Intel Released Its Earnings Results Early. Here’s What We Know.

GlobeNewswire
Avid Bioservices, Inc. Announces Proposed $125 Million Offering of Exchangeable Senior Notes
TUSTIN, Calif., March 08, 2021 (GLOBE NEWSWIRE) -- Avid Bioservices, Inc. (NASDAQ:CDMO) (NASDAQ:CDMOP) (the “company”), a dedicated biologics contract development and manufacturing organization (CDMO) working to improve patient lives by providing high quality development and manufacturing services to biotechnology and pharmaceutical companies, today announced that its wholly-owned subsidiary, Avid SPV, LLC (the “Issuer”), intends to sell, subject to market and other conditions, $125 million aggregate principal amount of exchangeable senior notes due 2026 (the “notes”) in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The Issuer also intends to grant the initial purchasers of the notes a 13-day option to purchase up to an additional $18.75 million aggregate principal amount of the notes. The notes will be senior, unsecured obligations of the Issuer, will be fully and unconditionally guaranteed by the company on a senior, unsecured basis, and will accrue interest payable semi-annually in arrears. The notes will mature on March 15, 2026, unless earlier repurchased, redeemed or exchanged. Holders of the notes will have the right to exchange their notes for shares of the company’s common stock in certain circumstances and during specified periods. The notes will be settled in cash, shares of the company’s common stock or a combination of cash and shares of the company’s common stock, at the Issuer’s election. The Issuer expects to make an intercompany loan to the company of all of the net proceeds from this offering. The company intends to use a portion of such loan to pay the cost of the capped call transactions described below, and to use up to approximately $41.3 million of such loan to redeem all of the company’s outstanding 10.50% Series E Convertible Preferred Stock (assuming such redemption occurs on April 10, 2021, all such shares remain outstanding through such date and none of such shares are converted into the company’s common stock prior to such redemption). The company intends to use the remainder of such loan for working capital and other general corporate purposes. If the initial purchasers exercise their option to purchase additional notes, the Issuer expects to make an intercompany loan to the company of all of the net proceeds from the sale of additional notes, which the company intends to use to pay the cost of additional capped call transactions and for working capital and other general corporate purposes. The company may also use a portion of the net proceeds from such loans for the acquisition of, or investment in, technologies, solutions or businesses that complement the company’s business, although it has no commitments to enter into any such acquisitions or investments at this time. In connection with the pricing of the notes, the company expects to enter into privately negotiated capped call transactions with one or more of the initial purchasers and/or their respective affiliates or other financial institutions (the “option counterparties”). The capped call transactions are expected to cover, subject to customary adjustments, the number of shares of the company’s common stock that will initially underlie the notes. The capped call transactions are expected to reduce or offset the potential dilution of the company’s common stock as a result of any exchange of the notes and/or offset any potential cash payments the Issuer is required to make in excess of the principal amount of exchanged notes, as the case may be, with such reduction and/or offset subject to a cap. If the initial purchasers exercise their option to purchase additional notes, the company expects to enter into additional capped call transactions with the option counterparties. In connection with establishing their initial hedges of the capped call transactions, the option counterparties and/or their respective affiliates may purchase shares of the company’s common stock and/or enter into various derivative transactions with respect to the company’s common stock concurrently with, or shortly after, the pricing of the notes, including with certain investors in the notes. This activity could increase (or reduce the size of any decrease in) the market price of the company’s common stock or the notes at that time. In addition, the option counterparties and/or their respective affiliates may modify their hedge positions by entering into or unwinding various derivatives with respect to the company’s common stock and/or purchasing or selling the company’s common stock or other securities in secondary market transactions following the pricing of the notes and prior to the maturity of the notes (and are likely to do so on each exercise date for the capped call transactions, which are expected to occur during the 40 trading day period beginning on the 41st scheduled trading day prior to the maturity date of the notes). This activity could also cause or avoid an increase or decrease in the market price of the company’s common stock or the notes, which could affect the ability of noteholders to exchange the notes, and, to the extent the activity occurs during any observation period related to an exchange of notes, it could affect the number of shares of the company’s common stock and value of the consideration that holders of the notes will receive upon exchange of the notes. Neither the notes, nor any shares of the company’s common stock potentially issuable upon exchange of the notes, have been, nor will be, registered under the Securities Act or any state securities laws and, unless so registered, may not be offered or sold in the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and other applicable securities laws. This press release is neither an offer to sell nor a solicitation of an offer to buy any securities, nor shall it constitute an offer, solicitation or sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. The notes will be offered to qualified institutional buyers pursuant to Rule 144A under the Securities Act. About Avid Bioservices, Inc.Avid Bioservices, Inc. is a dedicated contract development and manufacturing organization (CDMO) focused on development and CGMP manufacturing of biopharmaceutical drug substances derived from mammalian cell culture. The company provides a comprehensive range of process development, CGMP clinical and commercial manufacturing services for the biotechnology and biopharmaceutical industries. With 28 years of experience producing monoclonal antibodies and recombinant proteins, the company’s services include CGMP clinical and commercial drug substance manufacturing, bulk packaging, release and stability testing and regulatory submissions support. For early-stage programs, the company provides a variety of process development activities, including upstream and downstream development and optimization, analytical methods development, testing and characterization. The scope of the company’s services ranges from standalone process development projects to full development and manufacturing programs through commercialization. Forward-Looking StatementsStatements in this press release which are not purely historical, including statements regarding the company’s intentions, hopes, beliefs, expectations, representations, projections, plans or predictions of the future, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements regarding the proposed transaction and the intended use of the net proceeds from the transaction, and involve risks and uncertainties. The company’s business could be affected by a number of other factors, including the risk factors listed from time to time in its reports filed with the Securities and Exchange Commission including, but not limited to, the company’s annual report on Form 10-K for the fiscal year ended April 30, 2020 and subsequent quarterly reports on Form 10-Q, as well as any updates to these risk factors filed from time to time in the company’s other filings with the Securities and Exchange Commission. The company cautions investors not to place undue reliance on the forward-looking statements contained in this press release, and the company disclaims any obligation, and do not undertake, to update or revise any forward-looking statements in this press release except as may be required by law. CONTACT: Contacts: Stephanie Diaz (Investors) Vida Strategic Partners 415-675-7401 sdiaz@vidasp.com Tim Brons (Media) Vida Strategic Partners 415-675-7402 tbrons@vidasp.com
4 minutes ago
Motley Fool
RadNet Inc (RDNT) Q4 2020 Earnings Call Transcript
Image source: The Motley Fool. RadNet Inc (NASDAQ: RDNT)Q4 2020 Earnings CallMar 8, 2021, 10:30 a.m. ETContents: Prepared Remarks Questions and Answers Call Participants Prepared Remarks: OperatorGood day and welcome to the RadNet, Inc.
5 minutes ago
Business Wire
Biloxi Marsh Lands Corporation Announces Date of 2021 Annual Meeting of Shareholders and Results for the Fourth Quarter of 2020, 12 Months Ending December 31, 2020
Biloxi Marsh Lands Corporation Announces Date of 2021 Annual Meeting of Shareholders and Results for the 12 months Ending December 31, 2020
5 minutes ago
Business Wire
Statement on International Women’s Day 2021 by Julia Simon, Chief Legal and Diversity Officer of Mary Kay Inc.
Below is a statement by Julia Simon, Chief Legal Officer and Chief Diversity Officer, Mary Kay Inc., on International Women’s Day 2021.
5 minutes ago
GlobeNewswire
Dada Announces Unaudited Fourth Quarter and Fiscal Year 2020 Financial Results
SHANGHAI, China, March 08, 2021 (GLOBE NEWSWIRE) -- Dada Group (NASDAQ: DADA, “Dada” or the “Company”), China’s leading local on-demand delivery and retail platform, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2020. Fourth Quarter and Fiscal Year 2020 Highlights Total net revenues in the fourth quarter were RMB2,015.8 million, an increase of 69.9% year-over-year. Total net revenues in 2020 were RMB5,740.0 million, an increase of 85.2% year-over-year.Number of orders delivered of Dada Now in 2020 was 1.1 billion, as compared with 753.8 million in 2019.Total Gross Merchandise Volume (“GMV”) of JDDJ in 2020 was RMB25.3 billion, an increase of 107.0% year-over-year from RMB12.2 billion in 2019.Number of active consumers for the twelve months ended December 31, 2020 was 41.3 million, as compared with 24.4 million in 2019. “We are pleased to conclude 2020 with another strong set of results in the fourth quarter. Our leading position was further strengthened as our two platforms are continuously gaining market share," commented Mr. Philip Kuai, Chairman and Chief Executive Officer of Dada Group. "As we are entering 2021, with our mission to bring people everything on demand, we will continue to invest in technology to empower our partners, and grow our user base to seize the huge market opportunities, especially in lower-tier cities in China.” “We delivered another solid quarter with great top line growth and bottom line improvement,” said Beck Chen, Chief Financial Officer of Dada Group. “We are pleased with the strengthened partnerships with retailers and brand owners, based on our continuously enhanced empowering capabilities. Our user base maintained strong growth momentum driven by our diversified product offerings and superior consumer experiences. We experienced significant operating leverage and will continue to focus on developing and optimizing technology innovation and attracting more users in the future.” Fourth Quarter 2020 Financial Results Total net revenues were RMB2,015.8 million, an increase of 69.9% from RMB1,186.4 million in the same quarter of 2019. For the three months ended December 31, 2019 2020 (RMB in thousands)Net Revenue Dada Now Services 822,822 1,267,156Sales of goods 11,114 19,331 Subtotal 833,936 1,286,487JDDJ Services note (1) 352,502 729,335Total 1,186,438 2,015,822 Note: (1) Includes net revenues from fulfillment services provided to retailers on JDDJ of RMB179,057 and RMB311,993, and commission fee revenues from retailers on JDDJ of RMB109,994 and RMB201,101 for the three months ended December 31, 2019 and 2020, respectively. Net revenues generated from Dada Now increased by 54.3% from RMB833.9 million in the fourth quarter of 2019 to RMB1,286.5 million, mainly driven by the increases in order volume of services to logistics companies and intra-city delivery service to chain merchants. Net revenues generated from JDDJ increased by 106.9% from RMB352.5 million in the fourth quarter of 2019 to RMB729.3 million, mainly due to the increase in GMV from the same quarter last year, which was driven by increases in average order size and the number of active consumers. The increase in online marketing services revenue as a result of the increasing promotional activities launched by brand owners also constituted an increment of the net revenues generated from JDDJ. Total costs and expenses were RMB2,584.2 million, compared with RMB1,750.9 million in the same quarter of 2019. Operations and support costs were RMB1,637.3 million, compared with RMB1,083.3 million in the same quarter of 2019. The rise was primarily due to an increase in rider cost as a result of increasing order volume for our services to logistics companies and intra-city delivery services provided to various chain merchants on the Dada Now platform and retailers on the JDDJ platform.Selling and marketing expenses were RMB702.9 million, compared with RMB485.2 million in the same quarter of 2019. The increase was primarily due to (i) growing incentives to JDDJ consumers in line with GMV growth, (ii) an increase in advertising and marketing expenses, which was primarily attributable to the increase in referral fees paid to staff at retailer stores and third-party promotion service providers for their efforts to attract new consumers to the JDDJ platform, and (iii) an increase in personnel cost in connection with the Company’s growing business and increased share-based compensation expenses.General and administrative expenses were RMB113.3 million, compared with RMB70.7 million in the same quarter of 2019. The increase was primarily due to (i) increased share-based compensation expenses, and (ii) increases in professional service fees that the Company incurred as a listed company.Research and development expenses were RMB110.2 million, compared with RMB95.3 million in the same quarter of 2019. The increase was mainly attributable to the increase in research and development personnel cost as the Company continues to strengthen its technological capabilities. The increased share-based compensation expenses also contributed to the increase in personnel cost. Loss from operations was RMB549.6 million, compared with RMB558.7 million in the same quarter of 2019. Operating margin was -27.3%, compared with -47.1% in the same quarter of 2019. Non-GAAP loss from operations1 was RMB433.5 million, compared with RMB492.7 million in the same quarter of 2019. Non-GAAP operating margin was -21.5%, compared with -41.5% in the same quarter of 2019. Net loss was RMB534.4 million, compared with RMB541.8 million in the same period of 2019. Non-GAAP net loss2 was RMB419.6 million, compared with RMB478.1 million in the same period of 2019. Net loss attributable to ordinary shareholders of Dada Group was RMB534.4 million, compared with RMB759.0 million in the same quarter of 2019. Non-GAAP net loss attributable to ordinary shareholders of Dada Group3 was RMB419.6 million, compared with RMB695.2 million in the same quarter of 2019. Basic and diluted net loss per share for the fourth quarter of 2020 was RMB0.59, compared with RMB2.09 in the same quarter of 2019. Non-GAAP basic and diluted net loss per share4 for the fourth quarter of 2020 was RMB0.46, compared with RMB1.91 in the same quarter of 2019. __________________1 Non-GAAP loss from operations represents loss from operations excluding the impact of share-based compensation expenses and amortization of intangible assets resulting from business acquisition.2 Non-GAAP net loss represents net loss excluding the impact of share-based compensation expenses, amortization of intangible assets resulting from business acquisitions and tax benefit from amortization of such intangible assets.3 Non-GAAP net loss attributable to ordinary shareholders of Dada Group is net loss attributable to ordinary shareholders of Dada Group excluding the impact of share-based compensation expenses, amortization of intangible assets resulting from business acquisition and tax benefit from amortization of such intangible assets.4 Non-GAAP net loss per share is non-GAAP net loss attributable to ordinary shareholders of Dada Group divided by weighted average number of shares used in calculating net loss per share. Fiscal Year 2020 Financial Results Total net revenues were RMB5,740.0 million, an increase of 85.2% from RMB3,099.7 million in fiscal year 2019. For the year ended December 31, 2019 2020 (RMB in thousands)Net Revenue Dada Now Services 1,954,834 3,377,653Sales of goods 41,951 56,925 Subtotal 1,996,785 3,434,578JDDJ Services note (2) 1,102,913 2,305,411Total 3,099,698 5,739,989 Note: (2) Includes net revenues from fulfillment services provided to retailers on JDDJ of RMB588,752 and RMB970,697, and commission fee revenues from retailers on JDDJ of RMB347,870 and RMB687,789 in fiscal year 2019 and 2020, respectively. Net revenues generated from Dada Now increased by 72.0% from RMB1,996.8 million in fiscal year 2019 to RMB3,434.6 million, mainly driven by the increases in order volume of services to logistics companies and intra-city delivery service to chain merchants. Net revenues generated from JDDJ increased by 109.0% from RMB1,102.9 million in fiscal year 2019 to RMB2,305.4 million, mainly due the increase in GMV from last fiscal year, which was driven by increases in average order size and the number of active consumers. The increase in online marketing services revenue as a result of the increasing promotional activities launched by brand owners also constituted to an increment of the net revenues generated form JDDJ. Total costs and expenses were RMB7,564.9 million, compared with RMB4,925.3 million in fiscal year 2019. Operations and support costs were RMB4,721.3 million, compared with RMB2,845.9 million in fiscal year 2019. The rise was primarily due to an increase in rider cost as a result of increasing order volume for our services to logistics companies and intra-city delivery services provided to various chain merchants on the Dada Now platform and retailers on the JDDJ platform.Selling and marketing expenses were RMB1,848.7 million, compared with RMB1,414.5 million in fiscal year 2019. The increase was primarily due to (i) growing incentives to JDDJ consumers in line with GMV growth, (ii) an increase in advertising and marketing expenses, which was primarily attributable to the increase in referral fees paid to staff at retailer stores and third-party promotion service providers for their efforts to attract new consumers to the JDDJ platform, and (iii) an increase in personnel cost in connection with the Company’s growing business and increased share-based compensation expenses.General and administrative expenses were RMB498.8 million, compared with RMB281.4 million in fiscal year 2019. The increase was primarily due to (i) increased share-based compensation expenses, and (ii) increases in professional service fees that the Company incurred as a listed company.Research and development expenses were RMB428.8 million, compared with RMB333.8 million in fiscal year 2019. The increase was mainly attributable to the increase in research and development personnel cost as the Company continues to strengthen its technological capabilities. The increased share-based compensation expenses also contributed to the increase in personnel cost. Loss from operations was RMB1,764.1 million, compared with RMB1,749.7 million in fiscal year 2019. Operating margin was -30.7%, compared with -56.4% in fiscal year 2019. Non-GAAP loss from operations was RMB1,221.7 million, compared with RMB1,491.1 million in fiscal year 2019. Non-GAAP operating margin was -21.3%, compared with -48.1% in fiscal year 2019. Net loss was RMB1,705.2 million, compared with RMB1,669.8 million in fiscal year 2019. Non-GAAP net loss was RMB1,168.0 million, compared with RMB1,420.2 million in fiscal year 2019. Net loss attributable to ordinary shareholders of Dada Group was RMB2,080.8 million, compared with RMB2,464.8 million in fiscal year 2019. Non-GAAP net loss attributable to ordinary shareholders of Dada Group was RMB1,543.6 million, compared with RMB2,215.2 million in fiscal year 2019. Basic and diluted net loss per share in fiscal year 2020 was RMB3.12, compared with RMB6.80 in fiscal year 2019. Non-GAAP basic and diluted net loss per share in fiscal year 2020 was RMB2.31, compared with RMB6.11 in fiscal year 2019. As of December 31, 2020, the Company had RMB6,291.1 million in cash, cash equivalents, restricted cash and short-term investments, an increase from RMB2,113.5 million as of December 31, 2019. Environment, social responsibility and corporate governance The Company is fully committed to creating a fair and sustainable future for riders, consumers, partners and employees. In light of the resurgence of COVID-19 cases in select cities, the Company was designated as the first batch of companies to supply and distribute daily necessities in select cities of Hebei province. As part of our response, we worked together with retailers and brand partners to maintain continuous supply of necessities. To ensure timely and safe deliveries, we arranged for our Dada Now riders to undergo a second round of nucleic acid testing and daily body temperature checks. This allowed us to develop contactless delivery services.In terms of rider care, we finished a second round of education-related support for children of Dada Now riders. This included grants to children with academic excellence, and helped to relieve the pressures on our hardworking riders, who face financial difficulties. To cope with the coldest months, we also launched a “Warm Winter” program in major cities by partnering with 400 offline supermarket stores nationwide to provide warm rest areas exclusively for our Dada Now ridersWe continued to participate in the poverty alleviation drive between the eastern and western regions in China during the quarter. We not only expanded our coverage of poverty-stricken groups, but also empowered them by leveraging our e-commerce and delivery platform to help them sell and distribute agricultural products through live streaming and through dedicated sections on our JDDJ platform.On environmental protection, during the quarter, we partnered with our supermarket partners to use biodegradable plastic bags for packaging in most first- and second-tier cities, to reduce pollution. Business Outlook For the first quarter of 2021, Dada expects total revenue to be between RMB1,610 million and RMB1,660 million. This outlook is based on information available as of the date of this press release and reflects the Company's current and preliminary expectations, which are subject to change in light of various uncertainties, including those related to the ongoing COVID-19 pandemic. Conference Call The Company will host a conference call to discuss the earnings at 8:00 p.m. Eastern Time on Monday, March 8, 2021 (9:00 a.m. Beijing time on Tuesday, March 9, 2021). Please register in advance of the conference using the link provided below and dial in 10 minutes prior to the call, using participant dial-in numbers, Direct Event passcode and unique registrant ID which would be provided upon registering. You will be automatically linked to the live call after completion of this process, unless required to provide the conference ID below due to regional restrictions. PRE-REGISTER LINK: http://apac.directeventreg.com/registration/event/2456008 CONFERENCE ID: 2456008 A telephone replay of the call will be available after the conclusion of the conference call through 08:59 a.m. Eastern Time, March 16, 2021. Dial-in numbers for the replay are as follows: International Dial-in+61-2-8199-0299U.S. Toll Free1-855-452-5696Mainland China8008-700-206Hong Kong800-963-117Passcode:2456008# A live and archived webcast of the conference call will be available on the Investor Relations section of Dada’s website at https://ir.imdada.cn/. Use of Non-GAAP Financial Measures The Company also uses certain non-GAAP financial measures in evaluating its business. For example, the Company uses non-GAAP income/(loss) from operations, non-GAAP operating margin, non-GAAP net income/(loss), non-GAAP net margin, non-GAAP net income/(loss) attributable to ordinary shareholders of Dada Group and non-GAAP net income/(loss) attributable to ordinary shareholders of Dada Group per share as supplemental measures to review and assess its financial and operating performance. The presentation of these non-GAAP financial measures is not intended to be considered in isolation, or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. Non-GAAP income/(loss) from operations is income/(loss) from operations excluding the impact of share-based compensation expenses and amortization of intangible assets resulting from business acquisition. Non-GAAP operating margin is non-GAAP income/(loss) from operations as a percentage of total net revenues. Non-GAAP net income/(loss) is net income/(loss) excluding the impact of share-based compensation expenses, amortization of intangible assets resulting from business acquisition and tax benefit from amortization of such intangible assets. Non-GAAP net margin is non-GAAP net income/(loss) as a percentage of total net revenues. Non-GAAP net income/(loss) attributable to ordinary shareholders of Dada Group is net income/(loss) attributable to ordinary shareholders of Dada Group excluding the impact of share-based compensation expenses, amortization of intangible assets resulting from business acquisition and tax benefit from amortization of such intangible assets. Non-GAAP net income/(loss) attributable to ordinary shareholders of Dada Group per share is non-GAAP net income/(loss) attributable to ordinary shareholders of Dada Group divided by weighted average number of shares used in calculating net income/(loss) per share. The Company presents the non-GAAP financial measures because they are used by the Company’s management to evaluate the Company’s financial and operating performance and formulate business plans. Non-GAAP income/(loss) from operations and non-GAAP net income/(loss) enable the Company’s management to assess the Company’s financial and operating results without considering the impact of share-based compensation expenses, amortization of intangible assets resulting from business acquisition and tax benefit from amortization of such intangible assets. The Company also believes that the use of the non-GAAP measures facilitates investors’ assessment of the Company’s financial and operating performance. The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools. One of the key limitations of using non-GAAP income/(loss) from operations, non-GAAP net income/(loss), non-GAAP net income/(loss) attributable to ordinary shareholders of Dada Group, and non-GAAP net income/(loss) attributable to ordinary shareholders of Dada Group per share is that they do not reflect all items of income and expense that affect the Company’s operations. Share-based compensation expenses, amortization of intangible assets resulting from business acquisition and tax benefit from amortization of such intangible assets have been and may continue to be incurred in the Company’s business and is not reflected in the presentation of non-GAAP income/(loss) from operations, non-GAAP net income/(loss), non-GAAP net income/(loss) attributable to ordinary shareholders of Dada Group, and non-GAAP net income/(loss) attributable to ordinary shareholders of Dada Group per share. Further, the non-GAAP measures may differ from the non-GAAP measures used by other companies, including peer companies, potentially limiting the comparability of their financial results to the Company’s. In light of the foregoing limitations, the non-GAAP income/(loss) from operations, non-GAAP operating margin, non-GAAP net income/(loss), non-GAAP net margin, non-GAAP net income/(loss) attributable to ordinary shareholders of Dada Group and non-GAAP net income/(loss) attributable to ordinary shareholders of Dada Group per share for the period should not be considered in isolation from or as an alternative to income/(loss) from operations, operating margin, net income/(loss), net margin, net income/(loss) attributable to ordinary shareholders of Dada Group and net income/(loss) attributable to ordinary shareholders of Dada Group per share, or other financial measures prepared in accordance with U.S. GAAP. The Company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measures, which should be considered when evaluating the Company’s performance. For reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures, please see the section of the accompanying tables titled, “Reconciliations of GAAP and Non-GAAP Results.” Forward-Looking Statements This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to” and similar statements. Among other things, quotations in this announcement, contain forward-looking statements. Dada may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Dada’s beliefs, plans and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Dada’s strategies; Dada’s future business development, financial condition and results of operations; Dada’s ability to maintain its relationship with major strategic investors; its ability to provide efficient on-demand delivery services and offer quality on-demand retail experience; its ability to maintain and enhance the recognition and reputation of its brands; general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Dada’s filings with the SEC. All information provided in this press release is as of the date of this press release, and Dada does not undertake any obligation to update any forward-looking statement, except as required under applicable law. About Dada Group Dada Group is a leading platform of local on-demand retail and delivery in China. It operates JDDJ, one of China’s largest local on-demand retail platforms for retailers and brand owners, and Dada Now, a leading local on-demand delivery platform open to merchants and individual senders across various industries and product categories. The Company’s two platforms are inter-connected and mutually beneficial. The Dada Now platform enables improved delivery experience for participants on the JDDJ platform through its readily accessible fulfillment solutions and strong on-demand delivery infrastructure. Meanwhile, the vast volume of on-demand delivery orders from the JDDJ platform increases order volume and density for the Dada Now platform. For more information, please visit https://ir.imdada.cn/. For investor inquiries, please contact: Dada Nexus LimitedMs. Caroline DongE-mail: ir@imdada.cn Christensen In ChinaMr. Rene VanguestainePhone: +86-178-1749 0483E-mail: rvanguestaine@christensenir.com In USMs. Linda BergkampPhone: +1-480-614-3004 E-mail: lbergkamp@christensenir.com For media inquiries, please contact: Dada Nexus Limited E-mail: PR@imdada.cn Appendix I DADA NEXUS LIMITEDUNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS(Amounts in thousands, except share data and otherwise noted) As of December 31, As of December 31, 2019 2020 RMB RMB ASSETS Current assets Cash and cash equivalents 1,154,653 5,461,264 Restricted cash 1,480 59,791 Short-term investments 957,370 770,000 Accounts receivable 38,234 403,584 Inventories, net 3,886 5,410 Amount due from related parties 308,682 646,341 Prepayments and other current assets 100,354 175,592 Total current assets 2,564,659 7,521,982 Non-current assets Property and equipment, net 42,044 39,640 Goodwill 957,605 957,605 Intangible assets, net 715,877 507,964 Operating lease right-of-use assets — 107,120 Non-current time deposits — 400,000 Other non-current assets 5,930 12,715 Total non-current assets 1,721,456 2,025,044 TOTAL ASSETS 4,286,115 9,547,026 LIABILITIES AND SHAREHOLDERS’ (DEFICIT) EQUITY Current liabilities Short-term loan — 600,000 Accounts payable 9,924 13,846 Notes payable — 170,000 Payable to riders and drivers 381,341 717,496 Amount due to related parties 82,800 52,918 Accrued expenses and other current liabilities 366,285 814,991 Operating lease liabilities — 41,737 Total current liabilities 840,350 2,410,988 Non-current liabilities Deferred tax liabilities 43,701 38,558 Non-current operating lease liabilities — 69,525 Total non-current liabilities 43,701 108,083 TOTAL LIABILITIES 884,051 2,519,071 DADA NEXUS LIMITEDUNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)(Amounts in thousands, except share data and otherwise noted) As of December 31, As of December 31, 2019 2020 RMB RMB MEZZANINE EQUITY10,593,026 — SHAREHOLDERS’ (DEFICIT) EQUITY Ordinary shares (US$0.0001 par value, 1,499,945,349 and 2,000,000,000 shares authorized, 369,290,629 and 941,450,185 shares issued and outstanding as of December 31, 2019 and 2020, respectively)237 639 Additional paid-in capital309,102 16,442,721 Subscription receivable(35) — Accumulated deficit(7,639,926) (9,345,102)Accumulated other comprehensive income (loss)139,660 (70,303)TOTAL SHAREHOLDERS’ (DEFICIT) EQUITY(7,190,962) 7,027,955 TOTAL LIABILITIES, MAZZANINE EQUITY AND SHAREHOLDERS’ (DEFICIT) EQUITY4,286,115 9,547,026 DADA NEXUS LIMITEDUNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS(Amounts in thousands, except share and per share data and otherwise noted) For the three months ended December 31, For the year ended December 31, 2019 2020 2019 2020 RMB RMB RMB RMB Net revenues 1,186,438 2,015,822 3,099,698 5,739,989 Costs and expenses Operations and support (1,083,273) (1,637,285) (2,845,872) (4,721,311)Selling and marketing (485,171) (702,854) (1,414,540) (1,848,730)General and administrative (70,729) (113,301) (281,376) (498,826)Research and development (95,282) (110,215) (333,844) (428,849)Other operating expenses (16,405) (20,534) (49,669) (67,137)Total costs and expenses (1,750,860) (2,584,189) (4,925,301) (7,564,853)Other operating income 5,699 18,803 75,884 60,779 Loss from operations (558,723) (549,564) (1,749,719) (1,764,085) Other income/(expenses) Interest income 14,682 19,117 84,276 65,598 Interest expenses — (5,177) — (11,830)Foreign exchange loss — — (13,370) — Total other income 14,682 13,940 70,906 53,768 Loss before income tax benefits (544,041) (535,624) (1,678,813) (1,710,317)Income tax benefits 2,258 1,254 9,032 5,141 Net loss (541,783) (534,370) (1,669,781) (1,705,176)Accretion of convertible redeemable preferred shares (217,189) — (795,015) (375,649)Net loss attributable to ordinary shareholders of Dada Group (758,972) (534,370) (2,464,796) (2,080,825) Net loss per share Basic (2.09) (0.59) (6.80) (3.12)Diluted (2.09) (0.59) (6.80) (3.12) Weighted average shares used in calculating net loss per share Basic 363,971,130 909,264,305 362,644,898 667,844,843 Diluted 363,971,130 909,264,305 362,644,898 667,844,843 Net loss (541,783) (534,370) (1,669,781) (1,705,176)Other comprehensive income/(loss) Foreign currency translation adjustments (17,596) (117,315) (446) (209,963)Total comprehensive loss (559,379) (651,685) (1,670,227) (1,915,139) DADA NEXUS LIMITEDReconciliations of GAAP and Non-GAAP Results(Amounts in thousands, except share and per share data and otherwise noted) For the three months ended December 31, For the year ended December 31, 2019 2020 2019 2020 RMB RMB RMB RMB Loss from operations (558,723) (549,564) (1,749,719) (1,764,085)Add: Share-based compensation expense 13,457 72,124 51,168 360,078 Intangible assets amortization 52,531 43,927 207,430 182,289 Non-GAAP loss from operations (492,735) (433,513) (1,491,121) (1,221,718) Net loss (541,783) (534,370) (1,669,781) (1,705,176)Add: Share-based compensation expense 13,457 72,124 51,168 360,078 Intangible assets amortization 52,531 43,927 207,430 182,289 Income tax benefit (2,259) (1,254) (9,032) (5,141)Non-GAAP net loss (478,054) (419,573) (1,420,215) (1,167,950) Accretion of convertible redeemable preferred shares (217,189) — (795,015) (375,649) Non-GAAP net loss attributable to ordinary shareholders of Dada Group (695,243) (419,573) (2,215,230) (1,543,599) Non-GAAP net loss per share Basic (1.91) (0.46) (6.11) (2.31)Diluted (1.91) (0.46) (6.11) (2.31) Weighted average shares used in calculating net loss per share Basic 363,971,130 909,264,305 362,644,898 667,844,843 Diluted 363,971,130 909,264,305 362,644,898 667,844,843
5 minutes ago
GlobeNewswire
Amendment to Recently Closed Non-Brokered Private Placement
VANCOUVER, British Columbia, March 08, 2021 (GLOBE NEWSWIRE) -- Rockridge Resources Ltd. (TSX-V: ROCK) (“Rockridge” or the “Company”) announces that the private placement of the Company closed on March 5th has been increased by an additional $125,000 and the Company has issued an additional 1,000,000 units (the "Units") at a price of CAD $0.125 per Unit. Each Unit is comprised of one common share and one warrant (a “Warrant”). Each Warrant will entitle the holder to purchase one additional common share for a period of sixty (60) months at a price of CAD $0.22 per share. The Company will pay no additional finders fees. All securities issued are subject to a four-month-and-one-day hold period. The use of proceeds is set out in the March 5th, 2021 news release. About Rockridge Resources Ltd.: Rockridge Resources is a publicly traded mineral exploration company focused on the acquisition, exploration, and development of mineral resource properties in Canada and other mining-friendly jurisdictions. The Company's Knife Lake Project is in Saskatchewan, which is ranked as one of the top mining jurisdictions in the world by the Fraser Institute. The project hosts the Knife Lake deposit, which is a VMS, near-surface copper-cobalt-gold-silver-zinc deposit open along strike and at depth. The Company’s Raney Gold Project is a high-grade gold exploration project located in the same greenstone belt that hosts the world-class Timmins and Kirkland Lake lode gold mining camps. Rockridge’s goal is to maximize shareholder value through new mineral discoveries, committed long-term partnerships, and the advancement of exploration projects in geopolitically favourable jurisdictions. Additional information about Rockridge Resources and its project portfolio can be found on the Company’s website at www.rockridgeresourcesltd.com. Rockridge Resources Ltd. “Grant Ewing” Grant EwingCEO For further information contact myself or: Jordan Trimble, President orSpencer Coulter, Corporate CommunicationsRockridge Resources Ltd.Telephone: 604-687-3376Toll Free: 800-567-8181Facsimile: 604-687-3119Email: info@rockridgeresourcesltd.com NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE. Forward Looking Information This release includes certain statements that may be deemed to be "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements. Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as, “forward-looking statements”. Forward-looking statements may be identified by words including “anticipates”, “believes”, “intends”, “estimates”, “expects” and similar expressions. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for further information.
5 minutes ago
Reuters
Pfizer/BioNTech COVID-19 vaccine neutralizes Brazil variant in lab study
The COVID-19 vaccine from Pfizer Inc and BioNTech SE was able to neutralize a new variant of the coronavirus spreading rapidly in Brazil, according to a laboratory study published in the New England Journal of Medicine on Monday. Blood taken from people who had been given the vaccine neutralized an engineered version of the virus that contained the same mutations carried on the spike portion of the highly contagious P.1 variant first identified in Brazil, the study conducted by scientists from the companies and the University of Texas Medical Branch found.
5 minutes ago
GlobeNewswire
Ashland celebrates International Women’s Day and recognizes nineteen Business Impact Awards Winners with donation to AnitaB. Org
WILMINGTON, Del., March 08, 2021 (GLOBE NEWSWIRE) -- Ashland Global Holdings Inc. (NYSE: ASH) today announced that nineteen of its women employees have been recognized with Business Impact Awards (BIA) and the company has donated twenty thousand dollars to AnitaB. Org on their behalf. The BIA winners represent all regions and many functions across the company and their achievements include strong customer focus, enabling greater efficiencies, implementing new systems, securing new business and more. “Ashland has committed to further our environment, social and governance (ESG) agenda. Today, through the Ashland Women’s International Network (AWIN), we are raising the visibility of nineteen exceptional women from across Ashland and recognizing their positive contributions to our company,” said Guillermo Novo, chairman and chief executive officer, Ashland. “This donation supports the mission of the AnitaB. Org to recruit, retain and advance women in technology as well as the organizations that employ them and the academic institutions training the next generation of women leaders. It also reinforces Ashland’s passion for Science, Technology, Engineering and Math (STEM), its pervasiveness in our lives and contributions to business success.” To learn more, visit www.ashland.com/women2021 About Ashland Ashland Global Holdings Inc. (NYSE: ASH) is a premier specialty materials company with a conscious and proactive mindset for sustainability. The company serves customers in a wide range of consumer and industrial markets, including adhesives, architectural coatings, automotive, construction, energy, food and beverage, nutraceuticals, personal care and pharmaceutical. Approximately 4,200 passionate, tenacious solvers – from renowned scientists and research chemists to talented engineers and plant operators – thrive on developing practical, innovative and elegant solutions to complex problems for customers in more than 100 countries. Visit ashland.com and ashland.com/sustainability to learn more. ™ Trademark, Ashland or its subsidiaries, registered in various countries. FOR FURTHER INFORMATION: Media Relations:Carolmarie C. Brown+1 (302) 995-3158ccbrown@ashland.com Attachment Final - Ashland celebrates International Womens Day 20210308
5 minutes ago
GlobeNewswire
HealthEquity Expands Commuter Offering with Luum
Acquisition adds options beyond monthly transit passes, strengthening capabilities for the new hybrid workplaceDRAPER, Utah, March 08, 2021 (GLOBE NEWSWIRE) -- HealthEquity, Inc. (NASDAQ: HQY) ("HealthEquity"), the nation's largest independent health savings account ("HSA") custodian, today jointly announced the acquisition of Luum, a fast-growing technology platform for employee commute management, compliance and sustainability. This acquisition strengthens the HealthEquity commuter offering, delivering a critical toolset HR and facilities professionals need to implement flexible return-to-office and hybrid-workplace strategies. Combining technology and deep integrations with parking providers and IT integrations into HR and Payroll systems, employers can now offer safe, affordable commute alternatives and flexible remote-work benefits. “Luum’s enterprise commute platform and connected ecosystem of third-party mobility solutions enable employers to design benefits for every commute, or no commute at all,” said Sohier Hall, CEO of Luum. “Adding Luum’s powerful platform to HealthEquity’s existing commuter offering and reach, we expect to help our clients offer their workforce the most flexible, useful, and sustainable way to get to and from work. The timing of this acquisition could not be more perfect as employers across the country gear up for a new commuting and work access environment. They require the unified system that puts their benefit policies into practice. In support of employee experience to real estate asset optimization to workforce equity to corporate sustainability, the Luum and HealthEquity combination is that solution.” Among the highlights, HealthEquity and Luum will deliver: Safe commute options like closed-network carpool matching, staggered arrival, guaranteed ride home, and proactive communication. Safety and transparency are a priority for employers as 64% of workers are uncomfortable returning to the office, with entry-level and older workers feeling least safe1;Ultimate policy flexibility for managing and measuring hybrid commute policies. According to Gartner, 82% of employers expect a post-pandemic hybrid workplace2. Now organizations can easily implement work-from-home cost reimbursements, sustainable commute incentives, daily parking reservations, flexible subsidies, and private bus/shuttle demand.Employee commute portal for accurate workplace commute and remote work information, customized to employer objectives and connected to HRIS, benefits, payroll and expense management systems.Corporate sustainability as a part of the hybrid workplace strategy, through measurement and visibility of tangible outcomes on climate and other environmental conservation areas. By some estimates, the commute accounts for 98% of the typical employee’s carbon footprint.3Transportation equity is inextricably linked to housing and transportation affordability. When combined, 50% of household costs are spent on housing and transportation in the US4. The combined solution gives employers an opportunity to create commute policies and subsidies to help address transportation affordability and equitable access. Perella Weinberg Partners LP served as financial advisor and Willkie Farr & Gallagher LLP served as legal counsel to HealthEquity on this transaction. About HealthEquity HealthEquity and its subsidiaries administers Health Savings Accounts (HSAs) and other consumer-directed benefits for our more than 12 million accounts in partnership with employers, benefits advisors, and health and retirement plan providers who share our mission to connect health and wealth and value our culture of remarkable “Purple” service. For more information, visit www.healthequity.com. About Luum Luum is on a mission to empower enterprises to match employees’ dynamic work-life with safe, flexible and sustainable mobility options. As a leader in enterprise commute management, we engage employees, unify mobility options, and bring about meaningful behavior change. Additionally, we provide safe, trusted and flexible commute options for frontline workers and those preparing for a return to the workplace. For more information, visit www.luum.com. Forward-looking statements This press release contains “forward-looking statements" within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements regarding our industry, business strategy, plans, goals and expectations concerning our markets and market position, product expansion, future operations, expenses and other results of operations, revenue, margins, profitability, future efficiencies, tax rates, capital expenditures, liquidity and capital resources and other financial and operating information. When used in this discussion, the words “may,” “believes,” “intends,” “seeks,” “anticipates,” “plans,” “estimates,” “expects,” “should,” “assumes,” “continues,” “could,” “will,” “future” and the negative of these or similar terms and phrases are intended to identify forward-looking statements in this press release. Forward-looking statements reflect our current expectations regarding future events, results or outcomes. These expectations may or may not be realized. Although we believe the expectations reflected in the forward-looking statements are reasonable, we can give you no assurance these expectations will prove to be correct. Some of these expectations may be based upon assumptions, data or judgments that prove to be incorrect. Actual events, results and outcomes may differ materially from our expectations due to a variety of known and unknown risks, uncertainties and other factors. Although it is not possible to identify all of these risks and factors, they include, among others, risks related to the following: the impact of the COVID-19 pandemic on the Company, its operations and its financial results;our ability to realize the anticipated financial and other benefits from combining the operations of Luum with our business in an efficient and effective manner;our ability to compete effectively in a rapidly evolving healthcare and benefits administration industry;our dependence on the continued availability and benefits of tax-advantaged health savings accounts and other consumer-directed benefits;our ability to realize the anticipated financial and other benefits to the Company from acquiring Luum;our ability to successfully identify, acquire and integrate additional portfolio purchases or acquisition targets;the significant competition we face and may face in the future, including from those with greater resources than us;our reliance on the availability and performance of our technology and communications systems;recent and potential future cybersecurity breaches of our technology and communications systems and other data interruptions, including resulting costs and liabilities, reputational damage and loss of business;the current uncertain healthcare environment, including changes in healthcare programs and expenditures and related regulations;our ability to comply with current and future privacy, healthcare, tax, investment advisor and other laws applicable to our business;our reliance on partners and third-party vendors for distribution and important services;our ability to develop and implement updated features for our technology and communications systems and successfully manage our growth;our ability to protect our brand and other intellectual property rights; andour reliance on our management team and key team members. For a detailed discussion of these and other risk factors, please refer to the risks detailed in our filings with the Securities and Exchange Commission, including, without limitation, our most recent Annual Report on Form 10-K and subsequent periodic and current reports. Past performance is not necessarily indicative of future results. We undertake no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release. Investor Relations Contact:Media Relations Contact:Richard PutnamAmy Cerny801-727-1209801-508-3237rputnam@healthequity.comacerny@healthequity.com 1 Pew, Conference Board: https://www.shrm.org/hr-today/news/hr-news/pages/remote-workers-not-comfortable-returning-to-office.aspx2 Gartner: https://www.nytimes.com/2021/02/22/business/energy-environment/corporations-climate-change.html3 Sun-Microsystems: https://www.businesswire.com/news/home/20080609005431/en/Sun-Microsystems-Study-Finds-Open-Work-Program4 U.S. Department of Transportation: https://www.transportation.gov/mission/health/housing-and-transportation-affordability#transportationandhealthconnection
5 minutes ago
GlobeNewswire
Study Shows Legal Skill Games Have No Impact on PA Lottery
As state struggles, skill games can provide as much as $300 million in annual tax revenueHarrisburg, Pennsylvania, March 08, 2021 (GLOBE NEWSWIRE) -- Pennsylvania Skill games could provide important funding to the state and can even be an asset to the Pennsylvania Lottery, according to economic research. The study determined that the overall number of legal skill game devices has a positive, although small, impact on growth of Pennsylvania Lottery sales when comparing the commonwealth to other states. “The bottom line is that lottery sales continue to grow, which we applaud, and clearly there is no evidence skill games have had any negative effect on the Lottery,” said Mike Barley, spokesman for Pennsylvania Skill. “In fact, skill games may even boost lottery sales.” Anecdotally, Barley said, some convenience store owners have seen increased lottery sales in stores that have skill games. At a Senate budget hearing today, lottery officials -- despite reporting record sales -- said they are impacted by skill games. In response, Barley referred to a study by Dr. Peter Zaleski of Meadows Metrics and chair of Villanova University Economics Department. By looking at four nearby states that do not have skill games -- Delaware, Massachusetts, New Jersey and New York – Zaleski determined that from 2012 to 2019, Pennsylvania Lottery sales growth exceeded the lottery growth in those states. In 2018 and 2019, years in which legal skill games expanded in Pennsylvania, lottery sales in the state grew at an average annual rate of 2.22% above the four other states Zaleski examined. The Lottery also has broken sales records in the last few years. At that time, Pennsylvania Skill, powered by Pace-O-Matic and built in Williamsport by Miele Manufacturing, were in operation across the state. In fact, more restaurants, bars, convenience stores, social clubs and veterans groups now count on skill games for part of their income than a few years ago. Barley also said that while the state considers ways to make up revenue it has lost because of the pandemic, the legal skill game industry wants to channel $300 million in tax funds to the state. Legislative supporters are working on a measure that would increase skill game taxes, regulate the games and provide increased enforcement. “We have an opportunity to help the state as it faces a budget challenge,” said Barley, “and our hope is the funding would mean no tax increases on individual Pennsylvanians.” # # # CONTACT: 1-877-448-4263 Pace-O-Matic 717-576-6733 michael.barley@paceomatic.com
5 minutes ago
GlobeNewswire
Parker Scheduled to Present at the Bank of America Global Industrials Conference on March 16 at 12:30 p.m. Eastern Time
CLEVELAND, March 08, 2021 (GLOBE NEWSWIRE) -- Parker Hannifin Corporation (NYSE: PH), the global leader in motion and control technologies, today announced that it is scheduled to present at the Bank of America Global Industrials Conference being held virtually on March 16, 2021 at 12:30 p.m. Eastern time. Parker's scheduled presenter is Lee Banks, President and Chief Operating Officer. A live webcast of the presentation will be accessible on Parker's investor information website at www.phstock.com and will be archived on the site for one year. Parker Hannifin is a Fortune 250 global leader in motion and control technologies. For more than 100 years the company has been enabling engineering breakthroughs that lead to a better tomorrow. Parker has increased its annual dividend per share paid to shareholders for 64 consecutive fiscal years, among the top five longest-running dividend-increase records in the S&P 500 index. Learn more at www.parker.com or @parkerhannifin ### CONTACT: Contact: Media – Aidan Gormley, Director, Global Communications and Branding 216/896-3258 aidan.gormley@parker.com Financial Analysts – Robin J. Davenport, Vice President, Corporate Finance 216/896-2265 rjdavenport@parker.com
5 minutes ago
GlobeNewswire
The Finnish Financial Supervisory Authority has granted Inission AB (publ) a permanent exemption from obligation to launch a mandatory bid
ENEDO PLC Stock Exchange Release 8.3.2021 at 24:00 The Finnish Financial Supervisory Authority has granted Inission AB (publ) a permanent exemption from obligation to launch a mandatory bid On 16 February 2021, Enedo (the "Company") announced having agreed on a comprehensive arrangement of its debts totalling EUR 8.6 million. In connection with the arrangement, a total of EUR 3.3 million of its current debts will be cancelled (the ”Loan Arrangement”). In order to complete the Loan Arrangement, to secure the continuity of its operations and to carry out the turnaround programme, the Company aims to carry out a rights issue (the ”Rights Issue”) and a directed issue (the ”Directed Issue”) to certain new investors (jointly, the ”Issues”), totalling approximately EUR 12 million. Enedo has convened its Extraordinary General Meeting on 9 March 2021 to decide on the authorisations concerning the Rights Issue and the Directed Issue. If the Extraordinary General Meeting grants the required authorisations, the Company aims to carry out the Issues as soon as possible. Swedish Inission AB (publ) (“Inission”), which is listed on First North Growth Market Sweden, has undertaken to subscribe for shares to be offered in the Directed Issue for a total of EUR 6.8 million (34,000,000 shares). If the Rights Issue and the Directed Issue are realised in full and the other arrangements announced on 16 February 2021 are completed, Inission will hold 49.5 percent of shares and votes in Enedo. In addition to certain customary conditions, Inission’s subscription undertaking is conditional upon the FIN-FSA granting Inission a permanent exemption in accordance with Chapter 11, section 26 of the Finnish Securities Markets Act from the obligation to launch a mandatory bid. Inission has announced to the Company that the Finnish Financial Supervisory Authority has today decided to grant such exemption subject to certain conditions. The exemption applies to the crossing of the 30 percent threshold for the obligation to launch a mandatory bid. The exemption also requires that, after the crossing of the threshold for the obligation to launch a bid, Inission or persons acting in concert with it will not acquire or subscribe for additional shares in Enedo or otherwise increase their share of votes in Enedo. The exemption requires that the arrangement is supported at the Company’s Extraordinary General Meeting by shareholders independent thereof that represent at least two thirds of the votes given. ENEDO PLC Vesa Leino CEO For further information please contact CEO Mr. Vesa Leino, tel. +358 40 759 8956. DISTRIBUTION Nasdaq Helsinki LtdPrincipal media Enedo Enedo is a European designer and producer of high-quality electronic power supplies and systems for critical equipment even in the most demanding environments. Enedo’s mission is to make electricity better – more reliable, more secure, more energy efficient – and just right to fit its purpose. Enedo’s three main product categories are Led Drivers, Power Supplies and Power Systems. In 2020 the group’s net sales was EUR 38,5 million. Enedo has 354 employees and its main functions are located in Finland, Italy, Tunisia and USA. The group’s head office is in Finland and parent company Enedo Oyj is listed on Nasdaq Helsinki Oy.
5 minutes ago
GlobeNewswire
CorMedix Inc. to Host Regulatory Update Conference Call
BERKELEY HEIGHTS, N.J., March 08, 2021 (GLOBE NEWSWIRE) -- CorMedix Inc. (NASDAQ: CRMD), a biopharmaceutical company focused on developing and commercializing therapeutic products for the prevention and treatment of infectious and inflammatory disease, today announced that it will host a conference call relating to a regulatory update for DefenCath™ at 8:30am ET on March 9, 2021. Tuesday, March 9th @ 8:30am ET Domestic:877-423-9813International:201-689-8573Conference ID:13717520Webcast:Webcast Link About CorMedixCorMedix Inc. is a biopharmaceutical company focused on developing and commercializing therapeutic products for the prevention and treatment of infectious and inflammatory diseases. The Company is focused on developing its lead product DefenCath™, a novel, antibacterial and antifungal solution designed to prevent costly and life-threatening bloodstream infections associated with the use of central venous catheters in patients undergoing chronic hemodialysis. DefenCath has been designated by FDA as Fast Track and as a Qualified Infectious Disease Product, which provides an additional five years of marketing exclusivity, which will be added to the five years granted to a New Chemical Entity upon approval of the NDA. CorMedix also intends to develop DefenCath as a catheter lock solution for use in oncology and total parenteral nutrition patients. It is leveraging its taurolidine technology to develop a pipeline of antimicrobial medical devices, with programs in surgical sutures and meshes, and topical hydrogels. The Company is also working with top-tier researchers to develop taurolidine-based therapies for rare pediatric cancers. Neutrolin® is CE Marked and marketed in Europe and other territories as a medical device. For more information, visit: www.cormedix.com. Investor Contact:Dan FerryManaging DirectorLifeSci Advisors(617) 430-7576
5 minutes ago
Business Wire
Personalis Announces Changes to its Board of Directors
Personalis Announces Changes to its Board of Directors
5 minutes ago
Business Wire
Herbalife Nutrition to Present Growth Strategies and Opportunities at the Bank of America Securities 2021 Consumer & Retail Technology Conference
Herbalife Nutrition to Present Growth Strategies and Opportunities at the Bank of America Securities 2021 Consumer & Retail Technology Conference
5 minutes ago
Business Wire
Williams-Sonoma, Inc. Sets New Worker Wellbeing Goal to Educate and Empower Workers in its Supply Chain
In honor of International Women’s Day and in celebration of the company’s long-standing partnership with worker wellbeing programs such as the HERproject™, Williams-Sonoma, Inc. (NYSE: WSM), announced today that it successfully met its goal of educating and empowering over 100,000 workers in its supply chain by 2020. The company is also proud to announce a new goal to produce 75% of company-made products in factories offering worker wellbeing programs by 2030.
5 minutes ago
Business Wire
CI Global Asset Management Announces Shareholder Meeting for Proposed BTCG Merger
CI Global Asset Management has announced details of the proposed merger of CI Galaxy Bitcoin Fund (TSX: BTCG) into CI Galaxy Bitcoin ETF (TSX: BTCX).
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Yahoo Sports
2021 All-Star Game, the future of the dunk contest, Blake to Brooklyn
Chris Haynes is joined by Yahoo Sports' Vincent Goodwill to recap Sunday night's NBA All-Star festivities.
5 minutes ago
GlobeNewswire
Penn Virginia Reports Fourth Quarter and Full-Year 2020 Results
Significantly Exceeded Mid-Point of Oil Guidance and Incurred Capital Expenditures Below the Low-end of GuidanceHOUSTON, March 08, 2021 (GLOBE NEWSWIRE) -- Penn Virginia Corporation ("Penn Virginia" or the "Company") (NASDAQ:PVAC) today announced its financial and operational results for the fourth quarter and full-year 2020 and 2021 outlook. Significant Highlights Generated net cash provided by operating activities of $32 million for the fourth quarter of 2020. For the full-year 2020, the Company generated net cash provided by operating activities of $222 million;Recorded approximately $3 million of free cash flow ("FCF")(1) for the fourth quarter of 2020, including the impact of prepaid and early payments of approximately $21 million of capital expenditures, which locked in lower service costs and prepayment discounts. This is the fifth consecutive quarter of positive FCF. For the full-year 2020, the Company generated approximately $53 million of FCF(1); Sold 16,719 barrels of oil per day ("BOPD") for the fourth quarter of 2020, at the high end of guidance. Total sales volumes were 21,502 barrels of oil equivalent per day ("BOEPD") (78% crude oil) for the fourth quarter of 2020;Reported net loss of $136 million (including a non-cash impairment of oil and gas properties of $120 million), or $8.92 per share, and adjusted net income(2) of $22 million, or $1.43 per diluted share, for the fourth quarter of 2020. Net loss was $311 million (including a non-cash impairment of oil and gas properties of $392 million), or $20.46 per share, and adjusted net income(2) of $88 million, or $5.71 per diluted share, for the full year 2020; andGenerated adjusted EBITDAX(3) of $57 million for the fourth quarter of 2020. For the full year 2020, the Company generated adjusted EBITDAX(3) of $266 million. "Our fourth quarter results represent another outstanding achievement for Penn Virginia," said Darrin Henke, Penn Virginia's President and Chief Executive Officer. "Our oil sales volumes significantly exceeded the mid-point of guidance, while capital expenditures were below the low-end range of guidance. Our realized hedge book gains also contributed significantly to our high realized oil price of $48.84 per barrel. These strong operational and financial results allowed the Company to be free cash flow positive for the fifth consecutive quarter." Mr. Henke continued, "For 2021, we have outlined several strategic areas of emphasis for Penn Virginia. Our primary objective will be to increase cash-on-cash returns. We will strive to accomplish this by focusing on maximizing the value of every barrel of oil and Mcf of gas we produce and scrutinizing every capital project to ensure they meet our robust risk-adjusted return hurdle. In addition, we will continue to execute on opportunities to improve our operational performance through cost control and ongoing improvements. We are linking our compensation to achieving short-term and long-term performance metrics, thus coupling management's compensation to shareholder returns. Finally, we intend to protect our strong balance sheet and continue to generate free cash flow to reduce debt further. We believe these shareholder-aligned initiatives make Penn Virginia a strong investment opportunity and uniquely positioned among its peer group." Fourth Quarter 2020 and Full-Year Operating Results Total sales volumes for the fourth quarter of 2020 were 1.98 million barrels of oil equivalent ("MMBOE"), or 21,502 BOEPD (78% crude oil). Penn Virginia sold 8.89 MMBOE, or 24,281 BOEPD (77% crude oil) for the full-year 2020. The Company spud nine gross (8.3 net) wells and turned to sales two gross (2.0 net) wells during the fourth quarter of 2020. During 2020, the Company spud 21 gross (18.6 net) wells and turned to sales 23 gross (20.6 net) wells. At year-end 2020, Penn Virginia had two wells completing, three wells waiting on completion and two wells being drilled. Year-End 2020 Proved Reserves Penn Virginia's total proved reserves as of December 31, 2020 were approximately 126.4 MMBOE compared to 133.1 MMBOE reported at year-end 2019. The composition of the reserves at the end of 2020 was 78% oil, 12% NGLs and 10% natural gas, with 40% of the reserves classified as proved developed. The proved reserves were calculated in accordance with Securities and Exchange Commission ("SEC") guidelines using the pricing of $39.54 per barrel for crude oil and $1.99 per million British Thermal Units (MMBtu) for natural gas. Penn Virginia's estimated proved reserves were prepared by DeGolyer and MacNaughton, the Company's independent third party reserve engineers. The Company's Standardized Measure of total proved reserves was $650.3 million as of December 31, 2020 and the Standardized Measure of the Company’s Proved Developed (“PD”) reserves was $479.8 million as of December 31, 2020. The value of the Company's total proved reserves, utilizing the SEC price guidelines, discounted at 10% and before tax ("PV-10 value")(4), was $657.5 million as of December 31, 2020. The PV-10 value(4) of the Company's PD reserves utilizing the SEC price guidelines was $485.1 million as of December 31, 2020. The table below summarizes the changes in the Company's proved reserves as of December 31, 2020: Natural TotalProved Oil NGL Gas EquivalentsReserves (MBbls) (MBbls) (MMcf) (Mboe)Beginning Reserves (December 31, 2019) 98,896 19,154 90,449 133,125 Production (6,829) (1,165) (5,360) (8,887)Revisions to Previous Estimates (23,554) (5,599) (26,712) (33,606)Extensions and Discoveries 29,966 3,208 15,357 35,734 Ending Reserves (December 31, 2020) 98,479 15,598 73,734 126,366 PV-10 Value(4) of Year-End 2020 Proved Developed Reserves Pro Forma for Juniper (at $55/Bbl and $2.50/MMbtu) On January 15, 2021, Penn Virginia closed on the acquisition of certain assets from an affiliate of Juniper Capital Advisors, L.P. (“Juniper”). Pro forma for this transaction and using flat pricing of $55 per barrel and $2.50 per MMbtu for natural gas, the PV-10 value(4) of the Company's PD reserves was $834 million. Fourth Quarter 2020 Financial Results Operating expenses were $174.4 million (including a non-cash impairment of oil and gas properties of $120.3 million), or $88.17 per BOE, in the fourth quarter of 2020. Total cash direct operating expenses(5), which consist of lease operating expenses ("LOE"), gathering, processing, and transportation ("GPT") expenses, production and ad valorem taxes, and cash general and administrative ("G&A") expenses, were $27.6 million, or $13.94 per BOE, in the fourth quarter of 2020. Total G&A expenses for the fourth quarter of 2020 were $5.05 per BOE, which included $0.7 million of non-cash share-based compensation, $4.5 million of non-recurring acquisition, divestiture and strategic transaction costs and organizational restructuring costs (including severance). For the fourth quarter of 2020, adjusted cash G&A expenses(6), which excludes those items, were $2.41 per BOE. LOE was $4.83 per BOE for the fourth quarter of 2020. Net loss for the fourth quarter of 2020 was $135.5 million, or $8.92 per diluted share. Adjusted net income(2) was $22.0 million, or $1.43 per diluted share in the fourth quarter of 2020. Adjusted EBITDAX(3) was $56.7 million in the fourth quarter of 2020. Full Year 2020 Financial Results Operating expenses were $642.4 million (including a non-cash impairment of oil and gas properties of $391.8 million), or $72.29 per BOE, in 2020. Total cash direct operating expenses(5) were $106.6 million, or $12.00 per BOE in 2020. Net loss for the full year of 2020 was $310.6 million, or $20.46 per diluted share. Adjusted net income(2) was $87.5 million, or $5.71 per diluted share in 2020. Adjusted EBITDAX(3) was $265.6 million for 2020. Balance Sheet and Liquidity During the fourth quarter of 2020, the Company incurred $32.6 million of capital expenditures (excluding acquisitions), of which 99% was associated with drilling and completion capital. For the full year 2020, Penn Virginia incurred $130.6 million of capital expenditures, of which 96% was for drilling and completion capital. As of March 5, 2021, Penn Virginia had cash of $20.1 million and total debt of $377.6 million, including borrowings under its revolving credit facility of $228.9 million. Liquidity was $140.8 million as of March 5, 2021, including cash and $120.7 million available under the Company's revolving credit facility. Penn Virginia does not expect to be required to undergo a borrowing base redetermination in Spring 2021. 2021 Outlook The table below sets forth the Company's operational and financial guidance: 1Q 2021 4Q 2021 2021 Oil Sales Volumes (BOPD) 15,400 - 16,200 18,700 - 20,700 17,200 - 19,000 Realized Price Differentials Oil (WTI, per barrel) $(2.50) - $(1.50) $(2.50) - $(1.50)Natural gas (Henry Hub, per MMBtu) $(0.10) - $0.10 $(0.10) - $0.10 Direct Operating Expenses Lease operating expenses (per BOE) $4.70 - $4.90 $4.75 - $5.05GPT expenses (per BOE) $2.65 - $2.95 $2.35 - $2.65Ad valorem and production taxes (percent of product revenue) 6.3% - 6.8% 6.3% - 6.8%Adjusted Cash G&A expenses (per BOE)(7) $3.65 - $3.95 $2.85 - $3.15 Capital Expenditures (millions) Drilling & Completion $55 - $63 $205 - $235Land, Facilities and other $1 $5 Note: First quarter 2021 sales guidance reflects approximately 120,000 barrels of oil production that was shut-in or constrained due to Winter Storm Uri. The Company’s outlook is based on maintaining a 2-rig development program. However, Penn Virginia will closely monitor commodity prices and the service cost environment to ensure the capital program generates robust returns. Acreage As of March 5, 2021, the Company had approximately 102,100 gross (90,100 net) acres. Approximately 92% of Penn Virginia's acreage is held by production. Fourth Quarter and Full-Year 2020 Conference Call A conference call and webcast discussing the fourth quarter and year-end 2020 financial and operational results are scheduled for Tuesday, March 9, 2021 at 11:00 a.m. ET. Prepared remarks will be followed by a question and answer period. Investors and analysts may participate via phone by dialing (844) 707-6931 (international: (412) 317-9248) five to 10 minutes before the scheduled start time, or via webcast by logging on to the Company's website, www.pennvirginia.com, at least 15 minutes prior to the scheduled start time to download supporting materials and install any necessary audio software. An on-demand replay of the webcast will be available on the Company's website beginning shortly after the webcast. The replay will also be available from March 9, 2021, through March 15, 2021, by dialing (877) 344-7529 (international (412) 317-0088) and entering the passcode 10152095. Juniper Transactions On January 15, 2021, Penn Virginia closed on its previously announced transactions with certain affiliates of Juniper whereby such affiliates contributed $150 million of cash and certain oil and gas assets to the Company in exchange for equity representing approximately 60% of the total voting power and economic interest in the Company. About Penn Virginia Corporation Penn Virginia Corporation is a pure-play independent oil and gas company engaged in the development and production of oil, NGLs, and natural gas, with operations in the Eagle Ford shale in south Texas. For more information, please visit our website at www.pennvirginia.com. The information on the Company's website is not part of this release. Cautionary Statements Regarding Reserves The estimates and guidance presented in this release are based on assumptions of capital expenditure levels, prices for oil, natural gas, and NGLs, current indications of supply and demand for oil, well results, and operating costs. The guidance provided in this release does not constitute any form of guarantee or assurance that the matters indicated will be achieved. While we believe these estimates and the assumptions on which they are based are reasonable, they are inherently uncertain and are subject to, among other things, significant business, economic, operational and regulatory risks and uncertainties and are subject to material revision. Actual results may differ materially from estimates and guidance. Please read the "Forward-Looking Statements" section below, as well as "Risk Factors" in our Annual Report on Form 10-K. Forward-Looking Statements This communication contains certain "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements that are not historical facts are forward-looking statements, and such statements include, words such as "anticipate," "guidance," "assumptions," "projects," "forward," "estimates," "outlook," "expects," "continues," "intends," "plans," "believes," "forecast," "future," "potential," "may," "foresee," "possible," "should," "would," "could" and variations of such words or similar expressions, including the negative thereof, to identify forward-looking statements. Because such statements include assumptions, risks, uncertainties, and contingencies, actual results may differ materially from those expressed or implied by such forward-looking statements. These risks, uncertainties and contingencies include, but are not limited to, the following: risks related to the recently completed transactions with Juniper and its affiliates, including the risk that the benefits of the transactions may not be fully realized or may take longer to realize than expected, and that management attention will be diverted to transaction-related issues; risks related to potential and completed acquisitions, including related costs and our ability to realize their expected benefits; the decline in, sustained market uncertainty of, and volatility of commodity prices for crude oil, natural gas liquids, or NGLs, and natural gas, including the recent dramatic decline of such prices; the impact of the COVID-19 pandemic, including reduced demand for oil and natural gas, economic slowdown, governmental actions, stay-at-home orders, interruptions to our operations or our customer’s operations; risks related to and the impact of actual or anticipated other world health events; our ability to satisfy our short-term and long-term liquidity needs, including our ability to generate sufficient cash flows from operations or to obtain adequate financing, including access to the capital markets, to fund our capital expenditures and meet working capital needs; our ability to access capital, including through lending arrangements and the capital markets, as and when desired; negative events or publicity adversely affecting our ability to maintain our relationships with our suppliers, service providers, customers, employees, and other third parties; plans, objectives, expectations and intentions contained in this communication that are not historical; our ability to execute our business plan in volatile and depressed commodity price environments; our ability to develop, explore for, acquire and replace oil and gas reserves and sustain production; changes to our drilling and development program our ability to generate profits or achieve targeted reserves in our development and exploratory drilling and well operations; our ability to meet guidance, market expectations and internal projections, including type curves; any impairments, write-downs or write-offs of our reserves or assets; the projected demand for and supply of oil, NGLs and natural gas; our ability to contract for drilling rigs, frac crews, materials, supplies and services at reasonable costs; our ability to renew or replace expiring contracts on acceptable terms; our ability to obtain adequate pipeline transportation capacity or other transportation for our oil and gas production at reasonable cost and to sell our production at, or at reasonable discounts to, market prices; the uncertainties inherent in projecting future rates of production for our wells and the extent to which actual production differs from that estimated in our proved oil and gas reserves; use of new techniques in our development, including choke management and longer laterals; drilling, completion and operating risks, including adverse impacts associated with well spacing and a high concentration of activity; our ability to compete effectively against other oil and gas companies; leasehold terms expiring before production can be established and our ability to replace expired leases; environmental obligations, costs and liabilities that are not covered by an effective indemnity or insurance; the timing of receipt of necessary regulatory permits; the effect of commodity and financial derivative arrangements with other parties, and counterparty risk related to the ability of these parties to meet their future obligations; the occurrence of unusual weather or operating conditions, including force majeure events; our ability to retain or attract senior management and key employees; our reliance on a limited number of customers and a particular region for substantially all of our revenues and production; compliance with and changes in governmental regulations or enforcement practices, especially with respect to environmental, health and safety matters; physical, electronic and cybersecurity breaches; uncertainties relating to general domestic and international economic and political conditions; the impact and costs associated with litigation or other legal matters; sustainability initiatives; and other risks set forth in our filings with the SEC, including our most recent Annual Report on Form 10-K. Additional information concerning these and other factors can be found in our press releases and public filings with the SEC. Many of the factors that will determine our future results are beyond the ability of management to control or predict. In addition, readers should not place undue reliance on forward-looking statements, which reflect management's views only as of the date hereof. The statements in this communication speak only as of the date of the communication. We undertake no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable law. Footnotes (1)Free cash flow is a non-GAAP financial measure. Definitions of non-GAAP financial measures and reconciliations of non-GAAP financial measures to the closest GAAP-based financial measures appear at the end of this release. (2) Adjusted net income is a non-GAAP financial measure. Definitions of non-GAAP financial measures and reconciliations of non-GAAP financial measures to the closest GAAP-based financial measures appear at the end of this release. (3)Adjusted EBITDAX is a non-GAAP financial measure. Definitions of non-GAAP financial measures and reconciliations of non-GAAP financial measures to the closest GAAP-based financial measures appear at the end of this release. (4)PV-10 Value is a non-GAAP measure reconciled to Standardized Measure at the end of this release. (5)Total cash direct operating expenses is a non-GAAP financial measure. Definitions of non-GAAP financial measures and reconciliations of non-GAAP financial measures to the closest GAAP-based financial measures appear at the end of this release. (6)Adjusted cash G&A expense is a non-GAAP financial measure. Definitions of non-GAAP financial measures and reconciliations of non-GAAP financial measures to the closest GAAP-based financial measures appear at the end of this release. (7) Does not include $4.2 million of Juniper Transaction expenses. PENN VIRGINIA CORPORATIONCONSOLIDATED STATEMENTS OF OPERATIONSand SELECTED OPERATING STATISTICS - unaudited(in thousands, except per share, production and price data) Three Months Ended Twelve Months Ended December 31, September 30, December 31, December 31, 2020 2020 2019 2020 2019Revenues Crude oil $61,009 $63,227 $115,252 $251,741 $434,713 Natural gas liquids (NGLs) 2,653 2,824 3,993 8,948 16,589 Natural gas 2,830 2,563 3,951 10,103 17,733 Total product revenues 66,492 68,614 123,196 270,792 469,035 Gain (losses) on sales of assets, net 4 — (113) 18 5 Other revenues, net 500 797 834 2,458 2,176 Total revenues 66,996 69,411 123,917 273,268 471,216 Operating expenses Lease operating 9,562 8,275 9,854 37,463 43,088 Gathering, processing and transportation 5,253 5,760 6,260 22,050 23,197 Production and ad valorem taxes 3,467 4,368 7,385 16,619 28,057 General and administrative 9,286 7,810 4,330 30,505 21,402 Total cash direct operating expenses 27,568 26,213 27,829 106,637 115,744 Share-based compensation - equity classified awards 702 775 981 3,284 4,082 Depreciation, depletion and amortization 25,782 37,038 44,882 140,673 174,569 Impairments of oil and gas properties 120,351 235,989 — 391,849 — Total operating expenses 174,403 300,015 73,692 642,443 294,395 Operating income (loss) (107,407) (230,604) 50,225 (369,175) 176,821 Other income (expense) Interest expense, net (7,044) (7,497) (8,541) (31,257) (35,811)Derivatives (21,457) (6,891) (37,965) 88,422 (68,131)Other, net (808) 21 (19) (850) (153)Income (loss) before income taxes (136,716) (244,971) 3,700 (312,860) 72,726 Income tax benefit (expense) 1,193 1,558 (401) 2,303 (2,137)Net income (loss) $(135,523) $(243,413) $3,299 $(310,557) $70,589 Net income (loss) per share: Basic $(8.92) $(16.03) $0.22 $(20.46) $4.67 Diluted $(8.92) $(16.03) $0.22 $(20.46) $4.67 Weighted average shares outstanding: Basic 15,200 15,183 15,126 15,176 15,110 Diluted 15,200 15,183 15,131 15,176 15,126 Three Months Ended Twelve Months Ended December 31, September 30, December 31, December 31, 2020 2020 2019 2020 2019Sales Volumes Crude oil (MBbls) 1,538 1,691 2,043 6,829 7,453NGLs (MBbls) 248 307 372 1,165 1,491Natural gas (MMcf) 1,154 1,421 1,690 5,360 7,067Total (MBOE) 1,978 2,235 2,697 8,887 10,121Average sales volumes (BOEPD) 21,502 24,295 29,312 24,281 27,730 Prices Crude oil ($ per Bbl) $39.66 $37.39 $56.40 $36.86 $58.33NGLs ($ per Bbl) $10.71 $9.20 $10.74 $7.68 $11.13Natural gas ($ per Mcf) $2.45 $1.80 $2.34 $1.88 $2.51Aggregate ($ per BOE) $33.61 $30.70 $45.68 $30.47 $46.34 Prices - Adjusted for derivative settlements Crude oil ($ per Bbl) $48.84 $48.28 $55.70 $50.55 $56.92Natural gas ($ per Mcf) $1.95 $1.88 $2.34 $1.88 $2.51Aggregate ($ per BOE) $40.46 $38.99 $45.22 $40.98 $45.30 PENN VIRGINIA CORPORATIONCONDENSED CONSOLIDATED BALANCE SHEETS - unaudited(in thousands) December 31, 2020 2019Assets Current assets $153,420 $88,339 Net property and equipment 723,549 1,120,425 Other noncurrent assets 30,357 9,474 Total assets $907,326 $1,218,238 Liabilities and shareholders' equity Current liabilities $148,195 $129,274 Other noncurrent liabilities 36,796 13,191 Total long-term debt, net 509,497 555,028 Total shareholders' equity 212,838 520,745 Total liabilities and shareholders' equity $907,326 $1,218,238 PENN VIRGINIA CORPORATIONCONSOLIDATED STATEMENTS OF CASH FLOWS - unaudited(in thousands) Three Months Ended Twelve Months Ended December 31, September 30, December 31, December 31, 2020 2020 2019 2020 2019Cash flows from operating activities Net income (loss) $(135,523) $(243,413) $3,299 $(310,557) $70,589 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation, depletion and amortization 25,782 37,038 44,882 140,673 174,569 Impairments of oil and gas properties 120,351 235,989 — 391,849 — Derivative contracts: Net losses (gains) 21,457 6,891 37,965 (88,422) 68,131 Cash settlements and premiums received (paid), net 12,792 6,418 194 78,087 (4,136)Deferred income tax (benefit) expense (1,393) (1,565) 401 (1,424) 3,373 Loss (gain) on sales of assets, net (4) — 113 (18) (5)Non-cash interest expense 814 799 810 4,150 3,354 Share-based compensation (equity-classified) 702 775 981 3,284 4,082 Other, net 8 9 13 31 52 Changes in operating assets and liabilities (12,931) 17,887 (12,677) 4,125 185 Net cash provided by operating activities 32,055 60,828 75,981 221,778 320,194 Cash flows from investing activities Acquisitions, net — — (560) — (6,516)Capital expenditures (29,555) (26,183) (71,010) (168,565) (362,743)Proceeds from sales of assets, net 4 — — 87 215 Net cash used in investing activities (29,551) (26,183) (71,570) (168,478) (369,044)Cash flows from financing activities Proceeds from credit facility borrowings — 5,000 14,000 51,000 76,400 Repayment of credit facility borrowings (10,000) (40,000) (22,000) (99,000) (35,000)Debt issuance costs paid — (6) — (78) (2,616)Other, net — (1,068) — — — Net cash provided by (used in) financing activities (10,000) (36,074) (8,000) (48,078) 38,784 Net increase (decrease) in cash and cash equivalents (7,496) (1,429) (3,589) 5,222 (10,066)Cash and cash equivalents - beginning of period 20,516 21,945 11,387 7,798 17,864 Cash and cash equivalents - end of period $13,020 $20,516 $7,798 $13,020 $7,798 PENN VIRGINIA CORPORATIONCERTAIN NON-GAAP FINANCIAL MEASURES - unaudited Readers are reminded that non-GAAP measures are merely a supplement to, and not a replacement for, or superior to financial measures prepared according to GAAP. They should be evaluated in conjunction with the GAAP financial measures. It should be noted as well that our non-GAAP information may be different from the non-GAAP information provided by other companies. Special Note About Presentation Effective with our reporting for the period ended September 30, 2020, and for future periods, the Company is changing the manner in which settlements from interest rate swap derivatives are presented in the Non-GAAP financial measure “Adjusted EBITDAX.” Previously, our presentation of such interest rate swap settlements were commingled with commodity derivative settlements in the caption titled “Realized settlements, net.” Because these interest rate swap derivative financial instruments represent hedges of the interest expense attributable to our variable-rate debt instruments, we believe that the related gain or loss on our Consolidated Statements of Operations should be treated similarly to the exclusion of interest expense in the determination of “Adjusted EBITDAX.” In order to mitigate the potential for any confusion and to align our reporting with what we believe to be the dominant presentation methodology regarding such Non-GAAP financial metrics in our industry, which is also consistent with the treatment afforded such derivative financial instruments in our debt agreements, we will not adjust for the effect of the settlements in our Non-GAAP financial measure “Adjusted EBITDAX”. We have applied the aforementioned presentation methodology to all prior periods presented herein. Effective with our reporting for the period ended March 31, 2020, and for future periods, the Company is changing the manner in which settlements from derivatives are presented in the Non-GAAP financial measures “Adjusted net income” and “Adjusted EBITDAX.” Previously, our presentations of such settlements were based upon the actual amount of cash paid or received during the periods presented. Because derivative financial instruments settle in cash during the month immediately following the month for which the underlying production is hedged, there exists a potential for confusion regarding our actual derivative-adjusted financial performance in the reporting period. In order to mitigate the potential for any confusion and to align our reporting with what we believe to be the dominant presentation methodology regarding such Non-GAAP financial metrics in our industry, we will present our oil derivative settlements in our Non-GAAP financial measures “Adjusted net income” and “Adjusted EBITDAX” on a realized basis whereby such settlements are matched to the periods for which the underlying production is hedged. We have applied the aforementioned presentation methodology to all prior periods presented herein. Reconciliation of GAAP “Net income (loss)” to Non-GAAP “Adjusted net income”Adjusted net income is a non-GAAP financial measure that represents net income (loss) adjusted to include net realized settlements of derivatives and exclude the effects of non-cash changes in the fair value of derivatives, impairments of oil and gas properties, net gains and losses on the sales of assets, acquisition, divestiture and strategic transaction costs, organizational restructuring, including severance, other net items and the income tax effect of these adjustments. We believe that Non-GAAP adjusted net income and non-GAAP adjusted net income per share amounts provide meaningful supplemental information regarding our operational performance. This information facilitates management’s internal comparisons to the Company’s historical operating results as well as to the operating results of our competitors. Since management finds this measure to be useful, the Company believes that our investors can benefit by evaluating both non-GAAP and GAAP results. Adjusted net income is not a measure of financial performance under GAAP and should not be considered as a measure of liquidity or as an alternative to net income (loss). Three Months Ended Twelve Months Ended December 31, September 30, December 31, December 31, 2020 2020 2019 2020 2019 (in thousands, except per share amounts)Net income (loss) $(135,523) $(243,413) $3,299 $(310,557) $70,589 Adjustments for derivatives: Net losses (gains) 21,457 6,891 37,965 (88,422) 68,131 Realized settlements, net 12,613 17,623 (1,440) 91,220 (10,501)Impairments of oil and gas properties 120,351 235,989 — 391,849 — Loss (gain) on sales of assets, net (4) — 113 (18) (5)Acquisition, divestiture and strategic transaction costs 4,448 525 — 4,973 800 Organizational restructuring, including severance 74 1,372 — 1,446 — Other, net — — 4 — 232 Income tax effect of adjustments (1,386) (1,669) — (2,952) — Adjusted net income $22,030 $17,318 $39,941 $87,539 $129,246 Net income (loss), per diluted share $(8.92) $(16.03) $0.22 $(20.46) $4.67 Adjusted net income, per diluted share $1.43 $1.14 $2.60 $5.71 $8.54 Reconciliation of GAAP “Net income (loss)” to Non-GAAP “Adjusted EBITDAX”Adjusted EBITDAX represents net income (loss) before interest expense, income taxes, impairments of oil and gas properties, depreciation, depletion and amortization expense and share-based compensation expense, further adjusted to include the net commodity realized settlements of derivatives and exclude the effects of gains and losses on sales of assets, non-cash changes in the fair value of derivatives, and special items including acquisition, divestiture and strategic transaction costs, and organizational restructuring, including severance and other items. We believe this presentation is commonly used by investors and professional research analysts for the valuation, comparison, rating, investment recommendations of companies within the oil and gas exploration and production industry. We use this information for comparative purposes within our industry. Adjusted EBITDAX is not a measure of financial performance under GAAP and should not be considered as a measure of liquidity or as an alternative to net income (loss). Adjusted EBITDAX as defined by Penn Virginia may not be comparable to similarly titled measures used by other companies and should be considered in conjunction with net income (loss) and other measures prepared in accordance with GAAP, such as operating income or cash flows from operating activities. Adjusted EBITDAX should not be considered in isolation or as a substitute for an analysis of Penn Virginia’s results as reported under GAAP. Three Months Ended Twelve Months Ended December 31, September 30, December 31, December 31, 2020 2020 2019 2020 2019 (in thousands, except per unit amounts)Net income (loss) $(135,523) $(243,413) $3,299 $(310,557) $70,589 Adjustments to reconcile to Adjusted EBITDAX: Interest expense, net 7,044 7,497 8,541 31,257 35,811 Income tax (benefit) expense (1,193) (1,558) 401 (2,303) 2,137 Impairment of oil and gas properties 120,351 235,989 — 391,849 — Depreciation, depletion and amortization 25,782 37,038 44,882 140,673 174,569 Share-based compensation expense (equity-classified) 702 775 981 3,284 4,082 (Gain) loss on sales of assets, net (4) — 113 (18) (5)Adjustments for derivatives: Net losses (gains) 21,457 6,891 37,965 (88,422) 68,131 Realized commodity settlements, net 13,536 18,542 (1,440) 93,430 (10,501)Adjustment for special items: Acquisition, divestiture and strategic transaction costs 4,448 525 — 4,973 800 Organizational restructuring, including severance 74 1,372 — 1,446 — Other, net — — 4 — 232 Adjusted EBITDAX $56,674 $63,658 $94,746 $265,612 $345,845 Net income per BOE $(68.51) $(108.90) $1.22 $(34.95) $6.97 Adjusted EBITDAX per BOE $28.65 $28.48 $35.13 $29.89 $34.17 Reconciliation of GAAP “Operating expenses” to Non-GAAP “Adjusted direct operating expenses and Adjusted directoperating expenses per BOE” Adjusted direct operating expenses and adjusted direct operating expenses per BOE are supplemental non-GAAP financial measure that excludes certain non-recurring expenses and non-cash expenses. We believe that the non-GAAP measure of Adjusted total direct operating expense per BOE is useful to investors because it provides readers with a meaningful measure of our cost profile and provides for greater comparability period-over-period. Three Months Ended Twelve Months Ended December 31, September 30, December 31, December 31, 2020 2020 2019 2020 2019 (in thousands, except per unit amounts)Operating expenses - GAAP $174,403 $300,015 $73,692 $642,443 $294,395 Less: Share-based compensation - equity-classified awards (702) (775) (981) (3,284) (4,082)Impairment of oil and gas properties (120,351) (235,989) — (391,849) — Depreciation, depletion and amortization (25,782) (37,038) (44,882) (140,673) (174,569)Total cash direct operating expenses 27,568 26,213 27,829 106,637 115,744 Significant special charges: Acquisition, divestiture and strategic transaction costs (4,448) (525) — (4,973) (800)Organizational restructuring, including severance (74) (1,372) — (1,446) — Non-GAAP Adjusted direct operating expenses $23,046 $24,316 $27,829 $100,218 $114,944 Total cash direct operating expenses per BOE $13.94 $11.73 $10.32 $12.00 $11.44 Operating expenses per BOE $88.17 $134.22 $27.33 $72.29 $29.09 Non-GAAP Adjusted direct operating expenses per BOE $11.65 $10.88 $10.32 $11.28 $11.36 Reconciliation of GAAP “General and administrative expenses” to Non-GAAP “Adjusted cash general and administrative expenses” Adjusted cash general and administrative expenses is a supplemental non-GAAP financial measure that excludes certain non-recurring expenses and non-cash share-based compensation expense. We believe that the non-GAAP measure of Adjusted cash general and administrative expenses is useful to investors because it provides readers with a meaningful measure of our recurring G&A expense and provides for greater comparability period-over-period. Three Months Ended Twelve Months Ended December 31, September 30, December 31, December 31, 2020 2020 2019 2020 2019 (in thousands, except per unit amounts)General and administrative expenses - direct $9,286 $7,810 $4,330 $30,505 $21,402 Share-based compensation - equity-classified awards 702 775 981 3,284 4,082 GAAP General and administrative expenses 9,988 8,585 5,311 33,789 25,484 Less: Share-based compensation - equity-classified awards (702) (775) (981) (3,284) (4,082)Significant special charges: Acquisition, divestiture and strategic transaction costs (4,448) (525) — (4,973) (800)Organizational restructuring, including severance (74) (1,372) — (1,446) — Adjusted cash-based general and administrative expenses $4,764 $5,913 $4,330 $24,086 $20,602 GAAP General and administrative expenses per BOE $5.05 $3.84 $1.97 $3.80 $2.52 Adjusted cash general and administrative expenses per BOE $2.41 $2.65 $1.61 $2.71 $2.04 Reconciliation of GAAP “Standardized Measure of Discounted Future Net Cash Flows” to Non-GAAP “PV-10” Non-GAAP PV-10 value is the estimated future net cash flows from estimated proved reserves discounted at an annual rate of 10 percent before giving effect to income taxes. The standardized measure of discounted future net cash flows is the after-tax estimated future cash flows from estimated proved reserves discounted at an annual rate of 10 percent, determined in accordance with GAAP. We use non-GAAP PV-10 value as one measure of the value of our estimated proved reserves and to compare relative values of proved reserves amount exploration and production companies without regard to income taxes. We believe that securities analysts and rating agencies use PV-10 value in similar ways. Our management believes PV-10 value is a useful measure for comparison of proved reserve values among companies because, unlike standardized measure, it excludes future income taxes that often depend principally on the characteristics of the owner of the reserves rather than on the nature, location and quality of the reserves themselves. December 31, 2020 2019 (in thousands)Standardized measure of future discounted cash flows $650,290 $1,488,882Present value of future income taxes discounted at 10% 7,256 111,214PV-10 $657,546 $1,600,096 Reconciliation of SEC PV-10 and Adjusted PV-10 (non-GAAP) - Proved developed reserves (Pro Forma for Juniper Transaction) December 31, 2020 (in thousands)Standardized measure of future discounted cash flows (total proved reserves) $650,290 Less: Future discounted cash flows attributable to proved undeveloped reserves (170,528)Standardized measure of future discounted cash flows (proved developed reserves) $479,762 Add: Present value of future income taxes attributable to proved developed reserves discounted at 10% 5,353 PV-10 of proved developed reserves $485,115 Add: Adjustment using flat pricing of $55/BBL WTI, $2.50/MMbtu and NGLs as 23% of WTI and pro forma for Juniper transaction PD reserves. Differentials of $(2.00) off WTI and ($0.20) off natural gas. 349,228 Adjusted PV-10 of proved developed reserves adjusted for pricing and differentials $834,343 Reconciliation of PV-10 and Adjusted PV-10 (non-GAAP) – Total proved reserves (Pro Forma for Juniper Transaction) December 31, 2020 (in thousands)Standardized measure of future discounted cash flows (total proved reserves) $650,290 Present value of future income taxes discounted at 10% 7,256 PV-10 of total proved reserves $657,546 Add: Adjustment using flat pricing of $55/BBL WTI, $2.50/MMbtu and NGLs as 23% of WTI and pro forma for Juniper transaction total proved reserves. Differentials of $(2.00) off WTI and ($0.20) off natural gas. 889,180 Adjusted PV-10 of total proved reserves adjusted for pricing and differentials and pro forma for Juniper $1,546,726 Definition and Explanation of Free Cash Flow Free Cash Flow is a non-GAAP financial measure that management believes illustrates our ability to generate cash flows from our business that are available to be returned to our providers of financing capital represented primarily by our debt holders as we do not currently have a dividend or share repurchase program. Free Cash Flow is defined as net cash provided by operating activities less net cash used in investing activities and debt issuance costs paid. We present Free Cash Flow as the excess (deficiency) of discretionary cash flow over Capital additions, net. Discretionary cash flow is defined as Adjusted EBITDAX (non-GAAP measure defined and reconciled to GAAP net income above) less interest expense, adjustments for income taxes refunded, debt issue costs and changes for working capital and other, net. Capital additions represent our committed capital expenditure and acquisition transactions, net of any proceeds from the sales or disposition of assets. We believe Free Cash Flow is commonly used by investors and professional research analysts for the valuation, comparison, rating, investment recommendations of companies in many industries. Free Cash Flow should be considered as a supplement to net income as a measure of performance and net cash provided by operating activities as a measure of our liquidity. Three Months Ended Twelve Months Ended December 31, 2020 December 31, 2020 (in thousands)GAAP Net cash provided by operating activities $32,055 $221,778 GAAP Net cash used in investing activities (29,551) (168,478)Debt issuance costs paid — (78)Non-GAAP Free Cash Flow $2,504 $53,222 Adjusted EBITDAX, as reported $56,674 $265,612 Interest expense, as reported, less non-cash interest (6,907) (29,851)Income taxes refunded — 2,471 Debt issues costs paid — (78)Working capital and other, net (14,639) (54,411)Discretionary cash flows 35,128 183,743 Capital expenditures, as reported (32,627) (130,608)Proceeds from asset sales 3 87 Capital additions, net (32,624) (130,521)Non-GAAP Free Cash Flow $2,504 $53,222 Net debt at beginning of period $503,884 554,602 Less: Net debt at end of period (501,380) (501,380)Non-GAAP Free Cash Flow $2,504 $53,222 Net DebtNet debt, excluding unamortized discount and debt issuance costs is a non-GAAP financial measure that is defined as total principal amount of long-term debt less cash and cash equivalents. The most comparable financial measure to net debt, excluding unamortized discount and debt issuance costs under GAAP is principal amount of long-term debt. Net debt is used by management as a measure of our financial leverage. Net debt, excluding unamortized discount and debt issuance costs should not be used by investors or others as the sole basis in formulating investment decisions as it does not represent the Company’s actual GAAP indebtedness. December 31, 2020 September 30, 2020 December 31, 2019 (in thousands)Credit Facility $314,400 $324,400 $362,400 Second lien term loan, excluding unamortized discount and issue costs 200,000 200,000 200,000 Cash and cash equivalents (13,020) (20,516) (7,798)Net Debt $501,380 $503,884 $554,602 Contact Clay Jeansonne Investor RelationsPh: (713) 722-6540E-Mail: invest@pennvirginia.com
6 minutes ago
GlobeNewswire
ROSEN, A LEADING INVESTOR RIGHTS LAW FIRM, Encourages Athenex, Inc. Investors to Secure Counsel Before Important Deadline – ATNX
NEW YORK, March 08, 2021 (GLOBE NEWSWIRE) -- WHY: Rosen Law Firm, a global investor rights law firm, announces the filing of a class action lawsuit on behalf of purchasers of the securities of Athenex, Inc. (NASDAQ: ATNX) between August 7, 2019 and February 26, 2021, inclusive (the “Class Period”). A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than May 3, 2021. SO WHAT: If you purchased Athenex securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. WHAT TO DO NEXT: To join the Athenex class action, go to http://www.rosenlegal.com/cases-register-2051.html or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than May 3, 2021. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience or resources. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 3 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020 founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers. DETAILS OF THE CASE: According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) the data included in the Oral Paclitaxel and Encequidar New Drug Application (“NDA”) presented a safety risk to patients in terms of an increase in neutropenia-related sequalae; (2) the uncertainty over the results of the primary endpoint of objective response rate (“ORR”) at week 19 conducted by blinded independent central review (“BICR”); (3) the BICR reconciliation and re-read process may have introduced unmeasured bias and influence on the BICR; (4) the Company’s Phase 3 study that was used to file the NDA was inadequate and not well-conducted in a patient population with metastatic breast cancer representative of the U.S. population, such that the FDA would recommended a new such clinical trial; (5) as a result, it was foreseeable that the FDA would not approve the Company’s NDA in its current form; and (6) as a result, the Company’s public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages. To join the Athenex class action, go to http://www.rosenlegal.com/cases-register-2051.html or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action. No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff. Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/. Attorney Advertising. Prior results do not guarantee a similar outcome. Contact Information: Laurence Rosen, Esq. Phillip Kim, Esq. The Rosen Law Firm, P.A. 275 Madison Avenue, 40th Floor New York, NY 10016 Tel: (212) 686-1060 Toll Free: (866) 767-3653 Fax: (212) 202-3827 lrosen@rosenlegal.com pkim@rosenlegal.com cases@rosenlegal.com www.rosenlegal.com
7 minutes ago

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ROSEN, A LEADING INVESTOR RIGHTS LAW FIRM, Encourages Athenex, Inc. Investors to Secure Counsel Before Important Deadline – ATNX