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NOUAKCHOTT (Reuters) - An al Qaeda affiliate threatened attacks on Western companies’ operations across North and West Africa on Tuesday, calling them “legitimate targets” and urging Muslims to boycott them.
Al Qaeda in the Islamic Maghreb (AQIM) has launched raids on installations in the past, in particular in Algeria where it carried out a major assault on a gas plant in 2013 that killed dozens of workers.
Its fighters have also carried out high-profile attacks on hotels frequented by foreigners in Mali, Burkina Faso and Ivory Coast.
“This statement calls to boycott all Western companies and foundations ... that operate in the Islamic Maghreb ... and the countries of the Sahel, and gives a warning to them that they are legitimate target for the mujahideen,” it said.
The statement, which was circulated on social media and translated by the extremism watchdog SITE, singled out France - the former colonial power in much of North and West Africa - and its allies in the region.
“We have decided to strike that which prolongs the continuity of these agent governments and enables the French occupier to provide a lavish life and prosperity to its people,” it said.
The region has witnessed a rise in Islamist militancy since an uprising in Libya toppled longtime dictator Muammar Gaddafi, sparking chaos during which armed factions looted government weapons stocks.
France led a military intervention in Mali in 2013 to drive back Islamist groups that had seized the country’s desert north a year earlier.
Paris still has thousands of troops deployed in West Africa’s arid Sahel region as part of an operation to stamp out militant groups, and the United States is also ramping up its presence in the region.
Reporting by Kissima Diagana; Writing by Joe Bavier; Editing by James Dalgleish
|
ashraq/financial-news-articles
|
https://www.reuters.com/article/us-africa-al-qaeda/al-qaeda-branch-threatens-attacks-on-western-companies-in-africa-idUSKBN1I93ES
|
Anheuser-Busch Inbev SA, the world’s largest beer brewer, on Monday filed lawsuits accusing rival Heineken NV of using its patented beer-dispensing technology without authorization.
Anheuser-Busch Inbev sued Heineken in U.S. District Court in Manhattan and at the U.S. International Trade Commission, alleging Heineken’s Brewlock and Blade draught systems infringe four U.S. patents.
To read the full story on WestlawNext Practitioner Insights, click here: bit.ly/2reoR70
|
ashraq/financial-news-articles
|
https://www.reuters.com/article/ip-patent-heineken/anheuser-busch-inbev-picks-patent-fight-with-heineken-over-brewlock-tech-idUSL1N1S81RL
|
- First Quarter 2018 GAAP Revenue of $147.0 million, up 35% year over year
- First Quarter 2018 GAAP Net Income of $11.9 million
- First Quarter 2018 GAAP Diluted Earnings Per Share of $0.18
- First Quarter 2018 Adjusted Earnings Per Share of $0.47
- First Quarter 2018 Adjusted EBITDA of $28.4 million
- Raising Full Year 2018 Guidance
BEDFORD, Mass., May 8, 2018 /PRNewswire/ -- Novanta Inc. (Nasdaq: NOVT) (the "Company"), a trusted technology partner to medical and advanced technology equipment manufacturers, today reported financial 2018.
Financial Highlights
Three Months Ended
(In millions, except per share amounts)
March 30,
March 31,
2018
2017
GAAP
Revenue
$
147.0
$
109.0
Operating Income
$
17.2
$
10.3
Net Income Attributable to Novanta Inc.
$
11.9
$
34.3
Diluted EPS
$
0.18
$
0.98
Non-GAAP*
Adjusted Operating Income
$
23.4
$
16.7
Adjusted Diluted EPS
$
0.47
$
0.31
Adjusted EBITDA
$
28.4
$
20.1
*Reconciliations of GAAP to non-GAAP financial measures, as well as definitions for the non-GAAP financial measures included in this press release and the reasons for their use, are presented below.
First Quarter
"Our company delivered a record quarter of revenue and profitability, with strong double-digit growth in revenue, Adjusted EBITDA, and Adjusted Diluted EPS," said Matthijs Glastra, Chief Executive Officer of Novanta. "We are proud of our progress executing against our priorities and our team's ability to produce sustained profitable growth through the first quarter 2018."
During the first quarter of 2018, Novanta generated GAAP revenue of $147.0 million, an increase of $38.0 million, or 34.9%, versus the first quarter of 2017. The Company's prior year acquisition activities resulted in an increase in revenue of $24.6 million, or 22.6%, compared to the first quarter of 2017. Changes in foreign currency exchange rates year over year favorably impacted our revenue by $3.6 million, or 3.3%, during the first quarter of 2018. Our Organic Revenue Growth, which excludes the net impact of acquisitions and changes in foreign currency exchange rates, increased 9.0%, versus the first quarter of 2017 (see "Organic Revenue Growth" in the non-GAAP reconciliation below).
In the first quarter of 2018, GAAP operating income was $17.2 million, compared to $10.3 million in the first quarter of 2017. GAAP net income attributable to Novanta was $11.9 million in the first quarter of 2018, compared to $34.3 million in the first quarter of 2017. GAAP diluted earnings per share ("EPS") was $0.18 in the first quarter of 2018, compared to $0.98 in the first quarter of 2017. In the first quarter of 2017, the Company recognized a nontaxable gain of $26.4 million, representing the excess fair value of our previously-held equity interest in Laser Quantum over its carrying value when we increased our ownership position from approximately 41% to approximately 76%.
In the first quarter of 2018, the Company increased the carrying amount of the redeemable noncontrolling interest in Laser Quantum by $5.4 million to reflect the estimated redemption value as of March 30, 2018. This nontaxable adjustment was recognized in retained earnings instead of net income, and resulted in a net ($0.16) reduction in EPS under U.S. GAAP accounting rules. Adjusted Diluted EPS was $0.47 in the first quarter of 2018, compared to $0.31 in the first quarter of 2017. The Company ended the first quarter of 2018 with 35.4 million weighted average shares outstanding. Adjusted EBITDA was $28.4 million in the first quarter of 2018, compared to $20.1 million in the first quarter of 2017.
Operating cash flow for the first quarter of 2018 was $20.4 million, compared to $12.8 million for the first quarter of 2017. The Company completed the first quarter of 2018 with approximately $236.1 million of total debt and $111.1 million of total cash. Net Debt, as defined in the non-GAAP reconciliation below, was $125.0 million.
Financial Outlook
"With a more favorable tax rate outlook and the strong first quarter, we are raising our full year 2018 outlook for revenue, Adjusted EBITDA, and Adjusted Diluted EPS," said Robert Buckley, Chief Financial Officer.
For the full year 2018, the Company expects GAAP revenue of approximately $590 million to $605 million, Adjusted EBITDA in the range of $119 million to $125 million, and Adjusted Diluted EPS to be in the range of $1.93 to $2.02. The Company's Adjusted Diluted EPS assumes no significant changes in foreign exchange rates.
For the second quarter of 2018, the Company expects GAAP revenue of approximately $146 million to $149 million. The Company expects Adjusted Diluted EPS to be in the range of $0.47 to $0.50, and Adjusted EBITDA to be approximately $29 million to $31 million. The Company's Adjusted Diluted EPS and EBITDA guidance assumes no significant foreign exchange gains or losses.
Novanta provides earnings guidance on a non-GAAP basis and does not provide earnings guidance on a GAAP basis, with the exception of GAAP revenue guidance. A reconciliation of the Company's forward-looking Adjusted EBITDA and Adjusted EPS guidance to the most directly comparable GAAP financial measures is not provided because of the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations, including adjustments that could be made for noncontrolling interest redemption value adjustments; significant discrete income tax expenses (benefits); divestiture related expenses; acquisition-related expenses; impact of purchase price allocations for recently completed acquisitions; gains and losses from sale of real estate assets; costs related to product line closures; future changes in the fair value of contingent considerations; intangible asset impairment charges and related asset write-offs; future restructuring expenses; foreign exchange gains/(losses) on proceeds from divestitures; benefits or expenses associated with the completion of tax audits; and other charges reflected in our reconciliation of historical non-GAAP financial measures, the amounts of which, based on past experience, could be material. For additional information regarding Novanta's non-GAAP financial measures, see "Use of Non-GAAP Financial Measures" below.
Conference Call Information
The Company will host a conference call at 10:00 a.m. ET on Tuesday, May 8, 2018 to discuss these results. To access the call, please dial (877) 870-4263 prior to the scheduled conference call time. Alternatively, the conference call can be accessed online via a live webcast on the Event Calendar page of the Investor Relations section of the Company's website at www.novanta.com .
A replay of the audio webcast will be available approximately three hours after the conclusion of the call on the Investor Relations section of the Company's website at www.novanta.com . The replay will remain available until Friday, July 6, 2018.
Use of Non-GAAP Financial Measures
The non-GAAP financial measures used in this press release are Organic Revenue Growth, Adjusted Gross Profit, Adjusted Gross Profit Margin, Adjusted Operating Income and Operating Margin, Adjusted Income before Income Taxes, Adjusted Income Tax Provision and Effective Tax Rate, Adjusted Net Income Attributable to Novanta Inc., Net of Tax, Adjusted Diluted EPS, Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow and Net Debt.
The Company believes that these non-GAAP financial measures provide useful and supplementary information to investors regarding the operating performance of the Company. It is management's belief that these non-GAAP financial measures would be particularly useful to investors because of the significant changes that have occurred outside of the Company's day-to-day business in accordance with the execution of the Company's strategy. This strategy includes streamlining the Company's existing operations through site and functional consolidations, strategic divestitures and product line closures, expanding the Company's business through significant internal investments, and broadening the Company's product and service offerings through acquisition of innovative and complementary technologies and solutions. The financial impact of certain elements of these activities, particularly acquisitions, divestitures, and site and functional restructurings, is often large relative to the Company's overall financial performance and can adversely affect the comparability of its operating results and investors' ability to analyze the business from period to period.
The Company's Adjusted EBITDA and Organic Revenue Growth are used by management to evaluate operating performance, communicate financial results to the Board of Directors, benchmark results against historical performance and the performance of peers, and evaluate investment opportunities including acquisitions and divestitures. In addition, Adjusted EBITDA and Organic Revenue Growth are used to determine bonus payments for senior management and employees. The Company also uses Adjusted Diluted EPS as a measurement for performance shares issued to certain executives. Accordingly, the Company believes that these non-GAAP measures provide greater transparency and insight into management's method of analysis.
Non-GAAP financial measures should not be considered as substitutes for, or superior to, measures of financial performance prepared in accordance with GAAP. They are limited in value because they exclude charges that have a material effect on the Company's reported results and, therefore, should not be relied upon as the sole financial measures to evaluate the Company's financial results. The non-GAAP financial measures are meant to supplement, and to be viewed in conjunction with, GAAP financial measures. Investors are encouraged to review the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures as provided in the tables accompanying this press release.
Safe Harbor and Forward-Looking Information
Certain statements in this release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and are based on current expectations and assumptions that are subject to risks and uncertainties. All statements contained in this news release that do not relate to matters of historical fact should be considered forward-looking statements, and are generally identified by words such as "expect," "intend," "anticipate," "estimate," "believe," "future," "could," "should," "plan," "aim," and other similar expressions. These forward-looking statements include, but are not limited to, statements regarding reaching our 2020 strategic goals; executing our strategy; anticipated financial performance, including our updated financial outlook for the second quarter and full year 2018; expectations regarding market conditions; expectations regarding the Company's future; and other statements that are not historical facts.
These forward-looking statements are neither promises nor guarantees, but involve risks and uncertainties that may cause actual results to differ materially from those contained in the forward-looking statements. Our actual results could differ materially from those anticipated in these forward-looking statements for many reasons, including, but not limited to, the following: economic and political conditions and the effects of these conditions on our customers' businesses and level of business activity; our significant dependence upon our customers' capital expenditures, which are subject to cyclical market fluctuations; our dependence upon our ability to respond to fluctuations in product demand; our ability to continually innovate and successfully commercialize our innovations; failure to introduce new products in a timely manner; customer order timing and other similar factors beyond our control; disruptions or breaches in security of our information technology systems; changes in interest rates, credit ratings or foreign currency exchange rates; risks associated with our operations in foreign countries; risks associated with increased outsourcing of components manufacturing; our failure to comply with local import and export regulations in the jurisdictions in which we operate; negative effects on global economic conditions, financial markets and our business as a result of the United Kingdom's impending withdrawal from the European Union and the actions of the current U.S. government; violations of our intellectual property rights and our ability to protect our intellectual property against infringement by third parties; risk of losing our competitive advantage; our failure to successfully integrate recent and future acquisitions into our businesses; our ability to attract and retain key personnel; our restructuring and realignment activities and disruptions to our operations as a result of consolidation of our operations; product defects or problems integrating our products with other vendors' products; disruptions in the supply of certain key components or other goods from our suppliers; production difficulties and product delivery delays or disruptions; our exposure to medical device regulation, which may impede or hinder the approval or sale of our products and, in some cases, may ultimately result in an inability to obtain approval of certain products or may result in the recall or seizure of previously approved products; changes in governmental regulation of our businesses or products; our failure to comply with environmental regulations; our failure to implement new information technology systems and software successfully; our failure to realize the full value of our intangible assets; our exposure to the credit risk of some of our customers and in weakened markets; our reliance on third party distribution channels; being subject to U.S. federal income taxation even though we are a non-U.S. corporation; tax audits by tax authorities; changes in tax laws, and fluctuations in our effective tax rates; anticipated impact from the U.S. Tax Cuts and Jobs Act; any need for additional capital to adequately respond to business challenges or opportunities and repay or refinance our existing indebtedness, which may not be available on acceptable terms or at all; our existing indebtedness limiting our ability to engage in certain activities; volatility in the market price for our common shares; our ability to access cash and other assets of our subsidiaries; provisions of our articles of incorporation that may delay or prevent a change in control; and our failure to maintain appropriate internal controls in the future.
Other important risk factors that could affect the outcome of the events set forth in these statements and that could affect the Company's operating results and financial condition are discussed in Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2017, our subsequent filings with the Securities and Exchange Commission ("SEC"), and in our future filings with the SEC. Such statements are based on the Company's beliefs and assumptions and on information currently available to the Company. The Company disclaims any obligation to update any forward-looking statements as a result of developments occurring after the date of this document except as required by law.
About Novanta
Novanta is a leading global supplier of core technology solutions that give medical and advanced industrial original equipment manufacturers ("OEMs") a competitive advantage. We combine deep proprietary technology expertise and competencies in photonics, vision, and precision motion with a proven ability to solve complex technical challenges. This enables Novanta to engineer core components and sub-systems that deliver extreme precision and performance, tailored to our customers' demanding applications. The driving force behind our growth is the team of innovative professionals who share a commitment to innovation and customer success. Novanta's common shares are Quote: d on Nasdaq under the ticker symbol "NOVT."
More information about Novanta is available on the Company's website at www.novanta.com . For additional information, please contact Novanta Investor Relations at (781) 266-5137 or InvestorRelations@novanta.com .
Novanta Inc.
Investor Relations Contact:
Robert J. Buckley
(781) 266-5137
NOVANTA INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands of U.S. dollars or shares, except per share amounts)
(Unaudited)
Three Months Ended
March 30,
March 31,
2018
2017
Revenue
$
146,965
$
108,974
Cost of revenue
84,806
62,880
Gross profit
62,159
46,094
Operating expenses:
Research and development and engineering
11,989
9,215
29,220
22,874
Amortization of purchased intangible assets
3,698
2,849
Restructuring, acquisition and divestiture related costs
25
817
Total operating expenses
44,932
35,755
Operating income
17,227
10,339
Interest income (expense), net
(2,358)
(1,328)
Foreign exchange transaction gains (losses), net
(407)
(1)
Other income (expense), net
(41)
(31)
Gain on acquisition of business
—
26,409
Income before income taxes
14,421
35,388
Income tax provision
1,584
1,114
Consolidated net income
12,837
34,274
Less: Net income attributable to noncontrolling interest
(926)
(22)
Net income attributable to Novanta Inc.
$
11,911
$
34,252
Earnings per common share attributable to Novanta Inc.:
Basic
$
0.19
$
0.99
Diluted
$
0.18
$
0.98
Weighted average common shares outstanding—basic
34,887
34,765
Weighted average common shares outstanding—diluted
35,428
35,125
NOVANTA INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands of U.S. dollars)
(Unaudited)
March 30,
December 31,
2018
2017
ASSETS
Current Assets
Cash and cash equivalents
$
111,127
$
100,057
Accounts receivable, net
76,915
81,482
Inventories
98,812
91,278
Prepaid expenses and other current assets
11,221
15,062
Total current assets
298,075
287,879
Property, plant and equipment, net
61,591
61,718
Intangible assets, net
151,816
155,048
Goodwill
213,822
210,988
Other assets
8,444
11,070
Total assets
$
733,748
$
726,703
LIABILITIES, NONCONTROLLING INTEREST AND
STOCKHOLDERS ' EQUITY
Current Liabilities
Current portion of long-term debt
$
9,123
$
9,119
Accounts payable
41,717
39,793
Accrued expenses and other current liabilities
40,771
49,256
Total current liabilities
91,611
98,168
Long-term debt
224,098
225,500
Other long-term liabilities
44,512
44,567
Total liabilities
360,221
368,235
Redeemable noncontrolling interest
54,916
46,923
Stockholders' Equity:
Total stockholders' equity
318,611
311,545
Total liabilities, noncontrolling interest and stockholders'
equity
$
733,748
$
726,703
NOVANTA INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands of U.S. dollars)
(Unaudited)
Three Months Ended
March 30,
March 31,
2018
2017
Cash flows from operating activities:
Consolidated net income
$
12,837
$
34,274
Adjustments to reconcile consolidated net income to
net cash provided by operating activities:
Depreciation and amortization
9,067
6,482
Share-based compensation
2,044
1,469
Deferred income taxes
235
(1,607)
Earnings from equity-method investment
—
(104)
Gain on acquisition of business
—
(26,409)
Inventory acquisition fair value adjustment
—
1,035
Other
904
1,058
Changes in assets and liabilities which (used)/provided cash, excluding
effects from businesses acquired:
Accounts receivable
5,421
(3,690)
Inventories
(7,423)
(4,414)
Other operating assets and liabilities
(2,676)
4,666
Cash provided by operating activities
20,409
12,760
Cash flows from investing activities:
Purchases of property, plant and equipment
(2,933)
(1,760)
Acquisition of businesses, net of cash acquired
—
(34,896)
Other investing activities
52
—
Cash used in investing activities
(2,881)
(36,656)
Cash flows from financing activities:
Borrowings under revolving credit facility
—
42,000
Repayments of long-term debt and revolving credit facility
(5,300)
(1,875)
Payments of contingent considerations
—
(2,398)
Other financing activities
(3,020)
(2,254)
Cash provided by (used in) financing activities
(8,320)
35,473
Effect of exchange rates on
1,862
329
Increase in
11,070
11,906
Cash and cash equivalents, beginning of period
100,057
68,108
Cash and cash equivalents, end of period
$
111,127
$
80,014
NOVANTA INC.
Revenue by Reportable Segment
(In thousands of U.S. dollars)
(Unaudited)
Three Months Ended
March 30,
March 31,
2018
2017
Revenue
Photonics
$
61,831
$
50,736
Vision
56,209
32,762
Precision Motion
28,925
25,476
Total
$
146,965
$
108,974
NOVANTA INC.
Reconciliation of GAAP to Non-GAAP Financial Measures
(In thousands of U.S. dollars)
(Unaudited)
Adjusted Gross Profit and Adjusted Gross Profit Margin by Segment (Non-GAAP):
Three Months Ended
March 30,
March 31,
2018
2017
Photonics
Gross Profit (GAAP)
$
29,555
$
21,789
Gross Profit Margin (GAAP)
47.8
%
42.9
%
Amortization of intangible assets
714
976
Acquisition fair value adjustments
—
699
Adjusted Gross Profit (Non-GAAP)
$
30,269
$
23,464
Adjusted Gross Profit Margin (Non-GAAP)
49.0
%
46.2
%
Vision
Gross Profit (GAAP)
$
19,721
$
13,146
Gross Profit Margin (GAAP)
35.1
%
40.1
%
Amortization of intangible assets
1,686
575
Acquisition fair value adjustments
—
336
Adjusted Gross Profit (Non-GAAP)
$
21,407
$
14,057
Adjusted Gross Profit Margin (Non-GAAP)
38.1
%
42.9
%
Precision Motion
Gross Profit (GAAP)
$
13,260
$
11,518
Gross Profit Margin (GAAP)
45.8
%
45.2
%
Amortization of intangible assets
80
90
Acquisition fair value adjustments
—
—
Adjusted Gross Profit (Non-GAAP)
$
13,340
$
11,608
Adjusted Gross Profit Margin (Non-GAAP)
46.1
%
45.6
%
Unallocated Corporate and Shared Services
Gross Profit (GAAP)
$
(377)
$
(359)
Amortization of intangible assets
—
—
Acquisition fair value adjustments
—
—
Adjusted Gross Profit (Non-GAAP)
$
(377)
$
(359)
Novanta Inc.
Gross Profit (GAAP)
$
62,159
$
46,094
Gross Profit Margin (GAAP)
42.3
%
42.3
%
Amortization of intangible assets
2,480
1,641
Acquisition fair value adjustments
—
1,035
Adjusted Gross Profit (Non-GAAP)
$
64,639
$
48,770
Adjusted Gross Profit Margin (Non-GAAP)
44.0
%
44.8
%
NOVANTA INC.
Reconciliation of GAAP to Non-GAAP Financial Measures
(In thousands of U.S. dollars except per share amounts)
(Unaudited)
Adjusted Operating Income and Adjusted EPS (Non-GAAP):
Three Months Ended March 30, 2018
Operating
Income
Operating
Margin
Income
before
Income
Taxes
Income Tax
Provision
Effective Tax
Rate
Net Income
Attributable
to Novanta
Inc., Net of
Tax
Diluted EPS
GAAP results
$
17,227
11.7
%
$
14,421
$
1,584
11.0
%
$
11,911
Less: Adjustment of redeemable noncontrolling interest to estimated
redemption value
(5,399)
Net income attributable to Novanta Inc. after adjustment of
redeemable noncontrolling interest to estimated redemption value
$
6,512
$
0.18
Adjustment of redeemable noncontrolling interest to estimated
redemption value
5,399
0.16
Net income attributable to Novanta Inc.
$
11,911
Non-GAAP Adjustments:
Amortization of intangible assets
6,178
4.2
%
6,178
Acquisition related costs
25
0.0
%
25
Tax effect on non-GAAP adjustments
1,417
Non-GAAP tax adjustments
(43)
Total non-GAAP adjustments
6,203
4.2
%
6,203
1,374
4,829
0.13
Adjusted results (Non-GAAP)
$
23,430
15.9
%
$
20,624
$
2,958
14.3
%
$
16,740
$
0.47
Weighted average shares outstanding - Diluted
35,428
NOVANTA INC.
Reconciliation of GAAP to Non-GAAP Financial Measures
(In thousands of U.S. dollars except per share amounts)
(Unaudited)
Adjusted Operating Income and Adjusted EPS (Non-GAAP):
Three Months Ended March 31, 2017
Operating
Income
Operating
Margin
Income
before
Income
Taxes
Income Tax
Provision
Effective Tax
Rate
Net Income
Attributable
to Novanta
Inc., Net of
Tax
Diluted EPS
GAAP results
$
10,339
9.5
%
$
35,388
$
1,114
3.1
%
$
34,252
$
0.98
Non-GAAP Adjustments:
Amortization of intangible assets
4,490
4.1
%
4,490
Restructuring, divestiture and other costs
37
0.0
%
37
Acquisition related costs
780
0.7
%
780
Acquisition fair value adjustments
1,035
1.0
%
1,035
Gain on acquisition of business
(26,409)
Tax effect on non-GAAP adjustments
1,887
Non-GAAP tax adjustments
1,370
Total non-GAAP adjustments
6,342
5.8
%
(20,067)
3,257
(23,324)
(0.67)
Adjusted results (Non-GAAP)
$
16,681
15.3
%
$
15,321
$
4,371
28.5
%
$
10,928
$
0.31
Weighted average shares outstanding - Diluted
35,125
NOVANTA INC.
Reconciliation of GAAP to Non-GAAP Financial Measures
(In thousands of U.S. dollars)
(Unaudited)
Adjusted EBITDA (Non-GAAP):
Three Months Ended
March 30,
March 31,
2018
2017
Consolidated Net Income (GAAP)
$
12,837
$
34,274
Net Income Margin
8.7
%
31.5
%
Interest (income) expense, net
2,358
1,328
Income tax provision
1,584
1,114
Depreciation and amortization
9,067
6,482
Share-based compensation
2,044
1,469
Restructuring, acquisition and divestiture related costs
25
817
Gain on acquisition of business
—
(26,409)
Acquisition fair value adjustments
—
1,035
Other, net
448
32
Adjusted EBITDA (Non-GAAP)
$
28,363
$
20,142
Adjusted EBITDA Margin (Non-GAAP)
19.3
%
18.5
%
Organic Revenue Growth (Non-GAAP):
Three Months Ended March
30, 2018 Compared to Three
Months Ended March 31, 2017
Reported Growth (GAAP)
34.9
%
Less: Change attributable to acquisitions
22.6
%
Plus: Change due to foreign currency
(3.3)%
Organic Growth (Non-GAAP)
9.0
%
Net Debt (Non-GAAP):
March 30,
December 31,
2018
2017
Total Debt (GAAP)
$
233,221
$
234,619
Plus: Deferred financing costs
2,928
3,159
Gross Debt
236,149
237,778
Less: Cash and cash equivalents
(111,127)
(100,057)
Net Debt (Non-GAAP)
$
125,022
$
137,721
Free Cash Flow (Non-GAAP):
Three Months Ended
March 30,
March 31,
2018
2017
Cash Provided by Operating Activities (GAAP)
$
20,409
$
12,760
Less: Purchases of property, plant and equipment
(2,933)
(1,760)
Plus: Proceeds from sale of property, plant and equipment
52
—
Free Cash Flow (Non-GAAP)
$
17,528
$
11,000
Non-GAAP Measures
Organic Revenue Growth
We define the term "organic revenue" as revenue excluding the impact from business acquisitions, divestitures, product line discontinuations, and the effect of foreign currency translation. We use the related term "organic revenue growth" to refer to the financial performance metric of comparing current period organic revenue with the reported revenue of the corresponding period in the prior year. We believe that this non-GAAP measure, when taken together with our GAAP financial measures, allows us and our investors to better measure our performance and evaluate long-term performance trends. Organic revenue growth also facilitates easier comparisons of our performance with prior and future periods and relative comparisons to our peers. We exclude the effect of foreign currency translation from these measures because foreign currency translation is subject to volatility and can obscure underlying business trends. We exclude the effect of acquisitions and divestitures because these activities can vary dramatically between reporting periods and between us and our peers, which we believe makes comparisons of long-term performance trends difficult for management and investors. Beginning in 2017, Organic Revenue Growth is also used as a performance metric to determine bonus payments for senior management and employees.
Adjusted Gross Profit and Adjusted Gross Profit Margin
The calculation of Adjusted Gross Profit and Adjusted Gross Profit Margin is displayed in the tables above. Adjusted Gross Profit and Adjusted Gross Profit Margin excludes amortization of acquired intangible assets and inventory fair value adjustments from business acquisitions because: (1) the amounts are non-cash; (2) the Company cannot influence the timing and amount of future expense recognition; and (3) excluding such expenses provides investors and management better visibility into the components of operating costs.
Adjusted Operating Income and Adjusted Operating Margin
The calculation of Adjusted Operating Income and Adjusted Operating Margin is displayed in the tables above. Adjusted Operating Income and Adjusted Operating Margin exclude amortization of acquired intangible assets and inventory fair value adjustments related to business acquisitions because: (1) the amounts are non-cash; (2) the Company cannot influence the timing and amount of future expense recognition; and (3) excluding such expenses provides investors and management better visibility into the components of operating costs. The Company also excluded restructuring, acquisition and divestiture related costs due to the significant changes that have occurred outside of the Company's day-to-day business for the reasons described above in the introductory paragraphs of the "Use of Non-GAAP Financial Measures."
Adjusted Income before Income Taxes
The calculation of Adjusted Income before Income Taxes is displayed in the tables above. The calculation of Adjusted Income before Income Taxes excludes amortization of acquired intangible assets, inventory fair value adjustments related to business acquisitions, and restructuring, acquisition and divestiture related costs for the reasons described for Adjusted Operating Income and Adjusted Operating Margin above. In addition, the Company excluded the gain recognized upon increasing its equity ownership position in Laser Quantum from approximately 41% to approximately 76% because the gain is unusual and nonrecurring in nature and should be excluded from the assessment of long-term performance trends of the Company.
Non-GAAP Income Tax Provision and Effective Tax Rate
The Non-GAAP Income Tax Provision and Effective Tax Rate are calculated based on the Adjusted Income before Income Taxes by jurisdiction and the applicable tax rates currently in effect for the respective jurisdictions. In addition, the Company excluded significant discrete income tax expenses (benefits) related to releases of valuation allowances, benefits or expenses associated with the completion of tax audits, effects of changes in tax laws, effects of acquisition related tax planning actions on our effective tax rate, and the income tax effect of non-GAAP adjustments discussed above.
Adjusted Net Income Attributable to Novanta Inc., Net of Tax
The calculation of Adjusted Net Income Attributable to Novanta Inc., net of tax, is displayed in the tables above. Because pre-tax income is included in determining net income attributable to Novanta Inc., net of tax, the calculation of Adjusted Net Income Attributable to Novanta Inc., net of tax, also excludes amortization of acquired intangible assets, inventory fair value adjustments related to business acquisitions, and restructuring, acquisition and divestiture related costs and the gain on the Laser Quantum acquisition for the reasons described for Adjusted Income before Income Taxes. In addition, the Company excluded significant discrete income tax expenses (benefits) related to releases of valuation allowances, benefits or expenses associated with the completion of tax audits, effects of changes in tax laws, effects of acquisition related tax planning actions on our effective tax rate, and the income tax effect of non-GAAP adjustments discussed above.
Adjusted Diluted EPS
The calculation of Adjusted Diluted EPS is displayed in the tables above. Because Net Income Attributable to Novanta Inc., net of tax, is used in the diluted EPS calculation, the calculation of Adjusted Diluted EPS excludes amortization of acquired intangible assets, inventory fair value adjustments related to business acquisitions, restructuring, acquisition and divestiture related costs, and the gain on the Laser Quantum acquisition, significant discrete income tax expenses (benefits) related to releases of valuation allowances, benefits or expenses associated with the completion of tax audits, effects of changes in tax laws, effects of acquisition related tax planning actions on our effective tax rate, and the income tax effect of non-GAAP adjustments for the reasons described above for Adjusted Net Income Attributable to Novanta Inc., net of tax. In addition, the Company excluded the adjustment of redeemable noncontrolling interest to estimated redemption value as (1) the adjustment is unusual; (2) the amount is noncash; (3) the amount does not represent a measure of earnings and is excluded from the determination of net income attributable to Novanta Inc.; and (4) the Company believes it may not be indicative of future adjustments and that investors may benefit from an understanding of the Company's operating results without giving effect to this adjustment.
Adjusted EBITDA and Adjusted EBITDA Margin
The Company defines Adjusted EBITDA as the consolidated net income before deducting interest (income) expense, income taxes, depreciation, amortization, non-cash share-based compensation, restructuring, acquisition and divestiture related costs, acquisition fair value adjustments, and other non-operating income (expense) items, including the gain on the Laser Quantum acquisition, foreign exchange gains (losses) and earnings from an equity-method investment for the reasons described above in the introductory paragraphs of the "Use of Non-GAAP Financial Measures."
Adjusted EBITDA includes 100% of the results of our consolidated subsidiaries and therefore does not exclude the Adjusted EBITDA attributable to noncontrolling interests.
Adjusted EBITDA Margin is defined as Adjusted EBITDA as a percentage of Revenue.
In evaluating Adjusted EBITDA and Adjusted EBITDA Margin, you should be aware that in the future the Company may incur expenses that are the same as, or similar to, some of the adjustments in this presentation.
Free Cash Flow
The Company defines Free Cash Flow as cash provided by (used in) operating activities less cash paid for purchases of property, plant and equipment and plus cash proceeds from sale of property, plant and equipment. Management believes free cash flow is an important measure of its liquidity as well as its ability to service the Company's outstanding debt, and to fund future growth.
Net Debt
The Company defines Net Debt as its total debt as reported on the consolidated balance sheet plus unamortized deferred financing costs and less its as of the end of the period presented. Management uses Net Debt to monitor the Company's outstanding debt obligations that could not be satisfied by its on hand.
* * * *
View original content with multimedia: http://www.prnewswire.com/news-releases/novanta-announces-financial-results-for-the-first-quarter-2018-300643999.html
SOURCE Novanta Inc.
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ashraq/financial-news-articles
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http://www.cnbc.com/2018/05/08/pr-newswire-novanta-announces-financial-results-for-the-first-quarter-2018.html
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LONDON, May 31 (Reuters) - Chelsea Football Club said on Thursday that work on its new stadium in London would be suspended indefinitely, citing the unfavourable investment climate.
The soccer club did not say if the decision was related to owner Roman Abramovich’s struggles to get a new British visa. He reportedly took Israeli citizenship earlier this week.
“Chelsea Football Club announces today that it has put its new stadium project on hold. No further pre-construction design and planning work will occur,” Chelsea said in a statement.
“The club does not have a time frame set for reconsideration of its decision. The decision was made due to the current unfavourable investment climate.” (Reporting by Alistair Smout; editing by Guy Faulconbridge)
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ashraq/financial-news-articles
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https://www.reuters.com/article/soccer-england-che-stadium/soccer-chelsea-suspends-new-stadium-plans-due-to-unfavourable-investment-climate-idUSL5N1T23XB
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BERLIN (Reuters) - German Economy Minister Peter Altmaier said on Thursday the European Union should present an offer to the United States to secure lower tariffs on a broad spectrum of goods.
“I’m in favor of us Europeans putting an offer on the table,” Altmaier told a business conference in Berlin, adding he would prefer lowering overall tariffs than raising them on a broad spectrum of goods.
Reporting by Rene Wagner; Writing by Michael Nienaber; Editing by Paul Carrel
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https://www.reuters.com/article/us-usa-trade-germany-altmaier/eu-should-table-offer-to-secure-lower-tariffs-with-u-s-minister-idUSKCN1II13A
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May 7 (Reuters) - Ellington Financial LLC:
* Q1 ADJUSTED EARNINGS PER SHARE $0.67 INCLUDING ITEMS * Q1 EARNINGS PER SHARE VIEW $0.36 — THOMSON REUTERS I/B/E/S
* Q1 EARNINGS PER SHARE $0.67 INCLUDING ITEMS Source text for Eikon:
Our
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https://www.reuters.com/article/brief-ellington-financial-reports-q1-eps/brief-ellington-financial-reports-q1-eps-0-67-idUSASC0A07Q
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Reblog A battle is looming in Europe over what information Facebook Inc., Alphabet Inc.’s Google and other companies can demand from you. It boils down to what they really need to know—a debate that could get stuck in courts for years with the potential to weaken either the European Union’s new data-privacy law or the business models of ad-reliant giants like Facebook and Google. The EU’s new privacy law, which goes into effect on May 25, forbids companies from forcing users to turn over personal information as a condition of using their services.
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https://www.wsj.com/articles/stage-is-set-for-battle-over-data-privacy-in-europe-1526031104?ru=yahoo?mod=yahoo_itp&yptr=yahoo
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PARIS (Reuters) - France’s L’Oreal ( OREP.PA ) on Wednesday said it had agreed to buy South Korean make-up and fashion firm Nanda, as foreign cosmetic industry leaders jostle for a slice of one of the world’s most innovative beauty markets.
FILE PHOTO: The logo of French cosmetics group L'Oreal is seen in front of the Arc de Triomphe during a public event in Paris, France, October 1, 2017. REUTERS/Charles Platiau/File Photo/File Photo L’Oreal did not disclose how much it was paying for the company, detailing only that Nanda, known for its fashion business Stylenanda and 3CE cosmetics brand, had a turnover of 127 million euros ($152 million) in 2017.
The acquisition could be worth around 400 billion won ($371.6 million), Korean media previously reported when L’Oreal was picked as the preferred bidder.
L’Oreal declined to comment on the report.
The French group, owner of brands such as Lancome and Maybelline, said in a statement it planned to further roll out sales of 3CE internationally. The make-up brand generates nearly three quarters of Nanda’s revenue, the companies said, while Nanda primarily operates in Asia.
Foreign investors including LVMH ( LVMH.PA ), Estee Lauder ( EL.N ) and Unilever ( UNc.AS ) are also among those betting on continued demand for Korean beauty products in Asian markets such as China, backed by the popularity of Korean pop culture.
Chinese consumers, and young shoppers in particular, are driving booming sales of make-up and skincare products globally.
Korean beauty products, meanwhile - from face masks that incorporate innovative and natural ingredients such as snail slime, to high-end creams - are gaining traction outside Asia, and domestic companies like Amorepacific ( 090430.KS ) are looking to expand in Europe.
L’Oreal said Nanda - its first Korean beauty brand - was “perfectly positioned to nourish the growing appetite for make-up of millennials in Korea, China and beyond.”
The acquisition is expected to be completed within two months, L’Oreal said.
($1 = 0.8358 euros)
($1 = 1,076.5300 won)
Reporting by Sarah White; Editing by Elaine Hardcastle
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ashraq/financial-news-articles
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https://www.reuters.com/article/us-loreal-stylenanda/loreal-snaps-up-south-korean-cosmetics-firm-nanda-idUSKBN1I32BO
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"Fast Money" final trades: C, SNAP and more 18 Hours Ago The “Fast Money” traders share their final trades for the day including J.P. Morgan, Citigroup, Snap and Las Vegas Sands.
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ashraq/financial-news-articles
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https://www.cnbc.com/video/2018/05/01/fast-money-final-trades-c-snap-and-more.html
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SAO PAULO, April 30 (Reuters) - Latin American markets gained modestly on Monday as a positive morning session on Wall Street and solid corporate earnings proved enough to put the region in the black amid light trade. Tuesday is the Labour Day holiday across Latin America, and markets in Argentina are closed Monday as well. Many traders in Sao Paulo and Rio de Janeiro were off on Monday, and those in the office said liquidity was low. "A lot of players are just bridging the weekend with the holiday," said one manager at a brokerage in Rio. Alexandre Soares, a trader at Sao Paulo-based BGC Liquidez, said trading volume in Brazil on Monday should come in at around 5 billion reais ($1.43 billion), less than half the average. In that context, Latin American markets were buoyed by a solid early session on Wall Street, which benefited from a string of mergers and strong earnings. Marathon Petroleum said it would buy rival Andeavor for more than $23 billion, while Sprint Corp T-Mobile US Inc said they would merge. In Brazil, the country's largest electronics retailer Via Varejo SA, was among the biggest gainers, rising 1.7 percent as traders bought back in following a series of sessions in the red amid lukewarm results last week. Planemaker Embraer SA weighed on the country's benchmark Bovespa index, falling 3 percent after posting a loss on Friday amid weak deliveries. The equities market in copper-dependent Chile was the best performing on Monday as prices for the red metal edged up on expectations of higher demand from top consumer China. A report showed a resilient Chinese economy despite a monthly decline in manufacturing activity. By early afternoon, Chile's benchmark IPSA index climbed 0.6 percent, while Mexico's IPC gained 0.3 percent. The Bovespa was down 0.2 percent after spending most of the morning modestly in the black. The Dow Jones Industrial Average Index was up 0.2 percent. Key Latin American stock indexes and currencies at 1519 GMT: Stock indexes daily % YTD % Latest change change MSCI Emerging Markets 1165.42 0.79 -0.19 MSCI LatAm 2997.19 -0.48 6.49 Brazil Bovespa 86278.75 -0.19 12.93 Mexico IPC 48471.04 0.39 -1.79 Chile IPSA 5721.87 0.55 2.83 Chile IGPA 28744.61 0.57 2.73 Argentina MerVal 30006.35 1.76 -0.20 Colombia IGBC 12451.77 0.24 9.51 Venezuela IBC 22632.15 1.13 1691.74 Currencies daily % YTD % change change Latest Brazil real 3.4857 -0.70 -4.95 Mexico peso 18.7655 -0.77 4.97 Chile peso 611.8 -0.78 0.47 Colombia peso 2802.22 0.07 6.42 Peru sol 3.244 -0.25 -0.22 Argentina peso 20.5350 0.07 -9.42 (interbank) Argentina peso 20.83 -0.72 -7.68 (parallel) (Reporting by Gram Slattery and Paula Arend Laier Editing by Jeffrey Benkoe)
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https://www.reuters.com/article/emerging-markets-latam/emerging-markets-latin-american-equities-follow-wall-st-higher-amid-light-trading-idUSL1N1S70VA
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Future Farm has secured an exclusive, five-year license to edCetra, the eLearning education and training platform
Vancouver, British Columbia, Future Farm Technologies Inc. (the “Company” or “Future Farm”) ( CSE: FFT ) ( OTCQX: FFRMF ) is pleased to announce that NexTech AR Solutions (“NexTech”), the augmented reality company it plans to spin off, has secured an exclusive, five-year license to the eLearning education and training platform developed and offered by edCetra Training Inc. (“edCetra”). In addition, NexTech will have an option to buy edCetra itself for the next 12 months.
NexTech issued edCetra 100,000 common shares of NexTech stock at a deemed value of CDN$0.25 per share as the consideration for the exclusive license. If NexTech elects to exercise its option to purchase edCetra, the consideration will be an additional 100,000 shares, provided that the value of the shares at the time of exercise is at least CDN$0.25 per share.
edCetra has reported to NexTech that the platform has been used by Fortune 500 companies such as Imperial Oil, Bombardier and Staples, as well as the Library of Congress and others to educate and train employees. By licensing the technology, NexTech can accelerate its business plan and will spend the next few months customizing it to create an augmented reality (“AR”) training and education platform for the cannabis industry, with a plan to expand into other industries in the future. The new augmented reality platform is expected to launch in the next 90 days.
The use of augmented reality as a training and education tool is expected to be a major growth driver for the AR industry. NexTech’s management anticipates it will have a first mover advantage since it will provide customization and upgrades to an existing platform. The edCetra license includes the following features and functionality:
Fully realized learning on demand system Supports multiple file types (video, webinar, text, PDF) Pay as you go, and subscription enabled Allows for multiple business models supporting retailers, wholesalers and publishers Set any price for any piece of content Out of the box reporting
Core features of the system include digital asset management, user administration, e-commerce and content delivery. Reuben Tozman, President and founder of edCetra and an expert in the field of educational technology who recently joined NexTech’s board of directors, comments, “I am excited to be a part of this next generation platform and help NexTech’s technology bring AR to education and training. I see a lot of demand and a bright future for this.”
The augmented reality market is set to grow substantially in the near future as companies such as Apple, Google, Microsoft and Intel are now aggressively launching software and hardware to support this dynamic and fast-growing industry. According to ResearchAndMarkets.com , spending is projected to jump from $11.14 billion in 2018 to $60.55 billion by 2023, representing a compound annual growth rate of 40%.
Once the spinoff is complete, Future Farm shareholders will own shares in NexTech AR Solutions, a newly formed company occupying a valuable niche in the cannabis market with augmented reality-enhanced packaging as well as an ad-tech driven platform featuring a virtual budtender for dispensaries.
For further information, contact William Gildea, Director, at (888) 387-3761.
On behalf of the Board,
Future Farm Technologies Inc.
William Gildea, Chairman and CEO
About Future Farm Technologies Inc.
Future Farm is a Canadian company with holdings throughout North America including California, Massachusetts, Florida, Maine, Puerto Rico and Newfoundland. The Company’s mission is to advance sustainable agriculture through production of wholesale and retail cannabis products, including hemp. As a leader in its field, Future Farm is committed to using only the highest quality processes and products. Towards this goal, the Company acquires or partners with licensed cannabis operators, and acquires or develops leading technologies in cannabis production, breeding, genetics, and Controlled Environment Agriculture (CEA). Future Farm’s scalable, indoor CEA systems utilize minimal land, water and energy resources. The Company holds an exclusive, worldwide license to use a patented vertical farming technology that, when compared to traditional plant production methods, generates yields up to 10 times greater per square foot of land.
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release. The Canadian Securities Exchange has not in any way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.
This news release may include that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in . Factors that could cause actual results to differ materially from those in include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any except as required under the applicable laws.
William A. Gildea 6178349467 BILL@FUTUREFARMTECH.COM
Source: Future Farm Technologies Inc.
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http://www.cnbc.com/2018/05/24/globe-newswire-future-farms-nextech-ar-solutions-acquires-exclusive-license-to-education-training-platform-accelerating-its-launch.html
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May 6, 2018 / 10:13 PM / Updated 4 hours ago Activist investment rising in Asia, led by local players - JP Morgan Alun David John 3 Min Read
HONG KONG (Reuters) - Activist investing in Asia is rising steadily, driven more by local players rather than headline-grabbing foreign firms, as the region’s regulators pay greater attention to corporate governance, according to research from JP Morgan. Pedestrians cast shadows as they make their way at a financial district in Tokyo, Japan, January 26, 2017. Picture taken on January 26, 2017. REUTERS/Kim Kyung-Hoon
Last year, there were 106 activist campaigns in Asia, versus 94 the previous year and just 10 in 2011, the investment bank said, citing data from Activist Investor and Shark Repellent.
Domestic players accounted for almost two-thirds of activist campaigns between 2011 and 2017, JP Morgan said.
“In Asia, as regulators look to protect the interests of minority shareholders, corporate governance has risen up the agenda ... activist investors now have more power to push for change in the companies in which they have invested,” said David Hunker, JP Morgan’s head of shareholder activism defence.
In Japan, Prime Minister Shinzo Abe has been a public advocate of corporate governance, providing a boost to activists.
Earlier this year, Sparx Asset Management urged synthetic fibre maker Teikoku Sen-i to triple dividend payouts. The proposal was rejected, but the company separately announced a small increase in dividend, for which Shuhei Abe, founder and CEO of Sparx, claimed some credit.
Similar trends are emerging in other parts of Asia.
Hong Kong Exchanges and Clearing finalised new rules recently for capital raisings by listed issuers aimed at “restricting abusive practices ... and protecting the interests of minority shareholders”.
South Korea’s Financial Services Commission has also announced a plan to facilitate and encourage minority shareholder participation at meetings for listed companies.
Another factor in the rise of shareholder activism is the growing presence of large global institutional investors among Asian listed companies’ top shareholders, Hunker said.
These investors have already shown a willingness to support activist investors, if not in Asia, then at least elsewhere in the world, he said, adding that such firms are certainly willing to disagree with management decisions.
U.S. activist fund Elliott Management has challenged South Korea’s top two family-run conglomerates, most recently Hyundai Motor, over better corporate governance and returns to shareholders.
BlackRock said in its Asia Pacific investment stewardship report for the fourth quarter of last year that of the 8,390 proposals it had voted on in the three months, it had voted against management recommendations on 7 percent of them. Reporting by Alun John; Editing by Himani Sarkar
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https://uk.reuters.com/article/uk-activist-investing-research/activist-investment-rising-in-asia-led-by-local-players-jp-morgan-idUKKBN1I70WR
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The U.S. Food and Drug Administration on Thursday declined to approve Recro Pharma’s IV meloxicam noting the pain-relieving effect of the drug did not meet its expectations.
The drug is a non-opioid injection to treat moderate-to-severe pain.
Unlike the drug’s oral version, which has been on the market for several years, Recro’s intravenous formulation is long-acting for treating acute pain, particularly in patients who have undergone surgery. (Reporting by Sharnya G and Tamara Mathias; Editing by Shailesh Kuber)
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https://www.reuters.com/article/recro-pharma-fda/fda-declines-to-approve-recro-pharmas-non-opioid-pain-shot-idUSL3N1SV4I4
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May 16, 2018 / 12:01 AM / Updated 10 minutes ago FEATURE-New farmers squeezed out as development alters U.S. landscape Carey L. Biron 6 Min Read
WASHINGTON, May 16 (Thomson Reuters Foundation) - Four years ago, Maeve Taylor and her husband decided to quit their jobs and move their family across the United States to start an organic dairy farm in New York.
The couple used a federal loan to buy 35 cows and started to learn their new trade on a patch of rented farmland.
But when they began looking for land of their own they hit their first major hurdle. Even in an area with a long agricultural tradition and lots of farmland, there was nothing to buy - at least at a price they could afford.
“You’d think you could buy something, but hardly any of it is for sale,” Taylor told the Thomson Reuters Foundation.
“Wealthy landowners ... live here as retirement homes or have purchased property as a vacation home.”
More than 31 million acres (12.5 million hectares) of U.S. farmland were lost between 1992 and 2012, according to a major assessment released this week by the American Farmland Trust - double previous estimates.
The advocacy group found nearly two-thirds of all U.S. development during that period was on farmland, taken over primarily by the expansion of urban areas and by low-density housing.
Experts say new farmers are being priced out by developers and the rural landscape risks being radically transformed as farms are split or sold as real estate, unless the government is prepared to safeguard agricultural property.
“We’re at a time in history where farmland isn’t being bought by farmers,” said Holly Rippon-Butler at the National Young Farmers Coalition, an advocacy group.
“Our limited agricultural resources could be lost to agriculture forever. That’s the urgency.”
Nearly 100 million acres — 10 percent of agricultural land in the United States — is expected to change hands by the end of the decade as elderly farmers retire, according to a 2014 government estimate, the first of its kind.
The average age of U.S. farmers — and agricultural landholders — has been steadily rising, to the point where today many are looking to secure a comfortable retirement.
Almost two-thirds of U.S. farmland is now managed by someone over 55, and farmers older than 65 now outnumber those under 35 by a sixfold margin, according to the Young Farmers Coalition, citing federal statistics. “SIGNIFICANT CHALLENGE”
The looming changeover in landholdings could be an opportunity for new farmers wanting to buy. But most agricultural lands are kept within families or sold to acquaintances, not on the open market.
Less than a quarter of the nearly 100 million acres of agricultural land that will change hands is expected to be sold to a non-relative, according to the 2014 federal findings.
Another 58 million acres is expected to be passed down through farming families.
Taylor said she and her husband were repeatedly turned away by sellers who pointedly told them that they wouldn’t be able to afford the asking price.
Eventually, driven by falling prices for organic dairy products, they decided to sell their cows in order to pay off their loan - a story that appears to be increasingly common.
Last year, the Young Farmers Coalition surveyed U.S. farmers aged under 40 to gauge how they were fairing.
The findings were stark. Almost 40 percent of respondents cited land access as a “significant challenge” — the survey’s most-cited concern.
Real estate values for farms more than doubled from 2000 to 2015, U.S. Department of Agriculture research found in February.
Meanwhile, farm incomes stayed relatively flat, particularly after commodity prices fell in recent years.
A study released in September found that the value of farm production compared with farm real estate is at its lowest point ever recorded. OPPORTUNITIES
Campaigners are now looking to lawmakers debating updates to what is commonly known as the farm bill, which expires in September.
The new five-year bill, a draft of which was released in mid-April, could offer strategies to address the issue.
While local-level zoning regulations already seek to protect farmland in the United States, experts say it is not difficult for developers to change the designation - and almost unheard of for it to be changed back again.
“In general, once you transfer land out of farming, it’s very difficult if not impossible to bring it back into farming,” said Juli Obudzinski, deputy policy director with the National Sustainable Agriculture Coalition.
Even if land continues to be farmed, Obudzinski said spiking real estate values meant it was more likely to be bought up by existing farmers than new ones looking to get into the sector, and called for a national strategy on the looming transition.
“Otherwise, our concern is that these lands will just go to the biggest farms and the highest bidders, increasing consolidation and decreasing the viability of rural communities,” Obudzinski said.
Still, the aging of U.S. agricultural landholders does offer potential opportunities.
Maeve Taylor’s family is now in the process of purchasing land in nearby Vermont, close enough that they won’t have to move.
The transaction is being facilitated by the Vermont Land Trust, which matched the Taylors with a farming family who wanted to sell.
It structured the sale in such a way that the land would be affordable to the Taylors, using a mechanism under debate in the farm bill discussions.
The owners had been raising organic wheat for nearly four decades, Taylor said, supplying it to nearby bakers. Now, they wanted to retire and ensure that their business continued.
The land sale is expected to take place this month, and Taylor expects to be farming organic wheat by summer. (Reporting by Carey L. Biron, Editing by Claire Cozens. Please credit the Thomson Reuters Foundation, the charitable arm of Thomson Reuters, that covers humanitarian news, women's rights, trafficking, property rights, climate change and resilience. Visit news.trust.org )
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https://www.reuters.com/article/us-farming-land/feature-new-farmers-squeezed-out-as-development-alters-u-s-landscape-idUSL8N1S43U4
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01:27 01:27 | 9:57 AM ET Sun, 13 May 2018 02:54 02:54 | 19 Hrs Ago 00:44 00:44 | 11:48 AM ET Fri, 11 May 2018
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https://www.cnbc.com/video/2018/05/14/cramer-forescout-technologies-is-protecting-networks-online.html
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As a supply truck backed up to the loading docks of G.W Hall and Sons on Hooper's Island last week, anxious crabbers stood by to unload dozens of bushels of live Maryland blue crabs.
For generations, this has been a familiar scene at the start of crabbing seasons on Maryland's Eastern Shore: scores of crabs off to be steamed and then picked apart for their meat.
This year, however, many in the industry are feeling the blues about what happens after the crabs are unloaded. That's because President Donald Trump 's tighter restrictions on legal immigration are causing a shortage of laborers who handpick crab meat, putting some businesses in danger of shutting down.
Hooper's Island, in the Chesapeake Bay, is the heart of Maryland's crab industry. Seafood processors like G.W. Hall rely on foreign labor for crab picking. The workers are usually women from Mexico on temporary H-2B visas.
Demand for applications was so high this year that, for the first time, businesses had to enter a federal lottery to bring in foreign workers — and not everyone was a winner.
'An empty picking room' At Russell Hall Seafood, there's a deafening silence, except for the ticking clock. The stainless steel tables are gleaming. Metal chairs are pushed against the concrete wall. Yellow garbage bins are stacked high in the corner, and 1-pound crab containers on the counter remain empty.
"As you can see, we have an empty picking room. Nobody here," said Harry Phillips, who took over the company in 1992.
Karen James Sloan | CNBC Empty cans sit on a table at A.E. Phillips as they do not have crab pickers this season. Before he purchased the business, he said, it had been closed for six years because it couldn't find enough American workers to pick crabs. Phillips advertised the vacancies, and hardly any locals showed up, so he inquired about the seasonal program for immigrant workers. Phillips said Americans want year-round jobs.
"They don't want an eight-month job like we offer, and that's all we offer," Phillips said. "So that's a good reason they don't want to apply for a job here."
One of the country's largest labor unions contends that businesses are gaming the system and taking away job opportunities from U.S. workers.
"What you have is employers who need to get approval for the visas very early in the year claiming in January, 'I can't find someone who wants to do this job in the summer,'" said William Spriggs, chief economist at the AFL-CIO. "And then they bring in foreign workers, and then when American workers go to look for the job in the summer, it's 'Oh well, I already have people. So you can't apply.'"
A tough lottery to win The national cap on H-2B visas has been set at 66,000 for years, but businesses successfully lobbied to exempt returning workers from that count. That exemption disappeared last year as the Trump administration took a hard-line stance on immigration. Eventually, the Department of Homeland Security added an additional 15,000 visas, but businesses said it wasn't enough.
Karen James Sloan | CNBC Crabs are picked and packaged at G.W. Hall and Sons Seafood company. This year, companies had to enter a federal lottery to receive the coveted visas. DHS began accepting applications in February, and within a week, the number of requests exceeded the available slots.
Homeland Security Secretary Kirstjen Nielsen said last week at a hearing on Capitol Hill that the agency plans to increase the number of available visas in May, but she did not specify by how much.
"We are very aware. We have finalized our recommendation. It's working its way through the process," she said.
But seafood companies say they need workers now.
show chapters Crabbers industry in a pinch as immigration regulations tighten 2:05 PM ET Mon, 30 April 2018 | 02:23 "The lottery is unfair. It's inadequate, but the sooner we get [visas] the better," said Colleen Purcell, executive director of American Seafood Jobs Alliance, an industry group.
According to a report published by the University of Maryland, every unfilled visa leads to 2½ jobs lost in the state. The shortage of crab pickers also puts many other jobs at risk, said Jack Brooks, president of the Chesapeake Bay Seafood Industries Association.
"It devastates our communities, our local markets," Brooks said. "The people who make our boxes right here in our county, the people who service our equipment, our truck drivers, our truck repair people, the local markets it goes on and on and on."
A pressure campaign from Maryland Charlie Gibby, owner of Gibby's restaurant in Baltimore, serves blue crabs from the Eastern Shore in his dishes. He is concerned that the shortage of crab pickers will affect the entire crab supply chain — and his bottom line. He wrote a letter to Nielsen and Labor Secretary Alexander Acosta urging them to take swift action.
"Restaurants are struggling economically, and if you take Maryland crab meat from them, hundreds of restaurants that depend on selling Maryland crab cakes made with Maryland crab meat will go out of business," Gibby wrote.
Gov. Larry Hogan, a Republican, also sent a letter to both secretaries seeking support for the industry. He estimated the economic hit at more than $9 million and the loss of more than 1,000 jobs in the state.
Karen James Sloan | CNBC Crab Pickers in G.W. Hall and Sons Seafood company. "I am requesting that DHS provide immediate H2-B cap relief as a temporary fix to help these companies stay in business," Hogan wrote in the letter, dated April 23.
Aubrey Vincent, owner of Lindy's Seafood, said her request for 104 seasonal worker visas was denied. She said she recently invested $50,000 to upgrade her processing plant but feared completing the project would leave her broke because she has no workers to use the equipment.
"So everything pretty much in this area is on hold including, we've got a boiler in this area we purchased in order to increase our capacity," Vincent said. "Unfortunately, now we also put a hold on this. We're concerned that if we don't stop some of these projects we're going to need some that money to survive the season without our workers."
'We got lucky' Of the eight seafood companies on Hooper's Island, five received visas. G. W. Hall was one of them.
"We got lucky," owner Bryan Hall said. "We got visas, H-2B visas. Without them, we'd be out of business."
show chapters Crab industry hit by immigration restrictions 7:59 AM ET Mon, 30 April 2018 | 03:10 Inside the well-lit picking room of G.W. Hall and Sons, the nonstop sound of cracking crabs is mesmerizing. About two dozen Mexican women, the tips of their fingers wrapped in bandages to protect from accidental knife cuts, move swiftly to dig out the jumbo lump meat to fill 1-pound plastic cups.
The rhythm produced from cracking claws mixes with the Latino music coming from an overhead sound system. Hall aims to provide a pleasant work environment.
"I feel bad for having them, almost, because I've got friends who own different businesses that don't have [workers]," Hall said. "It's terrible, devastating."
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https://www.cnbc.com/2018/05/01/trump-makes-it-tough-for-crabbers-to-hire-foreign-workers.html
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May 11 (Reuters) - Clearone Inc:
* CLEARONE INC FILES FOR NON TIMELY 10-Q - SEC FILING Source text: ( bit.ly/2rABVDV ) Further company coverage:
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https://www.reuters.com/article/brief-clearone-inc-files-for-non-timely/brief-clearone-inc-files-for-non-timely-10-q-idUSFWN1SI1G3
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May 3 (Reuters) - Pembina Pipeline Corp:
* PEMBINA PIPELINE CORPORATION ANNOUNCES PHASE VI PIPELINE EXPANSION AND DECLARES INCREASED DIVIDEND
* THE $280 MILLION PHASE VI EXPANSION IS ANTICIPATED TO BE IN SERVICE IN EARLY 2020, SUBJECT TO ENVIRONMENTAL AND REGULATORY APPROVAL Source text for Eikon:
Our
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https://www.reuters.com/article/brief-pembina-pipeline-corp-announces-ph/brief-pembina-pipeline-corp-announces-phase-vi-pipeline-expansion-idUSASC09ZTH
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WASHINGTON (Reuters) - President Donald Trump on Tuesday said he was not pleased with recent trade talks between the United States and China, but kept the door open for further negotiations.
FILE PHOTO: U.S. President Donald Trump gestures as he delivers remarks during the Prison Reform Summit at the White House in Washington, DC, U.S., May 18, 2018. REUTERS/Kevin Lamarque/File Photo Speaking to reporters ahead of a meeting with South Korea’s President Moon Jae-in at the White House, Trump said the China talks “were a start.”
Reporting by Jeff Mason; Writing by Lisa Lambert; Editing by Chizu Nomiyama
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https://www.reuters.com/article/us-usa-trade-china-talks/trump-says-not-pleased-with-how-trade-talks-went-with-china-idUSKCN1IN2DT
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SAN JOSE, Calif. (AP) _ Harmonic Inc. (HLIT) on Monday reported a loss of $13.7 million in its first quarter.
The San Jose, California-based company said it had a loss of 16 cents per share. Losses, adjusted for stock option expense and amortization costs, came to 1 cent per share.
The results exceeded Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for a loss of 6 cents per share.
The video services provider posted revenue of $90.1 million in the period, which also topped Street forecasts. Three analysts surveyed by Zacks expected $88.3 million.
For the current quarter ending in July, Harmonic expects its results to range from a loss of 7 cents per share to earnings of 2 cents per share.
The company said it expects revenue in the range of $88 million to $98 million for the fiscal second quarter.
Harmonic expects full-year results to range from a loss of 22 cents per share to earnings of 18 cents per share, with revenue ranging from $375 million to $425 million.
In the final minutes of trading on Monday, the company's shares hit $3.65. A year ago, they were trading at $5.80.
This story was generated by Automated Insights ( http://automatedinsights.com/ap ) using data from Zacks Investment Research. Access a Zacks stock report on HLIT at https://www.zacks.com/ap/HLIT
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https://www.cnbc.com/2018/04/30/the-associated-press-harmonic-1q-earnings-snapshot.html
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Following receipt of Breakthrough Therapy Designation, conducted successful Type B meeting with FDA confirming adequacy of Phase 3 program for ZX008 NDA in Dravet syndrome
Study 1504 fully enrolled with 87 randomized patients; top-line results expected late June/early July
On-track to submit U.S. and EU regulatory approval filings for ZX008 in Dravet syndrome in fourth quarter of 2018
EMERYVILLE, Calif., May 09, 2018 (GLOBE NEWSWIRE) -- Zogenix, Inc. (NASDAQ:ZGNX), a pharmaceutical company developing therapies for the treatment of rare central nervous system (CNS) disorders, today provided a corporate update and announced financial results for the first quarter ended March 31, 2018.
“We continue to advance towards multiple key catalysts in our late-stage lead program, ZX008 for the treatment of Dravet syndrome, including results from our second Phase 3 trial, Study 1504, and U.S. and EU regulatory filings targeted for the fourth quarter of 2018,” said Stephen J. Farr, Ph.D., President and CEO of Zogenix. “To this end, following receipt of Breakthrough Therapy designation in the first quarter, we recently conducted a successful Type B meeting with the U.S. Food and Drug Administration (FDA) to discuss our ZX008 clinical development program and planned New Drug Application (NDA) content for ZX008 in Dravet syndrome.”
“In addition, we continued to add to the positive efficacy data set for ZX008 in Dravet syndrome through the presentation of further analyses of Study 1, our first Phase 3 trial, in two poster presentations at the 2018 American Academy of Neurology (AAN) Annual Meeting,” continued Dr. Farr. “Importantly, the results of a post-hoc analysis evaluating the effect of ZX008 in a subset of patients who had previously failed treatment with stiripentol, a commonly used antiepileptic drug, showed that the efficacy and tolerability results in this subgroup were robust and comparable to those achieved in the full Study 1 population.”
“We also continued to enroll patients in our ongoing global Phase 3 trial of ZX008 in Lennox-Gastaut syndrome (LGS) in children and adults up to age 35, and had 16 open sites in the U.S. and Canada at the end of April and are focused on opening others in North America and completing Ethics Committee submissions to several European countries,” concluded Dr. Farr.
Corporate Update
Conducted a successful Breakthrough Therapy Type B meeting with the FDA regarding the ZX008 clinical development program and planned NDA submission in Dravet syndrome. Key outcomes included:
- Reaffirmation of Study 1 and Study 1504 as the clinical basis for the NDA submission;
- Concurrence that the anticipated ZX008 exposures in the Dravet syndrome program at the time of the NDA submission are likely to be sufficient to support the filing; and
- Agreement on the schedule for a rolling NDA submission.
Enrolled and randomized a total of 87 patients into the efficacy cohort of Study 1504, with last patient scheduled to exit the treatment period at the end of May and top-line results expected end of June/early July.
Presented new efficacy and safety results from Study 1 at the AAN 2018 Annual Meeting:
- Positive results of a post-hoc analysis evaluating the effect of ZX008 on controlling convulsive seizures in patients in Study 1 who had previously failed therapy with stiripentol. The data demonstrated that patients taking ZX008 0.8 mg/kg/day (max. 30 mg/day) achieved a 60.8% greater reduction in mean monthly convulsive seizures compared to placebo (p=0.002). Additionally, in the 0.8 mg/kg/day group, 72.7% of patients achieved an equal or greater than 50% reduction in convulsive seizures (p=0.006), and 50.0% achieved an equal or greater than 75% reduction (p=0.036). Across these and other efficacy measures, the results from the subset analysis of stiripentol non-responders were comparable to the full Study 1 population, indicating that a history of non-responsiveness to stiripentol is not a predictor of negative response to treatment with ZX008 in Dravet syndrome.
- Positive results of a prespecified secondary analysis evaluating the effect of ZX008 on total seizure frequency, showing that treatment with ZX008 at doses of 0.2 mg/kg/day and 0.8 mg/kg/day (max. 30 mg/day) resulted in significantly greater reductions in median monthly total seizure frequency compared to placebo (p= 0.031 and p<0.001, respectively).
- Encouraging preliminary quality of life and cognitive function data showing that patients treated with ZX008 over the 14-week double-blind treatment period experienced significant improvements on select measures of quality of life and executive function compared to those on placebo.
Continued enrollment in global Phase 3 trial of ZX008 for treatment of LGS, Study 1601. At the end of April, 16 sites in the U.S. and Canada were open to recruit patients and Ethics Committee submissions to several European countries have been completed.
First Quarter 2018 Financial Results
Due to the wind-down of Sumavel DosePro manufacturing operations in September 2017, the Company recorded no revenue for the three months ended March 31, 2018. This compares with total revenue of $2.7 million in the first quarter ended March 31, 2017, consisting entirely of contract manufacturing revenue for Sumavel DosePro.
Research and development expenses for the first quarter ended Mach 31, 2018, totaled $23.0 million, up from $13.3 million in the first quarter ended March 31, 2017, as the Company continued enrollment and expanded the scope of its Phase 3 clinical trials for ZX008 in Dravet syndrome and LGS.
Selling, general and administrative expenses for the first quarter ended March 31, 2018, totaled $8.1 million, compared with $6.6 million in the first quarter ended March 31, 2017.
Net loss from continuing operations for the first quarter ended March 31, 2018, was $30.2 million, compared with a net loss from continuing operations of $21.1 million in the first quarter ended March 31, 2017.
Total net loss for the first quarter ended March 31, 2018, was $30.2 million, or a net loss of $0.87 per share, compared with a total net loss of $21.3 million, or a net loss of $0.86 per share, in the first quarter ended March 31, 2017.
As of March 31, 2018, the Company had cash and cash equivalents of $272.0 million, compared to $293.5 million at December 31, 2017.
Conference Call Details
Wednesday, May 9 th @ 4:30pm Eastern Time/1:30pm Pacific Time
Toll Free: 866-548-4713 International: 323-794-2093 Conference ID: 7186111 Webcast: http://public.viavid.com/index.php?id=129538 Replays, available through May 23 rd
Domestic: 844-512-2921 International: 412-317-6671 Replay PIN: 7186111
About Zogenix
Zogenix, Inc. (Nasdaq:ZGNX) is a pharmaceutical company committed to developing and commercializing CNS therapies that address specific clinical needs for people living with orphan and other CNS disorders who need innovative treatment alternatives to improve their daily functioning.
For more information, visit www.zogenix.com .
CONTACTS:
Investors: Andrew McDonald
Founding Partner, LifeSci Advisors LLC
646-597-6987 | Andrew@lifesciadvisors.com
Forward Looking Statements
Zogenix cautions you that statements included in this press release that are not a description of historical facts are forward-looking statements. Words such as “believes,” “anticipates,” “plans,” “expects,” “indicates,” “will,” “intends,” “potential,” “suggests,” “assuming,” “designed” and similar expressions are intended to identify forward-looking statements. These statements are based on the Company's current beliefs and expectations. These forward-looking statements include statements regarding ZX008’s potential as a treatment for seizures associated with Dravet syndrome; the enrollment of patients in the planned global Phase 3 clinical trial in Lennox Gastaut Syndrome; the timing of top line results for the Study 1504 clinical trial; the timing or results of regulatory submissions for ZX008 for Dravet syndrome in the U.S. and Europe; the timing of the enrollment of patients or results in our Phase 3 trial in LGS; the timing of our regulatory submissions of ZX008 to treat LGS; and the commercial potential of ZX008. The inclusion of forward-looking statements should not be regarded as a representation by Zogenix that any of its plans will be achieved. Actual results may differ from those set forth in this release due to the risks and uncertainties inherent in Zogenix’s business, including, without limitation: the uncertainties associated with the clinical development and regulatory approval of product candidates such as ZX008, including potential delays in the commencement, enrollment and completion of clinical trials; the potential that earlier clinical trials and studies, and analyses of such clinical trials and studies, may not be predictive of future results; top-line data is based on preliminary analysis of clinical data, and such data may change following a more comprehensive review of the data related and such top-line data may not accurately reflect the complete results of a clinical trial; Zogenix’s reliance on third parties to conduct its clinical trials, enroll patients, manufacture its preclinical and clinical drug supplies and manufacture commercial supplies of its drug products, if approved; unexpected adverse side effects or inadequate therapeutic efficacy of ZX008 that could limit approval and/or commercialization, or that could result in recalls or product liability claims; Zogenix's ability to fully comply with numerous federal, state and local laws and regulatory requirements, as well as rules and regulations outside the United States, that apply to its product development activities; Breakthrough Therapy designation and Fast Track designation may not result in an expedited regulatory review process; and other risks described in Zogenix’s prior press releases as well as in public periodic filings with the Securities and Exchange Commission. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and Zogenix undertakes no obligation to revise or update this press release to reflect events or circumstances after the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement. This caution is made under the safe harbor provisions of Section 21E of the Private Securities Litigation Reform Act of 1995.
Zogenix, Inc.
Condensed Consolidated Balance Sheets (Unaudited)
(in thousands, except par value)
March 31,
2018 December 31,
2017 Assets Current assets: Cash and cash equivalents $ 271,953 $ 293,503 Prepaid expenses 8,547 5,994 Other current assets 827 5,206 Total current assets 281,327 304,703 Property and equipment, net 287 245 Intangible assets 102,500 102,500 Goodwill 6,234 6,234 Other assets 1,509 3,931 Total assets $ 391,857 $ 417,613 Liabilities and stockholders’ equity Current liabilities: Accounts payable $ 2,866 $ 3,356 Accrued expenses 16,024 10,499 Accrued compensation 3,691 6,616 Common stock warrant liabilities 495 512 Total current liabilities 23,076 20,983 Contingent consideration 76,900 76,900 Deferred income taxes 17,425 17,425 Other long-term liabilities 684 784 Stockholders’ equity: Common stock 35 35 Additional paid-in capital 875,957 873,526 Accumulated deficit (602,220 ) (572,040 ) Total stockholders’ equity 273,772 301,521 Total liabilities and stockholders’ equity $ 391,857 $ 417,613
Zogenix, Inc.
Condensed Consolidated Statements of Operations (Unaudited)
(in thousands, except per share amounts)
Three Months Ended March 31, 2018 2017 Contract manufacturing revenue $ — $ 2,696 Costs and expenses: Cost of contract manufacturing — 2,487 Research and development 22,980 13,341 Selling, general and administrative 8,070 6,554 Asset impairment charges — 813 Change in fair value of contingent consideration — 600 Total costs and expenses 31,050 23,795 Loss from operations (31,050 ) (21,099 ) Other income (expense): Interest income 833 94 Interest expense (6 ) (671 ) Change in fair value of common stock warrant liabilities 17 587 Other income (expense) 26 (20 ) Total other income (expense) 870 (10 ) Loss from continuing operations before income taxes (30,180 ) (21,109 ) Income tax expense — (17 ) Net loss from continuing operations (30,180 ) (21,126 ) Loss from discontinued operations, net of tax — (181 ) Net loss $ (30,180 ) $ (21,307 ) Net loss per share, basic and diluted: Continuing operations $ (0.87 ) $ (0.85 ) Discontinued operations $ — $ (0.01 ) Total $ (0.87 ) $ (0.86 ) Weighted-average shares used in computing net loss per share, basic and diluted 34,841 24,813
Source:Zogenix, Inc.
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http://www.cnbc.com/2018/05/09/globe-newswire-zogenix-provides-corporate-update-and-reports-first-quarter-financial-results.html
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May 24, 2018 / 8:56 AM / Updated 11 minutes ago EU dismisses latest British ideas on Ireland after Brexit Reuters Staff 4 Min Read
LONDON/DUBLIN (Reuters) - Britain’s post-Brexit adaptation will run through 2020, as planned, a British government spokeswoman said on Thursday as the EU dismissed London’s ideas for a longer status quo on customs and trade in a fight over the Irish border. FILE PHOTO: A Britain's and some European flags are hung outside the EU Commission headquarters in Brussels, Belgium December 4, 2017. REUTERS/Yves Herman/File photo
Both sides say they want to avoid a return of border checks on the island of Ireland after Brexit, but the European Union dismisses London’s idea to that end as unrealistic.
The EU has hence insisted on a “backstop” plan stipulating that, should no better options be agreed, it would go on governing trade after Brexit on the whole island where both EU member Ireland and Britain’s province of Northern Ireland sit.
That is, however, anathema to London, which is negotiating its divorce from a bloc it is due to exit next March. A transition period would follow until the end of 2020 and a new deal would kick in between the two from then on.
In recent efforts to make the backstop more digestible to Britain, Prime Minister Theresa May’s government has been mulling applying the EU’s external tariffs for a time-limited period beyond December 2020.
The Times newspaper reported that May would propose another transition covering customs and trade to run from 2021 until 2023 to avoid the need for infrastructure or checks on the Irish border. It will be Britain’s only land frontier with the European Union after Brexit.
Irish Prime Minister Leo Varadkar, behind whom the other 26 leaders of the remaining EU states have rallied, said Dublin could not agree to a time-limited solution.
“Well 2023 won’t do. The Irish government won’t be able to agree to a situation where we put off a fundamental decision like that,” he told Ireland’s Newstalk radio station.
“The whole purpose of having the backstop is that that’s a guarantee that is there in perpetuity and just kicking the can down the road on the basis that maybe we can come up with some sort of legal or technological solutions that don’t exist now, that’s not something we could accept.”
He was firmly backed by a senior EU official who deals with Brexit talks that the bloc’s executive European Commission is leading with London and spoke to reporters in Brussels on Thursday after the last negotiating round between the two sides.
“We pointed out that what they seem to be discussing will not address the issues linked to the border and that of course a backstop that would be strictly time-limited would defeat the purpose of a backstop,” the person said.
The EU and Dublin insist the Brexit treaty must lock in the backstop in case a future trade pact does not remove the need for border controls. London signed up for this last month but disagrees with the EU’s means of achieving it.
May’s spokeswoman said the government intends to be ready with new customs arrangements by the end of the transition period, despite a parliamentary report also saying that Britain may have to stay in the customs union.
In Brussels, EU Industry Commissioner Elzbieta Bienkowska urged London to give “at least some kind of predictability” for the period after it leaves the bloc next year.
“From the very beginning of these negotiations, it has been visible that it’s not the European Union that is delaying this process. We are quite well prepared for this,” she said.
The EU and Britain had been hoping to mark another milestone in the Brexit negotiations schedule during a meeting of all EU leaders in Brussels in a month. That would be aimed at agreeing the Brexit formula this autumn.
Without agreeing on Ireland, the EU threatens to deny Britain any post-Brexit transition, meaning it would crash out from one day to another in March, 2019, with little clarity on what rules apply to people and businesses afterwards.
But the bloc has been sounding increasing alarm about slow progress and what it sees as London’s unrealistic stance on many issues, with the senior EU official deriding on Thursday Britain’s “fantasy” gambit on Brexit. Reporting by Elizabeth Piper in London, Padraic Halpin in Dublin and Gabriela Baczynska in Brussels, Editing by Stephen Addison
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https://uk.reuters.com/article/uk-britain-eu-transition/brexit-transition-will-end-in-december-2020-uk-source-denies-reports-of-additional-period-idUKKCN1IP18J
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May 18 (Reuters) - Nokia Oyj:
* CEO RAJEEV SURI BUYS 575,309 SHARES IN NOKIA * SAYS TRANSACTION WAS DONE IN ACCORDANCE WITH CO-INVESTMENT ARRANGEMENT RELATING TO NOKIA’S 2018 PERFORMANCE SHARE PLAN AS ANNOUNCED IN CONNECTION WITH COMPANY’S INTERIM REPORT FOR Q1 2018. Source text for Eikon: Further company coverage: (Reporting by Gwladys Fouche)
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https://www.reuters.com/article/brief-nokia-ceo-buys-some-575000-shares/brief-nokia-ceo-buys-some-575000-shares-idUSFWN1SP0H5
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Consumer stocks like Amazon could displace tech stocks as market leaders, says Josh Blechman 2:58pm EDT - 04:19
Tech stocks have led the markets for two years, but it's time for rotation into financials and consumer discretionary stocks, says Exponential ETFs' capital markets director in an interview with Reuters' Fred Katayama.
Tech stocks have led the markets for two years, but it's time for rotation into financials and consumer discretionary stocks, says Exponential ETFs' capital markets director in an interview with Reuters' Fred Katayama. //reut.rs/2rhtU6n
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https://www.reuters.com/video/2018/05/02/consumer-stocks-like-amazon-could-displa?videoId=423292041
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May 3, 2018 / 7:37 PM / Updated 32 minutes ago Even one drink a day linked to lower life expectancy Lisa Rapaport 4 Min Read
(Reuters Health) - Even light drinkers who enjoy a single beer or glass of wine every night may still be more likely to die prematurely than people who drink less, a recent study suggests.
Compared to people who drink less than 100 grams of pure alcohol a week - roughly the equivalent of five to six glasses of wine or beer - those who consume 100 grams to 200 grams of alcohol weekly have an estimated life expectancy at age 40 that’s about six months shorter, the study found.
Drinking even more was associated with a greater risk of premature death. When people drank 200 grams to 350 grams a week of alcohol they had up to about a two-year reduction in life expectancy at age 40 compared with those who drank less than 100 grams weekly. And people who drank more than 350 grams a week had up to a five-year reduction in life expectancy at age 40.
“Drinking less was associated with a longer life,” said lead study author Angela Wood of the University of Cambridge in the UK.
While some previous research has linked light drinking to a lower risk of death, particularly from heart disease, results have been mixed and many earlier studies included some people who abstained from alcohol or stopped drinking for health reasons, researchers note in The Lancet.
For the current study, Wood’s team examined data on almost 600,000 current drinkers who were 57 years old on average and didn’t have heart disease at the outset.
About half reported consuming more than 100 grams of alcohol a week. Slightly more than 8 percent were heavy drinkers, consuming more than 350 grams of alcohol weekly.
Researchers followed half of the participants for at least 7.5 years.
During the study, 40,310 people died, including 11,762 fatalities from strokes or vascular problems and 15,150 cancer deaths. There were 39,018 new diagnoses of cardiovascular disease including strokes, heart attacks, heart failure and deaths from other cardiovascular diseases.
Higher alcohol consumption was associated with a greater risk of stroke, heart failure, and fatalities due to high blood pressure or a bulging or ruptured aorta. Any amount of drinking appeared to increase these risks.
For non-fatal heart attacks, however, light alcohol consumption was associated with a slightly lower risk.
The study wasn’t designed to prove whether or how alcohol might directly impact the risk of specific health problems. Researchers also relied on survey data to assess drinking habits, which doesn’t always reflect the amount people really drink.
Still, guidelines in many countries allow more than 100 grams of alcohol a week, and the results suggest that people should consider drinking less, Wood said by email.
“This study challenges some of the recommendations for healthy alcohol consumption, in particular for men, where we recommend up to two drinks a day in the U.S., twice the amount associated with higher risk of premature death seen in this study,” said Dr. Eugene Yang of the University of Washington School of Medicine in Seattle.
“I think this study adds more uncertainty as to what is the right amount of alcohol to recommend for our patients,” Yang, who wasn’t involved in the research, said by email.
“I don’t think there is a simple answer, because it is not clear that there is an increased risk of premature death - these are all observational studies and we are not controlling the amount of alcohol people consume and then analyzing the risk of death.”
Still, moderation is key, said Dr. Giovanni de Gaetano, of IRCCS Istituto Neurologico Mediterraneo Neuromed in Pozzilli, Italy.
“The difference between moderate and heavy drinking in relation to disease risk and mortality is well-established,” de Gaetano, who wasn’t involved in the study, said by email. “Moderation is the key word of alcohol and health.”
SOURCE: bit.ly/2HA6Ab2 The Lancet, online April 14, 2018.
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https://uk.reuters.com/article/us-health-alcohol/even-one-drink-a-day-linked-to-lower-life-expectancy-idUKKBN1I42H6
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May 25, 2018 / 1:17 PM / Updated 9 minutes ago Brazil pulpmaker Fibria says truckers' protest affecting production Reuters Staff 1 Min Read
SAO PAULO, May 25 (Reuters) - An ongoing truckers’ protest in Brazil is affecting the transportation and production of products at wood pulp producer Fibria Celulose SA, the company said on Friday.
“The truckers strike is causing impacts on...production and transportation,” Fibria said in a securities filing. “The company is taking all the possible preventive and mitigation measures to reduce the impacts arising from the national context.” (Reporting by Gram Slattery Editing by Chizu Nomiyama)
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https://www.reuters.com/article/fibria-protests/brazil-pulpmaker-fibria-says-truckers-protest-affecting-production-idUSE6N1QW074
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ROME (Reuters) - The euro looked to have dodged a bullet when Italy’s would-be eurosceptic coalition government collapsed at the weekend, but it may turn out to have been the opening salvo in a war over Europe’s single currency.
Italian President Sergio Mattarella speaks to media after a meeting with Italy's Prime Minister-designate Giuseppe Conte at the Quirinal Palace in Rome, Italy, May 27, 2018. REUTERS/Alessandro Bianchi On Sunday, Italy’s president rejected the nomination of a eurosceptic, Paolo Savona, for the economics ministry by the far-right League and anti-establishment 5-Star Movement because Savona had previously said Italy should leave the euro zone.
But now the two parties, who were rivals in the March vote, are weighing whether to join forces ahead of a fresh election seen in the autumn or early next year.
“The upcoming elections will not be political, but instead a real and true referendum ... between who wants Italy to be a free country and who wants it to be servile and enslaved,” League leader Matteo Salvini said on Monday.
“Today Italy is not free; it is occupied financially by Germans, French and eurocrats.”
The euro, bonds and stocks initially rallied on Monday after President Sergio Mattarella vetoed Savona’s nomination, but relief turned to fear over snap elections. The gap between Italian and German 10-year bond yields, a measure of Italian risk, widened to its highest in over four years.
“The election is going to resemble a referendum, de facto, on the European Union and the euro,” said Francesco Galietti, head of political risk consultancy Policy Sonar in Rome. “It’s an existential threat for the entire euro zone.”
If Italians were to cast a protest vote against the EU and euro at fresh elections, it would deliver the bloc’s biggest challenge since Britain voted to quit the union two years ago and raise questions about the future of the single currency.
As the euro zone’s third-largest economy, heavily indebted Italy also represents a far bigger potential threat to the single currency than the Greek economic crisis.
Polls show the League has gained support since winning 17 percent of the vote in inconclusive March 4 elections, climbing as high as 24 percent. The 5-Star has been drawing about the same 32 percent it got two months ago.
Former prime minister Massimo D’Alema, caught speaking on an open microphone on Saturday, summed up the fears of traditional parties: “If we go back to elections because of a veto on Savona, they (anti-establishment parties) are going to win 80 percent.”
On the street, some voters believe Salvini is right to challenge the president’s veto and go back to the polls.
“I’m really ticked off. The president sold out the country,” said Giancarlo Sacco, 54, owner of a cafe in central Rome. Sacco said he wanted Italy to remain in the euro but that its concerns needed to be taken seriously by EU partners.
“It just has to make itself respected again.”
The president’s veto of Savona as economy minister has put the currency, which was little discussed in the last election campaign, at the center of the debate.
“Membership of the euro is a fundamental choice,” Mattarella said in a televised speech, explaining his veto. “If we want to discuss it, then we should do so in a serious fashion.”
In February, Salvini railed against the euro, saying it was a “mistake for our economy”.
“We don’t have a euro in our pockets. We have a German mark which they called the euro,” he said.
The 5-Star dropped its previous calls for a non-binding referendum over Italy’s euro membership, though its founder, comic Beppe Grillo, recently revived the idea.
Political tensions are running high, with the League threatening street protests against Mattarella.
On social media, League and 5-Star sympathizers made death threats against the president, while supporters crowding around Salvini and Di Maio during live TV interviews late on Sunday shouted insults at him.
On the other side are Italians who, like many Britons devastated by the Brexit vote, see the country’s relationship with Europe as fundamental.
“I am absolutely pro-European and I believe that Italy is connected, must have a connection with Europe for our future,” said Irene Teramo, a shopper at a street market in Rome, who supported the president’s decision.
Italians will also be weighing concern about their savings as financial markets put the country’s stock market and bonds under pressure and borrowing costs increase.
“In his heart, the average voter will probably be cheering for the anti-establishment forces, but his wallet will be saying the opposite,” said political risk expert Galietti.
“It will be a heart versus wallet election.”
League party leader Matteo Salvini speaks at the media after a round of consultations with Italy's newly appointed Prime Minister Giuseppe Conte at the Lower House in Rome, Italy, May 24, 2018. REUTERS/Tony Gentile Editing by Robin Pomeroy
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https://in.reuters.com/article/us-italy-politics-euro-election-analysis/italys-fresh-election-risks-being-referendum-on-euro-idINKCN1IT1IF
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May 21 (Reuters) - RPX Corp:
* HGGC COMMENCES ALL CASH TENDER OFFER FOR ALL OUTSTANDING SHARES OF RPX
* COMMENCED TENDER OFFER FOR OUTSTANDING SHARES OF RPX’S STOCK AT $10.50 PER SHARE
* HGGC’S AFFILIATE, COMMENCED TENDER OFFER FOR OUTSTANDING SHARES OF RPX’S COMMON STOCK AT $10.50 PER SHARE, NET TO SELLER IN CASH
* RPX’S BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS THAT RPX STOCKHOLDERS TENDER THEIR SHARES IN TENDER OFFER
* TENDER OFFER AND WITHDRAWAL RIGHTS ARE SCHEDULED TO EXPIRE ON JUNE 18, 2018 Source text for Eikon: Further company coverage:
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https://www.reuters.com/article/brief-hggc-commences-cash-tender-offer-f/brief-hggc-commences-cash-tender-offer-for-outstanding-shares-of-rpx-idUSASC0A2ZN
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WARSAW, N.Y., May 08, 2018 (GLOBE NEWSWIRE) -- Financial Institutions, Inc. (Nasdaq:FISI) (the “Company”), parent company of Five Star Bank, Scott Danahy Naylon, LLC (“Scott Danahy Naylon”) and Courier Capital, LLC (“Courier Capital”), announced today that it has entered into a definitive agreement to acquire HNP Capital, LLC (“HNP”). HNP is an SEC-registered investment advisory, wealth management and family office services firm based in Pittsford, New York.
HNP offers investment management, retirement plan services, alternative investments, financial planning and family office services to more than 250 clients. HNP was founded in 2009 by John R. Piccirilli, Chris Hobaica and Nick Norvell, who will continue to manage the firm’s assets after closing. As of March 31, 2018, HNP had approximately $334 million of assets under management.
“This transaction demonstrates a continued commitment to our long-term strategy of diversifying revenue,” said Martin K. Birmingham, President and Chief Executive Officer of the Company. “It also fills an existing geographic gap in our wealth management business by providing coverage of Rochester and the eastern side of our operating footprint. Courier Capital already provides strong coverage of Buffalo and the western portion of our market. We anticipate significant operating synergies between HNP and Courier Capital, as well as with Five Star Bank. The team at HNP has built a terrific wealth management platform and we look forward to adding them to our organization.”
John Piccirilli, Co-Founder and Principal of HNP commented, “We are very pleased to become part of Financial Institutions, Inc. We are a sales-minded team and believe there will be significant opportunities for growth of our wealth management business. We also believe we will add value to the Company’s other businesses through our existing relationships.”
The transaction is subject to typical conditions to closing, and is expected to be completed on or about June 1, 2018. Upon closing of the acquisition, HNP will operate as a subsidiary of Financial Institutions, Inc. and an affiliate of Five Star Bank, Scott Danahy Naylon and Courier Capital.
Forward-Looking Statements
This press release may contain forward-looking statements as defined by Section 21E of the Securities Exchange Act of 1934, as amended, that involve significant risks and uncertainties. In this context, forward-looking statements often address our expected future business and financial performance and financial condition, and often contain words such as “believe,” “expect,” “anticipate,” “plan,” “seek,” “see,” “may,” “will,” “would,” “forecast,” “target,” “intend,” “outlook,” “estimate,” “guidance,” or “range.” Statements herein are based on certain assumptions and analyses by the Company and factors it believes are appropriate in the circumstances. Actual results could differ materially from those contained in or implied by such statements for a variety of reasons including, but not limited to: the Company’s ability to implement its strategic plan, the Company’s ability to redeploy investment assets into loan assets, whether the Company experiences greater credit losses than expected, whether the Company experiences breaches of its, or third party, information systems, the attitudes and preferences of the Company’s customers, the Company’s ability to successfully integrate and profitably operate HNP, Scott Danahy Naylon, Courier Capital and other acquisitions, the competitive environment, fluctuations in the fair value of securities in its investment portfolio, changes in the regulatory environment and the Company’s compliance with regulatory requirements, changes in interest rates, general economic and credit market conditions nationally and regionally. Consequently, all forward-looking statements made herein are qualified by these cautionary statements and the cautionary language in the Company’s Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q and other documents filed with the SEC. Except as required by law, the Company assumes no obligation to revise these statements following the date of this press release.
About Financial Institutions, Inc.
Financial Institutions, Inc. provides diversified financial services through its subsidiaries Five Star Bank, Scott Danahy Naylon and Courier Capital. Five Star Bank provides a wide range of consumer and commercial banking and lending services to individuals, municipalities and businesses through a network of more than 50 offices throughout Western and Central New York State. Scott Danahy Naylon provides a broad range of insurance services to personal and business clients across 45 states. Courier Capital provides customized investment management, investment consulting and retirement plan services to individuals, businesses, institutions, foundations and retirement plans. Financial Institutions, Inc. and its subsidiaries employ approximately 650 individuals. The Company’s stock is listed on the Nasdaq Global Select Market under the symbol FISI. Additional information is available at www.fiiwarsaw.com .
About HNP Capital, LLC
HNP Capital LLC offers investment management, retirement plan services, alternative investments, financial planning and family office services to more than 250 clients. HNP employs 12 individuals and operates offices in Pittsford, NY and Pittsburgh, PA. HNP has been noted as a Top 25 registered investment advisory firm in the Rochester Business Journal Book of Lists.
For additional information contact:
Shelly J. Doran at (585) 627-1362 or sjdoran@five-starbank.com
Source:Financial Institutions, Inc.
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http://www.cnbc.com/2018/05/08/globe-newswire-financial-institutions-inc-announces-agreement-to-acquire-hnp-capital-llc-a-leading-rochester-wealth-management-firm.html
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May 10, 2018 / 7:35 PM / Updated an hour ago Golf - Johnson finds putting touch to share first-round lead at Players Andrew Both 3 Min Read
PONTE VEDRA BEACH, Fla. (Reuters) - Dustin Johnson, his world number one ranking under siege, took advantage of perfect morning playing conditions to charge into a share of the first-round lead at the Players Championship on Thursday. May 10, 2018; Ponte Vedra Beach, FL, USA; Dustin Johnson plays his shot from the 16th tee during the first round of The Players Championship golf tournament at TPC Sawgrass - Stadium Course. Mandatory Credit: John David Mercer-USA TODAY Sports
Johnson notched six birdies at TPC Sawgrass to join fellow American Webb Simpson and Swede Alex Noren as clubhouse leaders on six-under-par 66.
Defending champion Kim Si-woo, of South Korea, was among a group one stroke behind on a morning of low scoring, but not all of the big names thrived.
Three-times major champion Jordan Spieth hit three balls into the water on his outward nine — the back nine — to post a three-over 75 that leaves him in danger of missing his fourth consecutive cut in the event.
Johnson, on the other hand, stayed out of trouble and used a hot putter to more than make amends for what he said was pedestrian iron play.
He has never finished better than 12th at the Players, due to mediocre putting, but you would not have known it from the way he rolled the ball on Thursday.
“I’ve struggled on the greens here. I feel like they’re tough to read but today I felt like I did a very good job reading the greens,” Johnson said.
“I haven’t the best record here but it’s a golf course that I like and I feel I should play well here.”
Johnson has been ranked number one for more than a year, but has four players nipping at his heels, and has to win on Sunday to be certain of retaining his ranking.
Justin Thomas, Jon Rahm, Jordan Spieth and Justin Rose all have a mathematical chance of going to number one, something Johnson shrugs off as nothing more than noise.
“I don’t care what people are talking about,” he said. “It doesn’t bother me.”
Kim, meanwhile, reached seven-under after 16 holes, but ran up two straight bogeys as he got a late case of the hooks.
“The last three holes I missed it a little but I know that miss and I’m going to fix it better for tomorrow,” he said.
After barely a breath of wind in the morning, a light breeze sprang up just after noon — not enough to be a huge bother to the afternoon starters, but probably enough to prevent anyone from going really low.
Tiger Woods, Phil Mickelson, Jason Day and U.S. Masters champion Patrick Reed were among the late starters. Reporting by Andrew Both,; Editing by Neville Dalton
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https://uk.reuters.com/article/uk-golf-players/golf-johnson-finds-putting-touch-to-share-first-round-lead-at-players-idUKKBN1IB2TQ
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Founded: 1983Headquarters: Austin, Texas
Keller Williams Realty topped Indeed's list as the number one company for work-life balance. The real estate company has over 139,000 agents around the world but manages to maintain a culture of balance due in part to a business model that emphasizes profit-sharing and allows for flexible work schedules.
"As an individual contractor you determine your workday," says one employee. "There is complete flexibility in your schedule and unlimited earnings potential," adds another.
Real estate companies Coldwell Banker and Century 21 also made Indeed's list.
Three companies from California cracked the top five — Cisco, Kaiser Permanente and Google. "Cisco is an excellent company to maintain work-life balance. I worked most of the time from home and being a single mom it helped [me] to raise my kids," said one Cisco employee.
Surprisingly, several industries traditionally known for long hours and demanding cultures — like banking and tech — were well-represented on Indeed's list.
One Google employee explains that an employee's relationship with their manager can mean the difference between a balanced and unbalanced work life.
"The manager you work with is key to your work/life balance and overall satisfaction at the company, so vet your potential direct managers well," they write.
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ashraq/financial-news-articles
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https://www.cnbc.com/2018/05/01/the-15-best-companies-for-work-life-balance-in-2018.html
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NEW YORK (LPC) - US middle market companies and their private equity sponsors are focusing on growing through ‘buy and build’ strategies, rather than transformative acquisitions despite a surge in global merger and acquisition (M&A) activity, as they prepare for a possible macroeconomic downturn.
Despite a generally benign economic climate now, toppy purchase prices and high debt multiples are encouraging sponsors to focus on smaller add-on acquisitions for mid-sized portfolio investments as they brace for a less favorable trade environment or a possible downturn in the economic cycle.
“Sentiment is split. We are still seeing great results, strong profits and businesses are hiring, but there are simultaneously things to worry about, said John Martin, managing partner and co-CEO of Antares Capital.
Making smaller acquisitions at lower multiples of 4-5x to existing deals can help to justify high double digit purchase price multiples as financial sponsors focus on adding scale through bolt-on acquisitions rather than solely emphasizing organic growth.
“If there is still room to grow a company, and you don’t have to sell it or you don’t have a good reinvestment opportunity, sponsors would rather build it out with add-ons and tuck-in acquisitions,” a middle market lender said.
One lower middle market lender said that 20% of the names in their portfolio made add-on acquisitions in the first quarter, which is notably high. Overall M&A activity was less robust than anticipated in the first three months as fewer middle market companies took advantage of the tax cuts in the New Year to make acquisitions, the lender said.
This trend has continued so far in the second quarter. NorthStar Financial Services, a portfolio company of TA Associates, launched a US$405m acquisition loan on May 4 that backs the company’s purchase of asset management firm FTJ FundChoice. Northstar is buying the FTJ platform from financial sponsor Seaport Capital. Antares Capital leads the deal with Macquarie Capital and Citizens Bank.
Also earlier in May, urgent care provider CityMD, a portfolio company of private equity firm Warburg Pincus, finalized a repricing of its US$224.4m term loan and a US$120m add-on facility that will be used to support an acquisition. Credit Suisse, SunTrust and ING arranged the funding.
Highline Aftermarket completed a US$368m term loan B in April that refinanced existing debt and funded the company’s acquisition of South/Win, a manufacturer of automotive fluids. Private equity firm The Sterling Group backs Highline, an automotive chemicals, lubricants, and parts manufacturer and distributor. The BNP Paribas-led deal brought in existing lenders and new money investors.
CHEAP DEBT Debt funding remains cheap and investor appetite for floating-rate assets remains strong in a rising rate environment. Leveraged lending constraints on banks have loosened, Collateralized Loan Obligation (CLO) funds are no longer required to hold as much skin in the game and Business Development Companies have been given the green light to raise leverage.
This abundant liquidity and the ability to line up low-cost acquisition funding with flexible terms is not, however, enticing mid-sized US companies to raise new money in event-driven deals at a pace that keeps up with investor demand.
“We are in an optimal issuance environment, but issuers aren’t coming to market at a faster pace,” said a regional banker of sponsor-backed companies and corporate borrowers.
Some issuers are still waiting for further clarity on the implications of US tax cuts and trade policy discussions. There are also indications that despite a mostly positive economic outlook and continued confidence about M&A prospects, uncertainty around trade policy and anticipation about an eventual market downturn is introducing some caution into US middle market companies’ calculations.
“Rate increases are coming late in the cycle, stocks are choppier, trade talks are floating around. Concerns are rising, but it hasn’t derailed confidence yet,” Martin said.
A recent survey of middle market dealmakers by Antares Capital showed that 69% of respondents are either very or somewhat concerned that rising trade tariffs or a potential trade war could impact portfolios. Similarly, at 65% a majority believe a recession is somewhat or very likely in the next 18 months.
Despite wariness around the business impact of possible trade wars or a looming recession, the survey also found that a majority of respondents still expect M&A growth to be strong (12% of respondents) or modest (55% of respondents) in 2018.
Reporting by Leela Parker Deo; Editing by Tessa Walsh and Michelle Sierra
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https://www.reuters.com/article/us-mm-loangrowth/us-middle-market-firms-focus-on-buy-and-build-growth-strategies-idUSKCN1IG32G
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Bayer cuts full-year earnings guidance on strong euro 9:25pm IST - 01:28
Bayer says the pressure from a stronger euro on overseas revenues would translate into a decline in earnings this year, as it prepares to close its $62.5 billion takeover of U.S. seeds maker Monsanto next quarter. Sonia Legg reports.
Bayer says the pressure from a stronger euro on overseas revenues would translate into a decline in earnings this year, as it prepares to close its $62.5 billion takeover of U.S. seeds maker Monsanto next quarter. Sonia Legg reports. //reut.rs/2KAy02C
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https://in.reuters.com/video/2018/05/03/bayer-cuts-full-year-earnings-guidance-o?videoId=423511050
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April 30 (Reuters) - Beigene Ltd:
* BEIGENE LTD SAYS CEO JOHN V. OYLER'S 2017 TOTAL COMPENSATION WAS $10.3 MILLION – SEC FILING Source : bit.ly/2r6wtIy Further company coverage: (Reuters.Briefs@thomsonreuters.com)
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https://www.reuters.com/article/brief-beigene-says-ceo-john-v-oylers-201/brief-beigene-says-ceo-john-v-oylers-2017-total-compensation-was-10-3-million-idUSFWN1S71CT
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May 18, 2018 / 9:11 AM / Updated 24 minutes ago Father of groom, Prince Charles, to walk Meghan Markle down aisle at royal wedding Reuters Staff 1 Meghan Markle has asked Britain’s heir to the throne, Prince Charles, to walk her down the aisle on Saturday at her wedding to his son Prince Harry after
Ms Reporting by Michael Holden; editing by Guy Faulconbridge
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https://uk.reuters.com/article/uk-britain-royals-markle-aisle/father-of-groom-prince-charles-to-walk-meghan-markle-down-aisle-at-royal-wedding-idUKKCN1IJ0Y0
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May 4 (Reuters) - IP Group PLC:
* MIKE HUMPHREY TO RETIRE AND STEP DOWN FROM HIS POSITION AS NON-EXECUTIVE CHAIRMAN AND DIRECTOR OF COMPANY FOR PERSONAL REASONS
* HUMPHREY TO STEP DOWN AS SOON AS SUITABLE REPLACEMENT CAN BE RECRUITED Source text for Eikon: Further company coverage:
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https://www.reuters.com/article/brief-ip-group-says-mike-humphrey-to-ret/brief-ip-group-says-mike-humphrey-to-retire-and-step-down-as-non-executive-chairman-and-director-idUSFWN1SA1G7
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May 3, 2018 / 7:10 PM / in 35 minutes Ex-Goldman Sachs programer loses bid to overturn conviction Brendan Pierson 3 Min Read
NEW YORK (Reuters) - New York’s highest court on Thursday refused to overturn former Goldman Sachs Group Inc programer Sergey Aleynikov’s criminal conviction of stealing computer code from the investment bank when he left for another job.
In the latest development of a case that partly inspired Michael Lewis’ bestselling book “Flash Boys” on high-frequency trading in the U.S. equity market, the New York Court of Appeals rejected Aleynikov’s argument that the code was not “tangible,” and thus not covered by a state law criminalizing “unlawful use of secret scientific material.”
“This unanimous decision makes abundantly clear that unlawful appropriation of intellectual property is a crime, whether that information is obtained by traditional or more modern means,” Manhattan District Attorney Cyrus Vance said in a written statement.
“We are disappointed in the Court of Appeals decision,” said Kevin Marino, Aleynikov’s lawyer.
However, Marino said the decision left room for a new motion to overturn the conviction for unlawful use of secret scientific material. He cited grounds that the jury had been told that “tangible” could mean “capable of being understood by the mind,” and the appeals court did not adopt that definition. He said he was “confident” that motion would succeed.
Aleynikov, 48, was arrested on federal charges in July 2009 and convicted in December 2010, only to be exonerated by a federal appeals court in February 2012 after serving 11 months of an eight-year prison sentence.
Vance then filed state criminal charges against Aleynikov in August 2012. He was convicted by a jury in May 2015, but the judge who presided over the trial overturned the verdict, finding the copied code was not tangible.
However, the Appellate Division, First Department, a mid-level state appeals court, reinstated the conviction in January 2017, saying a copy on a disk could be tangible. The Court of Appeals agreed to review the case in April 2017.
Aleynikov, a Russian-born U.S. citizen, has said he intended the code only for his own use. Reporting By Brendan Pierson in New York; Editing by Cynthia Osterman
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https://www.reuters.com/article/us-goldman-sachs-theft-programmer/ex-goldman-sachs-programer-loses-bid-to-overturn-conviction-idUSKBN1I42FW
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May 23, 2018 / 4:58 PM / Updated an hour ago Rugby - No let up as Ireland name strong squad for Australia tour Padraic Halpin 3 Min Read
DUBLIN (Reuters) - Ireland named a strong squad for next month’s tour of Australia as coach Joe Schmidt opted against resting some of his Six Nations grand slam winners in favour of building further momentum ahead of next year’s World Cup. FILE PHOTO: Rugby Union - Six Nations Championship - England vs Ireland - Twickenham Stadium, London, Britain - March 17, 2018 Ireland head coach Joe Schmidt during the warm up before the match REUTERS/Toby Melville
The clean sweep of their Northern Hemisphere rivals cemented Ireland’s place as the second best ranked team in the world and they travel for three tests starting in Brisbane on June 9 on the back of 12 successive victories.
While some thought Schmidt may have given the likes of Johnny Sexton and Conor Murray the summer off after they toured New Zealand with the British and Irish Lions a year ago, all available frontline players were chosen on Wednesday.
“This has probably been the most difficult selection process for the coaching group to date,” Schmidt said in a statement.
“Over the past couple of months the national coaches have spent time in the provinces and been in communication with the provincial coaches who have done a super job in managing the players across the season.”
Among the potential new caps, Scarlets Munster-bound second row Tadhg Beirne looks set to give Ireland another dynamic option at lock.
Beirne, who was released by his home province of Leinster two years ago, scored 11 tries in helping the Welsh side to the European Champions Cup semi-finals this season and was among the long list of nominees for European player of the year.
Another former Leinster player who has thrived elsewhere, Ulster scrumhalf John Cooney, will also get a chance to add to the single cap he won as a replacement against Japan last year.
Elsewhere, Leinster flyhalf Ross Byrne earned a first call up after an impressive year as Sexton’s understudy at the European champions.
Ireland, who have beaten the Wallabies in three of their last four meetings but last won in Australia in 1979, move onto Melbourne for the second test on June 16 and finish their last tour before the World Cup in Sydney on June 23.
Squad
Forwards: Tadhg Beirne, Rory Best (captain), Jack Conan, Sean Cronin, Tadhg Furlong, Cian Healy, Iain Henderson, Rob Herring, Dan Leavy, Jack McGrath, Jordi Murphy, Peter O’Mahony, Andrew Porter, Quinn Roux, James Ryan, John Ryan, CJ Stander, Devin Toner.
Backs: Bundee Aki, Ross Byrne, Joey Carbery, Andrew Conway, John Cooney, Keith Earls, Robbie Henshaw, Rob Kearney, Jordan Larmour, Kieran Marmion, Conor Murray, Garry Ringrose, Johnny Sexton, Jacob Stockdale. Reporting by Padraic Halpin; Editing by Toby Davis
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https://uk.reuters.com/article/uk-rugby-union-ireland/rugby-no-let-up-as-ireland-name-strong-squad-for-australia-tour-idUKKCN1IO2NI
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May 10, 2018 / 7:50 PM / Updated 15 minutes ago MOVES-Natixis names van Essche global head of restructuring and workout Kristen Haunss 1 Min Read
NEW YORK, May 10 (LPC) - Natixis has named John-Charles van Essche the global head of restructuring and workout.
van Essche will take on his new role starting June 1 following the retirement at the end of the month of Carol Le Chevallier, according to a spokesperson for Natixis.
In his new role, van Essche will be based in Paris and report to Anne-Christine Champion, global head of distribution and portfolio management.
van Essche is currently the head of restructuring and workout Americas, as well as the head of runoff-New York, the spokesperson said.
He previously worked at Credit Agricole and Barclays.
The bank has made some additional moves recently, announcing on Wednesday that it had named Kevin Alexander deputy chief executive officer of Natixis corporate and investment banking, Americas. Last week it named Michael Moravec head of investment banking, Americas. (Reporting by Kristen Haunss; Editing By Jon Methven)
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https://www.reuters.com/article/natixis-van-moves/moves-natixis-names-van-essche-global-head-of-restructuring-and-workout-idUSL1N1SH1ZL
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By Aric Jenkins 2:11 PM EDT
NFL team owners on Wednesday unanimously approved a new policy allowing the league to fine teams for players kneeling during the national anthem.
The policy now gives NFL players the choice to stay inside of locker rooms during the playing of the “Star Spangled Banner,” but it decrees that players on the field at the time of the national anthem must stand and “show respect for the flag and the anthem,” Commissioner Roger Goodell said in a statement.
“It was unfortunate that on-field protests created a false perception among many that thousands of N.F.L. players were unpatriotic,” Goodell added. “This is not and was never the case.” Statement from NFL Commissioner Roger Goodell pic.twitter.com/1Vn7orTo1R
— NFL (@NFL) May 23, 2018
San Francisco 49ers quarterback Colin Kaepernick first began kneeling during the national anthem in 2016 in protest of police brutality and racism. The demonstration sparked both outrage and praise, and sparked a national debate once President Trump began weighing in on the issue. In September, Trump said NFL owners should fire any players who protest by kneeling during the national anthem, adding that owners should say: “Get that son of a bitch off the field right now, he’s fired. He’s fired!”
Following the 2016 NFL season, Kaepernick became a free agent and was never signed to another team — despite leading the 49ers to a Super Bowl several years earlier — leading some to believe he was blackballed by the league for kneeling.
Wednesday’s new policy was not adopted without the counsel of the NFL Players’ Union. “Our union will review the new ‘policy’ and challenge any aspect of it that is inconsistent with the collective bargaining agreement,” it said in a statement. SPONSORED FINANCIAL CONTENT
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ashraq/financial-news-articles
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http://fortune.com/2018/05/23/nfl-anthem-fines-for-kneeling/
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By Melissa Campbell 11:40 AM EDT
Earlier this month, Amazon (AMZN) released Echo Dot Kids, the first Alexa-equipped speaker designed specifically for children. Amazon says the device offers safe, fun experiences for kids and “peace of mind” for parents. But parents and caregivers shouldn’t buy it .
Echo Dot Kids is a regular Echo Dot wrapped in a colorful case, presumably to protect it from kindergarteners frustrated by Alexa’s fifth, “I didn’t quite catch that.” It comes loaded with FreeTime Unlimited, a content platform featuring games, audiobooks, alarms, and other branded interactive content from companies like NIckelodeon and Disney (DIS) . It also includes a feature where if kids say “please,” Alexa says, “Thanks for asking so nicely!” FreeTime also disables voice purchasing and lets parents set time limits.
Echo Dot Kids does solve some problems—mostly problems created by Amazon. It’s meant to assuage fears that AI assistants will make kids rude, expose them to adult content, or facilitate an avalanche of child-initiated Prime deliveries . It’s not surprising that Amazon’s solution to Echo-enabled problems is “buy another Echo.” But given the problems Echo Dot Kids doesn’t solve, and the new ones it creates, the best solution is not buying an Echo at all.
Amazon brags that when a child says, “Alexa, I’m bored,” Echo Dot Kids will respond with a game or activity. This feels like a win for parents and kids: A child is entertained, and her caregiver can attend to other tasks. But boredom, unfun as it feels, is crucial to healthy development. By finding something to do on their own, kids learn to think creatively and tolerate mild discomfort. According to pediatrician and media researcher Dr. Jenny Radesky, “These two skills—creative initiative and distress tolerance—are incredibly important in life success, but may become harder for children to develop if they become accustomed to immediate boredom relief through a virtual assistant or other device.”
More than that, the “play” offered by FreeTime Unlimited benefits Amazon’s corporate partners much more than it benefits children. Play is how kids learn about the world and their place in it, which is why the best play is open-ended and child-directed. But on FreeTime, play is driven by companies like Nickelodeon, which described Echo Dot Kids as “an exciting new arena for our audience to engage with our brand”—a troublesome thought when you remember that their audience is kids as young as 4 year olds and that “engagement” is brand-speak for “buying stuff.” This kind of branded play is more like interactive marketing, which limits children’s creativity and leads to a host of negative outcomes, including increased family stress (like the kind that happens when your child asks 20 times for that SpongeBob macaroni). A truly kid-safe product would give children the opportunity to play creatively, independently, and free of marketing messages.
And about that peace of mind: Amazon doesn’t make clear what happens to the sensitive information it collects from kids—not just audio recordings, but preferences, activity history, and other data. “Children’s privacy is important to Amazon,” reads the Echo Dot Kids product page , before directing parents to a second page where they must scroll down nine questions to find a link to a third page, Amazon’s Children’s Privacy Disclosure , and scroll to question three before finally seeing that Amazon does share kids’ information, according to the rules laid out in its full privacy notice . But the full notice doesn’t address kids’ data at all. Instead, the section about children links back to the earlier privacy disclosure, completing an ouroboros of non-information that would be darkly funny if we weren’t talking about a device designed to record the goings-on in kids’ bedrooms. And that’s not even getting into the security vulnerabilities of voice-activated AI assistants. How are parents supposed to have peace of mind when they don’t know who has access to their child’s information and recordings of their interactions with Alexa, or what Amazon and their affiliates will do with it?
Maybe most insidiously, Echo Dot Kids normalizes corporate surveillance for very young children. Our personal data is both increasingly valuable and increasingly vulnerable. From Equifax to Cambridge Analytica to Facebook’s report on targeting emotional teenagers , it’s clear that the data economy has consequences that we are only just beginning to understand. Echo Dot Kids exposes kids to this kind of surveillance from nearly birth, making it seem fun, cool, and integral to family life. But how will kids raised in such an environment navigate the consequences, most of which are out of their hands and may not be fully revealed for decades? Will kids raised under the watchful eye of Amazon care about, or even understand, the importance of privacy? What does the future look like when the people who know children best aren’t people at all, but devices designed to extract their data and turn it into profit?
Echo Dot Kids is great for Amazon, a company that’s staked a large part of its future on home listening devices . And it’s great for companies that target children, because it gives them even more influence over how kids play and what they want. But for kids and families, it’s full of risks that are easily avoided by telling Amazon, politely, “No, thanks!”
Melissa Campbell is the communications manager at Campaign for a Commercial-Free Childhood. SPONSORED FINANCIAL CONTENT
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http://fortune.com/2018/05/15/amazon-echo-dot-kids-data-privacy/
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Melania parents and immigration lawyer appear in N.Y. 3:23pm EDT - 00:36
Viktor and Amalija Knavs, the parents of First lady Melania Trump, arrived at the Jacob K. Javits Federal building in New York Wednesday afternoon with their immigration attorney. The building houses immigration officials that help process citizenship applications. Rough Cut (no reporter narration).
Viktor and Amalija Knavs, the parents of First lady Melania Trump, arrived at the Jacob K. Javits Federal building in New York Wednesday afternoon with their immigration attorney. The building houses immigration officials that help process citizenship applications. Rough Cut (no reporter narration). //reut.rs/2HO42pY
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https://www.reuters.com/video/2018/05/02/melania-parents-and-immigration-lawyer-a?videoId=423294515
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LEXINGTON, Mass.--(BUSINESS WIRE)-- Translate Bio, a leading messenger RNA (mRNA) therapeutics company developing a new class of potentially transformative medicines to treat diseases caused by protein or gene dysfunction, today announced the appointment of John R. Schroer, CFA, as Chief Financial Officer. With 28 years of healthcare investment experience, Mr. Schroer brings expertise in financial strategy and analysis and strong industry relationships to Translate Bio.
“John’s financial expertise and deep industry knowledge make him a strong addition to our leadership team, and I’m excited to welcome him to Translate Bio,” said Ronald Renaud, chief executive officer, Translate Bio. “His experience and insights are important to our continued growth as we focus on advancing our two lead programs into the clinic, expanding our pipeline and building upon our leading technology capabilities.”
Prior to joining Translate Bio, Mr. Schroer served as Healthcare Sector Team Head at Allianz Global Investors in San Francisco where he led its healthcare-focused investment strategy, and research and portfolio management efforts. Previously, he conducted in-depth research in the healthcare industry, advising on strategic, operational, capital structure and management incentive changes in various roles at Schroer Capital, L.P., HealthCor Management, L.P., ITROS Capital Management, LLC, INVESCO Funds Group, and Trust Company of the West. Mr. Schroer earned his B.S. and M.B.A. from the University of Wisconsin-Madison.
“I’m inspired by Translate Bio’s mission to bring innovative treatments to patients and honored to join their leadership team,” said Mr. Schroer. “I look forward to working with the rest of the management team to develop mRNA therapeutics that have the potential to transform life threatening illnesses into manageable chronic conditions.”
About Translate Bio
Translate Bio is a leading mRNA therapeutics company developing a new class of potentially transformative medicines to treat diseases caused by protein or gene dysfunction. The Company’s MRT platform is designed to develop product candidates that deliver mRNA carrying instructions to produce intracellular, transmembrane and secreted proteins for therapeutic benefit. The Company believes that its MRT platform is applicable to a broad range of diseases caused by insufficient protein production or where production of proteins can modify disease, including diseases that affect the lung, liver, eye, central nervous system, lymphatic system and circulatory system. The Company’s two lead programs are being developed as treatments for cystic fibrosis (CF) and ornithine transcarbamylase (OTC) deficiency. For more information about the Company, please visit www.translate.bio or on Twitter at @TranslateBio.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180523005458/en/
Translate Bio
Teri Dahlman, 857-242-7792
tdahlman@translate.bio
or
Maura Gavaghan, 857-242-7789
mgavaghan@translate.bio
Source: Translate Bio
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http://www.cnbc.com/2018/05/23/business-wire-translate-bio-names-john-r-schroer-cfa-chief-financial-officer.html
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Asian stocks rose Monday as weekend diplomacy between Washington and Pyongyang revived the potential for a summit between President Donald Trump and North Korean leader Kim Jong Un. Japan’s Nikkei 225 index rose 0.1%, the Korea KOSPI index gained 0.8% and Hong Kong’s Hang Seng index rose 0.6%.
Monday’s Big Theme
Mainland Chinese investors are yanking money out of Tencent Holdings Ltd. —one of the country’s biggest and most high-profile companies—just as billions of dollars from around the world are expected to flow into China’s... To Read the Full Story Subscribe Sign In
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https://www.wsj.com/articles/money-is-about-to-flow-into-china-just-as-it-pours-out-of-tencent-1527484393
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May 3, 2018 / 9:06 PM / Updated an hour ago Dozens more caravan asylum seekers let in to U.S. from Mexico Delphine Schrank 2 Min Read
TIJUANA (Reuters) - Dozens more Central American caravan migrants were let into the United States to begin pleading their case for asylum on Thursday despite sharp criticism from U.S. President Donald Trump, bringing the total to 158 since last weekend.
Seventy men, women and children were allowed into the crowded port of entry border crossing early Thursday morning, according to Alex Mensing, a caravan organizer with advocacy group Pueblos Sin Fronteras.
Another 62 migrants were still waiting for a chance to begin the asylum process, he said.
On Monday, U.S. Attorney General Jeff Sessions beefed up legal resources on the border, including more prosecutors and judges, to handle the groups of people from the caravan.
Throughout the caravan’s 2,000-mile (3,220-km) odyssey from southern Mexico, its mostly Honduran, Salvadoran and Guatemalan members kept hoping they would ultimately get the chance to make their case for asylum in the United States,
All the while, they have known their pleas might be rejected. A baby traveling with a caravan of migrants from Central America sleeps under a plastic tarp at a camp near the San Ysidro checkpoint as he expected to apply for asylum, in Tijuana, Mexico May 3, 2018. REUTERS/Edgard Garrido
U.S. border officials had allowed through only small groups at a time, saying the busy San Ysidro crossing to San Diego was saturated and the rest must be patient.
The migrants have spent four chilly night camped outside the port of entry.
In response to the caravan’s arrival at the U.S-Mexico border crossing, the U.S. Justice Department said it was sending 35 additional assistant U.S. attorneys and 18 immigration judges to the border.
Trump wants to tighten laws to make it harder for people to claim asylum, citing a more than tenfold rise in asylum claims versus 2011. Slideshow (16 Images)
He has railed against so-called “catch and release” policies that allow some migrants to remain in the United States while their cases await hearing in a clogged legal system.
The Republican president’s hard-line stance on immigration, both legal and illegal, has animated many of his core supporters even as his support among the broader American public hovers around 40 percent. Reporting by Delphine Schrank; Writing by David Alire Garcia; Editing by David Gregorio
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https://www.reuters.com/article/us-usa-immigration-caravan/dozens-more-caravan-asylum-seekers-let-in-to-u-s-from-mexico-idUSKBN1I42ON
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April 30 (Reuters) - Gensource Potash Corp:
* GENSOURCE ANNOUNCES $3,000,000 NON-BROKERED PRIVATE PLACEMENT
* GENSOURCE POTASH CORP - OFFERING WILL CONSIST OF SALE OF UP TO 24 MILLION COMMON SHARES OF COMPANY AT A PRICE OF $0.125 PER COMMON SHARE Source text for Eikon: Further company coverage: (Reuters.Briefs@thomsonreuters.com)
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https://www.reuters.com/article/brief-gensource-announces-3-mln-non-brok/brief-gensource-announces-3-mln-non-brokered-private-placement-idUSASC09YDV
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There are a lot of things in flux in the Middle East, which could lead to a problem the Trump administration may not even see coming, former Pentagon official Michael Rubin told CNBC on Monday.
Earlier in the day, the United States opened its embassy in Jerusalem while protests in Gaza turned deadly .
"We're entering into unprecedented territory and to simply look at it through the lens of the Israeli-Palestinian problem would be distracting," said Rubin, now a resident scholar at the American Enterprise Institute, a conservative think tank.
"If you look back at the Arab Spring, that had everything to do with every single issue which wasn't the Arab-Israeli conflict," he added, referring to the event that spread throughout the Middle East and saw the toppling of dictators in Egypt, Libya and Tunisia.
Ibraheem Abu Mustafa | Reuters Palestinian demonstrators run for cover from Israeli fire and tear gas during a protest against U.S. embassy move to Jerusalem and ahead of the 70th anniversary of Nakba, at the Israel-Gaza border in the southern Gaza Strip May 14, 2018. More than 50 Palestinians were killed in clashes with Israeli forces on Monday. It was the highest Palestinian single-day death toll since a series of protests dubbed the "Great March of Return" began at the border with Israel on March 30 and since a 2014 Gaza war.
Meanwhile, Israeli leaders and a U.S. delegation including Treasury Secretary Steven Mnuchin and President Donald Trump 's daughter and son-in-law, Ivanka Trump and Jared Kushner , opened the embassy in Jerusalem, relocated from Tel Aviv.
Prince Turki al-Faisal of Saudi Arabia told CNBC earlier Monday that moving the embassy will make the Middle East a more dangerous place.
"It's not a step that will bring peace to Palestine or the Middle East," he said.
The United Nations says the status of Jerusalem — captured by Israel in the 1967 Middle East war — can only be resolved by negotiations. Palestinians want the city as their own capital.
Rubin said the embassy move provides a reason to protest, but believes there is much more to it than that.
For one, the leader of the Palestinian Authority, Mahmoud Abbas, is in his 80s and hasn't appointed a successor, Rubin said.
"The Palestinian clashes, especially from the Hamas-run Gaza Strip, have a lot to do with shaping the future of Palestinian politics and not just about the spark of the embassy move," he told " Power Lunch ."
In fact, there are a lot of moving parts in the Middle East right now, along with general change underway, said Rubin.
"Every U.S. administration is often defined by the problem that no one saw coming," he said, like Bosnia for President Bill Clinton , Kuwait for President George H.W. Bush and Syria for President Barack Obama .
"Despite all the chaos right now, we still may get a problem which is coming in seemingly from left field."
— CNBC's Nyshka Chandran and Reuters contributed to this report.
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https://www.cnbc.com/2018/05/14/were-entering-into-unprecedented-territory-in-middle-east-michael-rubin.html
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May 2, 2018 / 12:28 PM / Updated 9 minutes ago BRIEF-Landmark Infrastructure Partners Reports Quarterly Net Income Per Unit $0.19 Reuters Staff
May 2 (Reuters) - Landmark Infrastructure Partners LP :
* LANDMARK INFRASTRUCTURE PARTNERS LP REPORTS FIRST QUARTER RESULTS
* LANDMARK INFRASTRUCTURE PARTNERS LP QUARTERLY NET INCOME PER UNIT $0.19
* LANDMARK INFRASTRUCTURE PARTNERS LP - RENTAL REVENUE FOR QUARTER ENDED MARCH 31, 2018 INCREASED 33% TO $15.7 MILLION COMPARED TO Q1 OF 2017
* LANDMARK INFRASTRUCTURE PARTNERS LP - PARTNERSHIP’S OUTLOOK FOR ACQUISITION VOLUME IS $250 MILLION TO $300 MILLION IN ASSETS 2018 Source text for Eikon: Further company coverage:
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https://www.reuters.com/article/brief-landmark-infrastructure-partners-r/brief-landmark-infrastructure-partners-reports-quarterly-net-income-per-unit-0-19-idUSASC09YZF
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May 2, 2018 / 11:05 AM / Updated 36 minutes ago Somalia must speed overhaul of fragile army to face militants, say donors Maggie Fick 3 Min Read
NAIROBI (Reuters) - Somalia should accelerate reforms of its army, its main foreign backers said on Wednesday after discussing slow progress in transforming the graft-ridden force into one capable of fighting al Qaeda-linked al Shabaab militants. FILE PHOTO: Somali military officers attend a training programme by the United Arab Emirates (UAE) at their military base in Mogadishu, Somalia November 1, 2017. REUTERS/Feisal Omar/File Photo
The statement from a donor summit in Brussels urged Somalia to work faster to address problems identified in a report last year by the government, the United Nations and the African Union (AU).
That report called the Somali National Army (SNA) a “fragile force with extremely weak command and control”, and comes as AU peacekeepers prepare for their departure in 2020, leaving the local military in charge of Somalia’s security.
The AU force began drawing down last year. It does most of the fighting against Shabaab insurgents who launch attacks in Mogadishu and elsewhere. Without strong Somali forces, Shabaab could be reinvigorated, analysts say.
Donors said the army should create biometric registration and electronic payroll systems to curb corruption.
“The SNA has to improve dramatically in a short amount of time as it is falling farther and farther behind schedule on achieving the benchmarks agreed to last year,” said Joshua Meservey, at the Heritage Foundation in Washington. “MORE TRUST”
The International Monetary Fund has been pushing for better management of public finances and says the government is implementing reforms under an agreed staff-monitored program. FILE PHOTO: Members of Somali Armed Forces take their position during fighting between the military and police backed by intelligence forces in the Dayniile district of Mogadishu, Somalia September 16, 2017. REUTERS/Feisal Omar/File Photo
The government has adopted a single public finance account to guard against theft, introduced a sales tax at the Mogadishu port and started taxing telecommunications companies, Finance Minister Abdirahman Duale Beileh said.
Federal government revenues have quadrupled since 2012.
It will soon enter a third 12-month IMF program which it hopes will be its last, paving the way toward restructuring external debt of nearly $5 billion. Somalia has not made a debt service payment since civil war broke out in 1991.
“We are open for audit. The IMF has access to our systems,” Beileh said. “We are walking the walk and doing what needs to be done.”
The Bank could this year offer its first grant to Mogadishu in more than 25 years if reform continues, the minister said.
Such funds could lessen Somalia’s dependence on less predictable or transparent funds that often come with political conditions.
Tensions between the federal government and provincial administrations have escalated this year amid a row involving Gulf nations whose problems have spilled into Somalia. The United Arab Emirates and allies have imposed sanctions on Qatar in the standoff - and both sides have backed rival camps in Somalia with money and investments. Reporting by Maggie Fick; Editing by Ed Cropley and Andrew Heavens
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https://www.reuters.com/article/us-somalia-security/somalia-must-speed-overhaul-of-fragile-army-to-face-militants-say-donors-idUSKBN1I31EB
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Dynacor Gold Mines Inc:
* DYNACOR PRODUCES 6,974 OZ OF GOLD IN APRIL 2018 * DYNACOR GOLD MINES INC - CONTINUING TO RAMP UP PRODUCTION AND IS FORECASTING 22,162 OUNCES OF GOLD IN Q2 2018 Source text for Eikon: Further company coverage:
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https://www.reuters.com/article/brief-dynacor-produces-6974-oz-of-gold-i/brief-dynacor-produces-6974-oz-of-gold-in-april-2018-idUSFWN1ST0L8
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May 3 (Reuters) - ION BEAM APPLICATIONS SA:
* REG-IBA SA : IBA SELECTED TO INSTALL NEW PROTON THERAPY CENTER IN ITALY
* TYPICAL END-USER PRICE FOR A PROTEUS ONE SYSTEM WITH A MAINTENANCE CONTRACT IS BETWEEN EUR 35 AND 40 MILLION
* HOSPITAL EXPECTS TO START TREATING PATIENTS BY END OF 2020 Source text for Eikon: (Gdynia Newsroom)
Our
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https://www.reuters.com/article/brief-iba-selected-to-install-new-proton/brief-iba-selected-to-install-new-proton-therapy-center-in-italy-idUSFWN1S91GK
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April 30 (Reuters) - LSI SOFTWARE SA:
* SAID ON FRIDAY THAT ITS FY NET PROFIT WAS 5.0 MILLION ZLOTYS VERSUS 4.5 MILLION ZLOTYS YEAR AGO
* FY REVENUE WAS 47.6 MILLION ZLOTYS VERSUS 33.1 MILLION ZLOTYS YEAR AGO
Source text for Eikon:
Further company coverage: (Gdynia Newsroom)
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https://www.reuters.com/article/idUSL8N1S71RZ
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NEW YORK, May 8, 2018 /PRNewswire/ --
PureSoftware , a global software products and services company today announced Richard House has been named Advisor to the company. In this role, Richard will help PureSoftware strengthen its capabilities in the hi-tech industry and offer strategic advisory to clients that includes top networking, telecom, software, semiconductor, Internet and industrial companies.
(Logo: http://mma.prnewswire.com/media/623796/PureSoftware_Logo.jpg )
(Photo: https://mma.prnewswire.com/media/688391/Richard_PureSoftware_Advisor.jpg )
"Richard is an accomplished professional with an extensive career in technology and engineering development," said Anil Baid , Founder and Chief Strategy Officer. "He is a leader and brings wealth of experience with complex engineering, embedded hardware and software, transformational architectures, networking software stacks and reference hardware systems that will add immediate value to PureSoftware. The depth and breadth of his skill sets and accomplishments, coupled with proven technology and engineering development background, will help our clients navigate their most complex challenges."
"I am excited to join PureSoftware and leverage their wealth of technical capabilities to drive business value and ensure success on complex technology strategy and engagements," said Richard House. "PureSoftware is well positioned with a unique combination of modern and relevant assets ranging from development and test expertise in Embedded, Linux, and Networking all the way to fully developed Enterprise cloud platforms. Capability alone doesn't make a great partner, and that is where PureSoftware really differentiates through a strong culture of proactive engagement, responsiveness, and ownership."
Most recently, Richard served as Vice President of Global Software and Systems Development at NXP Semiconductor's Digital Networking Group where he is focused on transforming traditional semiconductor software development by focusing on Customer vertical market solutions and implementing widespread modern agile development processes.
Previously, Richard was Senior Director of Cisco's fast-growing 'Internet of Things' Group, helping industries achieve dramatic productivity improvements and drive new business models. His group produced embedded hardware and software for sensor networks, ruggedized Ethernet switches and access points, and ruggedized routers for mobile applications.
About PureSoftware
PureSoftware is a software product and services company that focuses on driving a differentiated customer experience, accelerating cycle time and improving business outcomes through an integration of digital solutions, robotic process automation, artificial intelligence, machine learning and IoT. Our solutions leverage next generation disruptive technologies to deliver competitive advantage to your business. Our flagship product ' Arttha ' - one of the fastest growing financial technology platform - focuses around Digital Banking, Digital Wallets & Core Banking solutions.
Contacts
Meghna Jaiswal
+1-646-553-5451
meghna.jaiswal@puresoftware.com
SOURCE Puresoftware.com
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http://www.cnbc.com/2018/05/08/pr-newswire-richard-house-joins-puresoftware-as-an-advisor.html
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Two companies made sizable bets they could gain access to the Trump administration through President Donald Trump’s personal lawyer—and now appear to have little to show for it but bad publicity.
Swiss drugmaker Novartis AG and U.S. telecommunications giant AT&T Inc. paid a combined $1.8 million for policy insights and guidance to the private company used by Trump lawyer Michael Cohen.
The... RELATED VIDEO Trump's Responses to the Stormy Daniels Allegations President Donald Trump said Thursday that his lawyer Michael Cohen was reimbursed for a payment Mr. Cohen made to former adult film star Stormy Daniels to keep her quiet about an alleged sexual encounter with Mr. Trump. Here are some of the responses by Mr. Trump and the White House to the allegations over the past few months. Photo: Getty
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https://www.wsj.com/articles/novartis-gave-1-2-million-to-trump-lawyer-cohens-company-1525888193
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By Sy Mukherjee May 7, 2018 Happy Monday, readers. I hope you had a wonderful weekend—this is Sy.
Paul Singer’s activist hedge fund Elliott Management has its sights set on a new target: Athenahealth , the medical software, health IT, and data analytics firm run by CEO Jonathan Bush , an outspoken evangelist of the digital health revolution. Elliott took a 9.2% stake in Athenahealth last year and is now making a $160-per-share, $6.5 billion all-cash offer to snap up the company outright, CNBC reports .
That’s a premium of nearly 30% to Athenahealth’s closing price on Friday (and Athena shares promptly jumped 16% in Monday trading following reports of the deal). The question now is whether or not Bush and his board of directors are game for the M&A.
Elliott, for its part, wasn’t exactly gentle in explaining a rationale for the deal: “It is clear to us and becoming clear to many others that Athenahealth’s potential will never be realized without the kind of operational change that the company seems unable to deliver,” wrote the firm in a letter announcing the offer, adding that Elliott and others had approached Athenahealth last year but been rebuffed.
It’s unclear what path Athenahealth will take (the company issued a boilerplate missive about reviewing the unsolicited proposal on Monday). One key factor, other than Bush, may be the company’s recently-appointed, high-profile chairman : former GE CEO Jeff Immelt.
Read on for the day’s news.
Sy Mukherjee @the_sy_guy sayak.mukherjee@fortune.com DIGITAL HEALTH
Color Genomics launches its population health platform. DNA testing company Color Genomics is expanding its ambitions. On Monday, the firm announced a new population health initiative centered on cancer and high cholesterol risk genomic tests. “Through this partnership, the Sidney Kimmel Cancer Center at Jefferson Health and Thomas Jefferson University; The University of Chicago; University of California, San Francisco; and The University of Washington will be able to provide genetic testing to their patients,” Color said in a press release. The move comes in an age of booming demand for these kinds of tests, which have become surprisingly popular consumer products in the past year.
Khosla’s far-out prediction for digital health. Vinod Khosla is out with yet another audacious claim about the future of digital health, asserting at the Health Innovation Summit in San Francisco that 80% of doctors will be replaced by machines in the future (and that “entrepreneurs” rather than medical professionals will drive health care in said future). A number of analysts, including futurist-digital-health enthusiasts, took some issue with Khosla’s prediction. ( WiRED )
Advertisement INDICATIONS
A $1.5 million gene therapy? Gene therapies that, in effect, cure or vastly improve the blood clotting disorder hemophilia (and perhaps aren’t too far from the market) could come with astronomical, record-shattering price tags, Leerink analysts argued on Monday in a research note: “It appears the seemingly impervious million-dollar threshold may be breached with hemophilia gene therapy, which could do so while still creating value for society by reducing the cost of factor replacement therapy,” wrote analysts Joseph Schwartz and Dae Gon Ha. If that does come to pass, it would be yet another example of a milestone biotech innovation accompanied by a milestone price.
THE BIG PICTURE
Obamacare’s fast food calorie labeling rule is finally going into effect. The Food and Drug Administration (FDA) is pushing through a long-delayed Obamacare regulation under Commissioner Scott Gottlieb: A requirement that chain restaurants and vending machines prominently display calorie information. The rule has floundered through the years (it wasn’t even finalized until three years after the health law’s passage); now, a Trump administration official is making it a reality. ( Fortune )
Advertisement REQUIRED READING
The World’s Fifth Largest Economy Is About to Require Solar Panels on All New Homes , by Hallie Detrick
Why Saudi Arabia Keeps Partnering With Blockchain Partners , by Polina Marinova
Don’t Plug In Brain Implants During a Lightning Storm , by David Z. Morris
4 Big Takeaways from Satya Nadella’s Talk at Microsoft Build , by Jonathan Vanian
Produced by Sy Mukherjee @the_sy_guy sayak.mukherjee@fortune.com Find past coverage. Sign up for other Fortune newsletters .
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KUALA LUMPUR (Reuters) - Malaysia’s general election this week will be an extraordinary contest, pitting a 92-year-old former authoritarian leader and a jailed reformist he fell out with 20 years ago against a prime minister who has been mired in a multi-billion-dollar scandal.
FILE PHOTO - A combination photo of Malaysia's Prime Minister Najib Razak and former Malaysian prime minister Mahathir Mohamad (R) in Kuala Lumpur, Malaysia, January 25, 2016 and March 30, 2017 (R). REUTERS/Olivia Harris REUTERS/Lai Seng Sin(R)/File Photos Few doubt that Prime Minister Najib Razak’s Barisan Nasional (BN) coalition, which has ruled Malaysia for the six decades since independence, will triumph in Wednesday’s poll.
But a robust challenge from the opposition - spearheaded by nonagenarian Mahathir Mohamad, the country’s longest-serving prime minister, and his one-time protege Anwar Ibrahim - has produced the most hotly contested election yet.
“Momentum is with the opposition, but we believe it is unlikely that they will pull off a surprise victory,” said the Eurasia Group consultancy, which put the odds of a win for Mahathir’s Pakatan Harapan (Alliance of Hope) at 15 percent.
However, the political risk group’s Asia director, Peter Mumford, said there is a danger for the ruling coalition that it will fare worse than the 2013 election, when for the first time it lost the popular vote but still won with 133 of parliament’s 222 seats.
Under Malaysia’s simple majority system, the party that gets the most seats in parliament wins even if it does not secure the popular vote.
Related Coverage Factbox: Malaysia's Najib to face toughest election yet on Wednesday Poll promises in Malaysia signal a longer road to fiscal strength An unconvincing victory would leave Najib, 64, with reduced political clout and he could face pressure from within his party to stand aside ahead of the next election, Mumford said.
That would be a blow for Najib, who has survived an uproar surrounding 1Malaysia Development Berhad (1MDB), a state fund that racked up heavy debt after he took power in 2009. The prime minister has consistently denied any wrongdoing over the billions of dollars that were allegedly siphoned off from the state fund and he has been cleared of any offence by Malaysia’s attorney general.
FRIENDS AND FOES Under Najib, a skyscraper called The Exchange 106 has come up in Kuala Lumpur that will replace Mahathir’s pet project, the Petronas twin towers, as the tallest on the capital’s skyline.
People gather at a campaign talk by Malaysia's opposition at Felda Gedangsa settlement in Selangor, Malaysia May 6, 2018. Picture taken May 6, 2018. REUTERS/A. Ananthalakshmi The two buildings are testimony to Malaysia’s transformation from a rural backwater to an industrial nation, but they are also emblems of the bitter rivalry between the two leaders.
Mahathir, who ruled with an iron fist for 22 years, was once Najib’s mentor but turned against him over the 1MDB affair and quit the United Malays National Organisation (UMNO) party, which represents the country’s Malay majority.
Then, in an even more unlikely change of heart, Mahathir last year buried a feud with Anwar, 70, and the two agreed to join forces to oust Najib.
Mahathir sacked Anwar as his deputy prime minister in 1998. Anwar then started a movement known as “Reformasi’ - reform - to end UMNO’s race- and patronage-based governance, but he was stopped in his tracks by charges of sodomy and graft, which he denied, but for which he was jailed.
Anwar was imprisoned again in 2015, when Najib was prime minister, after another sodomy charge, which he described as a politically motivated attempt to end his career.
Mahathir has promised to seek a royal pardon for Anwar if they win the election and, once Anwar is free, to step aside and let his protege-turned-foe-turned-ally become prime minister.
Slideshow (12 Images) Reformasi supporters have been dismayed by Anwar’s reconciliation with the very man who tried to block their movement, but Anwar’s daughter, lawmaker Nurul Izzah, says the opportunity to defeat Najib’s coalition is what matters most.
“It took us many years to get to this point, and if you’re not smart or wise enough to join all these forces together, we might lose the chance at wresting power from BN,” she told Reuters recently.
TIGHT RACE The opposition alliance, which counts on urban votes and support from the ethnic Chinese and Indian communities, is hoping Mahathir will draw in rural Malay voters who have long been loyal supporters of BN but are now disillusioned by increased costs of living.
A survey released by pollster Merdeka Center last week showed the opposition making gains, but not enough to land a majority of parliament’s seats.
It saw Mahathir’s alliance winning 43.7 percent of the popular vote in peninsular Malaysia and BN 40.3 percent. The poll did not cover the Borneo states of Sabah and Sarawak, which have historically been pro-BN although there have been recent signs of a swing away from the government in Sabah.
The opposition has complained that a revision of electoral boundaries in March tilted the election in BN’s favor by moving large numbers of opposition-leaning voters into fewer parliamentary constituencies.
The Election Commission insists its electoral map changes did not favor the ruling coalition, and the government says there was no political interference in the exercise.
Thomas Pepinsky, a Southeast Asia political expert at Cornell University, said that despite the unusual spectacle of a tight election in Malaysia, the outcome is in little doubt.
“The strength of the incumbent regime must not be underestimated,” he said. “It retains the legal, infrastructural, and material resources that it has always used to prevail in Malaysia’s controlled elections.”
Additional reporting by Joseph Sipalan; editing by Raju Gopalakrishnan
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Former House majority leader Eric Cantor is among a growing number of Washington insiders encouraging the U.S.'s involvement in a nuclear energy program for Saudi Arabia .
Asked by CNBC's Hadley Gamble on Sunday if it was the right move for the Donald Trump administration to support the Islamic kingdom's nuclear energy pursuits , Cantor replied, "I think there's a lot of commitment and respect mutually in terms of the U.S. and the Saudi Arabian government, and the trust factor is there."
The Virginia Republican, who served 13 years in Congress, has since moved to the private sector where he advises foreign governments on business issues, notably the Saudi government on its anticipated public listing of state-owned oil behemoth Saudi Aramco .
"(Saudi Arabia) is an extremely important and strategic ally of the U.S.," Cantor added. "And for us to want to see that country become a full participant in the global economy and the geopolitical arena is something that I think is in the interest of all Americans and certainly of our government and our strategic interests."
show chapters Eric Cantor: Middle East one of the most exciting regions to be in 7 Hours Ago | 02:15 For around five years now, the Saudis have been in informal negotiations with the U.S. and other countries that could sell it nuclear reactors, with the stated aim of diversifying its energy base. In February, the kingdom recruited an American lobbying firm as an advisor on the legal issues surrounding developing a commercial nuclear program.
But what's made many observers nervous is Riyadh's refusal to accept a deal that would forbid it from enriching uranium and reprocessing plutonium — the mechanisms necessary not for nuclear energy, but for developing a weapon.
Saudis find support from Trump Opposition from U.S. lawmakers on both sides of the political aisle has historically impeded the kingdom's aims — Section 123 of the U.S. Atomic Energy Act of 1954 mandates that Congress review any sharing of nuclear technology with a foreign country.
Now, however, the Saudis have found a friendlier partner in the Trump administration, which has signaled far greater willingness to strike a deal than its predecessors.
A U.S. trade delegation visited the kingdom in April, led by the Washington-based Nuclear Energy Institute (NEI) and in partnership with the U.S. Departments of Commerce, Energy, and State. It brought with it 20 companies from across the U.S. nuclear supply chain, to promote "the strong interest of U.S. industry to partner in Saudi Arabia's ambitious nuclear energy program," according to the delegation's press release.
Jonathan Ernst | Reuters President Donald Trump holds a chart of military hardware sales as he welcomes Saudi Arabia's Crown Prince Mohammed bin Salman in the Oval Office at the White House in Washington, U.S., March 20, 2018. But the timing of the negotiations is perhaps most controversial — President Trump on Tuesday announced America's withdrawal from the Iran nuclear deal , signed in 2015 with a number of countries to lift economic sanctions on Iran in exchange for restrictions on its nuclear program. The deal was working in its aim to prevent Tehran from developing a bomb, its proponents said — now, they fear the deal's collapse and Iran's return to uranium enrichment.
Tensions with Iran Months of escalating tensions between Iran and its arch-rival Saudi Arabia raise the stakes for any future nuclear plans. In March, Saudi Crown Prince Mohammed bin Salman told CNBC news that if Tehran was to build a nuclear bomb, so would Riyadh .
U.S. lawmakers and non-proliferation experts have expressed their concern over dual-use technology, and Bin Salman's unpredictable and aggressive foreign policy has not helped his country's case.
But many other nuclear scientists and legislators still are encouraging U.S. support for the kingdom's ambitions: they warn that if Washington walks away, the Saudis will simply pursue alternative suppliers like China or Russia because they feel the program is needed in part to keep pace with Iran.
And that would mean a less secure deal with potentially no conditions, as well as far lower safety and non-proliferation standards than the U.S. would mandate, experts at the NEI have warned.
Saudi Arabia's plans involve building two nuclear reactors by 2020, and sixteen by 2030.
A Nobel prize? On foreign policy, Cantor praised the commander-in-chief. "I think that if you take away all the noise, all the Twitter, all that, from a domestic and foreign policy standpoint, I think yes he is getting it done," he said.
He pointed to the recent historic rapprochement between North and South Korean leaders Kim Jong Un and Moon Jae-In, which many have attributed to pressure from Trump. The South Korean president went so far as to suggest Trump was deserving of a Nobel Peace Prize for his role in the developments.
Asked if he agreed with that suggestion, Cantor laughed and said, "We'll see." He expressed optimism about the potential for peace between North and South Korea, but stressed that he remained "a little bit skeptical" as to whether North Korea would live up to its commitments, adding that "we've been here before."
Previous negotiations between the longtime adversaries aimed at denuclearization of the Korean peninsula — in 2000 and 2007 — both failed to produce results.
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https://www.cnbc.com/2018/05/13/former-gop-leader-eric-cantor-supports-nuclear-deal-with-saudi-arabia.html
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5 Hours Ago | 06:16
Cigna CEO David Cordani is trying to quell concerns that regulators will scrutinize and even block his company's acquisition of pharmacy benefits manager Express Scripts .
Experts have pointed to the Justice Department's review of AT&T 's acquisition of Time Warner as an example of the scrutiny Cigna and Express Scripts could face. Both deals are vertical mergers. Critics argue that although the companies don't appear to directly compete, combining them could hurt consumers.
"There's a lot of concern and noise relative to the regulatory environment given the pendency of the AT&T deal and other deals in the transaction," Cordani told CNBC on Thursday. "We're trying to ensure it's clear that our two companies are truly complementary of each other and don't have a material overlap."
In an interview on " Squawk on the Street ," Cordani declined to comment on AT&T and Time Warner's case, but he said Cigna's deal is different.
"We are not dealing with distribution and content," he said. "We are dealing with two complementary companies: one that is a health services company, and one that is a pharmacy service company. That has very little overlap for any traditional antitrust measures, and we believe that as that becomes understood with facts, this will not only be approved but will be approved this year."
Cordani said the company anticipated the Justice Department would review the deal. The agency requested more information from Cigna and Express Scripts, which Cordani said was not surprising given the size of the deal.
The request was "essentially consistent" with what they expected, he said, adding that Cigna is "actively engaged" with the Justice Department.
Last year, the department blocked Anthem 's proposed acquisition of Cigna, one of a handful of health insurance mergers the regulator stopped on antitrust grounds. The department will now review a new round of health-care deals, including drugstore chain and pharmacy benefit manager CVS Health 's acquisition of health insurer Aetna . Angelica LaVito News Associate for CNBC Related Securities
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https://www.cnbc.com/2018/05/03/cigna-ceo-lots-of-noise-about-regulatory-concern-of-express-scripts-deal.html
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Tune into the latest episode of "The Brave Ones":
EMEA
Wednesday 23 May 2018: Min-Liang Tan, CEO of Razer (23.00 CET)
Wednesday 6 June 2018 : Tan Le, Co-Founder of Emotiv (23.00 CET)
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APAC
Friday 25 May 2018 : Min-Liang Tan, CEO of Razer (17.00 SIN/HK)
Friday 8 June 2018 : Tan Le, Co-Founder of Emotiv (17.00 SIN/HK)
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AUSTRALIA/NEW ZEALAND
Saturday 26 May 2018 : Min-Liang Tan, CEO of Razer (14.00 SYD)
Saturday 9 June 2018 : Tan Le, Co-Founder of Emotiv (14.00 SYD)
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LATIN AMERICA
Friday 25 May 2018 : Min-Liang Tan, CEO of Razer (20.00 MEX)
Friday 8 June 2018 : Tan Le, Co-Founder of Emotiv (20.00 MEX)
Bernard Arnault: How France’s richest man stays in fashion
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https://www.cnbc.com/2018/05/18/the-brave-ones-upcoming-episodes.html
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MINNEAPOLIS--(BUSINESS WIRE)-- Christopher & Banks Corporation (NYSE:CBK) today announced that it plans to report its fiscal 2018 first quarter results on Thursday, May 31, 2018, before the market opens. The Company also plans to hold a conference call to discuss its financial results at 8:30 a.m. Eastern Time on Thursday, May 31, 2018.
A live web cast of the conference call will be available in the investor relations section of the Company’s website, www.christopherandbanks.com . A replay of the web cast will also be available following the conference call on the Company’s website for 30 days.
In addition, a replay of the call will be available shortly after the completion of the conference call through June 7, 2018. To access the telephone replay, listeners should dial 1-844-512-2921. The access code for the replay is: 13680247.
About Christopher & Banks
Christopher & Banks Corporation is a Minneapolis-based national specialty retailer featuring exclusively designed privately branded women’s apparel and accessories. As of May 17, 2018, the Company operates 462 stores in 45 states consisting of 314 MPW stores, 79 Outlet stores, 36 Christopher & Banks stores, and 33 CJ Banks stores. The Company also operates the www.christopherandbanks.com eCommerce website.
Keywords: Christopher & Banks, CJ Banks, Women’s Clothing, Plus Size Clothing, Petites, Extended Sizes, Outfits.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180517005147/en/
Christopher & Banks Corporation
Marc Ungerman, 763-551-5000
Interim Chief Financial Officer and
Vice President, Controller
or
Investor Relations:
ICR, Inc.
Jean Fontana, 646-277-1214
Source: Christopher & Banks Corporation
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http://www.cnbc.com/2018/05/17/business-wire-christopher-banks-corporation-announces-reporting-date-for-fiscal-2018-first-quarter-results.html
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May 28, 2018 / 12:35 PM / a few seconds ago Kvitova proves to be ultimate survivor as she lives to fight another day Pritha Sarkar 2 Min Read
PARIS (Reuters) - Petra Kvitova came within three points of falling in the first round of the French Open before three successive aces and her nerves of steel carried her to a 3-6 6-1 7-5 win over little-known Paraguayan Veronica Cepede Royg on Monday. Tennis - French Open - Roland Garros, Paris, France - May 28, 2018 Czech Republic's Petra Kvitova in action during her first round match against Paraguay's Veronica Cepede Royg REUTERS/Gonzalo Fuentes
The Czech, who suffered career-threatening injuries on her playing left hand after being attacked in her home by a knife-wielding intruder in December 2016, arrived in Paris on the back of an 11-match winning streak.
However, Cepede Royg came close to snapping that run as she edged 5-4 and 0-15 ahead on Kvitova’s serve in the third set.
But the woman who proved even her surgeon wrong by coming back to play top level tennis just five months after the attack unleashed three successive aces to survive that scare. Tennis - French Open - Roland Garros, Paris, France - May 28, 2018 Paraguay's Veronica Cepede Royg in action during her first round match against Czech Republic's Petra Kvitova REUTERS/Gonzalo Fuentes
She was soon saluting the crowd with a raised clenched-fist as she broke in the next game before wrapping up victory to set up a second-round meeting with Spain’s Lara Arruabarrena.
“It was really tough, we played over two hours. I was more relaxed in the second but the third was tough again and I was lucky that I got the break,” Kvitova said in a courtside interview.
So what does she think of her winning streak that has earned her back-to-back claycourt titles in Prague and Madrid in the run up to Roland Garros?
“It might be 12 matches but it’s so far from Rafa,” summed up a grinning Kvitova as she acknowledged the feat of 10-times Roland Garros champion Rafael Nadal. Reporting by Pritha Sarkar; Editing by Alison Williams and Christian Radnedge
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https://uk.reuters.com/article/uk-tennis-frenchopen-kvitova/kvitova-proves-to-be-ultimate-survivor-as-she-lives-to-fight-another-day-idUKKCN1IT15E
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May 31, 2018 / 6:40 PM / Updated 35 minutes ago Grand Slam, French Open Women's Doubles Results Reuters Staff 2 Min Read May 31 (OPTA) - Results from the Grand Slam, French Open Women's Doubles matches on Thursday .. 1st Round .. Nao Hibino (JPN) and beat Daria Gavrilova (AUS) and 6-3 7-6 Oksana Kalashnikova (GEO) Daria Kasatkina (RUS) Viktoria Kuzmova (SVK) and beat Anna Blinkova (RUS) and 6-1 6-7(4) 7-5 Magdalena Rybarikova (SVK) Lucie Hradecka (CZE) 11-Raquel Atawo (USA) and beat Zarina Diyas (KAZ) and 6-4 2-6 6-2 Anna-Lena Groenefeld (GER) Saisai Zheng (CHN) Kaitlyn Christian (USA) beat Maria Irigoyen (ARG) and 4-6 6-3 6-1 and Kateryna Kozlova (UKR) Carina Witthoeft (GER) Irina Bara (ROU) and beat Xenia Knoll (SUI) and 6-7(3) 6-3 6-4 Mihaela Buzarnescu (ROU) Anna Smith (GBR) Jennifer Brady (USA) and beat Anna Kalinskaya (RUS) and 6-3 6-4 Vania King (USA) Ekaterina Makarova (RUS) 6-Barbora Krejcikova (CZE) beat Vera Lapko (BLR) and 5-7 6-3 6-2 and Raluca Olaru (ROU) Katerina Siniakova (CZE) Sara Errani (ITA) and beat Clara Burel (FRA) and 6-4 6-2 Kirsten Flipkens (BEL) Diane Parry (FRA) 3-Andreja Klepac (SLO) and beat Monique Adamczak (AUS) and 6-0 6-4 Maria Jose Martinez Yafan Wang (CHN) Sanchez (ESP) Dalila Jakupovic (SLO) and beat Naomi Broady (GBR) and 6-2 6-3 Irina Khromacheva (RUS) Magda Linette (POL) Viktorija Golubic (SUI) beat Amandine Hesse (FRA) and 6-0 6-2 and Pauline Parmentier (FRA) Nina Stojanovic (SRB) Lara Arruabarrena (ESP) beat 12-Elise Mertens (BEL) and 3-6 6-3 7-6 and Demi Schuurs (NED) Katarina Srebotnik (SLO) 2-Andrea Sestini beat Lyudmyla Kichenok (UKR) 6-4 3-6 6-1 Hlavackova (CZE) and and Barbora Strycova (CZE) Lesia Tsurenko (UKR)
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https://uk.reuters.com/article/tennis-frenchopen-results-womens-doubles/grand-slam-french-open-womens-doubles-results-idUKMTZXEE5VLVUWYN
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May 10 (Reuters) - Profound Medical Corp:
* PROFOUND MEDICAL CORP. ANNOUNCES FIRST QUARTER 2018 FINANCIAL RESULTS
* PROFOUND MEDICAL CORP - QTRLY EARNINGS PER SHARE $0.06 Source text for Eikon: Further company coverage:
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https://www.reuters.com/article/brief-profound-medical-corp-reports-q1-e/brief-profound-medical-corp-reports-q1-earnings-per-share-0-06-idUSASC0A1JP
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BERLIN (Reuters) - Germany’s justice minister has asked Facebook Chief Executive in a letter to be transparent with users by giving them more control, saying allegations of the improper use of data for millions of people is unacceptable, a German media group reported on Thursday.
An attendee uses a Facebook Spaces virtual reality app on an Oculus Go headset during Facebook Inc's annual F8 developers conference in San Jose, California, U.S. May 1, 2018. REUTERS/Stephen Lam Media group RND said in her letter, Katarina Barley also called on Facebook to strictly implement privacy by default settings and to set up an internal mechanism to protect users from misuse by third parties like Cambridge Analytica.
Reporting by Joseph Nasr and Andrea Shalal; Editing by Madeline Chambers
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https://in.reuters.com/article/facebook-cambridge-analytica-germany/germany-demands-more-privacy-safeguards-from-facebook-report-idINKBN1I41UW
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Melania Trump treated for benign kidney condition, in hospital Published 28 Mins Ago Reuters Getty Images U.S. first lady Melania Trump arrives in the Rose Garden to speak at the White House May 7, 2018 in Washington, DC.
President Donald Trump 's wife, Melania Trump , has been treated for what was described as a benign kidney condition and will remain at Walter Reed National Military Medical Center for the rest of the week, the first lady's office said on Monday.
Spokeswoman Stephanie Grisham said in a statement that Melania Trump, 48, underwent an embolization procedure to treat the kidney condition.
"The procedure was successful and there were no complications," Grisham said. "The first lady looks forward to a full recovery so she can continue her work on behalf of children everywhere."
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https://www.cnbc.com/2018/05/14/melania-trump-treated-for-benign-kidney-condition-in-hospital.html
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(Repeats, no change to text)
By Lisa Baertlein
May 7 (Reuters) - Many restaurants, supermarkets, convenience stores and movie theaters across the United States are required starting on Monday to clearly display food calorie counts as part of a push to trim expanding American waistlines and control healthcare costs.
Almost 37 percent of U.S. adults are obese, according to the U.S. Centers for Disease Control and Prevention. Obesity raises the risk of preventable, life-threatening illnesses - including heart disease, stroke, type 2 diabetes and certain types of cancer - and is responsible for billions of dollars in annual healthcare costs.
Americans consume one-third of their calories away from home and proponents of the rule, more than 15 years in the making, say it gives people information to make healthier dietary choices.
“Menu labeling allows people an easy way to cut hundreds of calories or more with simple, split-second decisions,” said Margo Wootan, vice president for nutrition at the nonprofit Center for Science in the Public Interest, or CSPI, a leading proponent of calorie disclosure.
A recent review of nearly 30 studies from the Cochrane Collaboration nonprofit public interest group found that menu labeling helped people reduce calories by about 50 calories per meal, on average, according to CSPI. Menu labeling also has been shown to spur restaurants to reduce the calories in their foods, the group said.
The rule - part of the Affordable Care Act of 2010, popularly known as Obamacare - affects restaurants, grocery stores and other food sellers with 20 or more locations that sell ready-to-eat foods.
The rule also requires calorie labeling on more than 99 percent of the nation’s 5 million to 6 million vending machines.
The U.S. Food and Drug Administration last year extended the date for national compliance by a year.
Chains like Panera Bread Co, McDonald’s Corp and Starbucks Corp have been displaying such information for years in compliance with rules set by New York City, the state of California and other jurisdictions.
Opponents to the rule included companies like Domino’s Pizza Inc and industry groups such as the Food Marketing Institute, or FMI, which represents food retailers and wholesalers.
“We are trying to make lemonade out of the lemons FDA presented,” Jennifer Hatcher, the FMI’s chief public policy officer, said in a statement. FMI and other opponents argued that the rule piled additional costs and liability risks on businesses.
Reporting by Lisa Baertlein in Los Angeles; Editing by Peter Cooney
Our Standards: The Thomson Reuters Trust Principles.
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https://www.reuters.com/article/usa-regulation-calories/rpt-delayed-calorie-disclosure-rule-takes-effect-for-u-s-food-sellers-idUSL2N1SM060
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(Reuters) - Asian stocks edged up in April after declines the two previous months, helped by receding tension in the Korean peninsula and a strong earnings performance in the first quarter for regional equities.
However, trade tension between the United States and China, and a rise in U.S. Treasury yields limited gains last month.
(Graphic: Asia-Pacific monthly performance- April 2018 - reut.rs/2reDSGN )
MSCI’s broadest index of Asia-Pacific shares .MIAP PUS inched up 0.82 percent in April, after falling more than 6 percent in February and March combined.
Indian stocks led the gainers in Asia, with the NSE Index .NSEI up 6.2 percent on the back of solid earnings by major companies such as Tata Consultancy Services ( TCS.NS ). Singapore was second, with the STI index .STI up 5.4 percent.
(Graphic: Asia-Pacific performance 2018 - reut.rs/2rfI0WI )
Vietnamese stocks were the region’s worst performers in April. The VNI index .VNI slid 10.6 percent.
At the end of April, India was the second-most expensive market after New Zealand, in terms of forward price-to-earnings ratio, according to Thomson Reuters Eikon data.
(Graphic: Asia-Pacific valuations - reut.rs/2I5Vazn )
Reporting by Gaurav Dogra and Patturaja Murugaboopathy; Editing by Richard Borsuk
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https://www.reuters.com/article/us-asia-stocks-april/asian-stocks-edge-up-in-april-after-two-straight-retreats-idUSKBN1I40P0
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May 23, 2018 / 3:09 AM / Updated 10 hours ago Cricket: England with much to prove in home tests Ed Osmond 3 Min Read
LONDON (Reuters) - A toothless bowling attack, brittle opening batting partnership and callow spin options leave England with much to prove in seven home tests against Pakistan and India starting on Thursday. Cricket - England Nets - Lord's Cricket Ground, London, Britain - May 22, 2018 England's Dom Bess during nets Action Images via Reuters/John Sibley
Joe Root will lead out the side at Lord’s in the first of two matches against Pakistan, desperate to put behind him a heavy Ashes defeat in Australia and a rare loss to New Zealand which have left England in a state of flux and fifth in the world test rankings.
The good news for the hosts is that they usually play much better on their own soil where conditions favour seam bowlers but there are so many question marks against the team that Root should be taking nothing for granted.
James Anderson, 35, and 31-year-old Stuart Broad are still the mainstays of a pace attack which struggled to make inroads in the Australian top order.
Although they have taken over 900 test wickets between them, Anderson and Broad are nearing the end of their stellar careers and England need Mark Wood, their quickest bowler, Chris Woakes and Ben Stokes to shoulder more responsibility.
The spin bowling options are thin.
Moeen Ali has been dropped after toiling in Australia where, shorn of confidence and unable to generate much turn, he never looked like taking many wickets.
Jack Leach played against New Zealand and looked promising but he was ruled out with a broken thumb and England have called up uncapped 20-year-old Dominic Bess. Cricket - England Nets - Lord's Cricket Ground, London, Britain - May 22, 2018 England national selector Ed Smith talks to Joe Root during nets Action Images via Reuters/John Sibley
He has taken only 63 first-class wickets and although he is a useful batsman and fine fielder, England may not select Bess at Lord’s if they opt for an all-seam attack.
Alastair Cook will open the batting in his 155th test alongside Mark Stoneman, a partnership which failed to convince in Australia or New Zealand and has been retained largely due to a lack of viable alternatives.
Cook has endured a lean run for the past 12 months, two double centuries including a superb unbeaten 244 in Melbourne bolstering his average amidst a run of low scores.
His footwork looked all at sea in New Zealand and the obdurate 33-year-old left-hander needs early runs to extend his prolific career.
Pakistan, seventh in the test rankings, rarely enjoy English conditions and a young team captained by wicketkeeper Sarfraz Ahmed is likely to include only four players who took part in their last series in England two years ago.
Azhar Ali and Asad Shafiq are their most accomplished batsmen and Mohammad Amir will lead the pace attack. Slideshow (3 Images)
Amir bowled superbly in last year’s Champions Trophy in England, inspiring Pakistan to an emphatic victory over India in the final, but he lacks proven support and the absence through injury of energetic leg-spinner Yasir Shah will be keenly felt.
Root, promoted up to number three in the batting order, will look to take advantage of his opponents’ frailties and nothing less than a convincing victory will do for England ahead of a more demanding five-test series against top-ranked India. Editing by Toby Davis
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May 18, 2018 / 1:03 PM / Updated an hour ago German newspaper drops cartoonist after Netanyahu drawing Reuters Staff 3 Min Read
BERLIN (Reuters) - German newspaper Sueddeutsche Zeitung said it had ended its decades-long collaboration with cartoonist Dieter Hanitzsch after he depicted Israeli Prime Minister Benjamin Netanyahu using “anti-Semitic cliches”.
Editor-in-chief Wolfgang Krach said publishing the cartoon, carried in the May 15 issue of the daily, was a mistake and he apologised to readers.
Krach later said the cartoon used “anti-Semitic cliches” when it showed Netanyahu in the attire of Israeli Eurovision entrant Netta Barzilai, who won the 2018 contest on Saturday.
Holding a rocket with the Star of David on it in one hand and a microphone in the other, Netanyahu is shown in the cartoon saying: “Next year in Jerusalem.”
The 85-year-old cartoonist said he wanted to criticise Netanyahu’s exploitation of the Eurovision contest for his own purposes and accused Netanyahu of abusing the singer’s victory.
Netanyahu used the phrase, the toast traditionally given each year during the Jewish festival of Passover, in a congratulatory tweet. “You brought a lot of respect to the State of Israel,” he wrote. “Next year in Jerusalem!”
It attracted even greater attention in the context of the relocation of the U.S. Embassy from Tel Aviv to Jerusalem that weekend. Many of Netanyahu’s supporters celebrated the move, a break with decades of U.S. Middle East policy, as a triumph for the right-winger.
Publication of the cartoon also came just a day after Israeli troops shot dead dozens of Palestinians during protests on the Gaza border, drawing strong criticism from many countries.
Hanitzsch told German broadcaster RND on Thursday that he found Netanyahu’s phrase “problematic ... It really does not help to pour even more oil onto the fire.”
But Sueddeutsche Zeitung editor-in-chief Krach told the same broadcaster that he saw the cartoon as anti-Semitic and that the newspaper had ended its relationship with the cartoonist.
The German Press Council launched an inquiry to determine whether the cartoon was anti-Semitic after readers had complained that the image “reminded them of the anti-Semitic language of Nazi times,” the council’s spokeswoman told Reuters. Reporting by Riham Alkousaa; Editing by Toby Chopra
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https://uk.reuters.com/article/uk-germany-antisemitism-cartoon/german-newspaper-drops-cartoonist-after-netanyahu-drawing-idUKKCN1IJ1MX
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May 4 (Reuters) - Investment AB Oresund:
* ÖRESUND HAS ACCEPTED A SETTLEMENT WITH HQ AB’S BANKRUPTCY ESTATE Source text for Eikon: Further company coverage: (Gdynia Newsroom)
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https://www.reuters.com/article/brief-resund-accepts-settlement-with-hq/brief-resund-accepts-settlement-with-hq-abs-bankruptcy-estate-idUSFWN1SB0FF
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ROCHESTER, N.Y., May 15, 2018 (GLOBE NEWSWIRE) -- Document Security Systems, Inc. (NYSE American:DSS), (“DSS”), a leader in anti-counterfeit, authentication, and diversion protection technologies whose products and solutions are used by governments, corporations and financial institutions to defeat fraud and to help ensure product authenticity, today announced its financial results for the first quarter ended March 31, 2018.
The first quarter of 2018 was a slow quarter for our Printed Products group which negatively impacted first quarter results. While disappointing, this result was not completely unexpected since this group had its biggest quarter ever in sales in the fourth quarter of 2017. When looking at the past 6 months, revenues for the printed products group were down 1.4% from the comparable six-month period ending March 31, 2017. We continue to be very positive about our Printed Products group’s performance, with expectations that revenues will strengthen during the remainder of 2018. “Technology sales experienced significant revenue growth driven by a 172% increase in first quarter revenue from our AuthentiGuard product line,” stated Jeff Ronaldi, CEO of DSS. “Also impacting the quarter was the increase in costs associated with the expansion into the Asia Pacific market, in particular, the commencement of operations in Hong Kong, where we have begun selective sales and marketing efforts. We have also initiated a research project with the Hong Kong R&D Centre for Logistics and Supply Chain Management Enabling Technologies to assist with the adaptation of blockchain technology for product authentication. In addition, this group has become an integral resource for the continuing software development requirements for AuthentiGuard as our customers expand their usage of the product internationally. We are very excited about the Hong Kong office and the early successes we have already realized,” added Ronaldi.
First Quarter 2018 Financial Highlights
Revenue for the first quarter of 2018 decreased 8% to $4.4 million from $4.8 million in the first quarter of 2017. Printed Products revenue decrease of 11% offset by increase in Technology sales by 23%.
Net Loss during the first quarter of 2018 was approximately $406,000 ($0.02 per share), as compared to a net loss of $184,000 ($0.01 per share) during the first quarter of 2017.
Costs and expenses for the first quarter totaled $4.7 million, a decrease of 3% from $4.9 million during the same period of 2017.
Adjusted EBITDA 1 for the first quarter of 2018 remained positive and was approximately $15,000 as compared to $391,000 for the first quarter of 2017, which represents a 96% decrease. The decline in Adjusted EBITDA was driven by decreases in revenue at the Company’s Printed Products divisions and costs for the expansion into Hong Kong.
ABOUT DOCUMENT SECURITY SYSTEMS, INC.
For over 15 years, Document Security Systems, Inc. (“DSS”) has protected corporations, financial institutions, and governments from sophisticated and costly fraud. DSS' innovative anti-counterfeit, authentication, and brand protection solutions are deployed to prevent attacks which threaten products, digital presence, financial instruments, and identification. AuthentiGuard ® , the Company's flagship product, provides authentication capability through a smartphone application so businesses can empower a wide range of employees, supply chain personnel, and consumers to track their brands and verify authenticity. For more information on DSS and its Plastics Group subsidiary, visit https://www.dsssecure.com and http://dssplasticsgroup.com .
Keep up-to-date on DSS events and developments, join our online communities at Facebook , Twitter and LinkedIn .
Contact Information:
Investor Relations
Document Security Systems, Inc.
Tel: (585) 232-5440
Email: ir@dsssecure.com
FORWARD-LOOKING STATEMENTS
Forward-looking statements that may be contained in this press release, including, without limitation, statements related to the Company’s plans, strategies, objectives, expectations, potential value, intentions and adequacy of resources, are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act and contain words such as “believes,” “anticipates,” “expects,” “plans,” “intends” and similar words and phrases. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the results projected in any forward-looking statement. In addition to the factors specifically noted in the forward-looking statements, other important factors, risks and uncertainties that could result in those differences include, but are not limited to, our ability to continue the growth in sales of AuthentiGuard and manage our expenses, as well as those risks disclosed in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2017, filed with the Securities and Exchange Commission on March 6, 2018. Forward-looking statements that may be contained in this press release are being made as of the date of its release, and the Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements.
DOCUMENT SECURITY SYSTEMS, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Operations (Unaudited) Three Months
Ended March 31,
2018 Three Months
Ended March 31,
2017 %
change Revenue Printed products $ 3,924,000 $ 4,403,000 -11 % Technology sales, services and licensing 454,000 368,000 23 % Total revenue $ 4,378,000 $ 4,771,000 -8 % Costs and expenses Costs of goods sold, exclusive of depreciation and amortization $ 2,582,000 $ 2,788,000 -7 % Sales, general and administrative compensation 968,000 898,000 8 % Depreciation and amortization 346,000 343,000 1 % Professional fees 234,000 161,000 45 % Stock based compensation 1,000 134,000 -99 % Sales and marketing 92,000 94,000 -2 % Rent and utilities 154,000 152,000 1 % Other operating expenses 234,000 227,000 3 % Research and development 99,000 60,000 65 % Total costs and expenses $ 4,710,000 $ 4,857,000 -3 % Operating loss (332,000 ) (86,000 ) 286 % Other income and expense Interest income 3,000 - 100 % Interest expense (49,000 ) (58,000 ) -16 % Amortized debt discount (28,000 ) (35,000 ) -20 % Total other income and expense $ (74,000 ) $ (93,000 ) -20 % Loss before income taxes (406,000 ) (179,000 ) 127 % Income tax expense - (5,000 ) -100 % Net loss $ (406,000 ) $ (184,000 ) 121 % Loss per common share: Basic and diluted $ (0.02 ) $ (0.01 ) 100 % Shares used in computing loss per common share: Basic and diluted 16,599,327 13,624,522 22 %
DOCUMENT SECURITY SYSTEMS, INC. AND SUBSIDIARIES Consolidated Balance Sheets As of (unaudited) March 31, 2018 December 31, 2017 ASSETS Current assets: Cash $ 3,728,086 $ 4,188,623 Restricted cash 555,831 256,005 Accounts receivable, net of $50,000 allowance for
doubtful accounts 1,999,595 2,025,284 Inventory 1,599,547 1,651,246 Prepaid expenses and other current assets 247,996 261,324 Total current assets 8,131,055 8,382,482 Property, plant and equipment, net 4,762,554 4,805,640 Investment 484,930 484,930 Other assets 83,376 83,376 Goodwill 2,453,597 2,453,597 Other intangible assets, net 1,066,888 1,220,752 Total assets $ 16,982,400 $ 17,430,777 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 917,451 $ 728,652 Accrued expenses and deferred revenue 1,004,025 1,105,718 Other current liabilities 2,933,591 2,953,629 Short-term debt 3,714,129 3,645,760 Current portion of long-term debt, net 806,202 966,506 Total current liabilities 9,375,398 9,400,265 Long-term debt, net 1,659,291 1,734,171 Other long-term liabilities 1,137,821 1,384,500 Deferred tax liability, net 125,982 125,982 Commitments and contingencies Stockholders' equity Common stock, $.02 par value; 200,000,000
shares authorized, 16,599,327 shares issued and
outstanding (16,599,327 on December 31, 2017) 331,987 331,987 Additional paid-in capital 106,622,960 106,633,708 Subscription receivable - (300,000 ) Accumulated other comprehensive loss (8,180 ) (23,069 ) Accumulated deficit (102,262,859 ) (101,856,767 ) Total stockholders' equity 4,683,908 4,785,859 Total liabilities and stockholders' equity $ 16,982,400 $ 17,430,777
DOCUMENT SECURITY SYSTEMS, INC. AND SUBSIDIARIES Consolidated Statements of Cash Flows For the Three Months Ended March 31, (unaudited) 2018 2017 Cash flows from operating activities: Net loss $ (406,091 ) $ (184,039 ) Adjustments to reconcile net loss to net cash used by operating activities: Depreciation and amortization 345,667 342,774 Stock based compensation 1,251 133,807 Paid in-kind interest 12,000 18,000 Change in deferred tax provision - 4,737 Amortization of deferred financing costs 27,731 35,288 Decrease (increase) in assets: Accounts receivable 25,689 (133,989 ) Inventory 51,699 2,854 Prepaid expenses and other current assets 13,329 (27,076 ) Increase (decrease) in liabilities: Accounts payable 188,795 (419,482 ) Accrued expenses (103,928 ) (259,678 ) Other liabilities (249,594 ) - Net cash used by operating activities (93,452 ) (486,804 ) Cash flows from investing activities: Purchase of property, plant and equipment (132,937 ) (66,206 ) Purchase of intangible assets (15,780 ) (4,949 ) Net cash used by investing activities (148,717 ) (71,155 ) Cash flows from financing activities: Payments of long-term debt (206,542 ) (203,647 ) Subscription receivable 288,000 - Net cash from (used by) financing activities 81,458 (203,647 ) Net decrease in cash (160,711 ) (761,606 ) Cash and restricted cash at beginning of period 4,444,628 6,049,347 Cash and restricted cash at end of period $ 4,283,917 $ 5,287,741 1 ADJUSTED EBITDA
The Company uses Adjusted EBITDA as a non-GAAP financial performance measurement. The Company calculates Adjusted EBITDA by adding back to net income (loss): interest, income taxes, depreciation and amortization expense, and impairment charges as further adjusted to add back stock-based compensation expense and non-recurring items. Adjusted EBITDA is provided to investors to supplement the results of operations reported in accordance with GAAP. Management believes that Adjusted EBITDA provides an additional tool for investors to use in comparing the Company’s financial results with other companies in the industry, many of which also use Adjusted EBITDA in their communications to investors. By excluding non-cash charges such as amortization, depreciation, stock-based compensation and impairment charges, as well as non-operating charges for interest and income taxes, investors can evaluate the Company's operations and its ability to generate cash flows from operations and can compare its results on a more consistent basis to the results of other companies in the industry. Management also uses Adjusted EBITDA to establish internal budgets and goals, and evaluate performance of its business units and management, and evaluate potential acquisitions. The Company considers Adjusted EBITDA to be an important indicator of the Company's operational strength and performance of its business and a useful measure of the Company's historical and prospective operating trends. However, there are significant limitations to the use of Adjusted EBITDA since it excludes interest income and expense and income taxes and non-recurring items such as goodwill impairments, each of which impact the Company's profitability and operating cash flows, as well as depreciation, amortization, impairment charges and stock-based compensation. The Company believes that these limitations are compensated by clearly identifying the difference between the two measures. Consequently, Adjusted EBITDA should not be considered in isolation or as a substitute for net income and loss presented in accordance with GAAP. Adjusted EBITDA as defined by the Company may not be comparable with similarly named measures provided by other entities. The following is a reconciliation of net loss to Adjusted EBITDA loss:
Three Months Ended March 31, 2018 2017 % change (unaudited) (unaudited) Net loss: $ (406,000 ) $ (184,000 ) 121 % Add backs: Depreciation & amortization 346,000 343,000 1 % Stock based compensation 1,000 134,000 -99 % Interest, net 46,000 58,000 -21 % Amortized debt discount 28,000 35,000 -20 % Income tax expense - 5,000 -100 % Adjusted EBITDA $ 15,000 $ 391,000 -96 % Adjusted EBITDA, by group (unaudited) Printed Products $ 551,000 $ 773,000 -29 % Technology (309,000 ) (79,000 ) 291 % Corporate (227,000 ) (303,000 ) -25 % 15,000 391,000 -96 %
Source:Document Security Systems Inc.
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ashraq/financial-news-articles
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http://www.cnbc.com/2018/05/15/globe-newswire-document-security-systems-inc-announces-first-quarter-2018-financial-results.html
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A daily digest of The Wall Street Journal’s coverage of energy companies, commodity markets and the forces that shape them. Send us tips, suggestions and complaints: EnergyJournal@wsj.com Sign up for this newsletter: http://on.wsj.com/EnergyJournalSignup BANKS RAISE OIL PRICE FORECASTS FOR 2018 Banks raised their forecasts for oil prices for the seventh consecutive month in April by more than WSJ Wealth Adviser Briefing: Catchy Tickers, Gun Purchase Monitoring, Diet Vodka Next Emerging Markets Are Under Threat
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https://blogs.wsj.com/moneybeat/2018/05/02/energy-journal-banks-see-crude-prices-rising-this-year/
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First Quarter Highlights
Total revenue of $70.7 million, a 21% year-over-year increase Net income of $11.0 million; adjusted net income of $9.8 million Earnings per diluted share of $0.23; adjusted earnings per diluted share of $0.21 Adjusted EBITDA of $18.7 million and a 26% Adjusted EBITDA margin Total liquidity of $78.7 million, comprised of $23.7 million in cash on hand and $55.0 million of revolver availability
HOUSTON, May 07, 2018 (GLOBE NEWSWIRE) -- NCS Multistage Holdings, Inc. (NASDAQ:NCSM) (“NCS” or the “Company”), a leading provider of highly engineered products and support services that facilitate the optimization of oil and natural gas well completions and field development strategies, today announced its results for the quarter ended March 31, 2018.
Financial Review
Revenues were $70.7 million for the quarter ended March 31, 2018, an increase of $12.1 million or 21% as compared to the first quarter of 2017. This increase was primarily attributable to an increase in the volume of sales of our completions products and services due to higher customer drilling and well completion activity, as well as the contributions from Repeat Precision, LLC (“Repeat Precision”), which was acquired on February 1, 2017, and Spectrum Tracer Services, LLC (“Spectrum”), which was acquired on August 31, 2017. Total revenues increased by 41% as compared to the fourth quarter of 2017 with increases of 9% in the U.S., 61% in Canada and 125% in other countries.
Net income was $11.0 million, or $0.23 per diluted share for the quarter ended March 31, 2018, which included a net benefit of $1.6 million ($1.2 million after tax, or $0.02 per diluted share) related to the change in fair value of contingent consideration and certain other items. Adjusted net income, which excludes these items, was $9.8 million or $0.21 per diluted share for the quarter ended March 31, 2018. This compares to a net income of $6.6 million, or $0.18 per diluted share in the first quarter of 2017, which included a net expense of $2.6 million ($2.0 million after tax, or $0.05 per diluted share) related to professional expenses incurred in connection with the initial public offering of our common stock (“IPO”) and acquisitions and realized and unrealized foreign currency gains and losses. Adjusted net income, which excludes these items, was $8.6 million or $0.23 per diluted share for the quarter ended March 31, 2017.
Adjusted EBITDA was $18.7 million for the quarter ended March 31, 2018, a decrease of $(0.6) million as compared to the first quarter of 2017. Gross profit, which we define as total revenues less total cost of sales exclusive of depreciation and amortization, increased to $37.1 million, or 52% of total revenues in the first quarter of 2018, as compared to $29.3 million, or 50% of total revenues, in the year ago period. This was offset by an increase in selling, general and administrative (“SG&A”) expenses in the first quarter as compared to the prior year, primarily related to increases in personnel to support growth, the inclusion of Spectrum SG&A and public company costs. As a result, Adjusted EBITDA margin for the quarter was 26%, as compared to 33% for the first quarter of 2017.
Capital Expenditures and Liquidity
The Company spent $1.0 million in capital expenditures, net during the first quarter of 2018.
As of March 31, 2018, the Company had $23.7 million in cash, total availability under its revolving credit facility of $55.0 million and $27.7 million in total debt.
Review and Outlook
NCS’s Chief Executive Officer, Robert Nipper, commented, “We are very pleased with our first quarter results. In Canada, we grew our revenue by 13% on a year-over-year basis during a period when the average rig count was lower by 9%. This reflects organic growth as well as the contribution from Spectrum. In the U.S., we grew our revenue by 46% on a year-over-year basis and by 9% as compared to the fourth quarter of 2017. While our results were hampered by logistical issues impacting the broader U.S. completions market during the quarter, we are excited by the growth in our product sales in the U.S., which increased by 59% as compared to the fourth quarter of 2017, with sequential increases in sliding sleeve, Airlock and composite plug sales volumes. In our international business, we installed sliding sleeves in an offshore well for the first time during the quarter, with the well to be completed during the second quarter. This is an exciting first for NCS, and highlights the broad range of applications for our technology.
We are seeing continued positive results from cross-selling initiatives that leverage the full breadth of our capabilities, including completions systems, tracer diagnostics and reservoir solutions. While an exceptionally wet spring in Canada may lead to an extended Spring Break-up this year, impacting our Canadian revenue in the second quarter, we continue to expect that our annual revenues in 2018 will grow by 35% - 45%, primarily driven by growth in the U.S.”
Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net Income and Adjusted Net Earnings per Diluted Share are non-GAAP financial measures. For an explanation of these measures and a reconciliation, refer to “Non-GAAP Financial Measures” below.
Conference Call
The Company will host a conference call to discuss its first quarter 2018 results on Tuesday, May 8, 2018 at 7:30 a.m. Central Time (8:30 a.m. Eastern Time). To join the conference call from within the United States, participants may dial (844) 400-1696. To join the conference call from outside of the United States, participants may dial (703) 736-7385. The conference access code is 7067549. Participants are encouraged to log in to the webcast or dial in to the conference call approximately ten minutes prior to the start time. To listen via live webcast, please visit the Investors section of the Company’s website, http://www.ncsmultistage.com .
An audio replay of the conference call will be available shortly after the conclusion of the call and will remain available for approximately seven days. It can be accessed by dialing (855) 859-2056 within the United States or (404) 537-3406 outside of the United States. The conference call replay access code is 7067549. The replay will also be available in the Investors section of the Company’s website shortly after the conclusion of the call and will remain available for approximately seven days.
About NCS Multistage Holdings, Inc.
NCS Multistage Holdings, Inc. is a leading provider of highly engineered products and support services that facilitate the optimization of oil and natural gas well completions and field development strategies. The Company provides products and services to exploration and production companies for use in horizontal wells in unconventional oil and natural gas formations throughout North America and in selected international markets, including Argentina, China and Russia. The Company’s common stock is traded on the NASDAQ Global Select Market under the symbol “NCSM.” Additional information is available on the Company’s website, www.ncsmultistage.com .
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Examples of forward-looking statements include, but are not limited to, statements we make regarding the outlook for our future business and financial performance. Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, our actual results may differ materially from those contemplated by the forward-looking statements. Important factors that could cause our actual results to differ materially from those in the forward-looking statements include regional, national or global political, economic, business, competitive, market and regulatory conditions and the following: declines in the level of oil and natural gas exploration and production activity within Canada and the United States; oil and natural gas price fluctuations; loss of significant customers; inability to successfully implement our strategy of increasing sales of products and services into the United States; significant competition for our products and services; our inability to successfully develop and implement new technologies, products and services; our inability to protect and maintain critical intellectual property assets; currency exchange rate fluctuations; impact of severe weather conditions; restrictions on the availability of our customers to obtain water essential to the drilling and hydraulic fracturing processes; our failure to identify and consummate potential acquisitions; our inability to integrate or realize the expected benefits from acquisitions; our inability to meet regulatory requirements for use of certain chemicals by our tracer diagnostics business; our inability to accurately predict customer demand; losses and liabilities from uninsured or underinsured drilling and operating activities; changes in legislation or regulation governing the oil and natural gas industry, including restrictions on emissions of greenhouse gases; failure to comply with or changes to federal, state and local and non-U.S. laws and other regulations, including environmental regulations and the U.S. Tax Cuts and Jobs Act of 2017; loss of our information and computer systems; system interruptions or failures, including cyber-security breaches, identity theft or other disruptions that could compromise our information; our failure to establish and maintain effective internal control over financial reporting; our success in attracting and retaining qualified employees and key personnel; our inability to satisfy technical requirements and other specifications under contracts and contract tenders and other factors discussed or referenced in our filings made from time to time with the Securities and Exchange Commission. Any forward-looking statement made by us in this press release speaks only as of the date on which we make it. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
Contact
Ryan Hummer
Chief Financial Officer
(281) 453-2222
IR@ncsmultistage.com
NCS MULTISTAGE HOLDINGS, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (In thousands, except per share data) (Unaudited) Three Months Ended March 31, 2018 2017 Revenues Product sales $ 50,108 $ 45,574 Services 20,578 13,062 Total revenues 70,686 58,636 Cost of sales Cost of product sales, exclusive of depreciation
and amortization expense shown below 24,703 24,715 Cost of services, exclusive of depreciation
and amortization expense shown below 8,889 4,639 Total cost of sales, exclusive of depreciation
and amortization expense shown below 33,592 29,354 Selling, general and administrative expenses 21,027 12,772 Depreciation 1,099 564 Amortization 3,321 6,022 Change in fair value of contingent consideration (1,353 ) — Income from operations 13,000 9,924 Other income (expense) Interest expense, net (457 ) (1,509 ) Other income, net 84 974 Foreign currency exchange gain (loss) 183 (941 ) Total other expense (190 ) (1,476 ) Income before income tax 12,810 8,448 Income tax expense 945 2,100 Net income 11,865 6,348 Net income (loss) attributable to non-controlling interest 887 (202 ) Net income attributable to
NCS Multistage Holdings, Inc. $ 10,978 $ 6,550 Earnings per common share Basic earnings per common share attributable to
NCS Multistage Holdings, Inc. $ 0.24 $ 0.18 Diluted earnings per common share attributable to
NCS Multistage Holdings, Inc. $ 0.23 $ 0.18 Weighted average common shares outstanding Basic 44,252 34,006 Diluted 47,114 36,746
NCS MULTISTAGE HOLDINGS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share data) (Unaudited) March 31, December 31, 2018 2017 Assets Current assets Cash and cash equivalents $ 23,680 $ 33,809 Accounts receivable—trade, net 60,774 47,880 Inventories 30,397 33,135 Prepaid expenses and other current assets 2,039 1,616 Other current receivables 775 1,369 Total current assets 117,665 117,809 Noncurrent assets Property and equipment, net 24,385 23,651 Goodwill 181,481 184,478 Identifiable intangibles, net 130,913 136,412 Deposits and other assets 1,525 1,563 Total noncurrent assets 338,304 346,104 Total assets $ 455,969 $ 463,913 Liabilities and Stockholders’ Equity Current liabilities Accounts payable—trade $ 9,984 $ 7,448 Accrued expenses 4,078 6,673 Income taxes payable 384 10,561 Current contingent consideration 9,618 — Other current liabilities 2,200 1,673 Current maturities of long-term debt 5,612 5,334 Total current liabilities 31,876 31,689 Noncurrent liabilities Long-term debt, less current maturities 22,060 21,702 Noncurrent contingent consideration 1,864 12,835 Other long-term liabilities 1,223 4,513 Deferred income taxes, net 21,805 24,183 Total noncurrent liabilities 46,952 63,233 Total liabilities 78,828 94,922 Commitments and contingencies Stockholders’ equity Preferred stock, $0.01 par value, 10,000,000 shares authorized, one share issued and outstanding at March 31, 2018 and December 31, 2017, respectively — — Common stock, $0.01 par value, 225,000,000 shares authorized, 44,649,449 shares issued and 44,631,101 shares outstanding at March 31, 2018 and 43,931,484 shares issued and 43,913,136 shares outstanding at December 31, 2017 446 439 Additional paid-in capital 402,146 399,426 Accumulated other comprehensive loss (73,396 ) (66,707 ) Retained earnings 35,089 23,864 Treasury stock, at cost; 18,348 shares at March 31, 2018 and at December 31, 2017 (175 ) (175 ) Total stockholders’ equity 364,110 356,847 Non-controlling interest 13,031 12,144 Total equity 377,141 368,991 Total liabilities and stockholders' equity $ 455,969 $ 463,913
NCS MULTISTAGE HOLDINGS, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) Three Months Ended March 31, 2018
2017 Cash flows from operating activities Net income $ 11,865 $ 6,348 Adjustments to reconcile net income to net cash (used in) provided by operating activities: Depreciation and amortization 4,420 6,586 Amortization of deferred loan cost 84 180 Share-based compensation 2,374 337 Provision for inventory obsolescence 408 — Deferred income tax benefit (1,186 ) (2,144 ) Gain on sale of property and equipment (17 ) (55 ) Foreign exchange gain on financing item — 843 Change in fair value of contingent consideration (1,353 ) — Changes in operating assets and liabilities: Accounts receivable—trade (13,350 ) (11,848 ) Inventories 1,838 (521 ) Prepaid expenses and other assets (477 ) (219 ) Accounts payable—trade 2,709 (29 ) Accrued expenses (2,543 ) 71 Other liabilities 508 (876 ) Income taxes receivable/payable (13,579 ) 3,891 Net cash (used in) provided by operating activities (8,299 ) 2,564 Cash flows from investing activities Purchases of property and equipment (1,121 ) (1,581 ) Proceeds from sales of property and equipment 110 71 Purchase of intangible assets (55 ) — Proceeds from short-term note receivable — 1,000 Acquisitions of businesses, net of cash acquired — (5,872 ) Net cash used in investing activities (1,066 ) (6,382 ) Cash flows from financing activities Equipment note borrowings — 750 Payments on equipment note and capital leases (490 ) (14 ) Promissory note borrowings 1,951 462 Payments on promissory note (1,850 ) — Payments related to public offering — (583 ) Repayment of term note — (3,000 ) Proceeds from the exercise of options for common stock 353 — Net cash used in financing activities (36 ) (2,385 ) Effect of exchange rate changes on cash and cash equivalents (728 ) (92 ) Net change in cash and cash equivalents (10,129 ) (6,295 ) Cash and cash equivalents beginning of period 33,809 18,275 Cash and cash equivalents end of period $ 23,680 $ 11,980 Supplemental cash flow information Cash paid for income taxes (net of refunds) $ 15,452 $ 371 Noncash investing and financing activities Unpaid costs related to public offering — 708 Assets obtained by entering into a capital lease 1,031 43
NCS MULTISTAGE HOLDINGS, INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION
(In thousands, except per share data)
(Unaudited)
Non-GAAP Financial Measures
EBITDA is defined as net income (loss) before interest expense, net, income tax expense (benefit) and depreciation and amortization. Adjusted EBITDA is defined as EBITDA adjusted to exclude certain items which we believe are not reflective of ongoing performance or which, in the case of share-based compensation, are non-cash in nature. Adjusted EBITDA margin represents Adjusted EBITDA as a percentage of total revenues. Adjusted Net Income is defined as net income attributable to NCS Multistage Holdings, Inc. adjusted to exclude certain items which we believe are not reflective of ongoing performance. Adjusted Net Earnings per Diluted Share is defined as Adjusted Net Income divided by our diluted weighted average common shares outstanding during the relevant period. We believe that Adjusted EBITDA, Adjusted Net Income and Adjusted Net Earnings per Diluted Share are important measures that exclude costs that management believes do not reflect our ongoing operating performance and, in the case of Adjusted EBITDA, certain costs associated with our capital structure. Accordingly, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net Income and Adjusted Net Earnings per Diluted Share are key metrics that management uses to assess the period-to-period performance of our core business operations. We believe that presenting Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net Income and Adjusted Net Earnings per Diluted Share enables investors to assess our performance from period to period using the same metrics utilized by management and that Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net Income and Adjusted Net per Diluted Share enable investors to evaluate our performance relative to other companies that are not subject to such factors.
EBITDA, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net Income and Adjusted Net Earnings per Diluted Share (our “non-GAAP financial measures”) are not defined under generally accepted accounting principles (“GAAP”), are not measures of net income, income from operations or any other performance measure derived in accordance with GAAP, and are subject to important limitations. Our non-GAAP financial measures may not be comparable to similarly titled measures of other companies in our industry and are not measures of performance calculated in accordance with GAAP. Our non-GAAP financial measures have important limitations as analytical tools and you should not consider them in isolation or as substitutes for analysis of our financial performance as reported under GAAP and they should not be considered as alternatives to net income (loss) or any other performance measures derived in accordance with GAAP as measures of operating performance or as alternatives to cash flow from operating activities as measures of our liquidity.
The tables below set forth reconciliations of our non-GAAP financial measures to the most directly comparable measure of financial performance calculated under GAAP:
ADJUSTED NET INCOME AND ADJUSTED NET EARNINGS PER DILUTED SHARE Three Months Ended March 31, 2018 March 31, 2017 Effect on
Net Income
(After-
Tax) Impact on
Diluted Earnings
Per Share Effect on
Net Income
(After-
Tax) Impact on
Diluted Earnings
Per Share Net income attributable to
NCS Multistage Holdings, Inc. $ 10,978 $ 0.23 $ 6,550 $ 0.18 Adjustments (after tax) IPO-related professional expense (a) — — 1,120 0.03 Acquisition and merger costs (b) — — 232 0.01 Realized and unrealized (gains) losses (c) (156 ) — 648 0.01 Change in fair value of contingent consideration (d) (1,005 ) (0.02 ) — — Adjusted net income attributable
to NCS Multistage Holdings, Inc. $ 9,817 $ 0.21 $ 8,550 $ 0.23
(a) Represents non-capitalizable costs of professional services incurred in connection with our IPO.
(b) Represents costs of professional services incurred in connection with our acquisition of a 50% interest in Repeat Precision and Spectrum acquisition.
(c) Represents realized and unrealized foreign currency translation gains and losses primarily in respect of our indebtedness.
(d) Represents the change in the fair value of the earn-outs associated with our acquisitions.
NCS MULTISTAGE HOLDINGS, INC. RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION (In thousands) (Unaudited) ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN Three Months Ended March 31, 2018 2017 Net income $ 11,865 $ 6,348 Income tax expense 945 2,100 Interest expense, net 457 1,509 Depreciation 1,099 564 Amortization 3,321 6,022 EBITDA 17,687 16,543 Share-based compensation (a) 2,374 337 Professional fees (b) (104 ) 1,791 Unrealized foreign currency loss (c) 1,651 79 Realized foreign currency (gain) loss (d) (1,834 ) 862 Change in fair value of contingent consideration (e) (1,353 ) — Other (f) 241 (382 ) Adjusted EBITDA $ 18,662 $ 19,230 Adjusted EBITDA Margin 26 % 33 %
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http://www.cnbc.com/2018/05/07/globe-newswire-ncs-multistage-holdings-inc-announces-first-quarter-2018-results.html
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JP Morgan Private Bank: Is the growth cycle about to end? 1 Hour Ago Julien Lafargue of J.P. Morgan Private Bank says investors may be worried too much that the market's growth cycle is about to end in the near future.
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https://www.cnbc.com/video/2018/05/08/jp-morgan-private-bank-is-the-growth-cycle-about-to-end.html
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May 2 (Reuters) - Inflarx NV:
* INFLARX NV FILES FOR OFFERING OF UP TO 1.5 MILLION COMMON SHARES AND SELLING SHAREHOLDERS OFFERING UP TO 1.5 MILLION COMMON SHARES - SEC FILING Source text: ( bit.ly/2HM0lkG ) Further company coverage:
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https://www.reuters.com/article/brief-inflarx-nv-files-for-offering-of-u/brief-inflarx-nv-files-for-offering-of-up-to-1-5-mln-common-shares-idUSFWN1S90L3
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By Natasha Bach 7:24 AM EDT
Following a series of earthquakes that have hit the big island of Hawaii this week, the island’s Kilauea volcano erupted on Thursday, releasing lava into a nearby residential area.
The eruption has led to the mandatory evacuation of homes in the area.
So far, most airlines that travel to Hawaii, including American Airlines , United Airlines, and Alaska Airlines, have not announced any changes or cancellations as a result of the volcano eruption.
The only exception so far is Hawaiian Airlines, which shared a travel update on Twitter announcing a “one-time reservation change with waiver of change fee” for travelers flying to, from, or via Hilo or Kona airports on the big island. #Kilauea Travel Update: Effective immediately, guests holding tickets for travel on Hawaiian Airlines flights to/from/via Hilo (ITO) or Kona (KOA), Hawaii, on 5/3-5/4, will be permitted a one-time reservation change with waiver of change fee. More info: https://t.co/lOYN4BofdK .
— Hawaiian Airlines (@HawaiianAir) May 4, 2018
Kilauea is the most active volcano in Hawaii, erupting almost continuously since 1983, according to the U.S. Geological Service. Several hundred to a thousand people live in subdivisions some 25 miles from Kilauea and received mandatory evacuation alerts on Thursday.
As of late Thursday local time, the USGS said the lava eruption had stopped but there may be more “lava outbreaks.”
“It is not possible at this time to say when and where new vents may occur,” the agency said.
In November of last year, Bali’s primary airport was closed for several days due to the eruption of Mount Agung . And the eruption of the Eyjafjallajokull volcano in Iceland in 2010 famously caused days of air travel headaches. SPONSORED FINANCIAL CONTENT
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http://fortune.com/2018/05/04/hawaii-volcano-kilauea-airline-flights/
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SAO PAULO (Reuters) - Brazilian online lender Banco Agibank SA on Monday filed for regulatory clearance to launch an initial public offering (IPO), according to a securities filing.
Agibank follows Banco Inter SA’s ( BIDI11.SA ) strategy of raising capital to fund its expansion and IT investments. On Monday, Inter made its debut in São Paulo stock exchange, in the first IPO by a Brazilian retail bank in nearly a decade. In late afternoon, Inter’s units were stable at 74 reais.
The bank and its owner, Marciano Testa, will sell an undisclosed amount of preferred shares in the IPO.
Agibank uses a digital platform and also around 450 branches to offer checking accounts and loans to low-income clients. In a securities filing, the lender said its shareholders’ equity totaled 390 million reais ($111.31 million), with a return on equity of 44 percent. Its loan book reached 1.3 billion reais in March.
Investment banks Credit Suisse [CSAG.UL], Bank of America ( BAC.N ) Merrill Lynch Banco Múltiplo SA, Itaú BBA, Banco BTG Pactual SA ( BPAC3.SA ) and Banco Bradesco BBI SA will manage the offering.
Reporting by Alberto Alerigi; Editing by Lisa Shumaker
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https://www.reuters.com/article/us-agibank-ipo/brazilian-online-lender-agibank-files-for-ipo-idUSKBN1I127L
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May 30, 2018 / 7:08 AM / Updated an hour ago Fifty Afghan Taliban leaders killed in rocket strike, U.S. military says Reuters Staff 3 Min Read
KABUL (Reuters) - More than 50 senior Taliban commanders were killed in an artillery strike on a meeting in Afghanistan’s southern province of Helmand, a U.S. military spokesman said on Wednesday, as fighting continued across the country.
Details of last week’s operation emerged as fighting continued in other parts of Afghanistan, where the Taliban, aiming to restore their version of hardline Islamic law, launched their annual spring offensive last month.
Gunmen in Kabul, the capital, attacked the heavily fortified interior ministry, battling security forces for more than two hours before the assault was suppressed.
There were also serious incidents in Takhar province in the north, in Loghar, east of the capital, and Kandahar in the south, keeping up a pattern of attacks across the country.
The U.S. military said the May 24 meeting in Helmand’s district of Musa Qala involved commanders from a number of Afghan provinces, including neighbouring Farah, where Taliban fighters this month briefly threatened to overrun the provincial capital.
“We think the meeting was to plan next steps,” said Lt. Col. Martin O’Donnell, spokesman for U.S. forces in Afghanistan. While the strike by an artillery rocket system would disrupt Taliban operations, it would not necessarily mean any interruption to the fighting, he said.
However, the attack in one of the heartlands of the Taliban insurgency was a significant blow to the insurgents, he said. Related Coverage Militants attack Afghan ministry with bomb, grenades and gunfire
“It’s certainly a notable strike,” he said, adding that several other senior and lower level commanders had been killed during operations over a 10-day period this month.
The Taliban dismissed the report as “propaganda” and said the attack had hit two civilian houses in Musa Qala, killing five civilians and wounding three.
“This was a civilian residential area, which had no connection with the Taliban,” spokesman Qari Yousaf Ahmadi said in a statement.
In the northern province of Takhar, Taliban fighters in the Dasht-e Qala district centre captured the governor’s compound and police headquarters on Wednesday but heavy fighting was continuing, police spokesman Khalil Aseer said.
In Loghar, the Taliban claimed an attack on a police station in the provincial capital, Pul-e Alam, which killed three police and wounded 12, among them four police and eight civilians.
Shahpoor Ahmadzai, a spokesman for the provincial governor, said three attackers who sought to enter the police station in the early morning hours triggered a three-hour gunbattle that ended when all three were killed.
Elsewhere, three civilians were killed and 13 wounded by an explosion in the southern city of Kandahar that appeared to have targeted a mechanics’ workshop repairing Afghan army vehicles, a spokesman for the provincial governor said. Reporting by James Mackenzie, Samiullah Paiwand, Qadir Sediqi; Editing by Clarence Fernandez
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https://uk.reuters.com/article/uk-afghanistan-taliban/rocket-strike-kills-50-afghan-taliban-leaders-u-s-military-says-idUKKCN1IV0NM
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BERLIN (Reuters) - German Chancellor Angela Merkel said she would address trade issues such as reciprocal market access and intellectual property protections during her visit to China next week.
German Chancellor Angela Merkel speaks during a joint news conference with Russian President Vladimir Putin following their meeting in the Black Sea resort of Sochi, Russia May 18, 2018. REUTERS/Sergei Karpukhin The four-term German leader said both countries recognized the rules of the World Trade Organisation (WTO) and would push for increased multilateralism at a time of rising global concern about protectionist trade measures undermining growth.
In a weekly videocast released on Saturday, Merkel said the discussions would also center on important issues such as the rule of law and ensuring equal access to each other’s markets.
German companies have complained for years about barriers to the Chinese market, and the theft of intellectual property. Germany’s domestic intelligence agency last year said industrial espionage by China, Russia and others cost German industry billions of euros each year.
Merkel’s two-day visit will include talks with President Xi Jinping and Premier Li Keqiang, a government spokeswoman said on Friday. Merkel travels to China about once a year.
Her visit this year comes at a time of sharply increased tensions with the United States over its withdrawal from the Iran nuclear deal negotiated by six world powers, including Germany and China. It follows her meeting with Russian President Vladimir Putin this week.
This time, Merkel will also visit the southern Chinese city of Shenzhen, home to several major technology companies, and the cradle of China’s economic opening to the West.
“For that reason it is also very interesting for me to visit this dynamic city, where many German companies have their headquarters and production sites,” Merkel said.
Reporting by Andrea Shalal; Editing by Ros Russell
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https://www.reuters.com/article/us-germany-china/merkel-to-address-reciprocal-market-access-ip-security-in-china-idUSKCN1IK0CP
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England's innovative way to announce a youthful World Cup squad 9:47am BST - 01:47 Wed, 16 May, 2018 - (1:30) Featured Videos Thu, 23 Nov, 2017 - (2:18) Follow Reuters: Reuters Plus | Reuters News Agency | Brand Attribution Guidelines | Careers
Reuters, the news and media division of Thomson Reuters , is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV. Learn more about Thomson Reuters products:
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https://uk.reuters.com/video/2018/05/17/englands-innovative-way-to-announce-a-yo?videoId=427440102
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NEW DELHI (Reuters) - Saudi Basic Industries Corp (SABIC) ( 2010.SE ), the world’s No.4 petrochemical company, wants to buy about half of the $4.6-billion Indian petchem project backed by Oil and Natural Gas Corp (ONGC), two sources familiar with the matter said.
ONGC ( ONGC.NS ) is a majority shareholder in ONGC Petro Additions Ltd (OPaL), which operates India’s biggest petrochemical plant in western Gujarat state.
“They (SABIC} want to have a significant stake in OPaL, around 50 percent,” said one of the sources.
Previously, ONGC had held talks about selling a stake in the project with Saudi Aramco and Petrochemical Industries Co, a unit of Kuwait Petroleum Corp, a second source said.
“SABIC is the latest entrant. Recently SABIC has held talks with ONGC officials about a stake purchase,” the second source said.
ONGC and SABIC did not respond to Reuters’ requests for comment.
India and Saudi Arabia want to strengthen their trade ties. Saudi Aramco recently signed an initial deal with India to buy a 50 percent stake in a planned 1.2 million barrels per day west coast refinery and petrochemical project.
To expand its footprint in the world’s third-biggest oil importer, Saudi Arabia is also scouting for a stake in existing major refineries, its energy minister Khalid al-Falih has said.
The first source said OPaL made an operating profit for the first time in 2017/18, increasing its appeal to prospective investors. “There are enough green shoots in the company,” the source said.
India’s per capita consumption of synthetic polymers, used to make various grades of plastics, is just 10 kg (22 lbs) a year, compared with a global average of about 32 kg.
The country’s per capita consumption of petrochemicals will rise with its expanding middle class, growing income levels and increasing urbanisation, Prime Minister Narendra Modi said in March last year.
The second source said OPaL operated the project at about 65 percent capacity in the March quarter and it aimed to operate the plant at about 80 percent capacity in 2018/19.
($1 = 67.2600 Indian rupees)
Additional reporting by Promit Mukherjee in MUMBAI; Editing by Mark Potter
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https://in.reuters.com/article/us-ongc-sabic/saudis-sabic-eyes-50-percent-stake-in-ongcs-west-india-petchem-plant-sources-idINKBN1IA2OS
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May 7 (Reuters) - MYOS RENS Technology Inc:
* JOSEPH MANNELLO REPORTS 9.3 PERCENT STAKE IN MYOS RENS TECHNOLOGY INC AS OF APRIL 27, 2018 - SEC FILING Source text: ( bit.ly/2FTnvnk )
Our
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https://www.reuters.com/article/brief-joseph-mannello-reports-93-pct-sta/brief-joseph-mannello-reports-9-3-pct-stake-in-myos-rens-technology-inc-idUSFWN1SE133
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FRANKFURT (Reuters) - Lufthansa ( LHAG.DE ) will introduce an Economy “Light” fare on transatlantic routes this summer, the German airlines group said on Tuesday, following a similar move by rival British Airways in an effort to compete with low-cost carriers.
FILE PHOTO: Flags with the German airline Lufthansa sign flutter next to the office building in Frankfurt, Germany March 15, 2018. REUTERS/Ralph Orlowski/File Photo The new cheaper fare, which Lufthansa has been testing on some routes between Scandinavia and North America since October, allows passengers on airlines Lufthansa, SWISS, Brussels Airlines and Austrian Airlines to bring only carry-on luggage on their trip, it said.
For an additional fee, they can add check-in luggage or request a seat reservation.
Lufthansa did not say how much the tickets would cost. In 2015, it introduced a “Light” fare on European routes, with round-trip tickets starting at 89 euros ($105).
British Airways, owned by International Airways Group ( ICAG.L ), last month unveiled a new “basic” fare, whereby a one-way ticket between London and Boston in the United States would cost from 175 pounds ($236).
That compares with low cost carrier Norwegian’s ( NWC.OL ) 145 pound cheapest available fare, according to its website on that same route.
Legacy airlines are battling Norwegian and other budget carriers such as Canada’s Westjet ( WJA.TO ) and Iceland’s Wow Air, which are all stepping up expansion on routes between North America and Europe.
Reporting by Maria Sheahan; Editing by Mark Potter
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https://www.reuters.com/article/us-lufthansa-fares/lufthansa-to-offer-economy-light-fare-on-north-american-routes-idUSKCN1IN19Z
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COPENHAGEN (Reuters) - Denmark has banned the wearing of face veils in public, joining France and other European countries in outlawing the burqa and the niqab worn by some Muslim women to uphold what some politicians say are secular and democratic values.
Parliament voted on Thursday for the ban proposed by the centre-right government, which says veils are contrary to Danish values. Opponents say the ban, which will take effect on Aug. 1, infringes women’s right to dress as they choose.
Under the law, police can instruct women to remove their veils or order them to leave public areas. Justice Minister Soren Pape Poulsen has said that officers would in practice fine them and tell them “to go home”.
Fines would range from 1,000 Danish crowns ($160) for a first offence to 10,000 crowns for a fourth violation.
France, Belgium, the Netherlands, Bulgaria and the German state of Bavaria have all imposed some restrictions on full-face veils in public places.
Denmark has struggled for decades with how to integrate non-Western immigrants into its welfare state. Public debate intensified in 2015 with the arrival of large groups of refugees from conflicts in the Middle East and elsewhere.
The anti-immigrant Danish People’s Party became the second-largest party in an election that year and now supports the coalition government in parliament.
Women in niqab exit the audience seats after the Danish Parliament banned the wearing of face veils in public, at Christiansborg Palace in Copenhagen, Denmark, May 31, 2018. Ritzau Scanpix/Mads Claus Rasmussen/via REUTERS Zainab Ibn Hssain, who lives in Copenhagen and has been wearing the niqab for the last year, told Reuters: “It’s not nice. It will mean that I won’t be able to go to school, go to work or go out with my family.”
“But I won’t take my niqab off so I have to find another solution,” the 20-year-old added.
Pape Poulsen, who leads the conservative party in the coalition, has described keeping one’s face hidden in public as “incompatible with the values of Danish society or respect for the community”.
Ibn Hssain rejected suggestions that wearing the veil symbolized the rejection of Danish values or oppression of women. “It has nothing to do with integration or that we’re oppressed. For me it is a war on Islam,” she said.
Human rights group Amnesty International called the ban “a discriminatory violation of women’s rights ... All women should be free to dress as they please and to wear clothing that expresses their identity or beliefs”.
Slideshow (5 Images) Ibn Hssain, who says she has been yelled at and spat at in public for wearing the niqab, will stay for now in Denmark despite the ban. “If I leave Denmark the politicians win. I feel what they deep down want is for Muslims to leave Denmark,” she said.
Editing by Jacob Gronholt-Pedersen, Robin Pomeroy and David Stamp
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https://www.reuters.com/article/us-denmark-religion/danish-lawmakers-ban-burqas-idUSKCN1IW1I5
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NEW ORLEANS--(BUSINESS WIRE)-- ClaimsFiler, a FREE shareholder information service, reminds investors that they have only until May 1, 2018 to file lead plaintiff applications in a securities class action lawsuit against Ulta Beauty, Inc. (NasdaqGS: ULTA). Investor losses must relate to purchases of the Company’s securities between March 30, 2016 and February 23, 2018. This action is pending in the United States District Court for the Northern District of Illinois.
Get Help
ULTA investors should visit https://www.claimsfiler.com/cases/view-ulta-beauty-inc-securities-litigation or call to speak to our claim center toll-free at (844) 367-9658.
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 source version on businesswire.com : https://www.businesswire.com/news/home/20180430006510/en/
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Source: ClaimsFiler
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ashraq/financial-news-articles
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http://www.cnbc.com/2018/04/30/business-wire-ulta-24-hour-deadline-alert-approximately-24-hours-remain-claimsfiler-reminds-investors-of-deadline-in-class-action-lawsuit.html
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WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)-- LTC Properties, Inc. (NYSE: LTC), a real estate investment trust that primarily invests in seniors housing and health care properties, today announced operating results for its first quarter ended March 31, 2018.
Net income available to common stockholders was $20.3 million, or $0.51 per diluted share, for the 2018 first quarter, compared with $21.4 million, or $0.54 per diluted share, for the same period in 2017. Funds from Operations (“FFO”) was $29.7 million for the 2018 first quarter, compared with $30.8 million for the comparable 2017 period. FFO per diluted common share was $0.75 and $0.78 for the quarters ended March 31, 2018 and 2017, respectively.
The decrease in net income available to common stockholders, FFO and FFO per diluted common share was primarily due to a reduction in rental income related to properties sold in 2017 and a previously disclosed defaulted master lease that was placed on a cash basis, as well as higher interest expense resulting from an increase in net borrowings, partially offset by higher income from unconsolidated joint ventures and mezzanine loans.
During the first quarter of 2018, LTC funded $7.4 million under an existing mortgage loan for the purchase of a 112-bed skilled nursing center in Michigan. The incremental funding bears interest at 8.7%, fixed for five years, and escalating by 2.25% thereafter.
Subsequent to March 31, 2018, LTC sold a portfolio of six assisted living and memory care communities for $67.5 million. Known as the Sunrise Portfolio, the six communities, five assisted living and one memory care, span 320 units and five locations in Ohio and Pennsylvania. As a result of the transaction, LTC expects to recognize a net gain on sale of approximately $48.0 million in the second quarter. The transaction was structured to close concurrent with the April 30 lease expiration. Rental revenue under this lease for the four months ended April 30, 2018 was approximately $1.5 million.
Conference Call Information
LTC will conduct a conference call on Thursday, May 10, 2018, at 8:00 a.m. Pacific Time (11:00 a.m. Eastern Time), to provide commentary on its performance and operating results for the quarter ended March 31, 2018. The conference call is accessible by telephone and the internet. Telephone access will be available by dialing 877-510-2862 (domestically) or 412-902-4134 (internationally). To participate in the webcast, go to LTC’s website at www.LTCreit.com 15 minutes before the call to download the necessary software.
An audio replay of the conference call will be available from May 10 through May 24, 2018 and may be accessed by dialing 877-344-7529 (domestically) or 412-317-0088 (internationally) and entering conference number 10118453. Additionally, an audio archive will be available on LTC’s website on the “Presentations” page of the “Investor Information” section, which is under the “Investors” tab. LTC’s earnings release and supplemental information package for the current period will be available on its website on the “Press Releases” and “Presentations” pages, respectively, of the “Investor Information” section which is under the “Investors” tab.
About LTC
LTC is a self-administered real estate investment trust that primarily invests in seniors housing and health care properties primarily through sale-leaseback transactions, mortgage financing and structured finance solutions including mezzanine lending. At March 31, 2018, LTC had 203 investments located in 29 states comprising 105 assisted living communities, 97 skilled nursing centers and a behavioral health care hospital. Assisted living communities, independent living communities, memory care communities and combinations thereof are included in the assisted living property type. For more information on LTC Properties, Inc., visit the Company’s website at www.LTCreit.com , or connect with us on Twitter @LTCreit and LinkedIn .
Forward Looking Statements
This press release includes statements that are not purely historical and are “forward looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the Company’s expectations, beliefs, intentions or strategies regarding the future. All statements other than historical facts contained in this press release are forward looking statements. These forward looking statements involve a number of risks and uncertainties. Please see LTC’s most recent Annual Report on Form 10-K, its subsequent Quarterly Reports on Form 10-Q, and its other publicly available filings with the Securities and Exchange Commission for a discussion of these and other risks and uncertainties. All forward looking statements included in this press release are based on information available to the Company on the date hereof, and LTC assumes no obligation to update such forward looking statements. Although the Company’s management believes that the assumptions and expectations reflected in such forward looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. The actual results achieved by the Company may differ materially from any forward looking statements due to the risks and uncertainties of such statements.
LTC PROPERTIES, INC. CONSOLIDATED STATEMENTS OF INCOME (amounts in thousands, except per share amounts unaudited)
Three Months Ended March 31, 2018 2017 Revenues: Rental income $ 34,505 $ 35,035 Interest income from mortgage loans 6,816 6,748 Interest and other income 489 839 Total revenues 41,810 42,622 Expenses: Interest expense 7,829 7,471 Depreciation and amortization 9,444 9,359 Provision (recovery) for doubtful accounts 8 (38 ) Transaction costs 4 22 General and administrative expenses 4,797 4,740 Total expenses 22,082 21,554 Operating income 19,728 21,068 Income from unconsolidated joint ventures 631 445 Net income 20,359 21,513 Income allocated to participating securities (88 ) (97 ) Net income available to common stockholders $ 20,271 $ 21,416 Earnings per common share: Basic $ 0.51 $ 0.54 Diluted $ 0.51 $ 0.54 Weighted average shares used to calculate earnings per common share:
Basic 39,451 39,366 Diluted 39,454 39,612 Dividends declared and paid per common share $ 0.57 $ 0.57 Supplemental Reporting Measures
FFO, adjusted FFO (“AFFO”), and Funds Available for Distribution (“FAD”) are supplemental measures of a real estate investment trust’s (“REIT”) financial performance that are not defined by U.S. generally accepted accounting principles (“GAAP”). Investors, analysts and the Company use FFO, AFFO and FAD as supplemental measures of operating performance. The Company believes FFO, AFFO and FAD are helpful in evaluating the operating performance of a REIT. Real estate values historically rise and fall with market conditions, but cost accounting for real estate assets in accordance with GAAP assumes that the value of real estate assets diminishes predictably over time. We believe that by excluding the effect of historical cost depreciation, which may be of limited relevance in evaluating current performance, FFO, AFFO and FAD facilitate like comparisons of operating performance between periods. Additionally the Company believes that normalized FFO, normalized AFFO and normalized FAD provide useful information because they allow investors, analysts and our management to compare the Company’s operating performance on a consistent basis without having to account for differences caused by unanticipated items.
FFO, as defined by the National Association of Real Estate Investment Trusts (“NAREIT”), means net income available to common stockholders (computed in accordance with GAAP) excluding gains or losses on the sale of real estate and impairment write-downs of depreciable real estate, plus real estate depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Normalized FFO represents FFO adjusted for certain items detailed in the reconciliations. The Company’s computation of FFO may not be comparable to FFO reported by other REITs that do not define the term in accordance with the current NAREIT definition or have a different interpretation of the current NAREIT definition from that of the Company; therefore, caution should be exercised when comparing our Company’s FFO to that of other REITs.
We define AFFO as FFO excluding the effects of straight-line rent, amortization of lease inducement, effective interest income and deferred income from unconsolidated joint ventures. GAAP requires rental revenues related to non-contingent leases that contain specified rental increases over the life of the lease to be recognized evenly over the life of the lease. This method results in rental income in the early years of a lease that is higher than actual cash received, creating a straight-line rent receivable asset included in our consolidated balance sheet. At some point during the lease, depending on its terms, cash rent payments exceed the straight-line rent which results in the straight-line rent receivable asset decreasing to zero over the remainder of the lease term. Effective interest method, as required by GAAP, is a technique for calculating the actual interest rate for the term of a mortgage loan based on the initial origination value. Similar to the accounting methodology of straight-line rent, the actual interest rate is higher than the stated interest rate in the early years of the mortgage loan thus creating an effective interest receivable asset included in the interest receivable line item in our consolidated balance sheet and reduces down to zero when, at some point during the mortgage loan, the stated interest rate is higher than the actual interest rate. By excluding the non-cash portion of rental income, interest income from mortgage loans and income from unconsolidated joint ventures, investors, analysts and our management can compare AFFO between periods. Normalized AFFO represents AFFO adjusted for certain items detailed in the reconciliations.
We define FAD as AFFO excluding the effects of non-cash compensation charges, capitalized interest and non-cash interest charges. FAD is useful in analyzing the portion of cash flow that is available for distribution to stockholders. Investors, analysts and the Company utilize FAD as an indicator of common dividend potential. The FAD payout ratio, which represents annual distributions to common shareholders expressed as a percentage of FAD, facilitates the comparison of dividend coverage between REITs. Normalized FAD represents FAD adjusted for certain items detailed in the reconciliations.
While the Company uses FFO, Normalized FFO, AFFO, Normalized AFFO, FAD and Normalized FAD as supplemental performance measures of our cash flow generated by operations and cash available for distribution to stockholders, such measures are not representative of cash generated from operating activities in accordance with GAAP, and are not necessarily indicative of cash available to fund cash needs and should not be considered an alternative to net income available to common stockholders.
Reconciliation of FFO, AFFO and FAD
The following table reconciles GAAP net income available to common stockholders to each of NAREIT FFO attributable to common stockholders and normalized FFO attributable to common stockholders, as well as normalized AFFO and normalized FAD (unaudited, amounts in thousands, except per share amounts):
Three Months Ended March 31, 2018 2017 GAAP net income available to common stockholders $20,271 $21,416 Add: Depreciation and amortization 9,444 9,359 NAREIT FFO attributable to common stockholders 29,715 30,775 Less: Non-cash rental income (2,900 ) (2,340 ) Less: Effective interest income from mortgage loans (1,404 ) (1,307 ) Less: Deferred income from unconsolidated joint ventures (31 ) (47 ) Adjusted FFO (AFFO) 25,380 27,081 Add: Non-cash compensation charges 1,376 1,259 Add: Non-cash interest related to earn-out liabilities 126 226 Less: Capitalized interest (259 ) (170 ) Funds available for distribution (FAD) $26,623 $28,396 NAREIT Basic FFO attributable to common stockholders per share $0.75 $0.78 NAREIT Diluted FFO attributable to common stockholders per share $0.75 $0.78 NAREIT Diluted FFO attributable to common stockholders $29,803 $30,872 Weighted average shares used to calculate NAREIT diluted FFO per share attributable to common stockholders
39,603 39,612 Diluted AFFO $25,468 $27,178 Weighted average shares used to calculate diluted AFFO per share 39,603 39,612 Diluted FAD $26,711 $28,493 Weighted average shares used to calculate diluted FAD per share 39,603 39,612 LTC PROPERTIES, INC. CONSOLIDATED BALANCE SHEETS (amounts in thousands, except per share)
March 31, 2018 December 31, 2017 ASSETS (unaudited) (audited) Investments: Land $ 121,496 $ 124,041 Buildings and improvements 1,236,605 1,262,335 Accumulated depreciation and amortization (292,222 ) (304,117 ) Operating real estate property, net 1,065,879 1,082,259 Properties held-for-sale, net of accumulated depreciation: 2018—$23,223; 2017—$1,916 20,182 3,830 Real property investments, net 1,086,061 1,086,089 Mortgage loans receivable, net of loan loss reserve: 2018—$2,351; 2017—$2,255 233,383 223,907 Real estate investments, net 1,319,444 1,309,996 Notes receivable, net of loan loss reserve: 2018—$166; 2017—$166 16,402 16,402 Investments in unconsolidated joint ventures 30,289 29,898 Investments, net 1,366,135 1,356,296 Other assets: Cash and cash equivalents 3,784 5,213 Debt issue costs related to bank borrowings 540 810 Interest receivable 16,456 15,050 Straight-line rent receivable, net of allowance for doubtful accounts: 2018—$726; 2017—$814 68,017 64,490 Lease incentives 21,321 21,481 Prepaid expenses and other assets 2,877 2,230 Total assets $ 1,479,130 $ 1,465,570 LIABILITIES Bank borrowings $ 120,500 $ 96,500 Senior unsecured notes, net of debt issue costs: 2018—$1,079; 2017—$1,131 566,888 571,002 Accrued interest 4,114 5,276 Accrued incentives and earn-outs 9,041 8,916 Accrued expenses and other liabilities 21,724 25,228 Total liabilities 722,267 706,922 EQUITY Stockholders’ equity: Common stock: $0.01 par value; 60,000 shares authorized; shares issued and outstanding: 2018—39,629; 2017—39,570 396 396 Capital in excess of par value 857,426 856,992 Cumulative net income 1,121,142 1,100,783 Cumulative distributions (1,225,589 ) (1,203,011 ) Total LTC Properties, Inc. stockholders’ equity 753,375 755,160 Non-controlling interests 3,488 3,488 Total equity 756,863 758,648 Total liabilities and equity $ 1,479,130 $ 1,465,570
View source version on businesswire.com : https://www.businesswire.com/news/home/20180509005325/en/
LTC Properties, Inc.
Wendy L. Simpson
Pam Kessler
(805) 981-8655
Source: LTC Properties, Inc.
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http://www.cnbc.com/2018/05/09/business-wire-ltc-reports-2018-first-quarter-results-sells-portfolio-of-six-assisted-living-communities-for-67-point-5-million.html
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May 12, 2018 / 8:39 PM / in 4 minutes Nationals place Zimmerman on DL Reuters Staff 1 Min Read
The Washington Nationals placed first baseman Ryan Zimmerman on the 10-day disabled list prior to Saturday’s game against the Arizona Diamondbacks, the team announced. May 8, 2018; San Diego, CA, USA; Washington Nationals first baseman Ryan Zimmerman (11) looks on during the fifth inning against the San Diego Padres at Petco Park. Mandatory Credit: Jake Roth-USA TODAY Sports
The move was retroactive to May 10.
Washington recalled veteran first baseman Mark Reynolds from Triple-A Syracuse to fill the roster spot.
Zimmerman suffered a back injury during Wednesday’s game against the San Diego Padres. He was injured sliding into home plate.
Zimmerman is batting just .217 with five homers and 16 RBIs this season. He also missed three games earlier this month with an injury to his left side.
Reynolds, 34, who was signed last month, was batting .231 with one homer in 10 games at Syracuse. He has hit 281 career homers in 11 major league seasons, including 30 last season for the Colorado Rockies.
The Nationals also transferred right-hander Joaquin Benoit (forearm strain) to the 60-day disabled list.
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https://www.reuters.com/article/us-baseball-mlb-was-zimmerman/nationals-place-zimmerman-on-dl-idUSKCN1ID0V5
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Top lawmakers from both parties and a former leader in the U.S. intelligence community disputed President Donald Trump’s accusation that the FBI improperly embedded a “spy” in his 2016 campaign as part of an effort to keep him from winning the election.
At the time, the FBI had used an informant who contacted Trump campaign aides suspected of having contacts with Russia, as part of its counterintelligence probe into Moscow’s meddling in the election. Special Counsel Robert Mueller now heads that investigation.
...
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ashraq/financial-news-articles
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https://www.wsj.com/articles/republicans-democrats-dispute-white-house-view-that-campaign-informant-was-improper-1527439989
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May 23 (Reuters) - Allegiant Travel Co:
* ALLEGIANT ANNOUNCES TENTATIVE DISPATCHERS CONTRACT AGREEMENT WITH INTERNATIONAL BROTHERHOOD OF TEAMSTERS
* ALLEGIANT TRAVEL - CO AND IBT, REPRESENTING ALLEGIANT DISPATCHERS, REACHED TENTATIVE AGREEMENT ON FIRST COLLECTIVE BARGAINING AGREEMENT BETWEEN PARTIES
* RESULTS OF VOTE ARE EXPECTED BY END OF JULY Source text for Eikon: Further company coverage:
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ashraq/financial-news-articles
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https://www.reuters.com/article/brief-allegiant-announces-tentative-disp/brief-allegiant-announces-tentative-dispatchers-contract-agreement-with-teamsters-idUSFWN1ST0O0
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2 COMMENTS LUCKNOW, India—A powerful dust and rainstorm swept parts of northern and western India, killing 72 people and injuring more than 100 others as houses collapsed and trees toppled, officials said Thursday.
The damage was particularly severe on Wednesday night in Agra, the northern Indian city where the white marble Taj Mahal is located. Thirty-six people died there as the wind speed reached 80 miles an hour, said Relief Commissioner Sanjay Kumar of Uttar Pradesh state.
The monument wasn’t damaged.
The Press Trust of India news agency said at least 27 others died and that an additional 100 were injured in the northwestern state of Rajasthan. Most of the deaths were caused by house collapses and lightning.
The rainstorm caught people by surprise, as the monsoon season is still more than six weeks away.
Uprooted trees flattened mud huts of the poor, Sanjay Kumar said. Electricity supply and telephone lines were snapped in parts of Uttar Pradesh state, Mr. Kumar said.
—Copyright 2018 the Associated Press
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ashraq/financial-news-articles
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https://www.wsj.com/articles/storm-kills-at-least-72-in-india-1525338667
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DALLAS, May 16, 2018 /PRNewswire/ -- Southwest Airlines Co. (NYSE: LUV) (the "Company") announces the Southwest Airlines Board of Directors, at its meeting held today, increased the Company's quarterly dividend by 28 percent and authorized a new $2.0 billion share repurchase program. The quarterly dividend will increase to $.16 per share from $.125 per share, beginning with the 167 th consecutive quarterly dividend declared today to Shareholders of record at the close of business on June 6, 2018, on all shares then issued and outstanding. The dividend will be paid on June 27, 2018.
Gary C. Kelly, Chairman of the Board and Chief Executive Officer, stated: "Based on our solid financial results and strong cash flow outlook bolstered by tax reform savings, I'm pleased to announce the Board's decision today to increase our quarterly dividend by 28 percent. Annualized, the increased dividend amounts to more than $370 million 1 , and an approximate 1.2 percent dividend yield 2 , to our Shareholders. The Board also authorized a new $2.0 billion share repurchase program upon the completion of the remaining $350 million under the May 2017 $2.0 billion share repurchase authorization.
"This share repurchase authorization, combined with our annual dividends, reinforces our continued commitment to delivering increased value to Shareholders. We remain committed to maintaining an investment grade balance sheet and strong financial position that enables us to continue to make prudent investments in our People and business to drive long-term profitable growth and sustained brand strength."
The Company has repurchased approximately 19.8 million shares under the May 2017 $2.0 billion share repurchase authorization. On April 30, 2018, the Company launched a $500 million accelerated share repurchase program ("Second Quarter 2018 ASR Program"). The specific number of shares that the Company ultimately will repurchase under the Second Quarter 2018 ASR Program will be determined based generally on a discount to the volume-weighted average price per share of the Company's common stock during a calculation period to be completed no later than July 2018. Subsequent to the launch of the Second Quarter 2018 ASR Program, the Company has $350 million remaining under the May 2017 $2.0 billion share repurchase authorization.
The Company's future share repurchases under today's $2.0 billion repurchase authorization will be made in accordance with applicable securities laws in open market, private, or accelerated repurchase transactions from time to time, depending on market conditions, but may be discontinued at any time.
1 Based on approximately 580 million shares of common stock outstanding on May 14, 2018.
2 Based on yesterday's closing stock price of $51.70.
Cautionary Statement Regarding Forward-Looking Statements
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Specific forward-looking statements include, without limitation, statements related to (i) the Company's expectations and goals with respect to the return of value to Shareholders and (ii) the Company's financial outlook, position, strategies, goals, and expectations. These forward-looking statements are based on the Company's current intent, expectations, and projections and are not guarantees of future performance. These statements involve risks, uncertainties, assumptions, and other factors that are difficult to predict and that could cause actual results to vary materially from those expressed in or indicated by them. Factors include, among others, (i) the impact of a continually changing business environment, economic conditions, consumer behavior, fuel prices, actions of competitors (including without limitation pricing, scheduling, capacity, and network decisions and consolidation and alliance activities), governmental actions, and other factors beyond the Company's control, on the Company's business decisions, plans, strategies, and results; (ii) the Company's ability to timely and effectively implement, transition, and maintain the necessary information technology systems and infrastructure to support its operations and initiatives; and (iii) other factors, as described in the Company's filings with the Securities and Exchange Commission, including the detailed factors discussed under the heading "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2017.
SW-DSR
View original content: http://www.prnewswire.com/news-releases/southwest-airlines-returns-value-to-shareholders-300649483.html
SOURCE Southwest Airlines Co.
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ashraq/financial-news-articles
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http://www.cnbc.com/2018/05/16/pr-newswire-southwest-airlines-returns-value-to-shareholders.html
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AUSTIN, Texas (Reuters) - Victims and survivors of Texas mass shootings are expected to take part in a final round of talks on Thursday with Governor Greg Abbott, who is seeking ways to stop gun massacres after a shooter killed 10 people in a Houston-area high school.
FILE PHOTO: May 18, 2018; Santa Fe, TX, USA; Texas governor Greg Abbott speaks at a vigil for the victims of the Santa Fe high school shooting in Santa Fe, Texas following a shooting that killed 10 at Santa Fe High School. John Glaser-USA TODAY NETWORK Students and parents from Santa Fe High School, where a gunman killed eight students and two teachers last Friday, will be joined by several people from Sutherland Springs, where 26 churchgoers were killed in a mass shooting in November, Abbott’s office said in a statement.
Abbott, a Republican, held roundtable discussions in Austin, the state capital, on Tuesday with educators and law enforcement officials and then again on Wednesday with the Texas State Rifle Association, affiliated with the National Rifle Association, and Texas Gun Sense, which favors tighter gun laws, along with mental health experts.
“We focused on trying to build bridges between sides that may not always see eye to eye, working collaboratively on one goal, and that is making sure that we are going to keep our students, our schools and our communities safer,” Abbott said after the two-hour closed-door meeting on Wednesday.
Abbott said the panel on Wednesday discussed ways to address mental health issues at schools, safe storage measures for firearms at homes and the so-called red flag warning laws that are intended to keep guns out of the hands of people deemed by a judge to be danger to themselves or others.
Abbott, a staunch supporter of gun rights, said any changes to state laws would need to protect Second Amendment rights to bear arms as enshrined in the U.S. Constitution.
The legislature is out of session until January 2019, making it nearly impossible for the state to implement and fund any major changes from the talks.
In contrast to Florida, where the killing of 17 teens and educators at a school in February sparked a youth-led movement calling for new restrictions on gun ownership, the Texas tragedy saw many elected officials and survivors alike voicing support for gun rights.
Dimitrios Pagourtzis, 17, has been charged with murder in the killing of eight students and two teachers during a rampage at Santa Fe High School on Friday - the latest in a string of deadly school shooting in the United States this year.
Editing by William Maclean
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ashraq/financial-news-articles
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https://www.reuters.com/article/us-texas-shooting/texas-mass-shooting-victims-survivors-to-meet-with-governor-idUSKCN1IP166
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ATLANTA, May 1, 2018 /PRNewswire/ -- Novelis Inc. will report its earnings for the fourth quarter and full fiscal year 2018 on Tuesday, May 8, 2018. Following the release, Steve Fisher, President and Chief Executive Officer, and Devinder Ahuja, Chief Financial Officer, will discuss the results via a live conference call for investors at 8:00 a.m. ET the same day. The conference call will also be webcast live via the Novelis website, with presentation materials available online at www.novelis.com/investors .
The audio portion of the meeting will be available via telephone at:
U.S. and Canada Toll-Free Number: 800 908 1236
India Toll-Free Number: 18002660839
International Toll Number: +1 212 231 2909
To view slides and listen only, visit the web at: https://cc.callinfo.com/r/1reus8g1xoeb3&eom
Participants should access the conference 15 minutes in advance of the start time to complete the registration process.
To test the compatibility of your browser and network connections in advance, please visit: http://test.callinfo.com
Following the meeting, the webcast will be available for replay at www.novelis.com/investors .
About Novelis
Novelis Inc. is the global leader in aluminum rolled products and the world's largest recycler of aluminum. The company operates in 10 countries, has approximately 11,000 employees and had $10 billion in revenue for its 2017 fiscal year. Novelis supplies premium aluminum sheet and foil products to transportation, packaging, construction, industrial and consumer electronics markets throughout North America, Europe, Asia and South America. Novelis is a subsidiary of Hindalco Industries Limited, an industry leader in aluminum and copper, and metals flagship company of the Aditya Birla Group, a multinational conglomerate based in Mumbai, India. For more information, visit novelis.com and follow us on Facebook at facebook.com/NovelisInc and Twitter at twitter.com/Novelis .
View original content with multimedia: http://www.prnewswire.com/news-releases/novelis-to-host-fourth-quarter-and-fiscal-year-2018-earnings-conference-call-on-tuesday-may-8-300640346.html
SOURCE Novelis Inc.
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ashraq/financial-news-articles
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http://www.cnbc.com/2018/05/01/pr-newswire-novelis-to-host-fourth-quarter-and-fiscal-year-2018-earnings-conference-call-on-tuesday-may-8.html
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ST. LOUIS, May 9, 2018 /PRNewswire/ -- Ameren Corporation (NYSE: AEE) today announced first quarter 2018 net income attributable to common shareholders of $151 million, or $0.62 per share, compared to first quarter 2017 net income attributable to common shareholders of $102 million, or $0.42 per share.
The increase in year-over-year first quarter earnings reflected higher Ameren Missouri electric service rates, effective April 1, 2017, and higher Ameren Missouri electric retail sales, primarily due to colder winter temperatures compared to very mild temperatures in the year-ago period. The comparison also benefited from earnings on increased infrastructure investments made at Ameren Transmission, Ameren Illinois Electric Distribution and Ameren Illinois Natural Gas. While Ameren's effective income tax rate was lower in 2018 compared to 2017 reflecting federal tax reform, this benefit was almost entirely offset by a reduction in revenue reflecting the expected pass through of those savings to customers.
"We are on track to deliver within our 2018 earnings guidance range of $2.95 to $3.15 per share," said Warner L. Baxter, chairman, president and chief executive officer of Ameren Corporation. "Our team continues to successfully execute our strategy, including allocating capital to jurisdictions with modern, constructive regulatory frameworks and managing costs in a disciplined manner.
"Further, we continue to advocate for forward-thinking Missouri electric utility legislation currently under consideration by the Missouri General Assembly," Baxter said. "This legislation would support Ameren Missouri's ability to invest approximately $1 billion of incremental capital over the next five years to modernize Missouri's electric grid. In addition, the legislation would create jobs and provide significant customer benefits, including passing the benefits of the lower federal income tax rate on to customers in a very timely fashion."
Earnings Guidance
Today, Ameren also affirmed its 2018 earnings guidance range of $2.95 to $3.15 per diluted share.
Earnings guidance for 2018 assumes normal temperatures for the last nine months of this year and is subject to the effects of, among other things: 30-year U.S. Treasury bond yields; regulatory, judicial and legislative actions; energy center and energy distribution operations; energy, economic, capital and credit market conditions; severe storms; unusual or otherwise unexpected gains or losses; and other risks and uncertainties outlined, or referred to, in the Forward-looking Statements section of this press release.
Ameren Missouri Segment Results
Ameren Missouri first quarter 2018 earnings were $38 million, compared to first quarter 2017 earnings of $5 million. The increase in year-over-year earnings reflected higher electric service rates, as well as higher electric retail sales primarily due to colder winter temperatures compared to very mild temperatures in the year-ago period. These favorable factors were partially offset by increased other operations and maintenance expenses, primarily reflecting higher-than-normal scheduled non-nuclear plant outage costs.
Ameren Illinois Electric Distribution Segment Results
Ameren Illinois Electric Distribution first quarter 2018 earnings were $33 million, compared to first quarter 2017 earnings of $30 million. The year-over-year improvement reflected increased earnings on infrastructure investments. The allowed return on equity, which is based on the average 30-year U.S. Treasury bond yield, was comparable for 2018 and 2017.
Ameren Illinois Natural Gas Segment Results
Ameren Illinois Natural Gas first quarter 2018 earnings were $42 million, compared to first quarter 2017 earnings of $33 million. The year-over-year improvement reflected increased earnings on infrastructure investments and benefits of federal tax reform.
Ameren Transmission Segment Results
Ameren Transmission first quarter 2018 earnings were $37 million, compared to first quarter 2017 earnings of $34 million. The year-over-year improvement reflected increased earnings on infrastructure investments.
Other Results
Other results, which includes items not reported in a business segment, were $1 million of earnings for the first quarter of 2018, compared to no earnings for the first quarter of 2017.
Analyst Conference Call
Ameren will conduct a conference call for financial analysts at 9 a.m. Central Time on Wednesday, May 9, to discuss 2018 earnings, earnings guidance and other matters. Investors, the news media and the public may listen to a live broadcast of the call at AmerenInvestors.com by clicking on "Webcast" under "Q1 2018 Earnings Conference Call," where an accompanying slide presentation will also be available. The conference call and presentation will be archived for one year in the "Investor News & Events" section of the website under "Events and Presentations."
About Ameren
St. Louis-based Ameren Corporation powers the quality of life for 2.4 million electric customers and more than 900,000 natural gas customers in a 64,000-square-mile area through its Ameren Missouri and Ameren Illinois rate-regulated utility subsidiaries. Ameren Illinois provides electric and natural gas transmission and distribution service while Ameren Missouri provides vertically integrated electric service, with generating capacity of 10,300 megawatts, and natural gas distribution service. Ameren Transmission Company of Illinois develops regional electric transmission projects. For more information, visit Ameren.com , or follow us at @AmerenCorp, Facebook.com/AmerenCorp , or LinkedIn/company/Ameren.
Forward-looking Statements
Statements in this release not based on historical facts are considered "forward-looking" and, accordingly, involve risks and uncertainties that could cause actual results to differ materially from those discussed. Although such forward-looking statements have been made in good faith and are based on reasonable assumptions, there is no assurance that the expected results will be achieved. These statements include (without limitation) statements as to future expectations, beliefs, plans, strategies, objectives, events, conditions, and financial performance. In connection with the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, we are providing this cautionary statement to identify important factors that could cause actual results to differ materially from those anticipated. The following factors, in addition to those discussed under Risk Factors in Ameren's Annual Report on Form 10-K for the year ended December 31, 2017, and elsewhere in this release and in our other filings with the Securities and Exchange Commission, could cause actual results to differ materially from management expectations suggested in such forward-looking statements:
regulatory, judicial, or legislative actions, including the effects of the Tax Cut and Jobs Act of 2017 (TCJA) and any changes in regulatory policies and ratemaking determinations, such as those that may result from the complaint case filed in February 2015 with the Federal Energy Regulatory Commission seeking a reduction in the allowed base return on common equity under the Midcontinent Independent System Operator tariff, Ameren Missouri's proceedings with the Missouri Public Service Commission to pass through to its customers the effect of the reduction in the federal statutory corporate income tax rate enacted under the TCJA, Ameren Illinois' natural gas regulatory rate review filed with the Illinois Commerce Commission in January 2018, Ameren Illinois' April 2018 annual electric distribution formula rate update filing, and future regulatory, judicial, or legislative actions that change regulatory recovery mechanisms and the resulting impacts on our results of operations, financial position, and liquidity; the effect of Ameren Illinois' participation in performance-based formula ratemaking frameworks under the Illinois Energy Infrastructure Modernization Act and the Illinois Future Energy Jobs Act (FEJA), including the direct relationship between Ameren Illinois' return on common equity and 30-year United States Treasury bond yields, and the related financial commitments; the effects of changes in federal, state, or local laws and other governmental actions, including monetary, fiscal, and energy policies; the effects of changes in federal, state, or local tax laws, regulations, interpretations, or rates, amendments or technical corrections to the TCJA, and any challenges to the tax positions we have taken; the effects on demand for our services resulting from technological advances, including advances in customer energy efficiency and private generation sources, which generate electricity at the site of consumption and are becoming more cost-competitive; the effectiveness of Ameren Missouri's customer energy-efficiency programs and the related revenues and performance incentives earned under its Missouri Energy Efficiency Investment Act programs; Ameren Illinois' ability to achieve the FEJA electric energy-efficiency goals and the resulting impact on its allowed return on program investments; our ability to align overall spending, both operating and capital, with frameworks established by our regulators and to recover these costs in a timely manner in our attempt to earn our allowed returns on equity; the cost and availability of fuel, such as ultra-low-sulfur coal, natural gas, and enriched uranium used to produce electricity; the cost and availability of purchased power, zero emission credits, renewable energy credits, and natural gas for distribution; and the level and volatility of future market prices for such commodities and credits, including our ability to recover the costs for such commodities and credits and our customers' tolerance for any related price increases; disruptions in the delivery of fuel, failure of our fuel suppliers to provide adequate quantities or quality of fuel, or lack of adequate inventories of fuel, including nuclear fuel assemblies from Westinghouse Electric Company, LLC, the Callaway Energy Center's only Nuclear Regulatory Commission-licensed supplier of such assemblies; the effectiveness of our risk management strategies and our use of financial and derivative instruments; the ability to obtain sufficient insurance, including insurance for Ameren Missouri's Callaway Energy Center, or, in the absence of insurance, the ability to recover uninsured losses from our customers; business and economic conditions, including their impact on interest rates, collection of our receivable balances, and demand for our products; disruptions of the capital markets, deterioration in our credit metrics, including as a result of the implementation of the TCJA, or other events that may have an adverse effect on the cost or availability of capital, including short-term credit and liquidity; the actions of credit rating agencies and the effects of such actions; the impact of adopting new accounting guidance and the application of appropriate accounting rules and guidance; the impact of weather conditions and other natural phenomena on us and our customers, including the impact of system outages; the construction, installation, performance, and cost recovery of generation, transmission, and distribution assets; the effects of breakdowns or failures of equipment in the operation of natural gas transmission and distribution systems and storage facilities, such as leaks, explosions, and mechanical problems, and compliance with natural gas safety regulations; the effects of our increasing investment in electric transmission projects as well as potential wind and solar generation projects, our ability to obtain all of the necessary approvals to complete the projects, and the uncertainty as to whether we will achieve our expected returns in a timely manner; operation of Ameren Missouri's Callaway Energy Center, including planned and unplanned outages, and decommissioning costs; the effects of strategic initiatives, including mergers, acquisitions and divestitures; the impact of current environmental regulations and new, more stringent, or changing requirements, including those related to carbon dioxide, other emissions and discharges, cooling water intake structures, coal combustion residuals, and energy efficiency, that are enacted over time and that could limit or terminate the operation of certain of Ameren Missouri's energy centers, increase our costs or investment requirements, result in an impairment of our assets, cause us to sell our assets, reduce our customers' demand for electricity or natural gas, or otherwise have a negative financial effect; the impact of negative opinions of us or our utility services that our customers, legislators, or regulators may have or develop, which could result from a variety of factors, including failures in system reliability, failure to implement our investment plans or protect sensitive customer information, increases in rates, or negative media coverage; the impact of complying with renewable energy portfolio requirements in Missouri and Illinois and with the zero emission standard in Illinois; labor disputes, work force reductions, future wage and employee benefits costs, including changes in discount rates, mortality tables, and returns on benefit plan assets; the inability of our counterparties to meet their obligations with respect to contracts, credit agreements, and financial instruments; the cost and availability of transmission capacity for the energy generated by Ameren Missouri's energy centers or required to satisfy Ameren Missouri's energy sales; legal and administrative proceedings; the impact of cyber-attacks, which could, among other things, result in the loss of operational control of energy centers and electric and natural gas transmission and distribution systems and/or the loss of data, such as customer, employee, financial, and operating system information; and acts of sabotage, war, terrorism, or other intentionally disruptive acts.
New factors emerge from time to time, and it is not possible for management to predict all of such factors, nor can it assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained or implied in any forward-looking statement. Given these uncertainties, undue reliance should not be placed on these forward-looking statements. Except to the extent required by the federal securities laws, we undertake no obligation to update or revise publicly any forward-looking statements to reflect new information or future events.
AMEREN CORPORATION (AEE)
CONSOLIDATED STATEMENT OF INCOME
(Unaudited, in millions, except per share amounts)
Three Months Ended March 31,
2018
2017
Operating Revenues:
Electric
$
1,223
$
1,207
Natural gas
362
308
Total operating revenues
1,585
1,515
Operating Expenses:
Fuel
188
206
Purchased power
163
180
Natural gas purchased for resale
171
130
Other operations and maintenance
431
418
Depreciation and amortization
234
221
Taxes other than income taxes
125
118
Total operating expenses
1,312
1,273
Operating Income
273
242
Other Income, Net
23
18
Interest Charges
101
99
Income Before Income Taxes
195
161
Income Taxes
42
57
Net Income
153
104
Less: Net Income Attributable to Noncontrolling Interests
2
2
Net Income Attributable to Ameren Common Shareholders
$
151
$
102
Earnings per Common Share – Basic and Diluted
$
0.62
$
0.42
Weighted-average Common Shares Outstanding – Basic
242.9
242.6
AMEREN CORPORATION (AEE)
CONSOLIDATED BALANCE SHEET
(Unaudited, in millions)
March 31,
2018
December 31,
2017
ASSETS
Current Assets:
Cash and cash equivalents
$
30
$
10
Accounts receivable - trade (less allowance for doubtful accounts)
514
445
Unbilled revenue
258
323
Miscellaneous accounts receivable
98
70
Inventories
453
522
Current regulatory assets
130
144
Other current assets
84
98
Total current assets
1,567
1,612
Property, Plant, and Equipment, Net
21,666
21,466
Investments and Other Assets:
Nuclear decommissioning trust fund
698
704
Goodwill
411
411
Regulatory assets
1,205
1,230
Other assets
532
522
Total investments and other assets
2,846
2,867
TOTAL ASSETS
$
26,079
$
25,945
LIABILITIES AND EQUITY
Current Liabilities:
Current maturities of long-term debt
$
1,170
$
841
Short-term debt
960
484
Accounts and wages payable
497
902
Taxes accrued
91
52
Interest accrued
97
99
Customer deposits
115
108
Current regulatory liabilities
130
128
Other current liabilities
285
326
Total current liabilities
3,345
2,940
Long-term Debt, Net
6,766
7,094
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes, net
2,564
2,506
Accumulated deferred investment tax credits
47
49
Regulatory liabilities
4,363
4,387
Asset retirement obligations
636
638
Pension and other postretirement benefits
541
545
Other deferred credits and liabilities
445
460
Total deferred credits and other liabilities
8,596
8,585
Ameren Corporation Shareholders' Equity:
Common stock
2
2
Other paid-in capital, principally premium on common stock
5,546
5,540
Retained earnings
1,699
1,660
Accumulated other comprehensive loss
(17)
(18)
Total Ameren Corporation shareholders' equity
7,230
7,184
Noncontrolling Interests
142
142
Total equity
7,372
7,326
TOTAL LIABILITIES AND EQUITY
$
26,079
$
25,945
AMEREN CORPORATION (AEE)
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited, in millions)
Three Months Ended March 31,
2018
2017
Cash Flows From Operating Activities:
Net income
$
153
$
104
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
230
217
Amortization of nuclear fuel
24
24
Amortization of debt issuance costs and premium/discounts
5
6
Deferred income taxes and investment tax credits, net
26
51
Allowance for equity funds used during construction
(5)
(6)
Stock-based compensation costs
6
4
Other
2
(4)
Changes in assets and liabilities
(183)
(65)
Net cash provided by operating activities
258
331
Cash Flows From Investing Activities:
Capital expenditures
(579)
(504)
Nuclear fuel expenditures
(12)
(27)
Purchases of securities – nuclear decommissioning trust fund
(38)
(40)
Sales and maturities of securities – nuclear decommissioning trust fund
34
34
Other
(2)
(2)
Net cash used in investing activities
(597)
(539)
Cash Flows From Financing Activities:
Dividends on common stock
(111)
(107)
Dividends paid to noncontrolling interest holders
(2)
(2)
Short-term debt, net
475
356
Issuances of common stock
17
—
Repurchases of common stock for stock-based compensation
—
(24)
Employee payroll taxes related to stock-based compensation
(19)
(15)
Other
—
(1)
Net cash provided by financing activities
360
207
Net change in cash, cash equivalents, and restricted cash
21
(1)
Cash, cash equivalents, and restricted cash at beginning of year
68
52
Cash, cash equivalents, and restricted cash at end of period
$
89
$
51
AMEREN CORPORATION (AEE)
OPERATING STATISTICS
Three Months Ended
March 31,
2018
2017
Electric Sales - kilowatthours (in millions):
Ameren Missouri
Residential
3,780
3,227
Commercial
3,528
3,357
Industrial
1,053
1,035
Street lighting and public authority
29
33
Ameren Missouri retail load subtotal
8,390
7,652
Off-system
2,549
3,188
Ameren Missouri total
10,939
10,840
Ameren Illinois Electric Distribution
Residential
3,071
2,717
Commercial
2,977
2,917
Industrial
2,794
2,736
Street lighting and public authority
146
132
Ameren Illinois Electric Distribution total
8,988
8,502
Eliminate affiliate sales
(78)
(168)
Ameren Total
19,849
19,174
Electric Revenues (in millions):
Ameren Missouri
Residential
$
332
$
290
Commercial
252
232
Industrial
61
58
Other, including street lighting and public authority
27
29
Ameren Missouri retail load subtotal
$
672
$
609
Off-system
69
138
Ameren Missouri total
$
741
$
747
Ameren Illinois Electric Distribution
Residential
$
219
$
219
Commercial
124
133
Industrial
35
28
Other, including street lighting and public authority
22
5
Ameren Illinois Electric Distribution total
$
400
$
385
Ameren Transmission
Ameren Illinois Transmission (a)
$
62
$
60
ATXI
42
42
Ameren Transmission total
$
104
$
102
Other and intersegment eliminations
(22)
(27)
Ameren Total
$
1,223
$
1,207
(a)
Includes $13 million and $6 million, respectively, of electric operating revenues from transmission services provided to the Ameren Illinois Electric Distribution segment.
AMEREN CORPORATION (AEE)
OPERATING STATISTICS
Three Months Ended
March 31,
2018
2017
Gas Sales - dekatherms (in millions):
Ameren Missouri
9
6
Ameren Illinois Natural Gas
68
58
Ameren Total
77
64
Gas Revenues (in millions):
Ameren Missouri
$
51
$
44
Ameren Illinois Natural Gas
311
264
Ameren Total
$
362
$
308
March 31,
December 31,
2018
2017
Common Stock:
Shares outstanding (in millions)
243.6
242.6
Book value per share
$
29.68
$
29.61
View original content with multimedia: http://www.prnewswire.com/news-releases/ameren-nyse-aee-announces-first-quarter-2018-results-300645327.html
SOURCE Ameren Corporation
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ashraq/financial-news-articles
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http://www.cnbc.com/2018/05/09/pr-newswire-ameren-nyse-aee-announces-first-quarter-2018-results.html
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For a week, I used Amazon Prime for almost everything I needed. Amazon covers the basics with food, clothing and entertainment. There are other areas where it has room to grow. show chapters 5 Hours Ago | 04:01
Amazon recently raised the price of Amazon Prime from $99 to $119 per year, effective May 11. Prime offers a lot: free two-day delivery, grocery delivery, on-demand music and TV shows and a store that lets you purchase almost anything you can think of.
So I decided to do a test: Is it possible to buy everything I needed to survive for one week using only Amazon Prime?
I thought it would be super easy.
My plan was to order my food and clothing from Amazon and use only Amazon's TV and music services for entertainment. If something broke around the house, or if I needed anything at all, I'd first have to get it through Amazon.
It turns out that living only with Amazon Prime, while possible, is way harder than I imagined. What worked Brendan McDermid | Reuters
I used Amazon Fresh for grocery delivery and it arrived fresh and in cooled packaging. I also ordered some work clothes — a couple of pairs of khakis and polo shirts — that arrived right on time for the start of my experiment. I even got a bunch of new toiletries, including toilet paper, shampoo, soap and toothpaste.
Most people could survive with these basic necessities. Food, clothing, and toiletries were all covered.
But I wanted to see if I could lead a normal life using only Amazon Prime. So I used Amazon Prime TV to watch movies and TV shows — only cheating to catch a Yankees game on cable and Westworld on HBO. I also used the Kindle to catch up on reading. In this sense, Amazon has entertainment pretty well covered, though I wish it offered its own live TV service like Sling TV or Hulu.
I switched to Amazon Music for listening to tunes at my desk and on my drives to and from work. It's good, and I especially like playing classical music in my house on an Echo. But when I asked it to play '90s hip-hop in the car, it kept replaying the same old playlist. I was sick of it by the end of the week.
It might sound like you can live exclusively using Amazon Prime really easily.
But some things didn't work. What didn't work Getty Images A pharmacist prepares antibiotic prescription pills for a customer in Miami, Fla.
I'm a terrible cook. I'm the type of guy who struggles to make scrambled eggs properly. I burn toast. While Amazon lets you order all sorts of groceries, it doesn't yet have an on-demand restaurant delivery service like UberEats, GrubHub or DoorDash.
When I got home after a long day of work, I almost always cheated and just ordered food instead of cooking what I ordered from Amazon. I also cheated at work, since I couldn't get something from Amazon delivered and didn't always pack a lunch.
There were other areas where I had to cheat on Amazon. I needed a prescription refill and asked my doctor to call it into a local pharmacy. Amazon is considering selling online prescriptions , and this is a market I think would be super convenient for its customers.
Also, I had to buy gasoline for my commutes back and forth from work. Amazon doesn't sell gas, so I had to cheat there. Similarly, my wife and I wanted a bottle of wine for dinner over the weekend, and we couldn't get that delivered on demand. I don't think Amazon will ever sell gasoline or a big selection of alcohol.
There were other places where I realized Amazon had nothing to offer. Since giving up on the Fire Phone, Amazon no longer has a mapping service, so I used Google Maps in the car to get to and from work.
Finally, Amazon doesn't offer any sort of banking service. Again, that might change and is a clear opportunity for the company. I relied on my regular credit and debit cards and used Venmo to send money to a friend who I owed from a recent California vacation. Final thoughts Source: Lennar Lennar is teaming up with Amazon to offer smart homes.
Most people who cook and who don't leave the house often can probably get by pretty well using only Amazon services. You get can clothes, food and entertainment all from a single company, which is pretty wild. Who else offers that?
While there's plenty of room to expand, it's pretty amazing to see how far and wide an online bookseller has grown.
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ashraq/financial-news-articles
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https://www.cnbc.com/2018/05/26/amazon-prime-test-can-you-live-without-buying-anywhere-else.html
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May 1, 2018 / 7:56 PM / Updated 3 minutes ago IAAF legal expert resigns over new hyperandrogenism rule Reuters Staff 3 Min Read
CAPE TOWN (Reuters) - A South African legal expert has resigned from the IAAF’s disciplinary tribunal in protest at a new hyperandrogenism rule that could result in bans for some female athletes unless they undergo testosterone-reducing treatment. FILE PHOTO: Athletics - Gold Coast 2018 Commonwealth Games - Women's 800m - Final - Carrara Stadium - Gold Coast, Australia - April 13, 2018. Caster Semenya of South Africa. REUTERS/Athit Perawongmetha/File Photo
Law professor Steve Cornelius was appointed to the International Association of Athletics Federations tribunal late last year.
He said in his resignation letter that he could not in good conscience continue to associate himself with “an organization that insists on ostracizing certain individuals, all of them female, for no reason other than being what they were born to be.”
He added: “On deep moral grounds I cannot see myself being part of a system in which I may well be called upon to apply regulations which I deem to be fundamentally flawed and most likely unlawful in various jurisdictions across the globe.”
The letter was published on Twitter on Tuesday by sports lawyer Gregory Ioannidis, who described himself as a colleague of Cornelius.
Reuters has contacted the IAAF, athletics’ global governing body, to request comment on the resignation.
The new hyperandrogenism rule, which was announced by the governing IAAF last week, has put the spotlight back on South African Caster Semenya, whose long reign as the queen of middle distance running looks set to be ended.
Cornelius’ letter of resignation, which was addressed to IAAF president Sebastian Coe, follows Monday’s call by Canada’s athletics federation for a rigorous review of the new rules on hyperandrogenism.
The new regulations lay down a series of criteria for athletes with a Difference of Sexual Development (DSD) to be eligible to compete internationally in certain events.
The rules would effectively force South African double Olympic champion Semenya to lower her levels of testosterone in order to compete.
The 27-year-old has faced years of complaints that her hyperandrogenism gave her an unfair competitive advantage.
The condition is characterized by higher than usual levels of testosterone, a hormone that increases muscle mass, strength and hemoglobin, which affects endurance.
South Africa’s sports minister Tokozile Xasa has said she is seeking to take up the matter with the IAAF and the country’s ruling party, the African National Congress, called the policy “blatantly racist” last week.
The new rule comes into effect in November unless overturned by the Court of Arbitration for Sport (CAS).
Athletics authorities have struggled to find a solution to the issue that respected the rights of Semenya while also providing what they say is a “level playing field”. Reporting by Mark Gleeson in Cape Town; Additional reporting by Gene Cherry in in Raleigh, North Carolina; Editing by Toby Davis
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ashraq/financial-news-articles
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https://www.reuters.com/article/us-athletics-iaaf-hyperandrogenism-safri/iaaf-legal-expert-resigns-over-new-hyperandrogenism-rule-idUSKBN1I24AP
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May 8, 2018 / 10:40 PM / Updated 2 minutes ago Malaysia's veteran leader Mahathir wins shock election victory Liz Lee , Fathin Ungku 5 Min Read
KUALA LUMPUR (Reuters) - An alliance of opposition parties spearheaded by Mahathir Mohamad won Malaysia’s general election on Thursday, official results showed, setting the veteran strongman on course for a return to the Prime Minister’s Office he occupied for 22 years.
Mahathir’s stunning defeat of the ruling coalition that has ruled the Southeast Asian country since independence from Britain six decades ago means that, at the age of 92, he will become the oldest elected leader in the world.
Official results at 4:08 a.m. (2008 GMT on Wednesday) showed that Mahathir’s Pakatan Harapan (Alliance of Hope) had won 112 of parliament’s 222 seats, clinching the simple majority required to rule.
Najib’s ruling coalition, Barisan Nasional (BN), had 79.
Two more seats remained to be announced.
Mahathir told a news conference he expected to be sworn in as prime minister later on Thursday.
“The time for change has come, and I hope the people in power realize this,” said Asifa Hanifah, a young woman who joined thousands of opposition supporters in central Kuala Lumpur who waved flags, cheered and honked car horns.
Few had expected Mahathir to prevail against a coalition that has long relied on the support of the country’s ethnic-Malay majority. Related Coverage Malaysian politicians claim tech sabotage as polling begins
However, he joined hands with his one-time protege, the jailed politician Anwar Ibrahim, and together their alliance exploited public disenchantment over the cost of living and a multibillion-dollar scandal that has dogged Najib since 2015.
Mahathir has promised to seek a royal pardon for Anwar if they win the election and, once Anwar is free, to step aside and let him become prime minister.
Several key roads in the heart of the capital, where violence between races has played out in the past, were blocked off by police as evidence grew that Najib’s coalition was on the back foot. In a statement, the police appealed for calm and said that for now the situation was under control.
Najib’s United Malays National Organisation (UMNO) party postponed an evening news conference and said Najib, who has ruled the country for nearly 10 years, would address the media at 9:45 a.m. (0145 GMT) on Thursday.
Malaysia’s currency weakened in offshore trading on the election result, with the ringgit one-month non-deliverable forward falling 2.4 percent to 4.07 against the dollar. Mahathir Mohamad, former Malaysian prime minister and opposition candidate for Pakatan Harapan (Alliance of Hope) reacts during a news conference after general election, in Petaling Jaya, Malaysia, May 9, 2018. REUTERS/Lai Seng Sin “HISTORY IN THE MAKING”
The reverse for UMNO, the dominant partner in BN, takes Malaysia into uncharted political terrain, said Keith Leong, head of research at the KRA Group consultancy. “We are witnessing history being made in this country,” he said.
Ethnic-Malay Muslims have long tended to support BN for affirmative-action policies that give them government contracts, cheap housing and guaranteed university admissions.
Mahathir’s alliance, which counts on urban votes and support from the minority ethnic-Chinese and Indian communities, had hoped the veteran Malay leader would win over voters usually loyal to BN. That strategy appeared to have paid off.
“There has been a significant shift in the Malay vote,” said Rashaad Ali, an analyst with the S. Rajaratnam School of International Studies in Singapore.
Mahathir is a polarizing figure and many voters are suspicious of him because of his iron-fist rule as prime minister from 1981 to 2003.
But 64-year-old Najib’s popularity dropped sharply over the past three years, partly due to a scandal over 1Malaysia Development Berhad (1MDB), a state fund from which billions of dollars were allegedly siphoned off.
Mahathir was once Najib’s mentor, but he left UMNO over the 1MDB affair and joined the opposition. Najib, who was chairman of 1MDB’s advisory board, has denied any wrongdoing and he has been cleared of any offence by Malaysia’s attorney general.
In an even more unlikely change of heart, Mahathir last year buried a feud with Anwar, 70, and the two agreed to join forces to topple Najib. Slideshow (19 Images)
Mahathir sacked Anwar as his deputy prime minister in 1998. Anwar then started a movement known as ‘Reformasi’ - reform - to end UMNO’s race- and patronage-based governance, but he was stopped in his tracks by charges of sodomy and graft, which he denied, but for which he was jailed.
Anwar was imprisoned again in 2015, when Najib was prime minister, after another sodomy charge, which he described as a politically motivated attempt to end his career. Additional reporting by A.Ananthalakshmi, Joseph Sipalan, Emily Chow, Praveen Menon and Rozanna Latiff; Writing by John Chalmers; Editing by Hugh Lawson
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ashraq/financial-news-articles
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https://www.reuters.com/article/us-malaysia-election/malaysians-vote-in-toughest-election-yet-for-ruling-coalition-idUSKBN1I93EV
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May 14 (Reuters) - NEUCA SA:
* Q1 NET PROFIT 31.8 MILLION ZLOTYS VERSUS 30.2 MILLION ZLOTYS YEAR AGO
* Q1 EBITDA 48.3 MILLION ZLOTYS VERSUS 47.2 MILLION ZLOTYS YEAR AGO
* Q1 REVENUE 2.16 BILLION ZLOTYS VERSUS 2.00 BILLION ZLOTYS YEAR AGO
Source text for Eikon:
Further company coverage: (Gdynia Newsroom)
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All Quote: s delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.
© 2018 Reuters. All Rights Reserved.
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ashraq/financial-news-articles
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https://www.reuters.com/article/idUSL5N1SL0JB
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