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SOLON, Ohio, May 02, 2018 (GLOBE NEWSWIRE) -- Energy Focus, Inc. (NASDAQ:EFOI), a leader in LED lighting technologies, today announced financial results for the first quarter ended March 31, 2018.
First Quarter Highlights:
Net sales for the first quarter of $4.7 million compared to $4.1 million in the first quarter of 2017. Gross profit was $0.8 million, or 17.5 percent of net sales, for the first quarter of 2018 compared to gross profit of $0.6 million, or 13.7 percent in the first quarter of 2017. First quarter 2018 operating expenses of $3.2 million compared to $5.1 million in the first quarter of 2017. First quarter net loss of $2.4 million, or a loss of $0.20 per diluted share, compared to a net loss of $4.5 million, or a loss of $0.39 per share, from the first quarter of 2017. Increased demand for our industry leading battery backup RedCap™ product, resulting in additional “pull through” of other TLED products. First quarter sales generated by our agents increased 29.4% compared to the fourth quarter of 2017 Increased penetration in previously underserved Northeast, Mid-Atlantic, Southeast, Mid-South and Western regions, now supported through our sales agency model, resulting in a sequential quarter-over-quarter sales growth of 174%.
Dr. Ted Tewksbury, Chairman, Chief Executive Officer and President, commented, “Q1 was a transitional quarter. We continued to focus on the fundamental drivers which will power our turnaround – sales and new products. While revenue was disappointing, our sales agents penetrated new and underserved geographies, growing agency revenue by 29% sequentially. Customers are enthusiastically adopting our game-changing RedCap™ emergency backup battery, pulling through sales of our TLEDs. While revenue is a lagging indicator, we have stabilized the decline and believe we’re on the cusp of a recovery in 2018.”
A further breakdown of net sales is shown below (in thousands):
Three months ended
March 31, 2018 2017 Commercial products $ 2,205 $ 3,079 Military maritime products 2,454 1,027 Total net sales $ 4,659 $ 4,106 Financial Results:
Net sales of $4.7 million for the first quarter of 2018 increased 13.5 percent compared to the first quarter of 2017. Net sales of our commercial products decreased 28.4 percent compared to the first quarter of 2017, reflecting the timing of our customers’ projects and installation schedules. Sales of military products experienced a quarter-over-quarter increase of 138.9 percent, reflecting the timing and fulfillment of U.S. Navy awards during the first quarter of 2018 and our distributor’s ability to satisfy first quarter 2017 demand out of their existing inventory.
Gross profit was $0.8 million, or 17.5 percent of net sales, for the first quarter of 2018, compared to gross profit of $0.6 million or 13.7 percent for the first quarter of 2017. The quarter-over-quarter improvement in gross margin as a percent of sales is the result of improved manufacturing variances and efficiencies partially offset by changes in product mix, principally within our military product sales, continuing our efforts to liquidate inventory previously identified as excess.
Operating loss, loss from continuing operations and net loss was $2.4 million for the quarter, or a loss of $0.20 per share, compared to operating loss, loss from continuing operations and net loss of $4.5 million, or a loss of $0.39 per share, in last year’s same period.
At March 31, 2018, our cash and cash equivalents balance was $10.2 million, compared to $10.8 million at December 31, 2017. Net cash used in operating activities of $0.7 million in 2018 compared to $1.6 million in 2017. Net cash used in operating activities results from the net losses incurred, adjusted for non-cash items, including: depreciation and amortization, stock based compensation, the adjustment to the excess inventory reserve, and changes in working capital.
Dr. Tewksbury concluded, “We continue to receive strong interest in our military-tough, flicker-free, longest lifetime tubular LEDs by healthcare, educational and other demanding commercial, industrial and military customers. We’ll be introducing three new technologies and product families at LIGHTFAIR in May which will reinforce our industry leadership in LED retrofit solutions. While we are experiencing increasing pricing pressure and gross margin headwinds, we believe that the strength of our new products and nationwide sales force position us to grow revenue, profitability and shareholder value.”
Earnings Conference Call:
Energy Focus, Inc. will host a conference call and webcast on May 2, 2018 at 11:00 a.m. ET to review the first quarter 2018 financial results, followed by a Q & A session. To participate in the call, please dial 888-394-8218 if calling within the United States, or 323-701-0225 if calling internationally. A replay will be available until May 9, 2018, which can be accessed by dialing 844-512-2921 if calling within the United States, or 412-317-6671 if calling internationally. Please use passcode 5746229 to access the replay. The call will additionally be broadcast live and archived for 90 days over the internet accessible in the Company section of the Energy Focus website, http://investors.energyfocus.com/ . To access the recording link, click on “Company” in the top menu bar of the Energy Focus corporate website, then select “Investors” from the dropdown menu.
Forward Looking Statements:
Forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Generally, these statements can be identified by the use of words such as “believes,” “estimates,” “anticipates,” “expects,” “seeks,” “projects,” “intends,” “plans,” “may,” “will,” “should,” “could,” “would” and similar expressions intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements include all matters that are not historical facts and include statements regarding our current expectations concerning, among other things, our results of operations, financial condition, liquidity, prospects, growth, strategies, capital expenditures and the industry in which we operate. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Although we base these forward-looking statements on assumptions that we believe are reasonable when made, we caution you that forward-looking statements are not guarantees of future performance and that our actual results of operations, financial condition and liquidity, and industry developments may differ materially from statements made in or suggested by the forward-looking statements contained in this release. We believe that important factors that could cause our actual results to differ materially from forward-looking statements include, but are not limited to: (i) our history of operating losses and our ability to effectively implement cost-cutting measures and generate sufficient cash from operations or receive sufficient financing, on acceptable terms, to continue our operations; (ii) our reliance on a limited number of customers, in particular our historical sales of products for the U.S. Navy, for a significant portion of our revenue, and our ability to maintain or grow such sales levels; (iii) the entrance of new competitors in our target markets; (iv) general economic conditions in the United States and in other markets in which we sell our products; (v) our ability to implement and manage our growth plans to diversify our customer base, increase sales, and control expenses; (vi) our ability to increase demand in our targeted markets and to manage sales cycles that are difficult to predict and may span several quarters; (vii) the timing of large customer orders and significant expenses, and fluctuations between demand and capacity, as we invest in growth opportunities; (viii) our dependence on military maritime customers and on the levels of government funding available to such customers, as well as funding resources of our other customers in the public sector and commercial markets; (ix) market acceptance of LED lighting technology; (x) our ability to respond to new lighting technologies and market trends, and fulfill our warranty obligations with safe and reliable products; (xi) any delays we may encounter in making new products available or fulfilling customer specifications; (xii) our ability to compete effectively against companies with greater resources, lower cost structures, or more rapid development efforts; (xiii) our ability to protect our intellectual property rights and other confidential information, and manage infringement claims by others; (xiv) the impact of any type of legal inquiry, claim, or dispute; (xv) our reliance on a limited number of third-party suppliers, our ability to obtain critical components and finished products from such suppliers on acceptable terms, and the impact of our fluctuating demand on the stability of such suppliers; (xvi) our ability to timely and efficiently transport products from our third-party suppliers to our facility by ocean marine channels; (xvii) our ability to successfully scale our network of sales representatives, agents, and distributors to match the sales reach of larger, established competitors; (xviii) any flaws or defects in our products or in the manner in which they are used or installed; (xix) our compliance with government contracting laws and regulations, through both direct and indirect sale channels, as well as other laws, such as those relating to the environment and health and safety; (xx) risks inherent in international markets, such as economic and political uncertainty, changing regulatory and tax requirements and currency fluctuations; (xxi) our ability to attract and retain qualified personnel, and to do so in a timely manner; and (xxii) our ability to maintain effective internal controls and otherwise comply with our obligations as a public company.
About Energy Focus
Energy Focus is an industry-leading innovator of energy-efficient LED lighting technology. As the creator of the first UL-verified low-flicker LED products on the U.S. market, Energy Focus products provide extensive energy and maintenance savings, and aesthetics, safety, health and sustainability benefits over conventional lighting. Our customers include U.S. and foreign navies, U.S. federal, state and local governments, healthcare and educational institutions, and Fortune 500 companies.
Energy Focus is headquartered in Solon, Ohio. For more information, visit our website at www.energyfocus.com .
Contact:
Energy Focus, Inc.
Michael H. Port
Chief Financial Officer
[email protected]
(440) 715-1300
Condensed Consolidated Balance Sheets (In thousands) March 31, December 31, 2018 2017 ASSETS Current assets: Cash and cash equivalents $ 10,172 $ 10,761 Trade accounts receivable less allowances of $20 and $42, respectively 3,551 3,595 Inventories, net 5,608 5,718 Prepaid and other current assets 886 596 Assets held for sale — 225 Total current assets 20,217 20,895 Property and equipment, net 1,004 1,097 Other assets 144 159 Total assets $ 21,365 $ 22,151 LIABILITIES Current liabilities: Accounts payable $ 3,076 $ 1,630 Accrued liabilities 145 130 Accrued payroll and related benefits 440 394 Accrued sales commissions 178 124 Accrued restructuring - short-term 91 170 Accrued warranty reserve 141 174 Deferred revenue 27 5 Total current liabilities 4,098 2,627 Other liabilities 201 232 Total liabilities 4,299 2,859 STOCKHOLDERS' EQUITY Preferred stock, par value $0.0001 per share: Authorized: 2,000,000 shares in 2018 and 2017 Issued and outstanding: no shares in 2018 and 2017 — — Common stock, par value $0.0001 per share: Authorized: 30,000,000 shares in 2018 and 2017 Issued and outstanding: 11,931,237 at March 31, 2018
and 11,868,896 at December 31, 2017 1 1 Additional paid-in capital 127,656 127,493 Accumulated other comprehensive loss 3 2 Accumulated deficit (110,594 ) (108,204 ) Total stockholders' equity 17,066 19,292 Total liabilities and stockholders' equity $ 21,365 $ 22,151
Condensed Consolidated Statements of Operations (In thousands, except per share data) Three months ended
March 31, 2018 2017 Net sales $ 4,659 $ 4,106 Cost of sales 3,843 3,545 Gross profit 816 561 Operating expenses: Product development 629 771 Selling, general, and administrative 2,647 3,631 Restructuring (credits) expenses (50 ) 674 Total operating expenses 3,226 5,076 Loss from operations (2,410 ) (4,515 ) Other expenses (income): Interest expense 1 — Other (income) expenses (21 ) 7 Loss from operations before income taxes (2,390 ) (4,522 ) Provision for income taxes — — Net loss $ (2,390 ) $ (4,522 ) Net loss per share - basic and diluted $ (0.20 ) $ (0.39 ) Weighted average shares used in computing net loss per share: Basic and diluted 11,900 11,718
Condensed Consolidated Statements of Cash Flows (In thousands) Three months ended
March 31, 2018 2017 Cash flows from operating activities: Net loss $ (2,390 ) $ (4,522 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation 151 177 Stock-based compensation 195 207 Stock-based compensation reversal — (269 ) Provision for doubtful accounts receivable (22 ) — Provision for slow-moving and obsolete inventory (487 ) 162 Provision for warranties (33 ) 13 (Gain) loss on disposals of property and equipment (19 ) 8 Changes in assets and liabilities: Accounts receivable 66 3,054 Inventories 597 866 Prepaid and other assets (274 ) (114 ) Accounts payable 1,398 (1,649 ) Accrued and other liabilities 53 248 Deferred revenue 22 174 Total adjustments 1,647 2,877 Net cash used in operating activities (743 ) (1,645 ) Cash flows from investing activities: Acquisitions of property and equipment (57 ) (29 ) Proceeds from the sale of property and equipment 244 — Net cash provided by (used in) investing activities 187 (29 ) Cash flows from financing activities: Proceeds from the exercise of stock options/ESPP — 77 Common stock withheld to satisfy income tax withholding on vesting of restricted stock units (32 ) (47 ) Net cash (used in) provided by financing activities (32 ) 30 Effect of exchange rate changes on cash (1 ) (15 ) Net decrease in cash and cash equivalents (589 ) (1,659 ) Cash and cash equivalents at beginning of year 10,761 16,629 Cash and cash equivalents at end of period $ 10,172 $ 14,970 Classification of cash and cash equivalents: Cash and cash equivalents 9,830 14,628 Restricted cash held 342 342 Cash and cash equivalents at end of period $ 10,172 $ 14,970 Non-GAAP Measures
In addition to the results provided in accordance with U.S. GAAP, we may provide certain non-GAAP measures, which present operating results on an adjusted basis. These are supplemental measures of performance that are not required by or presented in accordance with U.S. GAAP and, for the three months ended March 31, 2018 and 2017, include adjustments for our restructuring expenses.
We believe that our use of non-GAAP financial measures permits investors to assess the operating performance of our business relative to our performance based on U.S. GAAP results and relative to other companies within the industry by isolating the effects of items that may vary from period to period without correlation to core operating performance or that vary widely among similar companies. However, our inclusion of these adjusted measures should not be construed as an indication that our future results will be unaffected by unusual or infrequent items or that the items for which we have made adjustments are unusual or infrequent or will not recur. We believe that the disclosure of these non-GAAP measures is useful to investors as they form part of the basis for how our management team and Board of Directors evaluate our operating performance.
These non-GAAP financial measures are not intended to replace U.S. GAAP financial measures, and they are not necessarily standardized or comparable to similarly titled measures used by other companies.
(In thousands) Three months ended
March 31, 2018 2017 Total operating expenses $ 3,226 $ 5,076 Less: Restructuring credits (expenses) 50 (674 ) Total operating expenses, excluding restructuring $ 3,276 $ 4,402 Three months ended
March 31, 2018 2017 Net loss $ (2,390 ) $ (4,522 ) Add: Restructuring credits (expenses) (50 ) 674 Net loss, excluding restructuring $ (2,440 ) $ (3,848 )
Source:Energy Focus, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/globe-newswire-energy-focus-inc-reports-first-quarter-2018-results.html |
GENEVA (Reuters) - An outbreak of Ebola in the Democratic Republic of Congo does not yet constitute an international public health emergency and there are strong reasons to think it can be brought under control, the World Health Organization (WHO) said on Friday.
Director-General of the World Health Organization (WHO) Tedros Adhanom Ghebreyesus attends a news conference after an Emergency Committee meeting on the Ebola outbreak in the Democratic Republic of Congo, and two days before the start of the WHO's annual World Health Assembly at the United Nations in Geneva, Switzerland, May 18, 2018. REUTERS/Denis Balibouse WHO Director General Tedros Adhanom Ghebreyesus told reporters “we have an evolving situation” and said emergency response teams planned to start administering an experimental vaccine to frontline health workers in Congo by Sunday.
Related Coverage WHO expects to get approval to use ZMapp Ebola drug in Congo Reporting by Tom Miles and Kate Kelland
| ashraq/financial-news-articles | https://in.reuters.com/article/us-health-ebola-who/congos-ebola-outbreak-not-yet-an-international-emergency-who-idINKCN1IJ1X8 |
× × Trump throws more cold water on China trade deal, saying current framework 'too hard to get done' 2 Hours Ago President Donald Trump on Wednesday downplayed expectations for a China trade deal to be hatched soon, instead signaling potential for a new direction for trade talks between the world's two largest economies. "Our Trade Deal with China is moving along nicely, but in the end we will probably have to use a different structure in that this will be too hard to get done and to verify results after completion," President Trump said in an early morning tweet Wednesday. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/23/trump-china-trade-deal.html |
LONDON (Reuters) - British sandwich and coffee shop chain Pret A Manger was sold for $2 billion on Tuesday to an investment fund of Germany’s billionaire Reimann family, as part of a global acquisition spree aimed at challenging Nestle ( NESN.S ) in the coffee sector.
FILE PHOTO: A branded bag at a Pret A Manger cafe in London, Britain, April 27, 2017. REUTERS/Neil Hall/File Photo The sale values Pret at more than 1.5 billion pounds ($2 billion) including debt and gives Pret founders Julian Metcalfe and Sinclair Beecham a final exit from their remaining investment in the chain they founded 32 years ago.
It also gives a windfall to Pret’s 12,000 staff as Chief Executive Clive Schlee said via Twitter they would each get a 1,000 pound bonus once the deal completes.
Pret, whose organic coffee and upmarket sandwiches such as crayfish and rocket proved popular enough to propel its growth from a single shop in London to a 530-strong global chain, generated revenue of 879 million pounds last year.
For Luxembourg-based purchaser JAB Holdings, the acquisition of a majority stake in Pret from private equity firm Bridgepoint and other minority investors is the latest in a multi-billion dollar series of takeovers designed to expand its coffee and beverage empire.
Slideshow (2 Images) JAB has already bought Keurig Green Mountain and Peet’s Coffee & Tea, and Keurig subsequently struck a deal worth more than $21 billion to combine with soda maker Dr Pepper Snapple Group.
BAKERY DEALS JAB, whose owners the publicity-shy Reimann family are descended from Ludwig Reimann, a chemist who in the 19th century joined the chemicals business founded by Johann Adam Benckiser and married into Benckiser’s family, has also made a string of deals including for bakery chains Au Bon Pain and Panera Bread, as well as Krispy Kreme.
Nestle meanwhile recently boosted its position as the world’s biggest coffee company with a $7.15 billion licensing deal with Starbucks Corp ( SBUX.O ).
Bridgepoint bought a majority stake in Pret a decade ago for about 345 million pounds and had been examining an exit via a New York listing before opting to sell to JAB.
The sale price represents a multiple of 15 times Pret’s 2017 earnings before interest, taxes, depreciation and amortisation of more than 100 million pounds, according to a person with knowledge of the matter.
“Management’s proven track record and commitment to customer service, investment in innovation and approach to freshly prepared food position Pret well as it capitalises on evolving consumer taste and lifestyle preferences,” said JAB Chief Executive Olivier Goudet.
The sale to the Reimann family’s firm was first reported by the Financial Times.
The Pret sale comes a month after Whitbread ( WTB.L ) said it would demerge its Costa coffee chain within two years, a lengthy timeframe that stoked speculation Costa could attract a bidder which some bankers speculated could be JAB.
JP Morgan advised Bridgepoint on the Pret deal.
Reporting by Ben Martin; Editing by David Goodman and David Holmes
| ashraq/financial-news-articles | https://www.reuters.com/article/us-pret-a-manger-m-a-jab/jab-buys-majority-stake-in-british-sandwich-chain-pret-a-manger-idUSKCN1IU0MA |
May 9, 2018 / 11:04 AM / Updated 31 minutes ago Earthquake shakes buildings in Afghanistan, felt in Pakistan - Reuters witnesses Reuters Staff 1 Min Read
KABUL/ISLAMABAD (Reuters) - An earthquake shook buildings in the Afghan capital, Kabul, on Wednesday, with tremors felt in Pakistani cities, according to Reuters witnesses. People stand outside the buildings following an earthquake tremor in Peshawar, Pakistan May 9, 2018. REUTERS/Fayaz Aziz
Workers left buildings in Kabul and Pakistani media reported the quake was felt in Islamabad, the capital, and the northwestern city of Peshawar.
There were no immediate reports of any casualties.
The U.S. Geological Survey reported a magnitude 6.4 earthquake centered in Tajikistan, near the Afghan border. Writing by Kay Johnson; Editing by Robert Birsel | ashraq/financial-news-articles | https://uk.reuters.com/article/us-afghanistan-quake/earthquake-shakes-buildings-in-afghanistan-felt-in-pakistan-reuters-witnesses-idUKKBN1IA1GQ |
As one of the biggest digital currency platforms, Coinbase was in the right place at the right time as the price of bitcoin skyrocketed in 2017, but the company has no intention of taking its crypto gains for granted. With $150 billion in assets traded across more than 20 million customers, and 2017 revenue reported at $1 billion, it's plowing money back into a master plan to stay ahead in a much larger cryptocurrency economy.
While the San Francisco-based company is best known as the leading U.S. cryptocurrency trading platform, Coinbase — which landed at the No. 10 spot on the 2018 CNBC Disruptor 50 list — doesn't think of itself that way.
"We don't see ourselves as a crypto exchange," said Coinbase president and COO Asiff Hirji. "We are very focused on the establishment of the crypto economy. We see ourselves as enabler of that future economy."
Meet the 2018 CNBC Disruptor 50 companies In the past few months, Coinbase has poached key executives from LinkedIn, Twitter , Facebook and the New York Stock Exchange. Already this year, Coinbase has doubled the size of its full-time engineering team and overhauled much of the platform's code, which resulted in a 1,000 percent increase in its capacity. It expects "to again double this capacity in coming months," according to a letter it released publicly in early May in response to pressure from the New York Attorney General's office.
In April, Coinbase bought Earn.com for a reported $100 million, which lets users send and receive digital currency for replying to mass-market emails and completing micro tasks. As part of the acquisition, the crypto company will bring on Earn's founder and CEO, a former Andreessen Horowitz venture capitalist, as its first-ever chief technology officer. Earn was originally backed by Andreessen Horowitz and Tyler and Cameron Winklevoss.
There are few spokes in the cryptocurrency wheel that its early success as a bitcoin exchange hasn't allowed Coinbase to now chase. The company is reportedly much more bullish on its own value than VC funding estimates. Coinbase valued itself at about $8 billion when it set out to buy Earn.com, according to Recode , much higher than a valuation of $1.6 billion at its last round of venture capitalist financing in summer 2017.
Coinbase Coinbase president and chief operating officer, Asiff Hirji (left), with Coinbase CEO and co-founder Brian Armstrong "What we provide is an on-ramp from the old economy to the new, from fiat to crypto," Hirji said. "We need a bridge to get there, and we are providing that bridge."
Coinbase, which has more than $225 million in funding from top VCs including Andreessen Horowitz and Union Square Ventures, as well as from the New York Stock Exchange , declined to comment on its valuation.
The New York Stock Exchange is reportedly planning its own cryptocurrency exchange to meet the needs of institutional investors to trade bitcoin, a move NYSE rival Nasdaq also said it's contemplating.
The competition is coming for Coinbase The moves into other venture capital and other business could be a way of building a moat around the company as others move into the crypto exchange business.
Square , run by Twitter CEO Jack Dorsey, is one potential competitor. It began trading cryptocurrency on its Square Cash app in January and could eat into the Coinbase exchange business, according to Nomura Instinet analyst Dan Dolev.
"If you're only a one-trick pony, at some point you're going to lose to competitors coming in like Square," he said. "Eventually there will be another guy with a bigger offering."
Dolev estimated Coinbase's average trading fees were roughly 1.8 percent in 2017. That alone could drive users to other, cheaper exchanges.
"Coinbase has a huge first-mover advantage, but you're seeing that these things don't live forever," he said. "It's always a risk to spread yourself too thin, but it's also an opportunity."
Coinbase is hedging its exchange business by looking to become a one-stop shop for institutional investors. The company announced a fleet of products to lure in that "white glove" investor class, which has been especially cautious to dive into the volatile market.
show chapters Crypto exchange Coinbase goes after institutional investors 2:17 PM ET Thu, 17 May 2018 | 01:00 The company launched four new products: Coinbase Custody, Coinbase Markets, The Coinbase Institutional Coverage Group and Coinbase Prime.
Coinbase, which already custodies $9 billion in customer assets, said there are billions of dollars in institutional money that will be invested in digital currency.
"We think this can unlock $10 billion of institutional investor money sitting on the sideline," Adam White, Coinbase's vice president and general manager, told CNBC. "We're seeing a rapid increase in attention awareness and adoption in the cryptocurrency market."
Hirji said investors, like hedge funds, want exposure to the sector but are not interested in "picking name A or name B" cryptocurrency. Hedge funds and other institutional investors have contacted Coinbase expressing their desire to increase activity in the space, and that was a primary reason Coinbase launched an index fund in March.
The fund gives accredited U.S. investors exposure to all the digital currencies listed on Coinbase, but unlike a major equities index — like the S&P 500 or Dow Jones Industrial Average, which holds 30 stocks — the Coinbase Index Fund invested in a limited list of four cryptocurrency holdings. Out of 1,500 cryptocurrencies in existence, the platform only trades bitcoin , bitcoin cash , ethereum and litecoin .
Coinbase has not suffered a hack like some other global cryptocurrency exchanges, yet institutional investors are concerned about security. Lack of a trusted custodia to safeguard their crypto assets was the impetus to launch Coinbase Custody last November, Coinbase president and COO Hirji said.
"They tell us that the No. 1 thing preventing them from getting started is the existence of a digital asset custodian that they can trust to store client funds securely," the company wrote in a blog post.
Wall St. shifts from bashing bit to cryptocurrency backer Wall Street's interest in cryptocurrency seems to be increasing. There are now 287 crypto hedge funds, up from 175 a year earlier, according to the latest data from Autonomous Next. Only 20 hedge funds for cryptocurrency existed in 2016. Goldman Sachs is reportedly looking to open a cryptocurrency trading desk, and White said others will be quick to follow.
The company noted at the launch that more than 100 hedge funds have been created in the past year exclusively to trade digital currency.
Coinbase Ventures, an incubator fund for early-stage start-ups working in cryptocurrencies and blockchain, launched one month after the index fund and has $15 million geared up for investments. It announced its first investment in a start-up called Compound, which lets you lend or borrow cryptocurrency and earn an interest rate. Coinbase joined Andreessen Horowitz, crypto hedge fund Polychain Capital and Bain Capital Ventures in the investment round.
"We've looked at and invested in things that could be competitive to us," Hirji said.
"We think this can unlock $10 billion of institutional investor money sitting on the sideline. We're seeing a rapid increase in attention awareness and adoption in the cryptocurrency market." -Adam White, Coinbase vice president and general manager Earlier this year it launched Coinbase Commerce, which lets merchants accept major cryptocurrencies for payment, an area of the crypto economy that Square is positioned to exploit. Another early-into-the-sector bitcoin start-up was BitPay, which recently raised another $40 million in venture money. BitPay processed more than $1 billion in bitcoin payments last year.
Cryptocurrency, if you buy its believers thesis, has the power to upend the entire financial system. Proponents of blockchain technology, which underpins bitcoin , say it could eliminate the need for central authorities like banks, while lowering costs and even creating financial solutions for the unbanked. Earn.com, for example, can compensate users in any country for replying to an email or completing a simple task, even if they don't have a bank account.
Regulatory scrutiny remains intense The Coinbase decision to keep access limited to four types of crypto has drawn criticism. The company has been treading lightly as U.S. regulators deliberate on how they might police certain uses of the technology. In the meantime, it issued a set of guidelines in response to "feedback from customers that they want more assets on Coinbase."
Coinbase is known as one of the more compliant companies in the space. It recently responded to former New York Attorney General Eric Schneiderman's ongoing inquiry into exchanges, with some new disclosures and updates. Crypto exchange Kraken in contrast publicly refused to answer the inquiry from the New York Attorney General's office; its CEO called the questioning "hostile."
New York City has been known as one of the least crypto-friendly jurisdictions. It requires a "bitlicense," which has only been given to four companies, including Coinbase. The expensive, arduous process has made exchanges like Kraken leave New York City.
A look back at the CNBC Disruptor 50: 6 years, 167 companies A key issue for Coinbase and others is whether what they offer on their platforms are securities and therefore subject to Securities and Exchange Commission jurisdiction. The agency said in March it is looking to apply securities laws to cryptocurrency exchanges, which is a main reason Coinbase has been admittedly slow to add new coins.
Coinbase reportedly met with SEC officials this year to discuss registering as a licensed brokerage and electronic-trading venue, The Wall Street Journal reported , citing sources familiar with the situation. Some analysts said that move would make it easier for Coinbase to support more coins and complying with securities regulation. A source familiar with the situation confirmed to CNBC that the company is in talks with the agency about registering, but Coinbase declined to comment. It was also reported last week that Coinbase met with officials at the U.S. Office of the Comptroller of the Currency in early 2018 about bank licenses.
The rapid growth for Coinbase hasn't come pain-free.
The company more than doubled its user base from late 2016 to the end of last year, while bitcoin rose from less than $1,000 to it's highest point, near $20,000. Today it's trading at around $8,300. As new users took to the platform, some complained on Twitter and Reddit about uptime, site outages and customer support, as well as technology decisions that some say has left them short on funds.
One notable hiccup happened at the end of last year, when the company surprised markets by immediately rolling out the trading of bitcoin cash, an offshoot of bitcoin. The company had earlier said in a blog post that it was targeting a launch by January 1, 2018, but ended up launching the cryptocurrency sooner than expected.
The price of that new digital currency skyrocketed after the announcement, and CEO Brian Armstrong later said in a December blog post that the company is investigating possible insider trading. No updates have been released. Sources familiar with the company's operations say an internal investigation conducted by a third-party team continues.
That botched roll-out of bitcoin-cash trading cost investors more than $5 million, a lawsuit alleges. Lawyers in March filed a class-action suit in the Northern District of California on behalf of customers who say they were damaged by "negligence in the handling of the launch."
Coinbase declined to comment on its internal review or any ongoing litigation. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/22/coinbase-a-bitcoin-start-up-spreading-its-bets-on-the-crypto-economy.html |
* Sprint slides on regulatory concerns, T-Mobile edges lower
* McDonald’s jumps as global same-store sales beat estimates
* March core PCE up 1.9 pct yoy; in-line with estimates
* Futures up: Dow 0.53 pct, S&P 0.23 pct, Nasdaq 0.3 pct (Adds details, updates prices)
By Sruthi Shankar
April 30 (Reuters) - U.S. stock indexes were on track to open higher on Monday as strong earnings and a string of mergers lifted spirits, kicking off a busy week for inflation watchers.
Shares of oil refiner Andeavor jumped 12.2 percent in premarket trading after rival Marathon Petroleum agreed to buy the company for more than $23 billion. Marathon’s shares were down 7.9 percent.
Investors are also keeping an eye on developments around the $26 billion takeover of Sprint by T-Mobile announced on Sunday, which needs to clear five regulatory hurdles.
Wireless carrier Sprint fell 11.7 percent, while T-Mobile edged 1.6 percent lower.
McDonald’s jumped 4.1 percent after the company reported a better-than-expected rise in quarterly sales at its restaurants.
Allergan Plc rose 2.4 percent after its quarterly profit topped Wall Street estimates, driven by higher sales of its medical aesthetics products.
At 8:49 a.m. ET, Dow e-minis were up 128 points, or 0.53 percent. S&P 500 e-minis were up 6.25 points, or 0.23 percent and Nasdaq 100 e-minis were up 20 points, or 0.3 percent.
“If the previous several weeks of earnings season are any indication, corporate results should continue to act as a buffer to any meaningful turn lower in equity markets,” noted Peter Kenney, senior market strategist at Global Markets Advisory Group, in New York.
“However, the principal threat to equity markets remains rising interest rates.”
The main U.S. indexes are on track to record their first monthly gain since January, as strong quarterly earnings take the lead even as investors weigh concerns about rising interest rates and inflation.
Warnings from some large U.S. manufacturers about escalating costs going forward had investors worried that the best was over for corporate America.
Of the 267 S&P 500 firms that reported first-quarter earnings as of Friday, 79.4 percent topped profit expectations, according to Thomson Reuters data. That lifted the estimate for earnings growth to 24.6 percent from about 18 percent at the start of the season.
U.S. Treasury Secretary Mnuchin told Fox Business that President Donald Trump has not made any decision yet on tariff exemptions on metal imports.
The exemptions, which were granted to the European Union, NAFTA partners Canada and Mexico, as well as Argentina, Brazil, Australia and South Korea, will expire on May 1.
Focus will be on the Federal Reserve, when it meets on May 1 and 2 to discuss monetary policy. Though the central bank is not expected to raise rates, investors will be on the watch for clues about inflation and the pace of future rate hikes. The U.S. payrolls data for April is due on Friday.
Consumer prices as measured by the personal consumption expenditures (PCE) price index jumped 2 percent in the year to March, but on a core basis — the Fed’s favored gauge of inflation — it rose 1.9 percent, in line with estimates. (Reporting by Sruthi Shankar in Bengaluru; Editing by Shounak Dasgupta)
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-stocks/us-stocks-wall-st-set-for-gains-on-strong-earnings-ma-activity-idUSL3N1S74GD |
Reuters Newsmaker: Nicola Sturgeon 9:46am BST - 61:12
Nicola Sturgeon, First Minister of Scotland and leader of the Scottish National Party joins Reuters for a discussion about Scotland’s economic and political future as Europe prepares for Britain’s withdrawal from the European Union in March 2019. ▲ Hide Transcript ▶ View Transcript
Nicola Sturgeon, First Minister of Scotland and leader of the Scottish National Party joins Reuters for a discussion about Scotland’s economic and political future as Europe prepares for Britain’s withdrawal from the European Union in March 2019. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2Ios2ED | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/17/reuters-newsmaker-nicola-sturgeon?videoId=427424613 |
- $200 Million Non-Dilutive Term Loan Financing Completed to Support Commercialization -
- PDUFA target action date of May 29, 2018 for TX-004HR -
- PDUFA target action date of October 28, 2018 for TX-001HR -
BOCA RATON, Fla.--(BUSINESS WIRE)-- TherapeuticsMD, Inc. (NASDAQ: TXMD), an innovative women’s healthcare company, today announced its financial results for the quarter ended March 31, 2018.
First Quarter and Recent Developments
Entered into a definitive loan agreement with MidCap Financial, managed by Apollo Capital Management, L.P., for $200 million in non-dilutive term loan financing. The term loan will be available to the company in three tranches following specific milestones through December 31, 2019: $75 million will be available upon the approval of TX-004HR, $75 million will be available upon the approval and launch of TX-001HR, and $50 million will be available upon certain sales milestones in calendar year 2019, in each case subject to certain terms and conditions. The term loan will accrue interest at 1-month LIBOR plus 7.75%, subject to a LIBOR floor of 1.50%. Interest on amounts borrowed under the term loan will be payable monthly in arrears; principal on each tranche borrowed under the term loan will be payable in 36 equal monthly installments beginning May 1, 2020, subject to the company’s ability to extend the interest-only period by an additional 12 months if the company generates certain revenues with respect to TX-004HR and TX-001HR. The maturity date is May 1, 2023. Entered into negotiations with the U.S. Food and Drug Administration (FDA) regarding the proposed label for TX-004HR, the company’s investigational applicator-free estradiol vaginal softgel capsule for the treatment of moderate-to-severe vaginal pain during sexual intercourse (dyspareunia), a symptom of vulvar and vaginal atrophy (VVA) due to menopause, in April 2018. The PDUFA target action date for the completion of the FDA's review of the NDA is May 29, 2018. Submitted the NDA for TX-001HR, the company’s investigational bio-identical hormone therapy combination of estradiol and progesterone in a single, oral softgel for the treatment of moderate-to-severe vasomotor symptoms due to menopause, on December 28, 2017. The FDA in its 74-day letter stated that the application was sufficiently complete to permit a substantive review and that, at such time, the FDA had not identified any potential review issues. The PDUFA target action date for the completion of the FDA's review of the NDA is October 28, 2018. Net revenue for the company’s prescription prenatal vitamin business was approximately $3.8 million for the first quarter of 2018, compared with approximately $4.0 million for the first quarter of 2017. Net loss was approximately $24.4 million for the first quarter of 2018, compared with approximately $21.2 million for the first quarter of 2017. Ended the quarter with approximately $107.3 million in cash and no debt. Grew the company’s intellectual property portfolio to a current total of 216 patent filings, including 126 international filings, with one allowed and 19 issued U.S. patents.
“Our company has tremendous opportunity in the coming year,” said TherapeuticsMD CEO Robert G. Finizio. “We have the potential for approvals of both of our late-stage product candidates in 2018, representing major inflection points for our company.”
Summary of First Quarter 2018 Financial Results
Net revenue from the company’s prescription prenatal vitamin business was approximately $3.8 million for the first quarter of 2018 compared with net revenue of approximately $4.0 million for the prior year’s quarter. These changes were primarily due to a decrease in the average net sales price of the company’s products, partially offset by an increase in the number of units sold.
Cost of goods sold was approximately $0.6 million for the first quarter of 2018, compared with approximately $0.7 million for the prior year’s quarter.
Total operating expenses for the first quarter of 2018 included research and development (R&D) expenses and sales, general, and administrative expenses (SG&A). R&D expenses for the first quarter of 2018 were approximately $7.0 million compared with approximately $7.7 million for the prior year’s quarter. The decrease in R&D was a direct result of the completion of the Replenish Trial for TX-001HR. SG&A expenses for the first quarter of 2018 were approximately $20.8 million compared with approximately $16.8 million for the prior year’s quarter, primarily due to higher sales, marketing, and personnel costs to support future commercialization.
Net loss for the first quarter of 2018 was approximately $24.4 million, or $0.11 per basic and diluted share, compared with approximately $21.2 million, or $0.11 per basic and diluted share, for the first quarter of 2017.
At March 31, 2018, cash on hand was approximately $107.3 million, compared with approximately $127.1 million at December 31, 2017.
Additional information regarding the company’s loan agreement with MidCap Financial is available in the Current Report on Form 8-K filed by the Company with the Commission today. Cowen acted as lead arranger and financial advisor to TherapeuticsMD with respect to the MidCap Financial transaction and Oppenheimer & Co. acted as co-financial advisor in the transaction.
Conference Call Today
As previously announced, TherapeuticsMD will host a conference call today to discuss these financial results and provide a business update. Details for the call are:
Date:
Thursday, May 3, 2018 Time:
4:30 p.m. EST Telephone Access (US):
866-665-9531 Telephone Access (International):
724-987-6977 Access Code for All Callers:
9196916 Additionally, a live webcast can be accessed on the company’s website, www.therapeuticsmd.com , on the Home Page or under the “Investors & Media” section. A digital recording of the conference call will be available for replay beginning two hours after the call's completion and for at least 30 days with the dial-in 855-859-2056 or international 404-537-3406 and Conference ID: 9196916.
About TherapeuticsMD, Inc.
TherapeuticsMD, Inc. is an innovative healthcare company focused on developing and commercializing products exclusively for women. With its SYMBODA™ technology, TherapeuticsMD is developing advanced hormone therapy pharmaceutical products to enable delivery of bio-identical hormones through a variety of dosage forms and administration routes. The Company’s late stage clinical pipeline includes two product candidates that have completed phase 3 trials and are awaiting approval by the FDA: TX-001HR for treatment of moderate-to-severe vasomotor symptoms (VMS) due to menopause and TX-004HR for treatment of moderate-to-severe vaginal pain during sexual intercourse (dyspareunia), a symptom of vulvar and vaginal atrophy (VVA) due to menopause. The Company also manufactures and distributes branded and generic prescription prenatal vitamins under the vitaMedMD® and BocaGreenMD® brands.
Forward-Looking Statements
This press release by TherapeuticsMD, Inc. may contain . Forward-looking statements may include, but are not limited to, statements relating to TherapeuticsMD’s objectives, plans and strategies as well as statements, other than historical facts, that address activities, events or developments that the company intends, expects, projects, believes or anticipates will or may occur in the future. These statements are often characterized by terminology such as “believes,” “hopes,” “may,” “anticipates,” “should,” “intends,” “plans,” “will,” “expects,” “estimates,” “projects,” “positioned,” “strategy” and similar expressions and are based on assumptions and assessments made in light of management’s experience and perception of historical trends, current conditions, expected future developments and other factors believed to be appropriate. Forward-looking statements in this press release are made as of the date of this press release, and the company undertakes no duty to update or revise any such statements, whether as a result of new information, future events or otherwise. Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, many of which are outside of the company’s control. Important factors that could cause actual results, developments and business decisions to differ materially from are described in the sections titled “Risk Factors” in the company’s filings with the Commission, including its most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, as well as reports on Form 8-K, and include the following: the company’s ability to resolve the deficiencies identified by the FDA in the company’s new drug application for its TX-004HR product candidate and the time frame associated with such resolution; whether the FDA will approve the amended NDA for the company’s TX-004HR product candidate and whether such approval will occur by the PDUFA target action date; whether the FDA will approve the NDA for the company’s TX-001HR product candidate and whether such approval will occur by the PDUFA target action date; the company’s ability to maintain or increase sales of its products; the company’s ability to develop and commercialize its hormone therapy drug candidates and obtain additional financing necessary therefor; whether the company be able to comply with the covenants and conditions under its term loan agreement; the length, cost and uncertain results of the company’s clinical trials, including any additional clinical trials that the FDA may require in connection with TX-004HR; the potential of adverse side effects or other safety risks that could preclude the approval of the company’s hormone therapy drug candidates; the company’s reliance on third parties to conduct its clinical trials, research and development and manufacturing; the availability of reimbursement from government authorities and health insurance companies for the company’s products; the impact of product liability lawsuits; the influence of extensive and costly government regulation; the volatility of the trading price of the company’s common stock and the concentration of power in its stock ownership. PDF copies of the company’s historical press releases and financial tables can be viewed and downloaded at its website: www.therapeuticsmd.com/pressreleases.aspx .
THERAPEUTICSMD, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS March 31, 2018 December 31, 2017 (Unaudited) ASSETS Current Assets: Cash $ 107,349,460 $ 127,135,628 Accounts receivable, net of allowance for doubtful accounts of $403,535 and $380,580, respectively 5,096,731 4,328,802 Inventory 1,620,872 1,485,358 Other current assets 5,098,132 6,604,284 Total current assets 119,165,195 139,554,072 Fixed assets, net 425,539 437,055 Other Assets: Intangible assets, net 3,220,686 3,099,747 Security deposit 150,522 139,036 Total other assets 3,371,208 3,238,783 Total assets $ 122,961,942 $ 143,229,910 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $ 6,283,824 $ 4,097,600 Other current liabilities 9,375,818 9,223,595 Total current liabilities 15,659,642 13,321,195 Commitments and Contingencies Stockholders' Equity: Preferred stock - par value $0.001; 10,000,000 shares authorized; no shares issued and outstanding - - Common stock - par value $0.001; 350,000,000 shares authorized: 216,584,274 and 216,429,642 issued and outstanding, respectively 216,584 216,430 Additional paid-in capital 518,146,665 516,351,405 Accumulated deficit (411,060,949) (386,659,120) Total stockholders' equity 107,302,300 129,908,715 Total liabilities and stockholders' equity $ 122,961,942 $ 143,229,910
THERAPEUTICSMD, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended March 31, 2018 March 31, 2017 Revenues, net $ 3,773,392 $ 3,985,464 Cost of goods sold 633,623 659,635 Gross profit 3,139,769 3,325,829 Operating expenses: Sales, general, and administrative 20,757,237 16,837,617 Research and development 7,039,297 7,724,840 Depreciation and amortization 59,621 49,699 Total operating expenses 27,856,155 24,612,156 Operating loss (24,716,386) (21,286,327) Other income Miscellaneous income 314,557 125,968 Accreted interest - 3,867 Total other income 314,557 129,835 Loss before income taxes (24,401,829) (21,156,492) Provision for income taxes - - Net loss $ (24,401,829) $ (21,156,492) Loss per share, basic and diluted: Net loss per share, basic and diluted $ (0.11) $ (0.11) Weighted average number of common shares outstanding, basic and diluted 216,525,316 197,790,040
THERAPEUTICSMD, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Three Months Ended March 31, 2018 March 31, 2017 CASH FLOWS FROM OPERATING ACTIVITIES Net loss $ (24,401,829) $ (21,156,492) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation 38,424 33,600 Amortization of intangible assets 21,197 16,099 Provision for (recovery of) doubtful accounts 22,955 (1,603) Share-based compensation 1,751,358 1,413,195 Changes in operating assets and liabilities: Accounts receivable (790,885) 580,943 Inventory (135,514) (262,297) Other current assets 1,506,152 (253,518) Accounts payable 2,186,224 (1,212,236) Other current liabilities 152,223 316,638 Net cash used in operating activities (19,649,695) (20,525,671) CASH FLOWS FROM INVESTING ACTIVITIES Patent costs (142,136) (107,487) Purchase of fixed assets (26,908) (27,834) Payment of security deposit (11,486) - Net cash used in investing activities (180,530) (135,321) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from exercise of options 44,057 192,310 Proceeds from exercise of warrants - 2,460,000 Net cash provided by financing activities 44,057 2,652,310 Decrease in cash (19,786,168) (18,008,682) Cash, beginning of period 127,135,628 131,534,101 Cash, end of period $ 107,349,460 $ 113,525,419
View source version on businesswire.com : https://www.businesswire.com/news/home/20180503006486/en/
TherapeuticsMD, Inc.
Investor Contact
David DeLucia, 561-961-1900
Director, Investor Relations
[email protected]
Source: TherapeuticsMD, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/business-wire-therapeuticsmd-announces-first-quarter-2018-financial-results.html |
May 1 (Reuters) - Uniqure NV:
* UNIQURE ANNOUNCES PROPOSED PUBLIC OFFERING * UNIQURE NV - COMMENCED AN UNDERWRITTEN PUBLIC OFFERING OF 4 MILLION OF ITS ORDINARY SHARES Source text for Eikon: Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-uniqure-announces-proposed-public/brief-uniqure-announces-proposed-public-offering-idUSASC09YQ1 |
Let friends in your social network know what you are reading about Facebook Email Aaron Schlossberg's law firm gets pummeled with 1-star Yelp reviews after racist rant Aaron Schlossberg was captured on video yelling at a restaurant's employees because they spoke Spanish to customers. Deluge of negative reviews of his law firm flood Yelp. Post to Facebook Aaron Schlossberg's law firm gets pummeled with 1-star Yelp reviews after racist rant Aaron Schlossberg was captured on video yelling at a restaurant's employees because they spoke Spanish to customers. Deluge of negative reviews of his law firm flood Yelp. Check out this story on USATODAY.com: https://usat.ly/2rVuR51 Cancel Send A link has been sent to your friend's email address. Posted! A link has been posted to your Facebook feed. 49 To find out more about Facebook commenting please read the Conversation Guidelines and FAQs Aaron Schlossberg's law firm gets pummeled with 1-star Yelp reviews after racist rant USA Today Network Ari Levy, CNBC Published 9:05 a.m. ET May 17, 2018 | Updated 1:33 p.m. ET May 17, 2018 A man caught on video rails about Spanish speakers and immigrants at a New York restaurant. He is not identified. (Photo: YouTube) CONNECT 49 COMMENT EMAIL MORE Aaron Schlossberg, a New York-based lawyer, became Internet famous on Wednesday for the worst of reasons: a racist rant that went viral . Schlossberg was captured on a smartphone video yelling at employees in the restaurant Fresh Kitchen in midtown Manhattan. His complaint was that the workers were speaking Spanish to customers. "And my guess is they're not documented," Schlossberg said to an employee, who appeared to be a manager. "So my next call is to ICE to have each one of them kicked out of my country." ICE is the U.S. Immigration and Customs Enforcement , which is responsible for enforcing federal laws on border control. Beyond just facing the wrath of Twitter, Schlossberg's business is getting pummeled online. A lot of people are sharing this video. I shared it earlier and got a phone call from someone in my circle who went to law school with him. Aaron M. Schlossberg. Here's his website: https://t.co/jjj8Hdfrni All systems go! https://t.co/qThzWOIedX — Eric Fernandez (@raffiafern) May 16, 2018 His firm, the Law Office of Aaron M. Schlossberg, has been flooded with one-star reviews on Yelp, with commenters calling him a "vile racist" and surfacing other incidents of disparaging remarks he's made in public toward minority groups. So many reviews were flooding Schlossberg's page that Yelp jumped in to say the listing is undergoing an "active cleanup alert ." According to Yelp, when a business attracts posts because it "made waves in the news," the company works to "remove both positive and negative posts that appear to be motivated more by the news coverage itself than the reviewer's personal consumer experience with the business." People also altered online listings of the law firm on Google by changing it to the 'Spanish restaurant' category and switching out the photo of Schlossberg with a dog being hit in the face by a frisbee, Schlossberg's website says the firm handles business and commercial law in New York. According to the Center for Responsive Politics, Schlossberg donated $500 to the presidential campaign of Donald Trump , who promised to crack down on immigration and build a wall between the U.S. and Mexico. © CNBC is a USA TODAY content partner offering financial news and commentary. Its content is produced independently of USA TODAY. More from CNBC: | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/16/racist-viral-video-lawyer-aaron-schlossbergs-law-firm-yelp-bombed.html |
CNBC International Market Close Briefing: May 29, 2018 3 Hours Ago CNBC market reporters bring you the latest on the stock markets throughout the day as well as fast, accurate, and actionable business news. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/29/cnbc-international-market-close-briefing-may-29-2018.html |
JOHANNESBURG, May 28 (Reuters) - South Africa’s Solidarity trade union can go on strike in a dispute with petrochemicals group Sasol over its plan to provide a share ownership scheme exclusively to black employees, a government mediator has ruled.
South Africa has a state-mandated drive to lift black ownership levels across an economy still riddled with apartheid-era racial disparities. The ruling opens the way for white workers to down tools over the issue - a new flashpoint in a country riven with labour conflict.
Solidarity, which represents mostly skilled and white workers, declared a dispute with the Commission for Conciliation, Mediation and Arbitration (CCMA) over Sasol’s plan to exclude white employees from its new share scheme.
The commission found in a ruling last week but only made public on Monday that “there is nothing in law” that would prevent it from providing Solidarity with a strike certificate - needed for workers to down tools - over the issue.
The two sides are still in talks being mediated by the CCMA. Solidarity represents about 5,300 employees at Sasol, about a fifth of its South African workforce.
“What we argue is that all employees should be treated the same so that all employees who contributed to the success of the company receive the same amount and treatment,” Deon Reyneke, Deputy General Secretary at Solidarity, told Reuters.
In a statement, Sasol said it was confident that the share ownership plan “incorporates what we consider to be the most appropriate and best features of Broad-Based Black Economic Empowerment structures in South Africa.” (Reporting by Ed Stoddard Editing by Gareth Jones)
| ashraq/financial-news-articles | https://www.reuters.com/article/safrica-sasol-union/union-may-strike-over-black-employees-share-plan-at-s-africas-sasol-state-mediator-idUSL5N1SZ3NW |
BUENOS AIRES, May 17 (Reuters) - Crushing plant workers in Argentina began a country-wide strike on Thursday to protest lay-offs earlier this year by global grains trader Cargill , a union leader said.
U.S.-based Cargill has faced several walk-offs since January after it laid off dozens of workers in an effort to restructure and reduce costs at some of its operations in Argentina, the world’s No. 1 exporter of soyoil and meal.
“Everything will be affected at the national level,” Sergio Diaz, the press secretary of the SOEAR oilseed crusher’s union in the grains export hub in Rosario, said in an interview.
Cargill did not immediately respond to requests for comment.
The union said the strike started at 6 p.m. local time (2100 GMT) on Thursday but did not say how long it anticipated the walk-off would last.
Reporting by Maximiliano Rizzi, writing by Dave Sherwood, Editing by Rosalba O'Brien
| ashraq/financial-news-articles | https://www.reuters.com/article/argentina-grains-strike/agro-export-industry-workers-in-argentina-begin-strike-union-idUSL2N1SO2IF |
May 1, 2018 / 10:38 AM / Updated 12 minutes ago BRIEF-Holly Energy Partners L.P. Reports Qtrly Earnings Per Share $0.44 Reuters Staff
May 1 (Reuters) - Holly Energy Partners LP:
* HOLLY ENERGY PARTNERS, L.P. REPORTS FIRST QUARTER RESULTS
* Q1 REVENUE $128.9 MILLION VERSUS I/B/E/S VIEW $120.9 MILLION * QTRLY EARNINGS PER SHARE $0.44
* QTRLY NET INCOME $0.44 PER BASIC AND DILUTED LIMITED PARTNER UNIT
* HOLLY ENERGY SAYS “EXPECT TO SEE A TYPICAL SLIGHT SEASONAL DOWNTURN IN THE SECOND QUARTER FOLLOWED BY A STRONG REBOUND IN THE SECOND HALF OF 2018”
* Q1 EARNINGS PER SHARE VIEW $0.44, REVENUE VIEW $120.9 MILLION — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-holly-energy-partners-lp-reports-q/brief-holly-energy-partners-l-p-reports-qtrly-earnings-per-share-0-44-idUSASC09YHW |
Pension bonds a way of kicking the can down the road: Expert 27 Mins Ago Thad Calabrese, NYU, and Kuyler Crocker, Tulare County Board of Supervisors, discuss why cities are investing in the market through the issuance of pension bonds. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/24/investing-market-pensions.html |
(Reuters) - India’s Ashok Leyland Ltd posted a 40 percent jump in fourth-quarter net profit on Friday, helped by stronger sales volume.
India's Ashok Leyland Ltd Light Specialist (R) and Field Artillery Tractor vehicles are displayed at the fifth Land and Naval Systems Defence Expo 2008 in New Delhi February 18, 2008.REUTERS/B Mathur/Files Net profit here was 6.67 billion rupees ($98.03 million) for the quarter ended March 31, compared with 4.76 billion rupees a year earlier.
Analysts on average expected a quarterly profit of 6.42 billion rupees, according to Thomson Reuters data.
The total volume of medium and heavy commercial vehicles sold, including exports, rose 15 percent, while light commercial vehicles posted a 59 percent volume growth.
($1 = 68.0375 Indian rupees)
Reporting by Krishna V Kurup in Bengaluru; Editing by Subhranshu Sahu
| ashraq/financial-news-articles | https://in.reuters.com/article/ashok-leyland-results/ashok-leyland-fourth-quarter-profit-jumps-40-percent-beats-estimates-idINKCN1IJ16J |
NTSB issues report on Uber 's Arizona accident 45 Mins Ago CNBC's Josh Lipton reports the latest details on the National Transpiration Safety Board's investigation in the deadly crash that killed an Arizona pedestrian. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/24/uber-arizona-accident-ntsb-report.html |
May 9 (Reuters) - HLS Therapeutics Inc:
* HLS THERAPEUTICS ANNOUNCES NORMAL COURSE ISSUER BID * HLS THERAPEUTICS - PURSUANT TO NORMAL COURSE ISSUER BID, CO MAY PURCHASE FOR CANCELLATION UP TO AGGREGATE OF 1.4 MILLION OF ITS ISSUED & OUTSTANDING SHARES Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-hls-therapeutics-announces-normal/brief-hls-therapeutics-announces-normal-course-issuer-bid-idUSFWN1SG1MN |
May 2 (Reuters) - Cellmid Ltd:
* UNIT ENTERED DEAL WITH BEIJING FUKANGREN BIO-PHARM TECH TO DISTRIBUTE ITS ÉVOLIS ANTI-AGING HAIR CARE PRODUCTS IN CHINA Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-cellmid-says-unit-entered-deal-for/brief-cellmid-says-unit-entered-deal-for-distribution-of-anti-aging-hair-care-products-in-china-idUSFWN1S80PX |
* Apple jumps after results, buyback
* Snap slides as redesign weighs on results
* Insurers, biotech among laggards on S&P
* Dow 0.13 pct, S&P 0.20 pct, Nasdaq up 0.01 pct (Updates to early afternoon)
By Sruthi Shankar
May 2 (Reuters) - U.S. stocks edged lower on Wednesday, with declines in biotechnology and insurers negating Apple’s gains after strong results, as investors await the Federal Reserve’s policy announcement.
The U.S. central bank is expected to stand pat on interest rates and investors will focus on the Fed statement, expected at 2:00 p.m. ET, for clues on the path of interest rates and its views on inflation.
Some expect the Fed to sound more hawkish on policy tightening, especially after recent data showed that the Fed’s favored gauge of inflation hit the 2-percent target rate.
The U.S. two-year Treasury yields, most sensitive to monetary policy, hit a 9-1/2-year high after data showed U.S. private-sector payrolls for April came roughly in line with market forecasts, cementing expectations for a rate increase in June.
Despite U.S. companies being on track to post their strongest quarterly profit growth in seven years, worries about inflation and rising raw material costs have weighed on investors’ minds.
Apple was a bright spot, rising 4.5 percent after it posted resilient iPhone sales in the face of waning global demand and promised $100 billion in additional stock buybacks.
Its suppliers Cirrus Logic, Lumentum Holdings and Skyworks Solutions were all up between 2.5 percent and 10 percent.
“The market continues to be in a tug-of-war between the potential for higher interest rates, inflation counterbalanced by the potential for higher earnings and revenue growth,” said Phil Blancato, CEO of Ladenburg Thalmann Asset Management in New York.
Investors kept an eye out for developments around U.S.-China trade talks as a Trump administration delegation is expected to visit Beijing on Thursday and Friday for talks with top Chinese officials.
At 12:44 p.m. ET the Dow Jones Industrial Average was down 31.53 points, or 0.13 percent, at 24,067.52, the S&P 500 was down 5.32 points, or 0.20 percent, at 2,649.48 and the Nasdaq Composite was up 0.42 points, or 0.01 percent, at 7,131.12.
Mastercard rose 3.4 percent after it reported a better-than-expected quarterly profit, boosted by higher consumer spending on credit and debit cards.
The gains kept the S&P technology index in the positive territory, up 0.4 percent.
On the other end of the spectrum was Snap, whose shares plunged more than 20.5 percent, after the Snapchat owner fell short of Wall Street forecasts for revenue and regular users.
Biotechnology stocks also took a hit on Gilead Sciences’s 7.3 percent drop after the company reported a lower quarterly profit as sales of its flagship hepatitis C drugs fell.
Insurers Metlife, AIG and Prudential Financial were all down after disability insurance provider Unum Group reported a lower-than-expected profit. Unum shares fell about 15.9 percent.
Advancing issues outnumbered decliners for a 1.20-to-1 ratio on the NYSE and for a 1.49-to-1 ratio on the Nasdaq.
The S&P index recorded 11 new 52-week highs and 16 new lows, while the Nasdaq recorded 65 new highs and 32 new lows. (Reporting by Sruthi Shankar in Bengaluru; Editing by Shounak Dasgupta)
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-stocks/us-stocks-wall-street-slips-ahead-of-fed-decision-idUSL3N1S94PE |
NEWARK, N.Y., May 09, 2018 (GLOBE NEWSWIRE) -- IEC Electronics Corp. (NYSE American:IEC) today announced results for the fiscal 2018 second quarter ended March 30, 2018.
IEC reported revenues of $31.8 million for the second quarter of fiscal 2018, an increase of 49% as compared to revenues of $21.4 million for the second quarter of fiscal 2017. Gross profit margin for the second quarter of fiscal 2018 was 15.1% as compared to 10.7% in the same quarter last year. Selling and administrative expenses increased on a dollar basis to $2.9 million but decreased as a percentage of sales to 9.2%, as compared to $2.7 million or 12.5% of sales in the second quarter of fiscal 2017. The Company reported net income of $1.6 million for the second quarter of fiscal 2018, or $0.15 per share, compared to a net loss of $0.6 million, or a loss of $0.06 per share, in the second quarter of fiscal 2017.
Revenues for the first six months of fiscal 2018 increased 25% to $52.9 million as compared to $42.3 million in the same period of fiscal 2017. Gross profit margin for the first six months of fiscal 2018 was 11.9% as compared to 9.6% in the first six months of fiscal 2017. Selling and administrative expenses increased on a dollar basis to $5.7 million but decreased as a percentage of sales to 10.8%, as compared to $5.1 million or 12.0% of sales in the first six months of fiscal 2017. Net income for the first six months of 2018 was $1.1 million, or $0.11 per share, compared to a net loss of $1.5 million, or a loss of $0.14 per share, in the same prior year period.
Jeffrey T. Schlarbaum, President and CEO of IEC Electronics commented, “We’re pleased to have delivered strong second quarter results, characterized by significant revenue growth, gross margin improvement and a return to profitability. As expected, our conversion of backlog to sales improved during the quarter, including the shift of several program deliveries from the first quarter to the second quarter. Importantly, our sales pipeline and backlog continue to grow as a result of our ability to generate new program activity from existing customers and to attract new customers. This success can be attributed to our focus on improving our operations and project execution, as well as to our sales team’s ability to target the right customers for our skill set.
“We continue to encounter global supply chain challenges related to component shortages, and remain actively involved with our supply chain partners to minimize any impact on our ability to assemble and ship products for our customers. As we’ve previously discussed, our new program onboarding process can be lengthy and complex, but we have a skilled and experienced team in place to ensure we do everything within our control to support our customers. We are energized by our second quarter performance and optimistic about the remainder of 2018 given the opportunities presented by our robust sales pipeline and growing backlog.”
Mr. Schlarbaum continued, “Our balance sheet remains strong, providing a solid foundation for our growth as we further our positon as a leading provider of electronic manufacturing solutions for life-saving and mission critical products. To continue to support this growth, we recently amended our credit facility with M&T Bank which increases the Company’s Revolving Credit Commitment from $16 million to $22 million. This is an exciting time for IEC as we look forward to driving the momentum we saw in the second quarter.”
Conference Call:
IEC will host a conference call, today, Wednesday, May 9, 2018 at 11:00 a.m. Eastern Time, to discuss its financial results for the fiscal 2018 second quarter.
The conference call may be accessed in the U.S. and Canada by dialing toll-free (877) 407-9210. International callers may access the call by dialing (201) 689-8049.
A replay of the teleconference will be available for 30 days after the call and may be accessed domestically by dialing (877) 481-4010 and international callers may dial (919) 882-2331. Callers must enter conference i.d. number 27891.
To access the live webcast, log onto the IEC website at http://www.iec-electronics.com . The webcast can also be accessed at http://www.investorcalendar.com/event/27891 . An online replay will be available shortly after the call.
About IEC Electronics
IEC Electronics is a provider of electronic manufacturing services ("EMS") to advanced technology companies that produce life-saving and mission critical products for the medical, industrial, aerospace and defense sectors. The Company specializes in delivering technical solutions for the custom manufacture of complex full system assemblies by providing on-site analytical testing laboratories, custom design and test engineering services combined with a broad array of manufacturing services encompassing electronics, interconnect solutions, and precision metalworking. As a full service EMS provider, IEC holds all appropriate certifications for the market sectors it supports including ISO 9001:2008, AS9100D, ISO 13485, and Nadcap. IEC Electronics is headquartered in Newark, NY and also has operations in Rochester, NY and Albuquerque, NM. Additional information about IEC can be found on its web site at www.iec-electronics.com .
Note Regarding Forward-Looking Statements
References in this report to “IEC,” the “Company,” “we,” “our,” or “us” mean IEC Electronics Corp. and its subsidiaries except where the context otherwise requires. This release contains forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “targets,” “optimistic,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these terms or other similar words or phrases. These forward-looking statements include, but are not limited to, statements regarding future sales and operating results, future prospects, the capabilities and capacities of business operations, any financial or other guidance and all statements that are not based on historical fact, but rather reflect our current expectations concerning future results and events. The ultimate correctness of these forward-looking statements is dependent upon a number of known and unknown risks and events and is subject to various uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements.
The following important factors, among others, could affect future results and events, causing those results and events to differ materially from those views expressed or implied in our forward-looking statements: business conditions and growth or contraction in our customers’ industries, the electronic manufacturing services industry and the general economy; variability of our operating results; our ability to control our material, labor and other costs; our dependence on a limited number of major customers; the potential consolidation of our customer base; availability of component supplies; dependence on certain industries; variability and timing of customer requirements; technological, engineering and other start-up issues related to new programs and products; uncertainties as to availability and timing of governmental funding for our customers; the impact of government regulations, including FDA regulations; risks related to the accuracy of the estimates and assumptions we used to revalue our net deferred tax assets in accordance with the Tax Cuts and Jobs Act; the types and mix of sales to our customers; intellectual property litigation; our ability to maintain effective internal controls over financial reporting; unforeseen product failures and the potential product liability claims that may be associated with such failures; the availability of capital and other economic, business and competitive factors affecting our customers, our industry and business generally; failure or breach of our information technology systems; and natural disasters. Any one or more of such risks and uncertainties could have a material adverse effect on us or the value of our common stock. For a further list and description of various risks, relevant factors and uncertainties that could cause future results or events to differ materially from those expressed or implied in our forward-looking statements, see our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q and our other filings with the Securities and Exchange Commission (the “SEC”).
All forward-looking statements included in this release are made only as of the date indicated or as of the date of this release. We do not undertake any obligation to, and may not, publicly update or correct any forward-looking statements to reflect events or circumstances that subsequently occur or which we hereafter become aware of, except as required by law. New risks and uncertainties arise from time to time and we cannot predict these events or how they may affect us and cause actual results to differ materially from those expressed or implied by our forward-looking statements. Therefore, you should not rely on our forward-looking statements as predictions of future events.
Contact: Michael T. Williams Audra Gavelis Chief Financial Officer Director of Marketing & Investor Relations IEC Electronics Corp. IEC Electronics Corp. (315) 332-4324 (315) 332-4559 [email protected] [email protected]
IEC ELECTRONICS CORP.
CONDENSED CONSOLIDATED BALANCE SHEETS
MARCH 30, 2018 and SEPTEMBER 30, 2017
(unaudited; in thousands, except share and per share data) March 30,
2018 September 30,
2017 ASSETS Current assets: Cash $ — $ — Accounts receivable, net of allowance 21,417 17,887 Inventories 20,976 15,605 Assets held for sale 1,250 — Other current assets 1,255 1,018 Total current assets 44,898 34,510 Property, plant and equipment, net 16,708 17,777 Deferred income taxes 1,010 — Other long term assets 137 160 Total assets $ 62,753 $ 52,447 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Current portion of long-term debt $ 2,430 $ 987 Current portion of capital lease obligation 226 215 Accounts payable 17,740 13,046 Accrued payroll and related expenses 1,651 1,013 Other accrued expenses 468 444 Customer deposits 838 1,611 Total current liabilities 23,353 17,316 Long-term debt 17,275 14,023 Long-term capital lease obligation 5,246 5,362 Other long-term liabilities 1,143 1,317 Total liabilities 47,017 38,018 STOCKHOLDERS’ EQUITY Preferred stock, $0.01 par value: 500,000 shares authorized; none issued or outstanding — — Common stock, $0.01 par value: Authorized: 50,000,000 shares Issued: 11,292,077 and 11,252,566 shares, respectively Outstanding: 10,236,589 and 10,197,078 shares, respectively 102 102 Additional paid-in capital 47,011 46,789 Accumulated deficit (29,788 ) (30,873 ) Treasury stock, at cost: 1,055,488 shares (1,589 ) (1,589 ) Total stockholders’ equity 15,736 14,429 Total liabilities and stockholders’ equity $ 62,753 $ 52,447
IEC ELECTRONICS CORP.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
THREE and SIX MONTHS ENDED MARCH 30, 2018 and MARCH 31, 2017
(unaudited; in thousands, except share and per share data) Three Months Ended Six Months Ended March 30,
2018 March 31,
2017 March 30,
2018 March 31,
2017 Net sales $ 31,768 $ 21,368 $ 52,923 $ 42,344 Cost of sales 26,984 19,089 46,622 38,269 Gross profit 4,784 2,279 6,301 4,075 Selling and administrative expenses 2,923 2,665 5,710 5,095 Operating income/(loss) 1,861 (386 ) 591 (1,020 ) Interest and financing expense 278 229 511 448 Income/(loss) before income taxes 1,583 (615 ) 80 (1,468 ) Income tax expense/(benefit) 4 — (1,005 ) — Net income/(loss) $ 1,579 $ (615 ) $ 1,085 $ (1,468 ) Net income/(loss) per common share: Basic $ 0.15 $ (0.06 ) $ 0.11 $ (0.14 ) Diluted $ 0.15 $ (0.06 ) $ 0.11 $ (0.14 ) Weighted average number of shares outstanding: Basic 10,217,781 10,173,388 10,211,101 10,168,339 Diluted 10,348,662 10,173,388 10,316,762 10,168,339
Source:IEC Electronics | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/globe-newswire-iec-announces-fiscal-2018-second-quarter-results.html |
WEST VALLEY CITY, Utah--(BUSINESS WIRE)-- Scientia Vascular, an early stage medical device company with patented and proprietary vascular access technology, recently received FDA clearance for a new product called the Aristotle 14 guidewire, which is used during ischemic and hemorrhagic strokes and other challenging interventional procedures. The Aristotle guidewire improves access to difficult-to-reach vasculature and enables interventional physicians to have precise control to target treatment sites deep within the brain and other parts of the body. Unlike conventional designs, the Aristotle provides a unique balance of what is typically offsetting engineering properties such as flexibility and torque control and represents the next generation in access technology.
Upon receiving clearance on January 22, 2018, the company commenced a Physician Preference Evaluation (PPE) of the Aristotle at six large teaching hospitals in the U.S. to gather performance feedback. After completing the first 30 neurovascular and peripheral procedures, the overall physician impression was that the Aristotle showed significant performance improvement compared to current products, including other microfabricated nitinol guidewires. When comparing the Aristotle to their preferred guidewires, physicians rated the ability to shape the wire as 4.8 (on a scale from 1-Poor to 5-Superior), torque control and steering as 4.6, tracking as 4.2, shape retention as 4.3 and ability to reshape as 4.4. When asked how likely they would adopt the use of the Aristotle, the majority of physicians suggested that they would use the product often or even switch.
Scientia Vascular’s founder and CEO, John Lippert, stated, “The feedback from physicians who experienced the new Aristotle guidewire reinforces that our patented microfabricated designs offer some outstanding performance attributes, such as tip shaping and precise control, which allow physicians to better navigate complicated and distal anatomy. With many of the prevailing patents in microfabrication technology expired, Scientia is excited and poised to bring the next-generation access products to patients.”
Currently, microfabricated nitinol guidewires occupy the high end of the market with over 60% share of the interventional guidewire segment, often being preferred for the most challenging procedures, including areas outside of the neurovasculature.
At its facility near Salt Lake City, Utah, the company has manufacturing capability and capacity to scale appropriately to meet the anticipated demand. The Aristotle is currently available for sale with more information available at www.scientiavascular.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180502006438/en/
Scientia Vascular
Stacy Lippert, 775-848-5631
[email protected]
Source: Scientia Vascular | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/business-wire-new-scientia-vascular-product-facilitates-stroke-treatment.html |
The repercussions for chef Mario Batali continue.
After multiple allegations of sexual misconduct were leveled against the celebrity chef, three of Batali’s restaurants in Las Vegas are now due to close.
Batali’s partner, Jose Bastianich, sent a letter announcing the news to the close to 300 employees at Carnevino, B&B Ristorante, and Otto Enoteca e Pizzeria last Friday, Today reports. Writing that he had “sad news,” Bastianich explained that the restaurants would close on July 27.
The three restaurants are located in Las Vegas Sands (lvs) properties. Their shuttering is due to the corporation’s decision to cut ties with the Batali brand, notes Today . Batali and Bastianich Hospitality Group and Sands Corp. will both reportedly work to help the employees find new jobs.
The restaurants’ closures build on a growing backlash against Batali. The chef stepped down from daily operations of his restaurants back in December when four women accused him of inappropriate touching. However, in the months since, at least two women have accused Batali of sexual assault, a count Batali has denied.
Last week, B&B Hospitality Group announced that it was “actively negotiating with Mr. Batali to buy his interests in the restaurants.” Eataly , the Italian marketplace chain, similarly announced that it was seeking to divest Batali of his “ small, minority interest ,” and has removed all Batali branded products from its stores.
ABC and the Food Network—two networks on which the chef frequently appeared—have also cut ties with Batali.
| ashraq/financial-news-articles | http://fortune.com/2018/05/29/mario-batali-las-vegas-restaurants-to-close/ |
BOSTON (Reuters) - Massachusetts’ top court on Monday ruled the Massachusetts Institute of Technology cannot be held responsible for not preventing a PhD candidate from killing himself but said universities at times do have a legal duty to prevent student suicides.
FILE PHOTO: A man walks through Killian Court at the Massachusetts Institute of Technology (MIT) in Cambridge, Massachusetts, U.S. May 13, 2016. REUTERS/Brian Snyder/File Photo The Massachusetts Supreme Judicial Court upheld the dismissal of a closely watched lawsuit by the father of Han Nguyen, a student who jumped to his death at the age of 25 from the top of a building at the prestigious university in 2009.
A lawyer for his father had argued that MIT knew Nguyen was a suicide risk and was negligent in not preventing his death. But the court said the student, who was enrolled in a marketing program, never told MIT employees he planned to commit suicide.
Justice Scott Kafker in the 5-0 ruling wrote that a college or university nonetheless does have a duty to prevent a suicide if it knows a student either has previously tried to take his or her own life or has stated a plan to do so.
“It is definitely not a generalized duty to prevent suicide,” Kafker wrote. “Nonclinicians are also not expected to discern suicidal tendencies where the student has not stated his or her plans or intentions to commit suicide.”
In those limited circumstances, a university must take reasonable measures such as initiating a suicide prevention protocol; getting medical attention for the student; or contacting police, fire or emergency medical personnel.
Jeffrey Beeler, a lawyer for Nguyen’s father, Dzung Duy Nguyen, in a statement said that while he was disappointed by the ruling, the rule the court established would give schools an incentive to prevent future suicides.
MIT did not respond to a request for comment.
The case was closely watched by other schools in the Massachusetts, home to many institutions of higher education.
Eighteen schools including Harvard University and Tufts University filed papers arguing that a ruling against MIT would unreasonably force faculty and staff without clinical expertise to secure students against harming themselves.
In court papers, Beeler said MIT faculty had discussed Nguyen’s mental health, with one professor recommending his colleagues avoid failing him because they might have “blood on their hands.”
But Kafker said Nguyen never communicated to anyone at MIT that he intended to commit suicide and made clear he wanted to keep his mental health issues separate from the school by seeking psychological help off-campus.
Reporting by Nate Raymond in Boston; Editing by David Gregorio and Marguerita Choy
| ashraq/financial-news-articles | https://www.reuters.com/article/us-massachusetts-mit-lawsuit/top-massachusetts-court-clears-mit-in-student-suicide-lawsuit-idUSKBN1I81PW |
GreenSky Inc., a financial-technology firm that facilitates loans for businesses and other customers, expects its shares to price between $21 and $23 in its initial public offering.
Based on the midpoint of that range, the Atlanta company expects to raise about $701.4 million, it said Monday in a securities filing. GreenSky is offering about 34.1 million shares, or 39.2 million if underwriters fully exercise options.
The... | ashraq/financial-news-articles | https://www.wsj.com/articles/greensky-expects-ipo-to-price-between-21-and-23-a-share-1526304752 |
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May 11, 2018 / 7:15 AM / in 30 minutes UPDATE 1-Interserve says being investigated by UK's FCA Reuters Staff 2 Min Read
(Adds details, background)
May 11 (Reuters) - Interserve Plc is under investigation by Britain’s Financial Conduct Authority (FCA) over its handling of inside information and its market disclosures regarding its exit from the energy from waste business, the company said on Friday.
FCA will be investigating the company’s market disclosures on the subject from July 15, 2016, to Feb. 20, 2017, Interserve said, adding it would fully co-operate with the investigation.
Interserve shares traded almost 4 percent lower at 0710 GMT.
Interserve announced bit.ly/2rCxok2 its exit from the energy-from-waste business in August 2016 after noting cost overruns and delays on a Glasgow contract and said it would take a exceptional charge of 70 million pounds ($94.6 million).
However, the company in February last year more than doubled the expected charge associated with the exit to about 160 million pounds.
This followed a statement in January 2017 that the company saw an increased level of cash outflows from the exited business.
In November 2016, the company had said its progress on contracts in the business were in line with previous guidance, and a day later said its Glasgow Recycling & Renewable Energy project was terminated.
The investigation adds to a long list of problems at Interserve.
Chief Executive Debbie White, who joined the company only last September, has been attempting to turn around the company, after stating in April that its operating model was “inefficient”.
Interserve reported a deeper annual pretax loss last month, sending shares tumbling more than 20 percent. The company’s shareholders approved a funding plan agreed with creditors in March after it warned of covenant breaches.
Britain’s outsourcing sector is grappling with underperforming contracts, a problem which sent rival services and building group Carillion into bankruptcy in January. ($1 = 0.7401 pounds) (Reporting by Arathy S Nair in Bengaluru editing by Jason Neely/Keith Weir) | ashraq/financial-news-articles | https://www.reuters.com/article/interserve-inquiry/update-1-interserve-says-being-investigated-by-uks-fca-idUSL8N1SI15X |
May 27, 2018 / 6:09 PM / Updated 33 minutes ago Pouille and Cornet lead French quest for unlikely Roland Garros glory Reuters Staff 3 Min French number one Lucas Pouille won his opening match at Roland Garros in straight sets on Sunday as the host country’s players enjoyed decent fortunes on the first day of the clay-court Grand Slam. France's Lucas Pouille against Russia's Daniil Medvedev REUTERS/Pascal Rossignol
The 15th seed, who has not won back-to-back clay-court matches on the ATP Tour this season, served up nine aces as he defeated Russia’s Daniil Medvedev 6-2 6-3 6-4.
“It’s a good beginning, the one I wanted. It was a tight game but I am very excited with my performance,” Pouille, who has never made it beyond the third round at Roland Garros, told reporters.
Pouille hit 31 winners, breaking Medvedev in the fourth game of the first set and never looking back.
“The beginning of a tournament is always complicated and it’s reassuring to realise you are playing well in training and can apply it in a game,” he said.
France has waited 35 years since Yannick Noah hoisted the Musketeers Cup for one of its own to win the men’s championship at Roland Garros and barring any major surprise the wait is likely to go on. Russia's Daniil Medvedev against France's Lucas Pouille REUTERS/Pascal Rossignol
Earlier, Pouille’s compatriot Gael Monfils triumphed 3-6 6-1 6-2 6-1 over another Frenchman, Elliot Benchetrit, who was making his tour-level debut ranked 302 in the world.
Monfils appeared a shadow of himself early in the contest, struggling to cover the court and release his ground shots before he took the game by the scruff of the neck, winning nine games in a row at one point.
Monfils said he had taken medication for a stomach upset ahead of the match and felt unwell early in the game.
“Progressively I managed to relax and to forget that I was not feeling that well physically,” Monfils told reporters. France's Lucas Pouille celebrates after winning his first round match against Russia's Daniil Medvedev REUTERS/Pascal Rossignol
Ten years ago Monfils made it to the last four of the French Open but he is just back from a two-month injury layoff and he has yet to reach his best level. He faces Slovakia’s Martin Klizan in the second round
“What do I think about Martin? Very strong forehand. A guy I like, because he likes a fight. He brings a bit of craziness on the court.”
In the women’s tournament, 32nd seed Alize Cornet dispatched Sara Errani 2-6 6-2 6-3, overcoming a sluggish opening set during which she struggled to find any rhythm in her ground strokes and win over the home crowd.
As Cornet discovered her range in the second set, she pushed her rival around the court, subjecting the Italian to a barrage of sizzling backhanders and deft drop shots.
“The crowd gave me so much energy. It was crazy out there,” a delighted Cornet said.
In a battle between the youngest and oldest players in the men’s draw, 19-year-old wild card Corentin Moutet defeated 39-year-old Croatian Ivo Karlovic 7-6(7) 6-2 7-6(5) to reach the second round. Moutet is one of six teenagers in the main draw.
Gregoire Barrere, another wild card entrant, lost his five-set match against Moldova’s Radu Albot, while Amandine Hesse lost in straight sets in the women’s singles. Reporting by Richard Lough; Editing by Clare Fallon | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-tennis-frenchopen-france/pouille-and-cornet-lead-french-quest-for-unlikely-roland-garros-glory-idUKKCN1IS0P2 |
ISTANBUL—The Turkish lira tumbled to a record low against the dollar on Wednesday, extending a steep slide that investors attribute to President Recep Tayyip Erdogan’s unorthodox economic approach and concerns over his influence over the central bank.
The lira, which hit a low of 4.5011 to the dollar in early trading, reversed its daily losses after the central bank issued a statement saying it would take “necessary steps” to shore it up. In afternoon trading, the lira was up 0.5% at 4.4250 to the dollar.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/turkey-vows-to-support-embattled-lira-1526469896 |
May 4 (Reuters) - Avis Budget Group Inc:
* AVIS BUDGET GROUP SAYS ON APRIL 30, UNIT ISSUED $400 MILLION OF ASSET-BACKED SECURITIES WITH A MATURITY OF FIVE YEARS - SEC FILING Source text: ( bit.ly/2FKm5LZ ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-avis-budget-group-says-on-april-30/brief-avis-budget-group-says-on-april-30-unit-issued-400-mln-of-asset-backed-securities-with-a-maturity-of-5-years-idUSFWN1SB1A8 |
May 7 (Reuters) - Amedisys Inc:
* AMEDISYS REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS AND REAFFIRMS 2018 GUIDANCE
* SEES FY 2018 ADJUSTED EARNINGS PER SHARE $2.97 TO $3.08 * QTRLY NET INCOME ATTRIBUTABLE TO AMEDISYS, INC. PER DILUTED SHARE OF $0.79
* QTRLY ADJUSTED NET INCOME ATTRIBUTABLE TO AMEDISYS, INC. PER DILUTED SHARE OF $0.79
* QTRLY NET SERVICE REVENUE INCREASED $34.6 MILLION TO $399.3 MILLION
* SEES 2018 NET SERVICE REVENUE ANTICIPATED TO BE IN RANGE OF $1.60 BILLION TO $1.64 BILLION
* Q1 REVENUE VIEW $395.3 MILLION — THOMSON REUTERS I/B/E/S * FY2018 EARNINGS PER SHARE VIEW $3.00, REVENUE VIEW $1.63 BILLION — THOMSON REUTERS I/B/E/S Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-amedisys-reports-qtrly-adjusted-ne/brief-amedisys-reports-qtrly-adjusted-net-income-per-diluted-share-of-0-79-idUSASC0A093 |
LONDON, May 15 (Reuters) - Ex-Formula One driver Felipe Massa will race in the Formula E electric motor racing series next season after signing a three-year deal with the Monaco-based Venturi team co-founded by Hollywood actor Leonardo di Caprio.
Massa was Formula One runner-up with Ferrari in 2008, a single point behind Britain’s Lewis Hamilton, and most recently raced for Williams before retiring at the end of last year.
The Brazilian won 11 races, all with Ferrari.
“I’m very happy to be joining the Venturi Formula E Team and the Formula E championship, which has become a magnificent competition in such a short space of time,” the 37-year-old said in a team statement on Tuesday.
“I can’t wait to take part in testing at the end of the month.”
The veteran of 15 seasons in Formula One added: “The team is in a phase of growth and development. I’ll do everything I can to contribute to the project and hopefully I’ll be among the front runners.
Formula E’s 2018/19 season, the fifth since the series launched, will bring the debut of the Gen2 car that can hit a top speed of 280kph and will have sufficient battery power to last an entire race.
Drivers have to switch cars mid-race at present in the city-based series.
Former F1 champion Nico Rosberg is an investor in Formula E, while a number of other ex-F1 drivers are competing in the championship, including Massa’s former Sauber team mate Nick Heidfeld. (Reporting by Alan Baldwin Editing by David Goodman)
| ashraq/financial-news-articles | https://www.reuters.com/article/motor-electric-massa/motor-racing-massa-to-race-for-di-caprios-venturi-formula-e-team-idUSL3N1SM64X |
Oil prices rise as shortage fears surface 55 Mins Ago 01:27 01:27 | 9:57 AM ET Sun, 13 May 2018 02:54 02:54 | 10:32 AM ET Mon, 14 May 2018 00:44 00:44 | 11:48 AM ET Fri, 11 May 2018 | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/21/oil-prices-rise-as-shortage-fears-surface.html |
May 21, 2018 / 11:36 AM / Updated 7 hours ago AstraZeneca potassium drug finally approved, threatening Vifor Reuters Staff 2 Min Read
LONDON (Reuters) - The decision by U.S. regulators to finally approve AstraZeneca’s much-delayed excess potassium drug Lokelma gives the group another new medicine launch, boosting its portfolio as it strives to offset declining sales of older products. FILE PHOTO: A man walks past a sign at an AstraZeneca site in Macclesfield, central England May 19, 2014. REUTERS/Phil Noble//File Photo
The U.S. Food and Drug Administration (FDA) had turned down the drug, formerly known as ZS-9, two times previously, casting doubt over AstraZeneca’s decision to buy its original developer ZS Pharma for $2.7 billion in 2015.
Analysts, reacting to the approval announced late on Friday, said on Monday that the label for Lokelma was modestly better than for Vifor Pharma’s rival therapy Veltassa, which also treats excess potassium levels or hyperkalemia.
In particular, AstraZeneca’s drug has a faster onset of action, a better drug-drug interaction profile and can be stored indefinitely at room temperature, Deutsche analysts said. However, both drugs are still deemed unsuitable for acute life-threatening hyperkalemia episodes.
“Whilst we must concede the label is not a best-case, we nonetheless see it as an improvement on the only incumbent option, Vifor’s Veltassa,” Barclays analysts said in a note. “Our thesis remains that Lokelma will be the dominant player in the eventual $3 billion hyperkalemia market.”
AstraZeneca is banking on a range of new drugs to return the company to sales growth in 2018. Last week it reported first-quarter results that showed the impact of generic competition to older medicines, but promising sales of newer ones.
AstraZeneca shares, which fell on Friday’s financial results, were up 2 percent on Monday. Reporting by Ben Hirschler; editing by Jason Neely | ashraq/financial-news-articles | https://in.reuters.com/article/us-astrazeneca-launch/astrazeneca-potassium-drug-finally-approved-threatening-vifor-idINKCN1IM13F |
(Reuters) - U.S. Secretary of State Mike Pompeo said on Wednesday that planning for a meeting between President Donald Trump and North Korean leader Kim Jong Un was going well and that details would likely be announced in the next few days.
Speaking to reporters as he returned from North Korea accompanied by three Americans who had been detained there, Pompeo said a place and date had been set for a one-day summit in good, productive conversations between U.S. and North Korean officials, according to a U.S. media pool report.
Reporting by Tim Ahmann; Editing by Chizu Nomiyama
| ashraq/financial-news-articles | https://www.reuters.com/article/us-northkorea-missiles-prisoners-pompeo/top-u-s-diplomat-says-planning-for-one-day-trump-kim-meeting-going-well-idUSKBN1IA283 |
* Investors managing $7.9 trln in assets call for targets
* Shell says targets will limit its ability to adapt
* Shell urges shareholders to oppose AGM resolution
By Ron Bousso
THE HAGUE, May 22 (Reuters) - Top investors in Royal Dutch Shell on Tuesday stepped up pressure on the oil and gas giant to commit to hard targets to reduce greenhouse gas emissions to battle climate change.
Shell has set out “ambitions” to halve carbon emissions by 2050 and expand in renewables energy, which Chief Executive Officer Ben van Beurden said were ground breaking for the oil industry.
“Nobody else comes close, it is seriously ambitious,” van Beurden said of Shell’s plan at the company’s annual general meeting in The Hague.
While praising Shell for its plan, a growing number of major shareholders has urged the Anglo-Dutch company to commit to hard targets to reduce carbon emissions from its oil and gas production, as well as from fuels it sells around the world.
“We call for this ambition to be translated into firm medium and short term targets, aligned with the Paris Agreement,” a group of 27 investors managing $7.9 trillion in assets said in a statement read at the AGM.
Shell’s board has urged shareholders to vote against a resolution brought forward for a vote at the AGM by activist group Follow This calling on Shell to set hard targets to reduce emissions in order to meet the 2015 Paris Climate Agreement goal to limit global warming to “well below” 2 degrees Celsius.
Van Beurden warned that doing so would hamper Shell’s efforts to adapt to the transition going on in energy.
“The reputation of our company is irrevocably linked to targets... Nobody can see how the energy transition will play out over this period,” van Beurden said.
The previous two climate resolutions tabled by Follow This in 2016 and 2017 won the support of 2.8 percent and 6.3 percent of the votes, respectively.
Last week, a group of 60 global investors urged companies to do more to reduce emissions and become more transparent about their plans.
Shell announced late last year an ambition to slash emissions of greenhouse gases by 20 percent by 2035 and by half by 2050. The targets will include all of Shell’s operations as well as emissions from products consumed by consumers.
Producing and burning of oil and gas account for around 50 percent of global carbon emissions.
Reporting by Ron Bousso; editing by Jason Neely
| ashraq/financial-news-articles | https://www.reuters.com/article/shell-agm/investors-turn-up-heat-on-shell-over-climate-targets-idUSL5N1SR0KK |
NEW DELHI (Reuters) - India’s antitrust regulator said on Tuesday it had approved the acquisition of U.S. seed major Monsanto Co ( MON.N ) by Bayer AG ( BAYGn.DE ), in a decision that moves the mega deal a step closer toward the finish line.
FILE PHOTO: The corporate logo of Bayer is seen at the headquarters building in Caracas, Venezuela March 1, 2016. REUTERS/Marco Bello/File Photo The acquisition had been approved “subject to compliance of certain modifications,” the regulator said on Twitter, without elaborating.
German conglomerate Bayer is preparing to close its $62.5 billion takeover of Monsanto this quarter, giving it control of more than 25 percent of the world’s seed and pesticides market.
Reporting by Aditya Kalra; Editing by Euan Rocha
| ashraq/financial-news-articles | https://in.reuters.com/article/us-monsanto-m-a-bayer/indias-antitrust-regulator-approves-bayers-acquisition-of-monsanto-idINKCN1IN1H0 |
JERUSALEM, May 24 (Reuters) - Bezeq Israel Telecom reported on Thursday a 26 percent drop in first quarter net profit, matching analyst estimates, as the company continued to face stiff competition in many of its segments.
Israel’s largest telecoms group said it earned 260 million shekels ($73 million)in the first three months of 2018, compared with 350 million a year earlier. Revenue slipped 3.8 percent to 2.36 billion shekels.
Bezeq, which is being investigated for securities offences and is the midst of a management shake-up, was forecast to earn 260 million shekels on revenue of 2.41 billion, according to a Reuters poll of analysts.
The company reiterated its 2018 forecast for net income of 1.0 billion shekels.
“Our group wide results in the first quarter of 2018 continue to demonstrate the increased competition and changes in all areas of the telecommunications market,” said Bezeq Chairman Shlomo Rodav. “We are in the process of formulating a long-term strategy for the group.” ($1 = 3.5692 shekels) (Reporting by Ari Rabinovitch Editing by Steven Scheer)
| ashraq/financial-news-articles | https://www.reuters.com/article/bezeq-results/israels-bezeq-q1-profit-revenue-down-idUSL5N1SU21R |
6:07 PM ET Fri, 4 May 2018 | 05:33
Consumer staples are getting slammed this year, but one top technician says the charts look so bad, they might actually be good.
"[Consumer staples are] down 13 percent on the year right now, [and] at one point a peak-to-trough drawdown of 17 percent," Cornerstone Macro's Carter Worth said Friday on CNBC's " Options Action ." "I'm going to try and play the other side, make a bet for a bounce."
In the following chart, Worth compares the group's performance to the related consumer discretionary sector .
Despite the latter trading with higher historical volatility, it's still managed to outperform the staples by nearly 36 percent since 2015.
The consumer discretionary group, which tends to perform best in stronger economic cycles, has been led by top-performing names Netflix , Chipotle and retail juggernaut Amazon — which makes up nearly 22 percent of the ETF's holdings.
"If we go back even more, 25 years of data, it's this blowout if you will," Worth said, "[But] this divergence of late I think is a bit extreme."
Worth's analysis also illustrates that of the consumer staple's nine major drawbacks since 2008, more than half have resulted in double-digit declines — the largest being the most recent plunge of nearly 17 percent from its January highs of $58.48.
Nonetheless, he believes the group's fall through a longer-term trend line could be signaling a catch-up opportunity.
"This 17 [percent drop] is to the point where I think you get a throwback to the underbelly of the [trend line]," he explained. This thesis would indicate a rally back to the $57 range for the consumer staples ETF ( XLP ), or more than 10 percent higher from its current levels.
On Friday, the consumer staples sector showed signs of resurgence, with the XLP rallying more than 1.5 percent as the best performing sector for the day. The group failed to maintain those gains on Monday, even as the broader market moved higher.
Worth counters, however, that the unusual speed of decline for the group is "overdone," and Friday's bounce off a downward trend should set the group up for a bigger rebound.
Worth also noted a rise in the U.S. dollar , warning that its recent strength has put pressure on the consumer-facing stocks that tend to have high international sale exposure. The dollar rallied to a four-month high on Monday, but Worth argues the greenback has gone too far too fast.
"I'm going to make a bet that we're going to turn down here and the dollar would be a tailwind for staples," he said.
Shares of the consumer staples ETF were trading fractionally lower Monday afternoon, around $49.50. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/07/this-years-worst-performing-sector-is-so-bad-its-good-technician.html |
AUSTIN, Texas--(BUSINESS WIRE)-- SailPoint Technologies Holdings, Inc. (NYSE: SAIL) (“SailPoint” or the “Company”) announced today the commencement of an underwritten public offering of 15,000,000 shares of its common stock by certain selling stockholders of the Company. Such selling stockholders will also grant the underwriters a 30-day option to purchase up to an additional 2,250,000 shares of the Company’s common stock if the underwriters sell more than 15,000,000 shares of the Company’s common stock, to cover over-allotments. The Company will not receive any of the proceeds from the sale of the shares being offered by the selling stockholders but will bear the costs associated with the sale of such shares, other than underwriting discounts and commissions.
Morgan Stanley & Co. LLC, Goldman Sachs & Co. LLC, Citigroup Global Markets Inc., Jefferies LLC and RBC Capital Markets, LLC are acting as book-running managers for the offering. KeyBanc Capital Markets Inc., Piper Jaffray & Co., Canaccord Genuity LLC, Oppenheimer & Co. Inc. and BTIG, LLC are acting as co-managers.
The proposed offering will be made only by means of a prospectus. A copy of the preliminary prospectus, when available, may be obtained from: Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014; Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, New York 10282, or by telephone at (866) 471-2526 or by email at [email protected] ; Citigroup Global Markets Inc. c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717 or by calling (800) 831-9146; Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Ave, 12th Floor, New York, New York 10022, Telephone: 877-547-6340, Email: [email protected] ; or RBC Capital Markets, LLC, Attention Equity Syndicate, 200 Vesey Street, 8th Floor, New York, New York 10281-8098, or by telephone at (877) 822-4089 or by email at [email protected] .
A registration statement relating to these securities has been filed with the United States Securities and Exchange Commission but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About SailPoint
SailPoint, a leading provider of enterprise identity governance solutions, brings the Power of Identity to customers around the world. SailPoint’s open identity platform gives organizations the power to enter new markets, scale their workforces, embrace new technologies, innovate faster and compete on a global basis. As both an industry pioneer and market leader in identity governance, SailPoint delivers security, operational efficiency and compliance to enterprises with complex IT environments. SailPoint’s customers are among the world’s largest companies in a wide range of industries, including: 7 of the top 15 banks, 4 of the top 6 healthcare insurance and managed care providers, 9 of the top 15 property and casualty insurance providers, 5 of the top 15 pharmaceutical companies, and 11 of the largest 15 federal agencies.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180521006039/en/
Investor Relations:
ICR for SailPoint
Staci Mortenson, 512-664-8916
[email protected]
or
Media Relations:
SailPoint Technologies Holdings, Inc.
Jessica Sutera, 978-278-5411
[email protected]
Source: SailPoint Technologies Holdings, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/business-wire-sailpoint-launches-follow-on-offering-by-selling-stockholders.html |
CHICAGO--(BUSINESS WIRE)-- Kemper Corporation (NYSE: KMPR) announced today that its Board of Directors declared a quarterly dividend of $0.24 per share. The dividend is payable on May 29, 2018 to its shareholders of record as of May 14, 2018.
About Kemper
The Kemper family of companies is one of the nation’s leading insurers. With $8 billion in assets, Kemper is improving the world of insurance by offering personalized solutions for individuals, families and businesses. Kemper's businesses collectively:
Offer insurance for home, auto, life, health and valuables Service six million policies Represented by 20,000 agents and brokers Employ 5,550 associates dedicated to providing exceptional service Licensed to sell insurance in 50 states and the District of Columbia
Learn more about Kemper .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180502006783/en/
Kemper Corporation
Investors:
Michael Marinaccio
312.661.4930
[email protected]
or
News Media:
Barbara Ciesemier
312.661.4521
[email protected]
Source: Kemper Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/business-wire-kemper-announces-quarterly-dividend.html |
~ Fourth Quarter Diluted EPS of $.52 ~
~ Fiscal 2018 Sales Increase 10% to a Record $1.128 Billion ~
~ Completes Acquisition of 12 Tennessee-based Stores and Four Wholesale Centers, with Expected Annualized Sales of $47 Million ~
~ Increases Quarterly Cash Dividend by 11% to $.20 per share ~
ROCHESTER, N.Y., May 21, 2018 (GLOBE NEWSWIRE) -- Monro, Inc. (Nasdaq:MNRO), a leading provider of automotive undercar repair and tire services, today announced financial results for its fourth quarter and fiscal year ended March 31, 2018.
Fourth Quarter Results
Sales for the fourth quarter of fiscal 2018 increased 13.3% to $285.6 million, as compared to $252.0 million for the fourth quarter of fiscal 2017. Fiscal 2018 was a 53-week year with 368 selling days as compared to 361 selling days in fiscal 2017, and therefore included an extra week of sales in the fourth quarter. Comparable store sales increased 10.3% on a reported basis, and 2.4% when adjusted for days. Adjusted for days, comparable store sales increased approximately 5% for tires, 2% for both brakes and front end/shocks, and decreased approximately 2% for both maintenance services and alignments. In addition to the extra week of sales, the total sales increase for the fourth quarter of $33.6 million included an increase in sales from new stores of $13.8 million, including sales from recent acquisitions of $8.7 million.
Gross margin increased 70 basis points to 37.7% in the fourth quarter of fiscal 2018 from 37.0% in the prior year period, primarily due to leverage from higher comparable store sales. Total operating expenses increased by $4.2 million to $77.3 million, or 27.1% of sales, as compared to $73.1 million, or 29.0% of sales in the prior year period. The year-over-year dollar increase represents expenses from 32 net new stores, $1.0 million in management transition costs, as well as expenses related to the extra week.
Operating income was $30.4 million, or 10.7% of sales, as compared to $20.1 million, or 8.0% of sales in the prior year period. Interest expense was $6.3 million as compared to $5.5 million for the fourth quarter of fiscal 2017.
Income tax expense in the fourth quarter of fiscal 2018 was $6.8 million compared to $5.1 million in the prior year period. The enactment of the Tax Cuts and Jobs Act on December 22, 2017 resulted in an income tax benefit of $1.4 million, or $.04 per share. This benefit was comprised of $.02 per share related to the reduction of approximately 300 basis points in the Company’s estimated annual effective tax rate during the fourth quarter of fiscal 2018, as well as $.02 per share related to revaluing our net deferred tax assets to reflect the new U.S. federal corporate income tax rate. This resulted in an effective tax rate of 27.9% in the fourth quarter of fiscal 2018, as compared to 34.4% in the prior year period.
Net income for the fourth quarter of fiscal 2018 was $17.5 million, as compared to $9.7 million in the same period of the prior year. Diluted earnings per share for the fourth quarter were $.52, including $.02 per share in management transition costs, $.04 per share of benefit related to the Tax Cuts and Jobs Act and $.10 of contribution from the extra week. This compares to diluted earnings per share of $.29 in the fourth quarter of fiscal 2017.
During the fourth quarter of fiscal 2018, the Company opened 15 and closed three company-operated locations, ending the quarter with 1,150 company-operated stores and 102 franchised locations.
“We delivered solid fourth quarter results, driven by positive top line trends and strong execution across our business, as we launched a number of foundational tools designed to support our strategy. We exit the quarter with solid industry tailwinds, improving operating performance, a disciplined acquisition strategy and newly implemented initiatives to drive improvement across the organization. We believe we have a clear path for future growth and look forward to carrying this strong momentum through fiscal year 2019 and beyond,” said Brett Ponton, President and Chief Executive Officer.
Ponton continued, “As we enter fiscal 2019, we are excited about the significant opportunities that lie ahead of us. I am confident that our renewed focus on the customer and strong commitment to operational excellence will position us well to capitalize on favorable industry trends over the next few years and drive sustainable long-term value for our shareholders.”
Fiscal Year Results
Net sales for fiscal 2018 increased 10.4% to a record $1.128 billion as compared to $1.022 billion for fiscal 2017. The total sales increase of $106.3 million for the fiscal year was due to an increase in sales from new stores of $96.2 million, including sales from recent acquisitions of $73.5 million, and a comparable store sales increase of 1.8% on a reported basis. Adjusted for days, comparable store sales decreased 0.1% as compared to a 4.3% decline in the prior year. Comparable store sales, adjusted for days, increased approximately 3% for brakes and 2% for front end/shocks, and decreased approximately 1% for tires and 2% for both maintenance services and alignments.
Gross margin declined 30 basis points to 38.6% for fiscal 2018 from 38.9% in the prior fiscal year, largely due to the impact of the sales mix from recent acquisitions partially offset by lower material costs as a percentage of sales.
Total operating expenses for fiscal 2018 were $308.3 million, or 27.3% of sales, as compared to $280.5 million, or 27.5% of sales, for the prior fiscal year. The dollar increase primarily represents expenses from 32 net new stores as compared to fiscal 2017. Operating income for fiscal 2018 was $127.3 million, or 11.3% of sales, as compared to $116.4 million, or 11.4% of sales in fiscal 2017. Interest expense was $24.3 million in fiscal 2018 as compared to $19.8 million in fiscal 2017.
Net income for fiscal 2018 was $63.9 million or $1.92 per diluted share, as compared to net income of $61.5 million, or $1.85 per diluted share in fiscal 2017. Diluted earnings per share for fiscal 2018 were at the high end of the Company's estimated range of $1.88 to $1.93, and included $.04 per share in litigation settlement costs, $.06 per share in management transition costs, and $.06 per share of expense related to the net impact of newly enacted tax legislation. Diluted earnings per share for fiscal 2018 also included $.10 of contribution from the 53rd week.
Acquisitions Update
The Company announced today that it has acquired 12 retail and commercial locations in Tennessee from Free Service Tire Company, filling in an existing market and expanding its footprint in the South. The Company also acquired four wholesale centers as part of the transaction, located in Tennessee, Virginia, and North Carolina, significantly increasing its tire purchasing and distribution efficiencies. These locations are expected to add approximately $47 million in annualized sales, representing a sales mix of 15% service and 85% tires. The acquisition is expected to be breakeven to diluted earnings per share in fiscal 2019.
In the fourth quarter, the Company also completed the previously announced acquisitions of seven stores in Ohio, Kentucky, West Virginia, and Virginia. These stores fill in existing markets and are expected to add approximately $7 million in annualized sales, representing a sales mix of 45% service and 55% tires. Acquisitions completed in fiscal 2018 represent a total of $20 million in annualized sales.
Cash Dividend Increased 11%
The Company also announced today that its Board of Directors has approved a $.02 increase in the Company’s cash dividend for the first quarter of fiscal year 2019 to $.20, which translates to an annual rate of $.80 per share and represents an increase of $.08 per share or 11.1% as compared to the total dividends paid in fiscal 2018. The Company has increased its cash dividend 13 times during the 13 years since a cash dividend was first issued. The cash dividend is payable quarterly to shareholders of record on the Company’s outstanding shares of common stock, including the shares of common stock to which the holders of the Company’s Class C Convertible Preferred Stock are entitled. The dividend of $.20 per share for the first quarter of fiscal 2019 will be payable on June 14, 2018 to shareholders of record as of June 4, 2018.
Company Outlook and Investor Day Webcast
The Company will provide financial guidance for fiscal 2019 and beyond at its Investor Day, which will begin at 8:00 a.m. EDT today. The live audio webcast, including slide presentations, will be available to the public at the Investor Information section of the Company's website, located at www.monro.com . The event will include a question and answer session, during which onsite and webcast participants may submit questions. An archived copy of the webcast will be available at this website through June 21, 2018.
About Monro, Inc.
Headquartered in Rochester, New York, Monro is a chain of 1,166 company-operated stores, 98 franchised locations, nine wholesale locations and three retread facilities providing automotive undercar repair and tire sales and services. The Company operates in 27 states, serving the Mid-Atlantic and New England regions and portions of the Great Lakes, Midwest and Southeast. The predecessor to the Company was founded by Charles J. August in 1957 as a Midas Muffler franchise. In 1966, Monro began to diversify into a full line of undercar repair services. The Company has experienced significant growth in recent years through acquisitions and, to a lesser extent, the opening of newly constructed stores. The Company went public in 1991 and trades on the Nasdaq under the symbol MNRO.
The statements contained in this press release that are not historical facts may contain statements of future expectations and other forward-looking statements made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by such words and phrases as “expected,” “estimate,” “guidance,” “outlook,” “anticipate,” “project,” “believe,” “could,” “may,” “intend,” “plan” and other similar words or phrases. Forward-looking statements are subject to risks, uncertainties and other important factors that could cause actual results to differ materially from those expressed. These factors include, but are not necessarily limited to, product demand, dependence on and competition within the primary markets in which the Company's stores are located, the need for and costs associated with store renovations and other capital expenditures, the effect of economic conditions, seasonality, the impact of competitive services and pricing, product development, parts supply restraints or difficulties, the impact of weather trends and natural disasters, industry regulation, risks relating to leverage and debt service (including sensitivity to fluctuations in interest rates),continued availability of capital resources and financing, risks relating to protection of customer and employee personal data, risks relating to litigation, risks related to the accuracy of the estimates and assumptions we used to reevaluate our net deferred tax assets or our estimate of the fourth quarter impact of the Tax Cuts and Jobs Act, risks relating to integration of acquired businesses and other factors set forth elsewhere herein and in the Company’s Securities and Exchange Commission filings, including the Company’s annual report on Form 10-K for the fiscal year ended March 25, 2017 and Form 10-K for the fiscal year ended March 31, 2018, which the Company expects to file with the Securities and Exchange Commission this month. Except as required by law, the Company does not undertake and specifically disclaims any obligation to update any forward-looking statement to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.
MONRO, INC. Financial Highlights (Unaudited) (Dollars and share counts in thousands) Quarter Ended Fiscal March 2018 2017
% Change Sales $ 285,578 $ 252,011 13.3 % Cost of sales, including distribution and occupancy costs 177,815 158,787 12.0 % Gross profit 107,763 93,224 15.6 % Operating, selling, general and administrative expenses 77,334 73,133 5.7 % Operating income 30,429 20,091 51.5 % Interest expense, net 6,299 5,535 13.8 % Other (income) expense, net (117 ) (183 ) (36.1 )% Income before provision for income taxes 24,247 14,739 64.5 % Provision for income taxes 6,765 5,078 33.2 % Net income $ 17,482 $ 9,661 80.9 % Diluted earnings per share $ .52 $ .29 79.3 % Weighted average number of diluted shares outstanding 33,417 33,289 Number of stores open (at end of quarter) 1,150 1,118
MONRO, INC. Financial Highlights (Unaudited) (Dollars and share counts in thousands) Year Ended Fiscal March 2018 2017 % Change Sales $ 1,127,815 $ 1,021,511 10.4 % Cost of sales, including distribution and occupancy costs 692,241 624,622 10.8 % Gross profit 435,574 396,889 9.7 % Operating, selling, general and administrative expenses 308,278 280,505 9.9 % Operating income 127,296 116,384 9.4 % Interest expense, net 24,296 19,768 22.9 % Other income, net (454 ) (628 ) (27.8 )% Income before provision for income taxes 103,454 97,244 6.4 % Provision for income taxes 39,519 35,718 10.6 % Net income $ 63,935 $ 61,526 3.9 % Diluted earnings per common share $ 1.92 $ 1.85 3.8 % Weighted average number of diluted shares outstanding 33,341 33,301
MONRO, INC. Financial Highlights (Unaudited) (Dollars in thousands) March 31, March 25, 2018 2017 Assets Cash $ 1,909 $ 8,995 Inventories 152,367 142,604 Other current assets 52,980 47,631 Total current assets 207,256 199,230 Property, plant and equipment, net 416,669 394,634 Other non-current assets 594,507 591,400 Total assets $ 1,218,432 $ 1,185,264 Liabilities and Shareholders’ Equity Current liabilities $ 194,005 $ 185,893 Capital leases and financing obligations 227,220 213,166 Other long-term debt 148,068 182,337 Other long-term liabilities 20,663 22,614 Total liabilities 589,956 604,010 Total shareholders’ equity 628,476 581,254 Total liabilities and shareholders’ equity $ 1,218,432 $ 1,185,264 CONTACT:
Brett Ponton
Chief Executive Officer
(585) 647-6400
Brian D’Ambrosia
Senior Vice President – Finance
Chief Financial Officer
(585) 647-6400
Investors and Media: Effie Veres
FTI Consulting
(212) 850-5600
Source:Monro, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/globe-newswire-monro-inc-announces-fourth-quarter-and-fiscal-2018-financial-results.html |
May 31, 2018 / 11:25 AM / Updated 24 minutes ago In Louisiana jail, deaths mount as mental health pleas unheeded Melissa Fares , Charles Levinson 22 Min Read
EAST BATON ROUGE, La. (Reuters) - The East Baton Rouge Parish Prison, a squat brick building with low-slung ceilings and walls sometimes smeared with feces, is the face of a paradigm shift: penitentiaries as mental health care providers. Across the United States thousands of jails are sheltering a wave of inmates accused of crimes and serving time while suffering from illnesses ranging from depression to schizophrenia. Warden Dennis Grimes opens the doors to holding cells of the East Baton Rouge Parish Prison in Baton Rouge, Louisiana March 5, 2018. REUTERS/Shannon Stapleton
The shift is a byproduct of the plunging numbers housed in psychiatric inpatient treatment centres, a total that fell from 471,000 in 1970 to 170,000 by 2014. In Louisiana, the fallout exacerbated after a former governor shuttered or privatized a network of public hospitals that provided medical and psychiatric care to the accused.
East Baton Rouge Parish Prison is where Louis Jonathan Fano, afflicted with bipolar disorder and haunted by demons, found himself on Halloween Eve 2016 after fleeing a Greyhound Bus and wandering city streets naked and crazed.
Booked into the jail on six misdemeanour charges, Fano, 27, slit his wrists hours later. Then he was sent to solitary confinement, where he spent 92 of his 94 days imprisoned with his thoughts.
Midway through his jail ordeal, the parish handed responsibility for inmate medical care to a for-profit firm that decided Fano was “exaggerating his condition.” On January 18, 2017, it ordered him taken off his antipsychotic medication.
Two weeks later, the onetime veterinary student, who crafted letters to his mother in longhand, hanged himself.
His family rushed from California to find him unconscious in a hospital intensive care unit, where he lay until his death.
“We touched his cold hands. I talked to him but he had no life – it was just machines,” said his mother, Maria Olga Zavala. “Even with all that, they had him there handcuffed with a guard.”
Replaying that image inside her Southern California home, she asked: “Why wasn’t that guard in the jail, looking after my son before he took his own life?”
It’s a question asked often of the parish jail, where 25 inmates died from 2012-2016, at least five of whom were diagnosed with a serious mental illness or showed signs of one, jail and court records show. Fano became the sixth inmate since 2012 to die amid a mental health crisis; none had been convicted of the charges that jailed them.
From 2012 to 2016, the jail’s rate of death was 2.5 times above the national prison average, a Reuters analysis found. The East Baton Rouge Sheriff’s Office, which oversees the jail, blamed most deaths on drug use, “poor health and pre-existing conditions,” and noted Louisiana has long ranked low on public health metrics.
A private consultant hired to assess treatment found the jail was substantially understaffed, with 61 percent of the psychiatric staff hours found in comparable jails. Isolation units, transformed into de facto inpatient mental health wards, were “woefully inadequate physical environments for the most unstable mentally ill.”
Men on suicide watch were given paper gowns and no sheets or blankets, but the unit was kept so cold some inmates risked hypothermia. One sought warmth by squeezing himself inside the plastic covering of his mattress.
The East Baton Rouge Parish Prison is a vivid example of how local jails struggle to treat the masses of mentally ill filling their dank cells. MENTALLY ILL AND INCARCERATED
Had a naked and hallucinating Fano stumbled off the Greyhound Bus a few years earlier, he likely would have received treatment at Baton Rouge’s Earl K. Long charity hospital. In the two years before its closure in April 2013, police brought 1,800 mentally disturbed detainees there for treatment, said Jan Kasofsky, Baton Rouge’s top mental health official.
Earl K. Long was part of Louisiana’s network of 10 public charity hospitals that provided medical and psychiatric care to the poor and the imprisoned. It cost the state $76 million a year to treat prisoners in these hospitals. In the spring of 2013, former Governor Bobby Jindal began privatizing or closing nine of the 10 and that $76 million cost has since been cut by two-thirds, said Raman Singh, until recently the corrections department’s medical director.
Jindal declined interview requests. Timmy Teepell, chief of staff during much of the Republican’s first term, said the system was closed for good reason.
“It was outdated, underfunded, and produced the nation’s worst healthcare results,” Teepell said. “I am surprised it lasted as long as it did into the 21st Century.”
But the shutting of the hospitals left local governments struggling to provide medical care behind bars. Cat Roule, who spent 12 years as a nurse supervisor at the East Baton Rouge Parish Prison, told Reuters, “Once Earl K. Long shut down, everything got much worse. There were people piling up in the intake unit. It was just madness.”
Dennis Grimes, the current warden, acknowledged the jail can’t properly treat those in need in a facility where some 800-900 of 1,500 inmates are currently on mental health medication.
“The prison is equipped to deal with disciplinary behavior, not mental health patients. It doesn’t have the things that it really needs in order to function for those who have a mental health problem.”
Medical staff, he said, “burn out, they don’t know what to do, they need some relief – and there are no mental health hospitals out there.” FIVE MEN IN CRISIS WHO DIED IN JAIL
On February 13, 2013, as operations at Earl K. Long wound down, David O’Quin, a 41-year-old paranoid schizophrenic, was picked up by police after his father reported he was off his medications and behaving erratically. He was booked into East Baton Rouge jail on charges of disturbing the peace. Per jail policy for the mentally ill, he was placed in isolation, where inmates have little access to visitors and spend 23½ hours a day, court records show.
When O’Quin disobeyed orders, guards strapped him to a chair by his ankles and wrists and left him caked in feces and urine, the family alleged in a lawsuit. A jail nurse noted he suffered “serious psychosis” and needed to see a doctor. He didn’t see one for six days, the family said. Guards found him nude in his cell, ignoring orders and spitting, and stormed the cell with shields and mace, records say.
A day later, the jail’s psychiatrist diagnosed him suffering from serious psychosis. O’Quin spent much of the next seven days restrained to a chair in isolation. He died in that chair February 26.
An autopsy found he had died from a pulmonary embolism from a blood clot that developed in his lower legs, likely due to the prolonged period of restraint, as well as from bacterial infection likely from contact between his open wounds and feces. O’Quin’s family has reached an undisclosed lawsuit settlement with the sheriff’s office.
After his death, the sheriff’s office reviewed policies and procedures, said Casey Hicks, a spokeswoman for the East Baton Rouge Sheriff’s Office. Among the changes: new guidelines for using the restraint chair. “It is still used when necessary, though it now requires approval directly from the Warden or designee,” she wrote.
Howell Andrews, a Senior Special Assistant to the Parish Attorney of East Baton Rouge, which was responsible for jail medical care at the time, pointed to a review panel’s findings: “The personnel of the Prison Medical Services acted within the standard of care within the regulations and restrictions in place in this environment.” The holding cells of the East Baton Rouge Parish Prison are seen in Baton Rouge, Louisiana March 5, 2018. REUTERS/Shannon Stapleton
In July 2014, Antwoin Harden, 28, was picked up by police for trespassing on the grounds of the Drury Inn, telling officers he was homeless and would rather be in jail than on the streets. In jail, Harden refused to take his medication for bipolar disorder and sickle cell anaemia, said his mother, Angelo Moses. He died that month from a blood clot in his lung, related to not taking his medications, she said.
Citing confidentiality restrictions, Andrews said he could not discuss Harden’s case. But he noted: “We are unable to forcibly medicate the individuals.”
Months later, on September 19, 2014, 72-year-old Paul Cleveland was arrested after verbally threatening a court clerk and booked into the jail. On his intake forms, the nurse noted he was bipolar and on antipsychotic medications, and suffered maladies including diabetes, heart pain and rheumatoid arthritis.
Once inside, Cleveland was unable to stand in the hours-long line for patient medications due to his arthritis. His doctor sent a note to the jail saying Cleveland needed a wheelchair, and his family brought one to the front gates. But jailers never let it inside, according to court filings in a family lawsuit against the city, jail and sheriff.
Cleveland filed eight emergency medical request forms, complaining of chest pain, trouble walking to get medication, and suicidal thoughts. When he felt the requests went unheeded, he filed three formal grievances.
Once, a doctor refused to see him because he was behaving belligerently, his medical records show. Other pleas were dismissed as the ranting of a madman. “Banging on window,” said a nurse, who assigned him to a lockdown cell “for his own safety.”
Cleveland’s prescribed daily medications included the antipsychotic Seroquel, Metformin for diabetes, and Cardura for blood pressure. When he was unable to rise and walk to receive them, a jail nurse told him to “stop playing and come get your medication,” a guard testified as part of the family’s ongoing lawsuit.
“Look, they killin’ me,” Cleveland told his family, in his last jailhouse call. “I can’t hardly stand no more.”
At 2:32 the morning of November 12, deputies found Cleveland naked on the floor of his cell, covered in feces. He said he was too weak to shower. A nurse told guards Cleveland was faking “because he wants to get back to the infirmary,” a guard testified in a deposition. Two hours later, at 4:05 a.m., he was found dead in his cell. An autopsy found extensive gastrointestinal bleeding likely caused by cardiovascular disease.
“If he had been transported to the emergency room and received a very simple blood transfusion, he would have survived,” said his lawyer, Amy Newsom.
Hicks said the sheriff’s office took “appropriate action” in dealing with each of Cleveland’s medical requests.
East Baton Rouge city attorneys dispute the family’s allegations, saying Cleveland was treated by medical personnel between 15-17 times during his 50-day stay. His wheelchair was denied because there was no necessary medical approval, said the city, which disputed allegations he was too weak to take his medication.
On May 25, 2015, Lamar Johnson, 27, was pulled over by police because the windows of his Honda Accord were illegally tinted. It was a minor infraction, but Johnson had an outstanding warrant in a neighbouring parish, a four-year-old charge for passing a bad $900 check.
He was booked into East Baton Rouge. When guards refused his request for a blanket, he cursed them, according to deposition testimony by two inmates in the family’s lawsuit against the city, parish, warden, sheriff and others. The guards beat Johnson, handcuffed him and pepper-sprayed him, the inmates testified.
Johnson had never been previously diagnosed with a mental illness, his family said. But in jail, his mental health took a turn. Eyewitnesses described him pacing and paranoid, muttering, “I don’t want to live.” The guards moved him to the jail’s isolation wing. “The further back you go, the worse it is, with the smell and the noise,” another inmate testified.
At 10:22 a.m. on May 30, Johnson was found hanging from cell bars. He died days later.
When his father, Karl Franks, sought answers, he said Warden Grimes had little to say. “Well, Mr. Franks, it is what it is,” Franks recounted.
The sheriff disputes allegations in the family’s lawsuit, Hicks said, finding “no evidence” Johnson expressed suicidal thoughts or had been beaten by guards.
Prison Medical Services, the city-run entity responsible for jail health care, said it was “never notified of his presence prior to being called to respond to his suicide,” Andrews said. An inmate log form, he said, showed Johnson’s name had been struck through and marked as “released.” ‘A TICKING TIME BOMB’
Johnson’s death was the fourth involving a mentally disturbed inmate since the closure of East Baton Rouge’s charity hospital. Political pressure was mounting. In August, jail medical personnel testified before council members at a public hearing.
A jail nurse, Sharon Allen, told the council the jail was filling up with mentally ill inmates and described how a nurse had to leave early because an inmate foisted feces at her. “These are mentally unstable people and there’s not enough nurses,” she said.
“We do have a ticking time bomb,” said Dr. Rani Whitfield, a top medical official at the jail.
In response, the council hired Chicago-based consultants Health Management Associates to conduct a $95,000 study of the jail’s medical services.
Before the consulting firm could finish its study, the death toll rose. This time, it was 17-year-old Tyrin Colbert, arrested in November 2015 at his high school for an alleged sexual assault of two younger boys. The waifish teen – standing 5’11” and weighing 129 pounds – reported feeling suicidal soon after he was booked.
Placed in isolation, Colbert said he was hearing voices and told medical staff he needed help, court records show. Dr. Robert Blanche, a psychiatrist contracted to work part time at the jail, assessed Colbert through the bars of his cell. “He is not suicidal; not depressed; he was manipulating,” Blanche noted in the jail’s electronic record-keeping system. He ordered the suicide watch discontinued.
Blanche did not respond to requests for comment. He, Sheriff Sid J. Gautreaux III and Warden Grimes are among defendants in the family’s lawsuit.
Four days later, another deputy said he found Colbert rocking back and forth and talking to a wall. Colbert said he had an imaginary friend named Jimmy. This time, Blanche concluded Colbert “may be psychotic (or he is malingering),” he wrote. Slideshow (21 Images)
Hicks said Colbert requested to be taken off suicide watch. He returned to the general population and into a cell with another inmate, also 17, who choked him to death with a blanket on February 17, 2016. “Colbert did not report any threats or complaints concerning his cellmate,” said Hicks.
The private consulting firm’s findings, submitted to the Metro Council four months after this latest death, were damning.
PRIVATE FOR-PROFIT PRISON CARE
The jail had just 36 percent of the physician staff hours found in comparable facilities. Jail staff failed to distribute prescribed medications nearly 20 percent of the time. A powerful anti-psychotic was being used widely to treat routine insomnia and keep inmates docile.
HMA concluded East Baton Rouge would need to double its $5 million annual budget to meet the minimal standard of inmate medical and psychiatric care.
That didn’t happen.
Instead, on January 1, 2017, the city hired CorrectHealth LLC, a private for-profit firm specializing in prison health care. The Atlanta-based firm promised to bring the jail’s medical care up to standard for $5.2 million a year, half of what the consultant cited.
CorrectHealth is among at least a dozen U.S. firms specializing in for-profit medical care behind bars. Today, it holds contracts to provide inmate healthcare at more than 40 facilities in the southeast, a spokesman said.
When it took over medical care in East Baton Rouge, Fano had been there two months.
His jail journey began as the Greyhound Bus idled at the Baton Rouge depot, amid a cross country journey from Miami to his California home. Sitting on the bus, he grew deeply paranoid.
“He said that all the people on the bus knew what he was thinking, that they were judging him, and that he felt sick,” recalled his mother. Fano, showing signs of schizophrenia, sometimes cleared his mind by walking the streets so long his bare feet blistered.
“‘Just focus your mind on coming home, don’t look at anyone, stay calm,’” Zavala told her son.
He fled the bus. Hours later, Baton Rouge police found him wandering the streets “naked and running around … hollering and cussing at imaginary people” and tearing down mailboxes, an arresting officer wrote.
Locked up, he begged for help. He filled out a medical request form November 25, 2016, complaining of anxiety and saying his antipsychotic meds weren’t working. “Feels as if the walls are closing in,” he wrote in December. Soon, a guard noted in all-caps that Fano “NEEDS TO SEE PSYCH.”
CorrectHealth took over New Year’s Day 2017. On January 11, an employee wrote Fano was “faking bad or exaggerating his condition.” Psychiatrist Blanche assessed Fano through the bars of his cell, concluding he “doubts serious mental illness, will begin tapering meds.” He ordered Fano’s anti-psychotic medicine reduced to 5mg and then discontinued after a week.
On February 2, Fano was found hanging from a torn mattress cover knotted to the bars of his cell. Under jail policy, the warden said, guards are supposed to check on inmates on suicide watch every 15 minutes and document what they see. But such checks didn’t come for Fano in the 11 hours before he hanged himself, video reviewed by Reuters shows. The reason: The warden said medical staff had months earlier taken Fano off suicide watch.
He died three days later. His mother now visits his grave every week.
John Ritter, a spokesman for CorrectHealth, said the company could not comment on pending litigation. He said company-run facilities “have been successfully audited against national correctional healthcare standards on numerous occasions.”
Warden Grimes defended the jail’s policy of placing inmates in isolation. But he said he had no easy answers to the jail’s challenges.
“The only way you’re going to stop someone from killing themselves is if there’s an officer there monitoring them 24/7,” the warden said. “And that’s just not possible.” REFORM THAT LIVES AND DIES WITH POLITICS
As the deaths mounted, some city leaders began to feel pressure. O’Quin, whose last breaths came in a restraint chair, was from a prominent philanthropic Baton Rouge family. His father, Bill O’Quin, former president of a financial services publishing firm, mobilized business interests who joined the city’s first African-American mayor, Kip Holden, to push for a solution.
They drafted a plan to build a new mental health treatment centre that would take in mentally ill people picked up by police. The centre was modelled after one in Bexar County, Texas, where the sheriff said the facility saved the county $50 million over five years thanks in part to a sharp drop in incarceration rates of the mentally ill.
In Baton Rouge, winning approval for a tax to fund the centre required support of the 12-member East Baton Rouge Parish Metro Council. To muster support in the district, backers sought the endorsement of one of the parish’s most powerful forces: Sheriff Sid Gautreaux, who runs the East Baton Rouge Parish Prison. “If he didn’t support it, then our prospects were zero,” said William Daniel, former chief of staff to then-Mayor Holden.
Gautreaux is a tough-talking career lawman who had long pushed the city to bankroll a new jail. “The plan was, let’s give the sheriff a new jail, and we’ll get our mental health centre,” said John Davies, CEO of the Baton Rouge Area Foundation, a philanthropic development fund that was among the driving forces for the mental health centre.
Negotiations took place in Gautreaux’s office, adorned with taxidermied hunting trophies, animal skin rugs, and crossed rifles inmates had carved from wood, said those present.
The sheriff wanted the largest parish jail in Louisiana, a 3,500 bed facility, more than double the current size, attendees said. Mental health centre supporters pushed back. Crime had been on the decline in Baton Rouge, they argued. Plus, the mental health centre would divert many inmates from jail, citing the Texas example.
In Louisiana, sometimes dubbed the “world’s prison capital,” filling jailhouse beds means big money for sheriff’s offices. Any Louisiana sheriff with capacity to spare can house state prisoners and receive a fee of about $24 a day per inmate. Over 50 percent of Louisiana state prisoners are held in local jails, far more than in other states. Sheriffs boost their budgets by hiring out inmates as cafeteria workers at the statehouse, for instance.
“In Louisiana, anytime you want to pass a law moderating the drive to imprison people, you have this almost insurmountable opposition from the sheriffs,” said Jon Wool, with the Vera Institute for Justice, a nonprofit opposing mass incarceration.
Hicks said Gautreaux backed the mental health centre from the start, and that the new jail size was determined by outside consultants. “The sheriff did not demand any particular size of the jail,” she said.
In the end, the package that went to the 12-member council for a vote in January 2015 included a 2,500-bed jail and package of new criminal justice facilities.
Advocates thought they had wrangled just enough support from the council’s tax-wary Republicans to endorse a $330 million bond measure. But at the last minute came defections from key Democrats. “This was just difficult to swallow with such a large prison component,” said council member Tara Wicker.
A mental health centre was put again to a standalone citywide vote in 2016. It narrowly lost. Additional reporting by Ned Parker, Linda So and Grant Smith. Editing by Ronnie Greene | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-usa-jails-louisiana-specialreport/in-louisiana-jail-deaths-mount-as-mental-health-pleas-unheeded-idUKKCN1IW1GO |
May 16 (Reuters) -
* PARSABLE - HAS FINALIZED $40 MILLION SERIES C INVESTMENT ROUND LED BY FUTURE FUND Source text for Eikon:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-parsable-says-has-finalized-40-mil/brief-parsable-says-has-finalized-40-million-series-c-investment-round-led-by-future-fund-idUSFWN1SN0UN |
NEWARK, Calif., May 16, 2018 /PRNewswire/ -- Protagonist Therapeutics, Inc. (Nasdaq: PTGX) today announced the appointment of Bryan Giraudo to its Board of Directors. Mr. Giraudo currently serves as Chief Financial Officer of Gossamer Bio and was previously Senior Managing Director at Leerink Partners.
"We are excited that Bryan has chosen to join the Protagonist board. He has a long and prominent track record of leading strategic, financial and corporate development transactions for top tier biotechnology and pharmaceutical companies," said Dinesh V. Patel, Ph.D., Protagonist President and Chief Executive Officer. "His experience and insights are a great addition and complement to our board, and we are looking forward to his counsel in advancing our clinical pipeline of novel and potentially transformative peptide-based therapies."
Prior to becoming Chief Financial Officer of Gossamer Bio in May 2018, Mr. Giraudo served as Senior Managing Director at Leerink Partners, where he was responsible for the firm's Western North America and Asia biotechnology and pharmaceutical relationships. Mr. Giraudo has executed more than 150 initial public offerings, follow-on, convertible and structured debt and equity transactions, as well as product and company buy-side, sell-side and corporate collaboration strategic advisory assignments for biotechnology and pharmaceutical clients. Prior to joining Leerink in 2009, he was a Managing Director with Merrill Lynch in San Francisco. Mr. Giraudo received his B.A. from Georgetown University.
"Protagonist has a diverse portfolio of highly differentiated clinical assets, a novel peptide technology platform, and a strong management team that I believe has the potential to develop transformative medicines to address unmet medical needs," said Mr. Giraudo. "I am pleased to be joining Protagonist's Board of Directors and look forward to helping the company achieve its financial and strategic objectives and exploring multiple opportunities for success."
About Protagonist Therapeutics
Protagonist Therapeutics is a clinical stage biopharmaceutical company that utilizes a proprietary technology platform to discover and develop novel peptide-based drugs to transform existing treatment paradigms for patients with significant unmet medical needs. PTG-100 is an oral alpha-4-beta-7 integrin antagonist peptide that is being developed for potential treatment of inflammatory bowel diseases. The company's interleukin-23 receptor antagonist peptide, PTG-200, is currently in a Phase 1 clinical trial in healthy volunteers to support a Phase 2 study in Crohn's disease. The IL-12/23 pathway blockade is an approach that has been validated through an FDA-approved injectable antibody drug. The company has entered into a worldwide license and collaboration agreement with Janssen Biotech for the clinical development of PTG-200. Protagonist has also applied its innovative peptide platform outside of the GI disease areas and is developing an injectable hepcidin mimetic, PTG-300, for the potential treatment of anemia and iron overload related to rare blood diseases with an initial focus on beta-thalassemia. The Company has completed a Phase 1 clinical trial with PTG-300, which established pharmacodynamic-based clinical proof-of-concept in normal healthy volunteers. The U.S. Food and Drug Administration has granted Orphan Drug Designation to PTG-300 for beta-thalassemia.
Protagonist is headquartered in Newark, California, with pre-clinical and clinical staff in California and discovery operations in both California and Brisbane, Queensland, Australia. For further information, please visit http://www.protagonist-inc.com .
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SOURCE Protagonist Therapeutics, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/pr-newswire-protagonist-therapeutics-appoints-bryan-giraudo-to-board-of-directors.html |
May 23, 2018 / 7:58 PM / Updated 25 minutes ago U.S. to send experimental Ebola treatment to Congo - official Julie Steenhuysen 3 Min Read
CHICAGO (Reuters) - U.S. health authorities said on Wednesday they were preparing to send an experimental Ebola treatment to the Democratic Republic of Congo for use in a clinical trial aimed at stemming an outbreak in the country that has spread to Mbandaka, a city of about 1.5 million people. FILE PHOTO: Dr. Anthony Fauci, director of the National Institutes of Allergy and Infectious Diseases, is pictured at the National Institutes of Health in Bethesda, Maryland, U.S. November 22, 2016 in this still image from video. REUTERS/Gershon Peaks/RVN
The trial would test the effectiveness of a treatment called mAb114 against the highly contagious virus, Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Disease, a part of the National Institutes of Health (NIH), said in a telephone interview.
He said mAb114 was made from the antibodies of the survivor of an Ebola outbreak in Kikwit, Congo, in 1995.
Scientists in Fauci’s vaccine research center had just begun a first-in-man trial of the treatment last week when Fauci said he received a request from the health ministry in Congo asking that the treatment be used in a clinical trial there.
“We haven’t even done the phase 1 yet,” Fauci said, but added that he was “happy to do it,” as long at the trial is done in collaboration with the World Health Organization.
The WHO is already in discussions over whether the government in Congo will give approval for the use of ZMapp, a similar antibody drug made by Mapp Biopharmaceuticals of San Diego. The agency last week said it could be available shortly.
A government spokeswoman said on Wednesday Congo would first need the approval of an ethics committee before it can use any experimental treatment.
The NIH treatment is a passive antibody. It works by transferring antibodies made by a survivor of a disease to a person who has not been exposed. “It has the effect of a vaccine,” Fauci said.
He said the NIH drug has a few advantages over ZMapp, which he said is given in several doses and needs to be refrigerated. The NIH treatment can be turned into a crystallized form and reconstituted in the field with a fluid such as saline.
The United States has 90 doses of the drug it can make available shortly, and will have another batch by the end of the year, Fauci said.
The latest outbreak is Congo’s ninth since the disease made its first known appearance near the northern Ebola river in the 1970s, and has raised concerns that the virus could spread downstream to the capital Kinshasa, which has a population of 10 million. Reporting by Julie Steenhuysen; Additional reporting by Aaron Ross in Dakar; Editing by Tom Brown | ashraq/financial-news-articles | https://uk.reuters.com/article/us-health-ebola-treatment/u-s-to-send-experimental-ebola-treatment-to-congo-official-idUKKCN1IO34T |
May 10 (Reuters) - News Corp:
* Q3 LOSS PER SHARE $1.94 * Q3 REVENUE $2.1 BILLION VERSUS I/B/E/S VIEW $1.99 BILLION
* Q3 ADJUSTED EARNINGS PER SHARE $0.06 * Q3 EARNINGS PER SHARE VIEW $0.06 — THOMSON REUTERS I/B/E/S
* QTRLY NEWS AND INFORMATION SERVICES REVENUE $1,286 MILLION VERSUS $1,263 MILLION REPORTED LAST YEAR
* QTRLY BOOK PUBLISHING REVENUE $398 MILLION VERSUS $374 MILLION REPORTED LAST YEAR
* QTRLY DIGITAL REAL ESTATE SERVICES REVENUE $279 MILLION VERSUS $219 MILLION REPORTED LAST YEAR
* Q3 REVENUE GROWTH WAS PARTIALLY OFFSET BY LOWER PRINT ADVERTISING & NEWS AMERICA MARKETING REVENUES AT NEWS AND INFORMATION SERVICES SEGMENT Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-news-corporation-reports-q3-loss-p/brief-news-corporation-reports-q3-loss-per-share-1-94-idUSASC0A1MB |
ECB's Constancio: Central banks will take years to reduce balance sheets 2 Hours Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/24/ecbs-constancio-central-banks-will-take-years-to-reduce-balance-sheets.html |
WILMINGTON, Del.--(BUSINESS WIRE)-- Rigrodsky & Long, P.A.:
Do you own shares of Gramercy Property Trust (NYSE: GPT )? Did you purchase any of your shares prior to May 7, 2018? Do you think the proposed buyout is fair? Do you want to discuss your rights?
Rigrodsky & Long, P.A. announces that it is investigating potential legal claims against the board of directors of Gramercy Property Trust (“Gramercy” or the “Company”) (NYSE: GPT ) regarding possible breaches of fiduciary duties and other violations of law related to the Company’s entry into an agreement to be acquired by affiliates of Blackstone Real Estate Partners VIII (“Blackstone”) in a transaction valued at approximately $7.6 billion. Under the terms of the agreement, shareholders of Gramercy will receive $27.50 in cash for each share of Gramercy common stock.
If you own common stock of Gramercy and purchased any shares before May 7, 2018, if you would like to learn more about this investigation, or if you have any questions concerning this announcement or your rights or interests, please contact Seth D. Rigrodsky or Gina M. Serra at Rigrodsky & Long, P.A., 300 Delaware Avenue, Suite 1220, Wilmington, Delaware 19801, by telephone at (888) 969-4242, or by e-mail at [email protected] .
Rigrodsky & Long, P.A. , with offices in Wilmington, Delaware, Garden City, New York, and San Francisco, California, has recovered hundreds of millions of dollars on behalf of investors and achieved substantial corporate governance reforms in numerous cases nationwide, including federal securities fraud actions, shareholder class actions, and shareholder derivative actions .
Attorney advertising. Prior results do not guarantee a similar outcome.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180507005866/en/
Rigrodsky & Long, P.A.
Seth D. Rigrodsky
Gina M. Serra
888-969-4242
302-295-5310
Fax: 302-654-7530
[email protected]
http://www.rigrodskylong.com
Source: Rigrodsky & Long, P.A. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/business-wire-gramercy-property-trust-shareholder-alert-rigrodsky-long-p-a-announces-investigation-of-buyout.html |
May 3 (Reuters) - Riga Sugar Co Ltd:
* SAYS RAMANAND SHARMA RESIGNED AS CFO Source text - bit.ly/2HLYfFy
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-riga-sugar-co-says-ramanand-sharma/brief-riga-sugar-co-says-ramanand-sharma-resigned-as-cfo-idUSFWN1SA0IV |
May 14, 2018 / 3:01 PM / Updated 15 minutes ago Goldman Sachs securities chiefs to leave firm: memo Reuters Staff 2 Min Read
(Reuters) - Two co-heads of Goldman Sachs’ ( GS.N ) securities division - Isabelle Ealet and Pablo Salame - will retire next month after 20-year stints at the Wall Street bank, according to an internal memo seen by Reuters. FILE PHOTO: The Goldman Sachs company logo is seen in the company's space on the floor of the New York Stock Exchange, (NYSE) in New York, U.S., April 17, 2018. REUTERS/Brendan McDermid
The departures leave Ashok Vardhan as the unit’s sole chief. A source familiar with the matter said Goldman has no immediate plans to appoint new division heads.
Ealet joined the bank as a commodities trader in 1991. Salame joined in 1996 and became co-head of the securities group in 2008.
Ealet and Salame were occasionally touted as potential CEO candidates for the bank. But after a long-running succession race resulted in Chief Executive Officer Lloyd Blankfein highlighting David Solomon as his choice, their future appeared less certain.
Goldman has been overhauling its trading business, which includes equities trading and fixed income, after one of its worst years on record.
Blankfein as well as other top executives have told investors that the bank is looking to increase trading revenue by leveraging the relationships investment bankers already have with corporate clients.
Goldman shares were up 1 percent at $245.50. Reporting By Aparajita Saxena and Nikhil Subba in Bengaluru; Editing by Arun Koyyur and Sai Sachin Ravikumar | ashraq/financial-news-articles | https://www.reuters.com/article/us-goldman-sachs-securities-division/goldman-sachs-securities-co-heads-to-leave-firm-idUSKCN1IF236 |
May 23, 2018 / 12:21 PM / Updated 11 minutes ago Revlon names Debra Perelman as CEO Reuters Staff 1 Min Read
(Reuters) - Cosmetics company Revlon Inc ( REV.N ) on Wednesday appointed Debra Perelman as its chief executive officer effective immediately, taking over the post from Fabian Garcia who stepped down in January.
Perelman, who is currently chief operating officer, is the daughter of Revlon board chairman Ronald Perelman and has spent more than 20 years at the company.
Perelman will be Revlon’s first female CEO and was most recently the executive vice president MacAndrews & Forbes, the holding company through which billionaire Ronald Perelman owns an 85 percent stake in Revlon.
Board member Paul Meister, who was overseeing day-to-day operations of Revlon on an interim basis, will retain his position as the vice chairman of the board, Revlon said.
Garcia had stepped down from the top job after two years at the helm. He was hired to turn around Revlon, which is struggling to keep pace with changing consumer preferences. Reporting by Tamara Mathias and Aishwarya Venugopal in Bengaluru; Editing by Shailesh Kuber | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-revlon-moves-ceo/revlon-appoints-debra-perelman-ceo-idUKKCN1IO1PW |
Hire points to increased growth and investment by the Company
VANCOUVER, May 14, 2018 /PRNewswire/ - North American diamond retailer Spence Diamonds names Frank Hamlin as first-ever chief marketing officer. Founded in Vancouver 40 years ago with expansion to the U.S in 2016, Spence has radically reinvented the retail diamond shopping experience by elevating choice, transparency, education and customization. This defining move reflects a current focus on growth and increased investment in strategic marketing by the Company.
An unconventional choice for a diamond retailer, Frank brings a fresh perspective from more than 20 years of experience developing strategic business plans and executing hard-hitting marketing strategies and retail operations across leading retail brands. He joins Spence from Tailored Brands Inc (TBI), where he was EVP and CMO, overseeing the entire brand and integrated marketing function for the 1500-store retail chain across the U.S and Canada.
"Frank brings with him a proven track record for driving traffic, increasing brand engagement and enhancing customer loyalty," said Eric Lindberg, executive chairman, Spence Diamonds. "His experience and leadership are what Spence needs as we continue to invest in growth, expanding locations across the U.S and Canada."
Prior to TBI, Frank was CMO at GameStop Corp, and was executive vice president and general manager of marketing and e-commerce for Guitar Center, Inc.
"I've always approached retail marketing from the perspective of the customer," said Frank. "For me, the appeal of Spence is that it provides a non-traditional diamond-buying experience in an inviting and un-intimidating environment that puts the customer firmly in control, whether they want ethically-sourced mined diamonds or stunning Artisan Created Diamonds. I can't wait to dig in on the brand to truly do diamonds differently."
This announcement follows significant investment in the development of a new brand marketing strategy, in partnership with Edelman across its New York and Toronto offices.
About Spence Diamonds
Founded in Vancouver B.C., Spence Diamonds has been in the diamond business for 40 years, giving hundreds of thousands of couples the confidence to find the diamond ring that represents their unique partnership. Featuring stores with more than 2,500 engagement ring designs in open display cases for customers to easily try on, the Spence model is built on transparency, choice and customization. Spence's Gemological Institute of America (GIA)-trained Diamond Consultants offer an unbiased, immersive education about cut, color, clarity, size, setting, and style. Spence is the only diamond retailer to showcase Artisan Created Diamonds, side by side with earth-mined diamonds, and under a microscope, to offer the broadest choice and best value. Each Spence ring is custom-made and hand-crafted which means no one else has ever tried it on. Spence has locations throughout Canada in Vancouver, Langley, Calgary, Edmonton, Scarborough, Mississauga and Vaughan as well as locations in the U.S. in Austin, Scottsdale and San Jose.
For more information please visit: www.spencediamonds.ca or www.spencediamonds.com .
Connect with Spence on
Twitter: @spencediamonds
Instagram: @shopspence
Facebook: www.facebook.com/spencediamonds
View original content with multimedia: http://www.prnewswire.com/news-releases/spence-diamonds-appoints-frank-hamlin-as-first-ever-chief-marketing-officer-300647644.html
SOURCE Spence Diamonds | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/pr-newswire-spence-diamonds-appoints-frank-hamlin-as-first-ever-chief-marketing-officer.html |
DENVER, May 14, 2018 (GLOBE NEWSWIRE) -- Pax8 , the leader in cloud distribution, today announced that CRN ® , a brand of The Channel Company , has named Jennifer Bodell, vice president of Channel, to its prestigious 2018 Women of the Channel list and the Power 100, a subset of the CRN Women of the Channel who have earned a special distinction based on their exemplary record of success and their level of influence in the channel.
As the vice president of Channel at Pax8, Bodell leads the strategic direction of the company’s field marketing efforts and key IT channel relationships, including new growth opportunities and partner program development. Throughout her career, Bodell has earned several achievements including CRN’s Power 100 three years in a row, named to the CRN Women of the Channel list three years in a row, one of CRN’s 2017 100 People You Don’t Know But Should, HTG ’s 2016 Presenter of the Year, and she was named a 2015 Rising Star by the Utah American Marketing Association.
“Congratulations to Jennifer on the well-deserved award,” said Nick Heddy, senior vice president of Sales and Marketing at Pax8. “Jennifer is a proven, award-winning leader in the IT channel who is making a lasting impact in communities throughout the industry. As a valued member of the Pax8 team, she has a unique ability to connect, listen, and share new ideas and strategies with partners to help them win new business. Her efforts are helping pave the way for future leaders in technology.”
CRN’s editorial team selects Women of the Channel honorees based on their professional accomplishments, demonstrated expertise, and ongoing dedication to the channel. The Power 100 belong to an exclusive group drawn from this larger list: women leaders whose vision and influence are key drivers of their companies’ success and help move the entire IT channel forward.
“This accomplished group of leaders is steadily guiding the IT channel into a prosperous new era of services-led business models and deep, strategic partnerships,” said Bob Skelley, chief executive officer at The Channel Company. “CRN’s 2018 Women of the Channel list honors executives who are driving channel progress through a number of achievements—exemplary partner programs, innovative product development and marketing, effective team-building, visionary leadership, and accelerated sales growth—as well as advocacy for the next generation of women channel executives.”
The 2018 Women of the Channel and Power 100 lists will be featured in the June issue of CRN Magazine and online at www.CRN.com/wotc .
To learn more about Pax8, please contact the Cloud Solutions Advisors at (855) 884-PAX8, email [email protected] , or visit www.pax8.com .
About Pax8
Pax8 is the leader in cloud distribution. As a born in the cloud company, Pax8 empowers managed service providers (MSPs) to capitalize on the $1 trillion cloud opportunity. Through billing, provisioning, automation, industry-leading PSA integrations, and pre-and-post sales support, Pax8 simplifies cloud buying, improves operational efficiency, and lowers customer acquisition cost. Pax8 is an award-winning disruptor in the market, earning accolades like NexGen’s Best in Show two years in a row, Biggest Buzz at IT Nation, CRN’s Coolest Cloud Vendor, Best in Show at two consecutive XChange conferences, HTG’s Rookie of the Year, and more. If you want to be successful with cloud technology, you want to work with Pax8. Get started today at www.pax8.com .
Follow Pax8 on Facebook , LinkedIn , and Twitter .
About The Channel Company
The Channel Company enables breakthrough IT channel performance with our dominant media, engaging events, expert consulting and education, and innovative marketing services and platforms. As the channel catalyst, we connect and empower technology suppliers, solution providers and end users. Backed by more than 30 years of unequaled channel experience, we draw from our deep knowledge to envision innovative new solutions for ever-evolving challenges in the technology marketplace. To learn more, please visit www.thechannelco.com .
Media Contact
Amanda Lee
ARL Strategic Communications for Pax8
(727) 272-0781
[email protected]
Source: Pax8 | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/globe-newswire-pax8as-jennifer-bodell-recognized-as-2018-crna-women-of-the-channel-and-power-100.html |
SHANGHAI (Reuters) - North Korea’s Air Koryo plans to launch charter flights between Pyongyang and Chengdu in south-west China, two airline officials told Reuters, amid a major improvement in diplomatic relations between the neighbors.
An Air Koryo logo is displayed on a plane at the airport in Pyongyang, North Korea April 18, 2017. REUTERS/Damir Sagolj The flights to Chengdu, one of the biggest cities in China’s vast western region, could start as early as late June if approved by China’s aviation regulator, the officials told Reuters on condition of anonymity.
“At the moment this is still a plan. Whether it can actually take off will be impacted by the policy environment going forward,” said one of the officials, who said an application to the regulator had not yet been submitted.
“Now perhaps it’s Chengdu, afterwards could be Dalian, Guangzhou. If there’s a market we’ll fly, if not we won’t,” he said, noting Chinese travel agencies were involved with marketing the flights to potential customers.
China has traditionally been politically isolated North Korea’s closest ally but ties have been frayed by Pyongyang’s nuclear weapons program and Beijing’s backing of tough U.N. sanctions in response.
Relations have, however, improved of late.
Chinese President Xi Jinping and North Korean leader Kim Jong Un have held two meetings in China since March as North Korea prepares for a planned summit meeting with U.S. President Donald Trump.
Air Koryo already offers regular flights from Pyongyang to the north-east cities of Beijing and Shenyang, and the eastern port city of Shanghai. Revenues from Chinese tourists would provide a welcome boost to North Korea’s closed economy.
Tourists from China account for about four-fifths of foreign visitors to North Korea, says South Korean think-tank the Korea Maritime Institute, which estimates tourism generates revenue of about $44 million each year for the country.
Air China Ltd indefinitely suspended flights from Beijing to Pyongyang in November, citing a lack of demand. Those were the only flights by a Chinese carrier to North Korea.
Reporting by Adam Jourdan and Shanghai newsroom, Writing by Jamie Freed in Singapore; Editing by Himani Sarkar
| ashraq/financial-news-articles | https://www.reuters.com/article/us-northkorea-china-air-koryo/north-korea-airline-plans-new-china-charter-flights-amid-diplomatic-thaw-idUSKBN1IB0LS |
(This May 2 story corrects name of Fox Business Network in Navarro section)
Steven Mnuchin, Secretary, U.S. Department of the Treasury, speaks at the Milken Institute's 21st Global Conference in Beverly Hills, California, U.S. April 30, 2018. REUTERS/Lucy Nicholson WASHINGTON (Reuters) - Members of the Trump administration’s seven-man delegation to Beijing for talks to try to stave off a trade war between the world’s two largest economies have widely divergent views on trade policy and tariffs, which may make it difficult for them to speak with one voice.
The players are seen as likely to give President Donald Trump their individual views on any trade offers from Chinese officials, letting him decide whether to accept them or push ahead with tariffs.
Here is a description of the U.S. team.
STEVEN MNUCHIN, U.S. TREASURY SECRETARY Mnuchin, a former banker, Hollywood film financier and Trump campaign finance manager, holds the top cabinet post overseeing economic and financial regulatory policy. The ex-Goldman Sachs executive was once viewed as one of the administration’s “globalists” allied with former White House economic adviser Gary Cohn in opposition to tariffs. But in recent months, he has voiced strong support for Trump’s tougher trade approach to China and steel and aluminum tariffs. The Treasury is now developing U.S. investment restrictions on Chinese companies.
ROBERT LIGHTHIZER, U.S. TRADE REPRESENTATIVE Lighthizer served as a deputy USTR in the 1980s, using tariff threats to win voluntary export restraints from Japan on autos and steel, earning a reputation as a tough negotiator. The Washington trade lawyer has long expressed views that China has failed to live up to obligations that came with joining the World Trade Organization in 2001. He led USTR’s “Section 301” intellectual property study alleging that China misappropriated U.S. technology, resulting in threatened tariffs on up to $150 billion in Chinese goods. Lighthizer said this week that changing the U.S. relationship with China is “a big, big challenge” that would play out over years.
PETER NAVARRO, WHITE HOUSE TRADE AND MANUFACTURING ADVISER
FILE PHOTO - Robert Lighthizer, United States Trade Representative, and Peter Navarro chat while they wait for U.S. President Donald Trump to arrive to make an announcement about new tariffs for steel and aluminum imports at the White House in Washington, U.S. March 8, 2018. REUTERS/Leah Millis Navarro, a former economics professor at the University of California-Irvine, won notoriety for his controversial book and film, “Death by China.” He holds the most hawkish views on Chinese trade policy, and is seen as likely to oppose a short-term agreement that does little to change the course of China’s industrial policy. He recently argued on Fox Business Network that the tariffs are designed to compensate the United States for “robbing our technology blind,” adding: “If you allow China to basically capture the industries of the future, we won’t have a future.”
LARRY KUDLOW, WHITE HOUSE ECONOMIC POLICY ADVISER Kudlow is best known as CNBC television’s longtime conservative markets and economics commentator, who replaced Gary Cohn as the head of the National Economic Council. Like Cohn, Kudlow has long been an advocate for free markets and trade, and had frequently criticized Trump’s tariff approach. But since taking the job he has referred to tariffs as a negotiating tactic aimed at achieving fairer trade relationships. Kudlow also has acted to calm uneasy markets by telling White House cameras that a trade war has not started and the tariffs may not take effect.
WILBUR ROSS, U.S. COMMERCE SECRETARY Ross, the 80-year-old billionaire investor and steel executive, has been a strong advocate of tariffs to level the playing field for U.S. companies. At Commerce, he heads the administration’s stepped up anti-dumping enforcement efforts and presided over global steel and aluminum tariffs enacted in March. But Ross’ influence in trade policy has waned somewhat after Trump rejected a deal that Ross had arranged last July during the last major U.S.-China economic dialogue in Washington.
EVERETT EISSENSTAT, DEPUTY ASSISTANT TO THE PRESIDENT FOR INTERNATIONAL ECONOMIC POLICY
Eissenstat serves as the “sherpa” negotiating on behalf of the United States at major international economic gatherings such as the G20 and G7 summits. A long-time trade hand who once worked at USTR, he was most recently the chief trade lawyer for the Senate Finance Committee, where he helped pass the 2015 “fast track” trade negotiating authority legislation. Eissenstat briefed reporters on Trump’s first $50 billion in tariffs, saying that China had used technology transfers from U.S. companies “to establish its own competitive advantage in an unfair manner.”
TERRY BRANSTAD, U.S. AMBASSADOR TO CHINA Former Iowa governor Branstad brings to the talks a longstanding relationship with China and a strong perspective on agriculture — a U.S. sector vulnerable to China’s threatened tariff retaliation. Chinese President Xi Jinping, who first met Branstad in 1985 on an agricultural mission to Iowa, has described the ex-governor as “old friend of China” after decades of farm commodities trade. But Branstad has vowed to support Trump’s tougher approach to China on trade issues.
Reporting by David Lawder; Editing by Lisa Shumaker
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-trade-china-players-factbox/factbox-u-s-trade-delegation-to-china-divided-on-tariffs-policy-idUSKBN1I404A |
May 16, 2018 / 6:13 PM / Updated 15 minutes ago Development bank EBRD says willing to lend more to Western Balkans Tsvetelia Tsolova 3 Min Read
SOFIA (Reuters) - The European Bank for Reconstruction and Development (EBRD) is ready to lend more to Western Balkan nations and help them implement reforms so they can attract more investment as they seek to join the European Union, EBRD President said on Wednesday. President of European Bank for Reconstruction and Development (EBRD), Suma Chakrabarti, speaks during his meeting with Greek Prime Minister Alexis Tsipras (not pictured) at the Maximos Mansion in Athens, Greece March 27, 2018. REUTERS/Costas Baltas
The EBRD lends about one billion euros per year in Albania, Bosnia and Herzegovina, Macedonia, Kosovo, Montenegro and Serbia and is the largest multilateral investor in the region, which still bears the scars of the ethnic wars fought in the 1990s.
“Western Balkans is already the region that gets the highest per capita investment of all EBRD regions,” EBRD President Suma Chakrabarti told Reuters in Sofia, where he will be attending an EU-Western Balkans summit on Friday.
“We really aim to do even more. If there is more reform, then the EBRD will be able to invest more than a billion a year,” he said.
Set up in 1991 to invest in ex-communist economies of eastern Europe, the EBRD has expanded its mandate in the last decade and now operates in more than 35 countries.
The development bank is considering expanding its annual lending by almost a third to 12.5 billion euros from its current average of about 9.5 billion. Chakrabarti said it will see by the end of the year how much of the extra 3 billion euros a year can go into the Western Balkans.
The bank is looking to support projects that will improve transport and energy infrastructure as well as projects that will help their energy distributors or stock exchanges work together better.
“Things that broke down after Yugoslavia broke up but we are trying to help the economic union of the region and that will help them in the European Union membership in a long term,” Chakrabarti said.
In February, it announced 700 million euros for road infrastructure in Bosnia and Herzegovina and it is also looking to extend up to 450 million euros a year to Serbia for transport, green energy and agriculture projects.
The EBRD has told Western Balkan countries it could take them up to 200 years to catch up with the living standards of the European Union states they want to join if they did not act to improve their low productivity and speed up reforms.
“Our job has to be how do we attract more foreign investment to the Western Balkans, and that really means having better reforms, better policies, better governance, less corruption,” Chakrabarti said. Reporting by Tsvetelia Tsolova; Editing by Hugh Lawson | ashraq/financial-news-articles | https://www.reuters.com/article/us-ebrd-balkans/development-bank-ebrd-says-willing-to-lend-more-to-western-balkans-idUSKCN1IH2LY |
May 7 (Reuters) - Suven Life Sciences Ltd:
* SAYS SUVEN’S PASHAMYLARAM’S UNIT SUCCESSFULLY COMPLETES US FDA INSPECTION
* FDA DETERMINED THAT THE INSPECTION CLASSIFICATION OF THIS FACILITY IS “NO ACTION INDICATED
* BASED ON INSPECTION, FACILITY CONSIDERED TO BE IN ACCEPTABLE STATE OF COMPLIANCE W.R.T. CURRENT GOOD MANUFACTURING PROCESSES
* FDA ISSUED ESTABLISHMENT INSPECTION REPORT FOR SUVEN FACILITY AT PASHAMYLARAM Source text - bit.ly/2KFOLJP
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-suven-life-sciences-says-us-fda-is/brief-suven-life-sciences-says-u-s-fda-issued-eir-for-cos-facility-at-pashamylaram-idUSFWN1SE0E7 |
May 22, 2018 / 12:24 PM / Updated 6 minutes ago Brazil's Petrobras reduces gas, diesel prices amid trucker protests Reuters Staff 1 Brazilian state-run oil company Petroleo Brasileiro SA will reduce diesel prices 1.54 percent and gasoline prices 2.08 percent starting Wednesday, the company said on its website.
While Petrobras, as the company is known, routinely adjusts prices, the recent adjustment comes amid truckers’ protests throughout Brazil, demanding a decrease in fuel prices. (Reporting by Gram Slattery Editing by Chizu Nomiyama) | ashraq/financial-news-articles | https://www.reuters.com/article/petrobras-prices/brazils-petrobras-reduces-gas-diesel-prices-amid-trucker-protests-idUSE6N1QW06P |
WINNIPEG, Manitoba (Reuters) - Just 17 months ago, Gerard Gallant was abruptly fired by the Florida Panthers and left at the curb following a road game to hail his own taxi as the team bus drove away.
On Sunday, the 54-year-old Canadian was packing his bags for the National Hockey League’s (NHL) Stanley Cup finals as head coach of the Vegas Golden Knights and part of the unlikeliest story in sports.
Gallant was still all business in Winnipeg on Sunday night after Vegas had beaten the Jets 2-1 to ice the series 4-1 and ensure they would be the first expansion team to play in the NHL final in 50 years.
“It’s been an awesome ride so far. But again, this isn’t what we want,” Gallant said.
“We’re far from satisfied.”
The Knights, who will play the Washington Capitals or Tampa Bay Lightning for the NHL title, have been dubbed misfits after being rejected by their former clubs, and the description applies equally to former goal-scoring forward Gallant.
“Each guy was given a new chance and opportunity here,” said Knights veteran forward James Neal.
“(Gallant) gave you that opportunity and let you work with it. He’s just positive, the perfect coach for our group.”
For Vegas fans, the team’s success resonates deeply.
May 20, 2018; Winnipeg, Manitoba, CAN; Winnipeg Jets goaltender Connor Hellebuyck (37) catches the puck against the Vegas Golden Knights in the second period in game five of the Western Conference Final of the 2018 Stanley Cup Playoffs at Bell MTS Centre. Mandatory Credit: James Carey Lauder-USA TODAY Sports The Knights, Nevada’s only pro team in any of the four major North American leagues, was quick to reach out to victims and first responders after a mass shooting in Las Vegas last fall just as hockey season started.
“It has a lot of meaning,” said Knights fan and Vegas resident Lynn Romano, who returned to the city she grew up in for Game Five with her daughter Mikayla, 10.
“The community came together with hockey. There’s a big connection.”
The Knights dominated early, forcing an errant pass by Jets defender Josh Morrissey that ended in a Vegas goal by winger Alex Tuch.
Morrissey tied it late in the first period with a rocket shot that beat Vegas goalie Marc-Andre Fleury high.
Vegas notched the winner in the second, when Winnipeg-raised winger Ryan Reaves tipped a shot over Jet goaltender Connor Hellebuyck’s shoulder.
The loss was crushing for Winnipeg’s rabid fans, especially as the Jets had earlier eliminated the NHL’s best regular season team, the Nashville Predators.
Fans had dressed in white costumes ranging from Elvis to fast-food icon Colonel Sanders at parties dubbed Whiteouts, which will now fade to black with the club’s elimination.
Slideshow (10 Images) “There’s actually a very small part of me that is sad for Winnipeg,” said Romano.
Reporting by Rod Nickel in Winnipeg, Manitoba, editing by Nick Mulvenney
| ashraq/financial-news-articles | https://www.reuters.com/article/us-icehockey-nhl-wpg-vgk/nhl-once-kicked-to-curb-golden-knights-coach-heads-to-cup-final-idUSKCN1IM002 |
The Midday Rundown: May 30, 2018 30 Mins Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/30/the-midday-rundown-may-30-2018.html |
May 29 (Reuters) - British windows and doors retailer Safestyle UK Plc, which issued a profit warning in April, said on Tuesday its non-executive Chairman Peter Richardson resigned with immediate effect, a month after assuming the role.
“Richardson assumed the role of Chair at short notice but it has become clear that the specific challenges currently facing the business and the time commitment required are beyond what he envisaged,” said the Bradford-based retailer, which has seen a deterioration in the trading since the start of the year.
Richardson joined the Safestyle board as a non-executive director in July 2016.
The company added it would now look for a chairman with “requisite time, experience and turnaround skills”.
Reporting by Rahul B in Bengaluru; Editing by Amrutha Gayathri
| ashraq/financial-news-articles | https://www.reuters.com/article/safestyle-uk-chairman/uks-safestyle-chairman-resigns-a-month-after-assuming-the-role-idUSL3N1T029Z |
JOHANNESBURG (Reuters) - The two bids chasing the right to host the 2026 World Cup have entered a frenetic last fortnight of canvassing while anxiously awaiting a potentially decisive report on their suitability.
FILE PHOTO: Scaled-down replicas of 2018 FIFA World Cup trophy are displayed at the showroom of a factory which manufactures official licensed products in Dongguan, China May 8, 2018. REUTERS/Bobby Yip/File Photo The joint North American bid of Canada, Mexico and the U.S. is the favorite to win when the member associations of world soccer’s governing body FIFA vote at its Congress in Moscow on June 13 a day before the opening game of this year’s tournament.
But Morocco are feisty rivals and, despite cracks in their own voting bloc, are expected to make a credible challenge.
Their African support base, a potential 54 votes out of a total of 211, has been a primary focus for both bids over the last few days as what was presumed to be a solid bloc behind Morocco is now looking less guaranteed.
Liberia has already said it would vote for the “United bid” and South Africa’s government warned its football association not to vote for Morocco, with whom it has strained relations.
Morocco sent its bid chief Hicham El Amrani to Johannesburg last week to meet regional FA presidents, and the Americans, who have former FIFA competitions director Jim Brown running their bid, will do so this weekend, attempting to persuade wavering voters to get behind them.
Also vital to the process is the bid evaluation report that FIFA is due to publish before the Congress, possibly over the next few days.
In April it sent evaluators to Mexico City, Atlanta, Toronto and New York and then straight on to four of Morocco’s proposed venues.
Related Coverage Factbox on the U.S.-led World Cup bid Factbox on Morocco's World Cup bid REVISED RULES Previous bid inspections were seen as symbolic but revised bidding rules allow for the evaluation team to disqualify a candidate before the ballot even takes place.
This is because the 2026 finals will comprise 48 teams for the first time, severely testing the capacity of a host.
This is the strong point of the joint North American bid with 23 venues which they claim will help FIFA achieve new records for attendance and revenue, increasingly vital for the world governing body which has been feeling a financial pinch.
Morocco’s bid plays heavily on the country’s passion for football and its fan culture, relatively compact size, proximity to Europe, climate and the emotional appeal of holding only the second tournament on the continent after 2010 in South Africa.
Morocco has already made unsuccessful bids to host the finals in 1994, 1998, 2006 and 2010, although it was close on three occasions.
The country was second to the U.S. for 1994, behind France for 1998 and just lost out to South Africa for the 2010 finals.
Mexico has twice previously hosted the World Cup - in 1970 and 1986 - and the U.S. in 1994. It would be a first for Canada.
Editing by Mitch Phillips and Ken Ferris
| ashraq/financial-news-articles | https://www.reuters.com/article/us-soccer-worldcup-2026/soccer-world-cup-bidding-for-2026-enters-frenetic-final-stages-idUSKCN1IV05I |
US wage growth likely to continue looking 'muted' in NFP: Economist 16 Hours Ago Jeff Ng of Continuum Economics says sharper inflation pressures from U.S. wages are not expected from the monthly nonfarm payrolls data at the end of the week. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/30/us-wage-growth-likely-to-continue-looking-muted-in-nfp-economist.html |
Airbus finance chief is latest to join departures lounge 2:52pm BST - 01:03
Airbus finance chief Harald Wilhelm will leave in 2019, the European planemaker announced on Monday, removing a leading contender to replace CEO Tom Enders when he departs next year. Ciara Lee reports.
Airbus finance chief Harald Wilhelm will leave in 2019, the European planemaker announced on Monday, removing a leading contender to replace CEO Tom Enders when he departs next year. Ciara Lee reports. //reut.rs/2Gfbnx6 | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/14/airbus-finance-chief-is-latest-to-join-d?videoId=426843688 |
DUBAI (Reuters) - Royal Dutch Shell ( RDSa.L ) is fully committed to its gas joint venture in Iraq, after the energy major exited its oil assets in the OPEC country, and plans to boost its gas output there to 1.4 billion cubic feet (bcf) a day by 2020, a senior executive said.
A Shell logo is seen at a gas station in Buenos Aires, Argentina, March 12, 2018. REUTERS/Marcos Brindicci/File Photo Iraq’s gas development plans have long focused on Basra Gas Co (BGC), a $17 billion, 25-year project in which Iraq has 51 percent, Shell 44 percent and Japan’s Mitsubishi Corp ( 8058.T ) 5 percent.
The project was designed to aggregate gas from fields in the south including West Qurna 1, operated by Exxon Mobil Corp ( XOM.N ); Zubair, operated by Italy’s Eni ( ENI.MI ); and Rumaila, developed by BP ( BP.L ).
Frits Klap, managing director of BGC, told Reuters that gas output from the JV, the main producer of the fuel in southern Iraq, was currently at 938 million standard cubic feet (scf) per day with further expansion planned.
“Since 2013 (when operations commenced), we have more than tripled the processing capacity,” Klap said in a telephone interview from Basra.
“We are going to go for something called BNGL, or Basra NGL (natural gas liquids) expansion, which really is going to take us from 1 bcf to 1.4 bcf through two trains, each of 200 million scf per day,” he said.
He said he expected those trains to be up and running by the end of 2020. The number of trains could be raised to five, he said, with a final investment decision due around the year-end.
“So that’s about a 40 percent expansion, and that would be massive,” he said.
Iraq plans to stop flaring by 2021. Gas flaring costs nearly $2.5 billion in lost revenue for the government and would be sufficient to meet most needs for gas‐based power generation, according to the World Bank.
Shell had said it would focus its efforts on the development and growth of BGC after handing over operations at the Majnoon field to the Iraqi government. Shell also sold its stake in West Qurna 1 to Japan’s Itochu Corp ( 8001.T )
Klap said Shell was committed to BGC.
“Shell will just be in a stronger position to focus its efforts on the development and growth of BGC and of course potentially the Nebras petrochemicals project,” he said.
“Shell remains fully committed to Iraq through BGC.”
In 2015, Shell signed a deal with Iraq worth $11 billion to build a petrochemicals plant in Basra, part of Iraq’s plans to diversify its income.
The Nebras complex, which is still in the pre-FEED (front end engineering design) stage, could make Iraq the largest petrochemical producer in the Middle East.
Saudi Basic Industries Corp (SABIC) 2010.SE, the world’s fourth-biggest petrochemicals company, is in talks to join Shell as a partner in the Nebras project, an Iraqi official told Reuters in February.
Klap declined to comment on specific discussions but said Shell was holding talks with several partners on the project.
Iraq’s production of associated gas is expected to grow as the country increases its oil output capacity. Iraq plans to raise the country’s crude oil production potential to 6.5 million barrels per day by 2022, from about 5 million bpd now.
Iraq, OPEC’s second-largest producer after Saudi Arabia, is producing about 4.4 million bpd, below its capacity, in line with global supply cuts led by OPEC to boost oil prices.
Reporting by Rania El Gamal; Editing by Dale Hudson
| ashraq/financial-news-articles | https://www.reuters.com/article/us-iraq-shell-gas/shell-says-fully-committed-to-iraq-gas-venture-plans-massive-expansion-idUSKBN1I11JZ |
May 15, 2018 / 3:13 PM / Updated 23 minutes ago Hidden pages in Anne Frank's diary: corny jokes and sex ed Toby Sterling 4 Min Read
AMSTERDAM (Reuters) - Anne Frank once taped over two pages in her diary with brown sticky paper, leaving a small puzzle as to what material the Jewish teenager, who had no idea of how famous her diary would later become, wanted to exclude. FILE PHOTO: Reflections of tourists and canal houses are seen in the window of the Anne Frank museum in Amsterdam April 24, 2013. REUTERS/Michael Kooren/File Photo
Now Dutch researchers have revealed the answer: corny jokes and a summary of her ideas about sexual education when she was aged just 13.
“Anybody who reads the passages that have now been discovered will be unable to suppress a smile,” said Frank van Vree, director of the Netherlands’ Institute for War, Holocaust and Genocide Studies.
He said the jokes “make it clear that Anne, with all her gifts, was above all also an ordinary girl.”
Frank and her family hid in a cramped secret annexe above a canal-side warehouse from July 1942 to August 1944, along with four other Jews. They were betrayed and arrested by the Nazis in August 1944.
The pages, dated to Sept. 28, 1942, were contained in the red-and-white checkered diary Anne had received for her birthday in June of that year, shortly before they went into hiding.
One joke involves a man who fears his wife is cheating on him. After searching the house, he finds a naked man in the closet.
When the husband asks the naked man what he’s doing there, Anne wrote, the naked man answers: “Believe it or not, I’m waiting for the tram.”
The Anne Frank House photographed the pages with a high- resolution camera and a light shining on them during a regular check on the diary’s condition in 2016. Later, researchers realized the underlying text was partly visible and modern software could probably decipher it.
Anne Frank House director Ronald Leopold said the pages were not really scandalous or surprising, as Frank openly discusses her sexual maturation elsewhere in the diary.
“The only element that might be interesting from the point of view about her development as a writer and as a teenager is the fact that she’s creating, kind of, fiction” he said.
In addition to the jokes, Anne summarizes what a period is, describes the mechanics of sex in couched terms, and relays what she has heard of prostitution.
“I sometimes imagine that someone would come to me and ask me to inform him about sexual subjects, how would I do that?,” she wrote. “Here’s the answer...”
Anne frequently edited and re-wrote her diary entries during the long months in hiding, especially in 1944 after the Dutch prime minister in exile asked in a radio broadcast that people keep records about life during the occupation.
But exactly when and exactly why Anne blocked out the pages will likely never be known.
“She was probably afraid that other people she was hiding with, either her father, her mother or the other family would discover her diary and would read these things,” Leopold said.
Anne died at the Bergen-Belsen concentration camp in 1945, aged 15.
Her father Otto was the only member of the family to survive the war. He recovered her diary, and had it published two years later. It is now considered one of the most important documents to have emerged from the Holocaust, and has been read by millions of people and translated into 60 languages. Reporting by Toby Sterling; Editing by Matthew Mpoke Bigg | ashraq/financial-news-articles | https://in.reuters.com/article/us-netherlands-annefrank/dutch-museums-publish-two-hidden-pages-from-anne-franks-diary-idINKCN1IG2BM |
May 29, 2018 / 1:51 PM / Updated 26 minutes ago Soros warns US-Europe alliance 'destruction' may cause major crisis Reuters Staff 2 Min Read
PARIS (Reuters) - A growing rift between the United States and Europe, as well as the rise of populism and the refugee crisis means the European Union is facing an existential threat, billionaire investor George Soros said on Tuesday. FILE PHOTO: Business magnate George Soros arrives to speak at the Open Russia Club in London, Britain June 20, 2016. REUTERS/Luke MacGregor/File Photo
“Looking ahead we are now facing the termination of the nuclear arms deal with Iran and the destruction of the transatlantic alliance,” Soros said in a speech in Paris.
This would have negative effects on the European economy and cause further dislocations, he said, citing the strength of the dollar and a flight from emerging market currencies as warning signs.
“We may be heading for another major financial crisis,” Soros said, adding that the EU should launch a 30 billion a year Marshall Plan for Africa to alleviate the migratory pressure.
“It is no longer a figure of speech to say that Europe is in existential danger; it is the harsh reality,” he said.
For a transcript of the whole speech, click on: here Reporting by Michel Rose; Editing by Leigh Thomas | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-europe-usa-economy/soros-warns-us-europe-alliance-destruction-may-cause-major-crisis-idUKKCN1IU1PZ |
U.S. Websites Go Dark in Europe as GDPR Data Rules Kick In: Europe’s new privacy law took effect Friday, causing high-profile websites to suspend access across the region as data-protection regulators prepare to brandish their new enforcement powers. What Data You Agree to Surrender: A user’s guide to knowing Macron Tells Tech Giants to Embrace Europe's Regulations | ashraq/financial-news-articles | http://blogs.wsj.com/moneybeat/2018/05/25/europes-privacy-law-kicks-in/ |
May 4 (Reuters) - TriState Capital Holdings Inc:
* TRISTATE CAPITAL CLOSES ACQUISITION OF COLUMBIA PARTNERS ASSETS Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-tristate-capital-closes-acquisitio/brief-tristate-capital-closes-acquisition-of-columbia-partners-assets-idUSASC09ZXB |
If you want a piece of the Rockefellers, be prepared to pay up.
As a sign of just how crazy the bidding has become for items in the Peggy and David Rockefeller Collection at Christie's, a money clip that was estimated to sell for between $800 to $1,200 just sold at the online auction. The winning bid: $75,000.
The tiny money clip has a picture of Rockefeller Center and is engraved on the back with the initials "L.S.R. 1954" – for Laurance Rockefeller.
The money clip is made of 14-karat gold and was only 4 centimeters by 4 centimeters.
Whoever bought it clearly has plenty of cash to put in the clip. But more than likely, they will keep it on display.
The Rockefeller sale will continue with other live and online auctions this week. The sale has already topped $646 million, making it the most expensive auction of a single collection ever.
WATCH: Picasso painting sells for $115 million at Rockefeller show chapters Picasso painting sells for $115 million at Rockefeller auction 7 Hours Ago | 02:48 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/09/a-tiny-rockefeller-money-clip-just-sold-for-75000.html |
Here's what a mid-level salary looks like at Amazon, Alphabet, Facebook, and other tech companies Jillian D'Onfro Reblog Companies in the United States are now required to reveal the ratio between their median paid employee and their CEO. It's interesting to see how median salary differs across the tech industry. For example, a middle-of-the-pack employee at Facebook makes more than 8 times Amazon's median employee salary. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/05/median-employee-pay-at-tech-companies-amazon-alphabet-facebook.html?__source=yahoo%7Cfinance%7Cheadline%7Cstory%7C&par=yahoo&yptr=yahoo |
May 14 (Reuters) - Charles Schwab Corp:
* SCHWAB REPORTS MONTHLY ACTIVITY HIGHLIGHTS * CHARLES SCHWAB CORP - CORE NET NEW ASSETS BROUGHT TO COMPANY BY NEW AND EXISTING CLIENTS IN APRIL 2018 TOTALED $9.9 BILLION
* CHARLES SCHWAB CORP - NEW BROKERAGE ACCOUNTS TOTALED 141,000 IN APRIL, UP 13% FROM APRIL 2017
* CHARLES SCHWAB CORP - TOTAL CLIENT ASSETS WERE $3.31 TRILLION AS OF MONTH-END APRIL, UP 12% FROM APRIL 2017 Source text for Eikon: Further company coverage:
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-schwab-reports-monthly-activity-hi/brief-schwab-reports-monthly-activity-highlights-idUSASC0A1YU |
SIOUX FALLS, S.D., May 30, 2018 (GLOBE NEWSWIRE) -- Meta Financial Group, Inc. ® (Nasdaq:CASH) (the “Company”) announced that the Company will pay a cash dividend of $0.13 per share for the third fiscal quarter of 2018. This dividend will be payable on July 2, 2018 to shareholders of record as of June 11, 2018.
At March 31, 2018, the Company had total assets of $4.30 billion and shareholders’ equity of $443.7 million.
This press release and other important information about the Company are available at metafinancialgroup.com .
About Meta Financial Group
Meta Financial Group, Inc. ("Meta") is the holding company for MetaBank ® , a federally chartered savings bank. Meta shares of common stock are traded on the NASDAQ Global Select Market ® under the symbol CASH. Headquartered in Sioux Falls, S.D., MetaBank operates in both the Banking and Payments industries through: MetaBank, its community banking operation; Meta Payment Systems, its electronic payments division; AFS/IBEX, its commercial insurance premium financing division; and Refund Advantage, EPS Financial and Specialty Consumer Services, its tax-related financial solutions divisions. More information is available at metafinancialgroup.com .
Media Contact: Investor Relations Contact: Katie LeBrun Brittany Kelley Elsasser Corporate Communications Director Director of Investor Relations 605.362.5140 605.362.2423 [email protected] [email protected]
Source: MetaBank | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/globe-newswire-meta-financial-group-inc-a-declares-cash-dividend.html |
Enterprise Comparable Sales Increased 7.1%
GAAP Diluted EPS Increased 20% to $0.72
Non-GAAP Diluted EPS Increased 37% to $0.82
MINNEAPOLIS--(BUSINESS WIRE)-- Best Buy Co., Inc. (NYSE: BBY) today announced results for the first quarter ended May 5, 2018 (“Q1 FY19”), as compared to the first quarter ended April 29, 2017 (“Q1 FY18”). The company reported Q1 FY19 GAAP diluted earnings per share of $0.72, an increase of 20% from $0.60 in Q1 FY18. Non-GAAP diluted earnings per share for Q1 FY19 were $0.82, an increase of 37% from $0.60 in Q1 FY18.
Q1 FY19 Q1 FY18 Revenue ($ in millions): Enterprise $9,109 $8,528 Domestic segment $8,412 $7,912 International segment $697 $616 Enterprise comparable sales % change 1 7.1% 1.6% Domestic comparable sales % change 1 7.1% 1.4% Domestic comparable online sales % change 12.0% 22.5% International comparable sales % change 6.4% 4.0% Operating Income: GAAP operating income as a % of revenue 2.9% 3.5% Non-GAAP operating income as a % of revenue 3.3% 3.5% Diluted Earnings per Share ("EPS"): GAAP diluted EPS $0.72 $0.60 Non-GAAP diluted EPS $0.82 $0.60 For GAAP to non-GAAP reconciliations, please refer to the attached supporting schedule titled Reconciliation of Non-GAAP Financial Measures.
“We are happy to report better-than-expected top- and bottom-line results for the first quarter,” said Hubert Joly, Best Buy’s chairman and CEO. “This strong performance was broad-based, with positive comparable sales across all channels, geographies and most of our product categories. The top-line strength is the result of continued healthy consumer confidence, product innovation in multiple areas of technology, and our unique value proposition resonating with customers. We are executing well and customers are responding positively to the unique experience we provide to them online, in stores and in their homes.”
Joly continued, “We are excited by our momentum and continue to believe we are operating in an opportunity-rich environment driven by technology innovation and customers’ need for help. We are focused on providing services and solutions that solve real customer needs, and on building deeper customer relationships. We are investing in technology, people and supply chain in support of our strategy. We believe this has the opportunity to continue to generate significant value for our shareholders.”
Best Buy CFO Corie Barry said, “We are pleased with our Q1 performance and strong start to the year. Our Q2 guidance reflects our expectations for continued momentum in the business as well as lapping strong comparable sales last year. It also reflects continued investments in our long-term strategy such as supply chain and the launch of Total Tech Support. Because it is early in the year, we are not yet updating our previously provided full-year outlook.”
FY19 Financial Guidance
Note: FY19 has 52 weeks compared to 53 weeks in FY18. The extra week occurred in Q4 FY18 and was approximately $760 million in revenue and approximately $0.20 of non-GAAP diluted EPS.
Best Buy is providing the following Q2 FY19 financial outlook:
Enterprise revenue of $9.1 billion to $9.2 billion Enterprise comparable sales growth of 3.0% to 4.0% 1 Domestic comparable sales growth of 3.0% to 4.0% 1 International comparable sales growth of 1.0% to 4.0% Non-GAAP effective income tax rate of 25.5% to 26.0% 2 Diluted weighted average share count of approximately 285 million Non-GAAP diluted EPS of $0.77 to $0.82, growth of 12% to 19% 2
Best Buy is not updating the following full-year FY19 financial outlook provided on March 1, 2018:
Enterprise revenue of $41.0 billion to $42.0 billion Enterprise comparable sales of flat to growth of 2.0% 1 Enterprise non-GAAP operating income rate of approximately 4.5% 2 , which is flat to FY18 on a 52-week basis Non-GAAP effective income tax rate of approximately 25.0% 2 Non-GAAP diluted EPS of $4.80 to $5.00, growth of 9% to 13% 2
Domestic Segment Q1 FY19 Results
Domestic Revenue
Domestic revenue of $8.41 billion increased 6.3% versus last year driven by comparable sales growth of 7.1%, partially offset by the loss of revenue from 17 large-format and 193 Best Buy Mobile store closures over the past year.
From a merchandising perspective, the company generated comparable sales growth across most of its categories, with the largest drivers being mobile phones, appliances, computing, tablets and smart home.
Domestic online revenue of $1.14 billion increased 12.0% on a comparable basis primarily due to higher average order values and higher conversion rates. As a percentage of total Domestic revenue, online revenue increased 70 basis points to 13.6% versus 12.9% last year.
Domestic Gross Profit Rate
Domestic gross profit rate was 23.3% versus 23.6% last year. The gross profit rate decrease of approximately 30 basis points was driven primarily by rate pressure in the mobile phones category and prior year legal settlement proceeds of $8 million, or 10 basis points, in the services category. These pressures were partially offset by gross profit optimization initiatives and the benefit of an approximately $5 million legal settlement that occurred in the current year.
Domestic Selling, General and Administrative Expenses (“SG&A”)
Domestic GAAP SG&A expenses were $1.67 billion, or 19.8% of revenue, versus $1.57 billion, or 19.9% of revenue, last year. On a non-GAAP basis, SG&A expenses were $1.66 billion, or 19.7% of revenue, versus $1.57 billion, or 19.9% of revenue, last year. Both GAAP and non-GAAP SG&A increased primarily due to (1) growth investments; (2) higher variable costs due to increased revenue; and (3) higher incentive compensation. These increases were partially offset by the flow-through of cost reductions and lower advertising expense.
International Segment Q1 FY19 Results
International Revenue
International revenue of $697 million increased 13.1% versus last year. This increase was primarily driven by comparable sales growth of 6.4%, due to growth in both Canada and Mexico, and approximately 500 basis points of positive foreign currency impact.
International Gross Profit Rate
International gross profit rate was 23.4% versus 24.5% last year. The gross profit rate decrease of approximately 110 basis points was driven primarily by a lower year-over-year gross profit rate in Canada. This was due to lower sales in the higher-margin services category primarily driven by the launch of Canada’s total tech support offer, a long-term recurring service revenue model, and rate pressure in certain product categories.
International SG&A
International GAAP SG&A expenses were $165 million, or 23.7% of revenue, versus $149 million, or 24.2% of revenue, last year. On a non-GAAP basis, SG&A expenses were $164 million, or 23.5% of revenue, versus $149 million, or 24.2% of revenue, last year. Both GAAP and non-GAAP SG&A increased primarily due to the negative impact of foreign exchange rates and higher depreciation expense.
Dividends and Share Repurchases
In Q1 FY19, the company returned a total of $528 million to shareholders through dividends of $128 million and share repurchases of $400 million, or 5.6 million shares. On March 1, 2018, the company announced the intent to spend at least $1.5 billion on share repurchases during fiscal 2019.
Income Taxes
In Q1 FY19, the GAAP effective tax rate was 19.2% versus 35.6% last year. On a non-GAAP basis, the effective tax rate was 20.0% versus 35.6% last year. The lower GAAP and non-GAAP effective tax rates were primarily due to the impacts from the Tax Cuts and Jobs Act of 2017, which included a reduction in the U.S. statutory corporate tax rate, and approximately $18 million of tax benefit related to stock-based compensation.
Adoption of New Revenue Recognition Guidance
Effective at the beginning of Q1 FY19, the company adopted Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers, using the modified retrospective method. Opening retained earnings were adjusted for the cumulative effect of the changes, amounting to $73 million, primarily related to the accelerated recognition of gift card breakage. The adoption had an immaterial impact on the company’s revenue and net earnings for the quarter, and had no impact on cash flows.
Conference Call
Best Buy is scheduled to conduct an earnings conference call at 8:00 a.m. Eastern Time (7:00 a.m. Central Time) on May 24, 2018. A webcast of the call is expected to be available at www.investors.bestbuy.com , both live and after the call.
Notes:
(1) On March 1, 2018, the company announced its intent to close all of the remaining 257 Best Buy Mobile stand-alone stores in the U.S. As a result, all revenue related to these stores has been excluded from the comparable sales calculation beginning in March 2018.
(2) A reconciliation of the projected non-GAAP operating income, non-GAAP effective tax rate and non-GAAP diluted EPS, which are forward-looking non-GAAP financial measures, to the most directly comparable GAAP financial measures, is not provided because the company is unable to provide such reconciliation without unreasonable effort. The inability to provide a reconciliation is due to the uncertainty and inherent difficulty predicting the occurrence, the financial impact and the periods in which the non-GAAP adjustments may be recognized. These GAAP measures may include the impact of such items as restructuring charges; litigation settlements; goodwill impairments; gains and losses on investments; and the tax effect of all such items. Historically, the company has excluded these items from non-GAAP financial measures. The company currently expects to continue to exclude these items in future disclosures of non-GAAP financial measures and may also exclude other items that may arise (collectively, “non-GAAP adjustments”). The decisions and events that typically lead to the recognition of non-GAAP adjustments, such as a decision to exit part of the business or reaching settlement of a legal dispute, are inherently unpredictable as to if or when they may occur. For the same reasons, the company is unable to address the probable significance of the unavailable information, which could be material to future results.
Forward-Looking and Cautionary Statements:
This earnings release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as contained in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that reflect management’s current views and estimates regarding future market conditions, company performance and financial results, business prospects, new strategies, the competitive environment and other events. You can identify these statements by the fact that they use words such as “anticipate,” “believe,” “assume,” “estimate,” “expect,” “intend,” “project,” “guidance,” “plan,” “outlook,” and other words and terms of similar meaning. These statements involve a number of risks and uncertainties that could cause actual results to differ materially from the potential results discussed in the forward-looking statements. Among the factors that could cause actual results and outcomes to differ materially from those contained in such forward-looking statements are the following: macro-economic conditions (including fluctuations in housing prices, oil markets and jobless rates), conditions in the industries and categories in which the company operates, changes in consumer preferences or confidence, changes in consumer spending and debt levels, the mix of products and services offered for sale in our physical stores and online, credit market changes and constraints, product availability, trade restrictions or changes in the costs of imports, competitive initiatives of competitors (including pricing actions and promotional activities), strategic and business decisions of our vendors (including actions that could impact promotional support, product margin and/or supply), the success of new product launches, the impact of pricing investments and promotional activity, weather, natural or man-made disasters, attacks on our data systems, the company’s ability to prevent or react to a disaster recovery situation, changes in law or regulations, changes in tax rates, changes in taxable income in each jurisdiction, tax audit developments and resolution of other discrete tax matters, the effects of tax reform, foreign currency fluctuation, the company’s ability to manage its property portfolio, the impact of labor markets, the company’s ability to retain qualified employees and management, failure to achieve anticipated expense and cost reductions, disruptions in our supply chain, the costs of procuring goods the company sells, failure to achieve anticipated revenue and profitability increases from operational and restructuring changes (including investments in our multi-channel capabilities), inability to secure or maintain favorable vendor terms, failure to accurately predict the duration over which the company will incur costs, development of new businesses, failure to complete or achieve anticipated benefits of announced transactions, and our ability to protect information relating to our employees and customers. A further list and description of these risks, uncertainties and other matters can be found in the company’s annual report and other reports filed from time to time with the Securities and Exchange Commission (“SEC”), including, but not limited to, Best Buy’s Report on Form 10-K filed with the SEC on April 2, 2018. Best Buy cautions that the foregoing list of important factors is not complete, and any forward-looking statements speak only as of the date they are made, and Best Buy assumes no obligation to update any forward-looking statement that it may make.
BEST BUY CO., INC. CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS ($ and shares in millions, except per share amounts)
(Unaudited and subject to reclassification)
Three Months Ended May 5, 2018 April 29, 2017 Revenue $ 9,109 $ 8,528 Cost of goods sold 6,984 6,506 Gross profit 2,125 2,022 Gross profit % 23.3 % 23.7 % Selling, general and administrative expenses 1,830 1,722 SG&A % 20.1 % 20.2 % Restructuring charges 30 — Operating income 265 300 Operating income % 2.9 % 3.5 % Other income (expense): Investment income and other 11 11 Interest expense (19 ) (19 ) Earnings before income tax expense 257 292 Income tax expense 49 104 Effective tax rate 19.2 % 35.6 % Net earnings $ 208 $ 188 Basic earnings per share $ 0.74 $ 0.61 Diluted earnings per share $ 0.72 $ 0.60 Dividends declared per common share $ 0.45 $ 0.34 Weighted-average common shares outstanding Basic 282.6 309.2 Diluted 288.3 315.0 BEST BUY CO., INC. CONDENSED CONSOLIDATED BALANCE SHEETS ($ in millions)
(Unaudited and subject to reclassification)
May 5, 2018 April 29, 2017 Assets Current assets Cash and cash equivalents $ 1,848 $ 1,651 Short-term investments 785 1,948 Receivables, net 860 1,011 Merchandise inventories 4,964 4,637 Other current assets 473 409 Total current assets 8,930 9,656 Property and equipment, net 2,385 2,287 Goodwill 425 425 Other assets 342 587 Total assets $ 12,082 $ 12,955 Liabilities and equity Current liabilities Accounts payable $ 4,619 $ 4,599 Unredeemed gift card liabilities 285 389 Deferred revenue 371 371 Accrued compensation and related expenses 296 274 Accrued liabilities 780 699 Accrued income taxes 154 93 Current portion of long-term debt 550 45 Total current liabilities 7,055 6,470 Long-term liabilities 815 684 Long-term debt 792 1,302 Equity 3,420 4,499 Total liabilities and equity $ 12,082 $ 12,955 BEST BUY CO., INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS ($ in millions)
(Unaudited and subject to reclassification)
Three Months Ended May 5, 2018 April 29, 2017 Operating activities Net earnings $ 208 $ 188 Adjustments to reconcile net earnings to total cash provided by operating activities: Depreciation 176 161 Restructuring charges 30 — Stock-based compensation 32 31 Deferred income taxes 9 12 Other, net (2 ) (1 ) Changes in operating assets and liabilities: Receivables 189 333 Merchandise inventories 243 223 Other assets (13 ) (25 ) Accounts payable (214 ) (382 ) Other liabilities (506 ) (364 ) Income taxes 52 67 Total cash provided by operating activities 204 243 Investing activities Additions to property and equipment (181 ) (153 ) Purchases of investments — (1,134 ) Sales of investments 1,245 863 Other, net 9 1 Total cash provided by (used in) investing activities 1,073 (423 ) Financing activities Repurchase of common stock (400 ) (373 ) Issuance of common stock 24 75 Dividends paid (128 ) (105 ) Repayments of debt (11 ) (10 ) Other, net (1 ) — Total cash used in financing activities (516 ) (413 ) Effect of exchange rate changes on cash (12 ) (6 ) Increase (decrease) in cash, cash equivalents and restricted cash 749 (599 ) Cash, cash equivalents and restricted cash at beginning of period 1 1,300 2,433 Cash, cash equivalents and restricted cash at end of period 1 $ 2,049 $ 1,834 (1) Included within the beginning and ending cash, cash equivalents and restricted cash balances is restricted cash recorded within Other current assets on the Condensed Consolidated Balance Sheets. For FY18, the impact is a $193 million increase in the beginning balance and a $183 million increase in the ending balance. For FY19, the impact is a $199 million increase in the beginning balance and a $201 million increase in the ending balance.
BEST BUY CO., INC. SEGMENT INFORMATION ($ in millions)
(Unaudited and subject to reclassification)
Domestic Segment Performance Summary Three Months Ended May 5, 2018 April 29, 2017 Revenue $ 8,412 $ 7,912 Comparable sales % change 7.1 % 1.4 % Comparable online sales % change 12.0 % 22.5 % Gross profit $ 1,962 $ 1,871 Gross profit as a % of revenue 23.3 % 23.6 % SG&A $ 1,665 $ 1,573 SG&A as a % of revenue 19.8 % 19.9 % Operating income $ 267 $ 298 Operating income as a % of revenue 3.2 % 3.8 % Non-GAAP Results 1 Gross profit $ 1,962 $ 1,871 Gross profit as a % of revenue 23.3 % 23.6 % SG&A $ 1,659 $ 1,573 SG&A as a % of revenue 19.7 % 19.9 % Operating income $ 303 $ 298 Operating income as a % of revenue 3.6 % 3.8 % International Segment Performance Summary Three Months Ended May 5, 2018 April 29, 2017 Revenue $ 697 $ 616 Comparable sales % change 6.4 % 4.0 % Gross profit $ 163 $ 151 Gross profit as a % of revenue 23.4 % 24.5 % SG&A $ 165 $ 149 SG&A as a % of revenue 23.7 % 24.2 % Operating income (loss) $ (2 ) $ 2 Operating income (loss) as a % of revenue (0.3 )% 0.3 % Non-GAAP Results 1 Gross profit $ 163 $ 151 Gross profit as a % of revenue 23.4 % 24.5 % SG&A $ 164 $ 149 SG&A as a % of revenue 23.5 % 24.2 % Operating income (loss) $ (1 ) $ 2 Operating income (loss) as a % of revenue (0.1 )% 0.3 % (1) For GAAP to non-GAAP reconciliations, please refer to the attached supporting schedule titled Reconciliation of Non-GAAP Financial Measures.
BEST BUY CO., INC. REVENUE CATEGORY SUMMARY (Unaudited and subject to reclassification)
Revenue Mix Summary Comparable Sales Three Months Ended Three Months Ended Domestic Segment May 5, 2018 April 29, 2017 May 5, 2018 April 29, 2017 Consumer Electronics 32 % 33 % 2.9 % 0.7 % Computing and Mobile Phones 46 % 45 % 10.2 % (0.3 )% Entertainment 7 % 7 % (0.8 )% 11.3 % Appliances 10 % 10 % 13.0 % 4.6 % Services 5 % 5 % 7.3 % 4.2 % Other — % — % N/A N/A Total 100 % 100 % 7.1 % 1.4 % Revenue Mix Summary Comparable Sales Three Months Ended Three Months Ended International Segment May 5, 2018 April 29, 2017 May 5, 2018 April 29, 2017 Consumer Electronics 30 % 29 % 9.4 % 3.0 % Computing and Mobile Phones 47 % 48 % 4.4 % (1.5 )% Entertainment 6 % 7 % (8.3 )% 14.8 % Appliances 9 % 7 % 37.7 % 37.9 % Services 6 % 7 % (6.1 )% 11.1 % Other 2 % 2 % (1.9 )% N/A Total 100 % 100 % 6.4 % 4.0 % BEST BUY CO., INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
($ in millions, except per share amounts)
(Unaudited and subject to reclassification)
The following information provides reconciliations of the most comparable financial measures presented in accordance with accounting principles generally accepted in the U.S. (GAAP financial measures) to presented non-GAAP financial measures. The company believes that non-GAAP financial measures, when reviewed in conjunction with GAAP financial measures, can provide more information to assist investors in evaluating current period performance and in assessing future performance. For these reasons, internal management reporting also includes non-GAAP measures. Generally, presented non-GAAP measures include adjustments for items such as restructuring charges, goodwill impairments and gains or losses on investments. In addition, certain other items may be excluded from non-GAAP financial measures when the company believes this provides greater clarity to management and investors. These non-GAAP financial measures should be considered in addition to, and not superior to or as a substitute for, the GAAP financial measures presented in this earnings release and the company’s financial statements and other publicly filed reports. Non-GAAP measures as presented herein may not be comparable to similarly titled measures used by other companies.
Three Months Ended Three Months Ended May 5, 2018 April 29, 2017 Domestic International Consolidated Domestic International Consolidated SG&A $ 1,665 $ 165 $ 1,830 $ 1,573 $ 149 $ 1,722 % of revenue 19.8 % 23.7 % 20.1 % 19.9 % 24.2 % 20.2 % Tax reform-related item - employee bonus 1 (6 ) (1 ) (7 ) — — — Non-GAAP SG&A $ 1,659 $ 164 $ 1,823 $ 1,573 $ 149 $ 1,722 % of revenue 19.7 % 23.5 % 20.0 % 19.9 % 24.2 % 20.2 % Operating income (loss) $ 267 $ (2 ) $ 265 $ 298 $ 2 $ 300 % of revenue 3.2 % (0.3 )% 2.9 % 3.8 % 0.3 % 3.5 % Tax reform-related item - employee bonus 1 6 1 7 — — — Restructuring charges 2 30 — 30 — — — Non-GAAP operating income (loss) $ 303 $ (1 ) $ 302 $ 298 $ 2 $ 300 % of revenue 3.6 % (0.1 )% 3.3 % 3.8 % 0.3 % 3.5 % Effective tax rate 19.2 % 35.6 % Tax reform-related item - employee bonus 1 0.1 % — % Restructuring charges 2 0.7 % — % Non-GAAP effective tax rate 20.0 % 35.6 % Three Months Ended Three Months Ended May 5, 2018 April 29, 2017 Pretax Earnings Net of Tax 3 Per Share Pretax Earnings Net of Tax 3 Per Share GAAP diluted EPS $ 0.72 $ 0.60 Tax reform-related item - employee bonus 1 $ 7 $ 5 0.02 $ — $ — — Restructuring charges 2 30 22 0.08 — — — Non-GAAP diluted EPS $ 0.82 $ 0.60 (1) Represents final adjustments for amounts paid and associated taxes related to a one-time bonus for certain employees announced in response to future tax savings created by the Tax Cuts and Jobs Act enacted into law in the fourth quarter of fiscal 2018.
(2) Represents charges associated with the closure of our Best Buy Mobile stand-alone stores in the U.S. announced on March 1, 2018.
(3) The non-GAAP adjustments relate primarily to the United States. As such, the income tax charge is calculated using the statutory tax rate for the United States (24.5% for the period ended May 5, 2018, and 38.0% for the period ended April 29, 2017).
Return on Assets and Non-GAAP Return on Invested Capital
The following table includes a reconciliation to the calculation of return on assets ("ROA") (GAAP financial measure), along with the calculation of non-GAAP return on invested capital (“ROIC”) for total operations, which includes both continuing and discontinued operations, (non-GAAP financial measure) for the periods presented.
The company defines non-GAAP ROIC as non-GAAP net operating profit after tax divided by average invested capital using the trailing four-quarter average. The company believes non-GAAP ROIC is a useful financial measure for investors in evaluating the efficiency and effectiveness of the use of capital and believes non-GAAP ROIC is an important component of shareholders' return over the long term. This method of determining non-GAAP ROIC may differ from other companies' methods and therefore may not be comparable to those used by other companies.
Calculation of Return on Assets ("ROA") May 5, 2018 1 April 29, 2017 1 Net earnings $ 1,020 $ 1,187 Total assets 13,340 13,652 ROA 7.6 % 8.7 % Calculation of Non-GAAP Return on Invested Capital ("ROIC") May 5, 2018 1 April 29, 2017 1 Net Operating Profit After Taxes ("NOPAT")
Operating income - continuing operations $ 1,808 $ 1,782 Operating income - discontinued operations 1 28 Total operating income 1,809 1,810 Add: Operating lease interest 2 234 233 Add: Non-GAAP operating income adjustments 3 148 (15 ) Add: Investment income 55 37 Less: Income taxes 4 (779 ) (774 ) Non-GAAP NOPAT $ 1,467 $ 1,291 Average Invested Capital
Total assets $ 13,340 $ 13,652 Less: Excess cash 5 (2,722 ) (3,128 ) Add: Capitalized operating lease obligations 6 3,908 3,879 Total liabilities (9,457 ) (9,205 ) Exclude: Debt 7 1,345 1,365 Average Invested Capital $ 6,414 $ 6,563 Non-GAAP ROIC 22.9 % 19.7 % (1) Income statement accounts represent the activity for the trailing 12 months ended as of each of the balance sheet dates. Balance sheet accounts represent the average account balances for the four quarters ended as of each of the balance sheet dates.
(2) Operating lease interest represents the add-back to operating income to properly reflect the total interest expense that the company would incur, if its operating leases were capitalized or owned. The add-back is calculated by multiplying the trailing 12-month total rent expense by 30%. This multiple is used for the retail sector by one of the nationally recognized credit rating agencies that rates the company's credit worthiness, and the company considers it to be an appropriate multiple for its lease portfolio.
(3) Includes continuing operations adjustments for tax reform-related items, restructuring charges and other Canada brand consolidation charges in SG&A, and a discontinued operations adjustment for a gain on a property sale. Additional details regarding the non-GAAP operating income from continuing operations adjustments are included in the Reconciliation of Non-GAAP Financial Measures schedule within our quarterly earnings releases. For additional details on the operating income from discontinued operations adjustment, refer to Note 2, Discontinued Operations, in the Notes to Consolidated Financial Statements included in the company’s Annual Report on Form 10-K for the fiscal year ended February 3, 2018.
(4) Income taxes are calculated using a blended statutory rate at the Enterprise level based on statutory rates from the countries in which the company does business, which primarily consists of a U.S. statutory tax rate of 24.5% for the period ended May 5, 2018, and 38.0% for the period ended April 29, 2017, and a Canada statutory tax rate of 26.9% for the period ended May 5, 2018, and 26.6% for the period ended April 29, 2017.
(5) Cash and cash equivalents and short-term investments are capped at the greater of 1% of revenue or actual amounts on hand. The cash and cash equivalents and short-term investments in excess of the cap are subtracted from the company’s calculation of average invested capital to show their exclusion from total assets.
(6) Capitalized operating lease obligations represent the estimated assets that the company would record, if the company's operating leases were capitalized or owned. The obligation is calculated by multiplying the trailing 12-month total rent expense by the multiple of five. This multiple is used for the retail sector by one of the nationally recognized credit rating agencies that rates the company's credit worthiness, and the company considers it to be an appropriate multiple for its lease portfolio.
(7) Debt includes short-term debt, current portion of long-term debt and long-term debt and is added back to the company’s calculation of average invested capital to show its exclusion from total liabilities.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180524005274/en/
Best Buy Co., Inc.
Investor Contact:
Mollie O'Brien, 612-291-7735
[email protected]
or
Media Contact:
Jeff Shelman, 612-291-6114
[email protected]
Source: Best Buy Co., Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/24/business-wire-best-buy-reports-better-than-expected-first-quarter-results.html |
The focus of Alibaba's upcoming earnings will be on margins: Analyst 5 Hours Ago No "surprises" on Alibaba's top line are expected but the focus remains on the impact of investments in new initiatives on the company's margins, says Henry Guo of M Science. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/03/the-focus-of-alibabas-upcoming-earnings-will-be-on-margins-analyst.html |
May 14 (Reuters) - CBS Corp:
* CBS AND NIELSEN COLLABORATE TO ADVANCE DYNAMIC AD INSERTION IN LIVE BROADCASTS Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-cbs-and-nielsen-collaborate-to-adv/brief-cbs-and-nielsen-collaborate-to-advance-dynamic-ad-insertion-in-live-broadcasts-idUSFWN1SL14A |
Market News May 4, 2018 / 7:31 AM / in 35 minutes BRIEF-Bankers Cobalt Corp Says Intends To Complete Non-Brokered Private Placement Of Up To 50 Mln Units At A Price Of CAD $0.12 Per Unit Reuters Staff
May 4 (Reuters) - Bankers Cobalt Corp:
* BANKERS COBALT CORP ANNOUNCES UP TO $6.0 MILLION FINANCING
* BANKERS COBALT CORP SAYS INTENDS TO COMPLETE A NON-BROKERED PRIVATE PLACEMENT OF UP TO 50 MILLION UNITS AT A PRICE OF CAD $0.12 PER UNIT Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-bankers-cobalt-corp-says-intends-t/brief-bankers-cobalt-corp-says-intends-to-complete-non-brokered-private-placement-of-up-to-50-mln-units-at-a-price-of-cad-0-12-per-unit-idUSASC09ZUT |
21st Century Fox Inc. shareholders will vote July 10 on the company’s proposed asset sale to Walt Disney Co., potentially giving Comcast Corp. about six weeks to submit its own bid for the slate of film studios, cable networks and other entertainment businesses.
Comcast said last week that it was in advanced stages of preparing a cash offer that would top Disney’s $52.4 billion all-stock deal for Fox’s entertainment assets.
Wednesday,... | ashraq/financial-news-articles | https://www.wsj.com/articles/with-potential-comcast-offer-looming-fox-sets-date-to-vote-on-disney-deal-1527684347 |
BEIJING, May 16 (Reuters) - China’s new home prices rose 0.5 percent in April from a month earlier, compared with an increase of 0.4 percent in March, Reuters calculated from National Bureau of Statistics (NBS) data published on Wednesday.
Compared with a year earlier, average new home prices in China’s 70 major cities increased 4.7 percent, slowing from a 4.9 percent gain in March.
China has rolled out property cooling measures in more than 100 cities since 2016, as the country aims to contain property bubbles while ensuring a soft landing in the economy. (Reporting by Beijing Monitoring Desk; Editing by Sam Holmes)
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/china-economy-houseprices/chinas-home-prices-rise-0-5-percent-in-april-from-march-idUSENNI580TC |
May 4, 2018 / 12:48 AM / Updated 4 hours ago Ex-U.N. chief Annan tells Facebook to move faster on hate speech David Ingram 3 Min Read
SAN FRANCISCO (Reuters) - Former U.N. chief Kofi Annan told Facebook Inc on Thursday that it should consider establishing a special team to respond more quickly to threats of sectarian violence in countries such as Myanmar that are at high risk. Kofi Annan, chairman for Advisory Commission on Rakhine State, talks to journalists during his news conference in Yangon, Myanmar August 24, 2017. RETUERS/Soe Zeya Tun
Facebook, the world’s largest social network, is under pressure from authorities and rights groups in many countries for its role in spreading hate speech, false stories and government-sponsored propaganda.
Annan, appearing on stage before an audience of Facebook employees, was asked by Facebook Chief Product Officer Chris Cox if he had a recommendation for the company to help protect elections.
He responded that Facebook should look for societies where people are likely to put out “poisonous messages,” and then monitor the language there.
Facebook could “organise sort of a rapid response force, rapid reaction group, who can be injected into a situation, when you see it developing, so that they can try to see what advice they can give the electoral commission or those involved,” Annan said, according to a live broadcast of the event.
Facebook says it has more than 7,500 workers who review posts for compliance with its rule book. FILE PHOTO - The Facebook logo is shown at Facebook headquarters in Palo Alto, California, U.S. May 26, 2010. REUTERS/Robert Galbraith/File Photo
It some countries, though, it acknowledges it is short-handed. It said last month that it needed more people to work on public policy in Myanmar.
U.N. human rights experts investigating a possible genocide in Myanmar said in March that Facebook had played a role in spreading hate speech in the country. Nearly 700,000 Rohingya Muslims have fled Myanmar into Bangladesh since insurgent attacks sparked a security crackdown last August.
Annan headed a commission that last year recommended to the government of Myanmar, a majority Buddhist country, that it avoid excessive force in the crisis.
Since then, social media may have made the crisis worse, he told Facebook employees.
“If indeed that was the case, was there a point somewhere along the line when action could have been taken to disrupt the dissemination of the messages? These are issues that you may need to think through,” Annan said.
Cox replied: “That’s something we’re taking very seriously.” Reporting by David Ingram; Editing by Lisa Shumaker | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-facebook-politics/ex-u-n-chief-annan-tells-facebook-to-move-faster-on-hate-speech-idUKKBN1I501T |
SUWANEE, GA, May 15, 2018 (GLOBE NEWSWIRE) -- SANUWAVE Health, Inc. (OTCQB: SNWV) announced today that the Company will release financial results for the first quarter ended March 31, 2018 shortly.
The Company will host a conference call on Wednesday, May 16, 2018, beginning at 9:00AM Eastern Time to discuss the first quarter financial results, provide a business update and answer questions.
Shareholders and other interested parties can participate in the conference call by dialing 877-407-8033 (U.S.) or 201-689-8033 (international) or via webcast at http://www.investorcalendar.com/event/29632.
A replay of the conference call will be available beginning two hours after its completion through May 30, 2018, by dialing 877-481-4010 (U.S.) or 919-882-2331 (international) and entering Conference ID 29632 and a replay of the webcast will be available at http://www.investorcalendar.com/event/27265 until August 16, 2018.
About SANUWAVE Health, Inc.
SANUWAVE Health, Inc. ( www.sanuwave.com ) is a shock wave technology company initially focused on the development and commercialization of patented noninvasive, biological response activating devices for the repair and regeneration of skin, musculoskeletal tissue and vascular structures. SANUWAVE’s portfolio of regenerative medicine products and product candidates activate biologic signaling and angiogenic responses, producing new vascularization and microcirculatory improvement, which helps restore the body’s normal healing processes and regeneration. SANUWAVE applies its patented PACE technology in wound healing, orthopedic/spine, plastic/cosmetic and cardiac conditions. Its lead product candidate for the global wound care market, dermaPACE®, is CE Marked throughout Europe and has device license approval for the treatment of the skin and subcutaneous soft tissue in Canada, Australia, and New Zealand. In the U.S., dermaPACE® has received FDA’s de novo clearance for the treatment of diabetic foot ulcers. SANUWAVE researches, designs, manufactures, markets and services its products worldwide, and believes it has demonstrated that its technology is safe and effective in stimulating healing in chronic conditions of the foot (plantar fasciitis) and the elbow (lateral epicondylitis) through its U.S. Class III PMA approved OssaTron® device, as well as stimulating bone and chronic tendonitis regeneration in the musculoskeletal environment through the utilization of its OssaTron, Evotron® and orthoPACE® devices in Europe, Asia and Asia/Pacific . In addition, there are license/partnership opportunities for SANUWAVE’s shock wave technology for non-medical uses, including energy, water, food, and industrial markets.
Forward-Looking Statements
This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to financial results and plans for future business development activities, and are thus prospective. Forward-looking statements include all statements that are not statements of historical fact regarding intent, belief or current expectations of the Company, its directors or its officers. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company’s ability to control. Actual results may differ materially from those projected in the forward-looking statements. Among the key risks, assumptions and factors that may affect operating results, performance and financial condition are risks associated with the regulatory approval and marketing of the Company’s product candidates and products, unproven pre-clinical and clinical development activities, regulatory oversight, the Company’s ability to manage its capital resource issues, competition, and the other factors discussed in detail in the Company’s periodic filings with the Securities and Exchange Commission. The Company undertakes no obligation to update any forward-looking statement.
For additional information about the Company, visit www.sanuwave.com .
Contact: Millennium Park Capital LLC Christopher Wynne 312-724-7845 [email protected] SANUWAVE Health, Inc. Kevin Richardson II Chairman of the Board 978-922-2447 [email protected]
Source:SANUWAVE Health, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/globe-newswire-sanuwave-health-to-hold-first-quarter-2018-financial-results-and-business-update-call-on-wednesday-may-16-2018.html |
AMSTERDAM--(BUSINESS WIRE)-- At today's annual general meeting of Altice N.V. ("Altice NV” or the "Company", Euronext: ATC, ATCB) (the "AGM"), shareholders of Altice NV approved the intended separation of Altice USA, Inc. ("Altice USA", NYSE: ATUS) from Altice NV (which will be renamed "Altice Europe") (the "Separation").
The Separation is to be effected by a special distribution in kind by Altice NV of its 67.2% interest in Altice USA to Altice NV shareholders out of Altice NV's share premium reserve (the "Distribution"). 1 The Separation was announced by Altice NV on January 8, 2018.
In connection with the Separation, Altice NV today announces the following dates:
● Ex-dividend date:
May 22, 2018 ● Distribution record date:
May 23, 2018 ● Election period:
May 24, 2018 through June 4, 2018 ● Envisaged effective date of Distribution:
June 8, 2018 Altice NV shares will be traded ex-dividend as of May 22, 2018 on Euronext Amsterdam. The Distribution record date will be May 23, 2018. Each shareholder of the Company as of the Distribution record date will be entitled to receive 0.4163 share of Altice USA common stock for every share held by such shareholder in the Company's capital. Between May 24, 2018 and June 4, 2018 (“the “Election Period”), each shareholder will be given the opportunity to elect the percentage of shares of Altice USA Class A common stock and shares of Altice USA Class B common stock such shareholder will receive in the Distribution, whereby the number of shares of Altice USA Class B common stock to be distributed will be subject to a cap of 50% of the total shares of Altice USA common stock being distributed (the "Class B Cap"); if the Class B Cap is exceeded, the shares of Altice USA Class B common stock delivered to the Company's shareholders of record who elect to receive shares of Altice USA Class B common stock will be subject to proration, and such shareholders will receive shares of Altice USA Class A common stock in lieu of the portion of shares of Altice USA Class B common stock that is cut back. If a shareholder of the Company does not make an election, the Distribution will be paid to such shareholder in the form of Altice USA Class A common stock. Based on the final results of the election and any proration, Altice NV will convert shares of Class B common stock into the requisite number of shares of Class A common stock for the Distribution, which we expect will take place on June 8, 2018.
Prior to the start of the Election Period, Altice USA will publish a prospectus in connection with the planned Distribution on Altice N.V.'s website ( www.altice.net/separation-altice-usa-altice-nv ). Shareholders of Altice NV should carefully read this entire prospectus before electing the percentage of shares of Altice USA Class A common stock and shares of Altice USA Class B common stock they wish to receive in the Distribution.
Attached to this press release is a memo on Altice NV’s anticipated share price adjustment as a result of the Distribution.
Regulated information
Outside the US, this press release does not constitute or form part of any offer or invitation to sell, or any solicitation of any offer, to buy or subscribe for any securities in Altice NV or Altice USA.
Altice USA has filed a registration statement with the Securities and Exchange Commission (SEC) for the offering to which this press release relates. You should read the preliminary prospectus in that registration statement and other documents Altice USA has filed with the SEC for more complete information about Altice USA. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov . Alternatively, you may also request a copy of the current preliminary prospectus, at no cost, by mail to Investor Relations, Altice USA, Inc., 1 Court Square West, Long Island City, NY 11101 USA. To review a filed copy of the current registration statement and preliminary prospectus, click the following link on the SEC website at www.sec.gov as follows (or if such address has changed, by reviewing Altice USA filings for the relevant date on the SEC website):
https://www.sec.gov/Archives/edgar/data/1702780/000104746918000085/a2234168zs-1.htm
About Altice
Founded in 2001 by entrepreneur Patrick Drahi, Altice is a convergent global leader in telecoms, content, media, entertainment and advertising. Altice delivers innovative, customer-centric products and solutions that connect and unlock the limitless potential of its over 50 million customers over fiber networks and mobile broadband. The company enables millions of people to live out their passions by providing original content, high-quality and compelling TV shows, and international, national and local news channels. Altice delivers live broadcast premium sports events and enables millions of customers to enjoy the most well-known media and entertainment. Altice innovates with technology in its Altice Labs across the world. Altice links leading brands to audiences through premium advertising solutions. Altice is also a global provider of enterprise digital solutions to millions of business customers. Altice is present in 10 territories from New York to Paris, from Tel Aviv to Lisbon, from Santo Domingo to Geneva, from Amsterdam to Dallas. Altice (ATC & ATCB) is listed on Euronext Amsterdam. For more information, visit www.altice.net
Memo on Altice NV’s anticipated share price adjustment
On January 8, 2018, Altice NV announced a Group reorganization and proposed the separation of Altice USA from Altice NV, to be effected by a spin-off of Altice NV’s 67.2% interest in Altice USA 2 through a distribution in kind out of Altice NV's share premium reserve to Altice NV shareholders (the “Separation”). On the same day, Altice USA announced that its Board of Directors approved in principle a $1.5bn special cash dividend to all Altice USA shareholders payable to shareholders prior to completion of the Separation. Thereafter, on May 15, 2018, the Board of Directors of Altice USA declared a one-time cash dividend of $2.035 per share of Altice USA Class A common stock and Class B common stock. The dividend is payable to Altice USA shareholders of record at the close of business on May 22, 2018. The payment date for the one-time cash dividend Altice USA declared will be two business days prior to the Separation date.
Following the vote in favour of the Separation by Altice NV shareholders at the Annual General Meeting held on May 18, 2018 and provided regulatory approval of a prospectus in connection with the distribution is obtained from the AFM, the Separation is currently expected to become effective on June 8, 2018. However, the date of the distribution is dependent on the timing of the AFM's approval.
A technical adjustment in the share price of Altice NV is expected, as follows.
Altice NV share price adjustment : On Separation, Altice NV shareholders of record at the close of business on May 23, 2018 will receive Altice USA shares at a ratio of 0.4163 per Altice NV share held. The expected share price adjustment will depend on the share prices and exchange rate prevailing on the dates in question, however the following example illustrates the pro forma impact assuming these closing prices and rate on May 21, 2018:
Altice NV price: 8 euros per share Altice USA price: $20 per share Altice USA special dividend: $2.035 per share 1 euro = $1.1900 USD
Altice NV expected price adjustment = 0.4163 x (20 – 2.035) x 1/1.1900 = 6.2847 euros reduction, so the expected Altice NV share price following Separation would be 1.7153 euros.
The adjustment illustrated above is expected to occur in the opening price of Altice NV shares on May 22, 2018 and does not reflect any other factors that may affect the opening price of Altice NV shares on the ex-dividend date.
Disclaimer
Certain statements in this press release regarding the anticipated share price adjustment resulting from the Distribution have been presented for illustrative purposes only and do not purport to represent the actual share price adjustment to the share price of Altice NV resulting from the Distribution and do not represent the expectation or belief of management of Altice NV or Altice USA with respect to any such adjustment and there can be no assurance that such adjustment will occur. There can be no assurance that the amounts presented will materialize. In addition, certain statements in this press release constitute forward-looking statements. These forward-looking statements include, but are not limited to, all statements other than statements of historical facts contained in this press release, including, without limitation, those regarding our current expectations concerning the Distribution and anticipated share price adjustments resulting from the Distribution. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms “believe”, “could”, “estimate”, “expect”, “forecast”, “intend”, “may”, “plan”, “project” or “will” or, in each case, their negative, or other variations or comparable terminology. Where, in any forward-looking statement, we express an expectation or belief as to future events, such expectation or belief is expressed in good faith and believed to have a reasonable basis, but there can be no assurance that the expectation or belief will be achieved or accomplished. To the extent that statements in this press release are not recitations of historical fact, such statements constitute forward-looking statements, which, by definition, involve risks and uncertainties that could cause actual events to differ materially from those expressed or implied by such statements.
1 The distribution will exclude shares indirectly owned by Altice NV through Neptune Holding US LP.
2 The distribution will exclude shares indirectly owned by Altice NV through Neptune Holding US LP.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180518005362/en/
Altice N.V.
Head of Investor Relations
Nick Brown: +41 79 720 1503
[email protected]
or
Head of Communications
Arthur Dreyfuss: +41 79 946 4931
[email protected]
Source: Altice N.V. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/18/business-wire-altice-nvs-shareholders-approve-the-separation-of-altice-usa-from-altice-nv.html |
LONDON (Reuters Breakingviews) - Donald Trump just unloaded multiple bullets targeted at America’s foot. The U.S. president said on May 8 he was rescinding support for the so-called Joint Comprehensive Plan of Action and re-imposing tough sanctions on Iran lifted as part of the 2015 deal with France, Germany, Britain, China and Russia. It’s a heavy and self-defeating price to pay for sticking to an election pledge.
U.S. President Donald Trump displays a presidential memorandum after announcing his intent to withdraw from the JCPOA Iran nuclear agreement in the Diplomatic Room at the White House in Washington, U.S., May 8, 2018. REUTERS/Jonathan Ernst The premise of the Iran deal – medium-term restrictions on Iran’s capabilities to develop nuclear weaponry in return for the easing of punitive economic sanctions – was generally sound. Lifting so-called secondary sanctions, whereby the U.S. effectively proscribed third parties transacting with Tehran as well as itself, have helped Iranian oil exports to more than double from around 1 million barrels per day and enabled GDP to rise 4 percent in 2017, compared to a contraction in 2015. Detractors claimed it still allowed Iran more leeway to finance unrest in Yemen, Syria and Lebanon.
It’s not clear yet quite how much of Trump’s rhetoric will be translated into policy. But after the implementation of similarly tough sanctions in 2011, oil production dropped by a third, dragging down foreign investment and GDP too. A severe scenario in which Trump’s tactics forced the EU, China and Russia to stop trading with Tehran could turn GDP growth in 2018 of 4 percent into a 1.2 percent contraction, Oxford Economics estimates – and cost 500,000 Iranian jobs. Moderate president Hassan Rouhani could lose influence to hardliners seeking a tougher nuclear policy.
The European and Asian states that import most Iranian crude could act as a buffer, if they defy Trump and keep buying. Yet Germany, Britain and France, whose Total oil group had already come back to Iran after 2015, would still be peeved with their American allies. Their companies won’t know whether to continue to invest in a country with 80 million people or hold back for fear of getting sanctioned themselves.
Finally, it throws another spanner into the works of a global oil market in which steady demand and reduced spare capacity had already left prices at $75 a barrel. Iranian disruption could push the price higher, though with U.S. oil producers pumping strong, it may not have as much influence as in the past. Saudi Arabia, as a major producer wants pricier oil – but Trump has implied he wants the opposite, and consumers of the fuel around the world will be inclined to agree. For one day’s work, it’s an impressively large mess.
Breakingviews Reuters Breakingviews is the world's leading source of agenda-setting financial insight. As the Reuters brand for financial commentary, we dissect the big business and economic stories as they break around the world every day. A global team of about 30 correspondents in New York, London, Hong Kong and other major cities provides expert analysis in real time.
Sign up for a free trial of our full service at https://www.breakingviews.com/trial and follow us on Twitter @Breakingviews and at www.breakingviews.com . All opinions expressed are those of the authors.
| ashraq/financial-news-articles | https://www.reuters.com/article/us-iran-nuclear-breakingviews/breakingviews-u-s-fires-trio-of-bullets-at-own-foot-over-iran-idUSKBN1I92W1 |
May 4, 2018 / 4:23 AM / in 14 hours Golf - Rare consecutive eagles boost Peterson to lead in Charlotte Reuters Staff 3 Min Read
(Reuters) - Self-deprecating Texan John Peterson recorded consecutive eagles for the first time in his career to vault to the first-round lead at the Wells Fargo Championship in Charlotte, North Carolina on Thursday. Apr 28, 2018; Avondale, LA, USA; John Peterson watches his drive from the 1st hole during the third round of the Zurich Classic of New Orleans golf tournament at TPC Louisiana. Mandatory Credit: Stephen Lew-USA TODAY Sports
Pity so few people saw the rare feat.
Few of the thousands who turned up to follow Tiger Woods bothered hanging around afterwards to watch Peterson, who finished in some style playing in peace and quiet in one of the final groups of the day.
He holed a 55-foot bunker shot at the par-five seventh (his 16th hole), and went even better by holing a wedge shot from 107 yards at the par-four eighth.
He was rewarded with a six-under-par 65 at Quail Hollow, and a two-stroke lead.
“Pretty uneventful hole-outs, but they went in nonetheless,” Peterson told reporters.
“I’ve never made back-to-back eagles in a tournament and I don’t think I’ve done it in practice.”
Peterson nearly made it three straight eagles when his approach shot from the rough at the par-four ninth honed in on the pin, but the law of averages caught up with him and the ball did not drop.
“There was only like seven or eight people and a golden retriever in the grandstands back there and they were getting loud,” he said. “So I figured if seven people were getting pretty loud, it had to be pretty close.”
Alas, the ball trickled seven feet beyond the cup and he missed the birdie chance, but it was still a good day in the office, and a timely one too.
Peterson, 29, is playing on what the PGA Tour call a “medical extension” after having hand surgery two years ago.
He has to compile about $300,000 in earnings this week and in his next two starts to regain full exempt status.
If he falls short, however, Peterson says he will be quite happy to quit the nomadic lifestyle and go home to Fort Worth to sell real estate.
“I just don’t enjoy the travel out here very much,” he said.
“I don’t like being away from Fort Worth. I just like being at home and I like being around my family and friends more than I like chasing it around here.
“I’ve got everything in place for both sides of it, so I’m not going to be bothered if I make it (back onto the Tour full-time).
“If I don’t make it, I’m not playing golf anymore.” Reporting by Andrew Both in Cary, North Carolina; editing by Amlan Chakraborty | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-golf-wellsfargo-peterson/golf-rare-consecutive-eagles-boost-peterson-to-lead-in-charlotte-idUKKBN1I509C |
Appoints Hotel Magnet, Alex Zheng, to its Board of Directors as Vice-Chairman Targets China for International Development through a Master Franchise Agreement
SCOTTSDALE, Ariz., May 02, 2018 (GLOBE NEWSWIRE) -- Kona Grill, Inc. (NASDAQ:KONA), an American grill and sushi bar, today announced that it has entered into securities purchase agreements with Nanyan (Alex) Zheng and Berke Bakay, the Company’s President and Chief Executive Officer, to raise approximately $5.6 million through the issuance of 3,144,258 shares of common stock at a per share purchase price of $1.785, which represents a 5% premium to the closing bid price on May 1, 2018. The closing of the offering is anticipated to occur on or around May 4, 2018.
“We are excited to partner with Alex Zheng, on this strategic transaction, said Berke Bakay, the Company’s President and Chief Executive Officer. Alex is well-respected within the travel and hospitality industry with over 20 years of experience. He is a successful entrepreneur and can provide significant value to Kona Grill through his vast knowledge and business relationships. Alex founded 7 Days Group in 2005, which after its privatization was renamed as Plateno Group in 2013. Alex has been serving as its Chairman. Through Alex’s leadership, Plateno Group has become one of the top 5 hotel groups in the world with over 4,400 hotels. Alex is also a co-founder of Ocean Link, a private equity firm focused on China's growing travel and leisure sector.”
Bakay continued, “With this strategic investment, we will pay down required debt payments in 2018 and strengthen our balance sheet. The decision to invest additional capital allows me to retain my current ownership percentage while also showing my continuing support and belief in this brand.”
“We see significant upside potential with both our investment in Kona Grill and the opportunity to bring the Kona Grill brand to China. We believe that Kona Grill’s global menu of contemporary American favorites, award-winning sushi, and specialty cocktails will be a great fit for the China market,” said Alex Zheng.
In conjunction with the transaction, Mr. Zheng was appointed to the Company’s board of directors as Vice-Chairman. Along with Mr. Zheng’s involvement with the Company, Alex and his partners intend to expand the Kona Grill brand into China through a master franchise agreement.
The Company intends to use the net proceeds from the offering to pay required debt payments due in 2018 and for general corporate purposes.
The securities offered and sold in the private placement were not registered under the Securities Act of 1933, as amended (the “Act”), or any state securities laws, and may not be offered or sold in the United States absent registration, or the availability of an applicable exemption from the registration requirements, under the Act and applicable state securities laws.
Under an agreement with the investors, the Company has agreed to file a registration statement with the Securities and Exchange Commission covering the resale of the shares of common stock to be issued to the investors. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities. There shall not be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Kona Grill
Kona Grill features a global menu of contemporary American favorites, award-winning sushi, and specialty cocktails in an upscale casual atmosphere. Kona Grill owns and operates 46 restaurants, guided by a passion for quality food and exceptional service. Restaurants are located in 23 states and Puerto Rico: Alabama (Huntsville); Arizona (Chandler, Gilbert, Phoenix, Scottsdale (2)); California (Irvine); Colorado (Denver); Connecticut (Stamford); Florida (Miami, Tampa, Sarasota, Winter Park); Georgia (Alpharetta); Hawaii (Honolulu); Illinois (Lincolnshire, Oak Brook); Indiana (Carmel); Idaho (Boise); Louisiana (Baton Rouge); Maryland (Baltimore); Michigan (Troy); Minnesota (Eden Prairie, Minnetonka); Missouri (Kansas City); Nebraska (Omaha); New Jersey (Woodbridge); Nevada (Las Vegas(2)); Ohio (Cincinnati, Columbus); Puerto Rico (San Juan); Tennessee (Franklin); Texas (Austin, Dallas, El Paso, Friendswood, Fort Worth, Houston, Plano, San Antonio(2), The Woodlands); Virginia (Arlington, Fairfax, Richmond). Additionally, Kona Grill has three restaurants that operates under a franchise agreement in Dubai, United Arab Emirates; Vaughan, Canada and Monterrey, Mexico. For more information, visit www.konagrill.com .
Various remarks we make about future expectations, plans, and prospects for the Company constitute for purposes of the Safe Harbor provisions under the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements regarding our expectations, beliefs, intentions, plans, objectives, goals, strategies, future events, or performance and underlying assumptions and other statements that are not purely historical. These statements relate to our expected use of offering proceeds, our future financial performance and development plans, including but not limited to those relating to our sales trends, projected earnings, expenses, and capital expenditures for 2018, expectations of new store openings as well as international franchise development in 2018 and beyond and availability of capital. We have attempted to identify these statements by using forward-looking terminology such as “may,” “will,” “anticipates,” “expects,” “believes,” “intends,” “should,” or comparable terms. All included in this press release are based on information available to us on the date of this release and we assume no obligation to update these for any reason. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those described in the statements. Investors are referred to the full discussion of risks and uncertainties associated with and the discussion of risk factors contained in the company's filings with the Securities and Exchange Commission.
Kona Grill Investor Relations Contact:
Kona Grill, Inc.
Christi Hing, Chief Financial Officer
(480) 922-8100
[email protected]
Source:Kona Grill, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/globe-newswire-kona-grill-announces-strategic-investment.html |
An increasingly common cardiovascular procedure using a device made by several medical technology companies was no better than drug therapy at preventing deaths, strokes and certain other complications, a new study found.
The outcome of the trial raises questions about the procedure, known as catheter ablation, to treat patients with atrial fibrillation. The procedure, meant to stop abnormal electrical signals from causing irregular heartbeats, involves a doctor inserting a thin tube through a patient’s blood vessels to deliver... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/heart-device-procedure-is-no-better-than-drug-therapy-for-irregular-heartbeat-study-1525989601 |
Before he casts actors in his movies, producer Dallas Sonnier puts them through what he calls “the Louisiana cousins test.”
These cousins of his are schoolteachers, HVAC installers, construction workers—just the kind of audience he thinks Hollywood has unwisely left behind.
“If I text them the name of, let’s say, Timothée Chalamet, they don’t... | ashraq/financial-news-articles | https://www.wsj.com/articles/from-texas-movies-for-americans-hollywood-left-behind-1526400385 |
* Trading volumes stay low because of Ramadan
* Drake & Scull drops in Dubai
* Dubai Islamic Bank rights trading to end this week
* Banking shares up in Saudi and Abu Dhabi
By Davide Barbuscia
DUBAI, May 29 (Reuters) - Dubai shares were sluggish on Tuesday, dragged down by property stocks, while other Gulf markets closed in positive territory.
Gains were modest amid very thin trading volumes during the holy month of Ramadan, a risk-off sentiment in foreign markets as well as slightly lower oil prices over the past few days.
In Dubai where the index slipped 0.2 percent, property stocks such as Union Properties and blue-chip Emaar Properties lost 1.1 percent and 0.6 percent, respectively.
Building contractor Drake & Scull International shed 1.7 percent, after gains this month following positive first-quarter results.
The company reported a net profit of 7.3 million dirhams ($1.99 million) for the first quarter of this year, against an 838.8 million loss in the first quarter of 2017.
However, in a note earlier this week, research firm AlphaMena said a sustainable recovery for the stock was unlikely “since the contractor is still facing liquidity issues and needs to improve its business efficiency.”
Heavyweight Dubai Islamic Bank rose 1.2 percent to 4.79 dirhams, recovering after falling early on Tuesday. The bank’s shares have been sliding since it launched a rights issue in mid-May with an issue price of 3.11 dirhams per new share. The rights trading period ends on May 30.
In Saudi Arabia, the index rose 0.5 percent, lifted by gains in banking and petrochemical shares. Alinma Bank and Bank Aljazira rose 0.4 percent and 1.4 percent, respectively. Blue-chip Saudi Basic Industries Corporation climbed 1.7 percent.
The Qatari index closed flat, after surging earlier this week because of rising blue-chip stocks and government plans to allow full foreign ownership of companies.
In Abu Dhabi, banking shares such as First Abu Dhabi Bank and Abu Dhabi Commercial Bank gained 1.2 percent and 0.6 percent, respectively. The index rose 0.6 percent.
SAUDI ARABIA * The index gained 0.5 percent to 8,000 points.
DUBAI * The index fell 0.2 percent to 2,925 points.
ABU DHABI * The index increased 0.6 percent to 4,575 points.
QATAR * The index was flat at 9,126 points.
KUWAIT * The index gained 0.4 percent to 4,712 points.
BAHRAIN * The index edged up 0.2 percent to 1,263 points.
OMAN * The index climbed 0.2 percent to 4,598 points.
EGYPT * The index went up 1.3 percent to 17,006 points.
$1 = 3.6728 UAE dirham Editing by Susan Fenton
| ashraq/financial-news-articles | https://www.reuters.com/article/mideast-stocks/mideast-stocks-gulf-stocks-see-limited-gains-property-shares-weigh-on-dubai-idUSL5N1T04C3 |
(Fixes grammatical error in paragraph 1)
LOS ANGELES, May 25 (Reuters) - The creators of “Sesame Street” have filed a lawsuit against the distributor of an upcoming raunchy Hollywood film “The Happytime Murders” to halt an advertising tagline that it claims falsely associates itself with the children’s television show.
An early trailer release for the film shows Muppet-like characters engaged in sex, coarse language, drugs and violence.
Sesame Workshop alleges in the lawsuit, filed on Thursday in New York state court, that STX Productions has created confusion among the public into believing the film is connected to the show and infringed on the “Sesame Street” trademark.
“As evidenced by a parade of social media posts, emails and public comments, the ‘No Sesame. All Street.’ tagline has confused and appalled viewers because of what they believe to be a serious breach of trust,” the lawsuit alleges.
In response, STX issued a statement in the name of one of the film’s characters, the attorney Fred.
“STX loved the idea of working closely with Brian Henson and the Jim Henson Company to tell the untold story of the active lives of Henson puppets when they’re not performing in front of children,” the statement said.
“While we’re disappointed that ‘Sesame Street’ does not share in the fun, we are confident in our legal position,” it added.
“The Happytime Murders,” scheduled for an Aug. 17 release, is directed by Brian Henson, the son of “The Muppet Show” creator Jim Henson who also helped develop the puppet characters of “Sesame Street” when it launched in 1969.
The film stars comedian Melissa McCarthy as a detective who is tasked with tracking down a serial killer in a world in which puppets and humans coexist.
The lawsuit also asks for punitive damages and a jury trial. (Reporting by Eric Kelsey; editing by Diane Craft)
| ashraq/financial-news-articles | https://www.reuters.com/article/film-happytimemurders/sesame-street-creators-sue-backer-of-raunchy-puppet-film-idUSL2N1SX003 |
May 16 (Reuters) - DNO ASA:
* DNO ASA SAYS IS CONTEMPLATING ISSUANCE OF A NEW, FIVE-YEAR SENIOR UNSECURED BOND WITH A MINIMUM SIZE OF USD 400 MILLION THROUGH A PRIVATE PLACEMENT
* DNO ASA-NET PROCEEDS FROM CONTEMPLATED BOND ISSUE WILL BE USED TOWARDS REFINANCING OF DNO’S EXISTING DNO01 BOND AND GENERAL CORPORATE PURPOSES Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-dno-asa-says-contemplating-issuanc/brief-dno-asa-says-contemplating-issuance-of-new-5-year-senior-unsecured-bond-with-minimum-size-of-usd-400-mln-through-private-placement-idUSFWN1SN0XH |
May 2 (Reuters) - Visiomed Group SA:
* ANNOUNCES HAVING REQUESTED TRADING SUSPENSION ON ITS SHARES ON EURONEXT UNTIL A RELEASE IS PUBLISED Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-visiomed-group-says-has-requested/brief-visiomed-group-says-has-requested-trading-suspension-on-euronext-pending-press-release-idUSFWN1S9016 |
PARIS—Alexander Zverev is a little-known star in men’s tennis, despite being the No. 2 seed here at Roland Garros. Why? The 21-year-old from Germany has struggled in all the major tournaments, having never advanced past the fourth round in 11 tries.
Zverev escaped another early defeat at the French Open on Wednesday, when he recovered from being down two sets to one against Serbia’s Dušan Lajović, who is ranked No. 60 in the world. Zverev was so frustrated at one point in the match that he smashed his racket. But once his... | ashraq/financial-news-articles | https://www.wsj.com/articles/after-a-racket-smash-alexander-zverev-finds-his-game-1527709651 |
First Quarter 2018 Summary
Net income of $28.0 million, an increase of $11.8 million, or 73%, over the prior quarter Diluted earnings per share of $0.60 ROAA and ROATCE of 1.39% and 16.51%, respectively Efficiency ratio of 52% Net interest margin of 4.50% Announced acquisition of Grandpoint Capital, Inc. Non-maturity deposits at 82% of total deposits New loan commitments of $488 million
IRVINE, Calif.--(BUSINESS WIRE)-- Pacific Premier Bancorp, Inc. (NASDAQ: PPBI) (the “Company”), the holding company of Pacific Premier Bank (the “Bank”), reported net income for 2018 of $28.0 million, or $0.60 per diluted share, compared with net income of $16.2 million, or $0.36 per diluted share, for the fourth quarter of 2017 and net income of $9.5 million, or $0.34 per diluted share, for 2017. Financial results for 2018 include $936,000 of merger-related expense.
For the three months ended March 31, 2018, the Company’s return on average assets ("ROAA") was 1.39% and return on average tangible common equity ("ROATCE") was 16.51%. For the three months ended December 31, 2017, the Company's ROAA was 0.87% and the ROATCE was 10.48%. For the three months ended March 31, 2017, the Company's ROAA was 0.94% and its ROATCE was 11.03%. Total assets as of March 31, 2018 were $8.1 billion compared with $8.0 billion at December 31, 2017 and $4.2 billion at March 31, 2017.
Steven R. Gardner, Chairman, President and Chief Executive Officer of the Company, commented on the results, “We had a highly productive quarter – continuing the integration of Plaza Bancorp, reaching an agreement to acquire Grandpoint Capital, and generated increasing profitable growth as evidenced by our operating earnings per share of $0.62, which excludes merger-related costs, and our operating ROAA and ROATCE of 1.43% and 16.95%, respectively.
“As expected, we saw a lower level of loan growth in the first quarter as demand was seasonally lighter and we reduced our new originations of loans in areas where increased competition has resulted in unattractive risk-adjusted yields. The majority of our new loan production in the first quarter came from commercial and industrial, construction and franchise loans where our expertise, relationships and outstanding service enable us to generate attractive risk-adjusted yields. Our emphasis on higher yielding assets is helping to mitigate the impact of increasing deposit costs on our net interest margin.
“The acquisition of Grandpoint represents another significant step in the growth of our franchise. The Grandpoint acquisition will strengthen and build upon our presence in the Southern California market, while also enabling us to surpass the $10 billion asset threshold in a meaningful way and further increase our operating leverage. Our primary focus over the remainder of 2018 will be ensuring that we successfully integrate the Plaza and Grandpoint acquisitions, realizing the synergies that we project for both these transactions, prudently managing for the heightened regulatory requirements as we cross $10 billion in assets and continue to grow profitably. We believe that the foundation we put in place during 2018 will be instrumental in driving higher earnings and franchise value in the years ahead,” said Mr. Gardner.
FINANCIAL HIGHLIGHTS
Three Months Ended March 31, December 31, March 31, 2018 2017 2017 Financial Highlights (dollars in thousands, except per share data) Net income $ 28,002 $ 16,171 $ 9,521 Diluted earnings per share $ 0.60 $ 0.36 $ 0.34 Return on average assets 1.39 % 0.87 % 0.94 % Return on average tangible common equity (1) 16.51 % 10.48 % 11.03 % Net interest margin 4.50 % 4.56 % 4.39 % Cost of deposits 0.39 % 0.32 % 0.27 % Efficiency ratio (2) 52.4 % 48.2 % 52.3 % Total assets $ 8,086,816 $ 8,024,501 $ 4,174,428 Total deposits $ 6,192,273 $ 6,085,868 $ 3,297,073 Core deposits to total deposits (3) 88 % 89 % 89 % Tangible book value per share (1) $ 15.63 $ 15.26 $ 12.88 Total capital ratio 12.65 % 12.46 % 12.40 % (1) A reconciliation of the non-GAAP measures of average tangible common equity and tangible book value per share to the GAAP measures of common stockholders' equity and book value are set forth at the end of this press release. (2) Represents the ratio of noninterest expense less other real estate owned operations, core deposit intangible amortization and merger-related expense to the sum of net interest income before provision for loan losses and total noninterest income, less gains/(loss) on sale of securities and other-than-temporary impairment recovery/(loss) on investment securities. (3) Core deposits are all transaction accounts and non-brokered certificates of deposit less than $250,000. INCOME STATEMENT HIGHLIGHTS
Net Interest Income and Net Interest Margin
Net interest income totaled $81.3 million in 2018, an increase of $3.1 million, or 4.0%, from the fourth quarter of 2017. The increase in net interest income was primarily due to the full quarter inclusion of Plaza Bancorp ("Plaza"), which was acquired on November 1, 2017, as well as higher average asset balances and yields on our loans and investments. These increases were partially offset by lower accretion income and prepayment fees, as well as higher deposit and borrowing costs, and two less days of interest in 2018 compared with the fourth quarter of 2017.
Net interest margin for the first quarter was 4.50%, compared with 4.56% in the prior quarter. The decrease was principally driven by lower accretion income of $3.7 million, compared to $4.7 million of accretion income in the fourth quarter of 2017, as well as lower prepayment and other loan related fees of approximately $500,000. Excluding the impact of accretion, our core net interest margin was unchanged at 4.26%, compared to the prior quarter. Higher earning asset yields of 12 basis points were partially offset by higher deposit interest costs of 7 basis points and the impact of lower total fees of 5 basis points.
Net interest income for 2018 increased $39.6 million, or 95%, compared to 2017. The increase was primarily related to an increase in average interest-earning assets of $3.5 billion, which resulted primarily from our organic loan growth since the end of 2017 and our acquisition of Plaza in the fourth quarter of 2017 and the acquisition of Heritage Oaks Bancorp ("Heritage Oaks") during the second quarter of 2017.
PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES CONSOLIDATED AVERAGE BALANCES AND YIELD DATA Three Months Ended March 31, 2018 December 31, 2017 March 31, 2017 Average
Balance
Interest
Income/
Expense
Average
Yield/
Cost
Average
Balance
Interest
Income/
Expense
Average
Yield/
Cost
Average
Balance
Interest
Income/
Expense
Average
Yield/
Cost
Assets (dollars in thousands) Cash and cash equivalents $ 167,240 $ 313 0.76 % $ 172,644 $ 333 0.77 % $ 86,849 $ 84 0.39 % Investment securities 924,687 6,341 2.74 824,634 5,229 2.54 450,075 2,907 2.58 Loans receivable, net (1) 6,237,968 84,173 5.47 5,800,849 80,122 5.48 3,315,792 42,436 5.19 Total interest-earning assets $ 7,329,895 $ 90,827 5.03 % $ 6,798,127 $ 85,684 5.00 % $ 3,852,716 $ 45,427 4.78 % Liabilities Interest-bearing deposits $ 3,852,853 $ 5,914 0.62 % $ 3,591,132 $ 4,597 0.51 % $ 2,006,365 $ 2,135 0.43 % Borrowings 613,295 3,632 2.40 492,850 2,917 2.35 334,618 1,589 1.93 Total interest-bearing liabilities $ 4,466,148 $ 9,546 0.87 % $ 4,083,982 $ 7,514 0.73 % $ 2,340,983 $ 3,724 0.65 % Noninterest-bearing deposits $ 2,262,895 $ 2,152,455 $ 1,208,045 Net interest income $ 81,281 $ 78,170 $ 41,703 Net interest margin (2) 4.50 % 4.56 % 4.39 % (1) Average balance includes loans held for sale and nonperforming loans and is net of deferred loan origination fees/costs and unamortized discounts/premiums. (2) Represents net interest income divided by average interest-earning assets. Provision for Loan Losses
A provision for loan losses of $2.3 million was recorded for 2018, compared with a provision for loan losses of $2.2 million for the quarter ended December 31, 2017. The slight increase in our provision for loan losses was primarily due to higher net charge-offs and, to a lesser extent, incremental changes in our new origination's composition.
Noninterest Income
Noninterest income for 2018 was $7.7 million, a decrease of $1.8 million, or 19%, from the fourth quarter of 2017. The decrease from the fourth quarter of 2017 was related to a $2.2 million decrease of recoveries from pre-acquisition charged-off loans in other income, and a $373,000 decrease in net gain from the sale of loans, partially offset by increases in loan servicing and deposit fees, driven primarily by the full quarter inclusion of Plaza.
During the quarter, the Bank sold $35.7 million of Small Business Administration ("SBA") loans for a gain of $2.7 million, compared with $36.0 million of SBA loans sold and a gain of $2.8 million in the prior quarter. Additionally, the Bank sold one commercial real estate loan during the quarter for a gain of $230,000, compared with commercial loan sales of $48.4 million for a net gain of $577,000 in the fourth quarter of 2017.
Noninterest income for 2018 increased $3.0 million, or 64%, compared to 2017. The increase from 2017 was primarily related to a $969,000 increase in debit card interchange fees, an $886,000 increase in other income, and an $809,000 increase in service charges on deposit accounts.
Three Months Ended March 31, December 31, March 31, 2018 2017 2017 NONINTEREST INCOME (dollars in thousands) Loan servicing fees $ 345 $ 145 $ 221 Service charges on deposit accounts 1,150 1,121 341 Other service fee income 146 122 379 Debit card interchange fee income 1,036 1,050 67 Earnings on bank-owned life insurance 611 625 336 Net gain from sales of loans 2,958 3,331 2,811 Net gain/(loss) from sales of investment securities 6 (252 ) — Other income 1,414 3,309 528 Total noninterest income $ 7,666 $ 9,451 $ 4,683 Noninterest Expense
Noninterest expense totaled $49.8 million for 2018, a decrease of $87,000, or 0.2%, compared with the fourth quarter of 2017. The decrease was primarily due to a $4.5 million decrease in merger-related expense to $936,000 in 2018 compared with $5.4 million for the fourth quarter of 2017.
Excluding the merger-related expense, noninterest expense increased $4.4 million to $48.9 million, primarily due to compensation and benefits increasing $3.0 million. The increase in compensation and benefits was principally driven by the inclusion of Plaza for the full quarter, as well as an increase related to the new calendar year reset of payroll taxes and higher staffing levels.
In comparison to 2017, noninterest expense grew by $20.1 million, or 67.4%. The increase in such expense was primarily related to the additional costs from operations, personnel and branches retained from the acquisitions of Plaza and Heritage Oaks, combined with our continued investment in personnel to support our organic growth in loans and deposits.
Three Months Ended March 31, December 31, March 31, 2018 2017 2017 NONINTEREST EXPENSE (dollars in thousands) Compensation and benefits $ 28,873 $ 25,920 $ 14,887 Premises and occupancy 4,781 4,540 2,453 Data processing 2,702 2,498 1,187 Other real estate owned operations, net 1 13 12 FDIC insurance premiums 611 499 455 Legal, audit and professional expense 1,839 1,924 857 Marketing expense 1,530 1,364 818 Office, telecommunications and postage expense 1,080 927 433 Loan expense 591 746 468 Deposit expense 1,676 1,478 1,444 Merger-related expense 936 5,436 4,946 CDI amortization 2,274 2,111 511 Other expense 2,914 2,439 1,276 Total noninterest expense $ 49,808 $ 49,895 $ 29,747 Income Tax
On December 22, 2017, “H.R.1,” formerly known as the “Tax Cuts and Jobs Act,” was signed into law. Among other items, H.R.1 reduces the federal corporate tax rate to 21% from the existing maximum rate of 35%, effective January 1, 2018. As a result, the Company concluded that this required the Company’s net deferred tax asset to be revalued at the new lower tax rate. The Company performed an analysis and determined to reduce the value of the net deferred tax asset by $5.6 million, which was included in the fourth quarter 2017 income tax provision.
For 2018, our effective tax rate was 24.1%, compared with 38.6%, excluding the net deferred tax asset adjustment for the fourth quarter of 2017, and 32.7% for 2017. Impacting the effective tax rate was the tax effect of exercised and vested share-based compensation awards, which are reported as discrete items in the period they occur, resulting in a $1.4 million tax benefit to the Company for 2018.
BALANCE SHEET HIGHLIGHTS
Loans
Loans held for investment totaled $6.2 billion at March 31, 2018, an increase of $45.4 million, or 0.7%, from December 31, 2017, and an increase of $2.9 billion, or 84%, from March 31, 2017. The $45.4 million increase for the current quarter compared to the prior quarter was the result of real estate loans increasing $34.7 million and business loans increasing $18.1 million, partially offset by consumer loans decreasing $6.7 million. Business loans represented 54% of the total gross loans held for investment for the quarter compared with 54% in the fourth quarter of 2017 and 49% in 2017. Loans held for sale increased $5.6 million from the prior quarter. The total end-of-period weighted average interest rate on loans at March 31, 2018 was 5.04%, compared to 4.95% at December 31, 2017 and 4.86% at March 31, 2017.
Loan activity during 2018 included new organic loan commitments of $488 million, compared with $648 million in the fourth quarter of 2017 and $455 million in 2017. The $488 million of new organic loan commitments during 2018 included $124 million of commercial and industrial loans, $112 million of construction loans, $52 million of franchise loans, $47 million of commercial real estate owner occupied loans, $45 million of multi-family loans, $39 million of SBA loans, $33 million of agribusiness and farmland loans and $18 million of commercial real estate non-owner occupied loans. The average rate on our new loan production was 5.27% during 2018, an increase from 5.00% in the fourth quarter of 2017.
At March 31, 2018, our ratio of loans held for investment to total deposits was 100.8%, compared with 101.8% and 102.7% at December 31, 2017 and March 31, 2017, respectively.
March 31, December 31, March 31, 2018 2017 2017 (dollars in thousands) Business loans Commercial and industrial $ 1,062,385 $ 1,086,659 $ 593,457 Franchise 692,846 660,414 493,158 Commercial owner occupied 1,268,869 1,289,213 482,295 SBA 182,626 185,514 96,486 Agribusiness 149,256 116,066 — Total business loans 3,355,982 3,337,866 1,665,396 Real estate loans Commercial non-owner occupied 1,227,693 1,243,115 612,444 Multi-family 817,963 794,384 682,237 One-to-four family 266,324 270,894 100,423 Construction 319,610 282,811 298,279 Farmland 136,522 145,393 — Land 34,452 31,233 19,738 Total real estate loans 2,802,564 2,767,830 1,713,121 Consumer loans Consumer loans 86,206 92,931 3,930 Gross loans held for investment 6,244,752 6,198,627 3,382,447 Deferred loan origination costs/(fees) and premiums/(discounts), net (2,911 ) (2,159 ) 3,250 Loans held for investment 6,241,841 6,196,468 3,385,697 Allowance for loan losses (30,502 ) (28,936 ) (23,075 ) Loans held for investment, net $ 6,211,339 $ 6,167,532 $ 3,362,622 Loans held for sale, at lower of cost or fair value $ 29,034 $ 23,426 $ 11,090 Asset Quality and Allowance for Loan Losses
At March 31, 2018, our allowance for loan losses was $30.5 million, an increase of $1.6 million from December 31, 2017. The loan loss provision for the quarter was $2.3 million, while net charge-offs were $687,000.
The ratio of allowance for loan losses to loans held for investment at March 31, 2018 increased to 0.49%, compared to 0.47% and 0.68% at December 31, 2017 and March 31, 2017, respectively. Under the guidance of ASC 820: Fair Value Measurements and Disclosures, the fair value net discount on loans acquired through total bank acquisitions was $24.5 million, or 0.39% of total loans held for investment, as of March 31, 2018, compared to $29.1 million, or 0.47% of total loans held for investment, as of December 31, 2017.
Nonperforming assets totaled $8.6 million, or 0.11% of total assets, at March 31, 2018, an increase from $3.6 million, or 0.04% of total assets, at December 31, 2017. During 2018, nonperforming loans increased $4.9 million to $8.1 million and other assets owned increased $233,000, while other real estate owned decreased $120,000 to $206,000. Loan delinquencies were $12.8 million, or 0.20% of loans held for investment, compared to $10.1 million, or 0.16% of loans held for investment, at December 31, 2017.
March 31, December 31, March 31, 2018 2017 2017 Asset Quality (dollars in thousands) Nonaccrual loans $ 8,149 $ 3,284 $ 513 Other real estate owned 206 326 460 Other assets owned 233 — — Nonperforming assets $ 8,588 $ 3,610 $ 973 Allowance for loan losses $ 30,502 $ 28,936 $ 23,075 Allowance for loan losses as a percent of total nonperforming loans 374 % 881 % 4,498 % Nonperforming loans as a percent of loans held for investment 0.13 % 0.05 % 0.02 % Nonperforming assets as a percent of total assets 0.11 % 0.04 % 0.02 % Net loan charge-offs for the quarter ended $ 687 $ 392 $ 723 Net loan charge-offs for quarter to average total loans 0.01 % 0.01 % 0.02 % Allowance for loan losses to loans held for investment (1) 0.49 % 0.47 % 0.68 % Delinquent Loans 30 - 59 days $ 6,605 $ 5,964 $ 117 60 - 89 days 1,084 1,056 — 90+ days 5,065 3,039 360 Total delinquency $ 12,754 $ 10,059 $ 477 Delinquency as a % of loans held for investment 0.20 % 0.16 % 0.01 % (1) 36% of loans held for investment include a fair value net discount of $24.5 million. Investment Securities
Investments totaled $888 million at March 31, 2018, an increase of $82.1 million from December 31, 2017, and $444 million from March 31, 2017. The increase in 2018 was primarily the result of $124 million in purchases, partially offset by $28.5 million in principal payments/amortization/redemptions.
Deposits
At March 31, 2018, deposits totaled $6.2 billion, an increase of $106 million, or 1.7%, from December 31, 2017 and $2.9 billion, or 88%, from March 31, 2017. At March 31, 2018, non-maturity deposits totaled $5.1 billion, or 82% of total deposits, an increase of $73.3 million, or 1.5%, from December 31, 2017 and an increase of $2.4 billion, or 88%, from March 31, 2017. During 2018, deposit increases included $85.7 million in noninterest-bearing deposits, $30.4 million in wholesale/brokered certificates of deposits and $2.7 million in retail certificate deposits, partially offset by a $9.3 million decrease in interest checking and a $3.1 million decrease in money market/savings deposits.
The weighted average cost of deposits for the three-month period ending March 31, 2018 was 0.39%, compared to 0.32% for the three-month period ending December 31, 2017 and 0.27% for the three-month period ending March 31, 2017. The increase included a one basis point increase from the inclusion of Plaza for the full quarter which at acquisition had a cost of deposits of 0.61%.
March 31, December 31, March 31, 2018 2017 2017 Deposit Accounts (dollars in thousands) Noninterest-bearing checking $ 2,312,586 $ 2,226,848 $ 1,232,578 Interest-bearing: Checking 355,895 365,193 191,399 Money market/savings 2,405,869 2,409,007 1,273,917 Retail certificates of deposit 770,397 767,651 381,738 Wholesale/brokered certificates of deposit 347,526 317,169 217,441 Total interest-bearing 3,879,687 3,859,020 2,064,495 Total deposits $ 6,192,273 $ 6,085,868 $ 3,297,073 Cost of deposits 0.39 % 0.32 % 0.27 % Noninterest-bearing deposits as a percent of total deposits 37 % 37 % 37 % Non-maturity deposits as a percent of total deposits 82 % 82 % 82 % Borrowings
At March 31, 2018, total borrowings amounted to $589 million, a decrease of $52.7 million, or 8.2%, from December 31, 2017 and an increase of $208 million, or 55%, from March 31, 2017. Total borrowings for the quarter included $440 million of advances from the Federal Home Loan Bank of San Francisco and $105 million of subordinated debt. At March 31, 2018, total borrowings represented 7.3% of total assets, compared to 8.0% and 9.1%, as of December 31, 2017 and March 31, 2017, respectively.
Capital Ratios
At March 31, 2018, our ratio of tangible common equity to total assets was 9.63%, compared with 9.42% in the prior quarter, with a book value per share of $27.12 and a tangible book value per share of $15.63 per share, compared with a tangible book value per share of $15.26 at December 31, 2017 and a tangible book value per share of $12.88 at March 31, 2017.
At March 31, 2018, the Company had a tier 1 leverage ratio of 10.10%, common equity tier 1 capital ratio of 10.68%, tier 1 capital ratio of 10.97% and total capital ratio of 12.65%.
At March 31, 2018, the Bank exceeded all regulatory capital requirements with a tier 1 leverage ratio of 11.00%, common equity tier 1 capital ratio of 11.93%, tier 1 capital ratio of 11.93% and total capital ratio of 12.39%. These capital ratios each exceeded the “well capitalized” standards defined by the federal banking regulators of 5.00% for tier 1 leverage ratio, 6.5% for common equity tier 1 capital ratio, 8.00% for tier 1 capital ratio and 10.00% for total capital ratio.
March 31, December 31, March 31, Capital Ratios 2018 2017 2017 Pacific Premier Bancorp, Inc. Consolidated Tier 1 leverage ratio 10.10 % 10.61 % 9.54 % Common equity tier 1 capital ratio 10.68 % 10.48 % 9.89 % Tier 1 capital ratio 10.97 % 10.78 % 10.16 % Total capital ratio 12.65 % 12.46 % 12.40 % Tangible common equity ratio (1) 9.63 % 9.42 % 8.85 % Pacific Premier Bank Tier 1 leverage ratio 11.00 % 11.59 % 10.71 % Common equity tier 1 capital ratio 11.93 % 11.77 % 11.37 % Tier 1 capital ratio 11.93 % 11.77 % 11.37 % Total capital ratio 12.39 % 12.22 % 12.01 % Share Data Book value per share $ 27.12 $ 26.86 $ 16.88 Shares issued and outstanding 46,527,566 46,245,050 27,908,816 Tangible book value per share (1) $ 15.63 $ 15.26 $ 12.88 Closing stock price (2) $ 40.20 $ 40.00 $ 38.55 Market Capitalization (3) $ 1,870,408 $ 1,849,802 $ 1,075,885 (1) A reconciliation of the non-GAAP measures of tangible common equity and tangible book value per share to the GAAP measures of common stockholders' equity and book value per share is set forth below. (2) As of the last trading day prior to period end. (3) Dollars in thousands Conference Call and Webcast
The Company will host a conference call at 9:00 a.m. PT / 12:00 p.m. ET on May 1, 2018 to discuss its financial results. Analysts and investors may participate in the question-and-answer session. A live webcast will be available on the Webcasts page of the Company's investor relations website. An archived version of the webcast will be available in the same location shortly after the live call has ended. The conference call can be accessed by telephone at (866) 290-5977 and asking to be joined to the Pacific Premier Bancorp conference call. Additionally, a telephone replay will be made available through May 8, 2018 at (877) 344-7529, conference ID 10118726.
About Pacific Premier Bancorp, Inc.
Pacific Premier Bancorp is the holding company for Pacific Premier Bank, one of the largest banks headquartered in Southern California with approximately $8.0 billion in assets. Pacific Premier Bank is a business bank primarily focused on serving small and middle market businesses in the counties of Orange, Los Angeles, Riverside, San Bernardino, San Diego, San Luis Obispo and Santa Barbara, California as well as Clark County, Nevada. Through its 33 depository branches, Pacific Premier Bank offers a diverse range of lending products including commercial, commercial real estate, construction, and SBA loans, as well as specialty banking products for homeowners associations and franchise lending nationwide.
FORWARD-LOOKING COMMENTS
The statements contained herein that are not historical facts are based on management’s current expectations and beliefs concerning future developments and their potential effects on the Company including, without limitation, plans, strategies and goals, and statements about the Company’s expectations regarding revenue and asset growth, financial performance and profitability, loan and deposit growth, yields and returns, loan diversification and credit management, shareholder value creation and the impact of the proposed acquisition of Grandpoint Capital, Inc. (“Grandpoint”) and its wholly owned subsidiary, Grandpoint Bank, and other acquisitions.
Such statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond the control of the Company. There can be no assurance that future developments affecting the Company will be the same as those anticipated by management. The Company cautions readers that a number of important factors could cause actual results to those expressed in, or implied or projected by, such . These risks and uncertainties include, but are not limited to, the following: the expected cost savings, synergies and other financial benefits from the Grandpoint acquisition or any other acquisition the Company has made or may make might not be realized within the expected time frames or at all; governmental approval of the Grandpoint acquisition may not be obtained or adverse regulatory conditions may be imposed in connection with governmental approvals of the acquisition; conditions to the closing of the Grandpoint acquisition may not be satisfied; Grandpoint’s shareholders may fail to provide the requisite consents to approve the consummation of the acquisition; Pacific Premier’s shareholders may fail to approve the issuance of Pacific Premier common stock in connection with the proposed Grandpoint acquisition; the strength of the United States economy in general and the strength of the local economies in which the Company conducts operations; the effects of, and changes in, trade, monetary and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System; inflation, interest rate, market and monetary fluctuations; the timely development of competitive new products and services and the acceptance of these products and services by new and existing customers; the willingness of users to substitute competitors’ products and services for the Company’s products and services; the impact of changes in financial services policies, laws and regulations (including the Dodd-Frank Wall Street Reform and Consumer Protection Act) and of governmental efforts to restructure the U.S. financial regulatory system; technological changes; changes in the level of the Company’s nonperforming assets and charge offs; any oversupply of inventory and deterioration in values of California real estate, both residential and commercial; the effect of changes in accounting policies and practices, as may be adopted from time-to-time by bank regulatory agencies, the Securities and Exchange Commission (“SEC”), the Public Company Accounting Oversight Board, the Financial Accounting Standards Board or other accounting standards setters; possible other-than-temporary impairment of securities held by us; changes in consumer spending, borrowing and savings habits; the effects of the Company’s lack of a diversified loan portfolio, including the risks of geographic and industry concentrations; ability to attract deposits and other sources of liquidity; changes in the financial performance and/or condition of our borrowers; changes in the competitive environment among financial and bank holding companies and other financial service providers; unanticipated regulatory or judicial proceedings; and the Company’s ability to manage the risks involved in the foregoing. Additional factors that could cause actual results to those expressed in the are discussed in the 2017 Annual Report on Form 10-K of Pacific Premier Bancorp, Inc. filed with the SEC and available at the SEC’s Internet site ( http://www.sec.gov ).
Pacific Premier and Grandpoint undertake no obligation to revise or publicly release any revision or update to these to reflect events or circumstances that occur after the date on which such statements were made.
Additional Information About the Proposed Acquisition of Grandpoint
This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. In connection with the proposed acquisition transaction, Pacific Premier has filed a registration statement on Form S-4 (the "Registration Statement") with the SEC. The Registration Statement was declared by the SEC to be effective on April 20, 2018, and a prospectus/proxy and consent solicitation statement was distributed to the shareholders of Grandpoint in connection with their vote on the proposed acquisition and to the shareholders of Pacific Premier in connection with their vote on the issuance of shares of Pacific Premier common stock in connection with the proposed acquisition. SHAREHOLDERS OF GRANDPOINT AND PACIFIC PREMIER ARE ENCOURAGED TO READ THE REGISTRATION STATEMENT AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, AS WELL AS SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED ACQUISITION. Investors and security holders will be able to obtain the documents, and any other documents Pacific Premier has filed with the SEC, free of charge at the SEC's website, www.sec.gov . In addition, documents filed with the SEC by Pacific Premier will be available free of charge by (1) accessing Pacific Premier’s website at www.ppbi.com under the “Investor Relations” link and then under the heading “SEC Filings”; (2) writing Pacific Premier at 17901 Von Karman Avenue, Suite 1200, Irvine, CA 92614, Attention: Investor Relations; or (3) writing Grandpoint at 333 South Grand Avenue, Los Angeles, CA 90071, Attention: Corporate Secretary.
The directors, executive officers and certain other members of management and employees of Pacific Premier may be deemed to be participants in the solicitation of proxies in respect of the proposed acquisition. Information about Pacific Premier’s directors and executive officers is included in the definitive proxy statement for its 2018 annual meeting of Pacific Premier’s shareholders, which was filed with the SEC on April 13, 2018. The directors, executive officers and certain other members of management and employees of Grandpoint may also be deemed to be participants in the solicitation of consents in favor of the acquisition from the shareholders of Grandpoint. Additional information regarding the interests of those participants and other persons who may be deemed participants in the transaction may be obtained by reading the consent solicitation and proxy statement/prospectus regarding the proposed acquisition when it becomes available. Free copies of this document may be obtained as described in the preceding paragraph.
PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (dollars in thousands) (Unaudited) March 31, December 31, September 30, June 30, March 31, ASSETS 2018 2017 2017 2017 2017 Cash and due from banks $ 42,575 $ 79,284 $ 35,713 $ 35,686 $ 13,425 Interest-bearing deposits with financial institutions 86,421 120,780 85,649 193,595 87,088 Cash and cash equivalents 128,996 200,064 121,362 229,281 100,513 Interest-bearing time deposits with financial institutions 3,693 3,693 4,437 3,944 3,944 Investments held-to-maturity, at amortized cost 24,559 18,291 18,627 7,750 8,272 Investment securities available-for-sale, at fair value 863,243 787,429 703,944 703,083 435,408 FHLB, FRB and other stock, at cost 82,115 65,881 58,344 56,612 37,811 Loans held for sale, at lower of cost or fair value 29,034 23,426 44,343 6,840 11,090 Loans held for investment 6,241,841 6,196,468 5,009,317 4,858,611 3,385,697 Allowance for loan losses (30,502 ) (28,936 ) (27,143 ) (25,055 ) (23,075 ) Loans held for investment, net 6,211,339 6,167,532 4,982,174 4,833,556 3,362,622 Accrued interest receivable 27,073 27,053 20,527 20,607 13,366 Other real estate owned 206 326 372 372 460 Premises and equipment 53,146 53,155 45,725 45,342 11,799 Deferred income taxes, net 13,941 13,265 22,023 22,201 12,744 Bank owned life insurance 76,454 75,976 75,482 74,982 40,696 Intangible assets 40,740 43,014 33,545 35,305 8,942 Goodwill 493,785 493,329 371,677 370,564 102,490 Other assets 38,492 52,067 29,752 30,192 24,271 Total assets $ 8,086,816 $ 8,024,501 $ 6,532,334 $ 6,440,631 $ 4,174,428 LIABILITIES AND STOCKHOLDERS’ EQUITY LIABILITIES Deposit accounts: Noninterest-bearing checking $ 2,312,586 $ 2,226,848 $ 1,890,241 $ 1,810,047 $ 1,232,578 Interest-bearing: Checking 355,895 365,193 304,295 323,818 191,399 Money market/savings 2,405,869 2,409,007 2,009,781 2,006,131 1,273,917 Retail certificates of deposit 770,397 767,651 573,652 572,523 381,738 Wholesale/brokered certificates of deposit 347,526 317,169 240,184 233,912 217,441 Total interest-bearing 3,879,687 3,859,020 3,127,912 3,136,384 2,064,495 Total deposits 6,192,273 6,085,868 5,018,153 4,946,431 3,297,073 FHLB advances and other borrowings 483,525 536,287 382,173 397,267 311,363 Subordinated debentures 105,188 105,123 79,871 79,800 69,413 Accrued expenses and other liabilities 43,922 55,227 70,477 57,402 25,554 Total liabilities 6,824,908 6,782,505 5,550,674 5,480,900 3,703,403 STOCKHOLDERS’ EQUITY Common stock 472 458 397 396 275 Additional paid-in capital 1,065,218 1,063,974 817,809 815,329 345,888 Retained earnings 205,069 177,149 160,978 140,746 126,570 Accumulated other comprehensive (loss) income, net of tax (benefit) (8,851 ) 415 2,476 3,260 (1,708 ) Total stockholders' equity 1,261,908 1,241,996 981,660 959,731 471,025 Total liabilities and stockholders' equity $ 8,086,816 $ 8,024,501 $ 6,532,334 $ 6,440,631 $ 4,174,428 PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (dollars in thousands, except per share data) (Unaudited) Three Months Ended March 31, December 31, March 31, 2018 2017 2017 INTEREST INCOME Loans $ 84,173 $ 80,122 $ 42,436 Investment securities and other interest-earning assets 6,654 5,562 2,991 Total interest income 90,827 85,684 45,427 INTEREST EXPENSE Deposits 5,914 4,597 2,135 FHLB advances and other borrowings 2,023 1,471 604 Subordinated debentures 1,609 1,446 985 Total interest expense 9,546 7,514 3,724 Net interest income before provision for loan losses 81,281 78,170 41,703 Provision for loan losses 2,253 2,185 2,502 Net interest income after provision for loan losses 79,028 75,985 39,201 NONINTEREST INCOME Loan servicing fees 345 145 221 Service charges on deposit accounts 1,150 1,121 341 Other service fee income 146 122 379 Debit card interchange fee income 1,036 1,050 67 Earnings on bank-owned life insurance 611 625 336 Net gain from sales of loans 2,958 3,331 2,811 Net gain/(loss) from sales of investment securities 6 (252 ) — Other income 1,414 3,309 528 Total noninterest income 7,666 9,451 4,683 NONINTEREST EXPENSE Compensation and benefits 28,873 25,920 14,887 Premises and occupancy 4,781 4,540 2,453 Data processing 2,702 2,498 1,187 Other real estate owned operations, net 1 13 12 FDIC insurance premiums 611 499 455 Legal, audit and professional expense 1,839 1,924 857 Marketing expense 1,530 1,364 818 Office, telecommunications and postage expense 1,080 927 433 Loan expense 591 746 468 Deposit expense 1,676 1,478 1,444 Merger-related expense 936 5,436 4,946 CDI amortization 2,274 2,111 511 Other expense 2,914 2,439 1,276 Total noninterest expense 49,808 49,895 29,747 Net income before income taxes 36,886 35,541 14,137 Income tax 8,884 19,370 4,616 Net income $ 28,002 $ 16,171 $ 9,521 EARNINGS PER SHARE Basic $ 0.61 $ 0.37 $ 0.35 Diluted 0.60 0.36 0.34 WEIGHTED AVERAGE SHARES OUTSTANDING Basic 45,893,496 43,797,403 27,528,940 Diluted 46,652,059 44,614,348 28,197,220 SELECTED FINANCIAL DATA
PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES CONSOLIDATED AVERAGE BALANCES AND YIELD DATA Three Months Ended March 31, 2018 December 31, 2017 March 31, 2017 Average
Balance
Interest
Income/
Expense
Average
Yield/
Cost
Average
Balance
Interest
Income/
Expense
Average
Yield/
Cost
Average
Balance
Interest
Income/
Expense
Average
Yield/
Cost
Assets (dollars in thousands) Interest-earning assets: Cash and cash equivalents $ 167,240 $ 313 0.76 % $ 172,644 $ 333 0.77 % $ 86,849 $ 84 0.39 % Investment securities 924,687 6,341 2.74 824,634 5,229 2.54 450,075 2,907 2.58 Loans receivable, net (1) 6,237,968 84,173 5.47 5,800,849 80,122 5.48 3,315,792 42,436 5.19 Total interest-earning assets 7,329,895 90,827 5.03 6,798,127 85,684 5.00 3,852,716 45,427 4.78 Noninterest-earning assets 715,529 676,466 196,041 Total assets $ 8,045,424 $ 7,474,593 $ 4,048,757 Liabilities and Equity Interest-bearing deposits: Interest checking $ 348,110 $ 114 0.13 $ 328,938 $ 115 0.14 $ 195,258 $ 53 0.11 Money market 2,189,912 3,159 0.59 2,077,823 2,404 0.46 1,133,676 972 0.35 Savings 223,992 79 0.14 222,344 76 0.14 103,449 38 0.15 Retail certificates of deposit 756,625 1,388 0.74 708,382 1,204 0.67 372,208 685 0.75 Wholesale/brokered certificates of deposit 334,214 1,174 1.42 253,645 798 1.25 201,774 387 0.78 Total interest-bearing deposits 3,852,853 5,914 0.62 3,591,132 4,597 0.51 2,006,365 2,135 0.43 FHLB advances and other borrowings 508,142 2,024 1.62 396,248 1,471 1.47 265,224 604 0.92 Subordinated debentures 105,153 1,608 6.12 96,602 1,446 5.99 69,394 985 5.68 Total borrowings 613,295 3,632 2.40 492,850 2,917 2.35 334,618 1,589 1.93 Total interest-bearing liabilities 4,466,148 9,546 0.87 4,083,982 7,514 0.73 2,340,983 3,724 0.65 Noninterest-bearing deposits 2,262,895 2,152,455 1,208,045 Other liabilities 60,627 76,982 30,297 Total liabilities 6,789,670 6,313,419 3,579,325 Stockholders' equity 1,255,754 1,161,174 469,432 Total liabilities and equity $ 8,045,424 $ 7,474,593 $ 4,048,757 Net interest income $ 81,281 $ 78,170 $ 41,703 Net interest margin (2) 4.50 % 4.56 % 4.39 % Ratio of interest-earning assets to interest-bearing liabilities 164.12 % 166.46 % 164.58 % (1) Average balance includes loans held for sale and nonperforming loans and is net of deferred loan origination fees/costs and unamortized discounts/premiums. (2) Represents net interest income divided by average interest-earning assets. PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES LOAN PORTFOLIO COMPOSITION March 31, December 31, September 30, June 30, March 31, 2018 2017 2017 2017 2017 (dollars in thousands) Business loans Commercial and industrial $ 1,062,385 $ 1,086,659 $ 763,091 $ 733,852 $ 593,457 Franchise 692,846 660,414 626,508 565,415 493,158 Commercial owner occupied 1,268,869 1,289,213 805,137 729,476 482,295 SBA 182,626 185,514 107,211 101,384 96,486 Agribusiness 149,256 116,066 86,466 98,842 — Total business loans 3,355,982 3,337,866 2,388,413 2,228,969 1,665,396 Real estate loans Commercial non-owner occupied 1,227,693 1,243,115 1,098,995 1,095,184 612,444 Multi-family 817,963 794,384 797,370 746,547 682,237 One-to-four family 266,324 270,894 246,248 322,048 100,423 Construction 319,610 282,811 301,334 289,600 298,279 Farmland 136,522 145,393 140,581 136,587 — Land 34,452 31,233 30,719 31,799 19,738 Total real estate loans 2,802,564 2,767,830 2,615,247 2,621,765 1,713,121 Consumer loans Consumer loans 86,206 92,931 6,228 7,309 3,930 Gross loans held for investment 6,244,752 6,198,627 5,009,888 4,858,043 3,382,447 Deferred loan origination costs/(fees) and premiums/(discounts), net (2,911 ) (2,159 ) (571 ) 568 3,250 Loans held for investment 6,241,841 6,196,468 5,009,317 4,858,611 3,385,697 Allowance for loan losses (30,502 ) (28,936 ) (27,143 ) (25,055 ) (23,075 ) Loans held for investment, net $ 6,211,339 $ 6,167,532 $ 4,982,174 $ 4,833,556 $ 3,362,622 Loans held for sale, at lower of cost or fair value $ 29,034 $ 23,426 $ 44,343 $ 6,840 $ 11,090 PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES ASSET QUALITY INFORMATION March 31, December 31, September 30, June 30, March 31, 2018 2017 2017 2017 2017 Asset Quality (dollars in thousands) Nonaccrual loans $ 8,149 $ 3,284 $ 515 $ 395 $ 513 Other real estate owned 206 326 372 372 460 Other assets owned 233 — — — — Nonperforming assets $ 8,588 $ 3,610 $ 887 $ 767 $ 973 Allowance for loan losses $ 30,502 $ 28,936 $ 27,143 $ 25,055 $ 23,075 Allowance for loan losses as a percent of total nonperforming loans 374 % 881 % 5,270 % 6,343 % 4,498 % Nonperforming loans as a percent of loans held for investment 0.13 % 0.05 % 0.01 % 0.01 % 0.02 % Nonperforming assets as a percent of total assets 0.11 % 0.04 % 0.01 % 0.01 % 0.02 % Net loan charge-offs/(recoveries) for the quarter ended $ 687 $ 392 $ (39 ) $ (76 ) $ 723 Net loan charge-offs for quarter to average total loans 0.01 % 0.01 % — % — % 0.02 % Allowance for loan losses to loans held for investment (1) 0.49 % 0.47 % 0.54 % 0.52 % 0.68 % Delinquent Loans 30 - 59 days $ 6,605 $ 5,964 $ 556 $ 600 $ 117 60 - 89 days 1,084 1,056 1,423 1,965 — 90+ days 5,065 3,039 1,629 454 360 Total delinquency $ 12,754 $ 10,059 $ 3,608 $ 3,019 $ 477 Delinquency as a percent of loans held for investment 0.20 % 0.16 % 0.07 % 0.06 % 0.01 % (1) 36% of loans held for investment include a fair value net discount of $24.5 million. PACIFIC PREMIER BANCORP, INC. AND SUBSIDIARIES GAAP RECONCILIATIONS (dollars in thousands, except per share data) For periods presented below, return on average tangible common equity is a non-GAAP financial measure derived from GAAP-based amounts. We calculate these figures by excluding CDI amortization expense and exclude the average CDI and average goodwill from the average stockholders' equity during the period. Management believes that the exclusion of such items from these financial measures provides useful information to an understanding of the operating results of our core business. However, these non-GAAP financial measures are supplemental and are not a substitute for an analysis based on GAAP measures. As other companies may use different calculations for these adjusted measures, this presentation may not be comparable to other similarly titled adjusted measures reported by other companies. Three Months Ended March 31, December 31, March 31, 2018 2017 2017 Net income $ 28,002 $ 16,171 $ 9,521 Plus CDI amortization expense 2,274 2,111 511 Less CDI amortization expense tax adjustment 548 815 167 Net income for average tangible common equity $ 29,728 $ 17,467 $ 9,865 Average stockholders' equity $ 1,255,754 $ 1,161,174 $ 469,432 Less average CDI 42,220 40,274 9,274 Less average goodwill 493,357 454,362 102,490 Average tangible common equity $ 720,177 $ 666,538 $ 357,668 Return on average equity 8.92 % 5.57 % 8.11 % Return on average tangible common equity 16.51 10.48 11.03 Tangible common equity to tangible assets (the "tangible common equity ratio") and tangible book value per share are non-GAAP financial measures derived from GAAP-based amounts. We calculate the tangible common equity ratio by excluding the balance of intangible assets from common stockholders' equity and dividing by tangible assets. We calculate tangible book value per share by dividing tangible common equity by common shares outstanding, as compared to book value per share, which we calculate by dividing common stockholders' equity by shares outstanding. We believe that this information is consistent with the treatment by bank regulatory agencies, which exclude intangible assets from the calculation of risk-based capital ratios. Accordingly, we believe that these non-GAAP financial measures provide information that is important to investors and that is useful in understanding our capital position and ratios. However, these non-GAAP financial measures are supplemental and are not a substitute for an analysis based on GAAP measures. As other companies may use different calculations for these measures, this presentation may not be comparable to other similarly titled measures reported by other companies. March 31, December 31, September 30, June 30, March 31, 2018 2017 2017 2017 2017 Total stockholders' equity $ 1,261,908 $ 1,241,996 $ 981,660 $ 959,731 $ 471,025 Less intangible assets 534,525 536,343 405,222 405,869 111,432 Tangible common equity $ 727,383 $ 705,653 $ 576,438 $ 553,862 $ 359,593 Book value per share $ 27.12 $ 26.86 $ 24.44 $ 23.96 $ 16.88 Less intangible book value per share 11.49 11.60 10.09 10.13 4.00 Tangible book value per share $ 15.63 $ 15.26 $ 14.35 $ 13.83 $ 12.88 Total assets $ 8,086,816 $ 8,024,501 $ 6,532,334 $ 6,440,631 $ 4,174,428 Less intangible assets 534,525 536,343 405,222 405,869 111,432 Tangible assets $ 7,552,291 $ 7,488,158 $ 6,127,112 $ 6,034,762 $ 4,062,996 Tangible common equity ratio 9.63 % 9.42 % 9.41 % 9.18 % 8.85 %
View source version on businesswire.com: https://www.businesswire.com/news/home/20180501005677/en/
Pacific Premier Bancorp, Inc.
Steven R. Gardner
Chairman, President and Chief Executive Officer
949.864.8000
or
Ronald J. Nicolas, Jr.
Senior Executive Vice President & CFO
949.864.8000
Source: Pacific Premier Bancorp, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/business-wire-pacific-premier-bancorp-inc-announces-first-quarter-2018-results-unaudited.html |
PINE BLUFF, Ark., May 02, 2018 (GLOBE NEWSWIRE) -- Simmons First National Corporation (NASDAQ:SFNC) announced today that Steve Massanelli has been named investor relations officer.
This position is in addition to his current role as executive vice president and chief administrative officer, which includes oversight of corporate strategy.
Massanelli joined Simmons in 2014. Previously, he was chief financial officer and principal of Treadstone Partners LLC, a Dallas private investment firm. Before joining Treadstone in 2011, he spent 13 years as senior vice president and corporate treasurer with Zale Corp., the Texas-based operator of jewelry stores that was acquired in 2014 by Signet Jewelers Ltd. of Hamilton, Bermuda, where he managed various finance and administrative functions, including investor relations.
“Steve will work to broaden relationships with current and potential investors and ensure the Simmons brand is well known within the public company universe. His experience makes him a perfect choice to achieve that objective,” said chief executive officer George Makris, Jr.
Massanelli, a Pine Bluff native, earned a bachelor’s degree in business administration from the University of Arkansas at Little Rock.
About Simmons First National Corporation
Simmons First National Corporation is a financial holding company, headquartered in Pine Bluff, Ark. with total assets of $15.6 billion as of March 31, 2018, conducting financial operations throughout Arkansas, Colorado, Kansas, Missouri, Oklahoma, Tennessee and Texas. The company, through its subsidiaries, offers comprehensive financial solutions delivered with a client-centric approach.
FOR MORE INFORMATION, CONTACT:
Robert A. Fehlman
Senior Executive Vice President, Chief Financial Officer and Treasurer
Simmons Bank
501.558.3141
[email protected]
Source:Simmons First National Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/globe-newswire-simmons-first-national-corporation-names-executive-vice-president-and-chief-administrative-officer-steve-massanelli-as.html |
May 9 (Reuters) - Tronox Ltd:
* TRONOX REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS * Q1 ADJUSTED NON-GAAP EARNINGS PER SHARE $0.01 FROM CONTINUING OPERATIONS EXCLUDING ITEMS
* Q1 REVENUE ROSE 17 PERCENT TO $442 MILLION * Q1 EARNINGS PER SHARE VIEW $0.16, REVENUE VIEW $471.4 MILLION — THOMSON REUTERS I/B/E/S
* LAST SEVERAL WEEKS HAVE SEEN SIGNIFICANT PROGRESS TOWARD CLOSING CRISTAL ACQUISITION
* OBTAINING EC’S CONDITIONAL CLEARANCE OF CRISTAL NOW ONLY DEPENDENT ON FINALIZING AGREEMENT ON REMEDY TO ADDRESS REMAINING OBJECTION
* IN UNITED STATES, FILED A MOTION WITH FTC SEEKING TO STAY ADMINISTRATIVE PROCEEDING SCHEDULED TO START ON MAY 18 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-tronox-reports-q1-loss-per-share-o/brief-tronox-reports-q1-loss-per-share-of-0-36-from-continuing-operations-idUSASC0A1A7 |
May 3, 2018 / 6:15 PM / Updated 8 minutes ago Overactive immune response linked to hair graying Will Boggs MD 3 Min Read
(Reuters Health) - An overactive immune response, which can occur with viral infections, could result in sudden hair graying, according to research in mice.
The research revealed that a molecule involved in hair pigmentation also controls certain immune system genes.
The study cannot explain why a fright or severe illness might lead to rapid graying, but it may provide insights into the skin condition vitiligo, an autoimmune disorder in which the skin loses its color, and melanoma, a cancer of skin pigment cells, the study team writes in PLoS Biology.
“All of this work was done in mice, and so we are hesitant to make too many inferences to humans without further experimentation,” said lead author Melissa L. Harris from the University of Alabama at Birmingham.
“However, we would love to test whether the mechanism in this study could explain those anecdotal stories where people experience premature gray hair,” Harris said in an email. “Could the combination of a genetic predisposition and an everyday viral infection be just enough to negatively affect the melanocytes and melanocyte stem cells in humans, and cause early hair graying?”
Hair color depends on melanocyte stem cells that live at the base of hair follicles. As old hairs fall out and new hairs grow in, these cells develop into melanocytes - cells that produce the pigment that gives hair its color. When the stem cells are lost, new hair that grows turns out to be gray.
Harris’s team earlier found that a protein called MITF, which controls a number of genetic pathways in these melanocyte stem cells, is involved in hair graying in certain mice.
In the current study, they found that MITF also limits the activity of certain genes that control the immune response to viruses.
Mice with mutations in the gene for MITF have an overactive response to viruses that results in the loss of melanocytes and melanocyte stem cells in the hair bulb, and this results in hair graying, the study team reports.
Although it’s too early to know for sure, people with similar mutations in this gene could show a similar response, resulting in spontaneous hair graying after a viral infection, they write.
Because MITF turns out to be a “critical suppressor of innate immunity” and can cause loss of pigment producing cells, there may be implications for understanding vitiligo as well, the authors conclude.
SOURCE: bit.ly/1BYqPuv PLoS Biology, online May 3, 2018. | ashraq/financial-news-articles | https://www.reuters.com/article/us-health-graying-immune-response/overactive-immune-response-linked-to-hair-graying-idUSKBN1I42CR |
ABIDJAN, May 23 (Reuters) - Lawyers for jailed Congo Republic opposition figure Jean-Marie Michel Mokoko called on the International Monetary Fund to make ending political repression a condition for the approval of a pending bailout for the debt-crippled oil producer.
Mokoko, a former army chief who ran as a candidate in a 2016 presidential election, was jailed for 20 years earlier this month after his conviction on charges he sought to topple the government of President Denis Sassou-Nguesso. (Reporting by Joe Bavier Editing by Catherine Evans)
| ashraq/financial-news-articles | https://www.reuters.com/article/congorepublic-imf/ending-repression-must-be-condition-for-imf-deal-congo-opposition-figures-lawyers-idUSL5N1SU2F3 |
MILAN (Reuters) - Two people died and 18 were injured when a regional train crashed into a truck in the northern Italian region of Piedmont, emergency services said on Thursday.
Italian police officers inspect the place where a train plowed into a truck last night in Caluso near Turin, Italy, May 24, 2018. REUTERS/Massimo Pinca The five-carriage train smashed into the heavy goods vehicle (HGV) late Wednesday after the lorry had broken through a level crossing and got stuck on the tracks between the towns of Rodallo and Caluso, Italy’s state train company said.
The drivers of both the train and a vehicle accompanying the HGV, which was carrying an exceptional load, were killed.
The local train connects the regional capital of Turin with the northern city of Ivrea.
It was the latest in a series of deadly accidents on Italy’s rail network.
In January three people were killed when a train derailed along a busy commuter route near Milan. In 2016, 23 people died when two trains collided in the southern region of Puglia.
Slideshow (2 Images) Reporting by Giulia Segreti; Editing by Crispian Balmer
| ashraq/financial-news-articles | https://in.reuters.com/article/italy-train/two-die-18-injured-in-train-accident-in-italy-idINKCN1IP0TK |
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