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Tesla Inc. has another financial worry: Its home solar-panel business is facing slowing installations and could be on the hook for financial promises it made to some investors, just as the U.S. tax law presents new risks to the industry.
SolarCity, which the electric-car maker bought in 2016, is undergoing a sweeping sales revamp that reduced the number of panels the company installed last year. Now, investors and analysts say they are scrutinizing guarantees on investment returns and other promises the company made to firms... | ashraq/financial-news-articles | https://www.wsj.com/articles/tesla-feels-the-weight-of-solar-panels-1525199444 |
(Adds White House statement backing Macri’s reforms)
BUENOS AIRES, May 10 (Reuters) - International Monetary Fund Managing Director Christine Lagarde said on Thursday she instructed the IMF team to continue discussions toward a fund-supported program for Argentina after meeting with Treasury Minister Nicolas Dujovne in Washington.
“Minister Dujovne and I agreed that our shared goal is to reach a rapid conclusion of these discussions,” Lagarde said in a statement, adding that she supported President Mauricio Macri’s reforms to date and that the IMF was “ready to continue to assist the government.”
Dujovne said in a statement later that Argentina and the IMF had agreed to not publicly disclose the amount of financing or conditions until an agreement between the two had been reached.
Macri’s government said on Wednesday it was seeking a “high access stand-by” financing arrangement from the global fund.
Argentina requested the lifeline from the IMF earlier this week after the peso currency weakened to all-time lows. The South American nation is tackling one of the world’s highest inflation rates and a general outflow of funds from emerging market economies.
Turning to the IMF is a politically risky move for business-friendly Macri, who was elected in late 2015 after 12 years of leftist government.
Many Argentines blame the IMF for imposing policies on Argentina that led to a deep financial crisis in 2001 and 2002.
The White House said on Thursday Washington backs Macri’s reforms.
“The United States supports the economic reform program of President Mauricio Macri of Argentina, which is market-oriented, growth-focused, and has improved Argentina’s future,” the White House said in a statement. (Reporting by Caroline Stauffer and Luc Cohen; additional reporting by Eric Beech in Washington; editing by Lisa Shumaker and Sandra Maler)
| ashraq/financial-news-articles | https://www.reuters.com/article/argentina-imf/update-1-imf-says-to-continue-talks-with-argentina-for-fund-supported-program-idUSL1N1SH2HF |
HOUSTON--(BUSINESS WIRE)-- Cheniere Energy Partners, L.P. (NYSE American: CQP):
Summary of First Quarter 2018 Results (in millions, except LNG data)
Three Months Ended March 31, 2018 2017 Revenues $ 1,593 $ 891 Net income $ 335 $ 47 Adjusted EBITDA 1 $ 659 $ 319 LNG exported: Number of cargoes 67 43 Volumes (TBtu) 244 152 LNG volumes loaded (TBtu) 241 154 Revised 2018 Full Year Distribution Guidance
Previous Revised Distribution per Unit $ 2.00 - $ 2.20 $ 2.20 - $ 2.30 Recent Achievements
Operational
As of April 30, approximately 90 cargoes have been produced, loaded, and exported from the SPL Project (defined below) in 2018. To date, approximately 350 cumulative LNG cargoes have been exported from the SPL Project, with deliveries to 26 countries and regions worldwide.
Financial
In March 2018, the date of first commercial delivery (“DFCD”) was reached under the 20-year LNG Sale and Purchase Agreement (“SPA”) with GAIL (India) Limited relating to Train 4 of the SPL Project.
Liquefaction Project Update
SPL Project Liquefaction Train Trains 1-4 Train 5 Train 6 Project Status Operational Under Construction Permitted Expected Substantial Completion Complete 1H 2019 — Expected DFCD Window Start Complete 2H 2019 — Cheniere Energy Partners, L.P. (“Cheniere Partners”) (NYSE American: CQP) reported net income of $335 million for the three months ended March 31, 2018, compared to net income of $47 million for the comparable period in 2017. The increase in net income was primarily due to increased income from operations as a result of additional natural gas liquefaction trains (“Trains”) in operation at the SPL Project, partially offset by increased interest expense, net of amounts capitalized.
Adjusted EBITDA 1 for the three months ended March 31, 2018 was $659 million, compared to $319 million for the comparable 2017 period. The increase in Adjusted EBITDA was primarily due to increased income from operations.
Total revenues increased $702 million during the three months ended March 31, 2018 as compared to the three months ended March 31, 2017. Total operating costs and expenses increased $413 million during the three months ended March 31, 2018, compared to the three months ended March 31, 2017. The increases in revenues and total operating costs and expenses for the three months ended March 31, 2018, as compared to the comparable prior year period, were primarily driven by the timing of completion of Trains at the SPL Project and the length of each Train’s operations within the periods being compared.
During the three months ended March 31, 2018, 67 LNG cargoes were exported from the SPL Project, none of which were commissioning cargoes.
SPL Project
Through Cheniere Partners, we are developing up to six Trains at the Sabine Pass LNG terminal adjacent to the existing regasification facilities (the “SPL Project”). Each Train is expected to have a nominal production capacity, which is prior to adjusting for planned maintenance, production reliability, and potential overdesign, of approximately 4.5 million tonnes per annum (“mtpa”) of LNG and an adjusted nominal production capacity of approximately 4.3 to 4.6 mtpa of LNG. Trains 1 through 4 are operational, Train 5 is under construction, and Train 6 is being commercialized and has all necessary regulatory approvals in place.
Distributions to Unitholders
We will pay a cash distribution per common and subordinated unit of $0.55 to unitholders of record as of May 7, 2018 and the related general partner distribution on May 15, 2018.
Investor Conference Call and Webcast
Cheniere Energy, Inc. will host a conference call to discuss its financial and operating results for the first quarter on Friday, May 4, 2018, at 10 a.m. Eastern time / 9 a.m. Central time. A listen-only webcast of the call and an accompanying slide presentation may be accessed through our website at www.cheniere.com . Following the call, an archived recording will be made available on our website. The call and accompanying slide presentation may include financial and operating results or other information regarding Cheniere Partners.
(1)
Non-GAAP financial measure. See “Reconciliation of Non-GAAP Measures” for further details.
About Cheniere Partners
Cheniere Partners, through its subsidiary, Sabine Pass Liquefaction, LLC (“SPL”), is developing, constructing, and operating natural gas liquefaction facilities at the Sabine Pass LNG terminal located in Cameron Parish, Louisiana, on the Sabine-Neches Waterway less than four miles from the Gulf Coast. Cheniere Partners, through SPL, plans to construct up to six liquefaction trains (“Trains”), which are in various stages of development, construction, and operations. Trains 1 through 4 are operational, Train 5 is under construction and Train 6 is being commercialized and has all necessary regulatory approvals in place. Each Train is expected to have a nominal production capacity, which is prior to adjusting for planned maintenance, production reliability, and potential overdesign, of approximately 4.5 mtpa of LNG and an adjusted nominal production capacity of approximately 4.3 to 4.6 mtpa of LNG.
Through its wholly owned subsidiary, Sabine Pass LNG, L.P., Cheniere Partners owns and operates regasification facilities at the Sabine Pass LNG terminal, which includes pre-existing infrastructure of five LNG storage tanks with aggregate capacity of approximately 16.9 billion cubic feet equivalent (“Bcfe”), two marine berths that can each accommodate vessels with nominal capacity of up to 266,000 cubic meters and vaporizers with regasification capacity of approximately 4.0 Bcf/d. Cheniere Partners also owns a 94-mile pipeline that interconnects the Sabine Pass LNG terminal with a number of large interstate pipelines through its wholly owned subsidiary, Cheniere Creole Trail Pipeline, L.P.
For additional information, please refer to the Cheniere Partners website at www.cheniere.com and Quarterly Report on Form 10-Q for the quarter ended March 31, 2018, filed with the Securities and Exchange Commission.
Forward-Looking Statements
This press release contains certain statements that may include “forward-looking statements.” All statements, other than statements of historical or present facts or conditions, included herein are “forward-looking statements.” Included among “forward-looking statements” are, among other things, (i) statements regarding Cheniere Partners’ business strategy, plans and objectives, including the development, construction and operation of liquefaction facilities, (ii) statements regarding expectations regarding regulatory authorizations and approvals, (iii) statements expressing beliefs and expectations regarding the development of Cheniere Partners’ LNG terminal and liquefaction business, (iv) statements regarding the business operations and prospects of third parties, (v) statements regarding potential financing arrangements, and (vi) statements regarding future discussions and entry into contracts. Although Cheniere Partners believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Cheniere Partners’ actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Cheniere Partners’ periodic reports that are filed with and available from the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under the securities laws, Cheniere Partners does not assume a duty to update these forward-looking statements.
(Financial Tables Follow)
Cheniere Energy Partners, L.P.
Consolidated Statements of Income
(in millions, except per unit data) (1)
(unaudited)
Three Months Ended March 31, 2018 2017 Revenues LNG revenues $ 1,015 $ 492 LNG revenues—affiliate 503 331 Regasification revenues 65 65 Other revenues 10 2 Other revenues—affiliate — 1 Total revenues 1,593 891 Operating costs and expenses Cost of sales (excluding depreciation and amortization expense shown separately below) 837 513 Operating and maintenance expense 95 50 Operating and maintenance expense—affiliate 26 18 General and administrative expense 4 3 General and administrative expense—affiliate 18 22 Depreciation and amortization expense 105 66 Total operating costs and expenses 1,085 672 Income from operations 508 219 Other income (expense) Interest expense, net of capitalized interest (185 ) (130 ) Loss on early extinguishment of debt — (42 ) Derivative gain, net 8 — Other income 4 — Total other expense (173 ) (172 ) Net income $ 335 $ 47 Basic and diluted net income (loss) per common unit $ 0.67 $ (0.80 ) Weighted average number of common units outstanding used for basic and diluted net income (loss) per common unit calculation 348.6 57.1
(1)
Please refer to the Cheniere Energy Partners, L.P. Quarterly Report on Form 10-Q for the quarter ended March 31, 2018, filed with the Securities and Exchange Commission.
Cheniere Energy Partners, L.P.
Consolidated Balance Sheets
(in millions, except unit data) (1)
March 31, December 31, 2018 2017 ASSETS (unaudited) Current assets Cash and cash equivalents $ — $ — Restricted cash 1,477 1,589 Accounts and other receivables 240 191 Accounts receivable—affiliate 114 163 Advances to affiliate 97 36 Inventory 83 95 Other current assets 54 65 Total current assets 2,065 2,139 Property, plant and equipment, net 15,145 15,139 Debt issuance costs, net 34 38 Non-current derivative assets 24 31 Other non-current assets, net 197 206 Total assets $ 17,465 $ 17,553 LIABILITIES AND PARTNERS’ EQUITY Current liabilities Accounts payable $ 11 $ 12 Accrued liabilities 509 637 Due to affiliates 30 68 Deferred revenue 95 111 Deferred revenue—affiliate — 1 Derivative liabilities 4 — Total current liabilities 649 829 Long-term debt, net 16,052 16,046 Non-current deferred revenue — 1 Non-current derivative liabilities 3 3 Other non-current liabilities 11 10 Other non-current liabilities—affiliate 25 25 Partners’ equity Common unitholders’ interest (348.6 million units issued and outstanding at March 31, 2018 and December 31, 2017) 1,731 1,670 Subordinated unitholders’ interest (135.4 million units issued and outstanding at March 31, 2018 and December 31, 2017) (1,019 ) (1,043 ) General partner’s interest (2% interest with 9.9 million units issued and outstanding at March 31, 2018 and December 31, 2017) 13 12 Total partners’ equity 725 639 Total liabilities and partners’ equity $ 17,465 $ 17,553 | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/04/business-wire-cheniere-partners-reports-first-quarter-2018-results-and-raises-full-year-2018-distribution-guidance.html |
MUMBAI, India--(BUSINESS WIRE)-- Larsen & Toubro Infotech (BSE: 540005, NSE: LTI), a global technology consulting and digital solutions company, announced its Q4 FY18 and full year FY18 results today.
Q4 FY 18
In US Dollars:
Revenue at USD 309.0 million ; growth of 5.3% QoQ and 21.6% YoY Constant Currency Revenue growth of 4.5% QoQ and 18.7% YoY
In Indian Rupees:
Revenue at Rs 20,012 million ; growth at 6.2% QoQ and 19.3% YoY Net Income at Rs 2,894 million ; Net Income growth at 2.3% QoQ and 13.7% YoY
Full year FY18
In US Dollars:
Revenue at USD 1,132.3 million ; growth of 16.7% YoY Constant Currency Revenue growth of 14.7% YoY
In Indian Rupees:
Revenue at Rs 73,065 million ; growth at 12.4% YoY Net Income at Rs 11,124 million ; Net Income growth at 14.6% YoY
“Our outstanding growth of 5.3% QoQ in Q4 is a result of a broad-based performance across all verticals. We have delivered an industry leading growth of 16.7% for the full financial year with digital revenues up 42% YoY. Our sustained investments in exponential technologies are establishing us as the digital-partner-of-choice for our customers worldwide.
“We have won two large deals with net-new TCV in excess of USD 50 million in Q4 and feel good about momentum in our business that would power our FY19 performance.”
- Sanjay Jalona, Chief Executive Officer & Managing Director (LTI)
Recent Deal Wins
Awarded a transformation engagement with a leading African Bank to transition its core banking system US based home appliance manufacturer has engaged LTI for an Application Management and IT Operations support services deal Selected as IT Infrastructure and Security management partner by a US based Industrial Manufacturing company Won an analytics engagement with a Global Investment Bank to aggregate and orchestrate data and model a variety of analytics use cases for the firm’s Capital Market Group Awarded an end-to-end IT Infrastructure outsourcing engagement with a European Auto major Global Fortune 100 bank selected LTI as a preferred partner to deliver multiple digital initiatives and empower client’s broader FinTech ecosystem End-to-end managed services engagement with a financial regulator for maintaining the business applications of its IT division European manufacturing company chose LTI to migrate its workload to Oracle Cloud Selected as a strategic IT partner to execute an SAP led transformation engagement by a leading European sourcing and services company Global specialty insurance holding company engaged LTI to establish a product and digital testing Centre of Excellence ExxonMobil chose LTI and group company LTTS to digitize Geoscience content by leveraging automation
Client Testimonial
“We selected LTI as our strategic IT Partner for SAP ADMS engagement because of company’s focus on outcomes and innovation. LTI’s Mosaic Profiler provided invaluable insights in understanding extensive customizations over years. Also, LTI’s deep knowledge and experience of doing business in Nordic region along with its customer focus is a distinct advantage.”
- Henrik Thystrup, Vice President – Group IT, Solar A/S
Awards and Recognitions
Tops the ‘Challengers’ List in Everest Group’s PEAK Matrix™ Service Provider of the Year 2018 Report Ranked as the Top Service Provider in France in the 2017 French IT outsourcing study conducted by Whitelane Research Featured as Major Players in NelsonHall NEAT on Big Data and Analytics Recognized as a Representative Vendor in Gartner’s Market Guide for Blockchain Consulting and Proof-of-Concept Development Services report, dated 13 th Mar 2018 Ranked among leaders in Property & Casualty and Life & Annuities categories in Novarica 2018 Market Navigator™ for IT Services Providers for Insurers Featured as a Major Player in IDC MarketScape: Worldwide Manufacturing Customer Experience IT Strategic Consulting and System Integration 2018 Vendor Assessment Featured in HfS Blueprint Report : Enterprise Artificial Intelligence (AI) Services 2018
Other Business Highlights
The Board of Directors at its meeting held on May 23 rd , 2018 have declared a final dividend of Rs. 13.5 per equity share (Face value of Re. 1) for the financial year 2017-18. Total dividend for FY18 is Rs. 21.5 per equity share, including the interim dividend of Rs. 8 per equity share declared in November 2017. LTI joined the Enterprise Ethereum Alliance, the world's largest open source blockchain initiative. As a member, LTI will collaborate with industry leaders in pursuit of Ethereum-based enterprise technology best practices, open standards, and open-source reference architectures.
Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
About LTI :
Larsen & Toubro Infotech (NSE: LTI, BSE: 540005) is a global technology consulting and digital solutions Company helping more than 250 clients succeed in a converging world. With operations in 27 countries, we go the extra mile for our clients and accelerate their digital transformation with LTI’s Mosaic platform enabling their mobile, social, analytics, IoT and cloud journeys. Founded 20 years ago as a subsidiary of Larsen & Toubro Limited, our unique heritage gives us unrivaled real-world expertise to solve the most complex challenges of enterprises across all industries. Each day, our team of more than 20,000 LTItes enable our clients to improve the effectiveness of their business and technology operations, and deliver value to their customers, employees and shareholders. Find more at www.Lntinfotech.com or follow us at @LTI_Global
Connect with LTI :
Read our News and Blogs Follow us on Twitter and LinkedIn Like us on Facebook Watch our videos on YouTube
View source version on businesswire.com : https://www.businesswire.com/news/home/20180523005979/en/
Larsen & Toubro Infotech
Neelian Homem
PR & Media Relations - India
+91-900-434-5540
[email protected]
or
Karin Bakis
PR & Media Relations - USA
+1-978-998-1578
[email protected]
or
Katrina Dixon
PR & Media Relations - Europe
+44-771-475-3308
[email protected]
Source: Larsen & Toubro Infotech | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/business-wire-lti-q4-usd-revenue-growth-up-5-point-3-percent-qoq-and-21-point-6-percent-yoy-fy18-revenues-of-usd1-point-13bn-up-16-point-7.html |
TORONTO, May 30, 2018 /PRNewswire/ - Bank of Montreal (TSX:BMO) (NYSE:BMO) today announced that its Board of Directors declared a quarterly dividend of $0.96 per share on paid-up common shares of Bank of Montreal for the third quarter of fiscal year 2018 ("Q3 2018 Dividend"), a 3 cent increase from the previous quarter and up 7 per cent from a year ago.
The Board of Directors also declared dividends of:
$0.211875 per share on paid-up Class B Preferred Shares Series 16; $0.179589 per share on paid-up Class B Preferred Shares Series 17; $0.112813 per share on paid-up Class B Preferred Shares Series 25; $0.148082 per share on paid-up Class B Preferred Shares Series 26; $0.25 per share on paid-up Class B Preferred Shares Series 27; $0.24375 per share on paid-up Class B Preferred Shares Series 29; $0.2375 per share on paid-up Class B Preferred Shares Series 31; $0.2375 per share on paid-up Class B Preferred Shares Series 33; $0.3125 per share on paid-up Class B Preferred Shares Series 35; $14.625 per share on paid-up Class B Preferred Shares Series 36 (1) ; $0.303125 per share on paid-up Class B Preferred Shares Series 38; $0.28125 per share on paid-up Class B Preferred Shares Series 40; and $0.275 per share on paid-up Class B Preferred Shares Series 42.
The dividend on the common shares is payable on August 28, 2018, to shareholders of record on August 1, 2018. The dividends on the preferred shares are payable on August 27, 2018, to shareholders of record on August 1, 2018.
The above-mentioned dividends on the common and preferred shares are designated as "eligible" dividends for the purposes of the Income Tax Act (Canada) and any similar provincial and territorial legislation.
Common shareholders may elect to have their cash dividends reinvested in common shares of the Bank in accordance with the Bank's Shareholder Dividend Reinvestment and Share Purchase Plan (the "Plan"). For the Q3 2018 Dividend declared today and subsequently until further notice, common shares under the Plan will be purchased on the open market.
For registered shareholders who wish to participate in the Plan, Enrolment Forms must be received by the Bank's transfer agent, Computershare Trust Company of Canada, by the close of business on August 3, 2018. Beneficial or non-registered holders must contact their financial institution or broker well in advance of the above date for instructions on how to participate.
More information about the Plan and how to enroll can be found at:
http://www.bmo.com/home/about/banking/investor-relations/shareholder-information/dividend-reinvestment-plan
(1)
The Class B Preferred Shares Series 36 was issued by way of private placement and is not listed on any stock exchanges.
View original content: http://www.prnewswire.com/news-releases/bmo-financial-group-increases-common-share-dividend-by-3-cents-from-the-prior-quarter-up-7-per-cent-from-the-prior-year-300656339.html
SOURCE BMO Financial Group | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/pr-newswire-bmo-financial-group-increases-common-share-dividend-by-3-cents-from-the-prior-quarter-up-7-per-cent-from-the-prior-year.html |
May 20, 2018 / 11:44 PM / Updated 2 hours ago Stocks rally after Mnuchin says Sino-U.S. trade war "on hold" Hideyuki Sano 4 Min Read
TOKYO (Reuters) - Stocks rose on Monday as U.S. Treasury Secretary Steven Mnuchin declared the U.S. trade war with China “on hold” following an agreement to drop their tariff threats that had roiled global markets this year. A woman walks in strong wind caused by Typhoon Lan, past an electronic board showing the graphs of the recent movements of Japan's Nikkei average outside a brokerage in Tokyo, Japan, October 23, 2017. REUTERS/Issei Kato
U.S. S&P mini futures ESc1 rose 0.60 percent in Asian trade on Monday.
MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS advanced 0.55 percent in early trade, led by strong gains in greater China. Hong Kong's Hang Seng .HSI was up 1.0 percent, Taiwanese shares .TWII 1.1 percent and mainland shares .CSI300 0.4 percent.
Japan's Nikkei .N225 gained 0.4 percent.
Mnuchin and U.S. President Donald Trump’s top economic adviser, Larry Kudlow, said the agreement reached by Chinese and American negotiators on Saturday set up a framework for addressing trade imbalances in the future.
“The weekend talk appears to have made progress. While they still need to work out details of a wider trade deal, it is positive for markets that they struck a truce,” said Hirokazu Kabeya, chief global strategist at Daiwa Securities.
As safe-haven demand for debt fell, U.S. bond prices were under pressure, keeping their yields not far from last week’s peaks.
The 10-year Treasuries yield stood at 3.065 percent US10YT=RR, near a seven-year high of 3.128 percent hit on Friday.
“Recent data suggests the U.S. economy is very strong, hardly slowing down in Jan-Mar. The world economy slowed in that quarter but it appears to be rebounding. And recent rises in oil prices are likely to lift inflation expectations further,” said Tomoaki Shishido, senior fixed income analyst at Nomura Securities.
“We expect more selling until the next Fed’s meeting in June,” he said.
In the currency market, higher U.S. yields helped to strengthen the dollar against a wide range of currencies.
The euro dipped 0.1 percent to $1.1756 EUR= , hovering above Friday's five-month low of $1.1750.
The common currency was also hit after two anti-establishment parties pledged to increase spending in a deal to form a new coalition government.
The dollar maintained an uptrend against the yen, rising 0.20 percent to fetch 110.97 yen, JPY= , close to Friday's four-month high of 111.085.
Oil prices held firm near 3-1/2-year highs also on easing trade tensions between the world’s two biggest economies.
The market is keeping an eye on Venezuela, where President Nicolas Maduro appeared to be set for re-election, an outcome that could trigger additional sanctions from the United States and more censure from the European Union and Latin America.
Oil prices have been supported by plummeting Venezuelan production, in addition to a solid global demand and supply concerns stemming from tensions in the Middle East.
U.S. crude futures rose 0.8 percent to CLc1 $71.83 per barrel, near last week’s 3 1/2-year high of $72.30 while Brent crude futures LCOc1 notched up 0.8 percent to $79.10 per barrel. It had risen to $80.50 last week, its highest since November 2014. Reporting by Hideyuki Sano; Editing by Eric Meijer & Shri Navaratnam | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-global-markets/u-s-stock-futures-jump-after-mnuchin-says-trade-war-on-hold-idUKKCN1IL0XV |
May 10 (Reuters) - Itasca Capital Ltd:
* ITASCA CAPITAL FILES FIRST QUARTER FINANCIAL STATEMENTS FOR THE PERIOD ENDED MARCH 31, 2018
* ITASCA CAPITAL LTD - QTRLY LOSS PER SHARE $0.07 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-itasca-capital-reports-qtrly-loss/brief-itasca-capital-reports-qtrly-loss-per-share-0-07-idUSFWN1SH1PY |
NEW ORLEANS, May 1, ClaimsFiler, a FREE shareholder information service, reminds investors that they have until May 11, 2018 to file lead plaintiff applications in a securities class action lawsuit against BRF S.A. (NYSE: BRFS), if they purchased the Company's securities between April 4, 2013 and March 2, 2018, inclusive (the "Class Period"). This action is pending in the United States District Court for the Southern District of New York.
Get Help
BRF S.A. investors should visit us at https://www.claimsfiler.com/cases/view-brf-sa-securities-litigation or call to speak to our claim center toll-free at (844) 367-9658.
About the Lawsuit
BRF S.A. and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
The alleged false and misleading statements and omissions include, but are not limited to, that: (i) BRF employees bribed regulators, among others, to unduly influence results of inspections to conceal unsanitary practices at the Company's food processing plants; (ii) the discovery of the foregoing conduct would foreseeably subject the Company and its officers to heightened regulatory enforcement and/or prosecution; and (iii) as a result of the foregoing, BRF's financial statements were materially false and misleading at all relevant times.
About ClaimsFiler
ClaimsFiler has a single mission: to serve as the information source to help retail investors recover their share of billions of dollars from securities class action settlements. ClaimsFiler's team of experts monitor the securities class action landscape and cull information from a variety of sources to ensure comprehensive coverage across a broad range of financial instruments.
To learn more about ClaimsFiler, visit www.claimsfiler.com .
View original content: http://www.prnewswire.com/news-releases/brf-sa-shareholder-alert-claimsfiler-reminds-investors-with-losses-in-excess-of-100-000-of-lead-plaintiff-deadline-in-class-action-lawsuit-against-brf-sa---brfs-300640613.html
SOURCE ClaimsFiler | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/pr-newswire-brf-s-a-shareholder-alert-claimsfiler-reminds-investors-with-losses-in-excess-of-100000-of-lead-plaintiff-deadline-in-class.html |
May 2, 2018 / 10:02 PM / Updated 15 hours ago Macron wants strategic Paris-Delhi-Canberra axis amid Pacific tension Reuters Staff 2 Min Read
SYDNEY/PARIS (Reuters) - French President Emmanuel Macron on Wednesday called for the creation of a new strategic alliance among France, India and Australia to respond to challenges in the Asia-Pacific region and the growing assertiveness of China. FILE PHOTO: French President Emmanuel Macron holds a town hall meeting with U.S. students at George Washington University in Washington, April 25, 2018. REUTERS/Brian Snyder/File Photo
On the second day of a visit to Australia, where he hopes to cement defence ties following the 2016 signing of a $38 billion megadeal to supply submarines to the Australian navy, Macron said the like-minded democracies should forge closer ties.
“We’re not naive: if we want to be seen and respected by China as an equal partner, we must organise ourselves,” Macron said in a speech at an Australian naval base.
Macron visited China in January, where he warned Beijing that its new “Silk Road” initiative should not be “one-way”.
He then flew to India in March, where he committed to strengthen a defence partnership that has already seen New Delhi buy French warplanes in 2016.
“This new Paris-Delhi-Canberra axis is absolutely key for the region and our joint objectives in the Indian-Pacific region,” Macron said.
His visit to Australia, only the second by a French president, comes amid heightened tensions in the Pacific, where France has numerous interests.
France has island territories spanning the Indo-Pacific: Reunion and Mayotte in the Indian Ocean, and Noumea, Wallis and Futuna and French Polynesia in the Pacific.
Australia and New Zealand have each separately warned that China is seeking to exert influence in the Pacific through its international aid programme, an allegation Beijing denies. Reporting by Sydney bureau, Jean-Baptiste Vey and Michel Rose in Paris; Editing by Dan Grebler | ashraq/financial-news-articles | https://in.reuters.com/article/australia-france/macron-wants-strategic-paris-delhi-canberra-axis-amid-pacific-tension-idINKBN1I331P |
NEW YORK, May 25, 2018 (GLOBE NEWSWIRE) -- Century Petroleum Corp. (OTC:CYPE) (“ Century ” or the “ Company ”) is pleased to announce that it has entered into a binding letter agreement dated as of May 25, 2018 (the “ Letter Agreement ”) with a leading Nigerian-based cement company, Ibeto Cement Company Limited (“ Ibeto ”). The Letter Agreement outlines the proposed terms and conditions pursuant to which Century Petroleum Corp and Ibeto Cement Company Limited will effect a business combination that will result in a reverse takeover of Century Petroleum by the shareholders of Ibeto Cement Company Limited (the “ Proposed Transaction ”). The Letter Agreement was negotiated at arm’s length. Per the Agreement, Dr. Cletus Ibeto has acquired 70% control of Century Petroleum Corp. Effective May 24, 2018, Mandla J. Gwadiso, newly appointed Chairman and CEO of Century Petroleum Corp has stepped down and Dr. Cletus M. Ibeto has been appointed as the new Chairman of the Board effective immediately. Dr Cletus Ibeto was advised by Palewater Advisory Group Inc. on this transaction.
Ibeto Cement Company Limited, a privately held company organized/incorporated under the Nigerian laws, is one of the most dominant players in the fast-growing cement industry in Nigeria and, by extension, Africa. To increase its production and packaging capacity, the Ibeto Cement Company Limited is currently developing two cement plants in Nigeria namely: – one in Ebonyi State and one in Cross River State/Abia State. Each of the plant is a State-of-the-art 6,000 Metric Tons-per-day (TPD) plant and are sitting on an abundant deposit/reserve of quality limestones.
Ibeto Cement Company Limited is owned by the industrial Nigerian Billionaire - Dr. Cletus Madubugwu Ibeto, CON. Dr Ibeto is a world-class business leader and enterpreneur who has built successful companies/industries in Nigeria and beyond. Through Ibeto Cement Company Limited, Dr Ibeto has seriously impacted the cement market in Nigeria. This transaction will enable Ibeto Cement Company Limited to raise sufficient capital to dominate the industry in Nigeria and West African sub region as a whole.
Kent A. D. Clark, Chairman of Palewater Global Management Inc., the current parent company of Century Petroleum Corp , stated thus:
"The reverse merger with Century Petroleum Corp is a vital step in becoming a vibrant public company and is a key element of our growth strategy. This reverse merger is a significant accomplishment for the Palewater Global Management Inc. Team." Clark continued, "We believe the positioning of Century Petroleum Corp. as a publicly-traded company will afford all the greatest opportunity to capitalize on the rapidly growing demand for high quality, lower-cost industrial products around the world.”
Dr. Cletus Ibeto, The Chairman of The Ibeto Group, the parent company of Ibeto Cement Company Limited, Nigeria, opined that:
“Our key strategic objective in the vast and extensive development of Cement business in Nigeria and West African sub-region is to make cement affordable to all Nigerians and tiers of government in such a way that they should be able to develop modest homes for themselves and their families inclusive of road infrastructure. As far as I am concerned and with the knowledge I have and what I know in this business, the cement business is an investors’ haven especially in Nigeria and a much more profitable business than crude oil where a lot of people think is the best place to invest. This probably explains why the few people in the business have deliberately created very strong barrier to entry into the industry for prospective investors. It is therefore my honest belief that this reverse merger will enable us to accomplish this objective. In the end and, in line with our strategic intent and objective, we are geared to be a world-class cement company in terms of quality, affordability, innovation, service, environment, safety, and corporate governance and also to be a part of building the country’s needed infrastructure.
Dr Ibeto continued, it has been a long journey since I have been in business and none of my companies or businesses has been public. I have a desire to build a formidable structure for companies that will outlive me.
Moving on, everybody knows that I have had great success investing in Nigeria for myself, my family and the communities in which my businesses operate, but then the time has come for me to replicate the successes I have enjoyed in Africa on a global scale. My plan is to share my wealth of experience that has made me a leader in business today so as to ensure that which God has given to me as a gift, building successful businesses, benefits God’s people beyond Africa.
For me, this is a legacy I am building for generations to come. Century Petroleum Corp is the vehicle I plan to use as a catalyst of empowerment for all Nigerians and people all over the world as the shares of the company will be traded internationally”.
I am extremely excited to have Century Petroleum Corp as future part of the IBETO group and having taken over the reigns as the Chairman of the Board of Directors of the company will enable me to put together teams that will help grow the company and propel it and also members of the board that will help me breathe life into what Century Petroleum will ultimately become.
It is also my wish to state here that my years of experience in business as well as my success record, prove that I have the ability to build companies/businesses organically as I had done with the businesses that I have started from ground up and inorganically through businesses that I have acquired as means to grow swiftly in my vertical integration strategy.
Terms of the Transaction
The Proposed Transaction will be structured as an amalgamation, arrangement, takeover bid, share purchase or other similar forms of transactions or a series of transactions that have a similar effect with Ibeto Cement Company Limited acquiring total control of Century Petroleum Corp, whereas, the survivor/legacy of the merger would be called “Ibeto Cement International Corporation” , a transaction that will make Ibeto Cement Company Limited a 70% control shareholder of Ibeto Cement International Corporation (“the merger survivor”). The final structure for the Proposed Transaction is subject to satisfactory tax, corporate and securities law advice for both Century Petroleum Corps and Ibeto Cement Company Limited.
Completion of the Proposed Transaction is subject to a number of conditions, including completion of the merger, receipt of all necessary shareholder/shareholding and regulatory approvals, the execution of related/applicable transaction documents, approval of the SEC and Finra for the business combination and change of name.
In connection with the Proposed Transaction, the Company will be required to, amongst others: (i) change its name to a name requested by Ibeto Cement Company Limited and acceptable to applicable regulatory authorities; (ii) consolidate/consolidation of its outstanding Century Petroleum Shares on a basis to be determined (the “ Consolidation ”); (iii) replace all directors and officers of the Company on closing of the Proposed Transaction with nominees of Ibeto Cement Company Limited; and (iv) create a new class of non-participating super voting shares that would be issued to the founder of Ibeto Cement Company Limited, Dr. Cletus M. Ibeto, under the Proposed Transaction.
In the Proposed Transaction, existing shareholders of the Company as of immediately prior to the completion of the Proposed Transaction would hold post-Consolidated Century Petroleum Shares (whose voting rights will be subordinated) with a value, based on the merger. Further details of the Proposed Transaction will be included in subsequent news releases and disclosure documents (which will include business and financial information in respect of Ibeto Cement Company Limited) to be filed by the Company in connection with the Proposed Transaction.
About Century Petroleum Corp
Century Petroleum Corporation operates as an oil and gas exploration company. The Company markets its services throughout the United States.
About Ibeto Cement Company Limited.
Ibeto Cement Company Limited, located in Bundu Ama, Port Harcourt, Rivers State of Nigeria, began cement bagging operations at its bagging terminal in Port Harcourt in the year 2005. It is an ultra-modern bagging plant with a flat-storage capacity of 50,000 metric tons and a production capacity of 1,500,000 metric tons per annum, which translates to a production capacity of 4,000+ metric tons per day.
It has two (2) production lines, each with a capacity of 2,700 of 50kg bags per hour or designed total production capacity of 5,400 of 50kg bags per hour. It also has a third production line - popularly known as the “big/jumbo bag plant” - for big bags of 1,500 kilograms, and also fourth production line for bulk cement powder which is loaded on special cement trucks fitted with tanks and discharge pumps.
An integral part of the plant facility is a modern purpose-built jetty (Ibeto Jetty) that can take in ships of 190+ meters long with a sophisticated and state-of-art ship-unloaders and mounted at the waterfront on the Jetty to facilitate discharge of bulk cement from offshore/foreign mother vessels.
In line with the Nigerian Backward Integration Policy (BIP) on cement and in response to the Federal Government’s call to increase local production of cement, Ibeto Cement Company Limited acquired the premier Nigeria Cement Company Limited (Nigercem) which has a plant located in Nkalagu, Ebonyi State. The strategic acquisition of Nigercem is aimed at expediting Ibeto Cement’s local production of cement by resuscitating the Nigercem plant and developing the project, as a brand new dry process plant.
Additionally, the Ibeto Cement Company Limited is also developing another 6,000 Metric Tons Per Day (TPD) Cement plant at Cross River State/Abia State of Nigeria. http://ibeto.com/IBETO-page.asp?P=24
Cautionary Note:
The statements in this press release constitute forward-looking statements within the meaning of federal securities laws. Such statements are based on our current beliefs and expectations and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, such forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Potential risks and uncertainties include, but are not limited to, technical advances in the industry as well as political and economic conditions present within the industry. We do not take any obligation to update any forward-looking statement to reflect events or developments after a forward-looking statement was made.
For more information: Tel:+1-212-709-8206 Fax:+1-212-943-2300 [email protected]
Source:Century Petroleum Corp | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/25/globe-newswire-century-petroleum-announces-the-proposed-reverse-merger-with-a-nigerian-businessman.html |
UPDATE 1-Brazil to fine fuel distributors backing trucker protest Published 59 Mins Ago Reuters
(Adds quotes and context)
RIO DE JANEIRO, May 29 (Reuters) - Brazil's government on Tuesday toughened its stance against a nine-day trucker protest paralyzing much of the economy, threatening to crack down on fuel distributors and alleged political agitators contributing to the crisis.
Public Security Minister Raul Jungmann pledged hefty fines against distribution firms supporting the strike to protest diesel price hikes, which has emptied roads and left major cities running short on food, gasoline and medical supplies.
Highway blockades and fuel shortages have also halted industries from automaking to sugarcane crushing, hammering exports of everything from beef and soybeans to coffee and cars.
"Starting today, we will begin to find those infiltrators and we will fine those companies," he said in a radio interview, adding that antitrust agency Cade would also investigate the fuel distributors involved. "They know the price they will pay for the suffering they have imposed on the Brazilian people."
The more aggressive stance underscored the government's mounting urgency to end a nationwide protest that his been slow to unwind despite a raft of concessions that President Michel Temer offered over the weekend.
Some factions within the loosely organized trucker movement have added to demands and ignored a call to demobilize by industry group Abcam, which spearheaded the early protests and says it represents 600,000 drivers.
Oil industry regulator ANP said fuel distribution had begun to improve in cities such as Rio de Janeiro and the capital Brasilia but it remained scarce in several regions including the business hub of Sao Paulo.
It will take at least a week for fuel distribution to return to normal, according to ANP. (Reporting by Pedro Fonseca and Rodrigo Viga Gaier Writing by Ana Mano Editing by Brad Haynes and Susan Thomas) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/29/reuters-america-update-1-brazil-to-fine-fuel-distributors-backing-trucker-protest.html |
Company Reports Record First Quarter Earnings with Strong EPS Growth of 67%
The Company’s Newest and Most Incredible Ship, Norwegian Bliss, Joins the Fleet
New $1 Billion, Three-year Share Repurchase Program Authorization Announced
MIAMI, May 02, 2018 (GLOBE NEWSWIRE) -- Norwegian Cruise Line Holdings Ltd. (NYSE:NCLH) (together with NCL Corporation Ltd., “Norwegian Cruise Line Holdings”, “Norwegian” or the “Company”) today reported financial results for the first quarter ended March 31, 2018, as well as provided guidance for the second quarter and full year 2018.
Highlights
The Company generated GAAP net income of $103.2 million or EPS of $0.45 compared to $61.9 million or $0.27 in the prior year. Adjusted Net Income was $137.8 million or Adjusted EPS of $0.60 compared to $91.2 million or $0.40 in the prior year. Total revenue increased 12.4% to $1.3 billion. Gross Yield increased 1.4%. Net Yield increased 1.0% on a Constant Currency basis. The Company expects to generate record earnings for full year 2018 and has increased its outlook, with Adjusted EPS now expected to be in the range of $4.55 to $4.70. 2018 full year Net Yield growth guidance on a Constant Currency basis increased 50 basis points from prior guidance to approximately 2.5%.
“The year is off to an impressive start with yet another record quarter of earnings, which exceeded expectations," said Frank Del Rio, president and chief executive officer of Norwegian Cruise Line Holdings Ltd. “The 2018 Wave Season was stellar and has further strengthened our overall future booked position with load factor and pricing continuing to be well ahead of prior year for the remaining quarters of 2018 and throughout 2019.”
First Quarter 2018 Results
GAAP net income was $103.2 million or EPS of $0.45 compared to $61.9 million or $0.27 in the prior year. The Company generated Adjusted Net Income of $137.8 million or Adjusted EPS of $0.60 compared to $91.2 million or $0.40 in the prior year.
Revenue increased 12.4% to $1.3 billion compared to $1.2 billion in 2017. Net Revenue increased 13.1% to $1.0 billion compared to $0.9 billion in 2017. These increases were primarily attributed to strong organic pricing growth across all core markets along with an increase in Capacity Days due to the addition of Norwegian Joy to the fleet. Gross Yield increased 1.4% and Net Yield increased 1.0% on a Constant Currency basis and 2.0% on an as reported basis.
Total cruise operating expense increased 6.7% in 2018 compared to 2017 primarily due to an increase in Capacity Days. Gross Cruise Costs per Capacity Day decreased 1.5% due to a decrease in maintenance and repairs including Dry-dock expenses partially offset by an increase in marketing, general and administrative expenses. Adjusted Net Cruise Cost Excluding Fuel per Capacity Day decreased 2.7% on a Constant Currency basis and 2.1% on an as reported basis.
Fuel price per metric ton, net of hedges decreased to $448 from $453 in 2017. The Company reported fuel expense of $93.4 million in the period.
Interest expense, net was $59.7 million in 2018 compared to $53.0 million in 2017. The increase in interest expense reflects additional debt in connection with the delivery of Norwegian Joy in April 2017, Project Leonardo financing, as well as higher interest rates due to an increase in LIBOR, partially offset by the benefit from the full redemption in October 2017 of our 4.625% Senior Notes due 2020.
Other income (expense), net was an expense of $1.7 million in 2018 compared to an expense of $2.8 million in 2017. In 2018, the expense was primarily related to losses on foreign currency exchange. In 2017, the expense was primarily related to losses on foreign currency exchange and unrealized and realized losses on derivatives.
Company Outlook
“The strong global demand for our portfolio of brands which we experienced during 2017 has continued, as demonstrated by the successful, record-breaking launch of Norwegian Bliss, which entered the fleet as the best booked Norwegian Cruise Line newbuild in the history of our company,” said Mark Kempa, interim chief financial officer of Norwegian Cruise Line Holdings Ltd. “While our primary focus continues to be to delever to the low 3 times by year-end 2018, our recently announced $1 billion share repurchase program reflects our ongoing confidence in our financial position and the long-term strength of our business as well as our commitment to provide meaningful capital returns to our shareholders.”
2018 Guidance and Sensitivities
In addition to announcing the results for the first quarter, the Company also provided guidance for the second quarter and full year 2018, along with accompanying sensitivities. The Company does not provide guidance on a GAAP basis because the Company is unable to predict, with reasonable certainty, the future movement of foreign exchange rates or the future impact of certain gains and charges. These items are uncertain and will depend on several factors, including industry conditions, and could be material to the Company’s results computed in accordance with GAAP. The Company has not provided reconciliations between the Company’s 2018 guidance and the most directly comparable GAAP measures because it would be too difficult to prepare a reliable U.S. GAAP quantitative reconciliation without unreasonable effort.
Second Quarter 2018 Full Year 2018 As Reported Constant Currency As Reported Constant
Currency Net Yield Approx. 2.75% Approx. 2.0% Approx. 3.0% Approx. 2.5% Adjusted Net Cruise Cost Excluding Fuel per Capacity Day Approx. 9.0% 7.5% to 8.0% 0.5% to 1.5% Flat to 1.0% Adjusted EPS Approx. $1.02 $4.55 to $4.70 Adjusted Depreciation and Amortization (1) Approx. $135 million Approx. $552 million Adjusted Interest Expense, net Approx. $70 million Approx. $274 million Effect on Adjusted EPS of a 1% change in Net Yield (2) $0.05 $0.16 (3) Effect on Adjusted EPS of a 1% change in Adjusted Net Cruise Cost Excluding Fuel per Capacity Day (2) $0.03 $0.08 (3) (1) Excludes $6.2 million and $24.9 million of amortization of intangible assets related to the Acquisition of Prestige in the second quarter and full year 2018, respectively.
(2) Based on midpoint of guidance.
(3) For the remaining quarters of 2018.
The following reflects the Company’s expectations regarding fuel consumption and pricing, along with accompanying sensitivities.
Second Quarter 2018 Full Year 2018
Fuel consumption in metric tons 205,000 840,000 Fuel price per metric ton, net of hedges $470 $470 Effect on Adjusted EPS of a 10% change in fuel prices, net of hedges $0.02 $0.07 (1) (1) For the remaining quarters of 2018.
As of March 31, 2018, the Company had hedged approximately 64%, 48%, and 26% of its total projected metric tons of fuel consumption for the remainder of 2018, 2019, and 2020, respectively. The following table provides amounts hedged and price per barrel of heavy fuel oil (“HFO”) and marine gas oil (“MGO”) which are hedged utilizing U.S. Gulf Coast 3% (“USGC”) and Brent, respectively.
Remainder of 2018 2019 2020 % of HFO Consumption Hedged 83% 57% 52% Average USGC Price / Barrel $53.02 $47.82 $39.50 % of MGO Consumption Hedged 17% 20% 11% Average Brent Price / Barrel $46.50 $49.25 $51.85
The following reflects the foreign currency exchange rates the Company used in its second quarter and full year 2018 guidance.
Current Guidance - May Prior Guidance – February Euro $1.21 $1.24 British pound $1.38 $1.42 Australian Dollar $0.75 $0.81 Canadian Dollar $0.78 $0.81
Future capital commitments consist of contracted commitments, including ship construction contracts, and future expected capital expenditures necessary for operations as well as our ship refurbishment projects. As of March 31, 2018, anticipated capital expenditures were $1.4 billion for the remainder of 2018, $1.3 billion and $0.9 billion for the years ending December 31, 2019 and 2020, respectively. We have export credit financing in place for the expenditures related to ship construction contracts of $0.7 billion for the remainder of 2018, $0.6 billion and $0.5 billion for the years ended December 31, 2019 and 2020, respectively.
Company Updates and Other Business Highlights
$1 Billion, Three-year Share Repurchase Program Authorized
In April 2018, the Company’s Board of Directors (the “Board") authorized a three-year, $1 billion share repurchase program. This authorization reflects the Company’s ongoing confidence in its financial strength and the long-term outlook of its business. The Company may repurchase its ordinary shares from time to time, in amounts, at prices and at such times as it deems appropriate, subject to market conditions and other considerations. The Company may make repurchases in the open market, in privately negotiated transactions, in accelerated repurchase programs or in structured share repurchase programs, and any repurchases may be made pursuant to Rule 10b5-1 plans. The program will be conducted in compliance with applicable legal requirements and will be subject to market conditions and other factors.
Company Announces New Dedicated Terminal at PortMiami
Recently, the Company unveiled the design of the new and dedicated Norwegian Cruise Line terminal at PortMiami. The new terminal will set the standard for passenger comfort and experience and will become an iconic building on Miami’s waterfront, and once complete, it will be the new “pearl” of Miami, redefining the landscape of the city’s skyline. At nearly 166,500 square feet, the debuting terminal will accommodate ships of up to 5,000 passengers. On April 26, the Company celebrated the groundbreaking of the terminal, marking the start of construction. The project is scheduled for completion by fall of 2019, as Norwegian Encore, the newest ship of the Breakaway Plus Class, makes her debut in Miami with seasonal cruises to the Caribbean.
Delivery of Norwegian Bliss
On April 19, Norwegian Cruise Line took delivery of the 168,028-gross-ton Norwegian Bliss from Meyer Werft during a ceremony in Bremerhaven, Germany, marking the conclusion of an 18-month building period. Norwegian Bliss, the third ship in the line’s Breakaway Plus Class Ships, the most successful class in the Company’s history, is the first cruise ship specifically designed with features and amenities for the ultimate Alaska cruising experience. Before cruising to Southampton, England to begin her transatlantic journey on April 21, Norwegian Bliss will showcase all she has to offer to her first guests during a two-day European inaugural preview cruise. Upon her arrival to the U.S. on May 3, the festivities for her U.S. inaugural tour will commence with two-night preview events in New York, Miami, and Los Angeles, and will conclude with a grand christening ceremony and sailing from her first homeport at Pier 66 in Seattle, Washington and will then embark on her first seven-day voyage to Alaska.
Company Appoints Pamela Thomas-Graham to Its Board of Directors
On April 24, the Company announced it expanded its Board with the appointment of Ms. Pamela Thomas-Graham as a new independent member, effective April 23, 2018. Ms. Thomas-Graham’s appointment increased the Board from nine to 10 members, seven of whom are independent. She will also serve as a member of the Company’s Audit Committee.
Regent Seven Seas Mariner Revitalization
In the final phase of Regent Seven Seas Cruises’ $125 million refurbishment program, the Company completed its bow-to-stern upgrade of Seven Seas Mariner, elevating the ship to the level of elegance set by Seven Seas Explorer® and providing a consistent look and feel to the entire fleet. Seven Seas Mariner completed a 20-day Dry-dock at Chantier Naval de Marseille, and has re-emerged with dramatic new culinary experiences, elegant new suite designs, and completely renewed elegant guest spaces.
Regent Seven Seas Cruises Cut Steel for Seven Seas Splendor and Reveals Ship Details
Regent Seven Seas Cruises cut the first plate of steel for Seven Seas Splendor, marking a significant construction milestone for the ship that will elevate the standard for all-inclusive luxury experiences. The new 750-guest ship will join the fleet in early 2020, in pursuit of the ultimate achievement – perfection. The inaugural season for the all-suite, all-balcony ship went on sale in early April. Seven Seas Splendor will join Regent’s most luxurious fleet in the world, comprising Seven Seas Explorer, Seven Seas Voyager, Seven Seas Mariner, and Seven Seas Navigator. Details for Seven Seas Splendor’s awe-inspiring public spaces and ten sophisticated suite categories for debut in 2020 have also been revealed. The cruise line is building upon the elegance of its existing ships with lush designs and distinguishing upgrades that will captivate travelers and exceed their expectations, as they indulge in all-inclusive luxury experiences across the globe.
Conference Call
The Company has scheduled a conference call for Wednesday, May 2, 2018 at 10:00 a.m. Eastern Time to discuss first quarter results. A link to the live webcast can be found on the Company’s Investor Relations website at www.nclhltdinvestor.com . A replay of the conference call will also be available on the website for 30 days after the call.
About Norwegian Cruise Line Holdings Ltd.
Norwegian Cruise Line Holdings Ltd. (NYSE:NCLH) is a leading global cruise company which operates the Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises brands.
With a combined fleet of 26 ships with approximately 54,400 berths, these brands offer itineraries to more than 450 destinations worldwide. The Company will introduce six additional ships through 2025, and has an option to introduce two additional ships for delivery in 2026 and 2027.
Norwegian Cruise Line is the innovator in cruise travel with a 51-year history of breaking the boundaries of traditional cruising. Most notably, Norwegian revolutionized the cruise industry by offering guests the freedom and flexibility to design their ideal cruise vacation on their schedule with no set dining times, a variety of entertainment options and no formal dress codes. Today, Norwegian invites guests to enjoy a relaxed, resort- style cruise vacation on some of the newest and most contemporary ships at sea with a wide variety of accommodations options, including The Haven by Norwegian®, a luxury enclave with suites, private pool and dining, concierge service and personal butlers. Norwegian Cruise Line sails around the globe, offering guests the freedom and flexibility to explore the world on their own time and experience up to 27 dining options, award-winning entertainment, superior guest service and more across all of the brand’s 16 ships.
Celebrating its 15 th anniversary in 2018, Oceania Cruises is the world’s leading culinary- and destination-focused cruise line. The line’s six intimate and luxurious ships which carry only 684 or 1,250 guests offer an unrivaled vacation experience featuring the finest cuisine at sea and destination-rich itineraries that span the globe. Expertly crafted voyages aboard designer-inspired, intimate ships call on more than 450 ports across Europe, Alaska, Asia, Africa, Australia, New Zealand, New England-Canada, Bermuda, the Caribbean, Panama Canal, Tahiti and the South Pacific and epic Around The World Voyages that range from 180 to 200 days.
Regent Seven Seas Cruises offers the industry’s most inclusive luxury experience aboard its all-suite fleet. Seven Seas Mariner’s 2018 dry-dock refurbishment concluded the line’s $125 million refurbishment program to elevate the elegance of the whole fleet to the standard set by Seven Seas Explorer. In early 2020, Regent will perfect luxury with the launch of Seven Seas Splendor. A voyage with Regent Seven Seas Cruises includes all-suite accommodations, round-trip air, highly personalized service, exquisite cuisine, fine wines and spirits, unlimited internet access, sightseeing excursions in every port, gratuities, ground transfers and a pre-cruise hotel package for guests staying in concierge-level suites and higher.
Terminology
Acquisition of Prestige . In November 2014, we acquired Prestige in a cash and stock transaction for total consideration of $3.025 billion, including the assumption of debt.
Adjusted Depreciation and Amortization . Depreciation and amortization adjusted to exclude amortization of intangible assets related to the Acquisition of Prestige.
Adjusted EBITDA . EBITDA adjusted for other income (expense), net and other supplemental adjustments.
Adjusted EPS. Adjusted Net Income divided by the number of diluted weighted-average shares outstanding.
Adjusted Interest Expense. Interest expense adjusted to exclude write-offs of deferred financing fees related to the refinancing of certain of our credit facilities.
Adjusted Net Cruise Cost Excluding Fuel . Net Cruise Cost less fuel expense adjusted for supplemental adjustments.
Adjusted Net Income. Net income adjusted for supplemental adjustments.
Adjusted ROIC. Adjusted EBITDA less Adjusted Depreciation and Amortization divided by debt and shareholders’ equity, averaged for four quarters.
Berths . Double occupancy capacity per cabin (single occupancy per studio cabin) even though many cabins can accommodate three or more passengers.
Breakaway Plus Class Ships . Norwegian Escape, Norwegian Joy, Norwegian Bliss and Norwegian Encore.
Capacity Days. Available Berths multiplied by the number of cruise days for the period.
Constant Currency. A calculation whereby foreign currency-denominated revenues and expenses in a period are converted at the U.S. dollar exchange rate of a comparable period in order to eliminate the effects of foreign exchange fluctuations.
Dry-dock . A process whereby a ship is positioned in a large basin where all of the fresh/sea water is pumped out in order to carry out cleaning and repairs of those parts of a ship which are below the water line.
EBITDA. Earnings before interest, taxes, and depreciation and amortization.
EPS. Diluted earnings per share.
GAAP. Generally accepted accounting principles in the U.S.
Gross Cruise Cost. The sum of total cruise operating expense and marketing, general and administrative expense.
Gross Yield . Total revenue per Capacity Day.
Net Cruise Cost . Gross Cruise Cost less commissions, transportation and other expense and onboard and other expense.
Net Cruise Cost Excluding Fuel . Net Cruise Cost less fuel expense.
Net Revenue. Total revenue less commissions, transportation and other expense and onboard and other expense.
Net Yield. Net Revenue per Capacity Day.
Occupancy Percentage or Load Factor. The ratio of Passenger Cruise Days to Capacity Days. A percentage in excess of 100% indicates that three or more passengers occupied some cabins.
Passenger Cruise Days . The number of passengers carried for the period, multiplied by the number of days in their respective cruises.
Secondary Equity Offering(s). Secondary public offering(s) of NCLH’s ordinary shares in March 2018, November 2017, August 2017, December 2015, August 2015, May 2015, March 2015, March 2014, December 2013 and August 2013.
Shipboard Retirement Plan. An unfunded defined benefit pension plan for certain crew members which computes benefits based on years of service, subject to certain requirements.
Non-GAAP Financial Measures
We use certain non-GAAP financial measures, such as Net Revenue, Net Yield, Net Cruise Cost, Adjusted Net Cruise Cost Excluding Fuel, Adjusted EBITDA, Adjusted Net Income and Adjusted EPS, to enable us to analyze our performance. See “Terminology” for the definitions of these non-GAAP financial measures. We utilize Net Revenue and Net Yield to manage our business on a day-to-day basis and believe that they are the most relevant measures of our revenue performance because they reflect the revenue earned by us net of significant variable costs. In measuring our ability to control costs in a manner that positively impacts net income, we believe changes in Net Cruise Cost and Adjusted Net Cruise Cost Excluding Fuel to be the most relevant indicators of our performance.
As our business includes the sourcing of passengers and deployment of vessels outside of the U.S., a portion of our revenue and expenses are denominated in foreign currencies, particularly British pound, Canadian dollar, euro and Australian dollar, which are subject to fluctuations in currency exchange rates versus our reporting currency, the U.S. dollar. In order to monitor results excluding these fluctuations, we calculate certain non-GAAP measures on a Constant Currency basis whereby current period revenue and expenses denominated in foreign currencies are converted to U.S. dollars using currency exchange rates of the comparable period. We believe that presenting these non-GAAP measures on both a reported and Constant Currency basis is useful in providing a more comprehensive view of trends in our business.
We believe that Adjusted EBITDA is appropriate as a supplemental financial measure as it is used by management to assess operating performance. We also believe that Adjusted EBITDA is a useful measure in determining our performance as it reflects certain operating drivers of our business, such as sales growth, operating costs, marketing, general and administrative expense and other operating income and expense. Adjusted EBITDA is not a defined term under GAAP nor is it intended to be a measure of liquidity or cash flows from operations or a measure comparable to net income as it does not take into account certain requirements such as capital expenditures and related depreciation, principal and interest payments and tax payments and it includes other supplemental adjustments.
Adjusted Net Income and Adjusted EPS are non-GAAP financial measures that exclude certain amounts and are used to supplement GAAP net income and EPS. We use Adjusted Net Income and Adjusted EPS as key performance measures of our earnings performance. We believe that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting and analyzing future periods. These non-GAAP financial measures also facilitate management’s internal comparison to our historical performance. In addition, management uses Adjusted EPS as a performance measure for our incentive compensation. The amounts excluded in the presentation of these non-GAAP financial measures may vary from period to period; accordingly, our presentation of Adjusted Net Income, Adjusted EPS, and Adjusted EBITDA may not be indicative of future adjustments or results.
You are encouraged to evaluate each adjustment used in calculating our non-GAAP financial measures and the reasons we consider our non-GAAP financial measures appropriate for supplemental analysis. In evaluating our non-GAAP financial measures, you should be aware that in the future we may incur expenses similar to the adjustments in our presentation. Our non-GAAP financial measures have limitations as analytical tools, and you should not consider these measures in isolation or as a substitute for analysis of our results as reported under GAAP. Our presentation of our non-GAAP financial measures should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. Our non-GAAP financial measures may not be comparable to other companies. Please see a historical reconciliation of these measures to the most comparable GAAP measure presented in our consolidated financial statements below.
Cautionary Statement Concerning Forward-Looking Statements
Certain statements in this release constitute forward-looking statements within the meaning of the U.S. federal securities laws intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in this release, including, without limitation, those regarding our business strategy, financial position, results of operations, plans, prospects and objectives of management for future operations (including expected fleet additions, development plans, share repurchase authorization objectives relating to our activities and expected performance in new markets), are forward-looking statements. Many, but not all, of these statements can be found by looking for words like "expect," "anticipate," "goal," "project," "plan," "believe," "seek," "will," "may," "forecast," "estimate," "intend," "future," and similar words. Forward-looking statements do not guarantee future performance and may involve risks, uncertainties and other factors which could cause our actual results, performance or achievements to differ materially from the future results, performance or achievements expressed or implied in those forward-looking statements. Examples of these risks, uncertainties and other factors include, but are not limited to the impact of: adverse events impacting the security of travel, such as terrorist acts, armed conflict and threats thereof, acts of piracy, and other international events; adverse incidents involving cruise ships; adverse general economic and related factors, such as fluctuating or increasing levels of unemployment, underemployment and the volatility of fuel prices, declines in the securities and real estate markets, and perceptions of these conditions that decrease the level of disposable income of consumers or consumer confidence; the spread of epidemics and viral outbreaks; our expansion into and investments in new markets; the risks and increased costs associated with operating internationally; breaches in data security or other disturbances to our information technology and other networks; changes in fuel prices and/or other cruise operating costs; fluctuations in foreign currency exchange rates; overcapacity in key markets or globally; the unavailability of attractive port destinations; our indebtedness and restrictions in the agreements governing our indebtedness that limit our flexibility in operating our business; the significant portion of our assets pledged as collateral under our existing debt agreements and the ability of our creditors to accelerate the repayment of our indebtedness; volatility and disruptions in the global credit and financial markets, which may adversely affect our ability to borrow and could increase our counterparty credit risks, including those under our credit facilities, derivatives, contingent obligations, insurance contracts and new ship progress payment guarantees; our inability to recruit or retain qualified personnel or the loss of key personnel; delays in our shipbuilding program and ship repairs, maintenance and refurbishments; our reliance on third parties to provide hotel management services to certain ships and certain other services; future increases in the price of, or major changes or reduction in, commercial airline services; amendments to our collective bargaining agreements for crew members and other employee relation issues; our inability to obtain adequate insurance coverage; future changes relating to how external distribution channels sell and market our cruises; pending or threatened litigation, investigations and enforcement actions; our ability to keep pace with developments in technology; seasonal variations in passenger fare rates and occupancy levels at different times of the year; changes involving the tax and environmental regulatory regimes in which we operate; and other factors set forth under "Risk Factors" in our most recently filed Annual Report on Form 10-K and subsequent filings by the Company with the Securities and Exchange Commission. The above examples are not exhaustive and new risks emerge from time to time. Such forward-looking statements are based on our current beliefs, assumptions, expectations, estimates and projections regarding our present and future business strategies and the environment in which we expect to operate in the future. These forward-looking statements speak only as of the date made. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement contained herein to reflect any change in our expectations with regard thereto or any change of events, conditions or circumstances on which any such statement was based, except as required by law.
Investor Relations & Media Contacts
Andrea DeMarco
(305) 468-2339
[email protected]
Jordan Kever
(305) 436-4961
NORWEGIAN CRUISE LINE HOLDINGS LTD. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (in thousands, except share and per share data) Three Months Ended March 31, 2018 2017 Revenue Passenger ticket $ 889,866 $ 786,694 Onboard and other 403,537 364,087 Total revenue 1,293,403 1,150,781 Cruise operating expense Commissions, transportation and other 218,340 194,140 Onboard and other 70,688 68,411 Payroll and related 209,824 192,636 Fuel 93,431 88,886 Food 50,656 46,178 Other 125,152 129,547 Total cruise operating expense 768,091 719,798 Other operating expense Marketing, general and administrative 227,015 192,044 Depreciation and amortization 131,244 119,205 Total other operating expense 358,259 311,249 Operating income 167,053 119,734 Non-operating income (expense) Interest expense, net (59,698 ) (52,960 ) Other income (expense), net (1,666 ) (2,815 ) Total non-operating income (expense) (61,364 ) (55,775 ) Net income before income taxes 105,689 63,959 Income tax expense (2,534 ) (2,049 ) Net income $ 103,155 $ 61,910 Weighted-average shares outstanding Basic 227,343,577 227,468,526 Diluted 229,187,628 228,555,952 Earnings per share Basic $ 0.45 $ 0.27 Diluted $ 0.45 $ 0.27
NORWEGIAN CRUISE LINE HOLDINGS LTD. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (in thousands) Three Months Ended March 31, 2018 2017 Net income $ 103,155 $ 61,910 Other comprehensive income: Shipboard Retirement Plan 105 105 Cash flow hedges: Net unrealized gain (loss) 48,576 (7,283 ) Amount realized and reclassified into earnings (1,785 ) 9,705 Total other comprehensive income 46,896 2,527 Total comprehensive income $ 150,051 $ 64,437
NORWEGIAN CRUISE LINE HOLDINGS LTD. CONSOLIDATED BALANCE SHEETS (Unaudited) (in thousands, except share data) March 31, December 31, 2018 2017 Assets Current assets: Cash and cash equivalents $ 301,748 $ 176,190 Accounts receivable, net 41,159 43,961 Inventories 80,427 82,121 Prepaid expenses and other assets 337,441 216,065 Total current assets 760,775 518,337 Property and equipment, net 11,085,572 11,040,488 Goodwill 1,388,931 1,388,931 Tradenames 817,525 817,525 Other long-term assets 432,182 329,588 Total assets $ 14,484,985 $ 14,094,869 Liabilities and shareholders' equity Current liabilities: Current portion of long-term debt $ 772,187 $ 619,373 Accounts payable 65,573 53,433 Accrued expenses and other liabilities 535,278 513,717 Advance ticket sales 1,720,505 1,303,498 Total current liabilities 3,093,543 2,490,021 Long-term debt 5,580,290 5,688,392 Other long-term liabilities 172,079 166,690 Total liabilities 8,845,912 8,345,103 Commitments and contingencies Shareholders' equity: Ordinary shares, $.001 par value; 490,000,000 shares authorized; 234,709,747 shares issued and 224,675,474 shares outstanding at March 31, 2018 and 233,840,523 shares issued and 228,528,562 shares outstanding at December 31, 2017 235 233 Additional paid-in capital 4,020,584 3,998,694 Accumulated other comprehensive income (loss) 73,862 26,966 Retained earnings 2,047,152 1,963,128 Treasury shares (10,034,273 and 5,311,961 ordinary shares at March 31, 2018 and December 31, 2017, respectively, at cost) (502,760 ) (239,255 ) Total shareholders' equity 5,639,073 5,749,766 Total liabilities and shareholders' equity $ 14,484,985 $ 14,094,869
NORWEGIAN CRUISE LINE HOLDINGS LTD. CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (in thousands) Three Months Ended March 31, 2018 2017 Cash flows from operating activities Net income $ 103,155 $ 61,910 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization expense 134,546 121,593 (Gain) loss on derivatives (10 ) 406 Deferred income taxes, net 809 1,186 Provision for bad debts and inventory 1,266 323 Share-based compensation expense 28,102 18,203 Changes in operating assets and liabilities: Accounts receivable, net 1,618 14,943 Inventories 1,363 (5,184 ) Prepaid expenses and other assets (45,709 ) (9,473 ) Accounts payable 13,163 27,423 Accrued expenses and other liabilities (3,180 ) (19,321 ) Advance ticket sales 375,638 222,935 Net cash provided by operating activities 610,761 434,944 Cash flows from investing activities Additions to property and equipment, net (143,874 ) (117,777 ) Promissory note receipts 249 - Net cash used in investing activities (143,625 ) (117,777 ) Cash flows from financing activities Repayments of long-term debt (252,826 ) (465,237 ) Proceeds from long-term debt 290,878 236,000 Proceeds from employee related plans 5,961 9,466 Net share settlement of restricted share units (12,171 ) (4,550 ) Purchases of treasury shares (263,505 ) - Deferred financing fees (109,915 ) (1,404 ) Net cash used in financing activities (341,578 ) (225,725 ) Net increase in cash and cash equivalents 125,558 91,442 Cash and cash equivalents at beginning of the period 176,190 128,347 Cash and cash equivalents at end of the period $ 301,748 $ 219,789
NORWEGIAN CRUISE LINE HOLDINGS LTD. NON-GAAP RECONCILING INFORMATION (Unaudited) The following table sets forth selected statistical information: Three Months Ended March 31, 2018 2017 Passengers carried 617,440 528,354 Passenger Cruise Days 4,724,604 4,230,518 Capacity Days 4,466,471 4,030,616 Occupancy Percentage 105.8 % 105.0 % Net Revenue, Gross Yield, Net Yield and Adjusted Net Yield were calculated as follows (in thousands, except Capacity Days and Yield data): Three Months Ended March 31, 2018 Constant 2018 Currency 2017 Passenger ticket revenue $ 889,866 $ 876,793 $ 786,694 Onboard and other revenue 403,537 403,537 364,087 Total revenue 1,293,403 1,280,330 1,150,781 Less: Commissions, transportation and other expense 218,340 215,291 194,140 Onboard and other expense 70,688 70,688 68,411 Net Revenue 1,004,375 994,351 888,230 Capacity Days 4,466,471 4,466,471 4,030,616 Gross Yield $ 289.58 $ 286.65 $ 285.51 Net Yield $ 224.87 $ 222.63 $ 220.37 NORWEGIAN CRUISE LINE HOLDINGS LTD. NON-GAAP RECONCILING INFORMATION (Unaudited) Gross Cruise Cost, Net Cruise Cost, Net Cruise Cost Excluding Fuel and Adjusted Net Cruise Cost Excluding Fuel were calculated as follows (in thousands, except Capacity Days and per Capacity Day data): Three Months Ended March 31, 2018 Constant 2018 Currency 2017 Total cruise operating expense $ 768,091 $ 763,593 $ 719,798 Marketing, general and administrative expense 227,015 224,692 192,044 Gross Cruise Cost 995,106 988,285 911,842 Less: Commissions, transportation and other expense 218,340 215,291 194,140 Onboard and other expense 70,688 70,688 68,411 Net Cruise Cost 706,078 702,306 649,291 Less: Fuel expense 93,431 93,431 88,886 Net Cruise Cost Excluding Fuel 612,647 608,875 560,405 Less Non-GAAP Adjustments: Non-cash deferred compensation (1) 542 542 823 Non-cash share-based compensation (2) 28,102 28,102 18,203 Secondary Equity Offering expenses (3) 482 482 - Severance payments and other fees (4) - - 2,399 Acquisition of Prestige expenses (5) - - 250 Other (6) (992 ) (992 ) - Adjusted Net Cruise Cost Excluding Fuel $ 584,513 $ 580,741 $ 538,730 Capacity Days 4,466,471 4,466,471 4,030,616 Gross Cruise Cost per Capacity Day $ 222.79 $ 221.27 $ 226.23 Net Cruise Cost per Capacity Day $ 158.08 $ 157.24 $ 161.09 Net Cruise Cost Excluding Fuel per Capacity Day $ 137.17 $ 136.32 $ 139.04 Adjusted Net Cruise Cost Excluding Fuel per Capacity Day $ 130.87 $ 130.02 $ 133.66 (1) Non-cash deferred compensation expenses related to the crew pension plan and other crew expenses, which are included in payroll and related expense. (2) Non-cash share-based compensation expenses related to equity awards, which are included in marketing, general and administrative expense and payroll and related expense. (3) Expenses related to Secondary Equity Offerings, which are included in marketing, general and administrative expense. (4) Severance payments and other fees related to restructuring costs and other severance arrangements, which are included in marketing, general and administrative expense. (5) Expenses related to the Acquisition of Prestige, which are included in marketing, general and administrative expense. (6) Primarily related to reimbursements of certain legal costs, which are included in marketing, general and administrative expense.
NORWEGIAN CRUISE LINE HOLDINGS LTD. NON-GAAP RECONCILING INFORMATION (Unaudited) Adjusted Net Income and Adjusted EPS were calculated as follows (in thousands, except share and per share data): Three Months Ended March 31, 2018 2017 Net income $ 103,155 $ 61,910 Non-GAAP Adjustments: Non-cash deferred compensation (1) 863 823 Non-cash share-based compensation (2) 28,102 18,203 Secondary Equity Offering expenses (3) 482 - Severance payments and other fees (4) - 2,399 Acquisition of Prestige expenses (5) - 250 Amortization of intangible assets (6) 6,222 7,568 Other (7) (992 ) - Adjusted Net Income $ 137,832 $ 91,153 Diluted weighted-average shares outstanding 229,187,628 228,555,952 Diluted earnings per share $ 0.45 $ 0.27 Adjusted EPS $ 0.60 $ 0.40 (1) Non-cash deferred compensation expenses related to the crew pension plan and other crew expenses, which are included in payroll and related expense and other income (expense). (2) Non-cash share-based compensation expenses related to equity awards, which are included in marketing, general and administrative expense and payroll and related expense. (3) Expenses related to Secondary Equity Offerings, which are included in marketing, general and administrative expense. (4) Severance payments and other fees related to restructuring costs and other severance arrangements, which are included in marketing, general and administrative expense. (5) Expenses related to the Acquisition of Prestige, which are primarily included in marketing, general and administrative expense. (6) Amortization of intangible assets related to the Acquisition of Prestige, which are included in depreciation and amortization expense. (7) Primarily related to reimbursements of certain legal costs, which are included in marketing, general and administrative expense. NORWEGIAN CRUISE LINE HOLDINGS LTD. NON-GAAP RECONCILING INFORMATION (Unaudited) EBITDA and Adjusted EBITDA were calculated as follows (in thousands): Three Months Ended March 31, 2018 2017 Net income $ 103,155 $ 61,910 Interest expense, net 59,698 52,960 Income tax expense 2,534 2,049 Depreciation and amortization expense 131,244 119,205 EBITDA 296,631 236,124 Other (income) expense (1) 1,666 2,815 Non-GAAP Adjustments: Non-cash deferred compensation (2) 542 823 Non-cash share-based compensation (3) 28,102 18,203 Secondary Equity Offering expenses (4) 482 - Severance payments and other fees (5) - 2,399 Acquisition of Prestige expenses (6) - 250 Other (7) (992 ) - Adjusted EBITDA $ 326,431 $ 260,614 (1) Primarily consists of gains and losses, net for derivative contracts and foreign currency exchanges. (2) Non-cash deferred compensation expenses related to the crew pension plan and other crew expenses, which are included in payroll and related expense. (3) Non-cash share-based compensation expenses related to equity awards, which are included in marketing, general and administrative expense and payroll and related expense. (4) Expenses related to Secondary Equity Offerings, which are included in marketing, general and administrative expense. (5) Severance payments and other fees related to restructuring costs and other severance arrangements, which are included in marketing, general and administrative expense. (6) Expenses related to the Acquisition of Prestige, which are included in marketing, general and administrative expense. (7) Primarily related to reimbursements of certain legal costs, which are included in marketing, general and administrative expense.
Source:Norwegian Cruise Line Holdings Ltd. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/globe-newswire-norwegian-cruise-line-holdings-reports-financial-results-for-the-first-quarter-2018.html |
May 2, 2018 / 11:23 AM / Updated 6 minutes ago BRIEF-Harsco Announces $75 Mln Share Repurchase Authorization Reuters Staff
May 2 (Reuters) - Harsco Corp:
* HARSCO CORPORATION ANNOUNCES $75 MILLION SHARE REPURCHASE AUTHORIZATION
* HARSCO CORP - INTENDS TO FINANCE PURCHASES WITH ANTICIPATED CASH FLOWS Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-harsco-announces-75-mln-share-repu/brief-harsco-announces-75-mln-share-repurchase-authorization-idUSASC09YXS |
Bill Pugliano | Getty Images Blackstone is expanding its presence in the nearly $300bn market for US subprime car loans, while some of its competitors are showing signs of throttling back.
The world's biggest private equity firm pushed into car loans in 2011, buying a majority stake in Exeter Finance, a subprime specialist based in Irving, Texas. Blackstone has since injected more than $400m into the company and poached its senior management team from Santander Consumer , the biggest US subprime auto lender.
The company's loan portfolio expanded about 10 per cent to $3.4bn in 2017. This year, Exeter has jumped four places in the ranks of the top issuers of securities backed by subprime car loans, according to S&P Global. Exeter has already issued $1.1bn of such securities this year, not far from its 2017 total of $1.4bn, putting it second only to Santander's $3bn.
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"Exeter has grown its portfolio and is going to grow it even more this year, given its strong performance," said Martin Brand, a senior managing director at Blackstone, who oversees the firm's investment in Exeter and other financial institutions.
Private-equity firms moved into subprime car loans in the years after the financial crisis, as big banks pulled back under tighter supervisory standards and tougher rules on capital. Perella Weinberg, for example, bought a majority stake in Flagship Credit Acceptance in 2010 while Lee Equity Partners bought out Skopos Financial a year later.
But some of these subprime lenders have run into trouble, hurt by losses on loans and the higher cost of funds. Recent closures of private equity-backed lenders include Pelican Auto Finance, shut down by its sponsor, Flexpoint Ford. Flagship, meanwhile, reduced its portfolio by 8.5 per cent through 2017, with losses on recent deals running higher than expected, according to S&P.
Flexpoint, Flagship and Perella declined to comment.
"Some companies funded by private equity are decreasing their origination volumes year over year," said Amy Martin, head of subprime auto ratings at S&P. "We think that is a sign of equity not supporting the company with respect to their growth goals but it could also be an indication that they are trying to improve credit quality and tightening lending standards."
Data on pools of subprime loans originated by Exeter show cumulative net losses of about 20 per cent. That compares with average annualised losses of 8.3 per cent in 2017 across all subprime car loans, according to S&P.
According to the New York Fed there were $282bn of subprime loans outstanding at the end of the third quarter last year. The Fed defines subprime as borrowers with credit scores of less than 620 on the commonly used FICO scale.
"I think [subprime lending] provides an important service because it is often the only way these consumers can get a car and travel to their jobs," said Mr Brand of Blackstone. "Our credit performance is improving year over year, our profitability is improving and our position in the market is improving."
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Blackstone's Japan move highlights governance fight | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/01/blackstone-is-expanding-its-investment-in-subprime-car-loans.html |
Federal Reserve Bank of Cleveland President Loretta Mester said Monday that a shifting outlook for the economy may mean the central bank has to raise rates more than she once expected.
“With fiscal policy turning from restrictive to stimulative, the economy growing above trend, and investment rising, the short-term equilibrium interest rate is rising, too,” Ms. Mester said in the text of a speech to be presented at an event in Paris.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/feds-mester-says-improved-economic-outlook-supports-more-rate-rises-1526280300 |
May 2 (Reuters) - Home Meal Replacement SA:
* ANNOUNCED ON MONDAY FY NET LOSS 3.5 MILLION EUROS VERSUS LOSS 1.5 MILLION EUROS YEAR AGO
* FY NET SALES 15.3 MILLION EUROS VERSUS 14.5 MILLION EUROS YEAR AGO
Source text: bit.ly/2JJx76l
Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/idUSL8N1S916O |
May 23, 2018 / 5:57 AM / Updated 5 hours ago Malaysia says search for Flight MH370 to end next week Joseph Sipalan 3 Min Read
KUALA LUMPUR (Reuters) - A private search by a U.S. firm for Malaysia Airlines flight MH370, which went missing in 2014 in one of the world’s biggest aviation mysteries, will end on Tuesday, Malaysian Transport Minister Anthony Loke said on Wednesday. Mahathir Mohamad, former Malaysian prime minister and opposition candidate for Pakatan Harapan (Alliance of Hope) attends a news conference after general election, in Petaling Jaya, Malaysia, May 10, 2018. REUTERS/Lai Seng Sin
Flight MH370, carrying 239 people, disappeared en route from Kuala Lumpur to Beijing on March 8, 2014.
Malaysia had agreed in January to pay Houston-based Ocean Infinity up to $70 million if it found the plane during a 90-day search in the southern Indian Ocean.
The hunt for the Boeing 777 was previously expected to end in June, as the 90-day agreement did not cover time taken for refuelling and resupplying search vessel Seabed Constructor.
However, Ocean Infinity had finished scouring its targeted search area in April and had requested an extension until May 29, Loke said.
“This morning I raised this (request) in cabinet and we agreed to extend to May 29,” he told reporters in Putrajaya, Malaysia’s administrative capital. Asked it that mean no further extensions, he said: “Yes.”
Newly elected Prime Minister Mahathir Mohamad had earlier said Malaysia would review and possibly end its agreement with Ocean Infinity, amid other moves to cut government spending.
Mahathir, 92, ousted the long-ruling Barisan Nasional coalition, led by ex-premier and former protege Najib Razak, in a stunning election upset on May 9.
Loke, who was sworn in as minister on Monday, said the government would release a full report on the investigation into MH370’s disappearance after the offshore search was completed, but had not yet determined a date for the report’s release.
Voice 370, a group representing the relatives of those aboard the flight, had called on the new government to review all matters related to MH370, including “any possible falsification or elimination of records related to MH370 and its maintenance”.
“I’m not privy to whatever details that may not have been revealed, but as minister, I am committed to releasing all details to the public,” Loke said.
The decision to engage Ocean Infinity came after Australia, China and Malaysia ended a fruitless A$200 million ($159.38 million) search across a 120,000 square-km (46,332 square miles) area in the Indian Ocean last year, despite investigators calling for the target area to be extended 25,000 square kilometres (9653 square miles) north.
The Seabed Constructor has covered 86,000 square kilometres (33,205 square miles) so far but has yet to identify any significant findings, Ocean Infinity said in its weekly search update on May 15. Additional reporting and writing by Rozanna Latiff; Editing by Nick Macfie | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-malaysia-politics-mh370/malaysia-pm-mahathir-says-will-review-mh370-search-contract-idUKKCN1IO0IR |
VANCOUVER, British Columbia, May 30, 2018 (GLOBE NEWSWIRE) -- Wow Unlimited Media Inc. (“Wow” or the “Company”) (TSX-V:WOW.A) (TSX-V:WOW.B) announced its results for the three months ended March 31, 2018.
Cumulative prior period information in the following table has been restated for purchase price allocation adjustments relating to the acquisition of Frederator.
For the three months ended $000's, except per share amounts March 31,
2018
March 31,
2017
Revenue $ 15,663 $ 5,867 Operating EBITDA 1 1,552 (374 ) Operating loss 1 (292 ) (2,111 ) Operating loss per share - basic and diluted $ (0.01 ) $ (0.08 ) Net loss $ (162 ) $ (1,466 ) Net loss per share - basic and diluted $ (0.01 ) $ (0.06 ) Weighted average number of shares outstanding - basic and diluted 25,178,604 25,581,577 1 Operating EBITDA includes amortization of investment in film and television. Refer to discussion under Consolidated Results for a reconciliation of Operating EBITDA and Operating loss to Net loss. FINANCIAL HIGHLIGHTS
For the three months ended March 31, 2018, revenue grew by 167% to $15.7 million compared to the same quarter in 2017. This included $5.5 million generated from the Networks and Platforms segment through Channel Frederator Network, which continues to build viewership. Revenue for the Animation Production segment was $10.2 million for first quarter, a 137% increase in comparison to the first quarter of 2017, bolstered by the continued production of Costume Quest , Barbie Dreamhouse Adventures and Spy Kids: Mission Critical , as well as revenue from the US licensing of Bravest Warriors, season 4, and proceeds from licensing of worldwide SVOD rights for Reboot: The Guardian Code. Operating EBITDA was $1.6 million for the three months ended March 31, 2018, and the net loss was $0.2 million.
“We continue to build our Networks and Platforms business,” reported Michael Hirsh, Chairman and CEO, “the Frederator Networks exceeded 5.4 Billion views in the first quarter of 2018, up 25% from the quarter ended December 31, 2017. WOW continues production on several high-profile titles and our work on three innovative series has premiered on Netflix for the past three months in a row - Reboot: The Guardian Code debuted in March, Spy Kids: Mission Critical commenced in April and Barbie Dreamhouse Adventures began in May, 2018. Excitement is also building for the Canadian premiere of Reboot on YTV in June, 2018.”
CONSOLIDATED RESULTS FOR THE QUARTER
Cumulative prior period information in the following table has been restated for purchase price allocation adjustments relating to the acquisition of Frederator.
For the three months ended $000's March 31,
2018
March 31,
2017
Revenue $ 15,663 $ 5,867 Amortization of investment in film and television $ 947 $ – Operating EBITDA $ 1,552 $ (374 ) Finance costs 353 88 Depreciation and amortization 1 760 1,229 General and administration 731 420 Operating loss (292 ) (2,111 ) Items affecting comparability: Share based compensation expense 261 180 Deferred income tax recovery (391 ) (825 ) (130 ) (645 ) Net loss $ (162 ) $ (1,466 ) 1 Excludes amortization of investment in film and television Revenue and Operating EBITDA
Revenue for the 3 months ended March 31, 2018, increased by $9.8 million, compared to the same period in 2017. This increase was comprised of $3.9 million in incremental revenue in the Networks and Platforms segment, driven by escalating views and revenues for Channel Frederator, and $5.9 million of additional turnover in the Animation Production segment from continued production of series, such as Costume Quest , Barbie’s Dreamhouse Adventures and Spy Kids: Mission Critical , as well as revenue from the US licensing of Bravest Warriors , Season 4, and proceeds from licensing of worldwide SVOD rights to Reboot: The Guardian Code .
Operating EBITDA for the 3 months ended March 31, 2018, increased by $1.9 million compared to the same period in 2017, as a result of the increased volume.
NON-GAAP FINANCIAL MEASURES
The Company reports using certain supplemental indicators of the Company’s financial and operating performance in addition to results reported in accordance with International Financial Reporting Standards (“GAAP”). These measures are referred to as non-GAAP measures, and include operating profit or loss, operating profit or loss per share and operating EBITDA. The Company believes these supplemental financial measures reflect the Company's ongoing business in a manner that allows for meaningful period-to-period comparisons and analysis of trends in its business.
The Company defines operating profit or loss as net profit or loss excluding the impact of specified items affecting comparability, including, where applicable, share of loss of equity accounted investees, other non-operational income and expenses, deferred taxes and other gains or losses. The use of the term "non-operational income and expenses" is defined by the Company as those that do not impact operating decisions taken by the Company's management and is based upon the way the Company's management evaluates the performance of the Company's business for use in the Company's internal management reports. Operating profit or loss per share is calculated using diluted weighted average shares outstanding and does not represent actual profit or loss per share attributable to shareholders. The Company believes that the disclosure of operating profit or loss and operating profit or loss per share allows investors to evaluate the operational and financial performance of the Company's ongoing business using the same evaluation measures that management uses, and is therefore a useful indicator of the Company's performance or expected performance of recurring operations.
The Company defines operating EBITDA as profit or loss net of amortization of investment in film, but before interest, taxes, general and administration expenses, depreciation and amortization, adjusted for certain items affecting comparability as specified in the calculation of operating profit or loss. Operating EBITDA is presented on a basis consistent with the Company's internal management reports. The Company discloses operating EBITDA to capture the profitability of its business before the impact of items not considered in management's evaluation of operating performance. Unless otherwise stated, the Company includes the amortization of investment in film and television in the calculation of EBITDA.
Operating profit or loss, operating profit or loss per share and operating EBITDA do not have any standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other companies. The Company cautions readers to consider these non-IFRS financial measures in addition to, and not as an alternative for, measures calculated in accordance with IFRS.
Forward-looking Statements
This news release contains certain and forward-looking information (collectively referred to herein as " ") within the meaning of applicable Canadian securities laws. All statements other than statements of present or historical fact are Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "achieve", "could", "believe", "plan", "intend", "objective", "continuous", "ongoing", "estimate", "outlook", "expect", "may", "will", "project", "should" or similar words, including negatives thereof, suggesting future outcomes.
In particular, this news release contains relating to, among other things: (i) general economic conditions; (ii) future revenues to be received by Wow; (iii) Wow’s future business prospects and opportunities; (iv) Wow’s ability to complete any or all of its proposed production work; (v) the ability of the Company to raise financing in the future; and (vi) the completion of the proposed transactions with Bell Media Inc.
Management of the Company believes the expectations reflected in such are reasonable as of the date hereof but no assurance can be given that these expectations will prove to be correct and such should not be unduly relied upon. Various material factors and assumptions are typically applied in drawing conclusions or making the forecasts or projections set out in Those material factors and assumptions are based on information currently available to the Company, including data from publicly available governmental sources as well as from market research and industry analysis and on assumptions based on data and knowledge of this industry which the Corporation believes to be reasonable. However, although generally indicative of relative market positions, market shares and performance characteristics, such data is inherently imprecise.
Forward-looking statements are not a guarantee of future performance and are subject to and involve a number of known and unknown risks and uncertainties, many of which are beyond the control of the Company, which may cause the Company's actual performance and results to differ materially from any projections of future performance or results expressed or implied by such These risks and uncertainties include, but are not limited to, the risks identified in the Company's annual information form for the year ended December 31, 2017, which has been filed with the Canadian Securities Administrators and is available on www.sedar.com . Any are made as of the date hereof and, except as required by law, the Company assumes no obligation to publicly update or revise such statements to reflect new information, subsequent or otherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
About Wow Unlimited Media Inc.
WOW Unlimited Media Inc. is creating a leading next-generation kids and youth animation business by focusing on digital platforms and content. The company's key assets include: the world's No. 1 digital animation network, Frederator Networks, which consists of an animation production company, Frederator Studios, as well as VOD channels on digital platforms; and one of Canada's largest, multifaceted animation production studios, Rainmaker Entertainment, which consists of Mainframe Studios that produces CGI animated television series, and Rainmaker Studios that produces long-form animated features.
Further information available at: Website: www.wowunlimited.co Contact: Lowell Hall Tel: (416) 887-1636 Email: [email protected]
Source:WOW! Unlimited Media Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/globe-newswire-wow-unlimited-media-announces-financial-results-for-the-first-quarter-of-2018.html |
RALEIGH, N.C., May 03, 2018 (GLOBE NEWSWIRE) -- BioDelivery Sciences International, Inc. (NASDAQ:BDSI) today issued the following statement with respect to its receipt of a notice from Broadfin Capital, LLC (together with its affiliates, “Broadfin”) of nominations of director candidates for election to BDSI’s Board of Directors at the 2018 annual meeting of shareholders (the “2018 Annual Meeting”):
BDSI has always been committed to maintaining a constructive dialogue with all of its shareholders, including Broadfin. Consistent with this commitment, BDSI has recently engaged in an ongoing dialogue with Broadfin regarding a wide array of matters, and intends to continue this dialogue with the goal of enhancing value for all BDSI shareholders.
BDSI will present its recommendation with respect to the election of directors in its proxy statement to be filed with the Securities and Exchange Commission (the “SEC”). The 2018 Annual Meeting has not yet been scheduled and shareholders of BDSI need not take any action at this time.
About BioDelivery Sciences International, Inc.
BioDelivery Sciences International, Inc. (NASDAQ:BDSI) is a specialty pharmaceutical company with a focus in the areas of pain management and addiction medicine. BDSI is utilizing its novel and proprietary BioErodible MucoAdhesive (BEMA ® ) technology and other drug delivery technologies to develop and commercialize, either on its own or in partnership with third parties, new applications of proven therapies aimed at addressing important unmet medical needs.
BDSI's marketed products and those in development address serious and debilitating conditions such as breakthrough cancer pain, chronic pain and opioid dependence. BDSI's headquarters is in Raleigh, North Carolina.
For more information, please visit or follow us:
Internet: www.bdsi.com Facebook: Facebook.com/BioDeliverySI Twitter: @BioDeliverySI
BELBUCA ® (buprenorphine) buccal film (CIII) and BUNAVAIL ® (buprenorphine and naloxone) buccal film (CIII) are marketed in the U.S. by BioDelivery Sciences. For full prescribing information and important safety information on BDSI products please visit www.bdsi.com where the Company promptly posts press releases, SEC filings and other important information or contact the Company at (800) 469-0261. For full prescribing and safety information on BELBUCA, please visit www.belbuca.com and for full prescribing and safety information on BUNAVAIL, please visit www.bunavail.com .
Important Additional Information
BDSI intends to file a proxy statement and an accompanying WHITE proxy card with the SEC in connection with the solicitation of proxies for the 2018 Annual Meeting (the “Proxy Statement”). The Company, its directors and certain of its executive officers will be participants in the solicitation of proxies from shareholders in respect of the 2018 Annual Meeting. Information regarding the names of the Company’s directors and executive officers and their respective interests in the Company by security holdings or otherwise is set forth in the Company’s 2017 Annual Report on Form 10-K, filed with the SEC on March 15, 2018. To the extent holdings of such participants in the Company’s securities have changed since the amounts described in the 2017 Annual Report, such changes have been reflected on Initial Statements of Beneficial Ownership on Form 3 or Statements of Change in Ownership on Form 4 filed with the SEC. Details concerning the nominees of the Board for election at the 2018 Annual Meeting will be included in the Proxy Statement. BEFORE MAKING ANY VOTING DECISION, INVESTORS AND SHAREHOLDERS OF THE COMPANY ARE URGED TO READ ALL RELEVANT DOCUMENTS FILED WITH OR FURNISHED TO THE SEC, INCLUDING THE COMPANY’S DEFINITIVE PROXY STATEMENT AND ANY SUPPLEMENTS THERETO BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and shareholders will be able to obtain a copy of the definitive proxy statement and other documents filed by the Company free of charge from the SEC’s website, www.sec.gov . BDSI shareholders will also be able to obtain, without charge, a copy of the definitive Proxy Statement and other relevant filed documents by directing a request by mail to BioDelivery Sciences International, Inc., 4131 ParkLake Ave., Suite 225, Raleigh, North Carolina 27612, Attn: Investor Relations, or from the Company’s website, www.bdsi.com .
Cautionary Note on Forward-Looking Statements
This press release, and any statements of employees, representatives and partners of BDSI related thereto contain, or may contain, among other things, certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve significant risks and uncertainties. Such statements may include, without limitation, statements with respect to the BDSI's plans, objectives, projections, expectations and intentions and other statements identified by words such as "projects," "may," "will," "could," "would," "should," "believes," "expects," "anticipates," "estimates," "intends," "plans," "potential" or similar expressions. These statements are based upon the current beliefs and expectations of the BDSI's management and are subject to significant risks and uncertainties, including those detailed in the BDSI's filings with the Securities and Exchange Commission. Actual results (including, without limitation, the results of the Company’s discussions with Broadfin as described herein) may differ significantly from those set forth or implied in the forward-looking statements. These forward-looking statements involve certain risks and uncertainties that are subject to change based on various factors (many of which are beyond the BDSI's control). BDSI undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future presentations or otherwise, except as required by applicable law.
BDSI ® , BEMA ® , ONSOLIS ® , BUNAVAIL ® and BELBUCA ® are registered trademarks of BioDelivery Sciences International, Inc. The BioDelivery Sciences, BUNAVAIL and BELBUCA logos are trademarks owned by BioDelivery Sciences International, Inc. All other trademarks and tradenames are owned by their respective owners.
© 2018 BioDelivery Sciences International, Inc. All rights reserved.
Contacts
I nvestors:
Al Medwar
BioDelivery Sciences International, Inc.
919-582-9050
[email protected]
Monique Kosse
Managing Director
LifeSci Advisors
212-915-3820
[email protected]
Source:BioDelivery Sciences International, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/globe-newswire-biodelivery-sciences-confirms-receipt-of-notice-of-intent-to-nominate-directors-by-broadfin-capital.html |
May 1, 2018 / 2:48 PM / Updated 18 minutes ago U.S. Commerce Secretary says deal or tariffs to solve China trade dispute Reuters Staff 1 Min Read
WASHINGTON (Reuters) - U.S. Commerce Secretary Wilbur Ross said on Tuesday that the Trump administration was prepared to levy tariffs on China if a delegation heading to Beijing did not make a negotiated settlement to reduce trade imbalances. FILE PHOTO: U.S. Secretary of Commerce Wilbur Ross arrives before a joint news conference of U.S. President Donald Trump and Germany's Chancellor Angela Merkel in the East Room of the White House in Washington, U.S., April 27, 2018. REUTERS/Brian Snyder
“If we don’t make a negotiated settlement, we will pursue the 232 ... we will pursue the 301 ... one way or another, we are going to deal with this recurring problem of trade with China,” Ross said in an interview with CNBC. Reporting by Makini Brice and David Lawder; Editing by Chizu Nomiyama | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-usa-trade-china/u-s-commerce-secretary-says-deal-or-tariffs-to-solve-china-trade-dispute-idUKKBN1I23TM |
May 2, 2018 / 4:22 PM / Updated 40 minutes ago Bombardier, Airbus name leaders of new CSeries partnership: memo Allison Lampert , Tim Hepher 2 Min Read
MONTREAL/PARIS (Reuters) - Bombardier ( BBDb.TO ) and Airbus ( AIR.PA ) named the top leaders for the CSeries program, in a further step towards finalizing a deal in which the European planemaker will take control of the Canadian jetliner, according to a memo to staff on Wednesday that was seen by Reuters. FILE PHOTO: A Bombardier CSeries aircraft is pictured during a news conference to announce a partnership between Airbus and Bombardier on the C Series aircraft programme, in Colomiers near Toulouse, France, October 17, 2017. REUTERS/Regis Duvignau/File Photo
Philippe Balducchi, head of performance management for Airbus Commercial Aircraft and a former head of investor relations, will be CEO of the 12-member team that includes six executives from each planemaker, according to the memo to staff signed by chief executives from both companies.
David Dufrenois, who will lead sales for the CSeries, now heads the A380 platform and is seen as a seasoned troubleshooter who led efforts to stabilize sales of the superjumbo jet and handled key accounts such as Qatar Airways, one of the industry’s most demanding buyers.
The companies have set an internal target of closing the deal, which gives Airbus a majority stake in the CSeries, by the end of May.
The companies could not immediately be reached for comment.
In a separate memo, Bombardier CEO Alain Bellemare said the company’s Commercial Aircraft President Fred Cromer will continue to lead its regional aircraft business after the partnership deal closes.
Bombardier’s annual general meeting will take place on Thursday. Reporting By Allison Lampert; Editing by Denny Thomas and Chizu Nomiyama | ashraq/financial-news-articles | https://in.reuters.com/article/us-bombardier-airbus-exclusive/exclusive-bombardier-and-airbus-unveil-leaders-of-new-cseries-partnership-memo-idINKBN1I32AP |
* Data-tampering cuts FY2017/18 profit by 4.6 bln yen
* Data cheating will hurt FY18/19 profit by less than Y1 bln
* Firm has said 762 customers got products with falsified data (Recasts with Quote: s and details)
TOKYO, May 10 (Reuters) - Japan’s Mitsubishi Materials Corp said on Thursday it has found fresh cases of improper actions, including data tampering, at a small number of group firms on top of the five units that had already confirmed falsification of data.
The company did not disclose any further details, saying its customers have confirmed the affected products were safe.
Late last year, Mitsubishi Materials admitted that its subsidiaries falsified data about products, including parts for aircraft and automobiles, joining a series of quality assurance scandals to rock Japanese manufacturers.
The diversified materials manufacturer, which has said a total of 762 customers had received its products with falsified data, is still checking with its customers to see if there are any safety issues with those products, though none have been identified so far, a spokesman said.
For the year ended March 31, Mitsubishi Materials, which supplies copper and aluminium materials as well as cement, reported a 22 percent rise in net profit to 34.6 billion yen ($315 million) although the data-tampering scandal reduced its profit by 4.6 billion yen.
“We expect the data falsification issue will have a (negative) impact of several hundreds of millions of yen on our earnings this year,” Mitsubishi Materials Executive Vice President Naoki Ono told an earnings briefing.
The company has completed investigations over its 119 production facilities at home and abroad on data-tampering and it will now focus on reinforcing corporate governance to avoid repeating the same mistake, he said.
For the year to March 31, 2019, it forecasts a 1.2 percent increase in net profit. ($1 = 109.6700 yen) (Reporting by Yuka Obayashi Editing by Darren Schuettler and Muralikumar Anantharaman)
| ashraq/financial-news-articles | https://www.reuters.com/article/mitsubishi-ma-results/update-1-japans-mitsubishi-materials-says-found-fresh-data-tampering-cases-idUSL3N1SH3UY |
SCHIERLING, Germany (Reuters) - Denied asylum and put on deportation notice, Iranian seamstress Masoumeh Bayat in February became one of Germany’s Geduldete — “tolerated persons”.
Iranian Masoumeh Bayat, 39, reacts while visiting her former working place at the Fahnen Koessinger company, where she was a seamstress, in Schierling, Germany April 10, 2018. Picture taken April 10, 2018. She had to quit the job after her asylum application was rejected and her work permit was annulled. Masoumeh, her husband, and two daughters are in fear of deportation to Iran. REUTERS/Michaela Rehle The German government acknowledges Bayat, her husband and two daughters can’t return to Iran where they could face reprisal for converting from Islam to Christianity.
But the three-year permit that allowed her to work at the Fahnen Koessinger textile factory has been revoked.
“What happened to Bayat shows the idiocy of the system,” said Florian Englmaier, owner of the firm in the southern Bavarian town of Schierling, who hired her in September 2016.
“They don’t let her work, they can’t deport her to Iran, and so they make her a burden on the welfare system,” he said. An order for a major client was delayed by her departure, he said, and he has still not found a replacement.
It’s a big source of frustration for the hundreds of small- and medium-sized “Mittelstand” companies that eagerly hired asylum seekers in the midst of a labor shortage, only to see their work permits revoked. A record 1.2 million jobs remain unfilled in Germany, the Federal Labor Office says.
“We need security for refugee workers so that we can plan long-term,” Englmaier said.
Faced with cases like Englmaier’s, business leaders are pushing the government to reform a system that leaves decisions over the fate of the Geduldete to Germany’s 16 states, with inconsistent outcomes that often seem arbitrary.
Their efforts could be foiled by politics, however.
After losses to a far-right anti-immigrant party in last September’s election, Chancellor Angela Merkel’s conservatives and their center-left Social Democrat (SPD) coalition partners can ill afford further liberalizing immigration policies that are already seen by many voters as overly generous.
A two-pronged approach is taking shape, according to a federal government official who spoke to Reuters on condition of anonymity: lenient rules for migrants who are already in Germany in exchange for tougher rules for ones who come in the future.
“All refugees who are either studying, have qualifications, or are in preparatory vocational courses, should be granted secure residency permits,” said Eberhard Sasse, president of the Bavarian Industry and Commerce Chambers (BIHK), which has called on the government to consider an amnesty for the Gedultete.
“This would bring to an end the burdensome tug of war over the right to stay for many refugees who have integrated well and want to earn a living,” he said.
Iranian Masoumeh Bayat, 39, is seen while visiting her former working place at company the Fahnen Koessinger company, where she was a seamstress, in Schierling, Germany April 10, 2018. Picture taken April 10, 2018. She had to quit the job after her asylum application was rejected and her work permit was annulled. Masoumeh, her husband, and two daughters are in fear of deportation to Iran. REUTERS/Michaela Rehle IN LIMBO Some 1.6 million people have come to Germany seeking asylum since 2014, mostly from the Middle East and Africa.
Of these, more than 166,000 people are now in limbo: their applications for asylum have been rejected but they cannot be deported because they have no identification documents, their home countries refuse to accept them back, or there is founded fear for their safety once home.
The number of these “tolerated persons” is expected to grow as Germany has been rejecting more asylum applications. About 25 percent of asylum decisions were rejected in 2016, government figures show. That figure rose to 38.5 percent last year.
According to rules introduced after the influx of migrants peaked in 2015, asylum seekers can apply to work three months from the date of their arrival while they wait for a decision on their asylum, a process that takes seven months on average.
Their work permits can be taken away if they’ve been rejected. But in some cases, if they retain their permits, they can apply for three-year apprenticeships that include language training as well as work experience followed by another two years to look for work.
The problem is the three most populous German states, which have absorbed nearly half of the new arrivals, have different positions on the issue, according to business leaders, migration experts and the government official.
Baden-Wuerttemberg in the southwest and North Rhine-Westphalia on the Dutch border are showing leniency. But Bavaria, where the anti-immigrant Alternative for Germany (AfD) is expected to enter regional parliament for the first time in elections in October, is taking a tough line.
“This is a big and growing problem,” said Thomas Liebig, a migration expert at the Organization for Economic Co-operation and Development (OECD).
“The longer those people stay here the more difficult it will be to return them. Their prospects of finding work will also decrease. Pressure to find a solution for them will rise.”
The government has said it plans to set up a commission to recommend how integration and immigration policies can be improved.
Slideshow (4 Images) The government official, who is familiar with the efforts but asked not to be named because the commission’s mandate has not yet been agreed, said it would seek to address the inconsistencies.
Merkel’s Christian Democrats (CDU), their Christian Social Union (CSU) allies in Bavaria and the SPD were unlikely to go as far as declaring a general amnesty, the official said.
But they could agree an amnesty for failed asylum seekers who have made an effort to integrate through language learning or who could work, the official said. It would only apply to those who arrived in Germany before a certain deadline.
“No-one has an interest in an amnesty that comes without strings attached for migrants,” the government official said.
LANGUAGE AND RESIDENCY Experts say reforms should facilitate language study and establish permanent residency status for those who qualify.
That would appeal to companies which have said in surveys that knowledge of German and secure residency status are the two most important factors in hiring.
“The initial reaction when the refugees arrived was very positive. Companies thought: ‘we are looking for young people and those people are mainly young. Perfect!’,” said Andreas Oehme, managing director of the West German Skilled Crafts Chambers, which represents the sector employing most refugees.
“Then there was a phase of frustration: ‘Oh! They don’t speak German, they need training’. Today the approach is more realistic. Companies know the refugees are no solution to their labor shortages but they think they could make a contribution.”
The situation would be different for new arrivals.
The coalition partners want to set up centers where newly arrived asylum seekers would be held for up to 18 months until a decision on their application is made.
Interior Minister Horst Seehofer of the arch-conservative CSU, which is based in Bavaria, has vowed to use the centers to increase deportations. Some 24,000 people were deported last year, 5.6 percent less than in 2016.
“With regards to the centers, one of the overarching goals would be deportations in order to send a message to newcomers that the rules have changed,” said Julian Lehmann of the Global Public Policy Institute in Berlin.
Speaking to Reuters on her old factory floor, Bayat said she hoped an amnesty can be agreed that will apply to her family.
“The whole situation makes me very sad,” she said, wiping tears away with one hand while she held her deportation order in the other. Around her, her former colleagues embroidered banners for churches and unions.
“I just want to work, rent a bigger flat, buy a car, take the kids on holiday.”
Additional reporting by Christina Amann and Andreas Rinke in Berlin; Editing by Sonya Hepinstall
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/us-germany-migrants-insight/let-them-work-german-business-advocates-for-rejected-asylum-seekers-idUSKBN1I81FL |
May 16, 2018 / 11:44 PM / Updated an hour ago Congo health minister says Ebola outbreak in 'new phase' after urban case Reuters Staff 1 Min Read
KINSHASA (Reuters) - Congo Health Minister Oly Ilunga Kalenga late on Wednesday said in a statement that the country’s Ebola outbreak had entered “a new phase” after a case of the virus was detected in the northwest city of Mbandaka, with a population of about 1 million people.
The World Health Organization, which is deploying vaccines in the Democratic Republic of Congo, had expressed concern about the disease reaching Mbandaka, which would make the outbreak, already believed to have killed 23 people, far harder to tackle. Reporting by Fiston Mahamba; Writing by Edward McAllister; Editing by Sandra Maler | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-health-ebola-congo/congo-health-minister-says-ebola-outbreak-in-new-phase-after-urban-case-idUKKCN1IH38U |
May 21, 2018 / 6:10 PM / Updated 2 hours ago ATP World Tour 250, Lyon Men's Singles Results Reuters Staff 1 Min Read May 21 (OPTA) - Results from the ATP World Tour 250, Lyon Men's Singles matches on Monday .. 1st Round .. Roberto Carballes Baena beat Laslo Djere (SRB) 7-6(3) 6-7(4) (ESP) 6-3 Guillermo Garcia-Lopez beat 5-Adrian Mannarino (FRA) 6-3 4-6 6-1 (ESP) Dusan Lajovic (SRB) beat Horacio Zeballos (ARG) 6-4 6-2 Federico Coria (ARG) beat Nicolas Kicker (ARG) 4-6 6-1 7-5 Gilles Simon (FRA) beat Jordi Samper-Montana (ESP) 6-4 6-2 Maximilian Marterer (GER) beat 6-Gael Monfils (FRA) 2-6 6-4 6-4 Cameron Norrie (GBR) beat Jose Hernandez-Fernandez 7-6(5) 6-1 (DOM) | ashraq/financial-news-articles | https://uk.reuters.com/article/tennis-atp-results-mens-singles/atp-world-tour-250-lyon-mens-singles-results-idUKMTZXEE5L3BPIN7 |
WASHINGTON (Reuters) - The U.S. National Highway Traffic Safety Administration (NHTSA) said Thursday it was reviewing a Florida crash of a Tesla Inc vehicle earlier this week that killed two teenagers.
FILE PHOTO: A Tesla dealership is seen in West Drayton, just outside London, Britain, February 7, 2018. REUTERS/Hannah McKay/File Photo NHTSA said in a statement it was “gathering information on the tragic crash in Fort Lauderdale, Florida to understand all of the facts. The agency will take appropriate action based on its review.”
The National Transportation Safety Board said Wednesday it was opening a probe into the crash and sending four investigators.
Earlier, Tesla said its autopilot system was unlikely to have been a factor in the crash. Autopilot, a form of advanced cruise control that has come under scrutiny after two crashes this year, was not engaged when the Model S car drove off the road and hit a concrete wall, catching fire, the company said, adding it had not yet seen logs from the crash.
“We have not yet been able to retrieve the logs from the vehicle, but everything we have seen thus far indicates a very high-speed collision and that autopilot was not engaged,” a Tesla spokesperson said.
Related Coverage Factbox: Tesla faces scrutiny after Florida car accident The NTSB has four active investigations into crashes of the company’s electric vehicles.
While admitting that serious high-speed collisions could result in a fire, the Tesla spokesperson defended the car’s safety record, saying a gas car in the United States is five times more likely to catch fire than a Tesla vehicle.
In the event of an accident, eight airbags protect front and rear occupants, and the battery system automatically disconnects from the main power source, Tesla has said previously in promotional materials for the car.
“Should the worst happen, there is no safer car to be in than Model S,” according to a company brochure for the 2014 Model S.
NHTSA previously has said it is investigating two other Tesla crashes earlier this year, including a fatal March crash involving Autopilot in California.
Reporting by Sanjana Shivdas in Bengaluru and David Shepardson in Washington; Editing by Patrick Graham and Bernadette Baum
| ashraq/financial-news-articles | https://www.reuters.com/article/us-tesla-crash/autopilot-was-not-engaged-during-florida-model-s-crash-tesla-idUSKBN1IB1HX |
Revenue Rose 19% Year-Over-Year; Gross Profit rose 67%
Gross Profit Margin was 16.4%
Conference call to be held today at 9:00 A.M. EDT
HOUSTON, May 15, 2018 (GLOBE NEWSWIRE) -- Vertex Energy, Inc. (NASDAQ:VTNR), a specialty refiner of alternative feedstocks and marketer of high-purity petroleum products, announced today its financial results for the first quarter ended March 31, 2018.
FINANCIAL HIGHLIGHTS FOR FIRST QUARTER OF 2018
Consolidated revenue increased 19% to $41.4 million, compared to $34.8 million for the first quarter of 2017. Gross profit was up 67% to $6.8 million compared to 11.7% for the first quarter of 2017. Gross profit margin was 16.4%. Total overall volume rose 1%, compared to the prior year’s period. Consolidated per barrel margin increased 65% for the first quarter of 2018 over the same period a year ago. Collected volume grew 17% for the first quarter of 2018 over the first quarter of 2017. Net loss attributable to common shareholders was $3.5 million, or a loss of $0.10 per share.
Benjamin P. Cowart, Chairman and CEO of Vertex Energy, Inc., stated, "Overall, we are pleased with the state of our business operations. We managed to hit or surpass many of our internal targets. However, we are not happy with our EBITDA and net income results, which were negatively affected by a heater problem at our Heartland facility and an extended turnaround down time at our Marrero facility. Both of our facilities are now fully operational."
Mr. Cowart added, "Despite the negative impact on our production, there was strong demand for our finished products. We witnessed an improvement in our revenues, gross profit, and gross profit margins. In addition, we managed to protect our spreads by maintaining our charge-for-oil for collected volume. We have recaptured our production capacity and plan to continue to make adjustments at our facilities as necessary in an effort to yield a significant improvement in production volume and our financial performance for 2018."
FIRST QUARTER 2018 FINANCIAL RESULTS CONFERENCE CALL DETAILS
Management will host a conference call today at 9 A.M. EDT. Those who wish to participate in the conference call may telephone 1-877-869-3847 from the U.S. and International callers may telephone 1-201-689-8261, approximately 15 minutes before the call. A webcast will also be available under the Investor Relations section at www.vertexenergy.com .
A digital replay will be available by telephone approximately two hours after the completion of the call until July 31, 2018, and may be accessed by dialing 1-877-660-6853 from the U.S. or 1-201-612-7415 for international callers using conference ID #13679493.
ABOUT VERTEX ENERGY, INC .
Vertex Energy, Inc. (NASDAQ:VTNR) is a specialty refiner of alternative feedstocks and marketer of high-purity petroleum products. With its headquarters in Houston, Texas, Vertex is one of the largest processors of used motor oil in the U.S. and has processing capacity of over 115 million gallons annually with operations located in Houston and Port Arthur (TX), Marrero (LA), and Columbus (OH). Vertex also has a facility, Myrtle Grove, located on a 41 acre industrial complex along the Gulf Coast in Belle Chasse, LA, with existing hydroprocessing and plant infrastructure assets that includes nine million gallons of storage. Vertex has implemented a cost-effective strategy for building its feedstock supply by establishing a successful self-collection and aggregation system. The Company has built a reputation as a key supplier of Group II+ and Group III base oils to the lubricant manufacturing industry in North America. For more information on Vertex Energy please contact Porter, LeVay & Rose, Inc.'s investor relations representative, Marlon Nurse, D.M. at 212-564-4700 or visit our website at www.vertexenergy.com .
Forward-Looking Statements
This press release may contain forward-looking statements, including information about management’s view of Vertex Energy’s future expectations, plans and prospects, within the safe harbor provisions under The Private Securities Litigation Reform Act of 1995 (the “Act”). In particular, when used in the preceding discussion, the words “believes,” “hopes,” “expects,” “intends,” “plans,” “anticipates,” or “may,” and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Act, and are subject to the safe harbor created by the Act. Any statements made in this news release other than those of historical fact, about an action, event or development, are forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors, which may cause the results of Vertex Energy, its divisions and concepts to be materially different than those expressed or implied in such statements. These risk factors and others are included from time to time in documents Vertex Energy files with the Commission, including but not limited to, its Form 10-Ks, Form 10-Qs and Form 8-Ks. Other unknown or unpredictable factors also could have material adverse effects on Vertex Energy’s future results. The forward-looking statements included in this press release are made only as of the date hereof. Vertex Energy cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, Vertex Energy undertakes no obligation to update these statements after the date of this release, except as required by law, and also takes no obligation to update or correct information prepared by third parties that are not paid for by Vertex Energy.
Vertex Energy, Inc.
Reconciliation of Net Income (Loss) attributable to Vertex Energy, Inc., to Earnings Before Interest, Taxes,
Depreciation and Amortization (EBITDA) and Adjusted EBITDA* For the Three Months
Ended March 31, 2018 Net (loss) income attributable to Vertex Energy, Inc. $ (2,258,622 ) Add (deduct): Interest income $ - Interest expense $ 802,515 Depreciation and amortization $ 1,694,099 Tax expense (benefit) $ - EBITDA* $ 237,992 Add (deduct): Stock-Based compensation $ 145,971 Adjusted EBITDA $ 383,963 * EBITDA and adjusted EBITDA are non-GAAP financial measures. These measurements are not recognized in accordance with GAAP and should not be viewed as an alternative to GAAP measures of performance.
EBITDA represents net income before interest, taxes, depreciation and amortization. Adjusted EBITDA is defined as EBITDA before unrealized losses (gains) on derivative contracts and stock-based compensation expense. EBITDA and adjusted EBITDA are presented because we believe they provide additional useful information to investors due to the various noncash items during the period. EBITDA and adjusted EBITDA have limitations as analytical tools, and you should not consider them in isolation, or as a substitute for analysis of our operating results as reported under GAAP. Some of these limitations are:
EBITDA and adjusted EBITDA do not reflect cash expenditures, or future requirements for capital expenditures, or contractual commitments; EBITDA and adjusted EBITDA do not reflect changes in, or cash requirements for, working capital needs; EBITDA and adjusted EBITDA do not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments, on debt or cash income tax payments; Although depreciation and amortization are noncash charges, the assets being depreciated and amortized will often have to be replaced in the future, and EBITDA and adjusted EBITDA do not reflect any cash requirements for such replacements; and Other companies in this industry may calculate EBITDA and adjusted EBITDA differently than Vertex Energy does, limiting its usefulness as a comparative measure.
VERTEX ENERGY, INC.
CONSOLIDATED BALANCE SHEETS
(UNAUDITED) March 31,
2018 December 31,
2017 ASSETS Current assets Cash and cash equivalents $ 52,876 $ 1,105,787 Accounts receivable, net 11,237,297 11,288,991 Federal income tax receivable 274,423 — Inventory 8,112,625 6,304,842 Prepaid expenses 2,635,727 1,771,832 Total current assets 22,312,948 20,471,452 Noncurrent assets Fixed assets, at cost 65,541,421 65,237,652 Less accumulated depreciation (17,673,342 ) (16,617,824 ) Fixed assets, net 47,868,079 48,619,828 Goodwill and other intangible assets, net 14,047,119 14,499,354 Deferred tax asset — 274,423 Other assets 492,417 440,417 TOTAL ASSETS $ 84,720,563 $ 84,305,474 LIABILITIES, TEMPORARY EQUITY, AND EQUITY Current liabilities Accounts payable and accrued expenses $ 11,465,453 $ 10,318,738 Dividends payable 554,917 420,713 Capital leases-current 9,698 — Current portion of long-term debt, net of unamortized finance costs 1,158,196 1,616,926 Derivative liability 466,828 — Revolving note 4,239,388 4,591,527 Total current liabilities 17,894,480 16,947,904 Long-term liabilities Long-term debt, net of unamortized finance costs 14,744,333 13,531,179 Capital leases-long-term 19,923 Contingent consideration 236,680 236,680 Derivative liability 2,677,159 2,245,408 Total liabilities 35,572,575 32,961,171 COMMITMENTS AND CONTINGENCIES (Note 3) — — TEMPORARY EQUITY Series B Convertible Preferred Stock, $0.001 par value per share;
10,000,000 shares designated, 3,479,016 and 3,427,597 shares issued and outstanding at March 31, 2018 and December 31, 2017,
respectively with a liquidation preference of $10,784,950 and $10,625,551 at March 31, 2018 and December 31, 2017, respectively. 7,583,722 7,190,467 Series B1 Convertible Preferred Stock, $0.001 par value per share;
17,000,000 shares designated, 12,947,916 and 13,151,989 shares issued and outstanding at March 31, 2018 and December 31, 2017,
respectively, with a liquidation preference of $20,198,749 and $20,517,103 at March 31, 2018 and December 31, 2017, respectively. 15,659,226 15,769,478 Total Temporary Equity 23,242,948 22,959,945 EQUITY 50,000,000 Preferred shares authorized: Series A Convertible Preferred Stock, $0.001 par value;
5,000,000 shares designated, 453,567 and 453,567 shares issued and outstanding at March 31, 2018 and December 31, 2017,
respectively, with a liquidation preference of $675,815 and $675,815 at March 31, 2018 and December 31, 2017, respectively. 454 454 Series C Convertible Preferred Stock, $0.001 par value;
44,000 shares designated, 31,568 and 31,568 shares issued and outstanding at March 31, 2018 and December 31, 2017,
respectively, with a liquidation preference of $3,156,800 and $3,156,800 at March 31, 2018 and December 31, 2017, respectively. 32 32 Common stock, $0.001 par value per share;
750,000,000 shares authorized; 33,158,176 and 32,658,176 shares issued and outstanding at March 31, 2018 and
December 31, 2017, respectively. 33,158 32,658 Additional paid-in capital 68,693,980 67,768,509 Accumulated deficit (43,272,128 ) (39,816,300 ) Total Vertex Energy, Inc. stockholders' equity 25,455,496 27,985,353 Non-controlling interest 449,544 399,005 Total Equity $ 25,905,040 $ 28,384,358 TOTAL LIABILITIES, TEMPORARY EQUITY, AND EQUITY $ 84,720,563 $ 84,305,474
VERTEX ENERGY, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED) Three Months Ended March 31, 2018 2017 Revenues $ 41,368,195 $ 34,770,614 Cost of revenues (exclusive of depreciation and amortization shown separately below) 34,588,749 30,701,554 Gross profit 6,779,446 4,069,060 Operating expenses: Selling, general and administrative expenses 5,645,442 5,229,837 Depreciation and amortization 1,694,099 1,600,060 Total operating expenses 7,339,541 6,829,897 Loss from operations (560,095 ) (2,760,837 ) Other income (expense): Interest income — 1,952 Gain (loss) on sale of assets 42,680 (13,100 ) Gain (loss) on change in value of derivative liability (431,751 ) 920,672 Gain (loss) on futures contracts (456,402 ) — Interest expense (802,515 ) (1,336,487 ) Total other income (expense) (1,647,988 ) (426,963 ) Loss before income tax (2,208,083 ) (3,187,800 ) Income tax benefit (expense) — — Net loss (2,208,083 ) (3,187,800 ) Net income attributable to non-controlling interest 50,539 8,607 Net loss attributable to Vertex Energy, Inc. (2,258,622 ) (3,196,407 ) Accretion of discount on Series B and B-1 Preferred Stock (457,853 ) (433,201 ) Accrual of dividends on Series B and B-1 Preferred Stock (739,354 ) (417,636 ) Net loss available to common shareholders $ (3,455,829 ) $ (4,047,244 ) Loss per common share Basic and diluted $ (0.10 ) $ (0.12 ) Shares used in computing earnings per share Basic and diluted 33,063,732 32,953,812
VERTEX ENERGY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
THREE MONTHS ENDED MARCH 31, 2018 AND 2017 (UNAUDITED) Three Months Ended March 31,
2018 March 31,
2017 Cash flows from operating activities Net loss $ (2,208,083 ) $ (3,187,800 ) Adjustments to reconcile net loss to cash provided by (used in) operating activities Stock based compensation expense 145,971 148,736 Depreciation and amortization 1,694,099 1,600,060 (Gain) loss on sale of assets (42,680 ) 13,100 (Increase) decrease in fair value of derivative liability 431,751 (920,672 ) (Increase) decrease in future contracts 456,402 — Net cash settlements on commodity derivatives (763,997 ) — Amortization of debt discount and deferred costs 143,477 318,512 Changes in operating assets and liabilities Accounts receivable 51,694 3,934,346 Inventory (1,807,783 ) (381,981 ) Prepaid expenses (89,472 ) 1,273,772 Accounts payable and accrued expenses 1,146,716 (1,322,370 ) Other assets (52,000 ) (253,000 ) Net cash provided by (used in) operating activities (893,905 ) 1,222,703 Cash flows from investing activities Acquisition of Acadiana — (320,700 ) Purchase of fixed assets (490,361 ) (1,100,962 ) Proceeds from sale of fixed assets 75,230 62,594 Net cash provided by (used in) investing activities (415,131 ) (1,359,068 ) Cash flows from financing activities Payment of debt issuance costs — (1,656,350 ) Line of credit (payments) proceeds, net (352,139 ) (1,818,744 ) Proceeds from note payable 1,667,426 12,160,194 Payments on note payable (1,059,162 ) (10,241,622 ) Net cash provided by (used in) financing activities 256,125 (1,556,522 ) Net change in cash, cash equivalents and restricted cash (1,052,911 ) (1,692,887 ) Cash, cash equivalents, and restricted cash at beginning of the period 1,105,787 3,206,158 Cash, cash equivalents, and restricted cash at end of period $ 52,876 $ 1,513,271
SUPPLEMENTAL INFORMATION Cash paid for interest $ 477,583 $ 260,352 Cash received for income tax benefit $ — $ — NON-CASH INVESTING AND FINANCING TRANSACTIONS Conversion of Series A Preferred Stock into common stock — 30 Conversion of Series B-1 Preferred Stock into common stock $ 779,500 $ 119,440 Accretion of discount on Series B and B-1 Preferred Stock $ 457,853 $ 433,201 Dividends-in-kind accrued on Series B and B-1 Preferred Stock $ 739,354 $ 417,636 Return of common shares for sale escrow $ — $ 1,109 Investor Relations Contact:
Marlon Nurse, D.M.
Senior Vice President
212-564-4700
Source: Vertex Companies | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/globe-newswire-vertex-energy-inc-announces-2018-first-quarterafinancial-results.html |
Italy stocks close 2.6% lower on political turmoil as European markets slump Investors are fearful of the looming prospect of fresh elections in Italy this year. Spanish Prime Minister Mariano Rajoy is due to face a confidence vote over his leadership on Friday. Dixons Carphone tumbled to the bottom of the European benchmark after it issued a profit warning. Updated 3 Hours Ago CNBC.com
European stocks closed lower Tuesday amid renewed fears of a euro zone break-up risk in Italy and political turmoil in Spain. Symbol IBEX 35 ---
The pan-European Stoxx 600 closed 1.37 percent lower provisionally, with all major bourses and every sector apart from oil in negative territory.
Among national indexes, Italy's FTSE MIB fell 2.65 percent, amid renewed political pain. The euro zone's third-largest economy has been without a government since an inconclusive vote in early March, with anti-establishment political groups abandoning their efforts to form a coalition over the weekend amid a dispute with the country's head of state.
Meanwhile, Spain's IBEX 35 was also off by almost 2.5 percent following news the country's Prime Minister, Mariano Rajoy, is due to face a confidence vote over his leadership on Friday. The announcement compounded political volatility in southern Europe.
Europe's banking index led the losses Tuesday, off almost 3.2 percent, on pace for its worst day since August 2, 2016. Spanish lenders Banco Santander and Caixabank and Italian lender Unicredit were among the worst performers in the sector.
Looking at individual stocks, Dixons Carphone tumbled to the bottom of the European benchmark after it issued a profit warning. The British retailer said profit would fall by 21 percent in the current year, with 92 standalone stores also set to close. Its shares were more than 20.7 percent lower on the news. Oil prices mixed
On Wall Street, stocks traded lower on fears that instability could return to the euro zone. The single currency was seen trading at $1.1555, down 0.58 percent.
On the data front, Italian consumer confidence fell in May to 113.7 points, down from 116.9 the previous month, while French consumer confidence stood at 100 points, unchanged from the April level.
Elsewhere, oil prices fell Tuesday, amid rising expectations that major producers could soon reverse some of their ongoing production cuts. Brent crude traded at around $74.94, down almost half a percent while U.S. WTI stood at $66.34, down more than 2 percent. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/29/european-stocks-political-turmoil-in-italy-unsettles-markets.html |
FREMONT, Calif.--(BUSINESS WIRE)-- Ichor Holdings, Ltd. (NASDAQ: ICHR), a leader in the design, engineering, and manufacturing of critical fluid and gas delivery subsystems for semiconductor capital equipment, today announced financial results for the first quarter of fiscal year 2018.
Highlights for the first quarter of 2018:
Record Revenues and Strong Growth. Revenues set a new quarterly record of $258 million, up 41% quarter-over-quarter and up 74% from the first quarter of 2017; Increasing Margins. With GAAP gross margin of 16.5%, non-GAAP gross margin increased 1.2 percentage points from the prior quarter to a record 18.3%. Operating margin was 8.0% on a GAAP basis, and reached a new record of 13.3% on a non-GAAP basis, up 2.1 percentage points from the prior quarter; Record Earnings. Net earnings were $0.63 per diluted share on a GAAP basis, and set a new quarterly record of $1.03 per diluted share on an adjusted non-GAAP basis, up 47% quarter-over-quarter and up 81% from the first quarter of 2017.
“We are very pleased to report stronger-than-expected financial results for the first quarter, in which we achieved new records in revenue, gross margin, operating margin, and earnings per share,” commented Tom Rohrs, Chairman and CEO of Ichor. “We continue to outperform industry spending, with revenue growth well outpacing investments in wafer fab equipment, while continuing to deliver on our objective to grow earnings faster than revenues. Our strategic acquisitions are contributing to our strong revenue growth and expanding margins, and our first-quarter profitability is showing solid progress toward our financial model targets.
“We recently announced the acquisition of IAN Engineering, providing us with a key strategic foothold in the rapidly-growing semiconductor equipment market in South Korea,” continued Mr. Rohrs. “We expect IAN will be yet another driver of revenue outperformance beginning in the second half of 2018, and certainly as we look ahead to 2019. Together with our previous acquisitions of Cal-Weld and Talon, as well as our proprietary liquid delivery platform, all of these businesses significantly expand our served markets and provide meaningful opportunities to expand our market share, enabling continued revenue growth and outperformance relative to industry spending.
“Our outlook for 2018 has strengthened since last quarter, both in terms of revenue growth and profitability,” concluded Mr. Rohrs. Our greater market share, higher revenue volume, and increased gross margin are enabling us to make increased investments in manufacturing capacity to support our customers’ increasing demand for our solutions. While the second quarter is expected to moderate slightly from the record first quarter results, our first half revenues at the midpoint will be up 46% over the second half of 2017, and up 64% over the same period last year, and we fully expect full-year revenues to again outpace industry spending, with even higher growth expected in earnings.”
Q1 2018 Q4 2017 Q1 2017 (in thousands, except per share amounts and percentages) U.S. GAAP Financial Results: Net sales $ 258,029 $ 182,936 $ 148,704 Gross profit percent 16.5 % 15.9 % 16.1 % Operating income percent 8.0 % 6.7 % 9.2 % Net income from continuing operations $ 16,721 $ 19,195 $ 12,952 Diluted EPS $ 0.63 $ 0.72 $ 0.51 Q1 2018 Q4 2017 Q1 2017 (in thousands, except per share amounts and percentages) Non-GAAP Financial Results: Net sales $ 258,029 $ 182,936 $ 148,704 Gross profit percent 18.3 % 17.1 % 16.2 % Operating income percent 13.3 % 11.2 % 10.5 % Adjusted net income from continuing operations $ 27,450 $ 18,640 $ 14,567 Diluted EPS $ 1.03 $ 0.70 $ 0.57 U.S. GAAP Financial Results Overview
For the first quarter of 2018, revenue was $258.0 million, net income from continuing operations was $16.7 million, and net income from continuing operations per diluted share (“diluted EPS”) was $0.63. This compares to revenue of $182.9 million and $148.7 million, net income from continuing operations of $19.2 million and $13.0 million, and diluted EPS of $0.72 and $0.51, for the fourth and first quarters of 2017, respectively.
Non-GAAP Financial Results Overview
For the first quarter of 2018, non-GAAP adjusted net income from continuing operations was $27.5 million and non-GAAP adjusted diluted EPS was $1.03. This compares to non-GAAP adjusted net income from continuing operations of $18.6 million and $14.6 million, and non-GAAP adjusted diluted EPS of $0.70 and $0.57, for the fourth and first quarters of 2017, respectively.
Second Quarter 2018 Financial Outlook
For the second quarter of 2018, we expect revenue to be in the range of $244 to $254 million. We expect GAAP diluted EPS to be in the range of $0.77 to $0.86 and non-GAAP adjusted diluted EPS to be in the range of and $0.91 to $1.00.
This outlook for non-GAAP adjusted diluted EPS excludes known charges related to amortization of intangible assets, share-based compensation expense, tax adjustments related to these non-GAAP adjustments, and non-recurring charges known at the time of providing this outlook. This outlook for non-GAAP adjusted diluted EPS excludes any items that are unknown at this time, such as non-recurring tax-related items or other unusual items which we are not able to predict without unreasonable efforts due to their inherent uncertainty.
Balance Sheet and Cash Flow Results
At March 30, 2018, we had cash of $63.8 million. The net decrease in cash of $5.5 million during the first quarter of 2018 was primarily due to capital expenditures of $3.7 million, net cash used in financing activities of $1.1 million, and net cash used in operating activities of $0.8 million.
We used $0.8 million of cash in operating activities during the first quarter of 2018 due to a net increase of $27.3 million in our net operating assets and liabilities, partially offset by net income of $16.7 million and net non-cash charges of $9.7 million. Non-cash charges primarily consist of $5.8 million in depreciation and amortization and $3.8 million in share-based compensation expense. The increase in net operating assets and liabilities was primarily due to an increase in accounts receivable of $26.4 million, due to increased sales volume and timing of shipments and customer payments during the quarter, and an increase in inventories of $10.5 million, due to increased materials purchases to support demand, partially offset by an increase in accounts payable of $8.7 million. Cash used in investing activities during the first quarter of 2018 of $3.7 million was from capital expenditures to support current and future growth. Net cash used in financing activities was $1.1 million due to share repurchases of $5.0 million and debt issuance costs of $2.1 million in connection with the refinancing of our credit facilities in February 2018, partially offset by $3.4 million in proceeds related to issuances of ordinary shares under our share-based compensation plans and $2.6 million in net borrowing of long-term debt in connection with the refinancing.
Use of Non-GAAP Financial Results
In addition to U.S. GAAP results, this press release also contains non-GAAP financial results, including non-GAAP gross profit, non-GAAP operating margin, non-GAAP adjusted net income from continuing operations, and non-GAAP adjusted diluted EPS. These non-GAAP metrics excluded amortization of intangible assets, share-based compensation expense, tax adjustments related to those non-GAAP adjustments, tax benefits from acquisitions, and non-recurring charges, to the extent they are present in gross profit, operating margin, and net income from continuing operations. A table showing these metrics on a GAAP and non-GAAP basis, with reconciliation footnotes thereto, is included at the end of this press release. Non-GAAP adjusted diluted EPS is defined as non-GAAP adjusted net income from continuing operations divided by weighted average diluted ordinary shares outstanding during the period.
Management uses non-GAAP gross profit, non-GAAP operating margin, non-GAAP adjusted net income from continuing operations, and non-GAAP adjusted diluted EPS to evaluate our operating and financial results. We believe the presentation of non-GAAP results is useful to investors for analyzing business trends and comparing performance to prior periods, along with enhancing investors’ ability to view our results from management’s perspective. A table presenting the reconciliation of non-GAAP adjusted net income from continuing operations to U.S. GAAP net income from continuing operations is also included at the end of this press release.
Conference Call
We will conduct a conference call to discuss our first quarter 2018 results and business outlook on May 8, 2018, at 1:30 p.m. Pacific time.
To listen to the conference call via the Internet, please visit the investor relations section of our web site at ir.ichorsystems.com . To listen to the conference call via telephone, please call 844-395-9251 (domestic) or 478-219-0504 (international), conference ID: 6287553.
A taped replay of the webcast will be available shortly after the call on our website or by calling 855-859-2056 (domestic) or 404-537-3406 (international), conference ID: 6287553.
About Ichor
We are a leader in the design, engineering and manufacturing of critical fluid delivery subsystems and components for semiconductor capital equipment. Our product offerings include gas and chemical delivery subsystems, collectively known as fluid delivery subsystems, which are key elements of the process tools used in the manufacturing of semiconductor devices. Our gas delivery subsystems deliver, monitor and control precise quantities of the specialized gases used in semiconductor manufacturing processes such as etch and deposition. Our chemical delivery subsystems precisely blend and dispense the reactive liquid chemistries used in semiconductor manufacturing processes such as chemical-mechanical planarization, electroplating, and cleaning. We also manufacture precision machined components, weldments, and proprietary products for use in fluid delivery systems for direct sales to our customers. We also manufacture certain components for internal use in fluid delivery systems and for direct sales to our customers. This vertically integrated portion of our business is primarily focused on metal and plastic parts that are used in gas and chemical systems, respectively. We are headquartered in Fremont, CA. www.ichorsystems.com .
We use a 52 or 53 week fiscal year ending on the last Friday in December. The three months ended March 30, 2018, December 29, 2017, and March 31, 2017 were all 13 weeks. References to the first quarter of 2018, fourth quarter of 2017, and first quarter of 2017 relate to the three months ended March 30, 2018, December 29, 2017, and March 31, 2017, respectively.
Safe Harbor Statement
Certain statements in this release are " " made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as "guidance," "expects," "intends," "projects," "plans," "believes," "estimates," "targets," "anticipates," “look forward,” and similar expressions are used to identify these .
Examples of include, but are not limited to, statements regarding expected revenue, growth, earnings, profitability, and industry outperformance for the second quarter and second half of 2018 and 2019, as well as any other statement that does not directly relate to any historical or current fact. Forward-looking statements are based on management’s current expectations and assumptions regarding Ichor’s business and industry, the economy and other future conditions, which may not prove to be accurate. These statements are not guarantees and are subject to risks, uncertainties and changes in circumstances that are difficult to predict. Accordingly, you are cautioned not to place undue reliance on these , which speak only as of the date they are made. Many factors could cause actual results to differ materially and adversely from these , including: (1) dependence on expenditures by manufacturers and cyclical downturns in the semiconductor capital equipment industry, (2) reliance on a very small number of original equipment manufacturers for a significant portion of sales, (3) negotiating leverage held by our customers, (4) competitiveness and rapid evolution of the industries in which we participate, (5) risks associated with weakness in the global economy and geopolitical instability, (6) keeping pace with developments in the industries we serve and with technological innovation generally, (7) designing, developing and introducing new products that are accepted by original equipment manufacturers in order to retain our existing customers and obtain new customers, (8) managing our manufacturing and procurement process effectively, (9) defects in our products that could damage our reputation, decrease market acceptance and result in potentially costly litigation, (9) dependence on a limited number of suppliers and (10) the integration of recent acquisitions with Ichor, including the ability to retain customers, suppliers and key employees. Additional information concerning these and other factors can be found in Ichor's filings Commission (the “SEC”), including other risks, relevant factors and uncertainties identified in the "Risk Factors" section of Ichor's Annual Report on Form 10-K filed with the SEC on March 13, 2018, and subsequent filings with the SEC.
All in this press release are based upon information available to us as of the date hereof, and qualified in their entirety by this cautionary statement. We undertake or revise any contained herein, whether as a result of actual results, changes in Ichor’s expectations, future events or developments, or otherwise, except as required by law.
ICHOR HOLDINGS, LTD.
Consolidated Balance Sheets
(dollars in thousands, except per share amounts)
(unaudited)
March 30,
2018
December 29,
2017
Assets Current assets: Cash $ 63,796 $ 68,794 Restricted cash — 510 Accounts receivable, net 76,199 49,249 Inventories, net 164,623 154,541 Prepaid expenses and other current assets 5,260 5,357 Current assets from discontinued operations — 3 Total current assets 309,878 278,454 Property and equipment, net 36,286 34,380 Other noncurrent assets 782 1,052 Deferred tax assets 994 994 Intangible assets, net 69,526 73,405 Goodwill 168,412 169,399 Total assets $ 585,878 $ 557,684 Liabilities and Shareholders’ Equity Current liabilities: Accounts payable $ 130,383 $ 121,405 Accrued liabilities 11,492 12,211 Other current liabilities 7,137 6,715 Current portion of long-term debt 6,563 6,490 Current liabilities from discontinued operations — 400 Total current liabilities 155,575 147,221 Long-term debt, less current portion, net 181,042 180,247 Deferred tax liabilities 10,628 10,558 Other non-current liabilities 2,950 2,896 Total liabilities 350,195 340,922 Shareholders’ equity: Preferred shares ($0.0001 par value; 20,000,000 shares authorized; zero shares issued and outstanding) — — Ordinary shares ($0.0001 par value; 200,000,000 shares authorized; 26,083,585 and 25,892,162 shares outstanding, respectively; 26,279,335 and 25,892,162 shares issued, respectively) 3 3 Additional paid in capital 221,897 214,697 Treasury shares (195,750 and zero shares, respectively) (5,000 ) — Retained earnings 18,783 2,062 Total shareholders’ equity 235,683 216,762 Total liabilities and shareholders’ equity $ 585,878 $ 557,684 ICHOR HOLDINGS, LTD.
Consolidated Statement of Operations
(dollars in thousands, except per share amounts)
(unaudited)
Three Months Ended March 30,
2018
December 29,
2017
March 31,
2017
Net sales $ 258,029 $ 182,936 $ 148,704 Cost of sales 215,430 153,892 124,689 Gross profit 42,599 29,044 24,015 Operating expenses: Research and development 2,452 2,213 1,744 Selling, general, and administrative 15,711 11,530 6,858 Amortization of intangible assets 3,879 3,062 1,795 Total operating expenses 22,042 16,805 10,397 Operating income 20,557 12,239 13,618 Interest expense 2,504 1,173 690 Other expense (income), net 241 199 (549 ) Income from continuing operations before income taxes 17,812 10,867 13,477 Income tax expense (benefit) from continuing operations 1,091 (8,328 ) 525 Net income from continuing operations 16,721 19,195 12,952 Discontinued operations: Loss from discontinued operations before taxes — (1 ) (111 ) Income tax expense (benefit) from discontinued operations — (270 ) 1 Net income (loss) from discontinued operations — 269 (112 ) Net income $ 16,721 $ 19,464 $ 12,840 Net income per share from continuing operations: Basic $ 0.64 $ 0.75 $ 0.53 Diluted $ 0.63 $ 0.72 $ 0.51 Net income per share: Basic $ 0.64 $ 0.76 $ 0.52 Diluted $ 0.63 $ 0.73 $ 0.50 Shares used to compute net income from continuing operations per share: Basic 26,030,298 25,702,231 24,654,415 Diluted 26,734,710 26,656,065 25,640,089 Shares used to compute net income per share: Basic 26,030,298 25,702,231 24,654,415 Diluted 26,734,710 26,656,065 25,640,089 ICHOR HOLDINGS, LTD.
Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
Three Months Ended March 30,
2018
March 31,
2017
Cash flows from operating activities: Net income $ 16,721 $ 12,840 Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization 5,752 2,485 Gain on sale of investments and settlement of note receivable — (241 ) Share-based compensation 3,791 344 Deferred income taxes (127 ) (75 ) Amortization of debt issuance costs 333 132 Changes in operating assets and liabilities, net of assets acquired: Accounts receivable, net (26,350 ) (22,661 ) Inventories (10,470 ) (20,063 ) Prepaid expenses and other assets 370 (1,505 ) Accounts payable 8,731 17,904 Accrued liabilities (974 ) (2,202 ) Other liabilities 1,439 1,365 Net cash used in operating activities (784 ) (11,677 ) Cash flows from investing activities: Capital expenditures (3,668 ) (2,274 ) Proceeds from sale of investments and settlement note receivable — 2,430 Net cash provided by (used in) investing activities (3,668 ) 156 Cash flows from financing activities: Issuance of ordinary shares, net of fees — 7,277 Issuance of ordinary shares under share-based compensation plans 3,409 — Repurchase of ordinary shares (5,000 ) — Debt issuance and modification costs (2,092 ) — Borrowings on revolving credit facility 7,162 — Repayments on term loan (4,535 ) — Net cash provided by (used in) financing activities (1,056 ) 7,277 Net decrease in cash (5,508 ) (4,244 ) Cash at beginning of year 69,304 52,648 Cash at end of quarter $ 63,796 $ 48,404 Supplemental disclosures of cash flow information: Cash paid during the period for interest $ 1,297 $ 1,409 Cash paid during the period for taxes $ 230 $ 14 Supplemental disclosures of non-cash activities: Capital expenditures included in accounts payable $ 834 $ 1,585 ICHOR HOLDINGS, LTD.
Reconciliation of U.S. GAAP Net Income from Continuing Operations to Non-GAAP Adjusted Net Income from Continuing Operations
(dollars in thousands, except per share amounts)
(unaudited)
Three Months Ended March 30,
2018
December 29,
2017
March 31,
2017
Net income from continuing operations $ 16,721 $ 19,195 $ 12,952 Non-GAAP adjustments: Amortization of intangible assets 3,879 3,062 1,795 Share-based compensation (1) 3,791 694 344 Other non-recurring expense (income), net (2) 1,439 2,239 (500 ) Tax adjustments related to non-GAAP adjustments (2,904 ) (564 ) (24 ) Tax benefit from acquisitions (3) — (2,301 ) — Tax impact from tax law change (4) — (5,911 ) — Fair value adjustment to inventory from acquisitions (5) 4,524 2,226 — Non-GAAP adjusted net income from continuing operations $ 27,450 $ 18,640 $ 14,567 Non-GAAP adjusted diluted EPS $ 1.03 $ 0.70 $ 0.57 Shares used to compute diluted EPS 26,734,710 26,656,065 25,640,089 (1) Included in share-based compensation for the first quarter of 2018 is $2.9 million associated with accelerating the vesting of our former CFO’s outstanding stock options and restricted shares pursuant to his separation benefits that became effective in January 2018. (2) Included in this amount for the first quarter of 2018 are (i) separation benefits for our former CFO that became effective in January 2018 and (ii) acquisition-related expenses. Included in this amount for the fourth quarter of 2017 are (i) acquisition-related expenses, (ii) executive search expenses incurred in connection with replacing the our CFO, and (iii) expenses incurred in connection with sales or other dispositions of our ordinary shares by affiliates of Francisco Partners (“FP”). Included in this amount for the first quarter of 2017 are (i) a refund from FP Consulting and (ii) a gain on sale of our investment in CHawk. (3) We recorded a preliminary $2.3 million tax benefit in the fourth quarter of 2017 in connection with our acquisition of Talon. (4) This adjustment represents the impact of U.S. corporate tax reform. (5) As part of our preliminary purchase price allocations for our acquisitions of Talon in December 2017 and Cal-Weld in July 2017, we recorded inventory at fair value, resulting in a fair value step-up to acquired inventory of $6.2 million and $3.6 million, respectively. These amounts were released to cost of sales as inventory was sold during the respective quarters. ICHOR HOLDINGS, LTD.
U.S. GAAP and Non-GAAP Summary Consolidated Statements of Operations
(in thousands)
(unaudited)
Quarter Ended Quarter Ended Quarter Ended March 30, 2018 December 29, 2017 March 31, 2017 U.S. GAAP Non-GAAP U.S. GAAP Non-GAAP U.S. GAAP Non-GAAP Net sales $ 258,029 $ 258,029 $ 182,936 $ 182,936 $ 148,704 $ 148,704 Cost of sales (1) 215,430 210,776 153,892 151,625 124,689 124,681 Gross profit 42,599 47,253 29,044 31,311 24,015 24,023 Operating expenses (2) 22,042 13,063 16,805 10,851 10,397 8,462 Operating income 20,557 34,190 12,239 20,460 13,618 15,561 Interest expense 2,504 2,504 1,173 1,173 690 690 Other expense (income), net (3) 241 241 199 199 (549 ) (245 ) Income from continuing operations before income taxes 17,812 31,445 10,867 19,088 13,477 15,116 Income tax expense (benefit) from continuing operations (4) 1,091 3,995 (8,328 ) 448 525 549 Net income from continuing operations $ 16,721 $ 27,450 $ 19,195 $ 18,640 $ 12,952 $ 14,567 (1) Non-GAAP cost of sales excludes share-based compensation expense and impacts from a step up in the fair value of acquired inventory in connection with our acquisitions of Talon and Cal-Weld (see footnote 5 on page 8). (2) Non-GAAP operating expenses excludes amortization of intangible assets, share-based compensation expense, and other non-recurring expense (income), net (see footnote 2 on page 8). (3) Non-GAAP other expense (income), net excludes a gain on our sale of our investment in CHawk (see footnote 2 on page 8). (4) Non-GAAP income tax expense from continuing operations excludes the tax benefit recorded from our acquisition of Talon Innovations (see footnote 3 on page 8), the tax impact from U.S. corporate tax reform (see footnote 4 on page 8), and the tax effects of the above non-GAAP, non-tax related adjustments.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180508006364/en/
Ichor Holdings, Ltd.
Jeff Andreson, 510-897-5200
CFO
or
Claire McAdams, 530-265-9899
IR
[email protected]
Source: Ichor Holdings, Ltd. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/business-wire-ichor-holdings-ltd-announces-first-quarter-2018-financial-results.html |
LONDON (Reuters Breakingviews) - Martin Sorrell’s exorbitant pay packages at WPP were supposedly justified by the CEO’s intimate knowledge of the advertising business and roster of high-level contacts. Now that the 73-year-old is starting from scratch again that value will be put to the test.
Sir Martin Sorrell, Chairman and Chief Executive Officer of advertising company WPP, attends a conference at the Cannes Lions Festival in Cannes, France, June 23, 2017. REUTERS/Eric Gaillard - RC14CDD347A0 Sorrell left WPP just six weeks ago following a probe into alleged personal misconduct, which he denies. He’s put 40 million pounds into a new vehicle called S4 Capital, named after the four generations of his family. The business will soon have a London listing after agreeing a reverse takeover with 2 million pound cash shell Derriston, announced on Wednesday. S4 has raised another 11 million pounds from institutional investors, and has non-binding commitments for a further 150 million pounds of equity funding.
That will give Sorrell 200 million pounds of firepower – roughly the same as WPP’s net spend on acquisitions last year - to buy up small marketing, technology and media businesses. Indeed, S4’s focus on “technology, data and content” echoes the M&A section of the 15 billion pound group’s annual report, which Sorrell transformed from a cash shell called Wire and Plastic Products.
S4 is no WPP-killer, however. Even assuming it puts all the cash at its disposal to work, its equity value would be about 1 percent of the bigger group’s market capitalisation. And Sorrell’s 1.4 percent shareholding in WPP at the end of March - according to Thomson Reuters data - gives him a 215 million pound incentive not to take too much business away from the company he ran for more than three decades.
Nevertheless, the acquisition vehicle will test whether Sorrell’s bulging book of contacts can help find promising young businesses and sell their services to large corporations. In his last three years at WPP the company earned an average annual return on capital employed of 10 percent, using Berenberg estimates. That performance helped justify Sorrell’s controversial 70 million pound pay package for 2015.
Yet those returns could have been down to WPP’s scale and huge client base rather than the CEO’s personal input. Sorrell will need to use all his entrepreneurial flair – and shrug off the whiff of impropriety from the still-secret misconduct allegations – to prove that S4 is more than a shell.
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.
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/us-derriston-cap-sorrell-breakingviews/breakingviews-sorrells-new-shell-tests-value-of-old-contacts-idUSKCN1IV233 |
HOUSTON, May 10, 2018 /PRNewswire/ -- Hart Energy announced a significant leadership change in its flagship Oil and Gas Investor franchise. Effective with the May 2018 issue, Shelley Lamb begins a new role as senior vice president of digital media -- and Kevin Holmes is promoted to publisher of Oil and Gas Investor.
Lamb has been the publisher of Hart Energy's flagship publication for over 17 years. In her time leading Oil and Gas Investor and its many affiliated custom projects and events, Shelley has elevated the brand to be the premier information franchise of the energy business. Her tireless work ethic and demand for excellence will serve her well in this new venture.
"Shelley is not going anywhere," said Rich Eichler, Hart Energy's CEO. "This is a great time to change leadership, and Kevin is absolutely the right person to take the magazine forward. We're asking Shelley to use her leadership and business experience to further secure Hart Energy's position as the global energy industry's comprehensive digital source for news, data and analysis that inform business and technology decisions."
Eichler continues, "Taking over the reins of Oil and Gas Investor as its new publisher is Kevin Holmes. In his four years at Hart, Kevin has distinguished himself as one of the company's top brand development executives. He truly understands the value of the Investor brand. Kevin is well-respected by his clients and he is constantly thinking of ways to add value to their marketing spend. Kevin will be a new level of energy to the franchise as we look to expand our reach to the future leaders of the industry."
About Hart Energy
Since 1973, Hart Energy has provided timely and targeted information to a worldwide audience that includes E&P companies, pipeline operators, refiners and finished fuel producers, service companies, the financial and investment community, engineering and automotive industries, utilities, leading NGOs and the world's major governments. For information, visit hartenergy.com .
Contact:
Kate Clark
713.260.4657
View original content with multimedia: http://www.prnewswire.com/news-releases/oil-and-gas-investor-continues-its-success---via-its-succession-plan-300646133.html
SOURCE Hart Energy | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/pr-newswire-oil-and-gas-investor-continues-its-success--via-its-succession-plan.html |
Twitter’s new algorithm targets ‘trolls’ Tuesday, May 15, 2018 - 01:49
Twitter announced a new measure it hopes will track and identify ‘trolls,’ or users who spew abuse, and make their tweets harder to find.
Twitter announced a new measure it hopes will track and identify ‘trolls,’ or users who spew abuse, and make their tweets harder to find. //reut.rs/2rLPjFd | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/15/twitters-new-algorithm-targets-trolls?videoId=427206096 |
May 8 (Reuters) - Britain’s competition watchdog has ordered an in-depth investigation of the merger of SSE’s retail power and gas business in the UK with German rival Innogy’s Npower, the office said on Tuesday.
The Competition and Markets Authority said the initial Phase 1 investigation found that the deal could reduce competition, potentially leading to higher prices for some bill payers. ( bit.ly/2KIlttK )
SSE and Npower did not offer measures to address the CMA’s concerns, and so it has referred the merger for a more in-depth, Phase 2 investigation, the watchdog said.
A decision on the SSE-Npower merger will now be made by a group of independent panel members supported by a case team of CMA staff, CMA said. The deadline for the final report is Oct. 22, it added. (Reporting by Arathy S Nair in Bengaluru; editing by Patrick Graham)
| ashraq/financial-news-articles | https://www.reuters.com/article/sse-innogy-cma/britains-competition-refers-sse-npower-deal-for-in-depth-investigation-idUSL3N1SF2O7 |
PHOENIX, May 30, 2018 /PRNewswire/ -- Alliance Residential Company is pleased to announce the promotion of Bradley Cribbins to President/Chief Executive Officer of Alliance's management division.
With 25 years of industry experience, Cribbins joined the Alliance family in July 2007 as Managing Director of Asset Management for the Broadstone portfolio. He was later promoted to Senior Vice President of Operations, overseeing the Southwest and Mountain regions, and in 2012 was named Executive Vice President/Chief Operating Officer of the management division. In 2016, he became President/Chief Operating Officer and is now taking a well-deserved step to President/Chief Executive Officer of the management team.
Prior to joining Alliance, Cribbins was the Vice President of Operations for a leading regional owner/manager in the Pacific Northwest. He also held a key leadership role in two start-up ventures providing technology services to the industry.
"Throughout his career at Alliance, Brad has excelled in his focus to drive strategic leadership across the organization," said Bruce Ward, Chairman/CEO of Alliance. "This has produced innovative, forward-thinking teams who are doing things differently in the multifamily space to elevate the Alliance brand and drive our thoughtful, intentional growth."
Under Cribbins' leadership, Alliance has consistently delivered strong asset performance for its owned assets and managed clients, and has led the team to many notable company-wide achievements. Within the past year, two major milestones were reached – Alliance broke the 100,000 managed units mark, now sitting at more than 104,000 units under management nationwide, and made its way into the ranks of the top five largest management companies in the nation.
As the company drives forward with its 2020 vision to reach 150,000 managed units, Cribbins will continue to challenge the teams to drive alignment, and focus on how talent and teamwork set the management company apart as an elite service provider. This will ensure Alliance continues to deliver exceptional performance and results portfolio-wide.
To learn more about Alliance, visit www.allresco.com .
About Alliance Residential Company
Alliance is the fourth-largest multifamily manager and fourth most-active multifamily developer in the nation. As an integrated multifamily real estate company, Alliance is focused on the development, management, construction and acquisition of residential and mixed-use communities. Developer of the high-profile Broadstone communities, Alliance is headquartered in Phoenix with 35 regional offices throughout the West, Southwest, South-Central, Southeast, Mid-Atlantic and Northeast.
MEDIA CONTACT: Danielle Clark
Director of Public Relations & Communications
602.522.5760 | [email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/bradley-cribbins-named-presidentchief-executive-officer-of-alliance-residential-companys-management-division-300656268.html
SOURCE Alliance Residential Company | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/pr-newswire-bradley-cribbins-named-presidentchief-executive-officer-of-alliance-residential-companys-management-division.html |
May 3, 2018 / 7:27 PM / a minute ago Activision Blizzard reports 15.7 percent rise in adjusted revenue Reuters Staff 1 Min Read
(Reuters) - Activision Blizzard Inc reported a 15.7 percent rise in first-quarter adjusted revenue on Thursday, helped by robust sales for its blockbuster videogame, “Call of Duty”. FILE PHOTO: The Activision booth is shown at the E3 2017 Electronic Entertainment Expo in Los Angeles, California, U.S. June 13, 2017. REUTERS/ Mike Blake/File Photo
The company’s profit rose to $500 million, or 65 cents per share, in the quarter ended March 31, from $426 million, or 56 cents per share, a year earlier.
Total adjusted revenue rose to $1.38 billion from $1.20 billion.
Shares of the company were halted after Dow Jones inadvertently published the results ahead of time. Reporting by Arjun Panchadar in Bengaluru; Editing by Arun Koyyur | ashraq/financial-news-articles | https://uk.reuters.com/article/us-activision-results/activision-blizzard-reports-15-7-percent-rise-in-adjusted-revenue-idUKKBN1I42GY |
April 30 (Reuters) - Kesko Oyj:
* ANNOUNCES ACQUISITION OF OWN SHARES ON 30 APRIL 2018 * BOUGHT 31,000 SHARES AT AVERAGE PRICE/SHARE OF 48.62 EUROS AND TOTAL COST OF 1.51 MILLION EUROS
* COMPANY HOLDS A TOTAL OF 585,085 OF ITS OWN B SHARES (KESKOB) INCLUDING SHARES ACQUIRED ON 30 APRIL 2018 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-kesko-announces-acquisition-of-own/brief-kesko-announces-acquisition-of-own-shares-on-30-april-2018-idUSFWN1S71BH |
May 16, 2018 / 6:07 AM / Updated 11 hours ago Staging back-to-back ITF and ATP events is 'insane' - ATP chief Reuters Staff 2 Min Read
(Reuters) - Holding two world team events within a short period of time is an “insane” idea, according to Association of Tennis Professionals (ATP) President Chris Kermode.
The ATP has proposed a revamped World Team Cup, starting in 2020, in partnership with Tennis Australia that will be held before the Australian Open in January.
The International Tennis Federation (ITF) has also planned a overhaul of the Davis Cup, leading to the formation of the World Cup of Tennis that could start at the end of November next year.
If both competitions are approved, men’s players will end their season at the World Cup of Tennis and after a very short break, start preparing for the World Team Cup and the following grand slam.
Kermode believes it would be very taxing.
“It doesn’t make any sense to have two team events. Personally I think that would be insane. Let’s just hope that doesn’t happen,” Kermode, who is also the ATP’s executive chairman, told BBC Sport.
“... Davis Cup is a sports entity that has been around for hundreds of years and we value it.
“Equally the World Team Cup was an event we had for 35 years. It’s been off the shelf for a while, but could we bring that back? I think there’s clearly a demand for a huge team event that anyone can buy into.”
He said the ATP and ITF had held talks but failed to find a solution so far. The 53-year-old believes that the decision over which tournament goes ahead will be based on the players’ support for either. Reporting by Aditi Prakash in Bengaluru; Editing by Amlan Chakraborty | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-tennis-men-kermode/staging-back-to-back-itf-and-atp-events-is-insane-atp-chief-idUKKCN1IH0GU |
May 17, 2018 / 5:00 PM / Updated an hour ago U.S. power grid ready for summer, but California & Texas are concerns: FERC Reuters Staff 3 Min Read
(Reuters) - Most U.S. regions are prepared to meet power and natural gas demand this summer, but shortages are possible in Southern California due to low hydropower and gas supplies and Texas following the retirement of several coal plants, federal energy regulators said in a report on Thursday.
In Southern California, staff at the U.S. Federal Energy Regulatory Commission (FERC) said lower-than-average hydro generation may create challenges as natural gas-fired generation - the replacement for hydro production shortfalls in past years - may be limited due to reduced gas storage capacity and local pipeline outages in the region.
Nationwide, the staff said North American reliability coordinators forecast demand for electricity from the grid would be about the same as last summer due to increased use of demand response programs to reduce usage and distributed energy resources like home solar panels.
If the forecasts for warmer than normal weather this summer are correct, the report said gas burned to produce electricity could top 2016’s record high due to the addition of over 16,000 megawatts of new gas-fired generation and low gas prices, making gas a cheaper fuel than coal in many regions.
One megawatt can power about 1,000 U.S. homes.
The report said energy firms were expected to add over 25,000 MW of mostly gas and renewable generation through the end of the summer.
That new capacity will replace much of the roughly 14,000 MW of generation that has retired since May 2017, including about 10,800 MW of coal-fired capacity.
But the new plants are not necessarily located where the old plants retired.
The shutdown over the past six months of the 1,187-MW Big Brown, 1,980-MW Monticello and 1,282-MW Sandow coal plants in Texas helped cut its reserve margin to 10.92 percent, which is below the grid’s 13.75 percent target.
The Texas grid operator, the Electric Reliability Council of Texas (ERCOT), said it expects to have sufficient operational tools to manage tight reserves and maintain system reliability.
Those tools include using a previously mothballed power plant, imports from other regions and consumer conservation and demand response efforts.
In California, the grid operator said it also expects to use demand response programs and consumer conservation to mitigate tight supply conditions this summer.
Gas supplies in Southern California are expected to remain tight this summer due to limitations on Aliso Canyon, the biggest gas storage field in the state, and gas pipeline outages and reductions. Reporting by Scott DiSavino; Editing by Marguerita Choy | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-power-reliability-ferc/u-s-power-grid-ready-for-summer-but-calif-texas-are-concerns-ferc-idUSKCN1II2HL |
Martin Sorrell makes comeback after short hiatus 8:42pm IST - 01:19
Martin Sorrell is staging a comeback just six weeks after leaving WPP using the same formula as the 1980s when he transformed a little-known shell company into the world’s biggest advertising group. Laura Frykberg reports.
Martin Sorrell is staging a comeback just six weeks after leaving WPP using the same formula as the 1980s when he transformed a little-known shell company into the world’s biggest advertising group. Laura Frykberg reports. //reut.rs/2IXrB4o | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/30/martin-sorrell-makes-comeback-after-shor?videoId=431700353 |
May 10, 2018 / 1:08 PM / in 6 minutes BRIEF-European Patent Office Notifies Tecogen Of Intent To Grant A Patent For Ultera Emissions Technology Reuters Staff 1 Min Read
May 10 (Reuters) - Tecogen Inc:
* EUROPEAN PATENT OFFICE NOTIFIES TECOGEN OF INTENT TO GRANT A PATENT FOR THE ULTERA EMISSIONS TECHNOLOGY Source text for Eikon: Further company coverage: ([email protected]) | ashraq/financial-news-articles | https://www.reuters.com/article/brief-european-patent-office-notifies-te/brief-european-patent-office-notifies-tecogen-of-intent-to-grant-a-patent-for-ultera-emissions-technology-idUSFWN1SH188 |
ATHENS, May 10 (Reuters) - Greece’s jobless rate inched up to 20.8 percent in February from an upwardly revised 20.7 percent in the previous month, data from the country’s statistics service ELSTAT showed on Thursday.
Seasonally adjusted data showed the number of unemployed at 978,072 people, with younger persons aged up to 24 bearing the brunt of being out of work.
Among younger persons aged 15 to 24, the jobless rate eased to 45.4 percent from 46.4 percent in the same month in 2017.
Greece’s jobless rate, which hit a record high of 27.9 percent in September 2013, has been coming down since but remains the highest in the euro zone.
The government expects the unemployment rate to fall to 18.4 percent this year, based on projections in its 2018 budget.
Unemployment in the 19 countries sharing the euro was stable at 8.5 percent in March according to Eurostat. (Reporting by Karolina Tagaris)
| ashraq/financial-news-articles | https://www.reuters.com/article/eurozone-greece-unemployment/greek-february-unemployment-inches-up-to-20-8-pct-eurozones-highest-idUSEONI530TB |
May 9, 2018 / 4:02 PM / in 9 minutes Norway appeals court to hear case against Hexagon CEO Reuters Staff 1 Min Read
OSLO, May 9 (Reuters) - A Norwegian appeals court has agreed to an appeal by prosecutors against the acquittal of Hexagon Chief Executive Ola Rollen over insider trading charges, it said on Wednesday.
At the original trial, prosecutors asked for an 18-month prison term for Rollen’s 2015 purchase of shares in Norway’s Next Biometrics, a company not connected to Hexagon.
One of Sweden’s best known business leaders, Rollen was unanimously acquitted by an Oslo court on Jan. 10. He maintained his innocence during the trial and continued to run the company he has led since 2000. Reporting by Terje Solsvik; Editing by Elaine Hardcastle | ashraq/financial-news-articles | https://www.reuters.com/article/hexagon-ab-ceo-trial/norway-appeals-court-to-hear-case-against-hexagon-ceo-idUSL8N1SG7WW |
TORONTO, May 03, 2018 (GLOBE NEWSWIRE) -- The following issues have been halted by IIROC / L’OCRCVM a suspendu la négociation des titres suivants :
Company / Société : Platinum Group Metals Ltd. TSX Symbol / Symbole TSX : PTM (All Issues) Reason / Motif : Pending News / Nouvelle en attente Halt Time (ET) / Heure de la suspension (HE) 3:38 PM ET / 15 h 38 (HE) IIROC can make a decision to impose a temporary suspension (halt) of trading in a security of a publicly-listed company. Trading halts are implemented to ensure a fair and orderly market. IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada.
L’OCRCVM peut prendre la décision de suspendre (ou d’arrêter) temporairement les opérations à l’égard d’un titre d’une société cotée en bourse. Les arrêts des opérations sont mis en oeuvre afin d’assurer le bon fonctionnement d’un marché équitable. L’OCRCVM est l’organisme d’autoréglementation national qui surveille l’ensemble des courtiers en placement et l’ensemble des opérations effectuées sur les marchés des titres de capitaux propres et les marchés des titres de créance au Canada.
Please note that IIROC is not able to provide any additional information regarding a specific trading halt. Information is limited to general enquiries only.
Veuillez prendre note que l'OCRCVM n'est pas en mesure de fournir d'informations supplementaires au sujet d'une suspension des negociations en particulier. L'information est restreinte aux questions generales.
IIROC Inquiries
1-877-442-4322 (Option 2)
Source:Investment Industry Regulatory Organization of Canada | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/globe-newswire-iiroc-trading-halt-suspension-de-la-negociation-par-locrcvm--ptm-all-issues.html |
May 17, 2018 / 2:25 PM / Updated 19 minutes ago U.S. 30-year mortgage rates hit 7-year peak: Freddie Mac Reuters Staff 2 Min Read
NEW YORK (Reuters) - Interest rates on U.S. 30-year fixed-rate mortgages rose to the highest in seven years as a bond market selloff this week propelled 10-year yields to the highest since July 2011, Freddie Mac said on Thursday. FILE PHOTO: An advertisement for two-family homes is seen outside an oceanside community in the Rockaway area of the Queens borough of New York, September 16, 2015. REUTERS/Shannon Stapleton/File Photo
Higher borrowing costs have not yet caused a meaningful squeeze on the housing market, as underlying demand remains solid, Freddie Mac chief economist Sam Khater said.
“While this year’s higher mortgage rates have not caused much of a ripple in the strong demand levels for buying a home seen in most markets, inflationary pressures and the prospect of rates approaching 5 percent could begin to hit the psyche of some prospective buyers,” he said in statement.
Thirty-year mortgage rates averaged 4.61 percent in the week ended May 17, matching the level last seen in May 2011. A week earlier, 30-year rates averaged 4.55 percent, the U.S. mortgage finance agency said.
Average 15-year mortgage rates rose to 4.08 percent in the latest week from 4.01 percent, while interest rates on five-year adjustable mortgages averaged 3.82 percent, up from 3.77 percent a week earlier, Freddie Mac said.
Worries about rising inflation and government borrowing lifted the 10-year Treasury yield US10YT=RR to 3.122 percent earlier Thursday, the highest since July 2011, Reuters data showed.
To view a graphic on U.S. 10-year bond yield vs 30-year mortgage rate, click: reut.rs/2ENzSFO Reporting by Richard Leong; Editing by Bernadette Baum and Chris Reese | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-mortgages-freddie-mac/u-s-30-year-mortgage-rates-hit-7-year-peak-freddie-mac-idUSKCN1II23M |
May 23, 2018 / 1:43 PM / Updated 14 minutes ago FACTBOX-Cricket-Reaction to retirement of AB de Villiers from international cricket Reuters Staff 4 Min Read
May 23 (Reuters) - South African batsman AB de Villiers announced his retirement from all three formats of international cricket on Wednesday.
His decision, which came as a surprise ahead of next year’s Cricket World Cup in England, has provoked worldwide reaction, particularly from India where he is known as ‘Mr 360’ for his ability to play shots all around the wicket.
The following is reaction to his departure:
CEO of Cricket South Africa Chris Nenzani said in a statement:
“AB is one of the all-time greats of South African cricket who has thrilled spectators around the world with his sheer brilliance, coupled to his ability to innovate and take modern day batting in all three formats but particularly in the white ball ones to new levels.
“What is probably more important is the inspiration he has been to his team mates whether playing at international or domestic level and the wonderful role model he has been to all our aspiring youngsters. It goes without saying that he is going to be greatly missed wherever international cricket is played.”
Former South Africa wicketkeeper Mark Boucher tweeted:
“I remember this young guy on his first day out for the Proteas. What an inspiration, person and player, he turned out to be. Thank you for everything you have done for your country, teammates and fans.”
Former Sri Lanka batsman Mahela Jayawardena tweeted:
“One of the best! Wish you all the best AB. Amazing player, but above all that great guy...”
Cricket broadcaster Harsha Bhogle tweeted:
“Must admit to being a bit shocked by AB de Villiers’ decision to quit all international cricket. We knew it was coming but I thought he would give the World Cup another shot.”
Former India seam bowler RP Singh tweeted:
“The man who showed the world that batting 360° is an easy task. All the best for your future endeavours AB de Villiers, thank you for all the unforgettable memories!”
Former South Africa fast bowler Allan Donald tweeted:
“So shocked to hear AB de Villiers has decided to call time on his international career. But that’s just life and he feels it’s time to move on. Thank you great man for your amazing match-winning performances, skillful captaincy and most of all your humility.”
Former England captain Michael Vaughan tweeted:
“Such a shame for international cricket. But he has been an unbelievable advert to how I would have loved to have played all three formats ... GREAT GREAT player ... top three that I have ever seen.”
Former South Africa spin bowler Paul Harris tweeted:
“What a great career. Best I have ever seen. Was great to be a part of it AB de Villiers. Nou gaan ons braai (now we are going to barbeque).”
Former India batsman Mohammad Kaif tweeted:
“One of the all time greats of the game, many congratulations AB de Villiers on an outstanding career. The (Roger) Federer of cricket, the most loved cricketer on the planet. Wish you the best for your future endeavours.”
Australia women’s international Alex Blackwell tweeted:
“True legend. Finishing on top and allowing next generation to step up. The way AB found innovative ways to dominate bowling attacks was an inspiration.”
Former India batsman Aakash Chopra tweeted:
“The biggest entertainer in the last decade has bid goodbye to International cricket. Your absence will be felt, AB. Cricket will be poorer.”
De Villiers’ Indian Premier League side Royal Challengers Bangalore tweeted:
“Sudden but we’re confident there was immense thought and contemplation behind the decision. You have to come back to Bengaluru in 2019.” (Compiled by Nick Said Editing by Christian Radnedge) | ashraq/financial-news-articles | https://uk.reuters.com/article/cricket-safrica-devilliers/factbox-cricket-reaction-to-retirement-of-ab-de-villiers-from-international-cricket-idUKL5N1SU4TR |
May 16, 2018 / 11:17 AM / Updated 35 minutes ago Zoetis to buy veterinary diagnostics firm Abaxis for $1.9 billion Tamara Mathias 3 Min Read
(Reuters) - Top animal health company Zoetis Inc ( ZTS.N ) will buy Abaxis Inc ( ABAX.O ) for $1.9 billion, looking to capture a bigger slice of the fast-growing market for diagnostics services that cater to household pets and farm animals. FILE PHOTO: Zoetis CEO Juan Ramon Alaix gives an interview following his company's IPO on the floor of the New York Stock Exchange, February 1, 2013. REUTERS/Brendan McDermid
The deal announced Wednesday reflects Zoetis’ expectation that the diagnostics category will grow at a faster pace than the broader animal health industry.
Abaxis — which makes blood and urine tests to predict, detect and treat diseases such as heartworm, Lyme disease or tick-borne infections — will also help its New Jersey-based acquirer bolster its presence in overseas markets.
Zoetis faces much lesser competition internationally than in the United States, its Chief Executive Officer Juan Alaix said on a conference call with analysts.
“The characteristic of patients in animal health is that they don’t speak. So in our industry, almost every animal getting into clinics needs to have a diagnostic test,” Alaix said.
The veterinary diagnostics market worldwide is expected grow to $3.6 billion in 2022 from $2.3 billion in 2017, according to research firm MarketsandMarkets here
By contrast, the global animal medicines and vaccines market is worth around $30 billion, according to veterinary consultancy Vetnosis.
Much of Zoetis’ revenue is driven by its animal dermatology business, and diagnostics contribute just under 1 percent of its overall annual revenue of more than $5 billion.
On Wednesday, Zoetis’ shares fell 0.5 percent, while shares of IDEXX Laboratories Inc ( IDXX.O ), Abaxis’ biggest competitor, fell 3.7 percent.
“We believe this is a good deal for Zoetis although the valuation seems high,” BMO Capital Markets analyst Alex Arfaei said.
Shares of Abaxis rose as much as 16 percent to an all-time high of $83.24, inching past Zoetis’ all-cash offer price of $83 per share.
At seven times Abaxis’ annual revenue, the price Zoetis is paying is already “pretty steep,” said C.L. King and Associates analyst David Westenberg. “If there’s another bidder, I don’t think Zoetis would go any higher,” he said.
However, should there be a rival offer, the companies most likely to make a bid would be Eli Lilly and Co’s ( LLY.N ) animal health unit Elanco or candy and pet food company Mars Inc, Westenberg said.
Other possible bidders include dental supply firms Henry Schein Inc ( HSIC.O ) and Patterson Companies Inc ( PDCO.O ), which also have animal health divisions, he added.
Zoetis plans to fund the acquisition through cash and new debt. It expects the deal to close before the end of the year and Abaxis to add to its earnings in 2019. Reporting by Tamara Mathias in Bengaluru; Editing by Anil D'Silva and Sai Sachin Ravikumar | ashraq/financial-news-articles | https://www.reuters.com/article/us-abaxis-m-a-zoetis/zoetis-to-buy-abaxis-for-1-9-billion-in-cash-idUSKCN1IH1CK |
After world premiere, could 'Solo' become a franchise? 55
'Solo' cast and crew discuss reactions to the film, rumors of disruption on set and possible sequels the morning after the world premiere. Rollo Ross reports.
'Solo' cast and crew discuss reactions to the film, rumors of disruption on set and possible sequels the morning after the world premiere. Rollo Ross reports. //reut.rs/2G9r3lA | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/12/after-world-premiere-could-solo-become-a?videoId=426071956 |
Japan ends its eight-quarter streak of economic expansion 8:04am EDT - 01:10
Japan ends its best run of growth in decades after the economy shrinks by more than 0.6%.
Japan ends its best run of growth in decades after the economy shrinks by more than 0.6%. //reut.rs/2L3vLF6 | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/16/japan-ends-its-eight-quarter-streak-of-e?videoId=427389386 |
(Reuters) - U.S. energy companies added the most oil rigs in both a week and a month since February as drillers continued to return to the well pad with crude prices at their highest since late 2014.
FILE PHOTO: Oil rigs are seen in Midland, Texas May 9, 2008. REUTERS/Jessica Rinaldi The total oil rig count rose by 15 to 859 in the week to May 25, the highest level since March 2015, General Electric Co’s Baker Hughes energy services firm said in its closely followed report on Friday.
For the month, the rig count rose by 34, its second increase in row, after rising 28 in April.
More than half the total oil rigs are in Permian basin in west Texas and eastern New Mexico, the nation’s biggest shale oil field. Active units there increased by 10 this week to 477, the most since January 2015. That was the biggest weekly increase in the basin since February.
The U.S. rig count, an early indicator of future output, is much higher than a year ago when 722 rigs were active as energy companies have been ramping up production in tandem with OPEC’s efforts to cut global output in a bid to take advantage of rising prices.
On Friday, however, U.S. crude futures fell by almost $3 to around $68 a barrel after OPEC and Russia said they were considering an increase in output. Earlier in the week, U.S. crude traded over traded over $72, their highest since November 2014. [O/R]
Looking ahead, crude futures were trading around $67 for the balance of 2018 and around $63 for calendar 2019.
In anticipation of higher prices, U.S. financial services firm Cowen & Co this week said the exploration and production (E&P) companies they track have provided guidance indicating a 13 percent increase this year in planned capital spending.
Cowen said those E&Ps expect to spend a total of $81.2 billion in 2018, up from an estimated $72.1 billion in 2017.
Cowen, which conducts its own count, said the total number of land oil and gas rigs fell by 13 this week to 1,057 due to private operators broadly distributed outside the major basins. Cowen noted the count in the Permian, the nation’s biggest shale oil basin, was flat week-over-week.
That compares with 1,040 in the Baker Hughes land rig count.
Analysts at Simmons & Co, energy specialists at U.S. investment bank Piper Jaffray, last week forecast average total oil and natural gas rig count would rise to 1,020 in 2018 and 1,125 in 2019. The Simmons forecast includes both land and offshore rigs.
So far this year, the total number of oil and gas rigs active in the United States has averaged 990, up sharply from 2017’s average of 876. That keeps the total count on track to be the highest since 2014, which averaged 1,862 rigs. Most rigs produce both oil and gas.
Reporting by Scott DiSavino; Editing by Marguerita Choy
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-rigs-baker-hughes/u-s-drillers-add-most-rigs-in-week-and-month-since-feb-baker-hughes-idUSKCN1IQ2MY |
BEIJING, May 16 (Reuters) - China said on Wednesday all parties should demonstrate goodwill and sincerity to create a conducive atmosphere for denuclearisation on the Korean peninsula, after North Korea cast doubt on a summit with the United States.
Foreign ministry spokesman Lu Kang made the comment at a regular briefing. (Reporting by Philip Wen; Writing by Christian Shepherd)
| ashraq/financial-news-articles | https://www.reuters.com/article/northkorea-missiles-southkorea-talks/china-says-goodwill-needed-for-korean-peninsula-denuclearisation-idUSS6N1S200S |
LONDON (Reuters) - The doctors who treated a Russian former spy and his daughter after they were poisoned with a nerve agent in Britain say they don’t know what the pair’s long term health outlook is - and initially feared the incident could have been much worse.
Sergei Skripal, a former colonel in Russia’s military intelligence who betrayed dozens of agents to Britain, and daughter Yulia were found unconscious on a public bench in the southern English city of Salisbury on March 4.
Staff at Salisbury hospital, where they were treated, told the BBC that some started to wonder whether they too would fall victim to the nerve agent.
Asked about the long term impact of the poisoning on the Skripals health, the hospital’s medical director, Christine Blanshard, said the prognosis was uncertain.
“The honest answer is we don’t know,” she said, according to extracts of an interview released by the BBC’s Newsnight program.
Britain has said that it is highly likely that Russia was responsible for the poisoning of the Skripals, and western governments, including the United States, have expelled more than 100 Russian diplomats. Russia has denied any involvement in the poisoning and retaliated in kind.
Yulia Skripal spoke to Reuters last week, saying her recovery had been “slow and extremely painful” and that she was lucky to have survived.
Hospital staff too said that they expected the Skripals would die as a result of the poisoning.
“All the evidence was there that they would not survive,” said Stephen Jukes, an intensive care consultant who treated the Skripals a week after they arrived at the hospital.
He added that the medical team initially suspected the Skripals were suffering an opioid overdose before the diagnosis quickly changed.
The cathedral city of Salisbury was transformed by the incident, with major shopping areas cordoned off while decontamination of locations the Skripals visited took place.
A policeman was admitted to hospital with symptoms after attending to the Skripals, and hospital staff feared that the incident might have been far more serious than first thought.
“When the (policeman) was admitted with symptoms - there was a real concern as to how big could this get,” Lorna Wilkinson, director of nursing at the hospital, said, adding she feared it could have “become all-consuming and involve many casualties”
“We really didn’t know at that point.”
FILE PHOTO: Ambulances and a police car are parked outside the emergency room at Salisbury District Hospital, Britain, March 6, 2018. REUTERS/Toby Melville/File Photo Reporting by Alistair Smout; Editing by Toby Chopra
| ashraq/financial-news-articles | https://www.reuters.com/article/us-britain-russia-skripal-salisbury/doctors-who-treated-skripals-uncertain-about-their-long-term-health-idUSKCN1IT259 |
SOUTH SAN FRANCISCO, Calif., May 14, 2018 (GLOBE NEWSWIRE) -- Mateon Therapeutics, Inc. (OTCQX:MATN), a biopharmaceutical company developing investigational drugs for the treatment of orphan oncology indications, today announced first quarter 2018 financial results.
For the three months ended March 31, 2018, Mateon reported a net loss of $0.8 million, a decrease of $3.2 million from the net loss of $4.0 million reported for the three months ended March 31, 2017. R&D expenses decreased to $0.2 million for the first three months of 2018 compared to $2.8 million for the same period in 2017, while general and administrative expenses decreased to $0.6 million for the first three months of 2018 compared to $1.1 million for the same period in 2017.
At March 31, 2018, Mateon had cash and cash equivalents of $0.2 million. In April 2018, Mateon raised net proceeds of approximately $2.4 million in a private placement financing transaction.
“During the first quarter of 2018 our efforts were focused on obtaining capital so that we could advance our product candidates,” said William D. Schwieterman, M.D., Chief Executive Officer of Mateon Therapeutics. “After receiving the initial funds from our April financing transaction, we authorized our clinical investigators to resume screening new patients into our clinical study of OXi4503 in relapsed/refractory acute myeloid leukemia and myelodysplastic syndromes. Based on our encouraging preclinical data, we are also planning for a new clinical study of CA4P as an immuno-oncology agent in combination with Opdivo® – initially evaluating the combination in advanced melanoma patients who have not responded to currently approved treatments.”
About Mateon
Mateon Therapeutics, Inc. is a biopharmaceutical company developing investigational drugs for the treatment of orphan oncology indications, with programs in acute myeloid leukemia and immuno-oncology. Mateon is committed to leveraging its product development expertise and intellectual property to bring improved and medically necessary new therapies to cancer patients worldwide.
Safe Harbor Statement
Certain statements in this news release, including, but not limited to, those concerning the use of OXi4503 as a treatment for acute myeloid leukemia and myelodysplastic syndromes, the use of CA4P as an immuno-oncology agent, the planned clinical trials for these applications, the potential significance of this data and its relation to other clinical and pre-clinical studies are considered " " within the meaning of the Private Securities Litigation Reform Act of 1995. They can be affected by inaccurate assumptions Mateon might make or by known or unknown risks and uncertainties, including, but not limited to: the sufficiency of the Company's cash resources to continue in business and to conduct and complete future clinical and pre-clinical trials; the uncertainties as to the future success of ongoing and planned clinical trials; and the unproven safety and efficacy of products under development or that may be developed in the future. Consequently, no forward-looking statement can be guaranteed, and actual results may vary materially. Additional information concerning factors that could cause actual results to materially differ from those in the is contained in Mateon’s reports to the Commission, including Mateon’s reports on Forms 10-Q, 8-K and 10-K. However, Mateon undertakes no obligation to publicly update , whether because of new information, future events or otherwise.
CONTACT
Matthew M. Loar
Mateon Therapeutics, Inc.
(650) 635-7000
[email protected]
FINANCIAL DATA APPEARS BELOW
Balance Sheet Data March 31, 2018 December 31, 2017 (all amounts in thousands) Assets Cash $ 233 $ 1,115 Prepaid expenses and other assets 204 57 Total assets $ 437 $ 1,172 Liabilities and stockholders' deficit Accounts payable and accrued liabilities $ 1,524 $ 1,649 Total stockholders' deficit (1,087 ) (477 ) Total liabilities and stockholders' deficit $ 437 $ 1,172
Statement of Operations Data Three months ended March 31, 2018 2017 (all amounts in thousands, except per share data) Operating Expenses: Research and development $ 225 $ 2,848 General and administrative 570 1,122 Total operating expenses 795 3,970 Loss from Operations (795 ) (3,970 ) Interest income 1 14 Other expense - (2 ) Net loss and comprehensive loss $ (794 ) $ (3,958 ) Basic and diluted net loss per common share attributable to common stock $ (0.03 ) $ (0.15 ) Weighted-average number of common shares outstanding 26,545 26,545
Source:Mateon Therapeutics | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/globe-newswire-mateon-therapeutics-reports-first-quarter-2018-financial-results.html |
ATLANTA, May 15, 2018 /PRNewswire/ -- Streamline Health Solutions, Inc. (NASDAQ: STRM), provider of integrated solutions, technology-enabled services and analytics supporting revenue cycle optimization for healthcare enterprises, today announced it promoted VP Channel Sales leader, Hal Walsh, to lead all sales efforts.
Mr. Walsh, who joined the company in early 2016 to lead all reseller partner efforts, has been promoted to Vice President of Sales. Prior to joining Streamline Health, Mr. Walsh spent 15 years with Care Communications, Inc., a revenue cycle and healthcare data quality improvement company with expertise in health information management. During his tenure as Senior Vice President Sales and Marketing, and Senior Vice President, Business Development, Walsh led successful organic revenue growth of between 15 to 30% every year for 13 consecutive years. During that time, Care Communications revenue grew by more than 300%. Since joining Streamline Health, Mr. Walsh has doubled the number of active reseller partners.
Streamline Health is committed to leading an industry movement to improve healthcare providers' financial performance by moving mid-to-late revenue cycle interventions upstream, optimizing coding accuracy for every patient encounter prior to bill submission. By improving coding accuracy before billing, providers can reduce lost revenue, mitigate overbill risk, and reduce denials and days in accounts receivable. This enables providers to turn unpredictable revenue cycles into dynamic revenue streams.
"Our sales pipeline is very active and we look forward to working with Hal Walsh and the sales team to close more deals going forward. Hal has done a great job of helping us grow the number and quality of our reseller partners, and has been actively involved in selling all of our revenue cycle solutions – from Abstracting and CDI to our new eValuator platform," stated David Sides, President and Chief Executive Officer, Streamline Health. "We are pleased to announce his well-deserved promotion to Vice President, Sales and to lead our growing team of sales professionals throughout the United States and Canada, and we wish Shaun Priest well in his next endeavor."
About Streamline Health
Streamline Health Solutions, Inc. (NASDAQ: STRM) is a healthcare industry leader in capturing, aggregating, and translating enterprise data into knowledge – producing actionable insights that support revenue cycle optimization for healthcare enterprises. We deliver integrated solutions, technology-enabled services and analytics that empower providers to drive revenue integrity in a value-based world. We share a common calling and commitment to advance the quality of life and the quality of healthcare – for society, our clients, the communities they serve, and the individual patient. For more information, please visit our website at www.streamlinehealth.net .
Safe Harbor statement under the Private Securities Litigation Reform Act of 1995
Statements made by Streamline Health Solutions, Inc. that are not historical facts are forward-looking statements that are subject to certain risks, uncertainties and important factors that could cause actual results to differ materially from those reflected in the forward-looking statements included herein. Forward-looking statements contained in this press release include, without limitation, statements regarding the Company's expected sales, bookings, revenue, future investments in sales resources, and related expectations and assumptions. These risks and uncertainties include, but are not limited to, the timing of contract negotiations and execution of contracts and the related timing of the revenue recognition related thereto, the potential cancellation of existing contracts or clients not completing projects included in the backlog, the impact of competitive solutions and pricing, solution demand and market acceptance, new solution development, key strategic alliances with vendors and channel partners that resell the Company's solutions, the ability of the Company to control costs, availability of solutions from third party vendors, the healthcare regulatory environment, potential changes in legislation, regulation and government funding affecting the healthcare industry, healthcare information systems budgets, availability of healthcare information systems trained personnel for implementation of new systems, as well as maintenance of legacy systems, fluctuations in operating results, effects of critical accounting policies and judgments, changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or other similar entities, changes in economic, business and market conditions impacting the healthcare industry generally and the markets in which the Company operates and nationally, and the Company's ability to maintain compliance with the terms of its credit facilities, and other risks detailed from time to time in the Streamline Health Solutions, Inc. filings with the U. S. Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's analysis only as of the date hereof. The Company undertakes no obligation to publicly release the results of any revision to these forward-looking statements, which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as required by law.
Company Contact:
Randy Salisbury
SVP, Chief Marketing Officer
(404) 229-4242
[email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/streamline-health-names-new-sales-leader-300648978.html
SOURCE Streamline Health, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/pr-newswire-streamline-health-names-new-sales-leader.html |
UNIONDALE, N.Y., May 30, 2018 (GLOBE NEWSWIRE) -- Flushing Financial Corporation (the “Company”) (Nasdaq:FFIC), the parent holding company for Flushing Bank (the “Bank”), today announced that the Board of Directors (the “Board”) declared a quarterly dividend on its common stock of $0.20 per common share, payable on June 29, 2018 to shareholders of record at the close of business on June 11, 2018.
John R. Buran, the Company’s President and Chief Executive Officer, stated: “We remain extremely well-positioned to deliver sustainable profitable growth given our continued deposits growth, investments in talent and innovation and risk management philosophy. As a result, our strong financial performance and capital position support the Company’s decision to declare quarterly cash dividend payouts to shareholders. The Board will continue to review future dividend payouts on a quarterly basis as part of our commitment to enhance the total return to our shareholders.”
FLUSHING FINANCIAL CORPORATION (Nasdaq:FFIC) is the holding company for Flushing Bank®, a New York State-chartered commercial bank insured by the Federal Deposit Insurance Corporation. The Bank serves consumers, businesses, professionals, corporate clients, and public entities by offering a full complement of deposit, loan, equipment finance, and cash management services through its banking offices located in Queens, Brooklyn, Manhattan, and Nassau County. As a leader in real estate lending, the Bank’s experienced lending team creates mortgage solutions for real estate owners and property managers both within and outside the New York City metropolitan area. Flushing Bank is an Equal Housing Lender. The Bank also operates an online banking division, consisting of iGObanking.com® which offers competitively priced deposit products to consumers nationwide and BankPurely® our eco-friendly, healthier lifestyle community brand.
“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: Statements in this Press Release relating to plans, strategies, economic performance and trends, projections of results of specific activities or investments and other statements that are not descriptions of historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking information is inherently subject to risks and uncertainties, and actual results could differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, risk factors discussed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2017 and in other documents filed by the Company with the Securities and Exchange Commission from time to time. Forward-looking statements may be identified by terms such as “may”, “will”, “should”, “could”, “expects”, “plans”, “intends”, “anticipates”, “believes”, “estimates”, “predicts”, “forecasts”, “goals”, “potential” or “continue” or similar terms or the negative of these terms. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. The Company has no obligation to update these forward-looking statements.
Additional information on Flushing Financial Corporation may be obtained by visiting the Company’s web site at http://www.flushingbank.com .
CONTACT:
Susan K. Cullen
Senior Executive Vice President and
Chief Financial Officer
Flushing Financial Corporation
(718) 961-5400
Source:Flushing Financial Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/globe-newswire-flushing-financial-corporation-declares-quarterly-dividend-of-0-point-20-per-share.html |
HAVANA (Reuters) - At Cuba’s first major political rally since Raul Castro handed the presidency over to his protege Miguel Diaz-Canel, the two men stood side-by-side overseeing Havana’s May Day march on Tuesday in a show of continuity and unity on the Communist-run island.
Cuba's First Secretary of the Communist Party and former President Raul Castro (2-R), Cuba's President Miguel Diaz-Canel (2-L), First Secretary of the Communist Party in Havana Lazara Mercedes Lopez (L) and president of the Communist Party of Chile Guillermo Teillier watch the May Day rally in Havana, Cuba, May 1, 2018. REUTERS/Alexandre Meneghini Cuba’s government has been at pains to stress that the historic transition that took place on April 19 does not herald change to one of the world’s last state-run economies and one-party systems, to the frustration of some and relief of others.
While Castro has retired from government, the 86-year-old remains head of the all-powerful Communist Party and speakers at the meticulously state-orchestrated rally referred to him before they did to Diaz-Canel.
Hundreds of thousands paraded at the break of day through Revolution Square to the tune of marching bands, waving Cuban flags and banners reading “United for our Socialism” and “Viva Fidel” in reference to Castro’s late older brother, Fidel Castro.
Together, the Castro brothers led Cuba’s 1959 revolution and ruled the island nation for six decades.
A woman carries an image of newly elected Cuban President Miguel Diaz-Canel (L) as former Cuban President Raul Castro raises his hand, during the May Day rally in Havana, Cuba, May 1, 2018. REUTERS/Alexandre Meneghini The rally was a show of support for the revolution, for Castro “and the continuity of his leadership in the state and government presided by comrade Diaz-Canel,” Ulises Guilarte, of the Cuban Workers’ Confederation, said in a speech.
Standing side-by-side on a platform under a memorial to independence hero Jose Marti, Castro’s olive green military fatigues and cap contrasted with Diaz-Canel’s casual white shirt and baseball cap. The 58-year-old is the first civilian Cuban leader since the revolution.
Feting workers, May Day is especially significant in Cuba, which calls itself a worker-governed society. Buses collect demonstrators before dawn for rallies in cities throughout the country and marchers are organized into blocs of neighbors, workers and students.
Slideshow (6 Images) In Havana, Guilarte denounced the “aggressive” behavior of Cuba’s old foe the United States and the “unjust, unequal and exclusive” economic order of the world.
He also affirmed Cuban workers’ support for the leftist, embattled governments of Venezuela and Nicaragua, and for imprisoned former Brazilian President Luiz Inacio Lula da Silva
The turnout was also a show of workers’ support for the “update of the economic and social model,” Guilarte said, referring to Communist Party’s plan for market reforms to modernize the Soviet-style centrally-planned economy.
Diaz-Canel has vowed to continue that plan, launched by Raul Castro, but it is far from complete and looks to face resistance in the party and bureaucracy due to fears of a loss of state control and equality.
Some Cubans said they went to the May Day rally to demonstrate support for the new president at a time of renewed U.S.-Cuban tensions under U.S. President Donald Trump.
Others said they did not feel motivated to celebrate Labor Day in Cuba, given low wages and rising prices. The average state salary is just $30 per month.
“It’s the same as every year,” said Lucia, a 45-year-old schoolteacher who declined to give her full name for fear of reprisals, “and we continue to do the same or sometimes worse.”
Additional reporting by Nelson Acosta; Editing by Daniel Flynn and Tom Brown
| ashraq/financial-news-articles | https://www.reuters.com/article/us-may-day-cuba/in-show-of-continuity-castro-flanks-new-cuban-leader-at-may-day-rally-idUSKBN1I23XF |
May 23, 2018 / 9:21 AM M&S a bright spot as big oil, miners knock FTSE off record high Reuters Staff
(For a live blog on European stocks, type LIVE/ in an Eikon news window)
* FTSE 100 down 0.7 pct
* Merger chatter livens up UK banks
* M&S rises after full-year update
* Commodities a drag
By Kit Rees
LONDON, May 23 (Reuters) - The UK’s top share index nudged lower on Wednesday, weighed down by declines among commodity-related stocks, though well-received results from M&S and deal chatter among British banks kept trading lively.
The blue chip FTSE 100 index was down 0.7 percent at 7,823.71 points by 0912 GMT, edging down from the previous session’s record high.
Deal-making talk among banks spurred shares in Standard Chartered 1.5 percent higher, the second-biggest FTSE gainer, following a media report that peer Barclays was sounding out possible mergers with rival banks.
Shares in Barclays reversed their slight gains from earlier to trade 0.6 percent lower. Sources told Reuters that Barclays has no plans for a tie-up with rival banks.
“If Barclays has genuinely been looking into this ... it makes sense for it to do it as a protective measure given that it is facing activist demands and we’ve seen them prove quite successful elsewhere,” Mike van Dulken, head of research at Accendo Markets, said.
“But it would be a huge undertaking.”
M&A has been a prominent theme among UK stocks this year as the pound remains at subdued levels, with recent moves being CYBG’s takeover bid for Virgin Money, Takeda’s acquisition of Shire and Sainsbury’s deal with Asda.
Marks & Spencer was the biggest gainer, up 3.5 percent after the retailer gave a full-year update.
While it reported a second straight decline in annual profit and saw like-for-like clothing and home sales fall in the fourth quarter, investors were positive that the retailer had kept its outlook and not cut its dividend. Marks & Spencer is undertaking a programme of store closures to help revitalise the business.
Ameet Patel, senior analyst for Northern Trust Capital Markets, said that M&S’ results were solid and highlighted the confident tone in the company’s outlook commentary.
“There remains a considerable short base in (M&S) for the all the ‘obvious’ reasons to sell UK retail, which brings with it the potential for squeezes on lack of bad news or even shades of positive news,” added Patel.
However, falls among heavyweight miners and oil stocks, in particular, dragged the FTSE lower. Energy stocks took around 30 points off the index as shares in Royal Dutch Shell fell 2.4 percent and BP declined 2 percent as oil prices retreated on the possibility of higher OPEC output weighing on the market.
A rise in Brent Crude to $80 per barrel this year has been a big help for both oil majors, with BP up more than 10 percent and Royal Dutch Shell up 7.3 percent year to date.
Elsewhere British mid caps, which have also traded at record highs, retreated 0.4 percent. Shares in IT infrastructure and service provider Softcat and Britvic were notable performers, up 7.7 percent and 6.5 percent respectively.
Softcat rose after a trading update saying that market conditions and customer demand have both remained robust in the third quarter, while higher demand for healthy drinks boosted Britvic’s half-year revenue. (Reporting by Kit Rees Editing by Andrew Heavens) | ashraq/financial-news-articles | https://www.reuters.com/article/britain-stocks/ms-a-bright-spot-as-big-oil-miners-knock-ftse-off-record-high-idUSL5N1SU1ID |
MOLINE, Ill., May 30, 2018 /PRNewswire/ -- The Deere & Company (NYSE: DE) Board of Directors today increased the company's quarterly dividend to $.69 per share on common stock. The dividend is payable August 1, 2018, to stockholders of record on June 29, 2018.
The new quarterly rate represents an additional 9 cents per share over the previous level – an increase of 15 percent.
"Today's announcement reaffirms our confidence in the company's present direction and our belief that Deere will continue to deliver significant long-term value to investors and customers," said Samuel R. Allen, chairman and chief executive officer. "We remain committed that the more durable business model now in place at Deere will result in strong financial performance throughout the business cycle."
Deere & Company ( www.JohnDeere.com ) is a world leader in providing advanced products and services and is committed to the success of customers whose work is linked to the land. Since 1837, John Deere has delivered innovative products of superior quality built on a tradition of integrity.
Forward-Looking Statements
Certain statements in this report are "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to future events and financial performance. These forward-looking statements involve risks and uncertainties. Actual results may differ materially from those contemplated (expressed or implied) by such forward-looking statements, because of, among other things, the risks and uncertainties found in the Company's press releases and other SEC filings, including the risk factors identified under the heading "Risk Factors" in the "Management's Discussion and Analysis of Results of Operations and Financial Condition" in the Company's most recent Annual Report on Form 10-K, as well as the Company's Quarterly Reports on Form 10-Q.
View original content: http://www.prnewswire.com/news-releases/deere--company-raises-dividend-300656547.html
SOURCE Deere & Company | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/pr-newswire-deere-company-raises-dividend.html |
AMSTERDAM, May 23 (Reuters) - Activists in Amsterdam on Wednesday launched the 'Datavakbond' or "data labor union," which hopes to elect leaders to negotiate directly with Facebook and Google over what they do with users' data.
Possible demands could include payment for the data users supply to the companies, more information about how the data is used, and a direct channel for communicating grievances.
"Right now, we work for Google and Facebook producing data, and we're getting feathers and beads in exchange," said Paul Tang, a member of European Parliament from the Dutch Labour party, at the union's establishment in Amsterdam.
"What we want...is to get across the table from Google and Facebook to talk about reasonable compensation, or at least better working conditions."
Tang said that although governments have a role in regulating the internet giants, users should also organize themselves and seek to influence the companies directly.
The Union's founding chairman Bas van der Gaag, a high school maths teacher, said that although it is based in the Netherlands, it hopes to win members internationally.
Membership is free, and those that join will be encouraged to help craft the organization. Later they may vote on specific demands, for instance for the company to provide a paid, but advertising-free, version of Facebook. Within the first hour of its launch, 250 people joined.
Van der Gaag said volunteers are working on tools to make it possible for the union to organize a 'strike', which would involve temporarily depriving the companies of some of the most valuable information they sell to advertisers, such as location data.
Facebook CEO Mark Zuckerberg testified in European Parliament on Tuesday to answer questions about how political consultancy Cambridge Analytica improperly got hold of the personal data of 87 million Facebook users, including up to 2.7 million in the EU.
Facebook did not immediately respond on Wednesday to a request for comment on the establishment of the union. (Reporting by Toby Sterling Editing by Alexandra Hudson) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/23/reuters-america-facebook-users-unite-data-labour-union-launches-in-netherlands.html |
Denmark bans full-face Muslim veil in public 6:54pm BST - 00:53
Denmark has become the latest European country to ban the full-face veil worn by some Muslim women. Critics say that infringes women's rights to wear what they choose. Lucy Fielder reports.
Denmark has become the latest European country to ban the full-face veil worn by some Muslim women. Critics say that infringes women's rights to wear what they choose. Lucy Fielder reports. //reut.rs/2H7FBmm | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/31/denmark-bans-full-face-muslim-veil-in-pu?videoId=431970283 |
(Adds detail)
By Dmitry Zhdannikov
ST PETERSBURG, May 25 (Reuters) - Russian state oil major Rosneft signed a deal to help Kurdistan develop its gas reserves and build a gas pipeline, expanding the company’s dominance in the energy sector of Iraq’s semi-autonomous region.
Rosneft said it would conduct a pre-FEED (front engineering and design) of a gas pipeline in Kurdistan as part of its plan to build an integrated gas business value chain in the region.
It said it would focus on partnerships and third-party project financing for gas projects in Kurdistan.
Rosneft has agreed to invest billions of dollars in Kurdistan’s oil projects in the past two years including securing control of the region’s oil pipeline.
That pipeline gave Rosneft access to crucial infrastructure that ships most of the region’s oil to global markets via Turkish territory.
It made the Kremlin-controlled firm the biggest investor in the region by far, turning Erbil, traditionally a strong U.S. ally, into an important partner for Moscow as Russian President Vladimir Putin seeks to expand influence in the Middle East.
Russia chose not to oppose the Kurdistan Regional Government’s failed independence referendum last year, which was dismissed as illegal by Baghdad and caused alarm in Washington, the European Union, Iran and Turkey.
Rosneft also said it aimed to produce up to 10,000 barrels per day of oil in Kurdistan by the end of this year. (Reporting by Dmitry Zhdannikov; Editing by Dale Hudson)
| ashraq/financial-news-articles | https://www.reuters.com/article/rosneft-kurdistan/update-1-rosneft-boosts-clout-in-iraqi-kurdistan-with-gas-pipeline-deal-idUSL5N1SW28W |
May 9 (Reuters) - Neenah Inc:
* Q1 EARNINGS PER SHARE $0.95 * Q1 EARNINGS PER SHARE VIEW $1.03 — THOMSON REUTERS I/B/E/S
* Q1 SALES $267 MILLION VERSUS I/B/E/S VIEW $260.3 MILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-neenah-q1-earnings-per-share-095/brief-neenah-q1-earnings-per-share-0-95-idUSASC0A18N |
May 14, 2018 / 5:07 AM / Updated 11 minutes ago RPT-UPDATE 2-Australia's Healthscope gets $3.3 bln Brookfield approach, sparking bid war hopes Reuters Staff
(Repeats story to new subscribers, with no changes to text)
* Brookfield indicative offer is at A$2.50 per share
* Australia’s BGH & pension fund have proposed A$2.36 per share
* Biggest Canadian-Australian M&A deal since 2016
* Healthscope shares rise nearly 5 pct to 2-year high
By Byron Kaye
SYDNEY, May 14 (Reuters) - Canadian investment firm Brookfield Asset Management made a $3.3 billion approach for Australian hospital group Healthscope, trumping a local buyout proposal and sending shares of the target up to a two-year high on Monday.
The approach, disclosed by Healthscope in a statement, sets the scene for a takeover battle for the No. 2 Australian private hospital operator which has seen its shares slide due to high debt and a shift back to public health services after a scandal in the private sector.
New Australian private equity player BGH Capital, led by former executives of TPG Capital Management and Macquarie Group Ltd, made an approach worth $3.1 billion on April 26. Pension fund AustralianSuper is partnering BGH in that proposal.
Healthscope shares rose 4.9 percent in a flat overall market by midsession. The stock was trading at A$2.59, its highest since April 2016, and higher than Brookfield’s A$2.50 indicative bid, a sign investors expect a bidding war.
“The entry of Brookfield adds to bidding tension and (I) expect the BGH-AustralianSuper consortium will most likely increase its offer bid,” said Chris Kallos, a healthcare analyst at Morningstar.
The deal would continue Brookfield’s rapid growth in the world’s 12-largest economy. If Brookfield buys Healthscope, it would be the biggest takeover of an Australian company by a Canadian party since a consortium including Brookfield paid A$9 billion for rail and ports giant Asciano in 2016.
Brookfield, BGH and AustralianSuper declined to comment.
Last week, Canadian landlord NorthWest Healthcare Properties REIT said it paid $312 million for a 10 percent stake in Healthscope. Northwest also declined to comment on Monday.
Healthscope, which listed in 2014, said in the statement its board would assess both proposals and update the market on any developments.
It added that Brookfield’s proposal came with a condition that effectively meant AustralianSuper was prevented from voting against its offer if the target accepted it. AustralianSuper already has a 14 percent stake in Healthscope.
“Ultimately, the support of AustralianSuper is likely to determine the winning bidder,” said Danial Moradi, senior equities strategist at Lonsec Research.
“The structure of (Brookfield’s bid) implies that BGH will have to increase their original bid,” he added in an email.
Brookfield is being represented by Bank of America Merrill Lynch for the potential transaction, according to Healthscope, while Healthscope has hired UBS.
Healthscope was a high-profile listing in 2014, with its shares rising steadily amid hopes that it would benefit from the country’s ageing population and a heavily state-subsidised health system.
But investors started selling the stock in 2016 after media reports accused private health insurers, which fund patients for companies like Healthscope, of withholding payouts to policyholders, prompting more patients to opt for the public system.
Healthscope, which had embarked on building a new hospital in Sydney’s north, issued two profit warnings, and when BGH lobbed its takeover proposal last month Healthscope shares were trading below their IPO price. ($1 = 1.3236 Australian dollars) (Reporting by Chris Thomas in Bengaluru; Editing by Stephen Coates and Muralikumar Anantharaman) | ashraq/financial-news-articles | https://www.reuters.com/article/healthscope-ltd-ma-brookfield-asset/rpt-update-2-australias-healthscope-gets-3-3-bln-brookfield-approach-sparking-bid-war-hopes-idUSL3N1SL2BK |
CAMBRIDGE, Mass., May 09, 2018 (GLOBE NEWSWIRE) -- Wave Life Sciences Ltd. (NASDAQ:WVE), a biotechnology company focused on delivering transformational therapies for patients with serious, genetically-defined diseases, today announced financial results for the first quarter ended March 31, 2018, and provided a business update.
“The strong momentum we achieved in 2017 with our clinical development programs and as an organization continued through the first quarter,” said Paul Bolno, MD, MBA, Chief Executive Officer and President of Wave Life Sciences. “We are seeing significant interest from patients and the medical community in our first three clinical studies in Huntington’s disease and Duchenne muscular dystrophy and look forward to initiating three additional development programs by the end of the year.”
First Quarter Highlights and Business Update
Ongoing and planned clinical trials on track
The PRECISION-HD program, which consists of two global Phase 1b/2a clinical trials evaluating WVE-120101 and WVE-120102 for patients with Huntington’s disease, continues to enroll patients and the company is on track to report topline data in the first half of 2019.
The global Phase 1 clinical trial, testing WVE-210201 for the treatment of Duchenne muscular dystrophy (DMD) patients amenable to exon 51 skipping, continues to enroll patients. Safety data from the trial are anticipated in the third quarter of 2018.
The company intends to initiate clinical trials of WVE-3972-01 in amyotrophic lateral sclerosis (ALS) and frontotemporal dementia (FTD) in the fourth quarter of 2018. Wave’s next DMD development program will target exon 53, with clinical trials expected to initiate in the first quarter of 2019. Wave’s manufacturing facility completes inaugural good manufacturing practice (GMP) campaigns
Wave is now producing clinical material in the GMP manufacturing suite at its Lexington, Massachusetts facility. The company recently completed manufacturing runs and material from these campaigns will support the development programs, including those for ALS and FTD.
In July 2017, Wave took occupancy of the new facility which was designed to provide greater independence and flexibility in conducting clinical trials, secure material for current and future development activities and provide the capability for commercial-scale manufacturing. The company is continuing to build out the 90,000-square foot facility with process development, quality control and analytical development laboratories. Takeda collaboration takes effect: at least $230 million in committed cash
In April 2018, Wave’s global strategic collaboration with Takeda Pharmaceutical Company Limited to discover, develop and commercialize nucleic acid therapies for disorders of the central nervous system took effect when Wave closed on the issuance and sale of 1,096,892 ordinary shares to Takeda and received aggregate cash proceeds of $60 million. Wave also received an upfront payment of $110 million in cash under the collaboration. In addition, Takeda is required to fund at least $60 million of Wave research over a four-year period to advance multiple preclinical targets. Data presented in April at scientific and medical conferences
Wave presented preclinical in vivo data at the European Association for the Study of the Liver’s annual meeting, the International Liver Congress 2018, demonstrating that controlling stereochemistry increases both the duration and the potency of GalNAc-conjugated apolipoprotein C-III (APOC3) antisense oligonucleotides, thereby potentially enhancing the pharmacological properties of stereopure oligonucleotides for APOC3 targeting in the clinic.
At the 70th Annual Meeting of the American Academy of Neurology, Dr. Robert H. Brown, Jr., Chair and Professor of Neurology at the University of Massachusetts Medical School, presented data from preclinical studies of WVE-3972-01, Wave’s investigational stereopure antisense oligonucleotide designed to target the pathogenic allele of the C9ORF72 gene for the treatment of ALS and FTD. In preclinical in vivo studies, WVE-3972-01 demonstrated a potent, sustained and preferential knockdown of toxic biomarkers associated with ALS and FTD. Neuromuscular research collaboration with Deep Genomics established to identify novel splicing targets
In April, Wave formed a collaboration with Deep Genomics, Inc. to identify novel therapies to be developed by Wave for the treatment of genetic neuromuscular disorders. Under the collaboration, the companies will analyze and test oligonucleotides against potential therapeutic targets within multiple genes implicated in neuromuscular disorders. The collaboration aims to increase the size of patient populations that may be eligible for treatment by expanding the universe of druggable splicing targets beyond DMD and spinal muscular atrophy. Pfizer nominates maximum number of hepatic targets; collaboration moving toward candidate selection
On May 7, 2018, Wave announced that Pfizer recently nominated the fourth and fifth final hepatic targets under the collaboration agreement between the two companies to develop genetically targeted therapies for the treatment of metabolic hepatic diseases, such as nonalcoholic steatohepatitis. Once candidates have been developed, Pfizer may elect to exclusively license the programs and undertake further development and potential commercialization.
First Quarter 2018 Financial Results and Financial Guidance
Wave reported a net loss of $35.2 million in the first quarter of 2018 as compared to $21.1 million in the same period in 2017. The increase in net loss in the first quarter of 2018 was primarily driven by increases in research and development efforts, infrastructure investments and employee headcount to support Wave’s corporate goals.
Research and development expenses were $29.2 million in the first quarter of 2018 as compared to $14.7 million in the same period in 2017. The increase in research and development expenses in the first quarter of 2018 was primarily driven by increases in research, preclinical and clinical investments, further expansion of our manufacturing capabilities and facility-related expenses to continue to advance Wave’s expanding pipeline.
General and administrative expenses were $8.0 million in the first quarter of 2018 as compared to $5.9 million in the same period in 2017. The increase in general and administrative expenses in the first quarter of 2018 was primarily driven by the continued growth in Wave’s employee headcount, as well as increases in facility-related expenses and other general operating expenses.
Wave ended the first quarter of 2018 with $110.5 million in cash and cash equivalents as compared to $142.5 million as of December 31, 2017. The decrease in cash and cash equivalents in the first quarter of 2018 was primarily the result of Wave’s quarterly net loss of $35.2 million.
The company expects that its cash and cash equivalents, together with the $170.0 million of cash received from Takeda in April 2018, will enable it to fund its operating and capital expenditure requirements to the end of 2020.
About Wave Life Sciences
Wave Life Sciences is a biotechnology company focused on delivering transformational therapies for patients with serious, genetically-defined diseases. Its chemistry platform enables the creation of highly specific, well characterized oligonucleotides designed to deliver superior efficacy and safety across multiple therapeutic modalities. The company’s pipeline is initially focused on neurological disorders and extends across several other therapeutic areas. For more information, please visit www.wavelifesciences.com .
Forward-Looking Statements
This press release contains forward-looking statements concerning our goals, beliefs, expectations, strategies, objectives and plans, and other statements that are not necessarily based on historical facts, including statements regarding the following, among others: the anticipated commencement, patient enrollment, data readouts and duration of our clinical trials; the protocol, design and endpoints of our clinical trials; the future performance and results of our programs in clinical trials; the progress and potential benefits of our collaborations with partners; the potential of our in vitro and in vivo preclinical data to predict the behavior of our compounds in humans in clinical trials; our identification of future candidates and their therapeutic potential; the anticipated therapeutic benefits of our potential therapies compared to others; our advancing of therapies across multiple modalities and the anticipated benefits of that strategy; the anticipated benefits of our manufacturing process and our internal manufacturing facility; our future growth; the potential benefits of our stereopure compounds compared with stereorandom compounds, our drug discovery platform and nucleic acid therapeutics generally; and the anticipated duration of our cash runway. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, including the following: the ability of our preclinical programs to produce data sufficient to support our clinical trial applications and the timing thereof; our ability to continue to build and maintain the company infrastructure and personnel needed to achieve our goals; the clinical results of our programs, which may not support further development of product candidates; actions of regulatory agencies, which may affect the initiation, timing and progress of clinical trials; our effectiveness in managing future clinical trials and regulatory processes; the success of our platform in identifying viable candidates; the continued development and acceptance of nucleic acid therapeutics as a class of drugs; our ability to demonstrate the therapeutic benefits of our candidates in clinical trials, including our ability to develop candidates across multiple therapeutic modalities; our dependence on third parties, including our collaborators and partners; our ability to manufacture drug material; our ability to obtain, maintain and protect intellectual property; our ability to enforce our patents against infringers and defend our patent portfolio against challenges from third parties; our ability to finance our drug discovery and development efforts and to raise additional capital when needed; and competition from others developing therapies for similar uses, as well as the information under the caption “Risk Factors” contained in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC) and in other filings we make with the SEC from time to time. We undertake no obligation to update the information contained in this press release to reflect subsequently occurring events or circumstances.
WAVE LIFE SCIENCES LTD.
UNAUDITED CONSOLIDATED BALANCE SHEETS
(In thousands, except share amounts)
March 31, 2018 December 31, 2017 Assets Current assets: Cash and cash equivalents $ 110,491 $ 142,503 Prepaid expenses and other current assets 7,470 7,985 Total current assets 117,961 150,488 Long-term assets: Property and equipment, net 28,778 27,334 Restricted cash 3,612 3,610 Other assets 70 411 Total long-term assets 32,460 31,355 Total assets $ 150,421 $ 181,843 Liabilities, Series A preferred shares and shareholders’ equity Current liabilities: Accounts payable $ 8,014 $ 7,598 Accrued expenses and other current liabilities 6,461 8,898 Current portion of capital lease obligation — 16 Current portion of deferred rent 70 60 Current portion of deferred revenue 1,275 1,275 Current portion of lease incentive obligation 478 344 Total current liabilities 16,298 18,191 Long-term liabilities: Deferred rent, net of current portion 4,591 4,214 Deferred revenue, net of current portion 5,819 7,241 Lease incentive obligation, net of current portion 4,185 3,094 Other liabilities 1,605 1,619 Total long-term liabilities 16,200 16,168 Total liabilities $ 32,498 $ 34,359 Series A preferred shares, no par value; 3,901,348 shares issued and outstanding
at March 31, 2018 and December 31, 2017 $ 7,874 $ 7,874 Shareholders’ equity: Ordinary shares, no par value; 27,993,337 and 27,829,079 shares issued and
outstanding at March 31, 2018 and December 31, 2017, respectively $ 311,591 $ 310,038 Additional paid-in capital 26,602 22,172 Accumulated other comprehensive income 165 116 Accumulated deficit (228,309 ) (192,716 ) Total shareholders’ equity $ 110,049 $ 139,610 Total liabilities, Series A preferred shares and shareholders’ equity $ 150,421 $ 181,843 WAVE LIFE SCIENCES LTD.
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(In thousands, except share and per share amounts)
Three Months Ended March 31, 2018 2017 Revenue $ 1,422 $ 383 Operating expenses: Research and development 29,196 14,740 General and administrative 8,001 5,850 Total operating expenses 37,197 20,590 Loss from operations (35,775 ) (20,207 ) Other income (expense), net: Dividend income 356 290 Interest income (expense), net 7 3 Other income (expense), net 343 (72 ) Total other income (expense), net 706 221 Loss before income taxes (35,069 ) (19,986 ) Income tax provision (172 ) (1,110 ) Net loss $ (35,241 ) $ (21,096 ) Net loss per share attributable to ordinary shareholders—basic and diluted $ (1.26 ) $ (0.90 ) Weighted-average ordinary shares used in computing net loss per share
attributable to ordinary shareholders—basic and diluted 27,919,063 23,531,788 Other comprehensive income (loss): Foreign currency translation $ 49 $ 15 Comprehensive loss $ (35,192 ) $ (21,081 ) Investor Contact:
Jillian Connell
617-949-2981
[email protected]
Media Contact:
Jose Juves
617-949-4708
[email protected]
Patient Contact:
Wendy Erler
617-949-2898
[email protected]
Source:Wave Life Sciences | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/globe-newswire-wave-life-sciences-reports-first-quarter-2018-financial-results-and-provides-business-update.html |
May 1 (Reuters) - Cotiviti Holdings Inc:
* COTIVITI ANNOUNCES FIRST QUARTER 2018 RESULTS * Q1 ADJUSTED NON-GAAP EARNINGS PER SHARE $0.41
* Q1 REVENUE VIEW $175.2 MILLION — THOMSON REUTERS I/B/E/S * Q1 EARNINGS PER SHARE VIEW $0.41 — THOMSON REUTERS I/B/E/S
* SEES 2018 TOTAL NET REVENUE IN A RANGE OF $787 MILLION TO $807 MILLION
* SEES 2018 ADJUSTED NET REVENUE IN A RANGE OF $740 MILLION TO $760 MILLION
* SEES 2018 NET INCOME IN A RANGE OF $140 MILLION TO $155 MILLION
* FY2018 EARNINGS PER SHARE VIEW $1.88, REVENUE VIEW $758.7 MILLION — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-cotiviti-q1-earnings-per-share-057/brief-cotiviti-q1-earnings-per-share-0-57-idUSASC09YTQ |
* Macy's hits yr-high after results, lifts other retailers
* Micron, AMD rise after brokerage actions
* 3M slips, weighs on Dow, after brokerage downgrade
* 10-yr Treasury yields hold near 7-yr peak
* Indexes up: Dow 0.30 pct, S&P 0.52 pct, Nasdaq 0.75 pct (Updates to early afternoon)
May 16 (Reuters) - Wall Street rose on Wednesday, with the small cap Russell 2000 index hitting a record, as Macy's strong results lit up the retail sector and Micron led gains in the technology sector.
Macy's shares surged 10.5 percent, hitting a 52-week high, after the department store operator reported strong results and raised its profit forecast.
The report help boost the consumer discretionary sector , which rose 0.92 percent, while the consumer staples index gained 0.72 percent.
Walmart and Nike, both components of the Dow Jones Industrial Average, and Target were up between 1.4 and 3.2 percent.
"You had pretty solid numbers from Macy's and it has been an early trigger for outperformance in the retail space today," said Michael James, managing director of institutional equity trading at Wedbush Securities in Los Angeles.
Macy's results come a day after strong April retail sales data showed consumer spending was picking up, stoking inflation worries and sending U.S. government bond yields higher.
Yields on the U.S. 10-year Treasury notes were holding at seven-year highs on Wednesday, raising concerns of faster interest rate hikes this year.
"Higher rates are going to present headwind to equity markets. Even with strong economic data, strong earnings, the markets are still flat year to date," said James.
"The question remains what multiples are people willing to pay for equities in this higher rate environment."
At 13:01 a.m. EDT the Dow Jones Industrial Average was up 74.22 points, or 0.30 percent, at 24,780.63, the S&P 500 was up 14.08 points, or 0.52 percent, at 2,725.53 and the Nasdaq Composite was up 55.29 points, or 0.75 percent, at 7,406.92.
Nine of the 11 major S&P sectors were higher, with only the rate-sensitive utilities and real estate sectors in the red.
The technology index was up 0.5 percent, with chipmakers the biggest gainers.
Micron jumped 4.4 percent after RBC Capital Markets rated the stock "outperform," while AMD gained 3.2 percent on a Susquehanna upgrade to "neutral".
The two stocks helped the Philadelphia SE semiconductor index gain 1.24 percent.
Among the laggards was 3M Co, which slipped 1 percent and weighed on the Dow after Jefferies cut its rating on the stock to "hold".
IQVIA dropped 4.4 percent, the most on the S&P, after the FDA found some inaccuracies on sales data regarding some opioid drug products.
Advancing issues outnumbered decliners by a 2.06-to-1 ratio on the NYSE and by a 2.53-to-1 ratio on the Nasdaq.
The S&P index recorded 13 new 52-week highs and three new lows, while the Nasdaq recorded 108 new highs and 39 new lows. (Reporting by Medha Singh in Bengaluru; Editing by Anil D'Silva) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/16/reuters-america-us-stocks-wall-st-gains-on-macys-boost-russell-2000-hits-record.html |
May 8, 2018 / 3:52 PM / Updated an hour ago 'Stupid' dropped points ruined Chelsea's season, says Conte Reuters Staff 2 Min Read
(Reuters) - Chelsea coach Antonio Conte is disappointed by how his team’s season has played out and criticised the “stupid way” in which they had dropped points after dominating games. Soccer Football - Premier League - Chelsea vs Liverpool - Stamford Bridge, London, Britain - May 6, 2018 Chelsea manager Antonio Conte Action Images via Reuters/John Sibley
Conte’s side are fifth in the Premier League ahead of Wednesday’s home game against Huddersfield Town, and although they face Manchester United in the FA Cup final on May 19, they need other results to go their way to finish in the top four.
“For sure there is a bit of disappointment,” Conte told a news conference on Tuesday.
“I think this season we dropped many points in a stupid way – especially in games where we dominated and created many chances but we were not able to score more goals.”
Chelsea could end the league season level on points with Liverpool, who are third and have played a game more, but have a significantly poorer goal difference than the Merseyside club.
Failing to beat Huddersfield or Newcastle United on Sunday would almost certainly end Chelsea’s hopes of Champions League football next season, but the silver lining for Conte is that Liverpool have gone off the boil recently.
Two draws and a defeat in three league games has opened the door for last season’s champions to dream of a top-four finish, but keeping up the pressure on the teams above them is vital if that dream is to be realised.
“The only way to put on a bit of pressure is (to win),” Conte said. “We are doing our job in the best way to put a bit of pressure on to Liverpool and Tottenham.
“But the situation is not in our hands – Liverpool can beat Brighton to reach a place the Champions League, the same for Tottenham who have two games at home.” Reporting by Simon Jennings in Bengaluru, editing by Ed Osmond | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-england-che-hdd-conte/stupid-dropped-points-ruined-chelseas-season-says-conte-idUKKBN1I927F |
May 17 (Reuters) - Marvell Technology Group Ltd:
* MARVELL TECHNOLOGY GROUP LTD SAYS CEO MATTHEW J. MURPHY'S 2018 TOTAL COMPENSATION WAS $6.2 MILLION VERSUS $14.5 MILLION IN FY 2017 - SEC FILING Source text: ( bit.ly/2Ir21Es ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-marvell-technology-says-ceo-matthe/brief-marvell-technology-says-ceo-matthew-murphys-2018-total-compensation-was-6-2-mln-versus-14-5-mln-in-fy-2017-idUSFWN1SO0HY |
SAO PAULO, May 3 (Reuters) - Brazil’s soybean exports hit record volumes last month, grain exporter association Anec said on Thursday, citing a weak domestic currency and trade tensions between the United States and China for bolstering business for local farmers.
Brazil’s April soybean exports reached 11.63 million tonnes, about 1 million tonnes more than the same month last year, Anec said in a report.
“Evidently, with the strength of the dollar, the producer will free up more beans for export,” Sérgio Mendes, head of Anec, said in a telephone interview. Soy contracts are priced in dollars.
Brazilian farmers also stand to gain from a drought in Argentina, the world’s third largest producer, and China’s slowing purchases of U.S. soy as the two countries trade threats over tariffs, he said.
The fresh figures indicate Brazil is on track to remain the world’s most prominent soybean exporter and China’s largest supplier of the oilseed.
This year, the country is likely to sell 70 million tonnes of soybeans overseas, a new all-time high, according to consultancy INTL FC Stone.
The South American country will receive an estimated $36 billion in export revenue from the so-called soy complex of soybeans, soy oil and soymeal this year, data from soy crusher association Abiove show.
On Wednesday, the government said Brazilian soybean shipments totaled 10.26 million tonnes in April, close to a record of 10.96 million tonnes exported in May 2017.
Anec data differs from numbers released by the government because they are compiled under different methodologies, Mendes said. The government’s foreign trade agency Secex compiles the figures based on reported amounts, while Anec export figures reflect actual shipment data.
For the first four months of the year, Brazil’s soy exports rose by 5.4 percent to 29.2 million tonnes, the strongest Jan-April reading in history, Anec said.
The government measure released on Wednesday indicated that Brazilian soybean exports were 23.5 million tonnes over the period. (Reporting by Roberto Samora; writing by Ana Mano;Editing by Marguerita Choy)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brazil-soy/weak-currency-global-trade-jitters-bolster-brazil-soy-exports-idUSL1N1SA1IU |
NEW YORK, May 4 (Reuters) - A recent U.S. agency ruling limiting certain tax benefits for energy master limited partnerships (MLPs) dealt a blow to a security class investors had loved for their income but now look likely to steer clear of even though they look cheap.
MLPs are tax-exempt corporate structures that pay out profit to investors in dividend-style distributions, many of which are oil and natural gas pipeline companies.
The Alerian MLP index plunged 4.6 percent after the Federal Energy Regulatory Commission said in March they will no longer be allowed to recover an income tax allowance as part of the fees they charge to shippers under a "cost of service" rate structure.
A U.S. Appeals Court in 2016 ruled that energy regulators were allowing them to benefit from a "double recovery" of taxes, leading to the FERC ruling.
The index is down nearly 8 percent for the year, after a drop of almost 13 percent in 2017, as expectations of higher interest rates, depressed commodity prices and the recent ruling have combined to keep investors wary.
"The sentiment around MLPs at this point is just so negative it doesnt matter what pops up," said John LaForge, head of Real Asset Strategy at Wells Fargo Investment Institute in Sarasota Florida.
"Maybe you wouldve expected even after the FERC decision you would get the initial reaction of the negative and then the value guys step up and say 'this is crazy,' but they didnt do it. You dont even have the value guys interested at this point."
High dividend yields are a hallmark of MLPs, leading many investors to use them as sources of income. While the dividend yield of the Alerian index was at 8.14 percent at the end of April, it has been on a downward slope since hitting a two-year high of 8.92 percent on March 28.
The MLP index reached a record high in September 2014, as oil prices hovered near $100 a barrel and their high dividends made them attractive to investors in a low interest rate environment.
Bond yields are rising, undermining the interest rate premium of MLPs and reducing demand, and the U.S. Federal Reserve has shown no signs of deviating from its path of tightening.
U.S. benchmark 10-year notes hit a four-year high yield just over 3 percent in April while U.S. two-year yields recently crossed the 2.5 percent mark for the first time in nearly a decade.
"For the last decade or so easy monetary policy has led a lot of money to income substitutes and bond proxies," said Michael Arone, Chief Investment Strategist at State Street Global Advisors in Boston.
"As rates have been moving up, particularly on the short end, you are seeing a lot of the kind of weak money leave pretty quickly."
Still, Jeremy Held, director of research at ALPS Portfolio Solutions in Denver, which is the issuer of the Alerian MLP ETF , notes there was a weak correlation between MLPs and interest rates over the 10-year period between 2006 and 2016.
When rates rise, "initially they sort of sell off any rate-sensitive asset class utilities, bonds, MLPs, telecoms," said Held.
"Then when the dust settles people actually look and say it matters if you can grow your (dividend) distribution faster than rates are rising, or is there still a spread."
MLPs have shown some signs of life recently. After selling off on the FERC ruling, the Alerian index was up 3.1 percent through Thursday since March, compared with a 4.3 percent drop in the S&P 500.
Oil prices have also continued to climb, with WTI up more than 11 percent and Brent crude up more than 13 percent since the announcement. As MLPs generally track closely or above oil prices, they could be poised to regain their cachet.
"If you look at the demand numbers out there, demand is very good," said Stephen Massocca, Senior Vice President at Wedbush Securities in San Francisco. "There is some catching up to do, these things are dirt cheap."
(Reporting by Chuck Mikolajczak; Editing by Alden Bentley and Susan Thomas) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/04/reuters-america-energy-mlps-fight-against-sentiment-after-u-s-watchdog-ruling.html |
May 7 (Reuters) - Staco Insurance PLC:
* UNABLE TO SUBMIT Q1 MANAGEMENT ACCOUNT TO NIGERIAN STOCK EXCHANGE BY DEADLINE OF APRIL 30 Source text - ( bit.ly/2rltWKG )
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-staco-insurance-says-unable-to-sub/brief-staco-insurance-says-unable-to-submit-q1-management-account-to-nse-by-deadline-idUSFWN1SE0BA |
Google is kicking off its annual, three-day developers' conference in Mountain View, California today with a keynote speech by CEO Sundar Pichai.
The I/O event gives Google a chance to show off its artificial intelligence chops, give updates on upcoming products like the latest version of its Android operating system and woo developers into using its tools.
Pichai will likely set the tone by talking about some of Google's big-picture goals and may also touch on topics that have plagued the tech industry in the last year like fake news and protecting users' data.
The stream is slated to start at 1 p.m. ET. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/08/watch-googles-io-developers-conference.html |
Chicago, IL, May 08, 2018 (GLOBE NEWSWIRE) -- Associa Chicagoland announces the recent hiring of Celina Bright as the business development manager specifically focused on new business efforts in the City of Chicago.
Ms. Bright has been in the property management industry for more than five years and is an active Community Association Institute (CAI) volunteer, serving as a member of the city membership committee as well as a former member of the marketing committee. Ms. Bright also serves on the Institute of Real Estate Management Premier (IREM) awards committee and their silent auction committee.
Ms. Bright will be joining Erica Horndasch, director of business development, in identifying and securing new business opportunities by cultivating customer relationships.
“Celina has a diverse background that will allow her to connect with our clients on a unique and special level,” stated Stephanie Skelley, Associa Chicagoland president. “She is an advocate for her peers and has been working with others in the industry to encourage underrepresented industry individuals to speak at events, expos and seminars. Her dedication and hard work will help Associa Chicagoland continue to expand in the market.”
“We are excited to have Celina join our dynamic team,” stated Erica Horndasch, Associa Chicagoland director of business development. “Her ability to build relationships with current and potential clients will be an asset to achieving our branch goals and reaching more residents.”
Ms. Bright graduated from The College of DuPage and was the recipient of the 2018 IREM Leadership award. She is an active industry volunteer on committees with both the local CAI and IREM.
With more than 180 branch offices across North America, Associa delivers unsurpassed management and lifestyle services to nearly five million residents worldwide. Our 10,000+ team members lead the industry with unrivaled education, expertise and trailblazing innovation. For more than 40 years, Associa has provided solutions designed to help communities achieve their vision. To learn more, visit www.associaonline.com .
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Ashley S Cantwell Associa 214-272-4107 [email protected]
Source: Associa | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/globe-newswire-associa-chicagoland-hires-celina-bright-as-business-development-manager.html |
One of the oldest names on Wall Street is moving to one of the fastest-growing cities in the South, reinforcing a recent shift in finance jobs to cheaper parts of the U.S.
AllianceBernstein Holding LP plans to relocate its headquarters, chief executive and most of its New York staff to Nashville, Tenn., in an attempt to cut costs, according to people familiar with the matter. That largely ends a 51-year presence in the nation’s traditional finance capital.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/large-new-york-money-manager-alliancebernstein-is-moving-to-nashville-1525207429 |
The following Spanish stocks may be affected by newspaper reports and other factors on Firday. Reuters has not verified the newspaper reports, and cannot vouch for their accuracy:
IBERDROLA The bids for Brazilian power distribution company Eletropaulo Metropolitana Eletricidade de Sao Paulo have been postponed to June 4.
GRIFOLS and VISCOFAN are holding their annual shareholders meeting on Friday.
For today’s European market outlook double click on.
For real-time moves on the Spanish blue-chip index IBEX please double click on
For IBEX constituent stocks highlight .IBEX in the command box and press the F3 button on your keyboard
For latest news on Spanish stock moves double click
For Spanish language market report double click on
For latest Eurostocks report please double click on
| ashraq/financial-news-articles | https://www.reuters.com/article/markets-spain-factors/spanish-stocks-factors-to-watch-on-friday-idUSL5N1SW10Q |
HOUSTON--(BUSINESS WIRE)-- Keane Group, Inc. ("Keane" or the "Company") today reported first quarter 2018 financial and operational results.
Results and Recent Highlights
Reported first quarter 2018 revenue of $513.0 million, compared to fourth quarter 2017 of $501.5 million Realized first quarter 2018 net loss of $8.2 million, compared to fourth quarter 2017 net income of $43.9 million Achieved first quarter 2018 Adjusted EBITDA of $91.3 million, compared to fourth quarter 2017 of $93.8 million Reported annualized Adjusted Gross Profit per fleet of $17.0 million, compared to fourth quarter 2017 of $17.3 million Remain at full utilization on all hydraulic frac fleets; averaged 26.0 deployed fleets during first quarter 2018 Updating delivery timing for newbuild frac fleet 27 to late-May, up from end of second quarter 2018 Entered into dedicated agreement for newbuild frac fleet 28 with expected delivery by end of second quarter 2018
First Quarter 2018 Financial Results
Revenue for the first quarter of 2018 totaled $513.0 million, an increase of 2% compared to revenue for the fourth quarter of 2017 of $501.5 million. Net loss per share for the first quarter of 2018 totaled $0.07, compared to net income per share for the fourth quarter of 2017 of $0.39. Excluding one-time items and other adjustments further discussed below, net income for the first quarter of 2018 was $21.1 million, compared to net income of $38.2 million for the fourth quarter of 2017.
Adjusted EBITDA for the first quarter of 2018 totaled $91.3 million, compared to $93.8 million for the fourth quarter of 2017. Adjusted Gross Profit for the first quarter of 2018 was $109.6 million, compared to $113.1 million for the fourth quarter of 2017.
Selling, general and administrative expenses for the first quarter of 2018 totaled $33.9 million, compared to $24.6 million for the fourth quarter of 2017. Excluding one-time items, selling, general and administrative expenses for the first quarter of 2018 totaled $17.8 million compared to $18.4 million for the fourth quarter of 2017.
“Keane executed exceptionally well in the face of first quarter transitory challenges, stemming from extreme winter weather in late 2017 and early 2018,” said James Stewart, Chairman and Chief Executive Officer of Keane. “These issues impacted work schedules early in the quarter, and drove stresses on the delivery of frac sand throughout the period. The first quarter exemplified the importance of our long-standing model of partnering with high-quality customers under dedicated agreements. This strategy, combined with our leading supply chain and supplier relationships, limited the impact to our customers and financials. With these transitory factors largely resolved, we are excited to continue on our growth trajectory, supported by our existing portfolio and newbuild expansion program.”
“Despite transitory headwinds, our team continued to execute, delivering first quarter revenue and annualized Adjusted Gross Profit per fleet in-line with the ranges we communicated in February,” said Greg Powell, President and Chief Financial Officer of Keane. “Efficiency and profitability improved as we exited the quarter, driven by the dissipation of transitory issues. Normalizing for transitory impacts, revenue totaled approximately $530 million and annualized Adjusted Gross Profit per fleet was approximately $18 million. Our focus on dedicated agreements, combined with the underlying strength of our results, establish our confidence for continued performance.”
Completion Services
Revenue for Completion Services totaled $507.5 million for the first quarter of 2018, an increase of 2% compared to the fourth quarter of 2017 of $495.5 million, driven by price increases from contract re-openers on a portion of our portfolio, offset by transitory factors including weather and supply chain challenges. Keane maintained full utilization, averaging 26.0 deployed hydraulic fracturing fleets for the first quarter of 2018, of which 76% were bundled with wireline. Adjusted Gross Profit in Completion Services totaled $110.4 million for the first quarter of 2018, compared to $112.6 million for the fourth quarter of 2017.
Annualized revenue per average deployed hydraulic fracturing fleet for the first quarter of 2018 was $78.1 million, compared to $76.2 million for the fourth quarter of 2017. Annualized Adjusted Gross Profit per fleet totaled $17.0 million, largely unchanged as compared to $17.3 million for the fourth quarter of 2017.
Other Services
Revenue in Other Services for the first quarter of 2018 totaled $5.6 million, compared to $6.0 million for the fourth quarter of 2017. Other Services revenue for the first quarter of 2018 solely reflects our cementing operations following the sale of our workover rig assets in November 2017. Excluding revenue associated with workover rigs, revenue in the fourth quarter of 2017 was $4.4 million.
First Quarter 2018 One-Time Items and Other Adjustments
Adjusted EBITDA for the first quarter of 2018 excludes $29.3 million of one-time items, driven by the final liability adjustment to our contingent value right (“CVR”) associated with the purchase price of our RockPile acquisition in July 2017, costs associated with our secondary equity offering completed in January, and non-cash stock compensation expense. Following the cash payment of the CVR in early April 2018, Keane has no further obligations under its CVR.
Balance Sheet and Capital
Total debt outstanding as of March 31, 2018 was $274.7 million, net of unamortized debt discounts and unamortized deferred charges and excluding capital lease obligations, compared to $275.1 million as of December 31, 2017. As of March 31, 2018, cash and equivalents totaled $95.5 million, compared to $96.1 million as of December 31, 2018.
Total available liquidity as of March 31, 2018 was approximately $301.9 million, which included availability under our asset-based credit facility. Total operating cash flow for the first quarter of 2018 was approximately $34.2 million. Capital expenditures totaled $48.3 million for the first quarter of 2018, driven by spending on our previously announced newbuild fleets, as well as maintenance capex.
Stock Repurchase Program Update
In February 2018, Keane announced that its board of directors has authorized a stock repurchase program of up to $100 million, subject to Securities and Exchange Commission regulations, stock market conditions and corporate working capital needs. Promptly following the programs authorization in late-February, Keane established a trading plan, and subject to customary blackout periods, the repurchase program became effective in the second quarter of 2018. As a result, at the end of the first quarter of 2018, Keane had full availability under the authorized amount. The program does not obligate Keane to purchase any particular number of shares of common stock during any period and the program may be modified or suspended at any time at the Company's discretion.
“We are focused on generating free cash flow and maintaining a conservative balance sheet,” said Greg Powell. “We are excited to have our repurchase program in place and given our expectation for further growth and profitability, remain committed to returning value to shareholders.”
Newbuild Update
Keane previously announced the order for 150,000 newbuild hydraulic horsepower, representing three additional hydraulic fracturing fleets. The first of its three newbuild hydraulic fracturing fleets and associated wireline equipment will be deployed in the Marcellus / Utica basin in late-May 2018, earlier than our previous expectation of by the end of second quarter of 2018, increasing Keane’s total hydraulic fracturing fleets to 27.
Today, Keane is announcing that it has entered into a new dedicated agreement for the second of its three newbuild hydraulic fracturing fleets. The fleet and associated wireline equipment will be deployed in the Permian by the end of the second quarter of 2018, bringing Keane’s total hydraulic fracturing fleets to 28.
Dedicated agreements for Keane’s first two newbuild fleets reflect annualized Adjusted Gross Profit per fleet of greater than $20 million. Keane remains in active discussions with multiple customers for its third newbuild fleet and expects to enter into a dedicated agreement well in advance of its delivery by the end of third quarter of 2018.
Outlook
Total revenue is expected to increase to between $555 million and $575 million for the second quarter of 2018, driven by improvements in efficiency, price, and contribution from our first newbuild fleet in late-May. Annualized Adjusted Gross Profit per fleet is expected to exit the second quarter of 2018 at approximately $20 million dollars. Keane expects to maintain full utilization on its existing 26 hydraulic fracturing fleets throughout the quarter, and forecasts an increase to 27 active fleets upon the deployment of the first of its newbuild fleets in late-May 2018.
Keane expects to further ramp activity in its cementing business during the second quarter of 2018 and the remainder of the year. By the end of 2018, Keane continues to expect run-rate revenue of between $70 million and $90 million on margins of between 20% and 25%.
“Completions services fundamentals remain attractive, and we expect further growth from higher pricing and improved efficiency,” said Greg Powell. “We continue to execute on our growth initiatives, including the successful addition of newbuild fleets under dedicated agreements. Our exit-rate performance during the first quarter establishes our confidence in achieving cash flow growth and improved profitability going forward.”
Conference Call
On Thursday, May 3, 2018, Keane will hold a conference call for investors at 7:30 a.m. Central Time (8:30 a.m. Eastern Time) to discuss Keane’s first quarter 2018 results. Hosting the call will be James Stewart, Chairman and Chief Executive Officer and Greg Powell, President and Chief Financial Officer. The call can be accessed live over the telephone by dialing (877) 407-9208, or for international callers, (201) 493-6784. A replay will be available shortly after the call and can be accessed by dialing (844) 512-2921, or for international callers (412) 317-6671. The passcode for the replay is 13678352. The replay will be available until May 17, 2018.
About Keane Group, Inc.
Headquartered in Houston, Texas, Keane is one of the largest pure-play providers of integrated well completion services in the U.S., with a focus on complex, technically demanding completion solutions. Keane's primary service offerings include horizontal and vertical fracturing, wireline perforation and logging, engineered solutions and cementing, as well as other value-added service offerings.
Definitions of Non-GAAP Financial Measures and Other Items
Keane has included both financial measures compiled in accordance with GAAP and certain non-GAAP financial measures in this press release, including Adjusted EBITDA and Adjusted Gross Profit and ratios based on these financial measures. These measurements provide supplemental information which Keane believes is useful to analysts and investors to evaluate its ongoing results of operations, when considered alongside GAAP measures such as net income and operating income. These non-GAAP financial measures exclude the financial impact of items management does not consider in assessing Keane’s ongoing operating performance, and thereby facilitate review of Keane’s operating performance on a period-to-period basis. Other companies may have different capital structures, and comparability to Keane’s results of operations may be impacted by the effects of acquisition accounting on its depreciation and amortization. As a result of the effects of these factors and factors specific to other companies, Keane believes Adjusted EBITDA and Adjusted Gross Profit provide helpful information to analysts and investors to facilitate a comparison of its operating performance to that of other companies.
Adjusted EBITDA is defined as net income (loss) adjusted to eliminate the impact of interest, income taxes, depreciation and amortization, along with certain items management does not consider in assessing ongoing performance. Adjusted Gross Profit is defined as Adjusted EBITDA, further adjusted to eliminate the impact of all activities in the Corporate segment, such as selling, general and administrative expenses, along with cost of services that management does not consider in assessing ongoing performance.
Forward-Looking Statements
The statements contained in this release that are not historical facts are as defined in the Private Securities Litigation Reform Act of 1995. Words such as “may,” “will,” “could,” “should,” “expect,” “plan,” “project,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “pursuant,” “target,” “continue,” and similar expressions are intended to identify such . The statements in this press release that are not historical statements, including statements regarding the Company’s plans, objectives, future opportunities for the Company’s services, future financial performance and operating results and any other statements regarding Keane's future expectations, beliefs, plans, objectives, financial conditions, assumptions or future events or performance that are not historical facts, are within the meaning of the federal securities laws. These statements are subject to numerous risks and uncertainties, many of which are beyond Keane's control, which could cause actual results to differ materially from the results expressed or implied by the statements. These risks and uncertainties include, but are not limited to the operations of Keane; the effects of the business combination of Keane and RockPile, including the combined Company’s future financial condition, results of operations, strategy and plans; potential adverse reactions or changes to business relationships resulting from the completion of the RockPile transaction; expected synergies and other benefits from the transaction and the ability of Keane to realize such synergies and other benefits; results of litigation, settlements and investigations; actions by third parties, including governmental agencies; volatility in customer spending and in oil and natural gas prices, which could adversely affect demand for Keane's services and their associated effect on rates, utilization, margins and planned capital expenditures; global economic conditions; excess availability of pressure pumping equipment, including as a result of low commodity prices, reactivation or construction; liabilities from operations; weather; decline in, and ability to realize, backlog; equipment specialization and new technologies; shortages, delays in delivery and interruptions of supply of equipment and materials; ability to hire and retain personnel; loss of, or reduction in business with, key customers; difficulty with growth and in integrating acquisitions; product liability; political, economic and social instability risk; ability to effectively identify and enter new markets; cybersecurity risk; dependence on our subsidiaries to meet our long-term debt obligations; variable rate indebtedness risk; and anti-takeover measures in our charter documents.
Additional information concerning factors that could cause actual results to differ materially from those in the is contained from time to time in Keane's Securities and Exchange Commission (“SEC”) filings, including the most recently filed Forms 10-Q and 10-K. Keane's filings may be obtained by contacting Keane or the SEC or through Keane's website at http://www.keanegrp.com or through the SEC's Electronic Data Gathering and Analysis Retrieval System (EDGAR) at http://www.sec.gov . Keane undertakes no obligation to publicly update or revise any forward-looking statement.
KEANE GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS & COMPREHENSIVE INCOME (LOSS)
(in thousands, except per share data)
Three Months Ended
March 31,
Three Months Ended
December 31,
2018 2017 2017 (Unaudited) (Unaudited) (Unaudited) Revenue $ 513,016 $ 240,153 $ 501,490 Operating costs and expenses: Cost of services 403,408 223,992 389,096 Depreciation and amortization 60,051 30,373 49,964 Selling, general and administrative expenses 33,884 17,988 24,611 (Gain) loss on disposal of assets 769 (436 ) (2,418 ) Total operating costs and expenses 498,112 271,917 461,253 Operating income (loss) 14,904 (31,764 ) 40,237 Other income (expenses): Other income (expense), net (12,989 ) 4 9,316 Interest expense (6,990 ) (40,361 ) (7,318 ) Total other income (expenses) (19,979 ) (40,357 ) 1,998 Income (loss) before income taxes (5,075 ) (72,121 ) 42,235 Income tax benefit (expense) (3,168 ) (134 ) 1,712 Net income (loss) (8,243 ) (72,255 ) 43,947 Other comprehensive income (loss): Foreign currency translation adjustments (34 ) 13 (12 ) Hedging activities 2,211 11 785 Total comprehensive income (loss) $ (6,066 ) $ (72,231 ) $ 44,720 Net income (loss) per share, basic $ (0.07 ) $ (0.73 ) $ 0.39 Weighted average shares, basic 112,086 98,827 111,707 KEANE GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
ASSETS March 31, December 31, 2018 2017 (Unaudited) (Audited) Current Assets: Cash and cash equivalents $ 95,488 $ 96,120 Accounts receivable 244,875 238,018 Inventories, net 37,787 33,437 Prepaid and other current assets 11,656 8,519 Total current assets 389,806 376,094 Property and equipment, net 458,391 468,000 Goodwill 134,536 134,967 Intangible assets 55,630 57,280 Other noncurrent assets 8,446 6,775 Total Assets $ 1,046,809 $ 1,043,116 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Accounts payable $ 134,994 $ 92,348 Accrued expenses 104,494 135,175 Customer contract liabilities 3,850 5,000 Current maturities of capital lease obligations 3,353 3,097 Current maturities of long-term debt 1,310 1,339 Stock based compensation - current 4,281 4,281 Other current liabilities 876 914 Total current liabilities 253,158 242,154 Capital lease obligations, less current maturities 4,565 4,796 Long-term debt, net (1) less current maturities 273,400 273,715 Stock based compensation – non-current — 4,281 Other non-current liabilities 4,716 5,078 Total non-current liabilities 282,681 287,870 Total liabilities 535,839 530,024 Shareholders’ equity: Stockholders’ equity 546,207 542,192 Retained (deficit) (35,615 ) (27,372 ) Accumulated other comprehensive (loss) 378 (1,728 ) Total shareholders’ equity 510,970 513,092 Total liabilities and shareholders’ equity $ 1,046,809 $ 1,043,116
(1) Net of unamortized deferred financing costs and unamortized debt discounts.
KEANE GROUP, INC. AND SUBSIDIARIES
ADDITIONAL SELECTED FINANCIAL AND OPERATING DATA
(unaudited, amounts in thousands, except for non-financial statistics)
Three Months Ended
March 31, Three Months Ended
December 31, 2018 2017 2017 Completion Services: Revenues $ 507,451 $ 240,153 $ 495,519 Cost of services 397,064 223,992 382,880 Gross profit 110,387 16,161 112,639 Depreciation, amortization and
administrative expenses, and impairment
55,180 26,598 44,711 Operating income (loss) $ 54,265 $ (8,325 ) $ 65,885 Average hydraulic fracturing fleets deployed 26.0 15.5 26.0 Average hydraulic fracturing fleet utilization 100 % 67 % 100 % Wireline - fracturing fleet bundling percentages 76 % 58 % 78 % Average annualized revenue per fleet deployed $ 78,069 $ 61,975 $ 76,234 Average annualized adjusted gross profit
per fleet deployed
$ 16,983 $ 6,278 $ 17,316 Adjusted gross profit $ 110,387 $ 24,326 $ 112,554 Other Services (1) : Revenues $ 5,565 $ — $ 5,971 Cost of services 6,344 — 6,216 Gross profit (loss) (779 ) — (245 ) Depreciation, amortization and
administrative expenses, and impairment
1,398 1,483 1,434 Operating income (loss) (2,177 ) (1,702 ) 1,697 Adjusted gross profit (loss) $ (779 ) $ — $ 548
(1) Other Services segment includes the cementing division. The company's workover rigs were sold during the third and fourth quarters of 2017. The company's coiled tubing assets were sold during the fourth quarter of 2017. Following these asset sales, Other Services segment exclusively reflects the cementing division. KEANE GROUP, INC. AND SUBSIDIARIES
NON-U.S. GAAP FINANCIAL MEASURES
(unaudited, in thousands)
Three Months Ended March 31, 2018 Completion
Services
Other
Services
Corporate and
Other
Total Net Income (loss) $ 54,265 $ (2,177 ) $ (60,331 ) $ (8,243 ) Interest expense, net — — 6,990 6,990 Income tax expense — — 3,168 3,168 Depreciation and amortization 55,180 1,398 3,473 60,051 EBITDA $ 109,445 $ (779 ) $ (46,700 ) $ 61,966 Plus Management Adjustments: Acquisition, integration and expansion (1) — — 13,254 13,254 Offering-related expenses (2) — — 12,969 12,969 Non-cash stock compensation (3) — — 3,073 3,073 Adjusted EBITDA $ 109,445 $ (779 ) $ (17,404 ) $ 91,262 Selling, general and administrative — — 33,884 33,884 (Gain) loss on disposal of assets 942 — (173 ) 769 Other expense — — 12,989 12,989 Less Management Adjustments not
associated with cost of services
— — (29,296 ) (29,296 ) Adjusted gross profit $ 110,387 $ (779 ) $ — $ 109,608
(1) Represents adjustment to the CVR liability based on the final agreed-upon settlement. (2) Represents primarily professional fees and other miscellaneous expenses to consummate the secondary common stock offering completed in January 2018. These expenses were recorded in selling, general and administrative expenses, as Keane did not receive any proceeds in the offering to offset the expenses. (3) Represents non-cash amortization of equity awards issued under Keane Group, Inc.’s Equity and Incentive Award Plan (the “Equity Plan”). According to the Equity Plan, the Compensation Committee of the Board of Directors can approve awards in the form of restricted stock, restricted stock units, and/or other deferred compensation. Consistent with prior policy, amortization of awards is made ratably over the vesting periods, beginning with the grant date, based on the total fair value determined on grant date and recorded in selling, general and administrative expenses. KEANE GROUP, INC. AND SUBSIDIARIES
NON-U.S. GAAP FINANCIAL MEASURES
(unaudited, in thousands)
Three Months Ended December 31, 2017 Completion
Services
Other
Services
Corporate
and Other
Total Net Income (loss) $ 65,885 $ 1,697 $ (23,635 ) $ 43,947 Interest expense, net — — 7,318 7,318 Income tax benefit — — (1,712 ) (1,712 ) Depreciation and amortization 44,711 1,434 3,819 49,964 EBITDA $ 110,596 $ 3,131 $ (14,210 ) $ 99,517 Plus Management Adjustments: Acquisition, integration and expansion (1) (86 ) (3,377 ) (8,889 ) (12,352 ) Offering-related expenses (2) — — 1,184 1,184 Commissioning costs — 794 — 794 Non-cash stock compensation (3) — — 3,244 3,244 Other (4) — — 1,444 1,444 Adjusted EBITDA $ 110,510 $ 548 $ (17,227 ) $ 93,831 Selling, general and administrative — — 24,611 24,611 (Gain) loss on disposal of assets 2,044 (3,377 ) (1,085 ) (2,418 ) Other income — — (9,316 ) (9,316 ) Less Management Adjustments not
associated with cost of services
— 3,377 3,017 6,394 Adjusted gross profit $ 112,554 $ 548 $ — $ 113,102
(1) Corporate and Other segment represents adjustment to the CVR liability, insurance recoveries associated with the acquisition of a majority of the U.S. assets and assumed certain liabilities of Trican Well Service, L.P. (the "Acquired Trican Operations"), lease termination costs and other expenses associated with organic growth initiatives. Completion Services and Other Services segment represents gain on the sale of coiled tubing assets. (2) Represents a portion of professional fees and other miscellaneous expenses to consummate the secondary common stock offering completed in January 2018. These expenses were recorded in selling, general and administrative expenses. (3) Represents non-cash amortization of equity awards issued under the Equity Plan, which is recorded in selling, general and administrative expenses. (4) Represents contingency accruals related to certain litigation claims. These costs were recorded in selling, general and administrative expenses. KEANE GROUP, INC. AND SUBSIDIARIES
NON-U.S. GAAP FINANCIAL MEASURES
(unaudited, in thousands)
Three Months Ended March 31, 2017 Completion
Services
Other
Services
Corporate
and Other
Total Net Income (loss) $ (8,325 ) $ (1,702 ) $ (62,228 ) $ (72,255 ) Interest expense, net — — 40,361 40,361 Income tax expense — — 134 134 Depreciation and amortization 26,598 1,483 2,292 30,373 EBITDA $ 18,273 $ (219 ) $ (19,441 ) $ (1,387 ) Plus Management Adjustments: Acquisition, integration and expansion (1) — — 980 980 Offering-related expenses (2) 1,266 — 4,409 5,675 Commissioning costs 6,899 — 197 7,096 Non-cash stock compensation (3) — — 1,138 1,138 Others (4) — — (409 ) (409 ) Adjusted EBITDA $ 26,438 $ (219 ) $ (13,126 ) $ 13,093 Selling, general and administrative — — 17,988 17,988 (Gain) loss on disposal of assets (2,112 ) 219 1,457 (436 ) Other income — — (4 ) (4 ) Less Management Adjustments not
associated with cost of services
— — (6,315 ) (6,315 ) Adjusted gross profit $ 24,326 $ — $ — $ 24,326 | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/business-wire-keane-announces-first-quarter-2018-financial-and-operational-results.html |
May 15 (Reuters) - Prospect Capital Corp:
* PROSPECT CAPITAL ANNOUNCES PUBLIC OFFERING OF CONVERTIBLE NOTES DUE 2022
* PROSPECT CAPITAL CORP - EXPECTS TO USE A PORTION OF NET PROCEEDS FROM SALE OF NOTES TO REPAY DEBT UNDER CREDIT FACILITY Source text for Eikon: Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-prospect-capital-announces-public/brief-prospect-capital-announces-public-offering-of-convertible-notes-due-2022-idUSASC0A2E7 |
Facebook's Mark Zuckerberg prepares for a grilling in Brussels 7:15am EDT - 01:02
CEO Mark Zuckerberg will meet the leaders of the European Parliament for a private meeting to answer questions about the improper use of millions of users' data by a political consultancy, as pressure on the company's protection of data continues. Anna Bevan reports
CEO Mark Zuckerberg will meet the leaders of the European Parliament for a private meeting to answer questions about the improper use of millions of users' data by a political consultancy, as pressure on the company's protection of data continues. Anna Bevan reports //reut.rs/2KKoVUd | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/22/facebooks-mark-zuckerberg-prepares-for-a?videoId=429283119 |
Underweight Europe on Italian election concerns, says Oliver Pursche Tuesday, May 29, 2018 - 05:21
Bruderman Brothers' chief market strategist explains in a chat with Reuters' Fred Katayama why he cut his recommended exposure to European equities and why he has become more defensive in U.S. equities. ▲ Hide Transcript ▶ View Transcript
Bruderman Brothers' chief market strategist explains in a chat with Reuters' Fred Katayama why he cut his recommended exposure to European equities and why he has become more defensive in U.S. equities. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2H20eQy | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/29/underweight-europe-on-italian-election-c?videoId=431496061 |
May 20, 2018 / 1:33 PM / Updated 2 hours ago German companies worry Trump moving toward 'America Alone' Reuters Staff 2 Min Read
BERLIN (Reuters) - German companies are concerned that U.S. President Donald Trump is increasingly thinking only of America rather than just putting his country first, the head of Germany’s DIHK Chambers of Commerce told media. FILE PHOTO: U.S. President Donald Trump walks to Marine One to depart for Walter Reed National Military Medical Center to visit first lady Melania Trump after she had kidney surgery from the South Lawn of the White House in Washington, U.S., May 14, 2018. REUTERS/Leah Millis
The United States has pulled out of the 2015 Iran nuclear deal and Germany has acknowledged it could be hard to protect companies doing business with Iran, as a senior U.S. official renewed a threat of sanctions against European firms.
German companies also face the prospect of possible extra levies — Trump imposed a 25 percent tariff on steel imports and a 10 percent tariff on aluminum in March but the European Union has been granted exemptions until June 1.
“America First now increasingly means America Alone,” DIHK President Eric Schweitzer told the RND group of newspapers. “That makes German businesses really worried.”
Nonetheless, a DIHK survey published earlier this month showed a record number of German companies believe economies in foreign markets where they do business will improve despite rising political and trade risks.
In January Trump said he would always promote “America First”, as he expected other world leaders to do on behalf of their own countries, but added: “America First does not mean America alone. When the United States grows so does the world.”
Schweitzer called for the EU to take a tough line in the trade dispute with the United States, saying while it was important to remain in dialogue over difficult conflicts, “we’re moving in the wrong direction if we automatically react to new unreasonable demands with concessions.”
Germany is Europe’s biggest exporter to the United States. Reporting by Michelle Martin; Editing by Catherine Evans | ashraq/financial-news-articles | https://uk.reuters.com/article/us-germany-usa/german-companies-worry-trump-moving-toward-america-alone-idUKKCN1IL0I3 |
May 25, 2018 / 12:02 PM / Updated an hour ago Serena aside, Sharapova will fear no one at French: Evert Martyn Herman 3 Min Read
LONDON (Reuters) - Russian Maria Sharapova could run into old nemesis Serena Williams in the fourth round of the French Open but, the American aside, she will fear no one on her first appearance at the claycourt slam for three years. Tennis - WTA Premier 5 - Italian Open - Foro Italico, Rome, Italy - May 19, 2018 Russia's Maria Sharapova in action during her semi final match against Romania's Simona Halep REUTERS/Tony Gentile
The former world number one, twice a champion at Roland Garros despite an unnatural claycourt game, is seeded 28 after a rocky road back from a doping ban.
She was ineligible two years ago and last year French Open organizers declined to offer her a wildcard following her return to the Tour. Sharapova served a 15-month sanction for testing positive for heart drug meldonium after losing to Williams in the Australian Open quarter-finals in 2016.
The two grand slams she has played since resuming her career have resulted in fourth-round losses but having reunited with former coach Thomas Hogstedt last month, the five-times major winner is moving back in the right direction, according to Roland Garros great Chris Evert.
“She has a shot (at the title),” seven-times French Open champion Evert, an analyst for broadcaster ESPN, told Reuters.
“I see her moving better and the intensity is back. I see some drop shots. She is back with her old coach Thomas Hogstedt and she has won grand slams with him before.
“I see her getting better and better because she wants it and she is willing to work hard for it and it’s still the most important thing in her life. In the last six weeks I see an improvement in her game.”
The fact that no player has taken the game by storm while 23-times grand slam champion Williams took time off to have a baby, will further encourage Sharapova, according to Evert.
“Maria will look at it and see no one dominant. Serena Williams is the only player in the past who has been like a thorn in her side, but she feels mentally superior to most of the other and she feels she can win against them all.” Tennis player Serena Williams attends the 2017 Glamour Women of the Year Awards at the Kings Theater in Brooklyn, New York, U.S., November 13, 2017. REUTERS/Andrew Kelly SUPERIOR SERENA
Only Williams, unseeded and ranked 453 has a superior grand slam record to Sharapova in the women’s draw.
Last year’s champion Jelena Ostapenko, double Wimbledon champion Petra Kvitova, Australian Open champion Caroline Wozniacki and 2016 French Open winner Garbine Muguruza are all amongst the list of favorites.
But Sharapova, a semi-finalist in Rome last week, would not have a sleepless night about facing any of them.
“This is a title she has won twice and this is a surface that gives her a little more time to set up,” Evert said.
“She knows she can win it and she knows she is mentally tougher than most of them. When you look at the players who are contenders, they have a few slams but mentally they have had some big wins but also some big losses.
“Aside from Serena she has the most experience and is mentally tougher. That’s worth two games a set.”
Sharapova trails Williams 19-2 on career head-to-head but leads top French Open top seed Simona Halep 7-2, second seed Wozniacki 6-4 and third seed Muguruza 3-0. Reporting by Martyn Herman; Editing by Christian Radnedge | ashraq/financial-news-articles | https://www.reuters.com/article/us-tennis-frenchopen-women-sharapova/serena-aside-sharapova-will-fear-no-one-at-french-evert-idUSKCN1IQ1KA |
May 4, 2018 / 3:49 PM / Updated an hour ago Dumoulin wins Giro opening time trial as Froome struggles Reuters Staff 1 Min Read
JERUSALEM (Reuters) - Defending champion Tom Dumoulin claimed the overall lead at the Giro d’Italia on Friday as the Dutchman won the opening time trial in Jerusalem. Cycling – the 101st Giro d'Italia cycling race – The 9.7-km Stage 1 in Jerusalem – May 4, 2018 - Team Sunweb rider Tom Dumoulin of the Netherlands prepares at the start line. REUTERS/Ronen Zvulun
Dumoulin clocked 12 minutes and two seconds on the 9.7-kilometre course to don the maglia rosa.
Tour de France champion Chris Froome, who sustained bruises in a crash during the course reconnaissance earlier on Friday, was a distant 21st. Slideshow (4 Images)
Another top contender, France’s Thibaut Pinot, was 16th, 33 seconds off the pace.
“I had been feeling good lately and today I took time off of my rivals, that’s all I wanted,” said Dumoulin.
Froome lost 37 seconds on the Team Sunweb rider. Reporting by Julien Pretot; Editing by Christian Radnedge | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-cycling-giro/dumoulin-wins-giro-opening-time-trial-as-froome-struggles-idUKKBN1I51YU |
SAN FRANCISCO--(BUSINESS WIRE)-- First Republic Bank (NYSE: FRC), a leading private bank and wealth management company, today announced that wealth managers Jeremy Wenner and Adam Beard have joined First Republic Investment Management.
Wenner and Beard were each named Managing Director and will provide wealth management services to individuals, families, businesses, nonprofits and foundations. Wenner will work in First Republic’s San Francisco office at 111 Pine Street and Beard will be located at 160 Federal Street in Boston.
“Jeremy Wenner and Adam Beard are very accomplished wealth professionals with extensive experience helping clients realize their financial objectives,” said Bob Thornton, President of First Republic Private Wealth Management. “Jeremy and Adam share First Republic’s commitment to exceptional client service, and we are very pleased they are joining our growing team in both San Francisco and Boston.”
Wenner has more than 17 years of financial services experience serving high net worth individuals and families. Before joining First Republic, Wenner was Managing Director in the Private Wealth Management Group at Jefferies LLC. Before that, he was Private Client Investment Advisor at Thomas Weisel Partners. Wenner began his career as a financial services analyst at NationsBanc Montgomery Securities. He earned a Bachelor of Arts degree in Political Science from Colgate University and an MBA from the University of California, Walter A. Haas School of Business.
Beard has more than 22 years of experience creating customized wealth planning strategies for high net worth individuals and families. Before joining First Republic, Beard was Senior Vice President in the Private Wealth Management Group at Jefferies LLC and also worked in the firm’s Technology Investment Banking Group. Before that, he was Director at GCA and was Vice President at Arma Partners LLP. Earlier in his career, he worked at Credit Suisse First Boston Technology Group and Prudential Securities. Beard earned a Bachelor of Arts degree in Political Science from Trinity College. He is a member of the Executive Committee for the nonprofit organization, BUILD Boston.
About First Republic Bank
Founded in 1985, First Republic and its subsidiaries offer private banking, private business banking and private wealth management, including investment, trust and brokerage services. First Republic specializes in delivering exceptional, relationship-based service, with a solid commitment to responsiveness and action. Services are offered through preferred banking or wealth management offices primarily in San Francisco, Palo Alto, Los Angeles, Santa Barbara, Newport Beach and San Diego, California; Portland, Oregon; Boston, Massachusetts; Palm Beach, Florida; Greenwich, Connecticut; New York, New York; and later in 2018, Jackson, Wyoming. First Republic offers a complete line of banking products for individuals and businesses, including deposit services, as well as residential, commercial and personal loans. For more information, visit firstrepublic.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180514005235/en/
Investors:
Addo Communications
Andrew Greenebaum / Lasse Glassen, 310-829-5400
[email protected]
[email protected]
or
Media:
Blue Marlin Partners
Greg Berardi, 415-239-7826
[email protected]
Source: First Republic Bank | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/business-wire-wealth-managers-join-first-republic-in-san-francisco-and-boston.html |
April 30(Reuters) - Anhui Gujing Distillery Co Ltd
* Says it plans to pay cash dividend of 10.00 yuan per 10 shares (before tax) to the company’s shareholders for 2017
Source text in Chinese: goo.gl/dhbiFH
Further company coverage: (Beijing Headline News)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-anhui-gujing-distillery-announces/brief-anhui-gujing-distillery-announces-2017-dividend-payment-idUSL3N1S72D3 |
The chairman of one of the largest ad firms in the world believes that major upheavals in the media landscape will see consumers soon share the wealth of large technology companies.
Maurice Levy, the former CEO and now chairman of Publicis Groupe , a $15.8 billion French ad giant, predicted that a third party will act as a middleman between social media firms and their customers — effectively collecting revenue from companies and distributing some of that money to users who share their data.
"There are already some voices which are already talking about the monetization," he told CNBC's Karen Tso at the VivaTech summit in Paris Friday.
"I know that some governments are not in favor, but when the consumer says, 'There is all this wealth of information that you are using and the only thing I'm getting is a free service. But you are getting much more from me, and maybe I should get a share of that revenue,'" he said. "And I'm absolutely convinced that this will be the future."
Jason Alden | Bloomberg via Getty Images Levy didn't name any lawmakers opposed to such a move, but some governments would likely be cautious about shaving revenue from big tech firms, with the industry already facing tough scrutiny on tax and regulation.
Currently, people who use social media sites like Facebook receive access to a free service in return for the company using their data to target them with ads.
That model has been thrown into question since it was revealed that Facebook data on 87 million people may have been shared with Cambridge Analytica , a now-defunct consulting firm that was accused of using "psychographic" profiling to influence voters for political clients.
show chapters GDPR: Why everyone is freaking out over four letters 10:59 AM ET Wed, 23 May 2018 | 02:53 "In my view, from an advertising standpoint, we will see a lot of changes coming in the future," Levy told CNBC.
The ad guru name-checked new EU data laws that started Friday, called GDPR (General Data Protection Regulation). It forces companies to be more clear on consent to use and share customer data and allows consumers to request that firms delete all information companies have on them.
Levy said widespread discussion on GDPR would only heightens people's concerns on data sharing.
"The more we are speaking about the use of data, you will have people that say 'hey guys, where is my money, you are using my information, you are using everything which is about myself, but I want a share of your revenues.' And they believe that this is tomorrow," he said. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/25/maurice-levy-at-publicis-says-well-get-cash-for-sharing-personal-data.html |
May 18 (Reuters) - AstraZeneca PLC CEO Pascal Soriot tells reporters:
* CEO SAYS MORE CONSOLIDATION IN DRUG INDUSTRY POSSIBLE * CEO SAYS AZ HAS GLOBAL SCALE, FOCUSED ON NEW DRUG LAUNCHES Further company coverage: (Reporting by UK bureau)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-astrazeneca-ceo-says-more-drug-ind/brief-astrazeneca-ceo-says-more-drug-industry-consolidation-possible-idUSL9N15G04V |
May 22 (Reuters) - Salem Media Group Inc:
* SALEM MEDIA ANNOUNCES SALE OF KGBI-FM IN OMAHA Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-salem-media-announces-sale-of-kgbi/brief-salem-media-announces-sale-of-kgbi-fm-in-omaha-idUSFWN1ST0M0 |
HONOLULU, May 10, 2018 /PRNewswire/ -- Hawaiian Electric Industries, Inc. (NYSE: HE) (HEI) today reported consolidated net income for common stock for the first quarter of 2018 of $40.2 million and diluted earnings per share (EPS) of $0.37 compared to $34.2 million and EPS of $0.31 for the first quarter of 2017.
"We are pleased to report solid earnings for the first quarter of 2018 from both our bank and utility," said Constance H. Lau, president and CEO of HEI.
"In the first quarter, our utility worked with the Hawaii Public Utilities Commission to give the net benefits from tax reform to utility customers, including approximately $9 million for the first quarter alone. Our Commission also opened a performance-based ratemaking proceeding that establishes a collaborative, deliberative process allowing for stakeholder and expert input to help accelerate Hawaii's move to 100% clean energy. Moving forward we are focused on our role in creating resilient, sustainable communities through technology, smart use of resources, building partnerships, and providing more value to customers."
"American Savings Bank's first quarter results included the highest quarterly net income in its history, reflecting higher net interest margin, good deposit and loan growth and the benefits of tax reform for the bank, including lower tax expense and higher wage rates for entry level and lower wage positions. We continue to work hard to deliver value for our customers as the bank's profitability improves," said Lau.
HAWAIIAN ELECTRIC COMPANY EARNINGS
Hawaiian Electric Company's 1 net income for the first quarter of 2018 was $27.5 million compared to $21.5 million in the first quarter of 2017, primarily driven by the following after-tax items:
$11 million higher rate adjustment mechanism (RAM) revenues, primarily due to lower revenues in the first quarter of 2017 because of the return in 2017 to recording Oahu RAM revenues for accounting purposes on a lagged basis beginning June 1, 2017, instead of on a calendar year basis; $5 million of interim rate relief from Hawaii Electric Light's 2016 test year interim rates effective August 31, 2017 and Hawaiian Electric's 2017 test year interim rates effective February 16, 2018; and $1 million higher allowance for funds used during construction mainly from the Schofield Generating Station project expected to be completed in the second quarter.
These items were partially offset by the following after-tax items:
$7 million higher O&M expenses 2 compared to 2017, primarily due to the reset of pension costs as part of rate case interim decisions, higher overhaul costs for generation, a write-off of smart grid costs, and a one-time rent expense adjustment for existing substation land, partially offset by the additional reserve for environmental costs in 2017; $2 million higher depreciation expense as a result of increasing investments for the integration of more renewable energy, improved customer reliability and greater system efficiency; and $2 million lower net income, primarily representing accrued first quarter 2018 tax reform net benefits deferred (and to be returned to customers) that are higher than the reduction in first quarter income tax expense related to lower federal corporate tax rates.
Note:
Amounts indicated as after-tax in this earnings release are based upon adjusting items using the current year composite statutory tax rates of 25.75% for the utilities and 26.79% for the bank.
1
Hawaiian Electric Company, unless otherwise defined, refers to the three utilities, Hawaiian Electric Company, Inc. on Oahu, Maui Electric Company, Limited for Maui County, and Hawaii Electric Light Company, Inc. on Hawaii Island.
2
Excludes net income neutral expenses covered by surcharges or by third parties. See the "Explanation of HEI's Use of Certain Unaudited Non-GAAP Measures" and the related reconciliation accompanying this release.
AMERICAN SAVINGS BANK EARNINGS
American Savings Bank's (American) first quarter of 2018 net income was $19.0 million compared to $16.9 million in the fourth, or linked, quarter and $15.8 million in the prior year quarter.
Compared to the linked quarter of 2017, the $2.1 million net income increase in the first quarter of 2018 was primarily driven by higher net interest income, which was mainly due to higher yields on earning assets and strong deposit growth that funded increases in the investment and retail portfolios. The first quarter also included approximately $3 million in tax benefits resulting from lower federal corporate tax rates, compared to the one-time tax benefit of $1.7 million recognized in the linked quarter. In the linked quarter, American passed on approximately $1 million of increased compensation to its employees through a $1,000 cash bonus paid in December 2017. Beginning in 2018, American increased the wage rates for entry level and lower wage positions.
Compared to the first quarter of 2017, the $3.1 million higher net income was primarily driven by higher net interest income as discussed above for the linked quarter, partially offset by lower noninterest income. Noninterest expense in the first quarter of 2018 was higher compared to the first quarter of 2017 due to higher compensation and benefit expense, reflecting a higher minimum wage for employees along with higher performance-based incentives and annual merit increases, which was substantially offset by the tax benefits resulting from lower federal corporate tax rates.
Total loans were $4.7 billion at March 31, 2018, up $71 million or 6.1% annualized, driven mainly by increases in commercial and commercial real estate loans of $63 million compared to December 31, 2017.
Total deposits were $6.1 billion at March 31, 2018, an increase of $188 million or 12.8% annualized from December 31, 2017, including approximately $100 million in repurchase agreements that were transferred into deposit accounts. Excluding such transfers, total deposits increased by 6.0% annualized. The average cost of funds was 0.23% for the first quarter of 2018, up 2 basis points from the linked quarter and up 3 basis points from the prior year quarter.
American's first quarter of 2018 return on average equity 3 was 12.58%, compared to 11.09% in the linked quarter and 10.82% in the first quarter of 2017. Return on average assets was 1.12% for the first quarter of 2018, compared to 1.01% in the linked quarter and 0.98% in the same quarter last year.
Please refer to American's news release issued on April 30, 2018 for additional information on American.
HOLDING AND OTHER COMPANIES
The holding and other companies' net loss was $6.2 million in the first quarter of 2018 compared to $3.1 million in the prior year quarter. The higher net loss was primarily driven by the impact of federal tax reform, which negatively impacted the holding and other companies by approximately $1 million in the first quarter of 2018 due to lower tax benefits on expenses resulting from a lower corporate federal tax rate, higher interest expense due to higher interest rates and additional debt related to Pacific Current investments, and higher excess tax benefits associated with share-based awards in the first quarter of 2017 as compared to the first quarter of 2018.
BOARD DECLARES QUARTERLY DIVIDEND
On May 9, 2018, the board of directors maintained HEI's quarterly cash dividend of $0.31 per share, payable on June 12, 2018, to shareholders of record at the close of business on May 23, 2018 (ex-dividend date is May 22, 2018). The dividend would be equivalent to an annual rate of $1.24 per share.
Dividends have been paid uninterrupted since 1901. At the indicated annual dividend rate and based on the closing price per share on May 9, 2018 of $33.87, HEI's dividend yield is 3.7%.
WEBCAST AND CONFERENCE CALL TO DISCUSS EARNINGS AND EPS GUIDANCE
Hawaiian Electric Industries, Inc. will conduct a webcast and conference call to review its first quarter 2018 earnings and 2018 EPS guidance on Thursday, May 10, 2018, at 7:30 a.m. Hawaii time (1:30 p.m. Eastern time).
Interested parties within the United States may listen to the conference by calling (844) 834-0652 and international parties may listen to the conference by calling (412) 317-5198 or by accessing the webcast on HEI's website under the "Investor Relations" section, sub-heading "News and Events." HEI and Hawaiian Electric Company intend to continue to use HEI's website, www.hei.com , as a means of disclosing additional information. Such disclosures will be included on HEI's website in the Investor Relations section. Accordingly, investors should routinely monitor such portions of HEI's website, in addition to following HEI's, Hawaiian Electric Company's and American's press releases, HEI's and Hawaiian Electric Company's Securities and Exchange Commission (SEC) filings and HEI's public conference calls and webcasts. The information on HEI's website is not incorporated by reference in this document or in HEI's and Hawaiian Electric Company's SEC filings unless, and except to the extent, specifically incorporated by reference. Investors may also wish to refer to the Public Utilities Commission of the State of Hawaii (PUC) website at dms.puc.hawaii.gov/dms in order to review documents filed with and issued by the PUC. No information on the PUC website is incorporated by reference in this document or in HEI's and Hawaiian Electric Company's SEC filings.
An online replay of the webcast will be available at www.hei.com beginning about two hours after the event. Replays of the conference call will also be available approximately two hours after the event through May 24, 2018, by dialing (877) 344-7529 or (412) 317-0088 and entering passcode: 10119007.
HEI supplies power to approximately 95% of Hawaii's population through its electric utilities, Hawaiian Electric Company, Inc., Hawaii Electric Light Company, Inc. and Maui Electric Company, Limited; provides a wide array of banking and other financial services to consumers and businesses through American Savings Bank, one of Hawaii's largest financial institutions; and helps advance Hawaii's clean energy and sustainability goals through investments by its non-regulated subsidiary, Pacific Current, LLC.
3
Bank return on average equity calculated using weighted average daily common equity.
NON-GAAP MEASURES
See "Explanation of HEI's Use of Certain Unaudited Non-GAAP Measures" and related reconciliations on page 10 of this release.
FORWARD-LOOKING STATEMENTS
This release may contain "forward-looking statements," which include statements that are predictive in nature, depend upon or refer to future events or conditions, and usually include words such as "will," "expects," "anticipates," "intends," "plans," "believes," "predicts," "estimates" or similar expressions. In addition, any statements concerning future financial performance, ongoing business strategies or prospects or possible future actions are also forward-looking statements. Forward-looking statements are based on current expectations and projections about future events and are subject to risks, uncertainties and the accuracy of assumptions concerning HEI and its subsidiaries, the performance of the industries in which they do business and economic, political and market factors, among other things. These forward-looking statements are not guarantees of future performance.
Forward-looking statements in this release should be read in conjunction with the "Cautionary Note Regarding Forward-Looking Statements" and "Risk Factors" discussions (which are incorporated by reference herein) set forth in HEI's Annual Report on Form 10-K for the year ended December 31, 2017 and HEI's other periodic reports that discuss important factors that could cause HEI's results to differ materially from those anticipated in such statements. These forward-looking statements speak only as of the date of the report, presentation or filing in which they are made. Except to the extent required by the federal securities laws, HEI, Hawaiian Electric Company, American and their subsidiaries undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Hawaiian Electric Industries, Inc. (HEI) and Subsidiaries
CONSOLIDATED STATEMENTS OF INCOME DATA
(Unaudited)
Three months ended March 31
(in thousands, except per share amounts)
2018
2017
Revenues
Electric utility
$
570,427
$
518,611
Bank
75,419
72,856
Other
28
95
Total revenues
645,874
591,562
Expenses
Electric utility
519,058
468,250
Bank
50,532
48,501
Other
4,395
5,073
Total expenses
573,985
521,824
Operating income (loss)
Electric utility
51,369
50,361
Bank
24,887
24,355
Other
(4,367)
(4,978)
Total operating income
71,889
69,738
Retirement defined benefits expense—other than service costs
(1,833)
(1,876)
Interest expense, net—other than on deposit liabilities and other bank borrowings
(21,518)
(19,568)
Allowance for borrowed funds used during construction
1,444
889
Allowance for equity funds used during construction
3,294
2,399
Income before income taxes
53,276
51,582
Income taxes
12,556
16,916
Net income
40,720
34,666
Preferred stock dividends of subsidiaries
473
473
Net income for common stock
$
40,247
$
34,193
Basic earnings per common share
$
0.37
$
0.31
Diluted earnings per common share
$
0.37
$
0.31
Dividends declared per common share
$
0.31
$
0.31
Weighted-average number of common shares outstanding
108,818
108,674
Weighted-average shares assuming dilution
109,024
108,858
Net income (loss) for common stock by segment
Electric utility
$
27,475
$
21,465
Bank
18,960
15,813
Other
(6,188)
(3,085)
Net income for common stock
$
40,247
$
34,193
Comprehensive income attributable to Hawaiian Electric Industries, Inc.
$
27,474
$
35,178
Return on average common equity (twelve months ended) 1
8.2
%
12.5
%
The Consolidated Statements of Income Data reflects the retrospective application of ASU No. 2017-07, "Compensation-Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost," which was adopted in first quarter 2018. Nonservice cost was reclassified from "Expenses" to "Retirement defined benefits expense—other than service costs."
This information should be read in conjunction with the consolidated financial statements and the notes thereto in HEI filings with the SEC.
1 On a core basis, 2018 and 2017 returns on average common equity (twelve months ended March 31) were 8.9% and 9.4%, respectively. See reconciliation of GAAP to non-GAAP measures.
Hawaiian Electric Company, Inc. (Hawaiian Electric) and Subsidiaries
CONSOLIDATED STATEMENTS OF INCOME DATA
(Unaudited)
Three months ended March 31
(dollars in thousands, except per barrel amounts)
2018
2017
Revenues
$
570,427
$
518,611
Expenses
Fuel oil
166,968
144,270
Purchased power
139,910
127,124
Other operation and maintenance
107,610
98,817
Depreciation
50,466
48,216
Taxes, other than income taxes
54,104
49,823
Total expenses
519,058
468,250
Operating income
51,369
50,361
Allowance for equity funds used during construction
3,294
2,399
Retirement defined benefits expense—other than service costs
(1,264)
(1,423)
Interest expense and other charges, net
(17,694)
(17,504)
Allowance for borrowed funds used during construction
1,444
889
Income before income taxes
37,149
34,722
Income taxes
9,175
12,758
Net income
27,974
21,964
Preferred stock dividends of subsidiaries
229
229
Net income attributable to Hawaiian Electric
27,745
21,735
Preferred stock dividends of Hawaiian Electric
270
270
Net income for common stock
$
27,475
$
21,465
Comprehensive income attributable to Hawaiian Electric
$
27,506
$
21,924
OTHER ELECTRIC UTILITY INFORMATION
Kilowatthour sales (millions)
Hawaiian Electric
1,497
1,525
Hawaii Electric Light
257
253
Maui Electric
258
260
2,012
2,038
Average fuel oil cost per barrel
$
80.68
$
65.85
Return on average common equity (twelve months ended) 1
6.91
%
7.84
%
The Consolidated Statements of Income Data reflects the retrospective application of ASU No. 2017-07, "Compensation-Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost," which was adopted in first quarter 2018. Nonservice cost was reclassified from "Other operation and maintenance" to "Retirement defined benefits expense—other than service costs."
This information should be read in conjunction with the consolidated financial statements and the notes thereto in Hawaiian Electric filings with the SEC.
1 Simple average. On a core basis, 2018 and 2017 returns on average common equity (twelve months ended March 31) were 7.4% and 7.9%, respectively. See reconciliation of GAAP to non-GAAP measures.
American Savings Bank, F.S.B.
STATEMENTS OF INCOME DATA
(Unaudited)
Three months ended
(in thousands)
March 31,
2018
December 31,
2017
March 31,
2017
Interest and dividend income
Interest and fees on loans
$
52,800
$
51,986
$
50,742
Interest and dividends on investment securities
9,202
8,230
6,980
Total interest and dividend income
62,002
60,216
57,722
Interest expense
Interest on deposit liabilities
2,957
2,802
2,103
Interest on other borrowings
496
386
816
Total interest expense
3,453
3,188
2,919
Net interest income
58,549
57,028
54,803
Provision for loan losses
3,541
3,670
3,907
Net interest income after provision for loan losses
55,008
53,358
50,896
Noninterest income
Fees from other financial services
4,654
5,741
5,610
Fee income on deposit liabilities
5,189
5,678
5,428
Fee income on other financial products
1,654
1,464
1,866
Bank-owned life insurance
871
1,374
983
Mortgage banking income
613
305
789
Other income, net
436
388
458
Total noninterest income
13,417
14,950
15,134
Noninterest expense
Compensation and employee benefits
24,440
23,836
23,042
Occupancy
4,280
4,076
4,154
Data processing
3,464
3,531
3,280
Services
3,047
3,005
2,360
Equipment
1,728
1,899
1,748
Office supplies, printing and postage
1,507
1,676
1,535
Marketing
645
1,211
517
FDIC insurance
713
608
728
Other expense
4,101
5,470
4,506
Total noninterest expense
43,925
45,312
41,870
Income before income taxes
24,500
22,996
24,160
Income taxes
5,540
6,137
8,347
Net income
$
18,960
$
16,859
$
15,813
Comprehensive income
$
6,885
$
10,245
$
16,648
OTHER BANK INFORMATION (annualized %, except as of period end)
Return on average assets
1.12
1.01
0.98
Return on average equity
12.58
11.09
10.82
Return on average tangible common equity
14.57
12.82
12.58
Net interest margin
3.76
3.68
3.68
Efficiency ratio
61.04
62.95
59.87
Net charge-offs to average loans outstanding
0.28
0.26
0.29
As of period end
Nonaccrual loans to loans receivable held for investment
0.53
0.51
0.41
Allowance for loan losses to loans outstanding
1.14
1.15
1.19
Tangible common equity to tangible assets
7.66
7.81
7.78
Tier-1 leverage ratio
8.6
8.6
8.5
Total capital ratio
14.0
14.2
13.6
Dividend paid to HEI (via ASB Hawaii, Inc.) ($ in millions)
$
10.9
$
9.4
$
9.4
The Statements of Income Data reflects the retrospective application of ASU No. 2017-07, "Compensation-Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost," which was adopted in first quarter 2018. Nonservice cost was reclassified from "Compensation and employee benefits" to "Other expense."
This information should be read in conjunction with the consolidated financial statements and the notes thereto in HEI filings with the SEC.
EXPLANATION OF HEI'S USE OF CERTAIN UNAUDITED NON-GAAP MEASURES
HEI and Hawaiian Electric Company management use certain non-GAAP measures to evaluate the performance of HEI and the utility. Management believes these non-GAAP measures provide useful information and are a better indicator of the companies' core operating activities than the corresponding GAAP measures given the non-recurring nature of certain items. Non-GAAP core measures presented here may not be comparable to similarly titled measures used by other companies. The accompanying tables provide the return on average common equity (ROACE) and adjusted non-GAAP core ROACE for HEI and the utility.
The reconciling adjustments from GAAP earnings to core earnings used in the calculation of the twelve months ended March 31, 2017 ROACE include income, costs and associated taxes related to the terminated merger between HEI and NextEra Energy, Inc., the cancelled spin-off of ASB Hawaii, Inc. and the terminated liquefied natural gas contract which, to remain in effect, required Hawaii Public Utilities Commission approval of the merger with NextEra Energy, Inc. For more information on the transactions, see HEI's Form 8-K filed on July 18, 2016, and HEI's Form 8-K filed on July 19, 2016. The reconciling adjustments from GAAP earnings to core earnings used in the calculation of the twelve months ended March 31, 2018 ROACE exclude the impact of the federal tax reform act recorded in the fourth quarter of 2017 due to the adjustment of deferred tax balances and the $1,000 employee bonuses paid by the bank related to federal tax reform. Management does not consider these items to be representative of the company's fundamental core earnings and has shown the non-GAAP (core) ROACE in order to provide better comparability between periods.
The accompanying table also provides the calculation of utility GAAP other operation and maintenance (O&M) expense adjusted for "O&M-related net income neutral items," which are O&M expenses covered by specific surcharges or by third parties. These "O&M-related net income neutral items" are grossed-up in revenue and expense and do not impact net income.
RECONCILIATION OF GAAP 1 TO NON-GAAP MEASURES
Hawaiian Electric Industries, Inc. and Subsidiaries (HEI)
Unaudited
Twelve months ended March 31
2018
2017
HEI CONSOLIDATED RETURN ON AVERAGE COMMON EQUITY (ROACE) (simple average)
Based on GAAP
8.2
%
12.5
%
Based on non-GAAP (core) 2
8.9
%
9.4
%
Hawaiian Electric Company, Inc. and Subsidiaries
Twelve months ended March 31
2018
2017
HAWAIIAN ELECTRIC CONSOLIDATED RETURN ON AVERAGE COMMON EQUITY (ROACE) (simple average)
Based on GAAP
6.91
%
7.84
%
Based on non-GAAP (core) 2
7.41
%
7.88
%
Three months ended March 31
($ in millions)
2018
2017
HAWAIIAN ELECTRIC CONSOLIDATED OTHER OPERATION AND MAINTENANCE (O&M) EXPENSE
GAAP (as reported)
$
107.6
$
98.8
Excluding other O&M-related net income neutral items 3
0.3
1.1
Non-GAAP (Adjusted other O&M expense)
$
107.3
$
97.7
Note: Columns may not foot due to rounding
1 Accounting principles generally accepted in the United States of America
2 Calculated as core net income divided by average GAAP common equity
3 Expenses covered by surcharges or by third parties recorded in revenues
Contact:
Julie R. Smolinski
Telephone: (808) 543-7300
Manager, Investor Relations
E-mail: [email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/hei-reports-first-quarter-2018-earnings-300646241.html
SOURCE Hawaiian Electric Industries, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/pr-newswire-hei-reports-first-quarter-2018-earnings.html |
DENVER, May 02, 2018 (GLOBE NEWSWIRE) -- PDC Energy, Inc. ("PDC" or the "Company") (NASDAQ:PDCE) today reported its 2018 first quarter operating and financial results.
First Quarter 2018 Highlights
Year-over-year total production increase of 34 percent to 8.9 million barrels of oil equivalent (MMBoe) or approximately 99,000 Boe per day.
Year-over-year oil production increase of 51 percent to 3.8 million barrels (MMBbls), representing 43 percent of total production.
Total crude oil, natural gas and NGLs sales of approximately $305 million, a 61 percent increase compared to first quarter 2017 sales of approximately $190 million.
Net cash from operating activities of approximately $205 million, a 47 percent increase compared to first quarter 2017 levels of approximately $140 million.
Completed the previously disclosed sale of Utica Shale assets and amendment to an existing Wattenberg oil gathering agreement for total proceeds of approximately $65 million.
The Company recently executed a firm, long-term sales agreement beginning in June 2018 that provides takeaway capacity for the majority of its 2018 and 2019 Delaware basin oil production and diversifies price exposure towards a Brent-based index.
CEO Commentary
President and Chief Executive Officer, Bart Brookman commented, “Our operating and financial results were slightly ahead of internal expectations thanks to smooth execution and stronger commodity pricing. Today, we are a few short months away from the much anticipated midstream expansions in Wattenberg, which should greatly enhance operational and financial performance in the second half of 2018. In the Delaware, our operating results continue to improve and our newly executed firm sales agreement is a big step towards ensuring PDC’s production in the area has a reliable and price-competitive outlet. For the balance of 2018, look for PDC to remain committed to executing our cash flow neutral capital program while exiting the year with an undrawn revolver.”
Operations Update
Production 2018 was 8.9 MMBoe, or approximately 99,000 Boe per day, an increase of 34 percent from the first quarter of 2017. Oil production of 3.8 MMBbls in the first quarter of 2018 represents 43 percent of total production and was an increase of 51 percent compared to first quarter of 2017 volumes and two percent from the fourth quarter of 2017. The Company's capital investment in the development of oil and natural gas properties and other capital expenditures, before the change in accounts payable, was approximately $250 million in the quarter and includes several Wattenberg wells being turned-in-line approximately two weeks ahead of schedule.
In the Wattenberg, the Company spud 35 and turned-in-line 29 gross operated wells in the first quarter while continuing to employ one full-time completions crew. In the Delaware Basin, the Company spud eight and turned-in-line seven wells in the first quarter, including five in the North Central area delivering positive early production results. The wells, which include a mixture of Wolfcamp A and B, standard- and mid-reach laterals, have yet to reach peak production, and are currently averaging approximately 1,150 Boe per day with 55 percent crude oil. These results are slightly ahead of internal expectations through early flowback.
Marketing and Midstream Update
In April 2018, PDC entered into a firm oil transportation agreement with Tallgrass Energy to transport 12,500 gross operated Wattenberg barrels per day via pipeline to Cushing, OK and area refineries. The Company continues to work closely with its primary third-party gathering and processing midstream provider in the basin to plan for expected midstream expansions coming online in 2018, 2019 and over the long-term.
In May 2018, the Company successfully executed a firm sales agreement beginning in June for a significant portion of its Delaware Basin oil production with the marketing division of a large international energy company. As a result of this five and a half year agreement, PDC has ensured firm physical takeaway for approximately 85 percent of its forecasted 2018 and 2019 Delaware Basin oil volumes. The agreement is expected to provide price diversification through realization of export market pricing and exposure to Brent-weighted prices from volumes sold at a Corpus Christi terminal. The Company expects to realize between 88 and 92 percent of NYMEX pricing on all its Delaware Basin 2018 and 2019 projected oil volumes. When combined with the Company’s existing 10,000 barrel per day agreement for in-field gathering with Oryx Midstream Services and planned investment of approximately $20 million in its own oil gathering system in 2018, PDC believes this agreement ensures its ability to successfully produce and deliver volumes in accordance with its current development plan.
Oil and Gas Production, Sales and Operating Cost Data
Crude oil, natural gas and NGLs sales, excluding net settlements on derivatives, increased 61% to $305.2 million in the first quarter of 2018, compared to $189.7 million in the first quarter of 2017. The increase in sales was due to a 34% increase in total production and an increase in the sales price per Boe, excluding net settlements on derivatives, of 20% to $34.26 in the first quarter of 2018 from $28.53 in the comparable 2017 period. Including the impact of net settlements on derivatives, combined revenues increased 47 percent to $279.2 million from $190.2 million between periods.
The following table provides production and weighted-average sales price, by area, for the three months ended March 31, 2018 and 2017, excluding net settlements on derivatives and TGP:
Three Months Ended
March 31, 2018 2017 Percent Change Crude oil (MBbls) Wattenberg Field 2,881 2,142 34.5 % Delaware Basin 871 275 * Utica Shale 46 91 (49.5 )% Total 3,798 2,508 51.4 % Weighted-Average Sales Price $ 59.62 $ 49.04 21.6 % Natural gas (MMcf) Wattenberg Field 15,524 13,714 13.2 % Delaware Basin 3,649 1,246 * Utica Shale 414 624 (33.7 )% Total 19,587 15,584 25.7 % Weighted-Average Sales Price $ 1.97 $ 2.37 (16.9 )% NGLs (MBbls) Wattenberg Field 1,428 1,358 5.2 % Delaware Basin 383 131 * Utica Shale 35 54 (35.2 )% Total 1,846 1,543 19.6 % Weighted-Average Sales Price $ 21.80 $ 19.29 13.0 % Crude oil equivalent (MBoe) Wattenberg Field 6,896 5,786 19.2 % Delaware Basin 1,862 613 * Utica Shale 150 249 (39.8 )% Total 8,908 6,648 34.0 % Weighted-Average Sales Price $ 34.26 $ 28.53 20.1 % Production costs of 2018, which include lease operating expenses (“LOE”), production taxes and transportation, gathering and processing expenses (“TGP”), were $57.1 million, or $6.41 per Boe, compared to $38.1 million, or $5.74 per Boe, for the comparable 2017 period. Wattenberg LOE per Boe in the first quarter of 2018 was $3.02 compared to $2.66 in the first quarter of 2017. The increase in LOE per Boe between periods is primarily due to high line pressures, gathering line freezing issues and unexpected gathering system facility downtime as well as increased costs associated with air regulations. Delaware Basin LOE per Boe decreased between periods to $4.44 from $6.48, primarily as a result of increased production volumes. The Company expects total LOE per Boe for the year to be within its previously released guidance range.
The following table provides the components of production costs for the three months ended March 31, 2018 and 2017:
Three Months Ended
March 31, 2018 2017 Lease operating expenses $ 29.6 $ 19.8 Production taxes 20.2 12.4 Transportation, gathering and processing expenses 7.3 5.9 Total $ 57.1 $ 38.1
Three Months Ended
March 31, 2018 2017 Lease operating expenses per Boe $ 3.33 $ 2.98 Production taxes per Boe 2.26 1.87 Transportation, gathering and processing expenses per Boe 0.82 0.89 Total per Boe $ 6.41 $ 5.74 Financial Results and Liquidity
Net loss of 2018 was $13.1 million, or $0.20 per diluted share, compared to net income of $46.1 million, or $0.70 per diluted share, for the comparable 2017 period. The year-over-year difference was primarily attributable to a $47.2 million loss on net commodity price risk management activity in 2018, as well as first quarter 2018 impairments totaling $33.2 million. Adjusted net income in the first quarter, a non-GAAP financial measure defined below, was $3.0 million, or $0.05 per diluted share in 2018 compared to an adjusted net loss of $4.1 million, or $0.06 per diluted share in 2017.
Net cash from operating activities was $205.1 million in the first quarter of 2018, compared to $139.5 million in the comparable 2017 period. Adjusted cash flows from operations, a non-GAAP financial measure defined below, were $174.9 million in the first quarter of 2018, compared to $113.7 million in the comparable 2017 period. The increase in cash flows in 2018 compared to 2017 was primarily a result of increased sales.
2018 Guidance
The following table provides projected 2018 financial guidance, which remains unchanged from previous disclosure:
Low High Production (MMBoe) 38.0 42.0 Capital Expenditures (millions) $ 850 $ 920 Operating Expenses Lease operating expenses ($/Boe) $ 2.75 $ 3.00 Transportation, gathering & processing expenses ($/Boe) $ 0.60 $ 0.80 Production taxes (% of Crude oil, natural gas & NGLs sales) 6 % 8 % General and administrative expense ($/Boe) $ 3.40 $ 3.70 Estimated Price Realizations (% of NYMEX) (excludes TGP) Crude Oil
91 % 95 % Natural Gas 55 % 60 % NGLs 30 % 35 % Non-GAAP Financial Measures
PDC uses "adjusted cash flows from operations," "adjusted net income (loss)" and "adjusted EBITDAX," non-U.S. GAAP financial measures, for internal management reporting, when evaluating period-to-period changes and, in some cases, providing public guidance on possible future results. These measures are not measures of financial performance under U.S. GAAP and should be considered in addition to, not as a substitute for, net income (loss) or cash flows from operations, investing or financing activities, and should not be viewed as liquidity measures or indicators of cash flows reported in accordance with U.S. GAAP. The non-U.S. GAAP financial measures that we use may not be comparable to similarly titled measures reported by other companies. Also, in the future, PDC may disclose different non-U.S. GAAP financial measures in order to help investors more meaningfully evaluate and compare future results of operations to previously reported results of operations. PDC strongly encourages investors to review our financial statements and publicly filed reports in their entirety and not rely on any single financial measure.
The following tables provide reconciliations of adjusted cash flows from operations, adjusted net income (loss) and adjusted EBITDAX to their most comparable U.S. GAAP measures (in millions, except per share data):
Adjusted Cash Flows from Operations Three Months Ended
March 31, 2018 2017 Adjusted cash flows from operations: Net cash from operating activities $ 205.1 $ 139.5 Changes in assets and liabilities (30.2 ) (25.8 ) Adjusted cash flows from operations $ 174.9 $ 113.7
Adjusted Net Income (Loss) Three Months Ended
March 31, 2018 2017 Adjusted net income (loss): Net income (loss) $ (13.1 ) $ 46.1 (Gain) loss on commodity derivative instruments 47.2 (80.7 ) Net settlements on commodity derivative instruments (26.0 ) 0.5 Tax effect of above adjustments (5.1 ) 30.0 Adjusted net income (loss) $ 3.0 $ (4.1 ) Weighted-average diluted shares outstanding 66.0 66.1 Adjusted diluted earnings per share $ 0.05 $ (0.06 )
Adjusted EBITDAX Three Months Ended
March 31, 2018 2017 Net income (loss) to adjusted EBITDAX: Net income (loss) $ (13.1 ) $ 46.1 (Gain) loss on commodity derivative instruments 47.2 (80.7 ) Net settlements on commodity derivative instruments (26.0 ) 0.5 Non-cash stock-based compensation 5.3 4.5 Interest expense, net 17.4 19.2 Income tax expense (benefit) (4.6 ) 26.3 Impairment of properties and equipment 33.2 2.2 Exploration, geologic, and geophysical expense 2.6 1.0 Depreciation, depletion, and amortization 126.8 109.3 Accretion of asset retirement obligations 1.3 1.8 Adjusted EBITDAX $ 190.1 $ 130.2 Cash from operating activities to adjusted EBITDAX: Net cash from operating activities $ 205.1 $ 139.5 Interest expense, net 17.4 19.2 Amortization of debt discount and issuance costs (3.2 ) (3.2 ) Gain (loss) on sale of properties and equipment (1.4 ) 0.2 Exploration, geologic, and geophysical expense 2.6 1.0 Other (0.2 ) (0.7 ) Changes in assets and liabilities (30.2 ) (25.8 ) Adjusted EBITDAX $ 190.1 $ 130.2
PDC ENERGY, INC.
Condensed Consolidated Statements of Operations
(unaudited, in thousands, except per share data) Three Months Ended
March 31, 2018 2017 Revenues Crude oil, natural gas, and NGLs sales $ 305,225 $ 189,692 Commodity price risk management gain (loss), net (47,240 ) 80,704 Other income 2,615 3,311 Total revenues 260,600 273,707 Costs, expenses and other Lease operating expenses 29,636 19,789 Production taxes 20,169 12,399 Transportation, gathering, and processing expenses 7,313 5,902 Exploration, geologic, and geophysical expense 2,646 954 Impairment of properties and equipment 33,188 2,193 General and administrative expense 35,696 26,315 Depreciation, depletion, and amortization 126,788 109,316 Accretion of asset retirement obligations 1,288 1,768 (Gain) loss on sale of properties and equipment 1,432 (160 ) Other expenses 2,768 3,528 Total costs, expenses and other 260,924 182,004 Income (loss) from operations (324 ) 91,703 Interest expense (17,529 ) (19,467 ) Interest income 148 240 Income (loss) before income taxes (17,705 ) 72,476 Income tax (expense) benefit 4,566 (26,330 ) Net income (loss) $ (13,139 ) $ 46,146 Earnings per share: Basic $ (0.20 ) $ 0.70 Diluted $ (0.20 ) $ 0.70 Weighted-average common shares outstanding: Basic 65,957 65,749 Diluted 65,957 66,117
PDC ENERGY, INC.
Condensed Consolidated Balance Sheets
(unaudited, in thousands) March 31, 2018 December 31, 2017 Assets Current assets: Cash and cash equivalents $ 45,923 $ 180,675 Accounts receivable, net 181,025 197,598 Fair value of derivatives 28,610 14,338 Prepaid expenses and other current assets 8,897 8,613 Total current assets 264,455 401,224 Properties and equipment, net 4,231,257 3,933,467 Assets held-for-sale, net 1,647 40,084 Other assets 24,798 45,116 Total Assets $ 4,522,157 $ 4,419,891 Liabilities and Stockholders' Equity Liabilities Current liabilities: Accounts payable $ 195,703 $ 150,067 Production tax liability 36,650 37,654 Fair value of derivatives 110,683 79,302 Funds held for distribution 97,611 95,811 Accrued interest payable 13,760 11,815 Other accrued expenses 33,777 42,987 Total current liabilities 488,184 417,636 Long-term debt 1,154,528 1,151,932 Deferred income taxes 187,183 191,992 Asset retirement obligations 73,905 71,006 Fair value of derivatives 26,426 22,343 Other liabilities 94,557 57,333 Total liabilities 2,024,783 1,912,242 Commitments and contingent liabilities Stockholders' equity Common shares - par value $0.01 per share, 150,000,000 authorized, 65,999,010 and 65,955,080 issued as of March 31, 2018 and December 31, 2017, respectively 660 659 Additional paid-in capital 2,504,663 2,503,294 Retained earnings (deficit) (6,435 ) 6,704 Treasury shares - at cost, 29,255 and 55,927 as of March 31, 2018 and December 31, 2017, respectively (1,514 ) (3,008 ) Total stockholders' equity 2,497,374 2,507,649 Total Liabilities and Stockholders' Equity $ 4,522,157 $ 4,419,891
PDC ENERGY, INC.
Condensed Consolidated Statements of Cash Flows
(unaudited, in thousands) Three Months Ended
March 31, 2018 2017 Cash flows from operating activities: Net income (loss) $ (13,139 ) $ 46,146 Adjustments to net income (loss) to reconcile to net cash from operating activities: Net change in fair value of unsettled commodity derivatives 21,202 (80,153 ) Depreciation, depletion and amortization 126,788 109,316 Impairment of properties and equipment 33,188 2,193 Accretion of asset retirement obligations 1,288 1,768 Non-cash stock-based compensation 5,261 4,454 (Gain) loss on sale of properties and equipment 1,432 (160 ) Amortization of debt discount and issuance costs 3,246 3,184 Deferred income taxes (4,809 ) 26,280 Other 515 722 Changes in assets and liabilities 30,177 25,750 Net cash from operating activities 205,149 139,500 Cash flows from investing activities: Capital expenditures for development of crude oil and natural gas properties (196,917 ) (129,826 ) Capital expenditures for other properties and equipment (1,066 ) (821 ) Acquisition of crude oil and natural gas properties, including settlement adjustments (180,825 ) 6,181 Proceeds from sale of properties and equipment 20 737 Proceeds from divestiture 39,023 — Restricted cash 1,249 — Purchases of short-term investments — (49,890 ) Net cash from investing activities (338,516 ) (173,619 ) Cash flows from financing activities: Proceeds from revolving credit facility 35,000 — Repayment of revolving credit facility (35,000 ) — Purchase of treasury stock (2,255 ) (2,017 ) Other (379 ) (340 ) Net cash from financing activities (2,634 ) (2,357 ) Net change in cash, cash equivalents, and restricted cash (136,001 ) (36,476 ) Cash, cash equivalents, and restricted cash, beginning of period 189,925 244,100 Cash, cash equivalents, and restricted cash, end of period $ 53,924 $ 207,624 2018 First Quarter Teleconference and Webcast
The Company invites you to join Bart Brookman, President and Chief Executive Officer; Scott Meyers, Senior Vice President Chief Financial Officer; Lance Lauck, Executive Vice President Corporate Development and Strategy; and Scott Reasoner, Senior Vice President Chief Operating Officer, for a conference call on Thursday, May 3, 2018, to discuss its 2018 first quarter results. The related slide presentation will be available on PDC's website at www.pdce.com .
Conference Call and Webcast:
Date/Time: Thursday, May 3, 2018, 11:00 a.m. ET
Webcast available at: www.pdce.com
Domestic (toll free): 877-312-5520
International: 253-237-1142
Conference ID: 7479839
Replay Numbers:
Domestic (toll free): 855-859-2056
International: 404-537-3406
Conference ID: 7479839
The replay of the call will be available for six months on PDC's website at www.pdce.com .
Upcoming Investor Presentations
PDC is scheduled to attend the following conferences: Tudor Pickering Holt Conference in Houston on Tuesday, May 15, 2018 and the Wells Fargo West Coast Energy Conference in San Francisco on Tuesday, June 12, 2018. The Company is scheduled to present at the JP Morgan Energy Conference in New York on Tuesday, June 19, 2018. Webcast information for the JP Morgan Energy Conference will be posted to the Company’s website, www.pdce.com , prior to the start of the conference, along with any presentation materials.
About PDC Energy, Inc.
PDC Energy, Inc. is a domestic independent exploration and production company that acquires, produces, develops, and explores for crude oil, natural gas and NGLs with operations in the Wattenberg Field in Colorado and in the Delaware Basin in West Texas. Its operations are focused on the liquid-rich horizontal Niobrara and Codell plays in the Wattenberg Field and the liquid-rich Wolfcamp zones in the Delaware Basin.
NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 ("Securities Act"), Section 21E of the Securities Exchange Act of 1934 ("Exchange Act"), and the United States ("U.S.") Private Securities Litigation Reform Act of 1995 regarding our business, financial condition, results of operations, and prospects. All statements other than statements of historical fact included in and incorporated by reference into this report are "forward-looking statements". Words such as expects, anticipates, intends, plans, believes, seeks, estimates, outlook, targets, and similar expressions or variations of such words are intended to identify forward-looking statements herein. Forward-looking statements include, among other things, statements regarding future: production, costs, and cash flows; drilling locations and zones and growth opportunities; commodity prices and differentials; capital expenditures and projects, including the number of rigs employed and the number of completion crews; renegotiation of our credit facility; management of lease expiration issues; financial ratios; certain accounting and tax change impacts; midstream capacity and related curtailments; our ability to meet our volume commitments to midstream providers; ongoing compliance with our consent decree; and the timing and adequacy of infrastructure projects of our midstream providers.
The above statements are not the exclusive means of identifying forward-looking statements herein. Although forward-looking statements contained in this press release reflect the Company’s good faith judgment, such statements can only be based on facts and factors currently known to it. Forward-looking statements are always subject to risks and uncertainties, and become subject to greater levels of risk and uncertainty as they address matters further into the future. Throughout this press release or accompanying materials, the Company may use the term “projection” or similar terms or expressions, or indicate that it has “modeled” certain future scenarios. PDC typically uses these terms to indicate its current thoughts on possible outcomes relating to its business or the industry in periods beyond the current fiscal year. Because such statements relate to events or conditions further in the future, they are subject to increased levels of uncertainty. Important factors that could cause actual results to differ materially from the forward-looking statements include, but are not limited to:
changes in worldwide production volumes and demand, including economic conditions that might impact demand and prices for the products it produces; volatility of commodity prices for crude oil, natural gas, and natural gas liquids ("NGLs") and the risk of an extended period of depressed prices; reductions in the borrowing base under its revolving credit facility; impact of governmental policies and/or regulations, including changes in environmental and other laws, the interpretation and enforcement of those laws and regulations, liabilities arising thereunder, and the costs to comply with those laws and regulations; declines in the value of its crude oil, natural gas, and NGLs properties resulting in further impairments; changes in estimates of proved reserves; inaccuracy of reserve estimates and expected production rates; potential for production decline rates from its wells being greater than expected; timing and extent of its success in discovering, acquiring, developing, and producing reserves; availability of sufficient pipeline, gathering, and other transportation facilities and related infrastructure to process and transport its production and the impact of these facilities and regional capacity on the prices received for production; timing and receipt of necessary regulatory permits; risks incidental to the drilling and operation of crude oil and natural gas wells; losses from its gas marketing business exceeding its expectations; difficulties in integrating its operations as a result of any significant acquisitions, including its pending acquisitions and acreage exchanges in the Wattenberg Field; increases or changes in operating costs, severance and ad valorem taxes, and increases or changes in drilling, completion, and facilities costs; availability of supplies, materials, contractors and services that may delay the drilling or completion of its wells; potential losses in acreage due to lease expirations or otherwise; increases or adverse changes in construction costs and procurement costs associated with future build out of midstream-related assets; future cash flows, liquidity, and financial condition; competition within the oil and gas industry; availability and cost of capital; success in marketing crude oil, natural gas, and NGLs; effect of crude oil and natural gas derivatives activities; impact of environmental events, governmental and other third-party responses to such events, and its ability to insure adequately against such events; cost of pending or future litigation; effect that acquisitions it may pursue has on its capital requirements; its ability to retain or attract senior management and key technical employees; and success of strategic plans, expectations, and objectives for its future operations.
Further, PDC urges you to carefully review and consider the cautionary statements and disclosures, specifically those under the heading " Risk Factors ," made in its Quarterly Report on Form 10-Q, its Annual Report on Form 10-K for the year ended December 31, 2016 (the "2016 Form 10-K"), filed with the U.S. Securities and Exchange Commission ("SEC") on February 28, 2017 and amended on May 1, 2018, and other filings with the SEC for further information on risks and uncertainties that could affect the Company’s business, financial condition, results of operations, and prospects, which are incorporated by this reference as though fully set forth herein.
PDC cautions you not to place undue reliance on the forward-looking statements, which speak only as of the date of this report. The Company undertakes no obligation to update any forward-looking statements in order to reflect any event or circumstance occurring after the date of this report or currently unknown facts or conditions or the occurrence of unanticipated events. All forward-looking statements are qualified in their entirety by this cautionary statement.
Contacts:
Michael Edwards
Senior Director Investor Relations
303-860-5820
[email protected]
Kyle Sourk
Manager Investor Relations
303-318-6150
[email protected]
Source:PDC Energy, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/globe-newswire-pdc-energy-announces-2018-first-quarter-operating-and-financial-results-including-production-increase-of-34-percent-to-8.html |
May 4 (Reuters) - Moncler SpA:
* SAYS Q1 SALES 332.0 MILLION EUROS VERSUS THOMSON REUTERS ESTIMATE OF 315.5 MILLION EUROS
* SAYS Q1 SALES UP 28 PERCENT AT CONSTANT CURRENCIES Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-italys-moncler-q1-sales-up-20-pct/brief-italys-moncler-q1-sales-up-20-pct-at-eur-332-0-mln-idUSFWN1SB13Y |
Dow Jones, a News Corp company News Corp is a network of leading companies in the worlds of diversified media, news, education, and information services Dow Jones | ashraq/financial-news-articles | http://jp.wsj.com/articles/SB11564419389268263594104584209022507828050 |
May 2 (Reuters) - Navigant Consulting Inc:
* SEES FY 2018 REVENUE $1.03 BILLION TO $1.065 BILLION * Q1 EARNINGS PER SHARE VIEW $0.30 — THOMSON REUTERS I/B/E/S
* AFFIRMS PREVIOUSLY PROVIDED 2018 FINANCIAL GUIDANCE TARGETS Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-navigant-reports-q1-gaap-earnings/brief-navigant-reports-q1-gaap-earnings-per-share-0-25-idUSASC09YX6 |
May 1, 2018 / 7:56 AM / Updated an hour ago UPDATE 1-Spreadbetter Plus500 posts five-fold jump in Q1 core earnings Reuters Staff 3 Min Read
(Adds details, background)
May 1 (Reuters) - British spreadbetting company Plus500 Ltd reported a five-fold jump in its first-quarter core earnings on Tuesday, helped by a spike in customer numbers seeking to cash in on the crypto-currency trading boom.
British online trading platforms signed up record numbers of customers last year, partly due to a rise in demand to trade soaring prices of virtual currency like Bitcoin, and despite tighter regulatory supervision of the spreadbetting industry, which involves betting on price moves of a security.
Shares in the company rose as much as 15 percent to a record high of 1,620 pence, making the stock one of the highest gainers on the London Stock Exchange.
Plus500 signed up 72,960 new customers in the quarter ended March 31, compared to 22,210 new customers a year earlier. The number of active customers also rose to 218,187 from 71,827 a year ago.
Core earnings rose to $237.3 million from $45.8 million, while revenue surged nearly four times to $297.3 million.
Plus500 said the high levels of new customer sign ups it saw in the first quarter had returned to more typical levels in the last two months, adding that it did not expect the first quarter growth to be repeated in the remainder of the year.
The company, which provides an online trading platform for retail customers to trade contracts for differences (CFDs), had said in February it expected 2018 revenue to be significantly ahead of market expectations.
The board on Tuesday reiterated the same expectation for forecast-beating financial performance for the year, without providing details on new targets, citing the company’s low cost base and flexible business model.
The European Union’s securities watchdog said last month it would ban ‘binary’ options sales to retail clients and restrict the sales of CFDs to protect investors from significant losses, knocking shares in Britain’s spreadbetters.
Plus 500 said on Tuesday it had also started a process to look at whether its experienced customers could be reclassified as professional investors, and retain the right to trade using higher leverage. (Reporting by Arathy S Nair in Bengaluru; Editing by Amrutha Gayathri and Sinead Cruise) | ashraq/financial-news-articles | https://www.reuters.com/article/plus500-results/update-1-spreadbetter-plus500-posts-five-fold-jump-in-q1-core-earnings-idUSL3N1S81I5 |
Mary Anastasia O’Grady explains how the government has damaged the labor market in three fundamental ways. | ashraq/financial-news-articles | http://live.wsj.com/video/opinion-the-economic-growth-debate/8E5327F9-65C4-435D-A9A0-07C4571995E9.html |
May 5, 2018 / 7:18 PM / Updated 5 hours ago Buffett targets CEO for Berkshire-Amazon-JPMorgan healthcare venture soon Jonathan Stempel 3 Min Read
OMAHA, Neb. (Reuters) - Warren Buffett on Saturday said he hoped a chief executive would be found within a couple of months for the healthcare company being set up by Berkshire Hathaway Inc, Amazon.com Inc and JPMorgan Chase & Co. to lower patient costs. Warren Buffett, CEO of Berkshire Hathaway Inc, talks to a reporter in the exhibit hall at the company's annual meeting in Omaha, Nebraska, U.S., May 5, 2018. REUTERS/Rick Wilking
Speaking at the annual shareholder meeting of his Berkshire Hathaway Inc conglomerate, Buffett maintained that healthcare is a “tapeworm” on American businesses, hurting their ability to compete with rivals in other countries.
While there is no guarantee the venture between Amazon.com, Berkshire and JPMorgan, which collectively employ more than 1 million people, will succeed, Buffett said it is well positioned to try.
“I think we’ll have a CEO within a couple of months,” Buffett said. “We want our employees to get better medical services at lower cost ... The resistance will be unbelievable, and if we fail, at least we tried.”
Amazon.com’s reputation as a disruptor prompted investors in January, when the venture was announced, to sell shares of companies that might be hurt.
These included drugmakers, health insurers and pharmacy benefit managers (PBMs) such as CVS Health Corp and Express Scripts Holding Co.
Buffett said the goal was to challenge the entire healthcare industry, not individual segments.
Yet Charlie Munger, Buffett’s longtime business partner and a Berkshire vice chairman, suggested that Democrats could take over Congress after November’s elections and push for a national healthcare system financed by a single payer. Munger predicted that such a change would harm drug benefit managers.
“I suspect that eventually, when Democrats control both houses of Congress and the White House, that we will get single-payer medical care, and I don’t think it’ll be much more friendly than any of the PBMs,” Munger said.
Buffett, famed for his love of junk food, has said spiralling healthcare costs are responsible for 18 percent of U.S. gross domestic product, up from 5 percent in 1960, and he wants to slash a few percentage points off.
“We are attacking an industry moat,” Buffett said.
Todd Combs, one of Buffett’s investment deputies and a JPMorgan director, is working on the joint venture with Marvelle Sullivan Berchtold, a managing director of JPMorgan, and Beth Galetti, a senior vice president at Amazon.com.
“We want our employees to get better medical services at lower cost,” Buffett said. “We’re certainly going to give it a shot. We’ll see what happens.” Reporting by Jonathan Stempel in Omaha, Nebraska; Additional reporting by Trevor Hunnicutt; Editing by Jennifer Ablan and Nick Zieminski | ashraq/financial-news-articles | https://www.reuters.com/article/uk-berkshire-buffett-healthcare/buffett-targets-ceo-for-berkshire-amazon-jpmorgan-healthcare-venture-soon-idUKKBN1I60SK |
By Polina Marinova 9:32 AM EDT CRYPTO UNICORN
Good morning, Term Sheet readers.
A few readers have asked me why I sometimes write about cryptocurrencies and the blockchain. (Cheers to the Term Sheet reader who said: “I’m tired of this crap.”) While I empathize with that sentiment, here’s the reason: Traditional venture capitalists are watching the space closely and many partners have been incredibly thoughtful about making their crypto play (see: Venrock ).
But another reason is that this space is getting bigger, blockchain-focused companies are raising serious amounts of capital (yes, through traditional VC rounds), and some startups are quietly turning into unicorns.
While no one was looking, Circle raised $110 million in funding at a nearly $3 billion valuation — that’s more than six times what it was worth in 2016. The deal comes just a few months after Circle purchased Poloniex , a Boston-based cryptocurrency exchange, for roughly $400 million. Bitmain, the biggest Bitcoin mining company in China, led the round, and was joined by investors including IDG Capital, Breyer Capital, General Catalyst, Accel, Digital Currency Group, Pantera, Blockchain Capital, and Tusk Ventures.
As my colleague Robert Hackett notes , the investment has linked two of the biggest cryptocurrency companies from the world’s two biggest markets.
IN OTHER RELATED NEWS: CityBlock Capital is a New York City-based venture capital platform issuing security tokens backed by equity in startups. It announced today NYCQ, a $20 million tokenized venture fund for investment into NYC startups. The company will source capital globally and allocate it to local investors. “Startups are seeking access to capital markets earlier in their life-cycles through token offerings, and there’s increased demand for liquidity among institutional investors,” said managing partner Rob Nance.
What is a tokenized venture fund, you may ask? Stay tuned as I will be publishing an explainer to tokenized securities & what they mean for venture capital and private equity this Friday.
IN OTHER UNRELATED NEWS: In a record NFL deal, hedge fund manager David Tepper has agreed to buy the Carolina Panthers from team founder Jerry Richardson, for a whopping $2.2 billion. The price tag is the most ever paid for an NFL franchise, eclipsing the $1.4 billion the Pegula family paid to purchase the Buffalo Bills in 2014. Read more.
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• The Supreme Court Killed a Prohibition on Sports Betting. Now Let the Mergers Begin
• SoftBank’s Founder Has Plans for Another Ginormous Tech Investment Fund
• Air France-KLM Thinks Having 3(!) CEOs Is a Great Idea (by David Meyer)
• Lyft Follows Uber in Ending Forced Arbitration For Sexual Harassment Claims (by Kirsten Korosec)
VENTURE DEALS
• Lulus , a Chico, Calif.-based digitally native apparel brand for women, raised $120 million in funding from IVP .
• Auth0 , a Bellevue, Wash.-based Identity-as-a-Service (IDaaS) company, raised $55 million in Series D funding. Sapphire Ventures led the round, and was joined by investors including World Innovation Lab , Bessemer Venture Partners, Trinity Ventures, Meritech Capital Partners, and K9 Ventures.
• MemSQL , a San Francisco-based provider of real-time databases for transactions and analytics, raised $30 million in Series D funding. Investors include GV , Glynn Capital, Accel, Caffeinated Capital, Data Collective, and IA Ventures.
• Aircall , a Paris-based provider of software for startups and small businesses, raised $29 million in Series B funding. Draper Esprit led the round, and was joined by investors including Balderton Capital, NextWorld Capital, eFounders, and Newfund .
• simplesurance , a Berlin-based smart insurance services platform provider, raised $24 million in Series C funding. Allianz led the round, and was joined by investors including Rheingau Founders and Rakuten Capital .
• Vesper , a Boston-based advanced sensor company, raised $23 million in Series B funding. American Family Ventures led the round, and was joined by investors including Accomplice, Amazon Alexa Fund, Baidu, Bose Ventures, Hyperplane, Sands Capital, Shure, Synaptics and ZZ Capital.
• KeyedIn , a Minneapolis-based provider of project management software, raised $15 million in Series C funding. Arrowroot Capital led the round.
• BriteCore , a Springfield, Mo.-based insurance software company, raised $13 million in funding from Radian Capital.
• Alloy.ai , a digital supply chain platform that connects consumer goods companies directly to end-consumer demand, raised $12 million in Series A funding. Menlo Ventures led the round, and was joined by investors including 8VC .
• Beautiful.AI , a San Francisco, Calif.-based company that uses artificial intelligence to automate the visual design process, raised $11 million in Series B funding. Trinity Ventures led the round, and was joined by investors including Shasta Ventures and First Round Capital .
• PriorAuthNow , a Columbus, Ohio-based platform for connecting the healthcare landscape using automated prior authorization solutions, raised $10.5 million in Series A funding. BIP Capital led the round, and was joined by investors including NCT Ventures and Detroit Venture Partners.
• ShotTracker , a Merriam, Kansas-based basketball technology that captures stats and analytics in real-time, raised $10.4 million in Series A funding. Ward.Ventures led the round, and was joined by investors including Greycroft, Elysian Ventures, KC Rise Fund, Irish Angels and SeventySix Capital.
• BrainQ , an Israel-based digital therapeutics company, raised $8.8 million in funding. Investors included Qure Ventures, OurCrowd.com, Norma Investments and IT-Farm.
• DashDash , a Berlin-based developer of software solution that enables its users to create web apps, raised $8 million in Series A funding. Accel led the round, and was joined by investors including Cherry Ventures and Atlantic Labs.
• Cambridge Blockchain Inc , a Cambridge, Mass.-based developer of blockchain-based identity management software, raised $7 million in Series A funding. HCM Capital led the round, and was joined by investors including Partech and Digital Currency Group.
• OspreyData , a Houston, Texas and Orange County, Calif.-based provider of machine-learning-based predictive analytics platform for the oil and gas sector, raised $5 million in Series A funding. Houston Ventures led the round.
• Thryve , a provider of microbiotics and microbiome testing, raised $1.4 million in funding. Investors include PivotNorth Capital, Unilever Ventures, Darling Ventures, Candela Paramount, Abstract Ventures and Joyance Partners.
Advertisement HEALTH AND LIFE SCIENCES DEALS
• Ansun BioPharma , a San Diego-based developer of anti-viral biologic therapeutics to combat severe viral respiratory tract infections, raised $85 million in Series A funding. Sinopharm Healthcare Fund and Lilly Asia Ventures led the round, and was joined by investors including Lyfe Capital, Yuanming Capital, Matrix Partners China, 3e Bioventures Capital, Oceanpine Capital, VI Ventures and Joincap Investment.
• Genoox , an Israel-based genomic analysis company, raised $6 million in funding. Triventures led the round, and was joined by investors including Inimiti Capital and Glilot Capital Partners.
Advertisement PRIVATE EQUITY DEALS
• O2 Investment Partners invested in 1 Priority Environmental Services, a provider of asbestos abatement and related environmental services. Financial terms weren’t disclosed.
• O2 Investment Partners invested in EMEX LLC , a Houston-based energy-focused services provider. Financial terms weren’t disclosed.
• The KELA Group, an Israel-based provider of advanced cyber intelligence software and solutions, raised $50 million from Vector Capital .
• International Market Centers , which is backed by Blackstone and Fireside Investments , agreed to acquire AmericasMart , an Atlanta-based wholesale marketplace that hosts trade markets and trade shows. Financial terms weren’t disclosed.
• NovaQuest Capital Management LLC acquired a majority of Clinical Ink , a Winston Salem, N.C.-based provider of clinical research technology. Financial terms weren’t disclosed.
• DCP Capital agreed to invest in Venus Medtech , a China-based developer of heart valves. Financial terms weren’t disclosed.
Advertisement IPOs
• Iterum Therapeutics , a Dublin-based firm for drug-resistant bacterial infections, said it plans to raise $79.5 million in an IPO of 5.3 million shares priced between $14 to $16 apiece. The firm posted revenue of $508,000 in 2017. Advent Life Sciences (8.1% pre-offering), Arix Bioscience Holdings (8.9%), and Canaan (15.7%) back the firm. Leerink Partners and RBC Capital Markets are underwriters in the deal. It plans to list on the Nasdaq as “ITRM.” Read more .
Advertisement EXITS
• EQT agreed to sell HTL-Strefa SA , a Poland-based medical device company, to Investindustrial . Financial terms weren’t disclosed.
• Palladium Equity Partners sold the parent of Jordan Health Services, a home care provider, to Kelso & Company and Blue Wolf Capital Partners.
• SunTx Capital Partners sold Carolina Beverage Group , a Mooresville, N.C.-based operator of a co-packing producer, to Brynwood Partners. Financial terms of the transaction were not disclosed.
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• Silverton Partners , an Austin-based venture capital firm, raised $108 million for its fifth fund.
• Lerer Hippeau , a New York-based venture capital firm, raised $60.6 million for its second “select fund” for follow-on investments.
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• Greylock Partners named Sarah Guo a general partner.
• Pitango Venture Capital appointed Guy Ezekiel as a general partner. Previously, he was a venture partner at Pitango.
• Steve Sachman joined Benefit Street Partners as a managing director in the private debt group.
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Polina Marinova produces Term Sheet, and Lucinda Shen compiles the IPO news. Send deal announcements to Polina here and IPO news to Lucinda here . | ashraq/financial-news-articles | http://fortune.com/2018/05/16/term-sheet-wednesday-may-16/ |
May 4 (Reuters) - Apollo Tyres Ltd:
* SAYS TO CONSIDER SHAREHOLDERS AUTHORIZATION FOR ISSUE OF NCDS THROUGH PRIVATE PLACEMENT Source text - bit.ly/2KyQLn7 Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-apollo-tyres-to-consider-sharehold/brief-apollo-tyres-to-consider-shareholders-authorization-for-issue-of-ncds-idUSFWN1SB0O6 |
May 4 (Reuters) - Wingtech Technology Co Ltd:
* SAYS UNIT'S CONSORTIUM SIGNS AGREEMENT TO PAY 11.4 BILLION YUAN ($1.79 billion) FOR INVESTMENT SHARE IN NEXPERIA FROM HEFEI INDUSTRY FUND Source text in Chinese: bit.ly/2wbGr19 Further company coverage: ($1 = 6.3580 Chinese yuan renminbi) (Reporting by Hong Kong newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-wingtech-technology-units-consorti/brief-wingtech-technology-units-consortium-to-pay-11-4-bln-yuan-for-investment-share-in-nexperia-idUSH9N1S4047 |
Google and YouTube are a 'complete disaster' at simplifying things, tech expert says 2 Hours Ago Scott Galloway, NYU Stern School of Business professor, and Jason Calacanis, Inside.com founder, discuss YouTube launching a music subscription service and revamping its premium video service, formerly known as YouTube Red. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/17/google-and-youtube-are-a-complete-disaster-at-simplifying-things-tech-expert-says.html |
May 23 (Reuters) - Valeritas Holdings Inc:
* VALERITAS’ V-GO® WEARABLE INSULIN DELIVERY DEVICE DEMONSTRATES POSITIVE CLINICAL AND ECONOMIC BENEFITS IN PATIENTS WITH TYPE 2 DIABETES Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-valeritas-says-v-go-insulin-delive/brief-valeritas-says-v-go-insulin-delivery-device-demonstrates-positive-clinical-benefits-in-type-2-diabetes-patients-idUSFWN1SU0ME |
19 Hours Ago | 19:44
Political turmoil in Italy sent stocks around the globe sinking on Tuesday. The "Futures Now" traders shared their trades as geopolitical concerns rocked stocks, bonds and crude market.
Scott Nations is buying the Dow e-mini at 24,350 and targeting a move up to 24,500 with a stop at 24,250. The Dow plunged more than 400 points at its lows on Tuesday.
Brian Stutland is buying the 10-year note futures at 120'10, targeting a move up to 121'14. His stop is at 119'26.
Crude tumbled to April 17 lows. Scott Nations is buying the August monthly 70-strike calls in the crude oil futures July contract for $1.05, or $105 per options contract. The breakeven for this trade is $71.05.
Trader disclosures: Scott is long the S&P e-mini and the VIX, he has no position in crude or the 10-year Treasury futures. Brian is long the S&P e-mini using options. He is also long the VIX, and has no position in crude or the 10-year Treasury futures. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/29/futures-now-trades-for-tuesday-may-29.html |