assets and liabilities:
Accounts receivable
92
(227)
Inventories
(280)
962
Prepaid expenses and other assets
(15)
29
Accounts payable
64
47
Accrued compensation and other accrued liabilities
(4)
(18)
Net cash generated by operating activities
420
23
Investing activities:
Acquisition of property and equipment
(57)
(105)
Patent costs
(43)
(28)
Net cash (used in) investing activities
(100)
(133)
Financing activities:
Paydown of credit facility, net change
(275)
(113)
Change in restricted cash
25
(25)
Net cash (used in) financing activities
(250)
(138)
Net increase (decrease) in cash and cash equivalents
70
(248)
Cash and cash equivalents, beginning of period
45
293
Cash and cash equivalents, end of period
$ 115
$ 45
View original content: http://www.prnewswire.com/news-releases/encision-reports-fourth-quarter-fiscal-year-2018-results-300643019.html
SOURCE Encision Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/pr-newswire-encision-reports-fourth-quarter-fiscal-year-2018-results.html |
May 24, 2018 / 12:40 PM / Updated an hour ago Karembeu - Real Madrid 'built to win' Champions League Richard Martin 5 Min Read
LYON (Reuters) - Zinedine Zidane’s remarkable run to three consecutive Champions League finals as Real Madrid coach should be no surprise because the former midfielder “inspires success”, says his former France team mate Christian Karembeu. Soccer Football - Champions League - Real Madrid Training - Real Madrid City, Madrid, Spain - May 22, 2018 Real Madrid's Karim Benzema during training REUTERS/Sergio Perez
Karembeu, a double European Cup winning midfielder with Real himself, won the 1998 World Cup and Euro 2000 with France alongside Zidane. The Madrid boss is bidding to become the first coach to win the Champions League three times in a row when his side meet Liverpool on Saturday in Kiev.
“No, I’m not surprised, he inspires success,” Karembeu tells Reuters in an interview in Lyon.
“He is a hard worker, he hates to lose, he wants perfection, he wants quality and you can see Zidane’s prints on this Madrid team.
“The passing has to be good, the players have to be in the right position, you need to attack quickly, and you can see his influence on what this team does on the pitch.
“Of course, when you look at the names of the players you see the talent there but talent alone does not bring you success.” SUCCESS STORIES
Karembeu says Zidane did not express any great desire to be a coach when he was a player, but his experience at the highest level of the game makes him the ideal man to lead this Madrid side, which is brimming with world class players.
“He’s a former footballer with knowledge and expertise and that’s great for the likes of Cristiano Ronaldo and Luka Modric. There are so many success stories with that man, he can inspire you and he can also boost the team,” Karembeu says.
“Zidane didn’t change any players, it’s more or less the same squad as before, but with his aura, his way of thinking and approach to everyone, he has delivered something positive and successful.”
Zidane has been lauded by his players for his handling of the dressing room and keeping his cool under pressure, something he has had to do a lot this season as Real floundered in La Liga, finishing 17 points behind runaway winners Barcelona.
Madrid also put poor domestic campaigns to one side in emphatic fashion when Karembeu played for them, winning the Champions League 1997-98 after coming fourth in La Liga and lifting the trophy again in 1999-2000 after finishing fifth.
“It’s not easy to focus on three or four targets, when you are carrying yourself to one goal its easier,” says Karembeu, who was born in former French colony New Caledonia, moving to France aged 17 and making his professional debut with Nantes.
“Everyone wants to win the double or treble but it’s not easy, most players are playing more than 60 games. It’s not easy for Madrid to repeat the same performances and success, they are humans, not robots.
“But to do well in the Champions League you need a different type of commitment. Madrid have it in their DNA.”
The 1998 win over Juventus in Amsterdam was Madrid’s first European Cup win since 1966 and paved the way for another continental dynasty after winning the first five editions of the competition between 1956 and 1960. In Kiev, they will be hoping to win it for a record-extending 13 times.
“The Champions League is built for Real Madrid, they have this in their blood and the other teams are only challengers,” adds Karembeu.
“It’s been that way since the beginning. Their five wins with Alfredo Di Stefano were incredible. Then, 32 years later we brought back that atmosphere, that belief.
“32 years without winning it was a very long time, we needed to change things. We brought back the pride and success, then (club president) Florentino Perez grew the club even more, making their history even greater.” OUTSPOKEN ACTIVIST
Karembeu, who retired from football in 2006 and now works as a strategic adviser for Greek side Olympiakos Piraeus, was an outspoken political activist as a player.
He repeatedly spoke up for rights of people in New Caledonia, even convincing his Sampdoria team mates to join him in wearing T-shirts protesting against nuclear weapons testing in the region.
He also refused to sing the words of the French national anthem because France had colonised his homeland, leading him to be booed by his own supporters.
The question of whether athletes should take political stands has been fiercely debated since San Francisco 49ers quarterback Colin Kaepernick began a move to kneel during the United States national anthem. On Wednesday, the NFL announced it would fine players who refused to stand for the anthem.
“Athletes are told they should be role models so why can’t we be political role models for our own communities?” Karembeu says.
“I did that (refusing to sing the anthem) because I wanted people to understand where I come from. I knew the history of my people, I have lived in France and played for the national team but there are things I cannot forget.
“Athletes are human beings, the first thing we belong to is our land, our families, so we need to be true to ourselves.” Reporting by Richard Martin; Editing by Christian Radnedge | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-champions-final-karembeu/karembeu-real-madrid-built-to-win-champions-league-idUKKCN1IP1ZY |
May 22, 2018 / 3:36 PM / Updated 12 minutes ago In fresh blow to Nobels, Swedish court blocks plans for new centre Reuters Staff 3 Min Read
STOCKHOLM (Reuters) - A Swedish court on Tuesday blocked the building of a new Nobel centre which is meant to showcase one of the world’s most famed prizes, but whose plans have sparked royal indignation, political spats and the ire of a local business tycoon.
The Nobel Center, which was to be constructed in Stockholm’s picturesque old harbour, was expected to become the new location for the annual ceremonies at which the prestigious awards are made for science and the arts.
But Sweden’s Land and Environmental Court ruled on Tuesday that it would not allow building to go ahead, saying in a statement that the plans would damage a cultural heritage site, inconvenience neighbouring property and did not address traffic issues.
The verdict comes at a tumultuous time for the Nobel prize after the Swedish Academy decided against awarding the literature prize this year after a sexual misconduct scandal that caused turmoil in its ranks.
The centre, which would have been financially backed by Swedish icons like the main owner of retail giant Hennes & Mauritz as well as the Wallenberg family, was intended to host exhibitions and seminars about the Nobels and most probably be the venue for the prize ceremonies.
The Nobel ceremonies are currently held at the Stockholm concert hall.
It was to be built in an area that features some of Stockholm’s most emblematic and historic buildings, such as the National Museum, in an upscale district of harbour-side restaurants and bars and bobbing yachts.
“We are disappointed about this verdict ... We believe it will be a fantastic new place and meeting point in Stockholm, so we don’t see this as the end,” Ylva Lageson, CEO of Nobelhuset AB, which was tasked to construct, own and manage the centre told Reuters.
The Stockholm City Council had approved the plans after they were revised to reduce the size of the planned building.
Businessman Fredrik Lundberg, often referred to as Sweden’s Warren Buffett, had objected to the scale of the building, citing concerns about the sea view from his nearby offices and the value of their century-old properties.
In the past, others opposing its construction have included the National Museum, who would have been a neighbour, and King Carl XVI Gustaf, who presents the Nobel prizes and who has also voiced criticism of the plans.
Jan Valeskog, Stockholm city councillor in charge of construction in the capital, said in a statement that the city would appeal against the ruling.
“The Nobel Center is an important project that has great cultural and economic importance for the entire Stockholm region,” he said.
The city council has until June 12 to make its appeal. Reporting by Esha Vaish; editing by Niklas Pollard and Richard Balmforth | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-nobel-center/in-fresh-blow-to-nobels-swedish-court-blocks-plans-for-new-centre-idUKKCN1IN257 |
2 COMMENTS TOKYO—Japan has caught up with a wave of consolidation sweeping the shipping industry, with its three biggest carriers merging their container operations to compete with bigger rivals in Asia and Europe.
Mitsui O.S.K. Lines (MOL), Kawasaki Kisen Kaisha Ltd. 9107 1.20% , (K-Line) and Nippon Yusen Kabushiki Kaisha NPNYY -0.23% (NYK Line) pumped $3 billion into the merged company called Ocean Network Express (ONE) that kicked off operations last month as the world’s sixth largest container operator, with a combined fleet of 230 vessels.
“A large company buys a small company and grows bigger, such deals have been repeated in the past, but this is the first time (in shipping) that three companies jointly start a new business on an equal footing,” Junichiro Ikeda, MOL’s chief executive, said in an interview.
MOL is the leading partner in ONE.
ONE controls close to 7% of global container market, well below the double-figure shares of the top three carriers, Denmark’s Maersk Line, Switzerland’s Mediterranean Shipping Co. and France’s CMA CGM SA.
Falling Freight Costs A wave of consolidation among the world's biggest container operators has failed to boost freight rates to sustainable levels. Cost of moving a container from:
Asia-U.S. West Coast
Asia-Europe
Breakeven freight levels*
$2,500
2,000
1,500
1,000
500
0
Jan. ’18
Jan. ’17
July
*Based on estimates from maritime executives across the industry
Source: Braemar ACM Shipbroking
Container shipping moves roughly $4 trillion worth of manufactured goods annually, from designer dresses to electronics, food and heavy machinery.
But a glut of tonnage in the water and vicious price wars have pushed freight rates well below break-even levels over the past few years, sinking most operators deeply into the red and pushing some out of business.
The crisis pushed the fragmented industry to consolidate, with the world’s 20 biggest operators shrinking to seven over the past three years that control about three-quarters of total container capacity.
It also triggered a reckoning among policy makers in many countries, from Germany to Japan, that have seen commercial shipping as a key strategic asset for their economies. The failure of South Korea’s Hanjin Shipping in 2016 sent shock waves around the world and particularly in Seoul, where the world’s eighth-largest container line was considered an important cog in the country’s export-driven economy.
People involved in the ONE merger told The Wall Street Journal it was seen as a must, as carriers with a 3% share or below are expected to go out of business or swallowed up by bigger players.
Although still small in global terms, ONE is dominant in intra-Asia trade lanes and is the biggest player in moving Asian exports to the U.S. across the Pacific, with a 16% market share, according to maritime data provider IHS Markit . It also controls 37% of container capacity in and out of Japan, the world’s third-largest economy.
“I think future trade will grow mainly in these regions, and the market share (that) ONE holds is never small,” MOL’s Mr. Ikeda said.
He declined to comment on the impact of possible trade tariffs in talks between the U.S. and China.
Mitsui O.S.K. Lines Chief Executive Juichiro Ikeda Photo: Mitsui OSK Lines Consolidation gives shippers fewer carriers to choose from and some may move away from ONE to other operators, but Mr. Ikeda insists he isn’t worried.
“If you focus on the services that come to and go from Japan, our competitors are totally incomparable with us,” he said. “In terms of frequency…. ONE is superior. Therefore, even if customers seek choice desperately, they don’t have much of a choice.”
ONE, which set up its headquarters in Singapore, launched operations April 1 to a rocky start. Brokers and freight forwarders said shippers in the first 20 days of operation faced problems booking cargo slots and communicating with the carrier.
The carrier said the problems were the result of setting up a new IT system and difficulties moving staff from the three partners to new offices around the world.
“It was surprising and disappointing, given the high efficiency records of the three carriers before they became ONE, but the situation is slowly improving,” a Singapore broker said.
Mr. Ikeda said it would take time for the former rivals to fully integrate.
“Although all of them are Japanese companies, there are differences in doing things among them,” he said. “Their mutual understanding has deepened during the preparatory period, but I consider it to be a big challenge to unify the way to conduct business in a real sense.”
The operators have a deep reach into global trade, from consumer goods to raw industrial commodities.
MOL on its own is the world’s biggest natural gas carrier, operating 76 ships out of a total global fleet of 440 vessels, and plans to add another 19 LNG carriers to its fleet over the next few years.
In container trade, ONE is part of THE Alliance, one of three major shipping groups that also includes Germany’s Hapag-Lloyd AG and Taiwan’s Yang Ming Marine Transport Corp.
Alliance members share networks, ships and port calls, saving billions of dollars each year in fuel, port handling and other expenses. They are using giant ships that can move more than 20,000 containers.
THE Alliance already has six such vessels and plans to order six more by the end of this year, despite concerns that the behemoths may exacerbate overcapacity and add pressure to freight rates.
Mr. Ikeda doesn’t expect a flood of new orders because carriers expect only moderate growth in shipping demand, and “everyone understands the situation that way.”
Write to Costas Paris at [email protected] and Chieko Tsuneoka at [email protected] | ashraq/financial-news-articles | https://www.wsj.com/articles/japan-catches-up-with-shipping-consolidation-1526031000 |
May 30, 2018 / 6:27 PM / Updated 4 minutes ago Highlights of French Open fourth day Reuters Staff 5 Min Read
PARIS (Reuters) - Highlights from day four of the French Open tennis championships on Wednesday (all times GMT): Tennis - French Open - Roland Garros, Paris, France - May 30, 2018 Bulgaria's Grigor Dimitrov celebrates winning his second round match against Jared Donaldson of the U.S. REUTERS/Charles Platiau 1810 STEPHENS ROLLS INTO THIRD ROUND
U.S. Open champion Sloane Stephens moved into the third round with a comfortable 6-2 6-2 win over Polish qualifier Magdalena Frech.
The American struck 17 winners and never faced a break point in a one-sided match lasting just over an hour. 1745 WOZNIACKI SENDS GARCIA PEREZ PACKING
Second seed Caroline Wozniacki produced a ruthless display to beat Spain’s Georgina Garcia Perez 6-1 6-0 in 51 minutes. 1650 DIMITROV OUTLASTS DONALDSON
Fourth seed Grigor Dimitrov secured a decisive break in the 17th game of the final set to beat American Jared Donaldson 6-7(2) 6-4 4-6 6-4 10-8 in the second round.
It was the Bulgarian’s 50th Grand Slam match-win as he matched his best Roland Garros performance by reaching the third round for the third time. 1630 NISHIKORI BREAKS FRENCH HEARTS
Japan’s Kei Nishikori battled past home favorite Benoit Paire 6-3 2-6 4-6 6-2 6-3 to book a third round spot after three hours on Court Philippe-Chatrier. 1615 ZVEREV SURVIVES SCARE
World number three Alexander Zverev survived a scare from unseeded Dusan Lajovic to beat the Serb 2-6 7-5 4-6 6-1 6-2 in the second round.
It was the German’s 32nd win of the season and he will face Bosnian Damir Dzumhur for a place in the last 16. Tennis - French Open - Roland Garros, Paris, France - May 30, 2018 General view of Ukraine's Elina Svitolina in action during her second round match against Slovakia's Viktoria Kuzmova REUTERS/Christian Hartmann 1600 GOFFIN CRUISES THROUGH
Eighth seed Belgian David Goffin produced a clinical display to reach the third round for a fourth straight year, defeating Frenchman Corentin Moutet 7-5 6-0 6-1. 1515 DOUBLES DELIGHT FOR WILLIAMS SISTERS
Serena and Venus Williams won their first doubles match together since lifting the 2016 Wimbledon title, defeating Japanese pair Shuko Aoyama and Miyu Kato 4-6 6-4 6-1 in the opening round. 1355 KEYS OUTPLAYS DOLEHIDE
American Madison Keys, seeded 13th, struck 21 winners on her way to a 6-4 6-1 second-round victory over compatriot Caroline Dolehide. 1330 DJOKOVIC BOOKS THIRD ROUND SPOT
Former champion Novak Djokovic continued his steady progress with a 7-6(1) 6-4 6-4 victory over Spain’s Jaume Munar. The Serb extending his winning run to 17 matches against qualifiers at Grand Slam events.
He will make his 13th third round appearance at Roland Garros against Spain’s Roberto Bautista Agut, who beat Colombian Santiago Giraldo 6-4 7-5 6-3.
1315 CHARDY STUNS BERDYCH IN FIVE-SET THRILLER
Local favorite Jeremy Chardy recovered well in the final set to beat 17th seed Tomas Berdych 7-6(5) 7-6(8) 1-6 5-7 6-2 in a rain-delayed second round encounter.
World number 86 Chardy will meet fellow Frenchman Pierre-Hugues Herbert for a place in the last-16. 1250 SVITOLINA HAILS HOME SUPPORT
Fourth seed Elina Svitolina hopes Ukrainian president Petro Poroshenko’s interest in tennis could boost the sport’s development in her home country. Slideshow (2 Images)
Poroshenko last week congratulated Svitolina on Twitter following her Italian Open triumph.
“It’s very nice of him that he follows the sport,” Svitolina told reporters. “And hopefully, we’re going to now have not only attention but also maybe someone could invest some money into Ukrainian tennis for our juniors, for our upcoming generation.
“You know, I know that our federation is also working really hard to build the center where juniors and the small girls and boys can train.” 1230 CARRENO BUSTA BATTLES PAST DELBONIS
Pablo Carreno Busta’s nifty movement and measured approach proved decisive in a 7-6(0) 7-6(2) 3-6 6-4 win over Federico Delbonis of Argentina.
The 10th-seeded Spaniard will next face Italian Marco Cecchinato for a place in the last-16. 1110 HALEP PREVAILS
World number one Simona Halep, chasing a maiden Grand Slam title, secured a 2-6 6-1 6-1 win over American Alison Riske in the opening round.
Romanian Halep, twice runner-up at Roland Garros, will next face American Taylor Townsend, who is ranked 72 in the world. 1045 OSAKA MARCHES ON
Japan’s Naomi Osaka, seeded 21st, booked a place in the third round with a 6-4 7-5 win over Zarina Diyas of Kazakhstan. 1035 SVITOLINA ADVANCES
Fourth seed Elina Svitolina, who has won three WTA titles so far this season, progressed to the third round with an impressive 6-3 6-4 win over Viktoria Kuzmova of Slovakia. 1020 KVITOVA EASES INTO THIRD ROUND
Twice Wimbledon champion Petra Kvitova produced a sublime performance to beat Spain’s Lara Arruabarrena 6-0 6-4 in the second round.
The 28-year-old Czech, seeded eighth, struck 27 winners and converted five break-point opportunities to wrap up the match in just over an hour. Reporting by Hardik Vyas and Shrivathsa Sridhar in Bengaluru; Editing by Ed Osmond | ashraq/financial-news-articles | https://www.reuters.com/article/us-tennis-frenchopen-fourthday/highlights-of-french-open-fourth-day-idUSKCN1IV2GV |
(Reuters) - Australia’s Fortescue Metals Group Ltd, the world’s fourth largest iron ore miner, said its board has approved the development of a $1.28 billion mine and rail project in Western Australia, in a bid to boost the price it gets for its iron ore.
FILE PHOTO - The logo of Fortescue Metals Group adorns their headquarters in Perth, Australia, November 11, 2015. REUTERS/David Gray/File photo Fortescue is eager to improve the quality of its iron ore as its biggest customer, China, is increasingly demanding higher quality ore for steel mills to help cut smog.
Production from the mine is set to start in December 2020 and is expected to yield higher quality ore, closer to the benchmark of 62 percent iron content.
The project, named Eliwana, will help Fortescue maintain a 170 million tonnes per annum production rate for over 20 years, the company said in a statement on Monday.
“This project allows us to commence the supply of Fortescue Premium product to the market from existing operations in the second half of FY19 with volumes increased as Eliwana ramps up to full production,” said Fortescue Chief Executive Elizabeth Gaines.
The project would create up to 1,900 jobs during construction and 500 full-time positions once operational.
Reporting by Ambar Warrick in Bengaluru; editing by Richard Pullin
| ashraq/financial-news-articles | https://www.reuters.com/article/us-fortescue-metals-iron-ore/australias-fortescue-metals-to-proceed-with-1-3-billion-iron-ore-project-idUSKCN1IS0UY |
May 10 (Reuters) - Logistec Corp:
* LOGISTEC ANNOUNCES ITS RESULTS FOR THE FIRST QUARTER OF 2018
* Q1 REVENUE ROSE 37.2 PERCENT TO C$82.4 MILLION * Q1 LOSS PER SHARE C$0.75 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-logistec-q1-loss-per-share-c075/brief-logistec-q1-loss-per-share-c0-75-idUSASC0A1HS |
May 24 (Reuters) - J Sainsbury Plc:
* HOURLY RATE FOR EMPLOYEES TO INCREASE FROM £8 TO £9.20 PER HOUR
* INVESTMENT OF £110 MILLION TO GIVE 121,000 STORE COLLEAGUES AN AVERAGE PAY RISE OF 9.3 PCT Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-j-sainsbury-confirms-hourly-rate-f/brief-j-sainsbury-confirms-hourly-rate-for-employees-to-increase-to-9-20-pounds-hour-idUSFWN1SV02L |
NEWPORT BEACH, Calif., May 31, 2018 /PRNewswire/ -- CEO Coaching International , the leading firm for coaching growth-focused CEOs and entrepreneurs, has appointed Phey Teck Moh as its newest coach. Phey is a proven business builder in technology-based and rapidly evolving industries with a track record in turning around and growing those businesses.
Phey previously held leadership positions at Motorola, Pacific Internet, Compaq and IBM Singapore. At Motorola Solutions, Phey was credited with rapid growth, grew more than 15% per annum to US$1.1Bn revenue in Asia Pacific.
"We are confident that Phey will strongly position us as the trusted advisor and partner to our existing and potential clients in the region," commented Mark Moses , CEO and Founder of CEO Coaching International. "Phey's expertise in Tech and Telecommunications will further strengthen our market presence."
Phey Teck Moh is the Chairman of Xpanasia Pte Ltd, an investment and advisory company specializing in Telecommunications and Information Technology companies in Asia Pacific. As a mentor and partner at incubators including Entrepreneur First, MIT-SMART and Singapore Management University, he had mentored many startup companies including Rainmaker Labs (sold to KPMG), Metro Residences, and Homage. In 2018, Phey cofounded AngelCentral with partners to raise angel investments for startups.
CEO Coaching International is known globally for its success in coaching growth-focused Entrepreneurs in a data-driven and measurable way to meaningful exits. They coach over 160 entrepreneurs in 20 different countries. CEOs and entrepreneurs working with CEO Coaching International for 4 years or more have experienced an average CAGR in revenue of 40.1% during their time as a client, more than four times the national average. Additionally, clients have averaged 210% growth in profit while working with the firm.
About CEO Coaching International
CEO Coaching International is an executive coaching company that works with the world's top entrepreneurs, CEOs and companies to dramatically grow their business, develop their people, and elevate their own performance. For more information, please visit: http://www.ceocoachinginternational.com
Photo(s):
https://www.prlog.org/12711219
Press release distributed by PRLog
View original content: http://www.prnewswire.com/news-releases/retired-asia-president-of-motorola-solutions-joins-ceo-coaching-international-strengthening-asia-market-presence-300657273.html
SOURCE CEO Coaching International | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/31/pr-newswire-retired-asia-president-of-motorola-solutions-joins-ceo-coaching-international-strengthening-asia-market-presence.html |
Pro surfer Kelly Slater on creating the perfect wave 1 Hour Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/04/pro-surfer-kelly-slater-on-creating-the-perfect-wave.html |
Cambridge Analytica files for bankruptcy in U.S. Friday, May 18, 2018 - 01:18
Cambridge Analytica, the political consultancy at the center of Facebook Inc's privacy scandal, filed for Chapter 7 bankruptcy in the United States late on Thursday. Jacob Greaves reports.
Cambridge Analytica, the political consultancy at the center of Facebook Inc's privacy scandal, filed for Chapter 7 bankruptcy in the United States late on Thursday. Jacob Greaves reports. //reut.rs/2LdJ5XE | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/18/cambridge-analytica-files-for-bankruptcy?videoId=428081622 |
EditorsNote: adds “Bryce” in next-to-last graf
Washington first baseman Matt Adams singled home the tiebreaking run in the 11th inning, and the Nationals won for the 10th time in 12 games, posting a 2-1 victory over the Arizona Diamondbacks on Thursday night in Phoenix.
Trea Turner singled and Anthony Rendon walked to open the 11th off Fernando Salas (3-4) before Andrew Chafin entered and gave up Adams’ single.
David Peralta and Daniel Descalso had two hits apiece for the Diamondbacks (24-13), who have the best record in the National League and are 10-0-2 in series this season.
The Thursday contest opened a four-game series.
Brandon Kintzler (1-2) stranded runners on second and third in the 10th inning, and Sean Doolittle pitched around a one-out single in the 11th for his seventh save.
Michael A. Taylor, Howie Kendrick and Pedro Severino doubled, and Tanner Roark gave up one run in seven innings for Washington. Roark struck out four and did not walk a batter.
Diamondbacks right-hander Zack Greinke gave up four hits and one run in seven-plus innings, with six strikeouts and no walks. He left after giving up Taylor’s double leading off the eighth inning, when Washington tied the game at 1.
Taylor took third on Wilmer Difo’s sacrifice bunt and scored when reliever Archie Bradley balked. Bradley made a move to throw third base out of the stretch but hesitated and restarted after noticing third baseman Descalso was not covering the base.
Arizona took a 1-0 lead in the fifth when Ketel Marte singled, took second and scored when Grienke slapped a slider into short left field. Greinke stole second on the first pitch to Peralta but was stranded there. Greinke is 6-for-6 in stolen-base attempts in his career.
Greinke joins Joe Saunders and Braden Shipley as the only pitchers in Arizona history with a hit, an RBI and a stolen base in the same game.
Bryce Harper singled to right field on the fourth pitch of the game to snap an 0-for-19 skid. He had been hitless since homering twice in a 7-3 victory over Philadelphia on May 4. He was given his first day off Wednesday, a 2-1 loss in San Diego, and he finished 1-for-5 on Thursday.
Washington catcher Matt Wieters was removed with an apparent left knee injury sustained on a single to center field leading off the second inning. Severino entered to run and stayed in the game behind the plate.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/baseball-mlb-ari-was-recap/nats-slip-past-diamondbacks-in-11-idUSMTZEE5BJUF7AQ |
Cramer: Facebook, Amazon and Apple's quarters kickstarted this market rally 1 Hour Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/10/cramer-facebook-amazon-and-apples-quarters-kickstarted-this-rally.html |
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