Six Dr. Seuss books - including “And to Think That I Saw It on Mulberry Street” and “If I Ran the Zoo” - will stop being published because of racist and insensitive imagery. (March 2)
Six Dr. Seuss books - including “And to Think That I Saw It on Mulberry Street” and “If I Ran the Zoo” - will stop being published because of racist and insensitive imagery. (March 2)
This marks five years of recognition across several different categoriesTORONTO, April 20, 2021 (GLOBE NEWSWIRE) -- BlueCat, the Adaptive DNS CompanyTM, today announced it is thrilled to be recognized as number 25 on this year’s Best Workplaces™ in Canada list. This accolade comes shortly after receiving a Best Workplaces for Women™ 2021 award, and also after five years of Best Workplaces™ in Canada recognition across multiple categories including Best Workplace in Technology™ and Best Workplace for Mental Wellness™. BlueCat believes that attracting and retaining employees who are passionate about contributing to the company’s collaborative and thoughtful culture is a top priority. Stephen Devito, Chief Executive Officer at BlueCat, says: “We are honoured to be recognized as a Great Place to Work® in Canada. At BlueCat, your voice always matters and your contributions count. Our employees support and motivate one another every day, because we are much more than a team. I want to thank every single employee for their contributions to our company culture.” The 2021 Best Workplaces™ in Canada list is compiled by the Great Place to Work® Institute. The competition process to be ranked on this list is employee driven, based on two criteria: two-thirds of the total score comes from confidential employee survey results and the remaining one-third from an in-depth review of the organization’s culture. This offers a rigorous representation of the organization from an employee perspective, and an overall portrait of the workplace culture. Together, they provide crucial data relative to five trust-building dimensions: credibility, respect, fairness, pride, and camaraderie. Cheryl Kerrigan, Vice President of People at BlueCat, says: “The company culture at BlueCat is what separates us from the rest. Our culture code was crowdsourced from the BlueCats themselves, helping us live our values every day. Our fifth pillar, 'we win as a team,’ could not be more relevant as it relates to this award. This recognition belongs to every single team member at BlueCat, as it's each member's dedication and contribution that's brought us here." This year’s list is representative of the experience and sentiment of over 300,000 Canadian employees. About Great Place to Work®: Great Place to Work® is the global authority on high-trust, high-performance workplace cultures. It is a global research and consulting firm with a mission to build a better society by helping companies transform their workplaces. Great Place to Work® provides the benchmarks, framework, and expertise needed to create, sustain, and recognize outstanding workplace cultures. In Canada, Great Place to Work® produces both industry and demographic specific Best Workplace™ lists. This is part of the world’s largest annual workplace study, which culminates in a series of national lists in over 50 countries, including the study’s flagship list of 100 Best Companies published annually in Fortune magazine. Globally, this survey represents the voices of 11 million employees, which are the primary determinant used in selecting winners. There’s only one way to get on this list – your employees have to put you on it. Follow Great Place to Work® on Facebook; for Linkedin and Twitter use #BestWorkplacesCA For more information, please contact the Institute firstname.lastname@example.org or visithttp://www.greatplacetowork.ca About BlueCat: BlueCat is the Adaptive DNS™ company. The company’s mission is to help the world’s largest organizations thrive on network complexity, from the edge to the core. To do this, BlueCat re-imagined DNS. The result – Adaptive DNS™ – is a dynamic, open, secure, scalable, and automated resource that supports the most challenging digital transformation initiatives, like adoption of hybrid cloud and rapid application development. Learn more at www.bluecatnetworks.com. BlueCat’s employees love working for them, and so will you. To view the job openings, please visit BlueCat’s career page at https://bluecatnetworks.com/careers/. CONTACT: Contact: Dana Iskoldski Corporate Communications Manager email@example.com 647 222 1996
Netflix has 207 million customers, but only added 4 million in the last quarter.
LUXEMBOURG, April 20, 2021 (GLOBE NEWSWIRE) -- NeoGames S.A. (Nasdaq: NGMS) (“NeoGames” or the "Company"), a technology-driven provider of end-to-end iLottery solutions, announced today that it has filed its annual report on Form 20-F for the fiscal year ended December 31, 2020 with the U.S. Securities and Exchange Commission (the "SEC"). The annual report on Form 20-F, which contains NeoGames’ audited financial statements, can be accessed at the SEC’s website at http://www.sec.gov, as well as via the Company's investor relations website at https://ir.neogames.com/financials/sec-filings. The Company will provide a hard copy of its annual report on Form 20-F, including its complete audited financial statements, free of charge, to its shareholders upon request to firstname.lastname@example.org. About NeoGames NeoGames is a technology-driven innovator and a global provider of iLottery solutions for national and state-regulated lotteries. NeoGames’ full-service solution combines proprietary technology platforms with the experience and expertise required for successful iLottery operations. NeoGames’ pioneering game studio encompasses an extensive portfolio of engaging online lottery games that deliver an entertaining player experience. As a trusted partner to lotteries worldwide, the Company works with its customers to maximize their success, offering a comprehensive solution that empowers them to deliver enjoyable and profitable iLottery programs to their players, generate more revenue, and direct proceeds to good causes. Contacts Investor Contact:email@example.com Media Relations:firstname.lastname@example.org
TechnipFMC (NYSE: FTI) (PARIS: FTI) today announced that it has been awarded a significant(1) subsea contract from Petrobras (NYSE: PBR) for the Marlim and Voador fields, located offshore Brazil.
LANCASTER, Pa., April 20, 2021 (GLOBE NEWSWIRE) -- Armstrong World Industries, Inc. (NYSE:AWI), a leader in the design, innovation and manufacture of commercial and residential ceiling, wall and suspension system solutions, today announced that its Board of Directors has declared a cash dividend of $0.21 per share for the first quarter of 2021. The dividend will be paid on May 20, 2021, to shareholders of record as of the close of business on May 6, 2021. The declaration and payment of future dividends and capital allocations will be at the discretion of the Board of Directors and will be dependent upon, among other things, the company's financial position, results of operations and cash flow. Uncertainties Affecting Forward-Looking Statements Disclosures in this release, including without limitation, those relating to future financial results, future dividends or capital allocation, market conditions and guidance, the impacts of COVID-19 on our business, and in our other public documents and comments, contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Those statements provide our future expectations or forecasts and can be identified by our use of words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” “outlook,” “target,” “predict,” “may,” “will,” “would,” “could,” “should,” “seek,” and other words or phrases of similar meaning in connection with any discussion of future operating or financial performance. Forward-looking statements, by their nature, address matters that are uncertain and involve risks because they relate to events and depend on circumstances that may or may not occur in the future. As a result, our actual results may differ materially from our expected results and from those expressed in our forward-looking statements. A more detailed discussion of the risks and uncertainties that could cause our actual results to differ materially from those projected, anticipated or implied is included in the “Risk Factors” and “Management’s Discussion and Analysis” section of our report on Forms 10-K and 10-Q filed with the U.S. Securities and Exchange Commission. Forward-looking statements speak only as of the date they are made. We undertake no obligation to update any forward-looking statements beyond what is required under applicable securities law. About Armstrong Armstrong World Industries, Inc. (AWI) is a leader in the design and manufacture of innovative commercial and residential ceiling, wall and suspension system solutions in the Americas. With over $937 million in revenue in 2020, AWI has about 2,800 employees and a manufacturing network of 15 facilities, plus six facilities dedicated to its WAVE joint venture. For more information, visit www.armstrongceilings.com. ContactsInvestors:Media:Thomas Waters, email@example.com or (717) 396-6354Jennifer Johnson, firstname.lastname@example.org or (866) 321-6677
PORTSMOUTH, N.H., April 20, 2021 (GLOBE NEWSWIRE) -- Sprague Resources LP (SRLP) (“Sprague”) and Hartree Partners, LP (“Hartree”) announced today that a subsidiary of Axel Johnson Inc. (“Axel Johnson”) has entered into an agreement to sell to Hartree the general partner interest, the incentive distribution rights and all of the limited partner interests that Axel Johnson owns in Sprague (the “Transaction”). The closing of the Transaction is expected to occur on or before June 15, 2021. As a well-established global energy and commodities firm, Hartree offers strong strategic sponsorship for Sprague to support its growth in traditional and emerging energy markets. Sprague is a 150-year old company and is one of the largest independent suppliers of energy products and related services in the Northeast. Since Axel Johnson acquired the company nearly 50 years ago, Sprague has thrived through varied market conditions and multiple energy transitions. In 2013, Sprague welcomed additional investors through an initial public offering as a master limited partnership, with Axel Johnson retaining both the general partner interest and a majority of the limited partner interests. Since the IPO, Sprague has invested over $450 million in growth capital, expanding its participation in energy and materials handling businesses across its Northeast and Canadian footprints. “This change in ownership marks a significant point in our history,” said David Glendon, President and CEO of Sprague. “Antonia Ax:son Johnson has been a supportive owner for 50 years and we’re forever grateful for her stewardship and commitment to our success. We now look forward to the opportunity to partner with Hartree in the next stage of our growth.” Although Axel Johnson was not expressly seeking a sale of its interests in Sprague, the opportunity to pass the reins to Hartree, which has the expertise, commitment and capability to continue Sprague’s success into the future presented a compelling opportunity to support the company and the management team. “A number of companies have approached us with interest in our ownership in the company over the past several years,” said Michael Milligan, President and CEO of Axel Johnson “but, Hartree conveyed a vision that built on Sprague’s strong foundation while offering access to additional capital to accelerate the company’s growth prospects. We’ve had the opportunity to get better acquainted with the principals at Hartree over the past year and believe they are well-suited to carry Sprague forward and build on the successful platform.” Hartree, founded in 1997, is a privately held energy and commodities firm with global reach. Hartree and its affiliates first invested in Sprague in 2019, and own over 13 percent of Sprague’s outstanding common units before the Transaction. “Sprague is managed by an exceptional team with an outstanding track record of success. We look forward to partnering with the existing management to enhance and expand the company’s infrastructure and franchise. We intend to invest new capital into the platform, as Sprague looks to drive the Northeast’s transition to clean fuels,” stated Stephen Hendel, co-founder of Hartree. Forward Looking StatementsThis press release may include forward-looking statements. These forward-looking statements involve risks and uncertainties. Forward-looking statements in this press release include statements relating to the proposed Transaction, the expected benefits of the Transaction, the timing of the closing thereof and other statements that are not historical facts. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in Sprague's prospectus and SEC filings. Sprague undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this press release. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. About Sprague Resources LPSprague Resources LP is a master limited partnership engaged in the purchase, storage, distribution and sale of refined petroleum products and natural gas. Sprague also provides storage and handling services for a broad range of materials. More information concerning Sprague can be found at www.spragueenergy.com. About Hartree Partners, LPHartree is a well-established global merchant commodities firm concentrating in energy and its associated industries. Formed in 1997, the firm focuses on identifying value in the production, refinement, transportation and consumption of tradable commodities including: electric power, natural gas, natural gas liquids, refined products, crude oil, fuel oil, freight, metals, carbon and petrochemicals, among others. Hartree is jointly owned by its senior management and certain funds managed by Oaktree Capital Management, L.P. AdvisorsIntrepid Partners, LLC is acting as exclusive financial advisor to Axel Johnson. Baker Botts LLP and Vinson & Elkins LLP are acting as legal advisors to Axel Johnson and Hartree, respectively. Sprague Investor Contact:Paul Scoff+1 email@example.com
Summit Materials Announces First Quarter 2021 Results Conference Call Date
Company to host conference call on April 30th, 2021 at 9:00 AM ETKOKOMO, Ind., April 20, 2021 (GLOBE NEWSWIRE) -- Haynes International, Inc. (NASDAQ GM: HAYN) a leading developer, manufacturer and marketer of technologically advanced high performance alloys, announced today that it will host a conference call on Friday, April 30, 2021 to discuss its second quarter financial results for the period ended March 31, 2021. A press release announcing the results will be issued after market close on April 29, 2021. Michael Shor, President and Chief Executive Officer, and Daniel Maudlin, Vice President of Finance and Chief Financial Officer, will host the call and be available to answer questions. To participate, please dial the teleconferencing number shown below five minutes prior to the scheduled conference time. Date:Friday, April 30, 2021Time:9:00 a.m. Eastern Time Dial-In Numbers: 844-602-0380 (Domestic) 862-298-0970 (International) A live Webcast of the conference call will be available at www.haynesintl.com. For those unable to participate a teleconference replay will be available from Friday, April 30, 2021 at 11:00 a.m. Eastern Time, through 11:59 p.m. Eastern Time on May 28, 2021. To listen to the replay, please dial: Domestic: 877-481-4010International:919-882-2331Replay Access:Conference: 40856 A replay of the Webcast will also be available at www.haynesintl.com. About Haynes International Haynes International, Inc. is a leading developer, manufacturer and marketer of technologically advanced, nickel- and cobalt-based high-performance alloys, primarily for use in the aerospace, industrial gas turbine and chemical processing industries. Contact:Daniel Maudlin Vice President of Finance and Chief Financial Officer Haynes International, Inc. 765-456-6102
MCLEAN, Va., April 20, 2021 (GLOBE NEWSWIRE) -- Freddie Mac (OTCQB: FMCC) has priced a new offering of Structured Pass-Through Certificates (K Certificates), which includes a class of floating rate bonds indexed to the Secured Overnight Financing Rate (SOFR). The approximately $937 million in K Certificates (K-F108 Certificates) are expected to settle on or about April 29, 2021. The K-F108 Certificates are backed by floating-rate multifamily mortgages with 10-year terms, which are SOFR-based. K-F108 Pricing ClassPrincipal/Notional Amount (mm)Weighted Average Life (Years)Discount MarginCouponDollar PriceAS$937.9059.442530-day SOFR avg + 25100.000XSNon-Offered Details Co-Lead Managers and Joint Bookrunners: Barclays Capital Inc. and J.P. Morgan Securities LLCCo-Managers: BMO Capital Markets Corp., Cantor Fitzgerald & Co., CastleOak Securities, L.P. and Morgan Stanley & Co. LLC Related Links The K-F108 preliminary offering circular supplement: http://www.freddiemac.com/mbs/data/0kf108oc.pdf Freddie Mac Multifamily Securitization OverviewMultifamily Securities Investor Access database of post-securitization data from Investor Reporting Packages The K-F108 Certificates will not be rated and will include one senior principal and interest class and one interest-only class that is also entitled to static prepayment premiums. The K-F108 Certificates are backed by corresponding classes issued by the FREMF 2021-KF108 Mortgage Trust (KF108 Trust) and guaranteed by Freddie Mac. The KF108 Trust will also issue certificates consisting of the Class CS and R Certificates, which will be subordinate to the classes backing the K-F108 Certificates and will not be guaranteed by Freddie Mac.Freddie Mac Multifamily is a leading issuer of agency-guaranteed structured multifamily securities. K-Deals are part of the company’s business strategy to transfer a portion of the risk of losses away from taxpayers and to private investors who purchase the unguaranteed subordinate bonds. K Certificates typically feature a wide range of investor options with stable cash flows and structured credit enhancement. This announcement is not an offer to sell any Freddie Mac securities. Offers for any given security are made only through applicable offering circulars and related supplements, which incorporate Freddie Mac’s Annual Report on Form 10-K for the year ended December 31, 2020, filed with the Securities and Exchange Commission (SEC) on February 11, 2021; all other reports Freddie Mac filed with the SEC pursuant to Section 13(a) of the Securities Exchange Act of 1934 (Exchange Act) since December 31, 2020, excluding any information “furnished” to the SEC on Form 8-K; and all documents that Freddie Mac files with the SEC pursuant to Sections 13(a), 13(c) or 14 of the Exchange Act, excluding any information “furnished” to the SEC on Form 8-K. Freddie Mac’s press releases sometimes contain forward-looking statements. Forward-looking statements involve known and unknown risks and uncertainties, some of which are beyond the company’s control. Management’s expectations for the company’s future necessarily involve a number of assumptions, judgments and estimates, and various factors could cause actual results to differ materially from the expectations expressed in these and other forward-looking statements. These assumptions, judgments, estimates and factors are discussed in the company’s Annual Report on Form 10-K for the year ended December 31, 2020, and its reports on Form 10-Q and Form 8-K, which are available on the Investor Relations page of the company’s Web site at www.FreddieMac.com/investors and the SEC’s website at www.sec.gov. The company undertakes no obligation to update forward-looking statements it makes to reflect events or circumstances occurring after the date of this press release. The multifamily investors section of the company’s Web site at https://mf.freddiemac.com/investors/ will also be updated, from time to time, with any information on material developments or other events that may be important to investors, and we encourage investors to access this website on a regular basis for such updated information. The financial and other information contained in the documents that may be accessed on this page speaks only as of the date of those documents. The information could be out of date and no longer accurate. Freddie Mac undertakes no obligation, and disclaims any duty, to update any of the information in those documents. Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since our creation by Congress in 1970, we’ve made housing more accessible and affordable for homebuyers and renters in communities nationwide. We are building a better housing finance system for homebuyers, renters, lenders, and taxpayers. Learn more at FreddieMac.com, Twitter @FreddieMac and Freddie Mac’s blog FreddieMac.com/blog. MEDIA CONTACT: Erin Mancini703-903-1530Erin_Mancini@FreddieMac.comINVESTOR CONTACTS: Robert Koontz571-382-4082Luba Kim-Reynolds212-418-8879
St. Louis, April 20, 2021 (GLOBE NEWSWIRE) -- ESCO Technologies Inc. (NYSE:ESE) announced the following webcast: Event: Second Quarter 2021 Conference Call Date: Tuesday, May 4Time: 4 p.m. Central TimeWhere: www.escotechnologies.com The Company’s second quarter 2021 financial results will be released on May 4 at approximately 3:15 p.m. Central Time, followed by the conference call/webcast at 4 p.m. Central Time where the financial results and related commentary will be discussed. Please access the Company’s website at least 15 minutes prior to the call to register, download, and install any necessary audio software. If you are unable to participate, a replay will be available on the Company’s website at www.escotechnologies.com or by phone (dial 1-855-859-2056, passcode 9334419). ESCO, headquartered in St. Louis, Missouri: Manufactures highly-engineered filtration and fluid control products for the aviation, navy, space and process markets worldwide, as well as composite-based products and solutions for navy, defense and industrial customers; is the industry leader in RF shielding and EMC test products; and provides diagnostic instruments, software and services for the benefit of industrial power users and the electric utility and renewable energy industries. Further information regarding ESCO and its subsidiaries is available on the Company’s website at www.escotechnologies.com. SOURCE ESCO Technologies Inc.Kate Lowrey, Director of Investor Relations, (314) 213-7277
CAMP HILL, Pa., April 20, 2021 (GLOBE NEWSWIRE) -- Harsco Corp. (NYSE: HSC) announced the results of its 66th Annual Meeting of Stockholders, held virtually today. Stockholders approved the election of all eight nominees to the Board of Directors to serve until the 2022 Annual Meeting and ratified the Audit Committee’s appointment of PricewaterhouseCoopers LLP as Independent Auditors for the year ending December 31, 2021. Stockholders also approved the Non-Binding Advisory Vote on Executive Officer Compensation and an amendment to the 2016 Non-Employee Directors’ Long-Term Equity Compensation Plan. About Harsco Corporation Harsco Corporation is a global market leader providing environmental solutions for industrial and specialty waste streams and innovative technologies for the rail sector. Based in Camp Hill, PA, the 13,000-employee company operates in more than 30 countries. Harsco’s common stock is a component of the S&P SmallCap 600 Index and the Russell 2000 Index. Additional information can be found at www.harsco.com. Investor ContactDavid Martin717.firstname.lastname@example.orgMedia ContactJay Cooney717.email@example.com
Kontoor Brands, Inc. (NYSE: KTB), a global lifestyle apparel company with a portfolio led by two of the world’s most iconic consumer brands, Wrangler® and Lee®, today announced the appointment of Karen Smith as Executive Vice President of Supply Chain, effective May 1, 2021.
Rush Street Interactive, Inc. (NYSE: RSI) ("RSI") today announced the appointment of Lauren Seiler as Associate Vice President of Investor Relations and Development. Ms. Seiler brings to RSI over 17 years of diversified Wall Street experience, with 12 of those years being gaming-centric. As a long-time industry specialist, she brings an in-depth knowledge of iGaming, sports wagering, land-based operations and finance, along with extensive relationships within the buy and sell-side investor communities to the organization.
Adesis announced that it has achieved certification under ISO 9001:2015.
PREMIER FINANCIAL CORP. ANNOUNCES RECORD QUARTERLY RESULTS AND DIVIDEND INCREASE
Boston Properties, Inc. (NYSE: BXP), the largest publicly traded developer, owner, and manager of Class A office properties in the United States, announced it has signed a 75,000 square-foot, seven-year lease with Imprivata®, the digital identity company for healthcare. Imprivata, which has been ranked by The Boston Globe as one of the top 10 places to work among large employers in 2020, will move its headquarters to Boston Properties’ recent development at 20 CityPoint in Waltham, Massachusetts. Boston Properties developed 20 CityPoint and placed it in service in 2020. With this lease, the office portion of the property is now 100% leased.
REDWOOD CITY, Calif., April 20, 2021 (GLOBE NEWSWIRE) -- PubMatic, Inc. (Nasdaq: PUBM), a sell-side platform that delivers superior outcomes for digital advertising, today announced that it will release its financial results for the quarter ended March 31, 2021 after market close on May 13, 2021. On that day PubMatic will host a webcast at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) to discuss the company’s financial results. Webcast Details What: PubMatic First Quarter 2021 Earnings WebcastWhen: May 13, 2021 at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time)Webcast: A live and archived webcast can be accessed from the News & Events section of PubMatic’s Investor Relations website, https://investors.pubmatic.com About PubMatic PubMatic delivers superior revenue to publishers by being an SSP of choice for agencies and advertisers. PubMatic’s cloud infrastructure platform for digital advertising empowers app developers and publishers to increase monetization while enabling media buyers to drive return on investment by reaching and engaging their target audiences in brand-safe, premium environments across ad formats and devices. Since 2006, PubMatic has been expanding its owned and operated global infrastructure and continues to cultivate programmatic innovation. Headquartered in Redwood City, California, PubMatic operates 14 offices and eight data centers worldwide. Investors:The Blueshirt Group for PubMaticinvestors@pubmatic.com Press Contact:Broadsheet Communications for PubMaticpubmaticteam@broadsheetcomms.com
FREMONT, Calif., April 20, 2021 (GLOBE NEWSWIRE) -- ACM Research, Inc. (NASDAQ: ACMR) announced today that it will release its financial results for the first quarter of 2021 after the U.S. market close on Thursday, May 6, 2021. The company will conduct a conference call on Friday, May 7, 2021, at 8:00 a.m. U.S. Eastern Time (8:00 p.m. China Time) to discuss the results. What: ACM Research First Quarter (ended March 31, 2021) Earnings Call When: 8:00 a.m. U.S. Eastern Time on Friday, May 7, 2021 Webcast: ir.acmrcsh.com/events Please dial in 10 minutes before the call is scheduled to begin and provide the passcode 7084698 to join the call. Phone NumberToll-Free NumberUnited States+1 (661) 567-1217+1 (833) 562-0137Hong Kong+852 58194851+852 800966253Mainland China+86 8008700169+86 4006828609 A replay of the conference call may be accessed by phone at the following numbers until May 14, 2021. To access the replay, please reference the conference ID 7084698. Phone NumberToll-Free NumberUnited States+1 (404) 537-3406+1 (855) 859-2056Hong Kong+852 30114541+852 800930800Mainland China+86 8008703720+86 4006837185 A live and archived webcast of the conference call will be available on the Investors section of the ACM Research website at www.acmrcsh.com. About ACM Research, Inc. ACM develops, manufactures and sells semiconductor process equipment for single-wafer or batch wet cleaning, electroplating, stress-free polishing and thermal processes that are critical to advanced semiconductor device manufacturing, as well as wafer-level packaging. The company is committed to delivering customized, high performance, cost-effective process solutions that semiconductor manufacturers can use in numerous manufacturing steps to improve productivity and product yield. © ACM Research, Inc. The ACM Research logo is a trademark of ACM Research, Inc. For convenience, this trademark appears in this press release without a ™ symbol, but that practice does not mean that ACM Research will not assert, to the fullest extent under applicable law, its rights to such trademark. For investor and media inquiries, please contact: In the United States: The Blueshirt GroupRalph Fong+1 (415) firstname.lastname@example.org In China: The Blueshirt Group AsiaGary Dvorchak, CFA+86 (138) email@example.com
Pzena reports first quarter 2021 Diluted EPS of $0.24.Assets under management ends the first quarter at $49.2 billion.Q1 2021 revenue increases 32 percent to $45.9 million from Q1 2020.Board declares a quarterly dividend of $0.03 per share. NEW YORK, April 20, 2021 (GLOBE NEWSWIRE) -- Pzena Investment Management, Inc. (NYSE: PZN) reported the following U.S. Generally Accepted Accounting Principles (GAAP) basic and diluted net income and earnings per share for the three months ended March 31, 2021 and 2020 (in thousands, except per-share amounts): GAAP Basis For the Three Months EndedMarch 31, 2021 2020 (unaudited) Basic Net Income $4,187 $— Basic Earnings per Share $0.24 $— Diluted Net Income $19,731 $— Diluted Earnings per Share $0.24 $— GAAP diluted net income and GAAP diluted earnings per share were $19.7 million and $0.24, respectively, for the three months ended March 31, 2021. GAAP diluted net income and GAAP diluted earnings per share were both zero for the three months ended March 31, 2020. In evaluating the results of operations, management also reviews adjusted measures of earnings, which are adjusted to exclude accounting items that add a measure of non-operational complexity which obscures the underlying performance of the business. For the three months ended March 31, 2021, December 31, 2020, and March 31, 2020, no adjustments were made to GAAP earnings. Management uses the as adjusted measures to assess the strength of the underlying operations of the business. It believes the as adjusted measures provide information to further analyze the Company's operations between periods and over time. Furthermore, management targets a cash dividend payout ratio at approximately 60% to 70% of our as adjusted diluted net income, subject to growth initiatives and other funding needs. Investors should consider the as adjusted measures in addition to, and not as a substitute for, financial measures prepared in accordance with GAAP. Net income for diluted earnings per share generally assumes all operating company membership units are converted into Company stock at the beginning of the reporting period, and the resulting change to Company net income associated with its increased interest in the operating company, is taxed at the Company's effective tax rate, exclusive of the adjustments noted above and other adjustments. When this conversion results in an increase in earnings per share or a decrease in loss per share, diluted net income and diluted earnings per share are assumed to be equal to basic net income and basic earnings per share for the reporting period. Assets Under Management(unaudited) ($ billions) For the Three Months Ended For the Twelve Months Ended March 31, December 31, March 31, March 31, March 31, 2021 2020 2020 2021 2020Separately Managed Accounts Assets Beginning of Period $17.3 $13.3 $16.4 $10.8 $13.8 Inflows 0.7 0.6 0.4 2.1 2.3 Outflows (1.0) (0.7) (0.3) (2.4) (1.2)Net Flows (0.3) (0.1) 0.1 (0.3) 1.1 Market Appreciation/(Depreciation) 2.7 3.7 (5.4) 8.5 (4.0)Foreign Exchange1 (0.3) 0.4 (0.3) 0.4 (0.1)End of Period $19.4 $17.3 $10.8 $19.4 $10.8 Sub-Advised Accounts Assets Beginning of Period Assets $23.3 $18.0 $22.4 $14.3 $21.0 Inflows 1.5 1.0 0.8 5.7 2.8 Outflows (1.3) (1.2) (0.8) (5.2) (3.5)Net Flows 0.2 (0.2) — 0.5 (0.7)Market Appreciation/(Depreciation) 3.6 5.2 (8.0) 11.9 (5.9)Foreign Exchange1 (0.2) 0.3 (0.1) 0.2 (0.1)End of Period $26.9 $23.3 $14.3 $26.9 $14.3 Pzena Funds Assets Beginning of Period Assets $2.7 $2.0 $2.4 $1.7 $2.3 Inflows 0.2 0.2 0.2 0.6 0.5 Outflows (0.3) (0.2) (0.1) (0.8) (0.4)Net Flows (0.1) — 0.1 (0.2) 0.1 Market Appreciation/(Depreciation) 0.4 0.6 (0.7) 1.3 (0.6)Foreign Exchange1 (0.1) 0.1 (0.1) 0.1 (0.1)End of Period $2.9 $2.7 $1.7 $2.9 $1.7 Total Assets Beginning of Period $43.3 $33.3 $41.2 $26.8 $37.1 Inflows 2.4 1.8 1.4 8.4 5.6 Outflows (2.6) (2.1) (1.2) (8.4) (5.1)Net Flows (0.2) (0.3) 0.2 — 0.5 Market Appreciation/(Depreciation) 6.7 9.5 (14.1) 21.7 (10.5)Foreign Exchange1 (0.6) 0.8 (0.5) 0.7 (0.3)End of Period $49.2 $43.3 $26.8 $49.2 $26.8 1 Foreign exchange reflects the impact of translating non-U.S. dollar denominated AUM into U.S. dollars for reporting purposes. Financial Discussion Revenue (unaudited) ($ thousands) For the Three Months Ended March 31, December 31, March 31, 2021 2020 2020Separately Managed Accounts $24,547 $20,834 $18,696 Sub-Advised Accounts 16,628 13,863 12,709 Pzena Funds 4,696 5,164 3,274 Total $45,871 $39,861 $34,679 Revenue was approximately $45.9 million for the first quarter of 2021, an increase of 15.1% from $39.9 million for the fourth quarter of 2020, and an increase of 32.3% from $34.7 million for the first quarter of 2020. There were no performance fees recognized in the first quarter of 2021, compared to $1.1 million of performance fees recognized during the fourth quarter of 2020. There were no performance fees recognized in the first quarter of 2020. Average assets under management for the first quarter of 2021 were $45.4 billion, increasing 20.4% from $37.7 billion for the fourth quarter of 2020, and increasing 28.2% from $35.4 billion for the first quarter of 2020. The increase from the fourth quarter of 2020 and the first quarter of 2020, primarily reflects market appreciation during the first quarter of 2021. The weighted average fee rate was 0.404% for the first quarter of 2021, decreasing from 0.423% for the fourth quarter of 2020, and increasing from 0.391% for the first quarter of 2020. The weighted average fee rate for separately managed accounts was 0.545% for the first quarter of 2021, decreasing from 0.557% for the fourth quarter of 2020 and increasing from 0.526% for the first quarter of 2020. The decrease from the fourth quarter of 2020 primarily reflects the shift of assets to certain strategies that typically carry lower fee rates. The increase from the first quarter of 2020 primarily reflects the addition of assets to certain strategies that typically carry higher fee rates. The weighted average fee rate for sub-advised accounts was 0.270% for the first quarter of 2021, 0.272% for the fourth quarter of 2020, and 0.266% for the first quarter of 2020. Certain accounts related to one retail client relationship have fulcrum fee arrangements. These fee arrangements require a reduction in the base fee or allow for a performance fee if the relevant investment strategy underperforms or outperforms, respectively, the agreed-upon benchmark over the contract's measurement period, which extends to three years. During the each of the first quarter of 2021, fourth quarter of 2020, and first quarter of 2020, the Company recognized a $1.0 million reduction in base fees related to this client relationship. To the extent the three-year performance record of this account fluctuates relative to its relevant benchmark, the amount of base fees recognized may vary. The weighted average fee rate for Pzena funds was 0.681% for the first quarter of 2021, decreasing from 0.893% for the fourth quarter of 2020, and increasing from 0.625% for the first quarter of 2020. The decrease from the fourth quarter of 2020 primarily reflects performance fees recognized in the fourth quarter of 2020. The increase from the first quarter of 2020 primarily reflects the shift of assets to certain strategies that typically carry higher fee rates. Total operating expenses were $22.8 million for the first quarter of 2021, increasing from $21.6 million for the fourth quarter of 2020 and decreasing from $23.6 million for the first quarter of 2020. The increase in operating expenses from the fourth quarter of 2020 primarily reflects compensation expenses recognized in the first quarter associated with tax payments and the Company's employee profit sharing and savings plan, which generally do not recur during the year. The decrease in general and administrative expenses from the first quarter of 2020 primarily reflects a decrease in travel and entertainment and professional fees. Operating Expenses (unaudited) ($ thousands) For the Three Months Ended March 31, December 31, March 31, 2021 2020 2020Compensation and Benefits Expense $19,135 $17,961 $19,140 General and Administrative Expense 3,696 3,679 4,422 Operating Expenses $22,831 $21,640 $23,562 As of March 31, 2021, employee headcount was 124, increasing from 121 at December 31, 2020, and from 120 at March 31, 2020. The operating margin was 50.2% for the first quarter of 2021, compared to 45.7% for the fourth quarter of 2020, and 32.1% for the first quarter of 2020. The increase in operating margin from the fourth quarter of 2020 and first quarter of 2020 is primarily driven by the increase in revenue. Other income/ (expense) was income of approximately $4.4 million for the first quarter of 2021, $6.1 million for the fourth quarter of 2020, and expense of $9.4 million for the first quarter of 2020. Other income/ (expense) primarily reflects the fluctuations in the gains/ losses and other investment income recognized by the Company on its direct equity investments, the majority of which are held to satisfy obligations under its deferred compensation plan. Other income/ (expense) also includes a portion of gains/ (losses) and other investment income recognized by external investors on their investments in investment partnerships that the Company consolidates, which are offset in net income attributable to non-controlling interests. Other Income/ (Expense) (unaudited) ($ thousands) For the Three Months Ended March 31, December 31, March 31, 2021 2020 2020Net Interest and Dividend Income $197 $206 $240 Gains/ (Losses) and Other Investment Income 4,100 5,867 (9,510)Other Income/ (Expense) 58 59 (86)GAAP Other Income/ (Expense) 4,355 6,132 (9,356)Outside Interests of Investment Partnerships1 (194) (240) 314 As Adjusted Other Income/ (Expense), Net of Outside Interests $4,161 $5,892 $(9,042) 1 Represents the non-controlling interest allocation of the (income)/loss of the Company's consolidated investment partnerships to its external investors. The Company recognized income tax expense of $2.4 million for the first quarter of 2021, $2.0 million for the fourth quarter of 2020 and $1.0 million for the first quarter of 2020. The increase from the fourth quarter of 2020 and the first quarter of 2020 is due to an increase in pretax income. Details of the income tax expense are shown below: Income Tax Expense (unaudited) ($ thousands) For the Three Months Ended March 31, December 31, March 31, 2021 2020 2020Corporate Income Tax Expense $1,500 $1,300 $371 Unincorporated and Other Business Tax Expense 866 707 621 Income Tax Expense $2,366 $2,007 $992 Details of the net income attributable to non-controlling interests of the Company's operating company and consolidated subsidiaries are shown below: GAAP Non-Controlling Interests (unaudited) ($ thousands) For the Three Months Ended March 31, December 31, March 31, 2021 2020 2020Operating Company Allocation $20,648 $18,094 $1,083 Outside Interests of Investment Partnerships1 194 240 (314)GAAP Net Income Attributable to Non-Controlling Interests $20,842 $18,334 $769 1 Represents the non-controlling interest allocation of the (income)/loss of the Company's consolidated investment partnerships to its external investors. On April 20, 2021, the Company's Board of Directors approved a quarterly dividend of $0.03 per share of its Class A common stock. The following dates apply to the dividend: Record Date: April 30, 2021 Payment Date: May 21, 2021 During the last twelve months, inclusive of the dividend noted above, the Company declared total dividends of $0.34 per share of its Class A common stock. First Quarter 2021 Earnings Call Information Pzena Investment Management, Inc. (NYSE: PZN) will hold a conference call to discuss the Company's financial results and outlook at 10:00 a.m. ET, Wednesday, April 21, 2021. The call will be open to the public. Webcast Instructions: To gain access to the webcast, which will be "listen-only," go to the Events page in the Investor Relations area of the Company's website, www.pzena.com. Teleconference Instructions: To gain access to the conference call via telephone, U.S. callers should dial 844-378-6482; Canada callers should dial 855-669-9657; international callers should dial 412-317-5106. Please reference the Pzena Investment Management call. Replay: The conference call will be available for replay through May 5, 2021, on the web using the information given above. About Pzena Investment Management Pzena Investment Management, LLC, the firm's operating company, is a value-oriented investment management firm. Founded in 1995, Pzena Investment Management has built a diverse, global client base. More firm and stock information is posted at www.pzena.com. Forward-Looking Statements This press release may contain, in addition to historical information, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended. Forward-looking statements provide the Company’s current views, expectations, or forecasts of future events and performance, and include statements about our expectations, beliefs, plans, objectives, intentions, assumptions and other statements that are not historical facts. Words or phrases such as “anticipate,” “believe,” “continue,” “ongoing,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project” or similar words or phrases, or the negatives of those words or phrases, may identify forward-looking statements, but the absence of these words does not necessarily mean that a statement is not forward-looking. Among the factors that could cause actual results to differ from those expressed or implied by a forward-looking statement are those described in the sections entitled “Risk Factors” and “Management's Discussion and Analysis of Financial Condition and Results of Operations” in the Company's Annual Report on Form 10-K, as filed with the SEC on March 10, 2021 and in the Company's Quarterly Reports on Form 10-Q as filed with the SEC. These risk factors include a pandemic or health crisis, including the COVID-19 pandemic, and its impact on financial institutions, the global economic or capital markets as well as Pzena’s products, clients, vendors and employees, and Pzena’s results of operations, the full extent of which may be unknown. In light of these risks, uncertainties, assumptions, and factors, actual results could differ materially from those expressed or implied in the forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date stated, or if no date is stated, as of the date of this release. The Company is not under any obligation and does not intend to make publicly available any update or other revisions to any forward-looking statements to reflect circumstances existing after the date of this release or to reflect the occurrence of future events even if experience or future events make it clear that any expected results expressed or implied by those forward-looking statements will not be realized. Contact: Jessica Doran, 212-355-1600 or firstname.lastname@example.org. PZENA INVESTMENT MANAGEMENT, INC. CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION(in thousands) As of March 31, December 31, 2021 2020 (unaudited) ASSETS Cash and Cash Equivalents $29,650 $65,534 Restricted Cash 1,054 1,050 Due from Broker 268 87 Advisory Fees Receivable 40,798 36,524 Investments 41,419 34,104 Prepaid Expenses and Other Assets 6,063 5,603 Right-of-use Assets 10,989 11,578 Deferred Tax Asset 27,825 29,831 Property and Equipment, Net of Accumulated Depreciation of $6,203 and $5,980, respectively 4,092 4,376 TOTAL ASSETS $162,158 $188,687 LIABILITIES AND EQUITY Liabilities: Accounts Payable and Accrued Expenses $19,111 $36,317 Due to Broker — 56 Securities Sold Short 743 714 Liability to Selling and Converting Shareholders 25,701 25,701 Lease Liabilities 11,304 11,905 Deferred Compensation Liability 1,644 5,039 TOTAL LIABILITIES 58,503 79,732 Equity: Total Pzena Investment Management, Inc.'s Equity 30,835 31,106 Non-Controlling Interests 72,820 77,849 TOTAL EQUITY 103,655 108,955 TOTAL LIABILITIES AND EQUITY $162,158 $188,687 PZENA INVESTMENT MANAGEMENT, INC. UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS(in thousands, except share and per-share amounts) For the Three Months Ended March 31, 2021 2020REVENUE $45,871 $34,679 EXPENSES Compensation and Benefits Expense 19,135 19,140 General and Administrative Expense 3,696 4,422 TOTAL OPERATING EXPENSES 22,831 23,562 Operating Income 23,040 11,117 Other Income 4,355 (9,356) Income Before Taxes 27,395 1,761 Income Tax Expense 2,366 992 Consolidated Net Income 25,029 769 Less: Net Income Attributable to Non-Controlling Interests 20,842 769 Net Income Attributable to Pzena Investment Management, Inc. $4,187 $— Earnings per Share - Basic and Diluted Attributable to Pzena Investment Management, Inc. Common Stockholders: Net Income for Basic Earnings per Share $4,187 $— Basic Earnings per Share $0.24 $— Basic Weighted Average Shares Outstanding 17,240,412 17,790,184 Net Income for Diluted Earnings per Share $19,731 $— Diluted Earnings per Share $0.24 $— Diluted Weighted Average Shares Outstanding 83,451,997 79,583,147 PDF available: http://ml.globenewswire.com/Resource/Download/c835bbbf-da9b-43a7-a99e-9494f445d8e1
DENVER, April 20, 2021 (GLOBE NEWSWIRE) -- DCP Midstream, LP (NYSE: DCP) announced today that the board of directors of its general partner declared a first quarter 2021 common unit distribution of $0.39 per unit, or $1.56 per unit on an annualized basis. This quarterly common unit distribution will be paid May 14, 2021 to common unitholders of record at the close of business on April 30, 2021. In addition, the board of directors declared a semi-annual Series A preferred unit distribution of $36.875 per unit and a quarterly Series B preferred unit distribution of $0.4922 per unit. These preferred unit cash distributions will be paid June 15, 2021 to preferred unitholders of record at the close of business on June 1, 2021. The board of directors also declared a quarterly Series C preferred unit distribution of $0.4969 per unit. This preferred unit cash distribution will be paid July 15, 2021 to preferred unitholders of record at the close of business on July 1, 2021. INVESTOR RELATIONS:Sarah SandbergPhone:303-605-1626 This serves as qualified notice to nominees and brokers as provided for under Treasury Regulation Section 1.1446-4(b)(4) and (d). Please note that 100 percent of DCP’s distributions to foreign investors are attributable to income that is effectively connected with a United States trade or business. Accordingly, DCP’s distributions to foreign investors are subject to federal income tax withholding at the highest effective tax rate. Nominees are treated as withholding agents responsible for withholding distributions received by them on behalf of foreign investors. ABOUT DCP MIDSTREAM, LP DCP Midstream, LP (NYSE: DCP) is a Fortune 500 midstream master limited partnership headquartered in Denver, Colorado, with a diversified portfolio of gathering, processing, logistics and marketing assets. DCP is one of the largest natural gas liquids producers and marketers and one of the largest natural gas processors in the U.S. The owner of DCP’s general partner is a joint venture between Enbridge and Phillips 66. For more information, visit the DCP Midstream, LP website at www.dcpmidstream.com.