It's been a rocky past few months for the biotech, but is now a good time for investors to pull the trigger?
Australia's last hope at the Adelaide International has crashed out after Swiss Belinda Bencic beat Storm Sanders in straight sets in the quarterfinals.Sanders battled hard throughout Thursday night's match, but her inability to convert break points proved costly as Bencic secured the 6-2 6-4 win in 95 minutes.
Ladies and gentlemen, thank you for standing by, and welcome to the Tivity Health Q4 2020 Earnings Conference Call. Before we begin, if you do not already have a copy, the fourth quarter earnings release, supplemental information and related 8-K filed with the SEC are available on our website at tivityhealth.com.
25 February 2021 LEI: 2138003QW2ZAYZODBU23 LSE Code: QQQS WISDOMTREE MULTI ASSET ISSUER PUBLIC LIMITED COMPANY(a public company incorporated with limited liability in Ireland)WISDOMTREE NASDAQ 100® 3X DAILY SHORT SECURITIESPROPOSED AMENDMENT TO THE PRINCIPAL AMOUNT OF THE AFFECTED SECURITIES MEETING OF THE ETP SECURITYHOLDERS THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you are in any doubt about what action you should take, you are recommended to consult your independent financial adviser. If you have sold or transferred all of your WisdomTree NASDAQ 100® 3x Daily Short Securities (the “Affected Securities”) of WisdomTree Multi Asset Issuer Public Limited Company (the “Issuer”), please send this document, together with the accompanying form of proxy, at once to the purchaser or transferee or stockbroker, banker or other agent through whom the sale or transfer was made, for onward transmission to the purchaser or transferee. The Issuer wishes to announce that the Meeting of the holders of the Affected Securities (with ISIN IE00BLRPRJ20) scheduled for 25 February 2021 at 11:00 a.m. (the “Original Meeting”) has been adjourned, in accordance with paragraph 20 of Schedule 7 of the Trust Deed, for lack of a quorum. The adjourned meeting will be reconvened at 11:00 a.m. on Friday 12 March 2021, being a date not less than 14 calendar days and not more than 42 days after the Original Meeting, and will be held by way of virtual meeting (the “Adjourned Meeting”). The Adjourned Meeting is being held to consider certain amendments to documentation, made under the powers set out in clause 2 of schedule 7 of the master trust deed of the Affected Securities, required to effect a reduction in the principal amount of the Affected Securities from USD 12.18 to USD 1.218. This follows the price of the Affected Securities falling below 500 per cent. of its current principal amount on Tuesday 26 January 2021, and is designed to maintain the normal trading and operations of the Affected Securities. Full details of the Proposal and Extraordinary Resolution are set out in the notice dated 2 February 2021. It is important to note that: The reduction of the Principal Amount of the Affected Securities does NOT dilute an Affected Security Holder’s holding or reduce the value of an Affected Security Holder’s holding. The reduction of the Principal Amount does NOT negatively impact the ability of the investor to trade the Affected Securities. The reduction of the Principal Amount does NOT affect the amount an Affected Security Holder would, in practice, receive on redemption of the Affected Securities. Holders of the Affected Securities have received a form of proxy by post, directing them to submit their voting instructions through the relevant ICSD or the relevant participant in an ICSD on the matters being considered at the Original Meeting and at the Adjourned Meeting. Under article 11.5 of the Issuer’s Articles of Association, no further notification is required for the Adjourned Meeting. Holders of the Affected Securities are therefore directed to the original notification posted to them on 2 February 2021, and also available on the website of the Issuer, at https://www.wisdomtree.eu/en-gb/-/media/eu-media-files/other-documents/operational/corp-action/boost/rns-corporate-actions/qqqs---pa-reduc---initial-notice-2-feb-2021_final.pdf. Holders of the Affected Securities will not be permitted to attend the Adjourned Meeting physically in person, and are strongly advised to vote by proxy. In case of queries in relation to proxy voting, please contact Link Asset Services at enquiries@linkgroup.ie. If holders of the Affected Securities wish to attend the Adjourned Meeting, arrangements will be made for them to attend virtually via such teleconference facility as shall be specified by the chairperson ahead of the Adjourned Meeting. Holders of the Affected Securities who wish to attend the Adjourned Meeting in this way are directed to contact Apex IFS Limited at IFSCOSEC@apexfs.com no later than half an hour before the Adjourned Meeting, and will require proof of identity and holding. Holders of the Affected Securities should note that a duly completed form of proxy deposited in respect of the Original Meeting will continue to be valid for the Adjourned Meeting unless previously revoked or suspended by a further form of proxy prior to the Adjourned Meeting. In accordance with normal practice, The Law Debenture Trust Corporation p.l.c., as trustee, expresses no opinion as to the merits of the Proposal, the terms of which were not negotiated by it. It has however authorised it to be stated that, on the basis of the information contained in the original circular and in this document (which it advises holders of Affected Securities to read carefully) it has no objection to the form in which the Proposal and Notice of Meeting are presented to holders of Affected Securities for their consideration. Holders of the Affected Securities will be notified of the outcome of the Adjourned Meeting shortly thereafter.
The Global Tobacco Market size is expected to reach $1,066. 6 billion by 2026, rising at a market growth of 3. 6% CAGR during the forecast period. Tobacco is an economically significant agricultural crop which is grown across the world.New York, Feb. 25, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Tobacco Market By Product, By Region, Industry Analysis and Forecast, 2020 - 2026" - https://www.reportlinker.com/p06028136/?utm_source=GNW India is one of the largest producers and exporters of tobacco after China and Brazil. Consumption of tobacco in any form results in health risks & complications. The higher number of passive smokers are affected majorly due to the Tobacco consumption. The highly addictive nature of nicotine makes it difficult for the smokers to quit the tobacco consumption. Irrespective of the fact that tobacco causes serious harm to the health, tobacco industry is still booming due to its economic importance. The cultivation of Tobacco is largely in the southern states of India, as weather is suitable for the cultivation of the crop.In recent years, the global increment in the number of smokers has been witnessed. New product launches which include numerous flavored tobacco products like menthol cigars & clove cigarettes is one of the major factors boosting the trend of tobacco consumption. This aspect is anticipated to fuel the market growth over the forecasted period. In addition, the increasing preference of smoking alternatives leads to the launch of innovative tobacco products with unique tastes options has been witnesses across the globe. Due to this factor, manufacturers are planning to launch premium tobacco products added with flue-cured tobacco and fine whole leaf.By ProductBased on Product, the market is segmented into Cigarettes, Cigar & Cigarillos, Next Generation Products, Water Pipes, Smokeless Tobacco and Other Products. The cigarettes segment acquired the prominent market share in 2019. The cigarette refers to a cylinder-shaped product that contain psychoactive material like tobacco rolled into thin paper. The consumption of cigarettes is increasing in developing countries and decreasing in the higher income countries. China is considered as one of the largest cigarette markets in the globe. In addition, the introduction of different types of flavors in the cigarette will further boost the adoption of cigarettes across the globe.By RegionBased on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. Asia-Pacific is among the largest producers & consumers of tobacco across the globe. The leading companies of the region are China and India. Four largest tobacco companies in the world are China National Tobacco Corporation, PT GudangGaramTbk, Japan Tobacco Inc., and ITC Limited are from Asia-Pacific. China is the biggest market in this region & the country is known for the significant portion of the population who are the consumers of tobacco products. of the easy availability of the tobacco products in contemporary retail outlets in this region acts as the major factor boosting the growth of the tobacco market in this region.The major strategies followed by the market participants are Acquisitions. Based on the Analysis presented in the Cardinal matrix; Japan Tobacco, Inc., and British American Tobacco PLC are the forerunners in the Tobacco Market. Companies such as Swedish Match AB, Altria Group, Inc., Scandinavian Tobacco Group A/S, Korea Tobacco & Ginseng Corporation are some of the key innovators in the market.The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Old Holdco, Inc. (Pyxus International, Inc.), Swedish Match AB, Altria Group, Inc. (Philips Morris International, Inc.), Korea Tobacco & Ginseng Corporation (KT&G Corporation), British American Tobacco PLC, Japan Tobacco, Inc. (Government of Japan), Scandinavian Tobacco Group A/S, ITC Limited, Eastern Company S.A.E, and Imperial Brands PLC.Strategies deployed in Tobacco MarketPartnerships, Collaborations, and Agreements:Sep-2020: Japan Tobacco extended its partnership with Sauber Engineering AG (SEN), a leading player in technology and prototype development. In this extended partnership, the companies continued their collaboration for the development of precision engineering projects focused on increasing the performance of the next generation of JT Group products.Aug-2020: Korea Tobacco & Ginseng Corporation signed an agreement with Philip Morris International, a Swiss-American multinational cigarette and tobacco manufacturing company. In this agreement, Philip Morris commercializes KT&G’s smoke-free alternatives outside of South Korea. Philip Morris launched KT&G’s lil SOLID device and its complementing Fiit consumables in Russia. Lil SOLID is a device that uses a pin-based tobacco heating system developed to offer four consecutive experiences without recharging.Feb-2020: Pyxus International Inc. came into partnership with Turning Point Brands Inc., Louisville-based tobacco products company. Under the partnership, the companies agreed to share certain research and testing data to make the foundation of certain respective premarket tobacco product applications before the submission to the U.S. Food and Drug Administration. Moreover, Turning Point Brands signed a supply agreement for its house brands of e-cigarette liquids.Jul-2019: Imperial Brands partnered with Auxly Cannabis Group, a vertically integrated cannabis company. Under this partnership, the companies work together in research and development and provide the Vancouver firm with the global licenses to the British tobacco giant’s vaping technology. The partnership also enhanced Imperial Brands’ ability to implement their business strategies which further boosts their growth plans.Feb-2019: Eastern Company renewed its agreement with British American Tobacco (BAT) and Mansour International Distribution Co. In this agreement, Eastern produces foreign Target cigarettes in its partnership with Mansour. Similarly, the company also produces Pall Mall and Viceroy cigarettes in its partnership with BAT.Acquisition and Mergers:Nov-2020: British American Tobacco took over the nicotine pouch product assets of Dryft Sciences LLC. This acquisition expanded British American Tobacco’s modern oral portfolio in the US from 4 to 28 variants. The improved portfolio includes a broad range of nicotine products and flavors that offers a greater degree of choice, covering all potential consumer preferences.Apr-2020: Scandinavian Tobacco Group completed the acquisition of Agio Cigars, owned by Agio Beheer BV. Through this acquisition, Scandinavian Tobacco aimed to gain substantial growth in sales and marketing, production, and back-office functions.Jun-2019: Altria came into an agreement to acquire Burger Söhne, a provider of tobacco products. Under this acquisition, Altria acquired 80 percent of certain companies of Burger Söhne. It commercialized ON! products globally, which is an oral tobacco-derived nicotine (TDN) pouch product. Following the acquisition, the company will get access to the leading products and brands in the moist smokeless tobacco, heated tobacco, and e-vapor categories. The acquisition would add another non-combustible product to Altria’s portfolio, which has a high-potential, significantly developing oral TDN products group.Nov-2018: Japan Tobacco took over the Akij Group’s tobacco business. This acquisition accelerated the expansion of the company in the emerging market.Jul-2018: Swedish Match agreed to acquire Gotlands Snus AB, a privately held Swedish company. The acquisition would expand Swedish Match’s business and improve their presence with the production in Gotland. Gotlands Snus complemented Swedish Match’s portfolio and offered an increased depth to their offerings.Sep-2017: Swedish Match took over V2 Tobacco, a privately held smokeless tobacco company. V2 Tobacco´s modern and adaptable production enabled Swedish Match to enhance flexibility and expanded the opportunities to adapt to changing consumer desires. Swedish Match further worked toward its vision of a world without cigarettes.Sep-2017: Japan Tobacco completed its acquisition of Mighty Corporation, a tobacco company. Following the acquisition, Japan Tobacco expanded its geographical footprints. It also provided the distribution network in the Philippines to Japan tobacco and strengthened the brand’s portfolio with the addition of brands like Mighty and Marvels.Aug-2017: Japan Tobacco came into an agreement to acquire PT. Karyadibya Mahardhika, a kretek cigarette company and its distributor, PT. Surya Mustika Nusantara. The acquisition aims to expand the global presence of Japan Tobacco in the market.Jul-2017: British American Tobacco completed its acquisition of Reynolds American, an American tobacco company. The acquisition helped the company is positioning itself as a strong, global tobacco and Next Generation Products company, which delivers sustained long-term profit growth and returns.Product Launches and Product Expansions:Oct-2019: Marlboro, a division of Altria is developing a new tobacco device, Iqos. This device heats the tobacco instead of burning it, which gives customers the same rush of nicotine as smoking with some toxins.Jan-2019: Japan Tobacco launched Ploom TECH+, a low-temperature tobacco vapor product, and Ploom S, a high-temperature tobacco vapor product. Both of the new products were added to the online store and retail stores of the company across Japan. These products are highly adopted by the consumers because of their no tobacco smoke smell and better usability.Scope of the StudyMarket Segments covered in the Report:By Product• Cigarettes• Cigar & Cigarillos• Next Generation Products• Water Pipes• Smokeless Tobacco• Other ProductsBy Geography• North Americao USo Canadao Mexicoo Rest of North America• Europeo Germanyo UKo Franceo Russiao Spaino Italyo Rest of Europe• Asia Pacifico Chinao Japano Indiao South Koreao Singaporeo Malaysiao Rest of Asia Pacific• LAMEAo Brazilo Argentinao UAEo Saudi Arabiao South Africao Nigeriao Rest of LAMEACompanies Profiled• Old Holdco, Inc. (Pyxus International, Inc.)• Swedish Match AB• Altria Group, Inc. (Philips Morris International, Inc.)• Korea Tobacco & Ginseng Corporation (KT&G Corporation)• British American Tobacco PLC• Japan Tobacco, Inc. (Government of Japan)• Scandinavian Tobacco Group A/S• ITC Limited• Eastern Company S.A.E• Imperial Brands PLCUnique Offerings • Exhaustive coverage• Highest number of market tables and figures• Subscription based model available• Guaranteed best price• Assured post sales research support with 10% customization freeRead the full report: https://www.reportlinker.com/p06028136/?utm_source=GNWAbout ReportlinkerReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.__________________________ CONTACT: Clare: clare@reportlinker.com US: (339)-368-6001 Intl: +1 339-368-6001
The "Face Mask Market Share, Size, Trends, Industry Analysis Report By Type; By Distribution Channel; By Regions - Segment Forecast, 2019 - 2027" report has been added to ResearchAndMarkets.com's offering.
- Interim Data Reported from First 20 Adult Patients Enrolled with January 22, 2021 Data Cutoff - - 10/20 Patients (50%) Had Achieved an Objective Response by Blinded Independent Central Review (BICR) and 16/20 (80%) Remain on Study - - Mirdametinib Continues to Show a Potentially Differentiated Safety and Tolerability Profile - - Trial is Approximately 70% Enrolled and With Full Enrollment Expected in 2H2021 - - Conference Call and Webcast Scheduled for Today at 8:30 a.m. Eastern Time - STAMFORD, Conn., Feb. 25, 2021 (GLOBE NEWSWIRE) -- SpringWorks Therapeutics, Inc. (Nasdaq: SWTX), a clinical-stage biopharmaceutical company focused on developing life-changing medicines for patients with severe rare diseases and cancer, today reported interim data from the first 20 adult patients enrolled in the ongoing Phase 2b ReNeu trial evaluating mirdametinib, an investigational MEK inhibitor, in adult and pediatric patients with NF1-associated plexiform neurofibromas (NF1-PN). As of the January 22nd data cutoff date, 10/20 (50%) of these patients had achieved an objective response, as assessed by blinded independent central review (BICR), 16/20 (80%) remained on study, and the median time on treatment was 10.1 cycles (approximately 10 months). Mirdametinib was also generally well tolerated, with the majority of treatment related adverse events (TRAE) being Grade 1 or 2 and only one Grade 3 TRAE; there have been no Grade 4 or 5 adverse events (AE). SpringWorks also provided an update on the enrollment status of ReNeu, highlighting that the trial has reached approximately 70% of its target enrollment of 100 patients and that full enrollment is expected in the second half of 2021. “We are very encouraged by these emerging data from our ongoing ReNeu trial, as they reaffirm our belief that mirdametinib has the potential to be a best-in-class treatment for patients with NF1-PN,” said Saqib Islam, Chief Executive Officer of SpringWorks. “The robust response rate, which was assessed by blinded independent central review, and the very encouraging tolerability profile observed in these interim data are particularly compelling given the unmet need among NF1-PN patients for a therapy that can provide durable efficacy while maintaining a safety profile that is suitable for long-term dosing. We look forward to completing enrollment in the ReNeu trial in the second half of this year and sharing additional data from the study at a future medical conference in 2021.” Interim Phase 2b Data from ReNeu Trial: The interim Phase 2b ReNeu data set for the first 20 adult patients enrolled utilized a January 22, 2021 data cutoff. Objective responses were defined as a ≥ 20% reduction in target tumor volume measured by MRI and were assessed by BICR. Patients received mirdametinib at a dose of 2 mg/m2 twice daily (maximum dose: 4 mg twice daily) without regard to food on a three weeks-on, one week-off intermittent schedule, with patients being allowed to stay on treatment for up to 24 cycles (approximately two years). The median time on treatment for the 20 adult patients evaluated for this analysis was 10.1 cycles (approximately 10 months), with an initial efficacy assessment performed following cycle five and then every four cycles thereafter. The preliminary efficacy and safety analysis showed: 10/20 (50%) of patients had achieved an objective response by BICR.For seven of the 10 patients who achieved an initial objective response, subsequent scheduled scans were available, and six of these seven patients had confirmed responses.16/20 (80%) of these patients remain on study and only one patient required a dose reduction due to an AE. Reasons for discontinuation included one each of progressive disease, participant decision, AE (Grade 1 diarrhea), and a patient being unable to undergo required MRI imaging due to a titanium rod implant from non-treatment-related worsening of scoliosis.A generally well-tolerated safety profile. The majority of TRAEs were Grade 1 or 2 with only one Grade 3 TRAE reported. No Grade 4 or 5 AEs have been reported. The most common TRAEs were rash, nausea and diarrhea. Conference Call and Webcast:SpringWorks will host a conference call and webcast today, Thursday, February 25, 2021, at 8:30 a.m. Eastern Time to discuss the ReNeu trial data and program update. Participants can listen to the call by dialing +1 (800) 708-4539 (domestic) or +1 (847) 619-6396 (international) and providing the confirmation number 50110177. A live webcast presentation can be accessed through the “Investors & Media” section of the Company’s website at https://ir.springworkstx.com/. A replay of the webcast will be available on the SpringWorks website for a limited time following the event. About the ReNeu TrialThe ReNeu trial is a multi-center, open-label Phase 2b trial evaluating the efficacy, safety, and tolerability of mirdametinib in patients two years of age and older with an inoperable NF1-associated PN causing significant morbidity. The study will enroll approximately 100 patients in the United States. Patients receive mirdametinib at a dose of 2 mg/m2 twice daily (maximum dose of 4 mg twice daily, calculated based on body surface area) without regard to food. Mirdametinib is administered in a three-weeks on, one-week off dosing schedule. The primary endpoint is objective response rate, defined as ≥ 20% reduction in target tumor volume as measured by MRI and assessed by BICR. Secondary endpoints include safety and tolerability measures, duration of response, and changes from baseline in patient reported outcomes. More information about the ReNeu trial is available at www.clinicaltrials.gov under the identifier NCT03962543. About NF1-PNNeurofibromatosis type 1 (NF1) is a rare genetic disorder that arises from mutations in the NF1 gene, which encodes for neurofibromin, a key suppressor of the MAPK pathway.1,2 NF1 is the most common form of neurofibromatosis, with an estimated global birth incidence of approximately 1 in 3,000 individuals, and approximately 100,000 patients living with NF1 in the United States.3,4 The clinical course of NF1 is heterogeneous and manifests in a variety of symptoms across numerous organ systems, including abnormal pigmentation, skeletal deformities, tumor growth and neurological complications, such as cognitive impairment.5 Patients with NF1 have an eight to 15-year mean reduction in their life expectancy compared to the general population.2 NF1 patients have approximately a 30-50% lifetime risk of developing plexiform neurofibromas, or PN, which are tumors that grow in an infiltrative pattern along the peripheral nerve sheath and that can cause severe disfigurement, pain and functional impairment; in rare cases, NF1-PN may be fatal.3,4,6 Patients with NF1 can also experience additional manifestations, including neurocognitive deficits and developmental delays.4 NF1-PNs are most often diagnosed in the first two decades of life.3 These tumors can be aggressive and are associated with clinically significant morbidities; typically, they grow more rapidly during childhood.7,8 Surgical removal of these tumors is challenging due to the infiltrative tumor growth pattern along nerves and can lead to permanent nerve damage and disfigurement.9 MEK inhibitors have emerged as a validated class of treatment for NF1-PN.4 About MirdametinibMirdametinib is an oral small molecule designed to inhibit MEK1 and MEK2. MEK proteins occupy a pivotal position in the MAPK pathway, a key signaling network that regulates cell growth and survival, and that plays a central role in multiple oncology and rare disease indications. Mirdametinib has been evaluated in several Phase 1 and Phase 2 clinical trials, with over 200 subjects having been exposed to treatment. A Phase 2 trial was conducted by the Neurofibromatosis Clinical Trial Consortium and evaluated mirdametinib in 19 adolescent and adult patients with inoperable and symptomatic or growing plexiform neurofibromas. Patients received an oral dose of 2 mg/m2 BID with a maximum dose of 4 mg BID on a four-week cycle of three weeks-on, one week-off. Eight patients (42%) achieved an objective response by cycle 12, prospectively defined as volumetric reduction in their target PN of at least 20%. Mirdametinib was generally well-tolerated in this trial. The most commonly reported treatment-emergent Grade 2 or higher AEs were acneiform rash, fatigue and nausea. In addition to the Phase 2b monotherapy trial in NF1- PN, and given the critical role that the MAPK pathway plays in the growth and proliferation of a large number of tumor types, SpringWorks is also pursuing mirdametinib in combination with other rational anti-cancer agents across a range of solid tumors. About SpringWorks TherapeuticsSpringWorks is a clinical-stage biopharmaceutical company applying a precision medicine approach to acquiring, developing and commercializing life-changing medicines for underserved patient populations suffering from devastating rare diseases and cancer. SpringWorks has a differentiated portfolio of small molecule targeted oncology product candidates and is advancing two potentially registrational clinical trials in rare tumor types, as well as several other programs addressing highly prevalent, genetically defined cancers. SpringWorks’ strategic approach and operational excellence in clinical development have enabled it to rapidly advance its two lead product candidates into late-stage clinical trials while simultaneously entering into multiple shared-value partnerships with industry leaders to expand its portfolio. For more information, please visit www.springworkstx.com, and follow @SpringWorksTx on Twitter and LinkedIn. Forward-Looking StatementsThis press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 relating to our business, operations, and financial conditions, including but not limited to current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, our development plans, our preclinical and clinical results, the interim data of the ReNeu clinical trial, including its interim primary efficacy, safety and tolerability data, and other future conditions. Words such as, but not limited to, “look forward to,” “believe,” “expect,” “anticipate,” “estimate,” “intend,” “plan,” “would,” “should” and “could,” and similar expressions or words, identify forward-looking statements. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. Any forward-looking statements in this presentation are based on management’s current expectations and beliefs and are subject to a number of risks, uncertainties and important factors that may cause actual events or results to differ materially from those expressed or implied by any forward-looking statements contained in this presentation, including, without limitation, risks relating to: (i) the success and timing of our ongoing DeFi and ReNeu clinical trials, (ii) the fact that interim data from a clinical study may not be predictive of the final results of such study or the results of other ongoing or future studies, (iii) the success and timing of our product development activities and initiating clinical trials, (iv) the success and timing of our collaboration partners’ ongoing and planned clinical trials, (v) our ability to obtain and maintain regulatory approval of any of our product candidates, (vi) our plans to research, discover and develop additional product candidates, (vii) our ability to enter into collaborations for the development of new product candidates, (viii) our ability to establish manufacturing capabilities, and our and our collaboration partners’ abilities to manufacture our product candidates and scale production, (ix) our ability to meet any specific milestones set forth herein, and (x) uncertainties and assumptions regarding the impact of the COVID-19 pandemic on SpringWorks’ business, operations, clinical trials, supply chain, strategy, goals and anticipated timelines. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise. Although we believe the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Accordingly, readers are cautioned not to place undue reliance on these forward-looking statements. For further information regarding the risks, uncertainties and other factors that may cause differences between SpringWorks’ expectations and actual results, you should review the “Risk Factors” section(s) of our filings with the Securities and Exchange Commission. SpringWorks Media/Investor Contact: Kim DiamondVice President, Communications and Investor Relations203-561-1646 kdiamond@springworkstx.com References Yap YS, McPherson JR, Ong CK, et al. The NF1 gene revisited - from bench to bedside. Oncotarget. 2014;5(15):5873-5892. doi:10.18632/oncotarget.2194.Rasmussen S, Friedman J. NF1 Gene and Neurofibromatosis 1. Am J Epidemiol. 2000;151(1):33-40. doi:10.1093/oxfordjournals.aje.a010118.Prada C, Rangwala F, Martin L et al. Pediatric Plexiform Neurofibromas: Impact on Morbidity and Mortality in Neurofibromatosis Type 1. J Pediatr. 2012;160(3):461-467. doi:10.1016/j.jpeds.2011.08.051.Ferner R. Neurofibromatosis 1 and neurofibromatosis 2: a twenty first century perspective. The Lancet Neurology. 2007;6(4):340-351. doi:10.1016/s1474-4422(07)70075-3.Weiss BD, Wolters PL, Plotkin SR, et al. NF106: A Neurofibromatosis Clinical Trials Consortium Phase II Trial of the MEK Inhibitor Mirdametinib (PD-0325901) in Adolescents and Adults With NF1-Related Plexiform Neurofibromas. Journal of Clinical Oncology. 2021;JCO.20.02220.doi.org/10. 1200/JCO.20.02220.Hirbe A, Gutmann D. Neurofibromatosis type 1: a multidisciplinary approach to care. The Lancet Neurology. 2014;13(8):834-843. doi:10.1016/s1474-4422(14)70063-8.Gross A, Singh G, Akshintala S et al. Association of plexiform neurofibroma volume changes and development of clinical morbidities in neurofibromatosis 1. Neuro Oncol. 2018;20(12):1643-1651. doi:10.1093/neuonc/noy067.Nguyen R, Dombi E, Widemann B et al. Growth dynamics of plexiform neurofibromas: a retrospective cohort study of 201 patients with neurofibromatosis 1. Orphanet J Rare Dis. 2012;7(1):75. doi:10.1186/1750-1172-7-75.Needle M, Cnaan A, Dattilo J et al. Prognostic signs in the surgical management of plexiform neurofibroma: The Children’s Hospital of Philadelphia experience, 1974-1994. J Pediatr. 1997;131(5):678-682. doi:10.1016/s0022-3476(97)70092-1.
CenterPoint Energy, Inc. (NYSE: CNP) today reported fourth quarter 2020 earnings of $0.27 per diluted common share, compared to $0.25 per diluted common share for the fourth quarter of 2019. On a guidance basis, fourth quarter 2020 earnings were $0.29 per diluted share, compared to $0.35 per diluted share for the fourth quarter of 2019.
EyeSouth Partners ("EyeSouth" or the "Company") is pleased to announce that it has completed an affiliation with North Georgia Eye Clinic ("NGEC"). The affiliation represents EyeSouth’s ninth in the state of Georgia and twenty-second affiliation overall. EyeSouth is an eye care-focused management services organization backed by Shore Capital Partners, committed to partnering with leading physicians to build a premier network of eye care services in the U.S. EyeSouth’s affiliate network consists of 22 practices with nearly 200 doctors providing medical and surgical eye care services at over 100 locations including 13 surgery centers throughout Georgia, Texas, Louisiana, Florida, Tennessee, Ohio, Kentucky and Alabama.
American Woodmark Corporation (NASDAQ: AMWD) (the "Company") today announced results for its third fiscal quarter ended January 31, 2021.
SINGAPORE, Feb. 25, 2021 (GLOBE NEWSWIRE) -- ASLAN Pharmaceuticals (Nasdaq:ASLN), a clinical-stage immunology focused biopharmaceutical company developing innovative treatments to transform the lives of patients, today announced that it has entered into a securities purchase agreement to raise gross proceeds of approximately $18 million resulting from the sale of its ordinary shares through a private placement to new institutional investors, Vivo Capital and Surveyor Capital (a Citadel company). The financing, which is subject to customary closing conditions, is expected to close today, February 25, 2021. Pursuant to the terms of the securities purchase agreement, the Company will issue an aggregate of 25,568,180 ordinary shares (equivalent to 5,113,636 American Depositary Shares (“ADSs”)) at an equivalent price of $3.52 per ADS, equal to the last closing price of the Company’s ADSs. The Company intends to use the net proceeds from the private placement primarily to advance clinical development of ASLAN004, as well as for general corporate purposes. Dr Carl Firth, Chief Executive Officer, ASLAN Pharmaceuticals, said: “These additional resources position us well as we look forward to unblinding the interim data from our ongoing study of ASLAN004 in atopic dermatitis in early March and look towards initiating our phase 2b program later in 2021.” The securities to be sold in the private placement have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state or other applicable jurisdiction’s securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state or other jurisdictions’ securities laws. The Company has agreed to file a registration statement with the U.S. Securities and Exchange Commission (the “SEC”) registering the resale of the securities issued in the private placement. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any offer, solicitation or sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. Any offering of the securities under the resale registration statement will only be made by means of a prospectus. Media and IR contacts Emma ThompsonSpurwing CommunicationsTel: +65 6751 2021Email: ASLAN@spurwingcomms.comRobert UhlWestwicke PartnersTel: +1 858 356 5932 Email: robert.uhl@westwicke.com About ASLAN PharmaceuticalsASLAN Pharmaceuticals (Nasdaq:ASLN) is a clinical-stage immunology focused biopharmaceutical company developing innovative treatments to transform the lives of patients. Led by a senior management team with extensive experience in global development and commercialisation, ASLAN has a clinical portfolio comprised of a first-in-class monoclonal therapy, ASLAN004, that is being developed in atopic dermatitis and other immunology indications, and ASLAN003, which it plans to develop for autoimmune disease. For additional information please visit www.aslanpharma.com. Forward looking statements This release contains forward-looking statements. These statements are based on the current beliefs and expectations of the management of ASLAN Pharmaceuticals Limited and/or its affiliates (the "Company"). These forward-looking statements may include, but are not limited to, statements regarding the Company’s business strategy, the Company’s plans to develop and commercialise ASLAN004, the safety and efficacy of ASLAN004, the potential for ASLAN004 to be a first-in-class monoclonal therapy for people with atopic dermatitis and other immunology indications, and the Company’s plans and expected timing with respect to enrolment in its clinical trials for ASLAN004 and clinical trial results for ASLAN004. The Company’s estimates, projections and other forward-looking statements are based on management's current assumptions and expectations of future events and trends, which affect or may affect the Company’s business, strategy, operations or financial performance, and inherently involve significant known and unknown risks and uncertainties. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation the risk factors described in the Company’s U.S. Securities and Exchange Commission filings and reports (Commission File No. 001-38475), including the Company’s Form 20-F filed with the U.S. Securities and Exchange Commission (the “SEC”) on April 16, 2020. All statements other than statements of historical fact are forward-looking statements. The words “believe,” “may,” “might,” “could,” “will,” “aim,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “plan,” or the negative of those terms, and similar expressions that convey uncertainty of future events or outcomes are intended to identify estimates, projections and other forward-looking statements. Estimates, projections and other forward-looking statements speak only as of the date they were made, and, except to the extent required by law, the Company undertakes no obligation to update or review any estimate, projection or forward-looking statement.
Olympic Steel, Inc. (Nasdaq: ZEUS), a leading national metals service center, today announced financial results for the three and 12 months ended December 31, 2020.
NICE (Nasdaq: NICE) today announced that NICE inContact has been given the Best Practices Award for the 2020 Australia Cloud Contact Center Growth Excellence Frost Radar Awards, as well as the 2020 European Contact Center as Service Competitive Strategy Innovation and Leadership Award by analyst firm Frost & Sullivan. These recognitions in the European and Australian markets underscore the agility and flexibility of NICE inContact CXone, a market-leading cloud customer experience platform, and its ability to support contact centers anywhere in the world as they navigate an increasingly turbulent customer service landscape.
Walgreens Boots Alliance (NASDAQ: WBA) is a retail pharmacy giant that owns thousands of stores across the U.S. The 120-year-old company has become a household name for many Americans. Amazon, which is increasingly focusing on the healthcare market, is just one tech player looking to disrupt the pharmacy sector with its new service, Amazon Pharmacy. If it doesn't, that could make Walgreens a risky investment and may even put its impressive streak of dividend increases in danger.
- Commenced enrollment in both the Phase 1 INNATE trial of JTX-8064 (LILRB2 / ILT4) and the Phase 2 SELECT trial of Vopratelimab in combination with JTX-4014 - - Ended 2020 with $213.2 million in cash, cash equivalents and investments - - Company to host conference call and webcast today at 8:00 AM ET - CAMBRIDGE, Mass., Feb. 25, 2021 (GLOBE NEWSWIRE) -- Jounce Therapeutics, Inc. (NASDAQ: JNCE), a clinical-stage company focused on the discovery and development of novel cancer immunotherapies and predictive biomarkers, today reported financial results for the fourth quarter and year ended December 31, 2020 and provided a corporate update. “2020 proved to be a year of important pipeline execution and corporate development at Jounce despite the challenges presented by the COVID-19 pandemic. As we enter 2021, we are strongly positioned to execute on our two proof of concept studies, INNATE and SELECT, and continue to advance our sustainable discovery pipeline. Our potential first-in-class programs and biomarker approaches are aimed at bringing meaningful clinical benefit to the growing population of PD-(L)1 inhibitor naïve and experienced patients,” said Richard Murray, Ph.D., chief executive officer and president of Jounce Therapeutics. “The need for novel approaches targeting different immune cells in the tumor microenvironment highlights the importance of our translational science platform and our productive discovery engine. This approach has allowed us to generate multiple targets beyond T-cells, most notably our highest priority program, JTX-8064, targeting LILRB2, also known as ILT4. As we enter 2021, Jounce is poised to further our goal of bringing the right immunotherapies to the right patients.” Pipeline Update and Highlights: JTX-8064 (LILRB2 / ILT4) Initiated Phase 1 INNATE trial of JTX-8064: In January 2021, Jounce enrolled the first dose cohort in INNATE, a Phase 1 clinical trial of JTX-8064 alone and in combination with its PD-1 inhibitor, JTX-4014, or pembrolizumab. The trial is designed to progress quickly through dose escalation and demonstrate proof of concept in tumor specific expansion cohorts. Presented JTX-8064 preclinical data at the Society for Immunotherapy of Cancer’s (SITC) 35th Annual Meeting: In November 2020 at SITC, Jounce presented preclinical data for JTX-8064 that informed the indication selection and biomarker strategies for JTX-8064 to maximize potential therapeutic benefit for patients with solid tumor malignancies. Vopratelimab (ICOS) and JTX-4014 (PD-1) Initiated enrollment in the Phase 2 SELECT trial of vopratelimab: In October 2020, Jounce initiated enrollment in the randomized Phase 2 SELECT trial to evaluate vopratelimab in combination with JTX-4014 versus JTX-4014 alone in immunotherapy naïve TISvopra biomarker-selected, second line non-small cell lung cancer patients. COVID-19 related delays are currently impacting patient enrollment, and Jounce now anticipates reporting data from the SELECT trial in 2022. Continued to advance JTX-4014 as a combination agent: JTX-4014 is a PD-1 inhibitor intended for combination with Jounce’s broad pipeline beginning with its two ongoing proof of concept studies, the INNATE trial and the SELECT trial. The SELECT trial will also provide additional important single agent data for JTX-4014 in a new biomarker selection paradigm.. JTX-1811 (CCR8) Established exclusive license agreement with Gilead for the development and commercialization of JTX-1811: In October 2020, Jounce licensed to Gilead Sciences, Inc. (“Gilead”) the worldwide rights to JTX-1811, a potential first-in-class antibody designed to bind to CCR8 and selectively deplete immunosuppressive tumor-infiltrating T regulatory cells. Upon clearance of an investigational new drug application (“IND”), JTX-1811 will transition to Gilead for clinical development and potential commercialization. In addition to an $85.0 million upfront and a $35.0 million equity investment, Jounce has the potential to earn up to $685.0 million in milestones as well as royalties on worldwide sales. Jounce continues to progress JTX-1811 to IND clearance and remains on track for an IND filing in the first half of 2021. Discovery Pipeline Productive discovery engine with IND every 12 to 18 months: Jounce continues to invest in and advance its growing immuno-oncology pipeline. Its discovery engine is built upon the capability to thoroughly investigate different cell types in the tumor microenvironment, including T cells, myeloid cells and stromal cells. Fourth Quarter and Full Year 2020 Financial Results: Cash position: As of December 31, 2020, cash, cash equivalents and investments were $213.2 million, compared to $170.4 million as of December 31, 2019. The increase in cash, cash equivalents and investments was primarily due to receipt of $120.0 million in proceeds from the license and stock purchase agreements with Gilead and $14.5 million received during 2020 under Jounce’s at-the-market offering program (“ATM”), offset by operating expenses incurred during the year. In January 2021, the Company completed the sale of all available amounts under the existing ATM with the sale of 3,156,200 shares for net proceeds of $30.2 million.License and collaboration revenue: $62.3 million of license and collaboration revenue was recognized during the fourth quarter of 2020. Jounce did not recognize any license and collaboration revenue for the same period in 2019. License and collaboration revenue was $62.3 million for the full year 2020, compared to $147.9 million for the full year 2019. Revenue recognized during 2020 was related to Jounce’s license agreement with Gilead. Revenue recognized during 2019 was comprised of $50.0 million of cash revenue related to Jounce’s JTX-8064 license agreement with Celgene and $97.9 million of non-cash revenue recognition related to the $225.0 million upfront payment received in July 2016 under the Celgene collaboration agreement.Research and development expenses: Research and development expenses were $20.0 million for the fourth quarter of 2020, compared to $16.6 million for the same period in 2019. Research and development expenses were $78.7 million for the full year 2020, compared to $67.1 million for the full year 2019. The increase in research and development expenses for the full year 2020 was primarily due to $7.9 million of increased clinical and regulatory expense primarily attributable to the SELECT clinical trial, $3.2 million of increased manufacturing and IND-enabling expenses and $2.9 million of increased employee compensation costs. These increases were partially offset by $0.9 million and $0.8 million of decreased other research costs, primarily related to reduced travel, and lab consumable costs, respectively.General and administrative expenses: General and administrative expenses were $6.9 million for both the fourth quarter of 2020 and 2019. General and administrative expenses were $28.8 million for the full year 2020, compared to $27.9 million for the full year 2019. The increase in general and administrative expenses for full year 2020 was primarily attributable to $1.5 million of increased employee compensation costs.Net income (loss): Net income was $35.5 million for the fourth quarter of 2020, resulting in basic net income per share of $0.90 and diluted net income per share of $0.86. Net loss was $22.7 million for the same period in 2019, resulting in basic and diluted net loss per share of $0.68. Net loss was $43.8 million for the full year 2020, resulting in basic and diluted net loss per share of $1.24. Net income was $56.8 million for the full year 2019, resulting in basic net income per share of $1.72 and diluted net income per share of $1.66. Net loss for the full year 2020 was attributable to increased operating expenses, offset by $62.3 million of license revenue recognized under Jounce’s agreement with Gilead. Net income for the full year 2019 was primarily attributable to $147.9 million of revenue recognized under the Celgene license and collaboration agreements in the year. Financial Guidance: Based on its current operating and development plans, Jounce reiterates its financial guidance for 2021. Gross cash burn on operating expenses and capital expenditures for the full year 2021 is expected to be approximately $95.0 million to $110.0 million. Given the strength of its balance sheet, Jounce expects its existing cash, cash equivalents and investments to be sufficient to enable the funding of its operating expenses and capital expenditure requirements through the second quarter of 2023. Conference Call and Webcast Information: Jounce Therapeutics will host a live conference call and webcast today at 8:00 a.m. ET. To access the conference call, please dial (866) 916-3380 (domestic) or (210) 874-7772 (international) and refer to conference ID 4698355. The live webcast can be accessed under "Events & Presentations" in the Investors and Media section of Jounce's website at www.jouncetx.com. The webcast will be archived and made available for replay on Jounce’s website approximately two hours after the call and will be available for 30 days. About Jounce Therapeutics Jounce Therapeutics, Inc. is a clinical-stage immunotherapy company dedicated to transforming the treatment of cancer by developing therapies that enable the immune system to attack tumors and provide long-lasting benefits to patients through a biomarker-driven approach. Jounce currently has multiple development stage programs ongoing while simultaneously advancing additional early-stage assets from its robust discovery engine based on its Translational Science Platform. Jounce’s highest priority program, JTX-8064, is a LILRB2 (ILT4) receptor antagonist shown to reprogram immune-suppressive tumor associated macrophages to an anti-tumor state in preclinical studies. A Phase 1 clinical trial, named INNATE, for JTX-8064 as a monotherapy and in combination with JTX-4014, Jounce’s internal PD-1 inhibitor, or pembrolizumab is currently enrolling patients with advanced solid tumors. Jounce’s most advanced product candidate, vopratelimab, is a monoclonal antibody that binds to and activates ICOS, and is currently being studied in the SELECT Phase 2 trial. JTX-4014 is a PD-1 inhibitor intended for combination use in the INNATE and SELECT trials and with Jounce’s broader pipeline. Additionally, Jounce exclusively licensed worldwide rights to JTX-1811, a monoclonal antibody targeting CCR8 and designed to selectively deplete T regulatory cells in the tumor microenvironment, to Gilead Sciences, Inc. For more information, please visit www.jouncetx.com. Cautionary Note Regarding Forward-Looking Statements:Various statements in this release concerning Jounce’s future expectations, plans and prospects, including without limitation, Jounce’s expectations regarding financial guidance, operating expenses and capital expenditures; the timing, progress, results and release of data for clinical trials of vopratelimab, JTX-4014 and JTX-8064; identification, selection and enrollment of patients for Jounce’s clinical trials; the use of JTX-4014 in combination with Jounce’s other product candidates; and the timing, progress and results of preclinical studies and development of Jounce’s product candidates, including JTX-1811, and any future product candidates may constitute forward-looking statements for the purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995 and other federal securities laws and are subject to substantial risks, uncertainties and assumptions. You should not place reliance on these forward-looking statements, which often include words such as “expect,” “goal,” “plan,” “on track,” “will” or similar terms, variations of such terms or the negative of those terms. Although Jounce believes that the expectations reflected in the forward-looking statements are reasonable, Jounce cannot guarantee such outcomes. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, including, without limitation, Jounce’s ability to successfully demonstrate the efficacy and safety of its product candidates and future product candidates; the preclinical and clinical results for its product candidates, which may not support further development and marketing approval; the potential advantages of Jounce’s product candidates; Jounce’s ability to successfully manage its clinical trials; the development plans of its product candidates and any companion or complementary diagnostics; actions of regulatory agencies, which may affect the initiation, timing and progress of preclinical studies and clinical trials of Jounce’s product candidates; Jounce’s ability to obtain, maintain and protect its intellectual property; Jounce’s ability to manage operating expenses and capital expenditures; and those risks more fully discussed in the section entitled “Risk Factors” in Jounce’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission as well as discussions of potential risks, uncertainties, and other important factors in Jounce’s subsequent filings with the Securities and Exchange Commission. All such statements speak only as of the date made, and Jounce undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise. Jounce Therapeutics, Inc.Consolidated Statements of Operations (unaudited)(amounts in thousands, except per share data) Three Months EndedDecember 31, Year EndedDecember 31, 2020 2019 2020 2019Revenue: License and collaboration revenue—related party$62,339 $— $62,339 $147,872 Operating expenses: Research and development20,019 16,610 78,690 67,135 General and administrative6,899 6,922 28,766 27,920 Total operating expenses26,918 23,532 107,456 95,055 Operating income (loss)35,421 (23,532) (45,117) 52,817 Other income, net51 875 1,289 4,052 Income (loss) before provision for income taxes35,472 (22,657) (43,828) 56,869 Provision for income taxes— 10 14 46 Net income (loss)$35,472 $(22,667) $(43,842) $56,823 Net income (loss) per share, basic$0.90 $(0.68) $(1.24) $1.72 Net income (loss) per share, diluted$0.86 $(0.68) $(1.24) $1.66 Weighted-average common shares outstanding, basic39,434 33,272 35,426 33,080 Weighted-average common shares outstanding, diluted41,442 33,272 35,426 34,294 Jounce Therapeutics, Inc.Selected Consolidated Balance Sheet Data (unaudited)(amounts in thousands) December 31, 2020 2019Cash, cash equivalents and investments$213,188 $170,444 Working capital$192,067 $159,297 Total assets$244,236 $205,882 Total stockholders’ equity$211,294 $174,593 Investor and Media Contacts:Malin DeonJounce Therapeutics, Inc.+1-857-259-3843mdeon@jouncetx.com Mark YoreJounce Therapeutics, Inc.+1-857-200-1255 myore@jouncetx.com
ATLANTA, Feb. 25, 2021 (GLOBE NEWSWIRE) -- Gray Television, Inc. (“Gray,” “we,” “us” or “our”) (NYSE: GTN) today announced financial results for the fourth quarter ended December 31, 2020. Despite the impact of the novel coronavirus and its disease (collectively, “COVID-19”) on economic activity, our strong political revenues, prudent cost management, strategic sales initiatives and training, and focused management at every level during the last three quarters of 2020, and especially the fourth quarter of 2020, resulted in record operating results for the fourth quarter and the full-year. Key financial results are as follows: Our revenue for the fourth quarter of 2020 was $792 million, an increase of $213 million, or 37%, from the fourth quarter of 2019. The primary components of revenue were combined local and national broadcast advertising revenue of $284 million, political advertising revenue of $245 million and retransmission revenue of $217 million.Net income attributable to common stockholders for the fourth quarter of 2020 was $211 million, or $2.22 per fully diluted share, increasing $130 million, or 160% from the fourth quarter of 2019.Broadcast Cash Flow for the fourth quarter of 2020, was $424 million increasing $195 million, or 85%, from the fourth quarter of 2019. Our Adjusted EBITDA for the fourth quarter of 2020 was $404 million, increasing $189 million, or 88%, from the fourth quarter of 2019.In the fourth quarter of 2020, our combined local and national broadcast revenue, excluding political revenue (“Total Core Revenue”), decreased by approximately 8% compared to the fourth quarter of 2019, much of which can be attributed to historically strong political displacement in a large number of markets. In light of returning advertiser demand, the year-over-year declines in Total Core Revenue continued their improvement through the fourth quarter of 2020 as follows: October declined 22%, largely impacted by political displacement, November declined less than 1% and December declined by 2%.As of December 31, 2020, our total leverage ratio, as defined in our senior credit facility, was 3.95 times on a trailing eight-quarter basis, netting our total cash balance of $773 million and giving effect to all Transaction Related Expenses (as defined below). We have not drawn any amounts from our revolving credit facility, and, as a result, we are not subject to any maintenance covenants in our credit facilities at this time.During the fourth quarter of 2020, we repurchased 972,706 shares of our common stock at an average price of $16.44 per share, including commissions, for a total cost of approximately $16 million. During 2020, we repurchased 5.5 million shares of our common stock on the open market at an average price of $13.80 per share, including commissions, for a total cost of $75 million. We have not repurchased any shares since the close of the fourth quarter. Currently, we have 88,223,962 common shares and 7,214,838 Class A common shares outstanding. Our total capacity under our share repurchase programs is currently $204 million.On February 1, 2021, we announced an agreement to acquire all of the outstanding shares of Quincy Media, Inc. for $925 million in cash. Upon completion, and net of divestitures required to meet regulatory requirements, we will own television stations serving 102 television markets that collectively reach over 25 % of US television households, including number-one ranked television stations in 77 markets and the first and/or second ranked television station in 93 markets according to Comscore’s average all-day ratings for calendar year 2020. This transaction is expected to close following receipt of regulatory and other approvals in the second or third quarter of 2021. We expect that the transaction will be immediately accretive to our free cash flow, including expected year-one annualized synergies of approximately $23 million. Selected Operating Data (unaudited): Three Months Ended December 31, 2020 2019 % Change2020 to2019 2018 % Change2020 to2018 (dollars in millions) Revenue (less agency commissions): Broadcasting$763 $554 38% $328 133% Production companies 29 25 16% - Total revenue$792 $579 37% $328 141% Political advertising revenue$245 $38 545% $83 195% Operating expenses (1): Broadcasting$355 $339 5% $160 122% Production companies$20 $17 18% $- Corporate and administrative$18 $21 (14)% $11 64% Net income$224 $94 138% $88 155% Non-GAAP Cash Flow (2): Broadcast Cash Flow$424 $229 85% $172 147% Broadcast Cash Flow Less Cash Corporate Expenses$409 $212 93% $163 151% Free Cash Flow$300 $108 178% $98 206% Year Ended December 31, 2020 2019 % Change2020 to2019 2018 % Change2020 to2018 (dollars in millions) Revenue (less agency commissions): Broadcasting$2,320 $2,035 14% $1,084 114% Production companies 61 87 (30)% - Total revenue$2,381 $2,122 12% $1,084 120% Political advertising revenue$430 $68 532% $155 177% Operating expenses (1): Broadcasting$1,340 $1,325 1% $596 125% Production companies$52 $74 (30)% $- Corporate and administrative$65 $104 (38)% $41 59% Net income$410 $179 129% $211 94% Non-GAAP Cash Flow (2): Broadcast Cash Flow$999 $729 37% $493 103% Broadcast Cash Flow Less Cash Corporate Expenses$945 $636 49% $457 107% Free Cash Flow$559 $273 105% $263 113% (1) Excludes depreciation, amortization and gain on disposal of assets, net.(2) See definition of non-GAAP terms and a reconciliation of the non-GAAP amounts to net income included herein. Results of Operations for the Fourth Quarter of 2020 Three Months Ended December 31, 2020 2019 Amount Percent Percent Percent Increase Increase Amount of Total Amount of Total (Decrease) (Decrease) (dollars in millions) Revenue (less agency commissions): Local (including internet/digital/mobile) $222 28% $243 42% $(21) (9)% National 62 8% 67 12% (5) (7)% Political 245 31% 38 7% 207 545% Retransmission consent 217 27% 195 34% 22 11% Production companies 29 4% 25 4% 4 16% Other 17 2% 11 1% 6 55% Total $792 100% $579 100% $213 37% Total local and national revenue combined ("Total Core Revenue") $284 36% $310 54% $(26) (8)% OPERATING EXPENSES (before depreciation, amortization and gain on disposal of assets, net): Broadcasting: Station expenses $230 65% $223 66% $7 3% Retransmission expense 125 35% 107 32% 18 17% Transaction Related Expenses - 0% 7 2% (7) Non-cash stock-based compensation - 0% 2 0% (2) Total broadcasting expense $355 100% $339 100% $16 5% Production companies expense $20 $17 $3 18% Corporate and administrative: Corporate expenses $13 73% $17 81% $(4) (24)% Transaction Related Expenses 1 5% - 0% 1 Non-cash stock-based compensation 4 22% 4 19% - 0% Total corporate and administrative expense $18 100% $21 100% $(3) (14)% Results of Operations for the Year Ended December 31, 2020 Year Ended December 31, 2020 2019 Amount Percent Percent Percent Increase Increase Amount of Total Amount of Total (Decrease) (Decrease) (dollars in millions) Revenue (less agency commissions): Local (including internet/digital/mobile) $771 32% $898 42% $(127) (14)% National 198 8% 229 11% (31) (14)% Political 430 18% 68 3% 362 532% Retransmission consent 867 36% 796 38% 71 9% Production companies 61 3% 87 4% (26) (30)% Other 54 3% 44 2% 10 23% Total $2,381 100% $2,122 100% $259 12% Total Core Revenue $969 40% $1,127 53% $(158) (14)% OPERATING EXPENSES (before depreciation, amortization and gain on disposal of assets, net): Broadcasting: Station expenses $839 63% $855 65% $(16) (2)% Retransmission expense 496 37% 420 32% 76 18% Transaction Related Expenses - 0% 45 3% (45) Non-cash stock-based compensation 5 0% 5 0% - 0% Total broadcasting expense $1,340 100% $1,325 100% $15 1% Production companies expense $52 $74 $(22) (30)% Corporate and administrative: Corporate expenses $53 81% $59 56% $(6) (10)% Transaction Related Expenses 1 2% 34 33% (33) (97)% Non-cash stock-based compensation 11 17% 11 11% - 0% Total corporate and administrative expense $65 100% $104 100% $(39) (38)% Transaction Related Expenses From time to time, we have incurred incremental expenses (“Transaction Related Expenses”) that were specific to acquisitions, divestitures and financing activities, including but not limited to legal and professional fees, severance and incentive compensation and contract termination fees. In addition, we have recorded certain non-cash stock-based compensation expenses. These expenses are summarized as follows (in millions): Three Months Ended December 31, Year Ended December 31, 2020 2019 2020 2019 Transaction Related Expenses: Broadcasting $ - $ 7 $ - $ 45 Corporate Administrative 1 - 1 34 Total Transaction Related Expenses: $ 1 $7 $ 1 $79 Total non-cash stock-based compensation $4 $6 $16 $16 Taxes During 2020 and 2019, we made aggregate federal and state income tax payments (net of refunds) of $70 million and $23 million, respectively. During 2021, we anticipate making income tax payments (net of refunds) within a range of $21 million to $23 million. As of December 31, 2020, we have $204 million of federal operating loss carryforwards, which expire during the years 2023 through 2037. We expect to have federal taxable income in the carryforward periods, therefore we believe that it is more likely than not that these federal operating loss carryforwards will be fully utilized. Additionally, we have an aggregate of $567 million of various state operating loss carryforwards, of which we expect that approximately half will be utilized. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was enacted in response to the COVID-19 pandemic. The CARES Act, among other things, contains modifications on the limitation of business interest for tax years beginning in 2019 and 2020, and permits net operating loss (“NOL”) carryforwards and carrybacks to offset 100% of taxable income for taxable years beginning before 2021. In addition, the CARES Act allows NOLs incurred in 2018, 2019, and 2020 to be carried back to each of the five preceding taxable years to generate a refund of previously paid income taxes. We will continue to monitor and assess the impact the CARES Act may have on our business, financial condition, results of operations and cash flows. Detailed Table of Operating Results Gray Television, Inc. Selected Operating Data (Unaudited) (in millions, except for net income per share data) Three Months Ended Year Ended December 31, December 31, 2020 2019 2020 2019 Revenue (less agency commissions) Broadcasting$763 $554 $2,320 $2,035 Production companies 29 25 61 87 Total revenue (less agency commissions) 792 579 2,381 2,122 Operating expenses before depreciation, amortization and gain on disposal of assets, net: Broadcasting 355 339 1,340 1,325 Production companies 20 17 52 74 Corporate and administrative 18 21 65 104 Depreciation 27 20 96 80 Amortization of intangible assets 27 29 105 115 Gain on disposal of assets, net (6) (27) (29) (54) Operating expenses 441 399 1,629 1,644 Operating income 351 180 752 478 Other (expense) income: Miscellaneous (expense) income, net - - (5) 4 Interest expense (48) (54) (191) (227) Loss on early extinguishment of debt (12) - (12) - Income before income tax 291 126 544 255 Income tax expense 67 32 134 76 Net income 224 94 410 179 Preferred stock dividends 13 13 52 52 Net income attributable to common stockholders$211 $81 $358 $127 Basic per share information: Net income attributable to common stockholders$2.24 $0.82 $3.73 $1.28 Weighted-average shares outstanding 94 99 96 99 Diluted per share information: Net income attributable to common stockholders$2.22 $0.81 $3.69 $1.27 Weighted-average shares outstanding 95 100 97 100 Other Financial Data As of December 31, 2020 2019 (in millions) Cash$773 $212 Long-term debt, including current portion$3,974 $3,697 Series A perpetual preferred stock$650 $650 Borrowing availability under senior credit facility$200 $200 Year Ended December 31, 2020 2019 (in millions) Net cash provided by operating activities$652 $385 Net cash used in investing activities (211) (2,656) Net cash provided by financing activities 120 1,064 Net increase (decrease) in cash$561 $(1,207) Amendment to 2019 Senior Credit Facility On February 19, 2021, we amended our senior credit facility. The amendment, among other things: (i) increases availability under the revolving credit facility from $200 million to $300 million; (ii) extends the maturity date of borrowings under the revolving credit facility to January 2, 2026; and (iii) modifies certain terms relating to the implementation of a LIBOR replacement rate. Guidance for the Three-Months Ending March 31, 2021 Based on our current forecasts for the quarter ending March 31, 2021 (the “first quarter of 2021”), we anticipate changes from the quarter ended March 31, 2020 (the “first quarter of 2020”), as outlined below: • Revenue: Local revenue will be unchanged at approximately $198 million.National revenue will increase by 7% to 9% to approximately $55 million.Total Core Revenue will increase by 0% to 2% to approximately $253 million.Retransmission revenue will increase by 15% to 16% to approximately $245 million.Total broadcasting revenue will increase by 0% to 2% to approximately $520 million.Production company revenue will be approximately $13 million. • Operating Expenses (before depreciation, amortization and gain/loss on disposal of assets, net): Broadcasting expenses will increase by 8% to 9%, to approximately $364 million. This increase of approximately $29 million primarily reflects an increase in retransmission expense of approximately $24 million.Production company expenses will decrease to approximately $16 million.Corporate expenses will increase to approximately $20 million, primarily due to additional transaction related expenses. The Company We are a television broadcast company headquartered in Atlanta, Georgia. We are the largest owner of top-rated local television stations and digital assets in the United States (“U.S.”). Gray currently owns and/or operates television stations and leading digital properties in 94 television markets that collectively reach approximately 24% of U.S. television households. During 2020, our stations were ranked first in 70 markets, and ranked first and/or second in 86 markets, as calculated by Comscore, Inc.’s audience measurement service. We also own video program production, marketing, and digital businesses including Raycom Sports, Tupelo-Raycom, and RTM Studios, the producer of PowerNation programs and content, which we refer to collectively as our “production companies.” Cautionary Statements for Purposes of the “Safe Harbor” Provisions of the Private Securities Litigation Reform Act This press release contains statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and the federal securities laws. These “forward-looking statements” are not statements of historical facts, and may include, among other things, statements regarding our estimates, expectations, intentions, projections, and beliefs of operating results for future periods, the impact of COVID-19 on our future operating results, future income tax payments, pending transactions and other future events. Actual results are subject to a number of risks and uncertainties and may differ materially from the current expectations and beliefs discussed in this press release. All information set forth in this release is as of the date hereof. We do not intend, and undertake no duty, to update this information to reflect future events or circumstances. As such, caution should be taken to not place undue reliance on forward-looking statements. Information about certain potential factors that could affect our business and financial results and cause actual results to differ materially from those expressed or implied in any forward-looking statements are included under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” in our Annual Report on Form 10-K for the year ended December 31, 2020, and may be contained in reports subsequently filed with the U.S. Securities and Exchange Commission and available at www.sec.gov. Conference Call Information We will host a conference call to discuss our fourth quarter operating results on February 25, 2021. The call will begin at 11:00 a.m. Eastern Time. The live dial-in number is 1-855-493-3489 and the confirmation code is 9756347. The call will be webcast live and available for replay at www.gray.tv. The taped replay of the conference call will be available at 1-855-859-2056, Confirmation Code is 9756347 until March 24, 2021. Gray Contacts Web site: www.gray.tv Hilton H. Howell, Jr., Executive Chairman and Chief Executive Officer, 404-266-5512 Pat LaPlatney, President and Co-Chief Executive Officer, 334-206-1400 Jim Ryan, Executive Vice President and Chief Financial Officer, 404-504-9828 Kevin P. Latek, Executive Vice President, Chief Legal and Development Officer, 404-266-8333 Effects of Acquisitions and Divestitures on Our Results of Operations and Non-GAAP Terms From time to time, Gray supplements its financial results prepared in accordance with GAAP by disclosing the non-GAAP financial measures Broadcast Cash Flow, Broadcast Cash Flow Less Cash Corporate Expenses, Operating Cash Flow as defined in the Senior Credit Agreement, Free Cash Flow, Adjusted EBITDA and Total Leverage Ratio, Net of All Cash. These non-GAAP amounts are used by us to approximate amounts used to calculate key financial performance covenants contained in our debt agreements and are used with our GAAP data to evaluate our results and liquidity. We define Broadcast Cash Flow as net income or loss plus loss on early extinguishment of debt, non-cash corporate and administrative expenses, non-cash stock-based compensation, depreciation and amortization (including amortization of intangible assets and program broadcast rights), any loss on disposal of assets, any miscellaneous expense, interest expense, any income tax expense, non-cash 401(k) expense, Broadcast Transactions Related Expenses and broadcast other adjustments less any gain on disposal of assets, any miscellaneous income, any income tax benefits and payments for program broadcast rights. We define Broadcast Cash Flow Less Cash Corporate Expenses as net income or loss plus loss on early extinguishment of debt, non-cash stock-based compensation, depreciation and amortization (including amortization of intangible assets and program broadcast rights), any loss on disposal of assets, any miscellaneous expense, interest expense, any income tax expense, non-cash 401(k) expense, Transaction Related Expenses and other adjustments less any gain on disposal of assets, any miscellaneous income, any income tax benefits and payments for program broadcast rights. We define Operating Cash Flow as defined in our Senior Credit Agreement as net income or loss plus loss on early extinguishment of debt, non-cash stock-based compensation, depreciation and amortization (including amortization of intangible assets and program broadcast rights), any loss on disposal of assets, any miscellaneous expense, interest expense, any income tax expense, non-cash 401(k) expense, Transaction Related Expenses, other adjustments, certain pension expenses, synergies and other adjustments less any gain on disposal of assets, any miscellaneous income, any income tax benefits, payments for program broadcast rights, pension income and contributions to pension plans. Operating Cash Flow as defined in our Senior Credit Agreement gives effect to the revenue and broadcast expenses of all completed acquisitions and divestitures as if they had been acquired or divested, respectively, on December 31, 2018. It also gives effect to certain operating synergies expected from the acquisitions and related financings and adds back professional fees incurred in completing the acquisitions. Certain of the financial information related to the acquisitions has been derived from, and adjusted based on, unaudited, un-reviewed financial information prepared by other entities, which Gray cannot independently verify. We cannot assure you that such financial information would not be materially different if such information were audited or reviewed and no assurances can be provided as to the accuracy of such information, or that our actual results would not differ materially from this financial information if the acquisitions had been completed on the stated date. In addition, the presentation of Operating Cash Flow as defined in the Senior Credit Agreement and the adjustments to such information, including expected synergies resulting from such transactions, may not comply with GAAP or the requirements for pro forma financial information under Regulation S-X under the Securities Act of 1933. We define Free Cash Flow as net income or loss plus loss on early extinguishment of debt, non-cash stock-based compensation, depreciation and amortization (including amortization of intangible assets and program broadcast rights), any loss on disposal of assets, any miscellaneous expense, any income tax expense, non-cash 401(k) expense, Transactions Related Expenses, broadcast other adjustments, certain pension expenses, synergies, other adjustments and amortization of deferred financing costs less any gain on disposal of assets, any miscellaneous income, any income tax benefits, payments for program broadcast rights, pension income, contributions to pension plans, preferred dividends, purchase of property and equipment (net of reimbursements) and income taxes paid (net of any refunds received). We define Adjusted EBITDA as net income or loss, plus loss on early extinguishment of debt, non-cash stock-based compensation, depreciation and amortization of intangible assets, any loss on disposal of assets, any miscellaneous expense, interest expense, any income tax expense, non-cash 401(k) expense, Transaction Related Expenses less any gain on disposal of assets, any miscellaneous income and any income tax benefits. Our Total Leverage Ratio, Net of All Cash is determined by dividing our Adjusted Total Indebtedness, Net of All Cash, by our Operating Cash Flow as defined in our Senior Credit Agreement, divided by two. Our Adjusted Total Indebtedness, Net of All Cash, represents the total outstanding principal of our long-term debt, plus certain other obligations as defined in our Senior Credit Agreement, less all cash (excluding restricted cash). Our Operating Cash Flow, as defined in our Senior Credit Agreement, divided by two, represents our average annual Operating Cash Flow as defined in our Senior Credit Agreement for the preceding eight quarters. We define Transaction Related Expenses as incremental expenses incurred specific to acquisitions and divestitures, including but not limited to legal and professional fees, severance and incentive compensation, and contract termination fees. We present certain line-items from our selected operating data, net of Transaction Related Expenses, in order to present a more meaningful comparison between periods of our operating expenses and our results of operations. These non-GAAP terms are not defined in GAAP and our definitions may differ from, and therefore may not be comparable to, similarly titled measures used by other companies, thereby limiting their usefulness. Such terms are used by management in addition to, and in conjunction with, results presented in accordance with GAAP and should be considered as supplements to, and not as substitutes for, net income and cash flows reported in accordance with GAAP. Reconciliation of Non-GAAP Terms, in millions: Three Months Ended December 31, 2020 2019 2018 Net income$224 $94 $88 Adjustments to reconcile from net income to Free Cash Flow: Depreciation 27 20 13 Amortization of intangible assets 27 29 5 Non-cash stock-based compensation 4 6 2 Gain on disposal of assets, net (6) (27) (11) Miscellaneous expense, net - - (3) Interest expense 48 54 32 Loss on early extinguishment of debt 12 - - Income tax expense 67 32 33 Amortization of program broadcast rights 10 9 6 Non-cash 401(k) expense 6 5 4 Payments for program broadcast rights (10) (10) (6) Corporate and administrative expenses before depreciation, amortization of intangible assets and non-cash stock-based compensation 15 17 9 Broadcast Cash Flow 424 229 172 Corporate and administrative expenses excluding depreciation, amortization of intangible assets and non-cash stock-based compensation (15) (17) (9) Broadcast Cash Flow Less Cash Corporate Expenses 409 212 163 Interest expense (48) (54) (32) Amortization of deferred financing costs 2 2 1 Preferred stock dividends (13) (13) - Purchase of property and equipment (40) (37) (35) Reimbursements of property and equipment purchases 10 9 8 Income taxes paid, net of refunds (20) (11) (7) Free Cash Flow$ 300 $ 108 $ 98 Reconciliation of Non-GAAP Terms, in millions: Year Ended December 31, 2020 2019 2018 Net income$410 $179 $211 Adjustments to reconcile from net income to Free Cash Flow: Depreciation 96 80 54 Amortization of intangible assets 105 115 21 Non-cash stock-based compensation 16 16 7 Gain on disposal of assets, net (29) (54) (17) Miscellaneous expense (income), net 5 (4) (6) Interest expense 191 227 107 Loss on early extinguishment of debt 12 - - Income tax expense 134 76 77 Amortization of program broadcast rights 38 39 21 Non-cash 401(k) expense 6 5 4 Payments for program broadcast rights (39) (43) (22) Corporate and administrative expenses before depreciation, amortization of intangible assets and non-cash stock-based compensation 54 93 36 Broadcast Cash Flow 999 729 493 Corporate and administrative expenses before depreciation, amortization of intangible assets and non-cash stock-based compensation (54) (93) (36) Broadcast Cash Flow Less Cash Corporate Expenses 945 636 457 Contributions to pension plans (3) (3) (2) Interest expense (191) (227) (107) Amortization of deferred financing costs 11 11 5 Preferred stock dividends (52) (52) - Purchase of property and equipment (110) (110) (70) Reimbursements of property and equipment purchases 29 41 14 Income taxes paid, net of refunds (70) (23) (34) Free Cash Flow$ 559 $ 273 $ 263 Reconciliation of Net Income to Adjusted EBITDA and the Effect of Transaction Related Expenses and Certain Non-cash Expenses, in millions except for per share information: Three Months Ended Year Ended December 31, December 31, 2020 2019 2020 2019 Net income$224 $94 $410 $179 Adjustments to reconcile from net income to Adjusted EBITDA: Depreciation 27 20 96 80 Amortization of intangible assets 27 29 105 115 Non-cash stock-based compensation 4 6 16 16 Gain on disposal of assets, net (6) (27) (29) (54) Miscellaneous expense (income), net - - 5 (4) Interest expense 48 54 191 227 Loss on early extinguishment of debt 12 - 12 - Income tax expense 67 32 134 76 Total 403 208 940 635 Add: Transaction Related Expenses 1 7 1 79 Adjusted EBITDA$ 404 $ 215 $ 941 $ 714 Net income attributable to common stockholders$211 $81 $358 $127 Add: Transaction Related Expenses and non-cash stock-based compensation 5 13 17 95 Less: Income tax expense related to Transaction Related Expenses and non-cash stock-based compensation (1) (3) (4) (24) Net income attributable to common stockholders - excluding Transaction Related Expenses and non-cash stock-based compensation$215 $91 $371 $198 Net income attributable to common stockholders per common share, diluted - excluding Transaction Related Expenses and non-cash stock-based compensation$2.26 $0.91 $3.82 $1.98 Diluted weighted-average shares outstanding 95 100 97 100 Reconciliation of Total Leverage Ratio, Net of All Cash, in millions except for ratio: Eight Quarters Ended December 31, 2020 Net income $ 589 Adjustments to reconcile from net income to operating cash flow as defined in our Senior Credit Agreement: Depreciation 176 Amortization of intangible assets 220 Non-cash stock-based compensation 31 Gain on disposal of assets, net (83) Interest expense 418 Loss on early extinguishment of debt 12 Income tax expense 210 Amortization of program broadcast rights 77 Common stock contributed to 401(k) plan 11 Payments for program broadcast rights (85) Pension benefit (1) Contributions to pension plan (6) Adjustments for stations acquired or divested, financings and expected synergies during the eight quarter period 3 Transaction Related Expenses 81 Operating Cash Flow, as defined in our Senior Credit Agreement $ 1,653 Operating Cash Flow, as defined in our Senior Credit Agreement, divided by two $ 826 December 31, 2020 Adjusted Total Indebtedness: Total outstanding principal, including current portion $ 4,035 Cash (773) Adjusted Total Indebtedness, Net of All Cash $ 3,262 Total Leverage Ratio, Net of All Cash 3.95
To Nasdaq OMX Copenhagen A/S Public announcement no. 487 February 25th, 2021 ECONOMIC KEY FIGURES FOR GLUNZ & JENSEN HOLDING A/S Q3 2020/21 The Q3, 2020/21 of the fiscal year was reviewed and approved at the Board of Directors meeting today. The Board of Directors announces the following consolidated financial statements year to date (YTD) for Q3 (the first 9 months) of 2020/21. The Q3 result of the fiscal year 2020/21 has met the expectations under very difficult market conditions. Highlights The revenue for YTD Q3 2020/21 was adversely impacted by COVID 19 and amounted to DKK 104,2 million (2019/20: DKK 150,6 million). The order intake and revenue have also been negatively impacted by the COVID-19 disruptions. The process of strengthening earnings by streamlining by consolidating production and supply chain at the subsidiary in Slovakia is still progressing according to the outlined plan. As a consequence of the transfer to Slovakia the production facilities in Nyborg have been vacated and we are now pursuing to sublease the premises.An ambitious reduction of fixed costs, including a substantial head-count reduction was launched in August 2020 to counter the impact of the sluggish market situation for equipment in the prepress industry. The full benefit of these savings will be realized before the end of the financial year. The major part will materialize in Q4 2020/2021 and hence, only a part has been included in Q3 2020/21 figures.EBITDA was DKK 12,0 million before non-recurring items and fair value adjustment on investment properties (2019/20: DKK 11,2 million.)Non-recurring items YTD 2020/21 amounted to DKK 2,5 million of which DKK 1,2 million related to the mold issues at the building complex Selandia Park, and the remaining DKK 1,3 million related to cost in connection with the transfer of production and spare-part center from Nyborg, Denmark to Presov, Slovakia. (2019/20: DKK 5,3 million). Fair value adjustment on investment properties are DKK 0,0 million (2019/20: DKK 0,0 million). Guidance for full year 2020/21Glunz & Jensen maintain its full year guidance for 2020/21 as communicated on August 20th 2020 with revenue in the range of DKK 130-140 million. The EBITDA before non-recurring items and fair value adjustment on investment properties was communicated in the range of DKK 12-14 million and this level is maintained. Sale of Selandia ParkAs highlighted in the annual report 2019/20 and in the H1 2020/21 company announcement, the Board of Directors decided to initiate a sales process for the investment properties in Selandia Park. The sales process is progressing and further information will be provided as a sale approaches its finalization. The potential sale of Selandia Park is not included in the guidance. For further information please contact:CEO Martin Overgaard Hansen: phone +45 22 60 84 05Chairman of the board Flemming Nyenstad Enevoldsen: phone +45 40 43 13 03
Fourth quarter 2020 revenues of $711.2 million, up 4.4% versus prior year period on an as-reported basis; up 2.3% on a constant currency basis Fourth quarter 2020 GAAP diluted EPS from continuing operations of $1.62, compared to $2.28 in the prior year period Fourth quarter 2020 adjusted diluted EPS from continuing operations of $3.25, down 0.9% versus prior year period Full year 2020 revenues of $2.537 billion, down 2.2% versus prior year period on an as-reported basis; down 2.4% on a constant currency basis Full year 2020 GAAP diluted EPS from continuing operations of $7.10, compared to $9.81 in the prior year period Full year 2020 adjusted diluted EPS from continuing operations of $10.67, down 4.3% versus prior year period 2021 guidance range for GAAP revenue growth of between 10.0% and 11.5% 2021 guidance range for constant currency revenue growth of between 8.0% and 9.5% 2021 guidance range for GAAP diluted EPS from continuing operations of between $8.15 and $8.25 2021 guidance range for adjusted diluted EPS from continuing operations of between $12.50 and $12.70 WAYNE, Pa., Feb. 25, 2021 (GLOBE NEWSWIRE) -- Teleflex Incorporated (NYSE: TFX) (the “Company”) today announced financial results for the fourth quarter and full year ended December 31, 2020. Fourth quarter 2020 net revenues were $711.2 million, an increase of 4.4% compared to the prior year period. Excluding the impact of foreign currency exchange rate fluctuations, fourth quarter 2020 net revenues increased 2.3% over the year ago period. The Company estimates that COVID-19 had a net negative impact to fourth quarter 2020 revenue of approximately $61 million, or 9%. Fourth quarter 2020 GAAP earnings per share from continuing operations decreased 28.9% to $1.62, compared to $2.28 in the prior year period. Fourth quarter 2020 adjusted diluted earnings per share from continuing operations decreased 0.9% to $3.25, compared to $3.28 in the prior year period. Full year 2020 net revenues were $2.537 billion, a decrease of 2.2% compared to the prior year. Excluding the impact of foreign currency exchange rate fluctuations, full year 2020 net revenues decreased 2.4% over the prior year. The Company estimates that COVID-19 had a net negative impact to full year 2020 revenue of approximately $281 million, or 11%. Full year 2020 GAAP earnings per share from continuing operations decreased 27.6% to $7.10, compared to $9.81 in the prior year. Full year 2020 adjusted diluted earnings per share from continuing operations decreased 4.3% to $10.67, compared to $11.15 in the prior year. Liam Kelly, Chairman, President and Chief Executive Officer, said, “Due to the COVID-19 pandemic, 2020 was a difficult year for Teleflex. However, during the fourth quarter our business performed better than we expected, as trends continued to improve across many of our product categories and geographies." Mr. Kelly continued, "In addition to the significant sequential improvement in our constant currency revenue performance that we experienced in the fourth quarter, I am also very pleased to see the continued sequential improvement that occurred in both our adjusted gross and adjusted operating margins, as we believe this positions us well to achieve our longer-term financial objectives." Mr. Kelly concluded, "As we look forward to 2021, despite the ongoing COVID-19 pandemic, we remain confident in our diversified product portfolio and in our ability to deliver robust revenue growth, margin expansion and adjusted earnings growth, all while investing in our business to sustain our revenue growth and profitability profile over the long-term." NET REVENUE BY SEGMENT The following tables and commentary provide information regarding net revenues in each of the Company's reportable operating segments for the three and twelve months ended December 31, 2019 and December 31, 2020 on both a GAAP and constant currency basis. The discussion below the tables of the principal factors behind changes in net revenues for the three months ended December 31, 2020 as compared to the prior year period applies to both GAAP revenue and constant currency revenue, although GAAP revenue also was affected by foreign currency exchange rate fluctuations, as indicated in the "Currency Impact" column of the table. Three Months Ended % Increase / (Decrease) December 31, 2020 December 31, 2019 Total Sales Growth Currency Impact Constant Currency Revenue Growth Americas$419.5 $400.0 4.9% (0.1)% 5.0%EMEA 161.4 145.9 10.6% 6.5% 4.1%Asia 78.6 80.5 (2.3)% 4.9% (7.2)%OEM 51.7 54.6 (5.5)% 1.4% (6.9)%Total$711.2 $681.0 4.4% 2.1% 2.3% Twelve Months Ended % Increase / (Decrease) December 31, 2020 December 31, 2019 Total Sales Growth Currency Impact Constant Currency Revenue Growth Americas$1,465.0 $1,492.3 (1.8)% (0.2)% (1.6)%EMEA 584.9 588.1 (0.5)% 1.1% (1.6)%Asia 267.0 294.3 (9.3)% 0.3% (9.6)%OEM 220.3 220.7 (0.2)% 0.4% (0.6)%Total$2,537.2 $2,595.4 (2.2)% 0.2% (2.4)% Americas fourth quarter 2020 net revenues were $419.5 million, an increase of 4.9% compared to the prior year period. Excluding the impact of foreign currency exchange rate fluctuations, fourth quarter 2020 net revenues increased 5.0% compared to the prior year period. The increase in constant currency revenue was primarily attributable to increased sales volumes of existing and new products, partially offset by a net decrease in sales volumes of existing products caused by the COVID-19 pandemic. We estimate that COVID-19 had a negative impact to fourth quarter 2020 revenue of approximately $29 million, or 7%. EMEA fourth quarter 2020 net revenues were $161.4 million, an increase of 10.6% compared to the prior year period. Excluding the impact of foreign currency exchange rate fluctuations, fourth quarter 2020 net revenues increased 4.1% compared to the prior year period. The increase in constant currency revenue was primarily attributable to increased sales volumes of existing products, partially offset by a net decrease in sales volumes of existing products caused by the COVID-19 pandemic. We estimate that COVID-19 had a negative impact to fourth quarter 2020 revenue of approximately $1 million, or 1%. Asia fourth quarter 2020 net revenues were $78.6 million, a decrease of 2.3% compared to the prior year period. Excluding the impact of foreign currency exchange rate fluctuations, fourth quarter 2020 net revenues decreased 7.2% compared to the prior year period. The decrease in constant currency revenue was primarily attributable to a net decrease in sales volumes of existing products caused by the COVID-19 pandemic. We estimate that COVID-19 had a negative impact to fourth quarter 2020 revenue of approximately $10 million, or 12%. OEM fourth quarter 2020 net revenues were $51.7 million, a decrease of 5.5% compared to the prior year period. Excluding the impact of foreign currency exchange rate fluctuations, fourth quarter 2020 net revenues decreased 6.9% compared to the prior year period. The decrease in constant currency revenue was primarily attributable to a decrease in sales volumes of existing products caused by the COVID-19 pandemic, partially offset by net revenues generated by the acquisition of IWG High Performance Conductors, Inc. (HPC). We estimate that COVID-19 had a negative impact to fourth quarter 2020 revenue of approximately $21 million, or 38%. NET REVENUE BY GLOBAL PRODUCT CATEGORY The following tables and commentary provide information regarding net revenues in each of the Company's global product categories for the three months and twelve months ended December 31, 2019 and December 31, 2020 on both a GAAP and constant currency basis. Three Months Ended % Increase / (Decrease) December 31, 2020December 31, 2019 Total Revenue Growth Currency Impact Constant Currency Revenue GrowthVascular Access$182.5$154.6 18.0 % 2.0% 16.0 %Interventional 106.7 112.7 (5.3)% 1.6% (6.9)%Anesthesia 86.1 85.3 0.9 % 3.0% (2.1)%Surgical 92.3 95.2 (3.0)% 2.7% (5.7)%Interventional Urology 93.9 89.1 5.4 % 0.1% 5.3 %OEM 51.7 54.6 (5.5)% 1.4% (6.9)%Other 98.1 89.4 9.8 % 3.7% 6.1 %Total$711.2$681.0 4.4 % 2.1% 2.3 % Twelve Months Ended % Increase / (Decrease) December 31, 2020December 31, 2019 Total Revenue Growth Currency Impact Constant Currency Revenue GrowthVascular Access$657.7$600.9 9.5 % 0.1% 9.4 %Interventional 382.4 427.6 (10.6)% 0.1% (10.7)%Anesthesia 302.3 338.4 (10.7)% 0.2% (10.9)%Surgical 317.2 370.1 (14.3)% 0.2% (14.5)%Interventional Urology 290.0 290.4 (0.1)% 0.1% (0.2)%OEM 220.3 220.7 (0.2)% 0.4% (0.6)%Other 367.3 347.3 5.8 % 0.5% 5.3 %Total$2,537.2$2,595.4 (2.2)% 0.2% (2.4)% Fourth quarter 2020 net revenues from sales of Vascular Access products were $182.5 million, an increase of 18.0% compared to the prior year period. Excluding the impact of foreign currency exchange rate fluctuations, fourth quarter 2020 net revenues increased 16.0% compared to the prior year period. We estimate that COVID-19 had a net positive impact to fourth quarter 2020 revenue of approximately $7 million, or 5%. Fourth quarter 2020 net revenues from sales of Interventional products were $106.7 million, a decrease of 5.3% compared to the prior year period. Excluding the impact of foreign currency exchange rate fluctuations, fourth quarter 2020 net revenues decreased 6.9% compared to the prior year period. We estimate that COVID-19 had a negative impact to fourth quarter 2020 revenue of approximately $14 million, or 12%. Fourth quarter 2020 net revenues from sales of Anesthesia products were $86.1 million, an increase of 0.9% compared to the prior year period. Excluding the impact of foreign currency exchange rate fluctuations, fourth quarter 2020 net revenues decreased 2.1% compared to the prior year period. We estimate that COVID-19 had a negative impact to fourth quarter 2020 revenue of approximately $1 million, or 1%. Fourth quarter 2020 net revenues from sales of Surgical products were $92.3 million, a decrease of 3.0% compared to the prior year period. Excluding the impact of foreign currency exchange rate fluctuations, fourth quarter 2020 net revenues decreased 5.7% compared to the prior year period. We estimate that COVID-19 had a negative impact to fourth quarter 2020 revenue of approximately $9 million, or 9%. Fourth quarter 2020 net revenues from sales of Interventional Urology products were $93.9 million, an increase of 5.4% compared to the prior year period. Excluding the impact of foreign currency exchange rate fluctuations, fourth quarter 2020 net revenues increased 5.3% compared to the prior year period. We estimate that COVID-19 had a negative impact to fourth quarter 2020 revenue of approximately $25 million, or 28%. Fourth quarter 2020 net revenues from sales of OEM products were $51.7 million, a decrease of 5.5% compared to the prior year period. Excluding the impact of foreign currency exchange rate fluctuations, fourth quarter 2020 net revenues decreased 6.9% compared to the prior year period. We estimate that COVID-19 had a negative impact to fourth quarter 2020 revenue of approximately $21 million, or 38%. Fourth quarter 2020 net revenues from sales of other products were $98.1 million, an increase of 9.8% compared to the prior year period. Excluding the impact of foreign currency exchange rate fluctuations, fourth quarter 2020 net revenues increased 6.1% compared to the prior year period. We estimate that COVID-19 had a positive impact to fourth quarter 2020 revenue of approximately $1 million, or 1%. OTHER FINANCIAL HIGHLIGHTS AND KEY PERFORMANCE METRICS Depreciation expense, amortization of intangible assets and deferred financing charges for the year ended December 31, 2020 totaled $231.7 million compared to $218.4 million for the prior year. Cash and cash equivalents at December 31, 2020 were $375.9 million compared to $301.1 million at December 31, 2019. Net accounts receivable at December 31, 2020 were $395.1 million compared to $418.7 million at December 31, 2019. Net inventories at December 31, 2020 were $513.2 million compared to $476.6 million at December 31, 2019. Net cash provided by operating activities from continuing operations was $437.1 million during 2020, as compared to $437.1 million during 2019. In 2020, the cash flow from operations reflect an increase in contingent consideration payments and tax payments that were mainly offset by favorable changes in other working capital. The favorable changes in other working capital were driven mainly by higher accounts receivable collections. 2021 OUTLOOK On a GAAP basis, full year 2021 revenues are expected to increase between 10.0% and 11.5% over 2020, reflecting our estimate of an approximately 2% favorable impact of foreign currency exchange rate fluctuations. On a constant currency basis, the Company estimates that revenues for full year 2021 will increase between 8.0% and 9.5% over 2020. The Company expects full year 2021 GAAP diluted earnings per share from continuing operations to be between $8.15 and $8.25. The Company expects adjusted diluted earnings per share from continuing operations to be between $12.50 and $12.70 for full year 2021, representing an increase of between 17.2% and 19.0% over 2020. Forecasted 2021 Constant Currency Revenue Growth Reconciliation LowHigh Forecasted 2021 GAAP revenue growth10.0%11.5% Estimated impact of foreign currency exchange rate fluctuations2.0%2.0% Forecasted 2021 constant currency revenue growth8.0%9.5% Forecasted 2021 Adjusted Diluted Earnings Per Share From Continuing Operations Reconciliation LowHigh Forecasted GAAP diluted earnings per share from continuing operations$8.15 $8.25 Restructuring, restructuring related and impairment items, net of tax$0.60 $0.61 Acquisition, integration and divestiture related items, net of tax$0.13 $0.14 Other items, net of tax$0.17 $0.19 MDR$0.48 $0.50 Intangible amortization expense, net of tax$2.97 $3.01 Forecasted adjusted diluted earnings per share from continuing operations$12.50 $12.70 CONFERENCE CALL WEBCAST AND ADDITIONAL INFORMATION As previously announced, Teleflex will comment on its financial results on a conference call to be held today at 8:00 a.m. (ET). The call will be available live and archived on the Company’s website at www.teleflex.com and the accompanying presentation will be posted prior to the call. An audio replay will be available until March 2, 2021 at 11:00am (ET), by calling 855-859-2056 (U.S./Canada) or 404-537-3406 (International), Passcode: 8789956. ADDITIONAL NOTES References in this release to the impact of foreign currency exchange rate fluctuations on adjusted diluted earnings per share include both the impact of translating foreign currencies into U.S. dollars and the impact of foreign currency exchange rate fluctuations on foreign currency denominated transactions. In the discussion of segment results, "new products" refers to products for which we initiated commercial sales within the past 36 months and "existing products" refers to products we have sold commercially for more than 36 months. Certain financial information is presented on a rounded basis, which may cause minor differences. Segment results and commentary exclude the impact of discontinued operations. NOTES ON NON-GAAP FINANCIAL MEASURES We report our financial results in accordance with accounting principles generally accepted in the United States, commonly referred to as “GAAP.” In this press release, we provide supplemental information, consisting of the following non-GAAP financial measures: constant currency revenue growth and adjusted diluted earnings per share. These non-GAAP measures are described in more detail below. Management uses these financial measures to assess Teleflex’s financial performance, make operating decisions, allocate financial resources, provide guidance on possible future results, and assist in its evaluation of period-to-period and peer comparisons. The non-GAAP measures may be useful to investors because they provide insight into management’s assessment of our business, and provide supplemental information pertinent to a comparison of period-to-period results of our ongoing operations. The non-GAAP financial measures are presented in addition to results presented in accordance with GAAP and should not be relied upon as a substitute for GAAP financial measures. Moreover, our non-GAAP financial measures may not be comparable to similarly titled measures used by other companies. Tables reconciling changes in historical constant currency net revenues to historical GAAP net revenues are set forth above under “Net Revenue by Segment" and "Net Revenue by Global Product Category". Tables reconciling historical adjusted diluted earnings per share from continuing operations to historical GAAP diluted earnings per share from continuing operations are set forth below. Constant currency revenue growth: This non-GAAP measure is based upon net revenues, adjusted to eliminate the impact of translating the results of international subsidiaries at different currency exchange rates from period to period. The impact of changes in foreign currency may vary significantly from period to period, and such changes generally are outside of the control of our management. We believe that this measure facilitates a comparison of our operating performance exclusive of currency exchange rate fluctuations that do not reflect our underlying performance or business trends. Adjusted diluted earnings per share: This non-GAAP measure is based upon diluted earnings per share from continuing operations, the most directly comparable GAAP measure, adjusted to exclude, depending on the period presented, the items described below. Management does not believe that any of the excluded items are indicative of our underlying core performance or business trends. Restructuring, restructuring related and impairment items - Restructuring programs involve discrete initiatives designed to, among other things, consolidate or relocate manufacturing, administrative and other facilities, outsource distribution operations, improve operating efficiencies and integrate acquired businesses. Depending on the specific restructuring program involved, our restructuring charges may include employee termination, contract termination, facility closure, employee relocation, equipment relocation, outplacement and other exit costs associated with the restructuring program. Restructuring related charges are directly related to our restructuring programs and consist of facility consolidation costs, including accelerated depreciation expense related to facility closures, costs to transfer manufacturing operations between locations, and retention bonuses offered to certain employees as an incentive for them to remain with our company after completion of the restructuring program. Impairment charges occur if, due to events or changes in circumstances, we determine that the carrying value of an asset exceeds its fair value. Impairment charges do not directly affect our liquidity, but could have a material adverse effect on our reported financial results. Acquisition, integration and divestiture related items - Acquisition and integration expenses are incremental charges, other than restructuring or restructuring related expenses, that are directly related to specific business or asset acquisition transactions. These charges may include, among other things, professional, consulting and other fees; systems integration costs; legal entity restructuring expense; inventory step-up amortization (amortization, through cost of goods sold, of the increase in fair value of inventory resulting from a fair value calculation as of the acquisition date); fair value adjustments to contingent consideration liabilities; and bridge loan facility and backstop financing fees in connection with loan facilities that ultimately were not utilized. Divestiture related activities involve specific business or asset sales. Depending primarily on the terms of a divestiture transaction, the carrying value of the divested business or assets on our financial statements and other costs we incur as a direct result of the divestiture transaction, we may recognize a gain or loss in connection with the divestiture related activities. Other items - These are discrete items that occur sporadically and can affect period-to-period comparisons. See footnote C to the reconciliation tables set forth below. European medical device regulation - The European Union (“EU”) has adopted the EU Medical Device Regulation (“MDR”), which replaces the existing Medical Devices Directive (“MDD”) and imposes more stringent requirements for the marketing and sale of medical devices in the EU, including requirements affecting clinical evaluations, quality systems and post-market surveillance. Manufacturers of currently marketed medical devices will have until May 2021 to meet the MDR requirements, although certain devices that previously satisfied MDD requirements can continue to be marketed in the EU until May 2024, subject to certain limitations. Significantly, the MDR will require the re-registration of previously approved medical devices. As a result, Teleflex will incur expenditures in connection with the new registration of medical devices that previously had been registered under the MDD. Therefore, these expenditures are not considered to be ordinary course expenditures in connection with regulatory matters (in contrast, no adjustment has been made to exclude expenditures related to the registration of medical devices that were not registered previously under the MDD). Intangible amortization expense - Certain intangible assets, including customer relationships, intellectual property, distribution rights, trade names and non-competition agreements, initially are recorded at historical cost and then amortized over their respective estimated useful lives. The amount of such amortization can vary from period to period as a result of, among other things, business or asset acquisitions or dispositions. Tax adjustments - These adjustments represent the impact of the expiration of applicable statutes of limitations for prior year returns, the resolution of audits, the filing of amended returns with respect to prior tax years and/or tax law or certain other discrete changes affecting our deferred tax liability. RECONCILIATION OF CONSOLIDATED STATEMENT OF INCOME ITEMS Dollars in millions, except per share amounts Quarter Ended - December 31, 2020 Cost of goods sold Selling, general and administrative expenses Research and development expenses Restructuring and impairment charges Income taxes Income (loss) from continuing operations Diluted earnings per share from continuing operations GAAP Basis$327.6 $232.9 $33.8 $21.8 ($0.0) $76.6 $1.62 Adjustments Restructuring, restructuring related and impairment items (A)7.1 0.4 — 21.8 1.8 27.5 $0.58 Acquisition, integration and divestiture related items (B)0.3 20.4 — — 0.5 20.2 $0.43 Other items (C)— 0.6 — — 0.1 0.5 $0.01 MDR (D)— — 3.8 — (0.0) 3.9 $0.08 Intangible amortization expense (E)21.2 18.7 0.1 — 5.5 34.6 $0.73 Tax adjustments— — — — 9.5 (9.5) $(0.20) Adjusted basis$299.0 $192.9 $29.8 $— $17.3 $153.7 $3.25 RECONCILIATION OF CONSOLIDATED STATEMENT OF INCOME ITEMS Dollars in millions, except per share amounts Quarter Ended - December 31, 2019 Cost of goods sold Selling, general and administrative expenses Research and development expenses Restructuring and impairment charges (Gain)/Loss on sale of business and assets Loss on extinguishment of debtIncome taxes Income (loss) from continuing operations Diluted earnings per share from continuing operations GAAP Basis$303.2 $220.1 $31.1 $1.9 $(2.2) $8.8 $(6.5) $107.8 $2.28 Adjustments Restructuring, restructuring related and impairment items (A)5.0 0.3 (0.0) 1.9 — — 1.1 6.1 $0.13 Acquisition, integration and divestiture related items (B)— 13.5 — — (2.2) — (0.9) 12.1 $0.26 Other items (C)— 0.3 — — — 8.8 2.1 7.0 $0.15 MDR (D)— — 1.6 — — — — 1.6 $0.03 Intangible amortization expense (E)20.5 16.7 0.1 — — — 5.0 32.3 $0.68 Tax adjustments— — — — — — 12.1 (12.1) $(0.26) Adjusted basis$277.7 $189.3 $29.5 $— $— — $12.9 $154.7 $3.28 (A) Restructuring, restructuring related and impairment items - For the three months ended December 31, 2020, pre-tax restructuring charges were $0.4 million; pre-tax restructuring related charges were $7.5 million; and pre-tax impairment charges were $21.4 million. For the three months ended December 31, 2019, pre-tax restructuring charges were $1.8 million; pre-tax restructuring related charges were $5.3 million; and pre-tax impairment charges were $0.1 million. (B) Acquisition, integration and divestiture related items - For the three months ended December 31, 2020, these charges primarily related to contingent consideration liabilities; reversal of previously recognized income related to a distributor conversion in Japan; and charges primarily related to our acquisition of Z-Medica, LLC. For the three months ended December 31, 2019, these charges primarily related to contingent consideration liabilities; and our acquisition of IWG High Performance Conductors, Inc., partially offset by the gain on sale of an asset. There were no divestiture related activities for the three months ended December 31, 2020 and December 31, 2019. (C) Other items - For the three months ended December 31, 2020, other items included expenses associated with a franchise tax audit. For the three months ended December 31, 2019, other items included debt modification costs and product relabeling costs. (D) MDR - These costs were associated with our efforts to comply with the European Medical Device Regulation. (E) Intangible amortization expense - For the three months ended December 31, 2020, intangible asset amortization expense of $21.2 million is included in cost of goods sold. For the three months ended December 31, 2019, we reclassified intangible asset amortization expense of $20.5 million, respectively, from selling, general and administrative expenses to cost of goods sold for comparability. RECONCILIATION OF CONSOLIDATED STATEMENT OF INCOME ITEMS Dollars in millions, except per share amounts Year Ended - December 31, 2020 Cost of goods sold Selling, general and administrative expenses Research and development expenses Restructuring and impairment charges Income taxes Income (loss) from continuing operations Diluted earnings per share from continuing operations GAAP Basis$1,212.3 $743.6 $119.7 $38.5 $21.9 $335.8 $7.10 Adjustments Restructuring, restructuring related and impairment items (A)25.9 0.9 — 38.5 3.0 62.3 $1.32 Acquisition, integration and divestiture related items (B)3.6 (30.4) — — 1.2 (28.0) $(0.59) Other items (C)— 1.1 — — 0.3 0.8 $0.02 MDR (D)— — 11.3 — 0.0 11.3 $0.24 Intangible amortization expense (E)84.4 73.8 0.4 — 24.4 134.3 $2.84 Tax adjustments— — — — 12.0 (12.0) $(0.25) Adjusted basis$1,098.4 $698.2 $108.0 $— $62.7 $504.5 $10.67 RECONCILIATION OF CONSOLIDATED STATEMENT OF INCOME ITEMS Dollars in millions, except per share amounts Year Ended - December 31, 2019 Cost of goods sold Selling, general and administrative expenses Research and development expenses Restructuring and impairment charges (Gain)/Loss on sale of business and assetsLoss on extinguishment of debtIncome taxes Income (loss) from continuing operations Diluted earnings per share from continuing operations GAAP Basis$1,186.4 $851.8 $113.9 $22.2 $(6.1)$8.8 $(122.1) $462.0 $9.81 Adjustments Restructuring, restructuring related and impairment items (A)15.9 0.4 0.0 22.2 — — 5.1 33.4 $0.71 Acquisition, integration and divestiture related items (B)0.1 55.3 — — (6.1)— (2.8) 52.1 $1.11 Other items (C)— 1.8 — — — 8.8 2.5 8.2 $0.17 MDR (D)— — 3.2 — — — — 3.2 $0.07 Intangible amortization expense (E)82.6 66.9 0.4 — — — 28.1 121.9 $2.59 Tax adjustments— — — — — — 155.8 (155.8) $(3.31) Adjusted basis$1,087.8 $727.3 $110.2 $— $— — $66.5 $525.0 $11.15 (A) Restructuring, restructuring related and impairment items - For the twelve months ended December 31, 2020, pre-tax restructuring charges were $17.1 million; pre-tax restructuring related charges were $26.7 million; and pre-tax impairment charges were $21.4 million. For the twelve months ended December 31, 2019, pre-tax restructuring charges $15.2 million; pre-tax restructuring related charges were $16.3 million; and pre-tax impairment charges were $7.0 million. (B) Acquisition, integration and divestiture related items - For the twelve months ended December 31, 2020, these items primarily related to the reversal of contingent consideration liabilities, partially offset by charges primarily related to our acquisitions of IWG High Performance Conductors, Inc. and Z-Medica, LLC, and the reversal of previously recognized income related to a distributor conversion in Japan. For the twelve months ended December 31, 2019, these charges primarily related to contingent consideration liabilities and our acquisitions of IWG High Performance Conductors, Inc. and Essential Medical, Inc., partially offset by the gain on sale of a business and another asset. There were no divestiture related activities for the twelve months ended December 31, 2020 and December 31, 2019. (C) Other items - For the twelve months ended December 31, 2020, other items included expenses associated with a franchise tax audit and prior year tax matters. For the twelve months ended December 31, 2019, other items included debt modification costs, expenses associated with a franchise tax audit, and product relabeling costs, somewhat offset by a credit associated with an insurance settlement. (D) MDR - These costs were associated with our efforts to comply with the European Medical Device Regulation. (E) Intangible amortization expense - For the year ended December 31, 2020, intangible asset amortization expense of $84.4 million is included within cost of goods sold. For the year ended December 31, 2019, we reclassified intangible asset amortization expense of $82.6 million, respectively, from selling, general and administrative expenses to cost of goods sold for comparability. ABOUT TELEFLEX INCORPORATED Teleflex is a global provider of medical technologies designed to improve the health and quality of people’s lives. We apply purpose driven innovation - a relentless pursuit of identifying unmet clinical needs - to benefit patients and healthcare providers. Our portfolio is diverse, with solutions in the fields of vascular access, interventional cardiology and radiology, anesthesia, emergency medicine, surgical, urology and respiratory care. Teleflex employees worldwide are united in the understanding that what we do every day makes a difference. For more information, please visit teleflex.com. Teleflex is the home of Arrow®, Deknatel®, Hudson RCI®, LMA®, Pilling®, Rusch®, UroLift®, and Weck® - trusted brands united by a common sense of purpose. CAUTION CONCERNING FORWARD-LOOKING INFORMATION This press release contains forward-looking statements, including, but not limited to, statements regarding our confidence in our diversified product portfolio and in our ability to deliver robust revenue growth, margin expansion and adjusted earnings growth, all while investing in our business to sustain our revenue growth and profitability profile over the long-term; forecasted 2021 GAAP and constant currency revenue growth and GAAP and adjusted diluted earnings per share; and our estimates regarding the projected impact of foreign currency exchange rate fluctuations on our 2020 financial results. Actual results could differ materially from those in the forward-looking statements due to, among other things, the adverse economic conditions associated with the COVID-19 global health pandemic and the associated financial crisis, stay-at-home and other orders, which may significantly reduce customer spending and which may have a negative impact on the Company’s business, changes in business relationships with and purchases by or from major customers or suppliers; delays or cancellations in shipments; demand for and market acceptance of new and existing products; our inability to provide products to our customers, which may be due to, among other things, events that impact key distributors, suppliers and third-party vendors that sterilize our products; our inability to integrate acquired businesses into our operations, realize planned synergies and operate such businesses profitably in accordance with our expectations; the inability of acquired businesses to generate revenues in accordance with our expectations; our inability to effectively execute our restructuring plans and programs; our inability to realize anticipated savings from restructuring plans and programs; the impact of healthcare reform legislation and proposals to amend, replace or repeal the legislation; changes in Medicare, Medicaid and third party coverage and reimbursements; the impact of enacted tax legislation and related regulations; competitive market conditions and resulting effects on revenues and pricing; increases in raw material costs that cannot be recovered in product pricing; global economic factors, including currency exchange rates, interest rates, trade disputes, sovereign debt issues and the impact of the United Kingdom's departure from the European Union, commonly known as "Brexit"; public health epidemics; difficulties in entering new markets; general economic conditions; and other factors described or incorporated in our filings with the Securities and Exchange Commission, including our most recently filed Annual Report on Form 10-K. We expressly disclaim any obligation to update forward-looking statements, except as otherwise specifically stated by us or as required by law or regulation. TELEFLEX INCORPORATED CONSOLIDATED STATEMENTS OF INCOME Three Months Ended Twelve Months Ended December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 (Dollars and shares in thousands, except per share)Net revenues$711,179 $680,952 $2,537,156 $2,595,362 Cost of goods sold327,625 303,230 1,212,282 1,186,357 Gross profit383,554 377,722 1,324,874 1,409,005 Selling, general and administrative expenses232,906 220,054 743,568 851,766 Research and development expenses33,769 31,128 119,747 113,857 Restructuring and impairment charges21,799 1,857 38,491 22,205 Gain on sale of assets— (2,249) — (6,077)Income from continuing operations before interest, loss on extinguishment of debt and taxes95,080 126,932 423,068 427,254 Interest expense18,721 17,275 66,494 80,270 Interest income(202) (460) (1,158) (1,741)Loss on extinguishment of debt— 8,822 — 8,822 Income from continuing operations before taxes76,561 101,295 357,732 339,903 Taxes (benefit) on income from continuing operations(40) (6,511) 21,931 (122,078)Income from continuing operations76,601 107,806 335,801 461,981 (Loss) income from discontinued operations(610) 463 (621) (828)(Benefit) taxes on (loss) income from discontinued operations(140) 4 (144) (313)(Loss) income on discontinued operations(470) 459 (477) (515)Net income$76,131 $108,265 $335,324 $461,466 Earnings per share: Basic: Income from continuing operations$1.64 $2.33 $7.22 $10.00 (Loss) income on discontinued operations(0.01) 0.01 (0.01) (0.01)Net income$1.63 $2.34 $7.21 $9.99 Diluted: Income from continuing operations$1.62 $2.28 $7.10 $9.81 (Loss) income on discontinued operations(0.01) 0.01 (0.01) (0.01)Net income$1.61 $2.29 $7.09 $9.80 Weighted average shares outstanding: Basic46,599 46,333 46,488 46,200 Diluted47,343 47,207 47,287 47,090 TELEFLEX INCORPORATED CONSOLIDATED BALANCE SHEETS December 31, 2020 2019 (Dollars and shares in thousands, except per share)ASSETSCurrent assets Cash and cash equivalents$375,880 $301,083 Accounts receivable, net395,071 418,673 Inventories513,196 476,557 Prepaid expenses and other current assets115,436 97,943 Prepaid taxes22,842 12,076 Total current assets1,422,425 1,306,332 Property, plant and equipment, net473,912 430,719 Operating lease assets100,635 113,160 Goodwill2,585,966 2,245,305 Intangibles assets, net2,519,746 2,156,285 Deferred tax assets8,073 5,572 Other assets41,802 52,447 Total assets$7,152,559 $6,309,820 LIABILITIES AND EQUITY Current liabilities Current borrowings$100,500 $50,000 Accounts payable102,520 102,916 Accrued expenses136,276 100,466 Current portion of contingent consideration20,543 148,090 Payroll and benefit-related liabilities122,366 115,981 Accrued interest7,135 5,514 Income taxes payable17,361 6,692 Other current liabilities33,326 33,396 Total current liabilities540,027 563,055 Long-term borrowings2,377,888 1,858,943 Deferred tax liabilities484,678 439,558 Pension and postretirement benefit liabilities74,499 82,719 Noncurrent liability for uncertain tax positions10,127 10,294 Noncurrent contingent consideration16,090 71,818 Noncurrent operating lease liabilities86,097 101,372 Other liabilities226,696 202,741 Total liabilities3,816,102 3,330,500 Commitments and contingencies Shareholders’ equity Common shares, $1 par value Issued: 2020 — 47,812 shares; 2019 — 47,536 shares47,812 47,536 Additional paid-in capital652,305 616,980 Retained earnings3,096,228 2,824,916 Accumulated other comprehensive loss(297,298) (344,392) 3,499,047 3,145,040 Less: Treasury stock, at cost162,590 165,720 Total shareholders' equity3,336,457 2,979,320 Total liabilities and shareholders' equity$7,152,559 $6,309,820 TELEFLEX INCORPORATED CONSOLIDATED STATEMENTS OF CASH FLOWS Year ended December 31, 2020 2019 (Dollars in thousands)Cash flows from operating activities of continuing operations: Net income$335,324 $461,466 Adjustments to reconcile net income to net cash provided by operating activities: Loss (Income) from discontinued operations477 515 Depreciation expense68,567 64,088 Intangible asset amortization expense158,685 149,974 Deferred financing costs and debt discount amortization expense4,430 4,307 Loss on extinguishment of debt— 8,822 Fair value step up of acquired inventory sold1,707 — Changes in contingent consideration(38,164) 53,915 Asset impairments21,388 6,966 Stock-based compensation20,739 26,940 Net gain on sales of businesses and assets— (6,077)Deferred income taxes, net(32,675) (168,594)Payments for contingent consideration(79,801) (26,092)Interest benefit on swaps designated as net investment hedges(19,178) (18,866)Other(26,636) (5,800)Changes in operating assets and liabilities, net of effects of acquisitions and disposals: Accounts receivable44,748 (59,793)Inventories(5,497) (53,170)Prepaid expenses and other current assets(4,323) (31,023)Accounts payable, accrued expenses and other liabilities646 36,021 Income taxes receivable and payable, net(13,294) (6,531)Net cash provided by operating activities from continuing operations437,143 437,068 Cash flows from investing activities of continuing operations: Expenditures for property, plant and equipment(90,694) (102,695)Payments for businesses and intangibles acquired, net of cash acquired(767,830) (3,462)Proceeds from sales of businesses and assets1,400 14,345 Net interest proceeds on swaps designated as net investment hedges19,341 18,331 Net cash used in investing activities from continuing operations(837,783) (73,481)Cash flows from financing activities of continuing operations: Proceeds from new borrowings1,513,807 275,000 Reduction in borrowings(938,807) (528,500)Debt extinguishment, issuance and amendment fees(8,440) (11,635)Proceeds from share based compensation plans and the related tax impacts18,994 21,206 Payments for contingent consideration(67,170) (112,079)Dividends(63,221) (62,828)Net cash provided by (used in) financing activities from continuing operations455,163 (418,836)Cash flows from discontinued operations: Net cash (used in) provided by operating activities(737) 2,457 Net cash (used in) provided by discontinued operations(737) 2,457 Effect of exchange rate changes on cash and cash equivalents21,011 (3,286)Net increase (decrease) in cash and cash equivalents74,797 (56,078)Cash and cash equivalents at the beginning of the year301,083 357,161 Cash and cash equivalents at the end of the year$375,880 $301,083 Jake Elguicze Treasurer and Vice President of Investor Relations 610-948-2836
Series RIKV 21 0615RIKV 21 0915Settlement Date 03/01/202103/01/2021Total Amount Allocated (MM) 12,8804,000All Bids Awarded At (Price / Simple interest) 99.678/1.09799.318/1.249Total Number of Bids Received 1311Total Amount of All Bids Received (MM) 17,1806,400Total Number of Successful Bids 88Number of Bids Allocated in Full 87Lowest Price / Highest Simple Interest Allocated 99.678/1.09799.318/1.249Highest Price / Lowest Simple Interest Allocated 99.722/0.94799.399/1.099Lowest Price / Highest Simple Interest Allocated in Full 99.678/1.09799.334/1.219Weighted Average of Successful Bids (Price/Simple Interest) 99.683/1.08099.342/1.204Best Bid (Price / Simple Interest) 99.722/0.94799.399/1.099Worst Bid (Price / Simple Interest) 99.545/1.55299.290/1.300Weighted Average of All Bids Received (Price / Simple Interest) 99.680/1.09099.330/1.226Percentage Partial Allocation (Approximate) 100.00 %56.67 %Bid to Cover Ratio 1.331.60
Owned eCommerce and two largest brands, Merrell and Saucony, power outlook for strong 2021 recoveryROCKFORD, Mich., Feb. 25, 2021 (GLOBE NEWSWIRE) -- Wolverine World Wide, Inc. (NYSE: WWW) today reported financial results for the fourth quarter and full year ended January 2, 2021. “The Company delivered better-than-expected results for the fourth quarter and is poised to drive an accelerated recovery over the next twelve to eighteen months,” said Blake W. Krueger, Wolverine Worldwide’s Chairman and Chief Executive Officer. “During a year of unprecedented challenges, we took action focused on the rapidly changing consumer landscape. Our owned eCommerce revenue grew 50% in 2020, and we have planned further investment in this area to enable growth of 40% in 2021, significantly outpacing broader industry expectations. Our balance sheet is healthy, and our brands are well positioned in winning product categories with strong momentum. Merrell, Saucony, Sperry, and Wolverine all plan to launch compelling new products behind some of their biggest franchises, and we anticipate meaningful growth for the Company in 2021, resulting in revenue approaching 2019 levels for the year.” FOURTH-QUARTER 2020 REVIEW Reported revenue was $509.6 million, down 16.1% versus the prior year. On a constant currency basis, revenue was down 16.4% versus the prior year. Owned eCommerce reported revenue grew 31.7% versus the prior year.Reported gross margin was 40.1%, compared to 37.8% in the prior year. Adjusted gross margin was 41.4%, compared to 37.8% in the prior year.Reported operating margin was -40.1%, including the impact of a non-cash trade name impairment, compared to -0.9% in the prior year. Adjusted operating margin was 6.6%, compared to 10.1% in the prior year.Reported diluted loss per share was $2.10, including the impact of a non-cash trade name impairment of $2.07 per share, compared to a loss per share of $0.01 in the prior year. Adjusted diluted earnings per share were $0.21, and, on a constant currency basis, were $0.22, compared to $0.59 in the prior year.Inventory at the end of the quarter was down 30.2% versus the prior year.Cash flow from operating activities in the quarter was $173.6 million, compared to $206.6 million in the prior year.Cash on hand at the end of the quarter was $347.4 million, compared to $180.6 million in the prior year. FULL-YEAR 2020 REVIEW Reported revenue was $1,791.1 million, down 21.2% versus the prior year on a reported and constant currency basis. Owned eCommerce reported revenue grew 49.9% versus the prior year.Reported gross margin was 41.1%, compared to 40.6% in the prior year. Adjusted gross margin was 41.5%, compared to 40.6% in the prior year.Reported operating margin was -7.7%, including the impact of a non-cash trade name impairment, compared to 7.5% in the prior year. Adjusted operating margin was 7.5%, compared to 11.5% in the prior year.Reported diluted loss per share was $1.70, including the impact of a non-cash trade name impairment of $2.07 per share, compared to earnings per share of $1.44 in the prior year. Adjusted diluted earnings per share were $0.93, and, on a constant currency basis, were $0.95, compared to $2.25 in the prior year.Cash flow from operating activities for the year was $309.1 million, compared to $222.6 million in the prior year. “Our team executed on key profit and liquidity priorities that were identified at the onset of the pandemic, resulting in annual operating cash flow of $309 million and $1.1 billion of total liquidity at year-end,” said Mike Stornant, Senior Vice President and Chief Financial Officer. “We are now able to increase our investment behind several key growth priorities supported by good visibility to robust demand and an eCommerce platform that continues to outperform. The Company is in an enviable position to drive profitable and accelerated growth in 2021.” FULL-YEAR 2021 OUTLOOKWolverine Worldwide expects the positive momentum of its performance, athletic, outdoor, and work brands to continue in 2021. The Company is providing its initial revenue and earnings outlook for the full year, which assumes no meaningful deterioration of current market conditions related to the COVID-19 pandemic during the remainder of 2021. For the full 2021 fiscal year, the Company expects revenue in the range of $2,190 million to $2,250 million, growth of 22% to 26% versus the prior year, approaching 2019 revenue at the high end of the range. The Company is also focused on delivering its aspirational target of $500 million in owned eCommerce revenue, more than double 2019 owned eCommerce revenue. Reported diluted earnings per share are expected to be in the range of $1.75 to $1.90, and adjusted diluted earnings per share are expected to be in the range of $1.90 to $2.05. NON-GAAP FINANCIAL MEASURESMeasures referred to in this release as “adjusted” financial results are non-GAAP measures that exclude impairment of intangible assets, environmental and other related costs net of recoveries, costs related to the COVID-19 pandemic including credit loss expenses, severance expenses, inventory adjustments and other related costs, non-cash impairment costs and reorganization expenses. The Company also presents constant currency information, which is a non-GAAP measure that excludes the impact of fluctuations in foreign currency exchange rates. The Company calculates constant currency basis by converting the current-period local currency financial results using the prior period exchange rates and comparing these adjusted amounts to the Company's current period reported results. The Company believes providing each of these non-GAAP measures provides valuable supplemental information regarding its results of operations, consistent with how the Company evaluates performance. The Company has provided a reconciliation of each of the above non-GAAP financial measures to the most directly comparable GAAP financial measure. The Company believes these non-GAAP measures provide useful information to both management and investors because it increases the comparability of current period results to prior period results by adjusting for certain items that may not be indicative of core operating results and enables better identification of trends in our business. The adjusted financial results are used by management to, and allow investors to, evaluate the operating performance of the Company on a comparable basis. Management does not, nor should investors, consider such non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. EARNINGS CALL INFORMATIONThe Company will host a conference call today at 8:30 a.m. EST to discuss these results and current business trends. The conference call will be broadcast live and accessible under the “Investor Relations” tab at www.wolverineworldwide.com. A replay of the conference call will be available on the Company’s website for a period of approximately 30 days. ABOUT WOLVERINE WORLDWIDEFounded in 1883 on the belief in the possibility of opportunity, Wolverine World Wide, Inc. (NYSE:WWW) is one of the world’s leading marketers and licensors of branded casual, active lifestyle, work, outdoor sport, athletic, children's and uniform footwear and apparel. Through a diverse portfolio of highly recognized brands, our products are designed to empower, engage and inspire our consumers every step of the way. The Company’s portfolio includes Merrell®, Sperry®, Hush Puppies®, Saucony®, Wolverine®, Keds®, Stride Rite®, Chaco®, Bates®, and HYTEST®. Wolverine Worldwide is also the global footwear licensee of the popular brands Cat® and Harley-Davidson®. Based in Rockford, Michigan, for more than 130 years, the Company’s products are carried by leading retailers in the U.S. and globally in approximately 170 countries and territories. For additional information, please visit our website, www.wolverineworldwide.com. FORWARD-LOOKING STATEMENTSThis press release contains forward-looking statements, including statements regarding the Company’s expectations regarding: its outlook for fiscal year 2021 revenue, earnings per share and owned eCommerce revenue; near-term demand; future growth; and new product launches. In addition, words such as “estimates,” “anticipates,” “believes,” “forecasts,” “step,” “plans,” “predicts,” “focused,” “projects,” “outlook,” “is likely,” “expects,” “intends,” “should,” “will,” “confident,” variations of such words, and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties, and assumptions (“Risk Factors”) that are difficult to predict with regard to timing, extent, likelihood, and degree of occurrence. Risk Factors include, among others: the effects of the COVID-19 pandemic on the Company’s business, operations, financial results and liquidity, including the duration and magnitude of such effects, which will depend on numerous evolving factors that the Company cannot currently accurately predict or assess, including: the duration and scope of the pandemic; the negative impact on global and regional markets, economies and economic activity, including the duration and magnitude of its impact on unemployment rates, consumer discretionary spending and levels of consumer confidence; actions governments, businesses and individuals take in response to the pandemic; the effects of the pandemic, including all of the foregoing, on the Company’s distributors, manufacturers, suppliers, joint venture partners, wholesale customers and other counterparties, and how quickly economies and demand for the Company’s products recover after the pandemic subsides; changes in general economic conditions, employment rates, business conditions, interest rates, tax policies and other factors affecting consumer spending in the markets and regions in which the Company’s products are sold; the inability for any reason to effectively compete in global footwear, apparel and consumer-direct markets; the inability to maintain positive brand images and anticipate, understand and respond to changing footwear and apparel trends and consumer preferences; the inability to effectively manage inventory levels; increases or changes in duties, tariffs, quotas or applicable assessments in countries of import and export; foreign currency exchange rate fluctuations; currency restrictions; capacity constraints, production disruptions, quality issues, price increases or other risks associated with foreign sourcing; the cost and availability of raw materials, inventories, services and labor for contract manufacturers; labor disruptions; changes in relationships with, including the loss of, significant wholesale customers; risks related to the significant investment in, and performance of, the Company’s consumer-direct operations; risks related to expansion into new markets and complementary product categories; the impact of seasonality and unpredictable weather conditions; changes in general economic conditions and/or the credit markets on the Company’s distributors, suppliers and retailers; increases in the Company’s effective tax rates; failure of licensees or distributors to meet planned annual sales goals or to make timely payments to the Company; the risks of doing business in developing countries, and politically or economically volatile areas; the ability to secure and protect owned intellectual property or use licensed intellectual property; the impact of regulation, regulatory and legal proceedings and legal compliance risks, including compliance with federal, state and local laws and regulations relating to the protection of the environment, environmental remediation and other related costs, and litigation or other legal proceedings relating to the protection of the environment or environmental effects on human health; the potential breach of the Company’s databases or other systems, or those of its vendors, which contain certain personal information, payment card data or proprietary information, due to cyberattack or other similar events; problems affecting the Company’s distribution system, including service interruptions at shipping and receiving ports; strategic actions, including new initiatives and ventures, acquisitions and dispositions, and the Company’s success in integrating acquired businesses, and implementing new initiatives and ventures; the risk of impairment to goodwill and other intangibles; changes in future pension funding requirements and pension expenses; and additional factors discussed in the Company’s reports filed with the Securities and Exchange Commission and exhibits thereto. The foregoing Risk Factors, as well as other existing Risk Factors and new Risk Factors that emerge from time to time, may cause actual results to differ materially from those contained in any forward-looking statements. Given these or other risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. Furthermore, the Company undertakes no obligation to update, amend, or clarify forward-looking statements. WOLVERINE WORLD WIDE, INC. CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (Unaudited)(In millions, except earnings per share) Quarter Ended Fiscal Year Ended January 2,2021 December 28,2019 January 2,2021 December 28,2019Revenue$509.6 $607.4 $1,791.1 $2,273.7 Cost of goods sold305.0 377.5 1,055.5 1,349.9 Gross profit204.6 229.9 735.6 923.8 Gross margin 40.1% 37.8% 41.1% 40.6% Selling, general and administrative expenses182.2 170.7 639.4 669.3 Impairment of intangible assets222.2 — 222.2 — Environmental and other related costs, net of recoveries4.3 64.4 11.1 83.5 Operating expenses408.7 235.1 872.7 752.8 Operating expenses as a % of revenue80.2% 38.7% 48.7% 33.1% Operating profit (loss), net(204.1) (5.2) (137.1) 171.0 Operating margin(40.1)% (0.9)% (7.7)% 7.5% Interest expense, net12.5 8.2 43.6 30.0 Debt extinguishment, interest rate swap termination, and other costs5.3 — 5.5 — Other expense (income), net0.8 (1.7) (2.1) (4.9) Total other expenses18.6 6.5 47.0 25.1 Earnings (loss) before income taxes(222.7) (11.7) (184.1) 145.9 Income tax expense (benefit)(51.5) (11.2) (45.5) 17.0 Effective tax rate23.1% 95.3% 24.7% 11.7% Net earnings (loss)(171.2) (0.5) (138.6) 128.9 Less: net earnings (loss) attributable to noncontrolling interests(0.5) 0.4 (1.7) 0.4 Net earnings (loss) attributable to Wolverine World Wide, Inc.$(170.7) $(0.9) $(136.9) $128.5 Diluted earnings (loss) per share$(2.10) $(0.01) $(1.70) $1.44 Supplemental information: Net earnings (loss) used to calculate diluted earnings (loss) per share$(170.9) $(1.1) $(137.7) $126.0 Shares used to calculate diluted earnings (loss) per share81.2 80.5 81.0 87.2 WOLVERINE WORLD WIDE, INC. CONSOLIDATED CONDENSED BALANCE SHEETS(Unaudited)(In millions) January 2,2021 December 28,2019ASSETS Cash and cash equivalents$347.4 $180.6 Accounts receivables, net268.3 331.2 Inventories, net243.1 348.2 Other current assets45.4 107.1 Total current assets904.2 967.1 Property, plant and equipment, net124.6 141.0 Lease right-of-use assets142.5 160.8 Goodwill and other indefinite-lived intangibles824.7 1,043.4 Other noncurrent assets141.4 167.7 Total assets$2,137.4 $2,480.0 LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable and other accrued liabilities$362.0 $380.8 Lease liabilities34.0 34.1 Current maturities of long-term debt10.0 12.5 Borrowings under revolving credit agreements— 360.0 Total current liabilities406.0 787.4 Long-term debt712.5 425.9 Lease liabilities, noncurrent130.3 147.2 Other noncurrent liabilities315.6 341.1 Stockholders' equity573.0 778.4 Total liabilities and stockholders' equity$2,137.4 $2,480.0 WOLVERINE WORLD WIDE, INC. CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Unaudited)(In millions) Fiscal Year Ended January 2,2021 December 28,2019OPERATING ACTIVITIES: Net earnings (loss)$(138.6) $128.9 Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: Depreciation and amortization32.8 32.7 Deferred income taxes(56.9) (9.0) Stock-based compensation expense28.9 24.5 Pension and SERP expense8.5 5.6 Debt extinguishment, interest rate swap termination, and other costs5.5 — Impairment of intangible assets222.2 — Environmental and other related costs, net of cash payments and recoveries received31.5 48.8 Other(12.7) (11.6) Changes in operating assets and liabilities187.9 2.7 Net cash provided by operating activities309.1 222.6 INVESTING ACTIVITIES: Business acquisition, net of cash acquired(5.5) (15.1) Additions to property, plant and equipment(10.3) (34.4) Proceeds from sale of assets0.2 — Investment in joint ventures(3.5) (8.5) Proceeds from company-owned insurance policy liquidations26.8 — Other(1.6) (3.5) Net cash provided by (used in) investing activities6.1 (61.5) FINANCING ACTIVITIES: Payments under revolving credit agreements(898.0) (469.3) Borrowings under revolving credit agreements538.0 704.3 Borrowings of long-term debt471.0 — Payments on long-term debt(183.5) (7.5) Payments of debt issuance and debt extinguishment costs(6.4) (0.3) Termination of interest rate swap(7.3) — Cash dividends paid(33.6) (33.6) Purchase of common stock for treasury(21.0) (319.2) Employee taxes paid under stock-based compensation plans(24.8) (16.9) Proceeds from the exercise of stock options9.8 12.2 Contributions from noncontrolling interests1.8 5.7 Net cash used in financing activities(154.0) (124.6) Effect of foreign exchange rate changes5.6 1.0 Increase in cash and cash equivalents166.8 37.5 Cash and cash equivalents at beginning of the year180.6 143.1 Cash and cash equivalents at end of the year$347.4 $180.6 The following tables contain information regarding the non-GAAP financial measures used by the Company in the presentation of its financial results: WOLVERINE WORLD WIDE, INC. Q4 2020 RECONCILIATION TABLES RECONCILIATION OF REPORTED REVENUETO ADJUSTED REVENUE ON A CONSTANT CURRENCY BASIS*(Unaudited)(In millions) GAAP Basis2020-Q4 ForeignExchangeImpact ConstantCurrencyBasis 2020-Q4 GAAP Basis2019-Q4 ConstantCurrency Growth(Decline) ReportedGrowth(Decline)REVENUE Wolverine Michigan Group$298.5 $(0.8) $297.7 $360.0 (17.3)% (17.1)%Wolverine Boston Group197.6 (1.2) 196.4 234.1 (16.1) (15.6) Other13.5 — 13.5 13.3 1.5 1.5 Total$509.6 $(2.0) $507.6 $607.4 (16.4)% (16.1)% RECONCILIATION OF REPORTED GROSS MARGIN TO ADJUSTED GROSS MARGIN*(Unaudited)(In millions) GAAP Basis Adjustments (1) As Adjusted Gross Profit - Fiscal 2020 Q4$204.6 $6.3 $210.9 Gross margin40.1% 41.4% Gross Profit - Fiscal 2019 Q4$229.9 $— $229.9 Gross margin37.8% 37.8%(1) Q4 2020 adjustments reflect expenses related to the COVID-19 pandemic including $3.2 million of inventory charges and $3.1 million of air freight charges related to production delays. RECONCILIATION OF REPORTED OPERATING MARGIN TO ADJUSTED OPERATING MARGIN*(Unaudited)(In millions) GAAP Basis Adjustments (1) As Adjusted Operating Profit (Loss) - Fiscal 2020 Q4$(204.1) $237.6 $33.5 Operating margin(40.1)% 6.6% Operating Profit (Loss) - Fiscal 2019 Q4$(5.2) $66.5 $61.3 Operating margin(0.9)% 10.1%(1) Q4 2020 adjustments reflect $222.2 million for a non-cash impairment of the Sperry trade name, $11.1 million of expenses related to the COVID-19 pandemic including $0.7 million of severance expenses, $3.6 million of facility exit costs, $3.2 million of inventory charges, $3.1 million of air freight charges related to production delays and $0.5 million of other costs and $4.3 million of environmental and other related costs net of recoveries. Q4 2019 adjustments reflect $64.4 million of environmental and other related costs net of a settlement and $2.1 million of costs related to business development costs and reorganization costs. RECONCILIATION OF REPORTED SELLING, GENERAL AND ADMINISTRATIVE EXPENSES TO ADJUSTED SELLING, GENERAL AND ADMINISTRATIVE EXPENSES*(Unaudited)(In millions) GAAP Basis Adjustment (1) As Adjusted Selling, general and administrative expenses - Fiscal 2020 Q4$408.7 $(231.3) $177.4 Selling, general and administrative expenses - Fiscal 2019 Q4$235.1 $(66.5) $168.6 (1) Q4 2020 adjustments reflect $222.2 million for a non-cash impairment of the Sperry trade name, $4.8 million of expenses related to the COVID-19 pandemic including $0.7 million of severance expenses, $3.6 million of facility exit costs and $0.5 million of other costs, and $4.3 million of environmental and other related costs net of recoveries. Q4 2019 adjustments reflect $64.4 million of environmental and other related costs net of a settlement and $2.1 million of costs related to business development costs and reorganization costs. RECONCILIATION OF REPORTED DILUTED EPS TO ADJUSTED DILUTED EPS ON A CONSTANT CURRENCY BASIS*(Unaudited) GAAP Basis Adjustments (1) As Adjusted ForeignExchangeImpact As AdjustedEPS On a ConstantCurrency Basis EPS - Fiscal 2020 Q4$(2.10) $2.31 $0.21 $0.01 $0.22 EPS - Fiscal 2019 Q4$(0.01) $0.60 $0.59 (1) Q4 2020 adjustments reflect a non-cash impairment of the Sperry trade name, expenses related to the COVID-19 pandemic, and environmental and other related costs net of recoveries. Q4 2019 adjustments reflect environmental and other related costs net of a settlement and costs related to business development costs and reorganization costs. RECONCILIATION OF THE REPORTED EFFECTIVE TAX RATETO THE ADJUSTED EFFECTIVE TAX RATE*(Unaudited) GAAP Basis Adjustment (1) As Adjusted Effective Tax Rate - Fiscal 2020 Q423.1% (8.5)% 14.6% Effective Tax Rate - Fiscal 2019 Q495.3% (86.6)% 8.7%(1) Q4 2020 adjustments reflect the tax impact of non-cash impairment of the Sperry trade name, expenses related to the COVID-19 pandemic, and environmental and other related costs net of recoveries. Q4 2019 adjustments reflect the tax impact of environmental and other related costs net of a settlement, business development costs and reorganization costs. 2020 FULL-YEAR RECONCILIATION TABLES RECONCILIATION OF REPORTED REVENUETO ADJUSTED REVENUE ON A CONSTANT CURRENCY BASIS*(Unaudited)(In millions) GAAP Basis2020 ForeignExchangeImpact ConstantCurrencyBasis 2020 GAAP Basis2019 ConstantCurrency Growth(Decline) Reported Growth(Decline)REVENUE Wolverine Michigan Group$1,051.0 1.7 $1,052.7 $1,299.7 (19.0)% (19.1)%Wolverine Boston Group696.0 (1.2) 694.8 910.9 (23.7) (23.6) Other44.1 — 44.1 63.1 (30.1) (30.1) Total$1,791.1 $0.5 $1,791.6 $2,273.7 (21.2)% (21.2)% RECONCILIATION OF REPORTED GROSS MARGIN TO ADJUSTED GROSS MARGIN*(Unaudited)(In millions) GAAP Basis Adjustments (1) As Adjusted Gross Profit - Fiscal 2020$735.6 $8.3 $743.9 Gross margin41.1% 41.5% Gross Profit - Fiscal 2019$923.8 $0.5 $924.3 Gross margin40.6% 40.6%(1) 2020 adjustments reflect expenses related to the COVID-19 pandemic including $4.4 million of inventory charges and $3.9 million of air freight charges related to production delays. RECONCILIATION OF REPORTED OPERATING MARGIN TO ADJUSTED OPERATING MARGIN*(Unaudited)(In millions) GAAP Basis Adjustments (1) As Adjusted Operating Profit (Loss) - Fiscal 2020$(137.1) $271.0 $133.9 Operating margin(7.7)% 7.5% Operating Profit - Fiscal 2019$171.0 $91.6 $262.6 Operating margin7.5% 11.5%(1) 2020 adjustments reflect $222.2 million for a non-cash impairment of the Sperry trade name, $37.7 million of expenses related to the COVID-19 pandemic including $10.9 million of severance expenses, $8.5 million of credit loss expenses, $4.9 million of inventory charges, $3.9 million of air freight charges related to production delays, $3.6 million of facility exit costs and $5.9 million of other costs, and $11.1 million of environmental and other related costs net of recoveries. 2019 adjustments reflect $83.5 million of environmental and other related costs net of a settlement and $8.1 million of other costs including business development costs and reorganization costs. RECONCILIATION OF REPORTED DILUTED EPS TO ADJUSTED DILUTED EPS ON A CONSTANT CURRENCY BASIS*(Unaudited) GAAP Basis Adjustments (1) As Adjusted ForeignExchangeImpact As AdjustedEPS On a ConstantCurrency Basis EPS - Fiscal 2020$(1.70) $2.63 $0.93 $0.02 $0.95 EPS - Fiscal 2019$1.44 $0.81 $2.25 (1) 2020 adjustments reflect a non-cash impairment of the Sperry trade name, expenses related to the COVID-19 pandemic, and environmental and other related costs net of recoveries. 2019 adjustments reflect environmental and other related costs net of a settlement, business development costs and reorganization costs. 2021 GUIDANCE RECONCILIATION TABLES RECONCILIATION OF REPORTED OPERATING MARGIN GUIDANCETO ADJUSTED OPERATING MARGIN GUIDANCE*(Unaudited)(In millions) GAAP Basis Adjustments (1) As Adjusted Operating Profit - Fiscal 2021$230 - $245 $15.0 $245 - $260 Operating margin10.5% - 10.9% 11.2% - 11.6%(1) 2021 adjustments reflect estimated environmental and other related costs net of recoveries and other costs. RECONCILIATION OF REPORTED DILUTED EPS GUIDANCE TO ADJUSTED DILUTED EPS GUIDANCE AND SUPPLEMENTAL INFORMATION*(Unaudited) GAAP Basis Adjustments (1) As Adjusted EPS - Fiscal 2021$ 1.75 - $1.90 $0.15 $ 1.90 - $2.05 Supplemental information: Net Earnings - Fiscal 2021$146 - $159 $12.0 $158 - $171 Net Earnings used to calculate diluted earnings per share$143 - $156 $12.0 $155 - $168 Shares used to calculate diluted earnings per share81.9 81.9(1) 2021 adjustments reflect estimated environmental and other related costs net of recoveries and certain other costs. To supplement the consolidated condensed financial statements presented in accordance with Generally Accepted Accounting Principles ("GAAP"), the Company describes what certain financial measures would have been if, impairment of intangible assets, environmental and other related costs net of recoveries, costs related to the COVID-19 pandemic including credit loss expenses, severance expenses and other related costs and reorganization expenses were excluded. The Company believes these non-GAAP measures provide useful information to both management and investors to increase comparability to the prior period by adjusting for certain items that may not be indicative of core operating measures and to better identify trends in our business. The adjusted financial results are used by management to, and allow investors to, evaluate the operating performance of the Company on a comparable basis. The constant currency presentation, which is a non-GAAP measure, excludes the impact of fluctuations in foreign currency exchange rates. The Company believes providing constant currency information provides valuable supplemental information regarding results of operations, consistent with how the Company evaluates performance. The Company calculates constant currency by converting the current-period local currency financial results using the prior period exchange rates and comparing these adjusted amounts to the Company's current period reported results. Management does not, nor should investors, consider such non-GAAP financial measures in isolation from, or as a substitution for, financial information prepared in accordance with GAAP. A reconciliation of all non-GAAP measures included in this press release, to the most directly comparable GAAP measures are found in the financial tables above. CONTACT: Michael D. Stornant(616) 866-5728
KKR Real Estate Finance Trust Inc. ("KREF") (NYSE: KREF) announced today that Matt Salem, Chief Executive Officer, will present at the Citi 2021 Virtual Global Property CEO Conference on Monday, March 8, 2021 at 8:15 AM ET.
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