A use-of-force expert says former Officer Derek Chauvin was justified in pinning George Floyd to the ground because of his frantic resistance. The witness, Barry Brodd, testified Tuesday for the defense at Chauvin's murder trial. (Apr. 13)
A use-of-force expert says former Officer Derek Chauvin was justified in pinning George Floyd to the ground because of his frantic resistance. The witness, Barry Brodd, testified Tuesday for the defense at Chauvin's murder trial. (Apr. 13)
CN’s enhanced proposal of $3251 per share values KCS at an enterprise value of $33.6 billion With Confirmatory Due Diligence Complete, CN Looks Forward to Promptly Entering into Merger Agreement with KCS MONTREAL, May 13, 2021 (GLOBE NEWSWIRE) -- CN (TSX: CNR, NYSE: CNI) today announced that following the completion of confirmatory due diligence, it submitted an enhanced binding superior proposal and merger agreement to the Kansas City Southern (NYSE: KSU) (“KCS”) Board of Directors. The KCS Board has determined CN’s proposal to be a “Company Superior Proposal” and has announced its intention to terminate the previously executed March 21, 2021 merger agreement with Canadian Pacific Railway Limited (TSX: CP, NYSE: CP) (“CP”). CN looks forward to promptly entering into a definitive merger agreement with KCS to create the premier railway for the 21st century. CN’s proposal offers KCS shareholders $325 per common share based on yesterday’s closing price of CN shares, which implies a total enterprise value of $33.6 billion, including the assumption of approximately $3.8 billion of KCS debt. Under the terms of CN’s revised proposal, KCS shareholders will receive $200 in cash and 1.129 shares of CN common stock for each KCS common share, with KCS shareholders expected to own 12.6% of the combined company. This represents an implied premium of 45% when compared to KCS’ unaffected closing stock price on March 19, 2021. KCS’ preferred shareholders will continue to receive $37.50 in cash for each preferred share. Under the terms of the revised proposal, a wholly owned subsidiary of CN has also agreed to reimburse $700 million to KCS in connection with their payment of the termination fee to CP under the merger agreement with CP. “We are delighted that KCS has deemed CN’s binding proposal superior, recognizing the many compelling benefits of our combination and expressing confidence in CN’s ability to obtain the necessary approvals and successfully close the transaction. Our proposal offers a clear path to completion and is structured in a way that gives KCS shareholders both greater immediate value and the opportunity to participate in the future upside of the combined company. Together, CN and KCS will seamlessly connect ports and rails in the United States, Mexico and Canada by providing superior service, enhanced competition and new market access to move goods across North America safely and efficiently. We are encouraged by the widespread support we have received for the transaction thus far and will continue to work closely with KCS and all relevant stakeholders to fully realize the benefits and opportunities available through a combined CN-KCS.” - JJ Ruest, president and chief executive officer of CN “We are the better bid, better partner, better railway and best solution for KCS, and are pleased that the KCS Board of Directors has recognized the superiority of our proposal. We look forward to continuing to engage constructively with KCS’ Board to execute a definitive merger agreement in the near term and deliver the benefits of this transaction to both companies’ stakeholders.” - Robert Pace, Chair of the Board of CN The combination of CN and KCS will: Create the premier railway for the 21st century: The combination of CN and KCS will further accelerate CN’s industry-leading growth profile by connecting North America’s industrial corridor to create new options for shippers and new revenue for the combined company. A CN-KCS combination is the right solution to bring the USMCA to life in a meaningful way. Have strong stakeholder support. CN has received more than 1,000 letters of support from customers, partners and elected officials since it first made its proposal; this is nearly double the number of support letters filed by CP, in less than half the time. Be pro-competitive: CN and KCS will create a safer, faster, cleaner and stronger railway that is ideally positioned to support the growth of an emerging consumption-based economy through better service options and customer choice. Specifically, this combination will create an express route that connects the U.S., Mexico and Canada with a seamless single-owner, single-operator service, and preserve access to all existing gateways to enhance route choices and ensure robust price competition.Accelerate innovation and environmental efficiency: CN and KCS share cultures that are committed to safety, service and environmental stewardship. CN and KCS will accelerate innovation and investment as CN brings its industry-leading safety technology and fuel efficiency to the KCS network. The combined company will yield demonstrable benefits for the environment across the states and regions traversed by KCS’ tracks by converting significant volumes of truck traffic onto rails, which deliver better fuel efficiency at lower cost. Expected conversion of truck traffic to rails will also reduce traffic congestion in these regions and prevent thousands of tons of emissions from entering the atmosphere every day. Have a clear path to close: CN is confident in its ability to obtain approval from the Surface Transportation Board (“STB”) and other regulatory bodies on a timeline consistent with the proposed CP transaction. CN has proposed to use a voting trust and trustee that are identical to those the STB approved for CP’s proposed acquisition. KCS shareholders will receive the merger consideration immediately upon the closing of CN’s voting trust, which is expected to be in the second half of 2021. Moreover, CN’s proposed transaction will not require the approval of CN’s shareholders, eliminating a closing condition present in the proposed CP transaction and thereby providing greater certainty of closing. The completion of the transaction would be expected to take place in the second half of 2022. For more information about CN’s superior proposal to combine with KCS, please visit www.ConnectedContinent.com. About CNCN is a world-class transportation leader and trade-enabler. Essential to the economy, to the customers, and to the communities it serves, CN safely transports more than 300 million tons of natural resources, manufactured products, and finished goods throughout North America every year. As the only railroad connecting Canada’s Eastern and Western coasts with the U.S. South through a 19,500-mile rail network, CN and its affiliates have been contributing to community prosperity and sustainable trade since 1919. CN is committed to programs supporting social responsibility and environmental stewardship. Forward Looking StatementsCertain statements included in this news release constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and under Canadian securities laws, including statements based on management’s assessment and assumptions and publicly available information with respect to KCS, regarding the proposed transaction between CN and KCS, the expected benefits of the proposed transaction and future opportunities for the combined company. By their nature, forward-looking statements involve risks, uncertainties and assumptions. CN cautions that its assumptions may not materialize and that current economic conditions render such assumptions, although reasonable at the time they were made, subject to greater uncertainty. Forward-looking statements may be identified by the use of terminology such as “believes,” “expects,” “anticipates,” “assumes,” “outlook,” “plans,” “targets,” or other similar words. Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and other factors which may cause actual results, performance or achievements of CN, or the combined company, to be materially different from the outlook or any future results, performance or achievements implied by such statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements. Important risk factors that could affect the forward-looking statements in this news release include, but are not limited to: the outcome of any possible transaction between CN and KCS, including the possibility that a transaction will not be agreed to or that the terms of any definitive agreement will be materially different from those described; the parties’ ability to consummate the proposed transaction; the conditions to the completion of the proposed transaction; that the regulatory approvals required for the proposed transaction may not be obtained on the terms expected or on the anticipated schedule or at all; CN’s indebtedness, including the substantial indebtedness CN expects to incur and assume in connection with the proposed transaction and the need to generate sufficient cash flows to service and repay such debt; CN’s ability to meet expectations regarding the timing, completion and accounting and tax treatments of the proposed transaction; the possibility that CN may be unable to achieve expected synergies and operating efficiencies within the expected time-frames or at all and to successfully integrate KCS’ operations with those of CN; that such integration may be more difficult, time-consuming or costly than expected; that operating costs, customer loss and business disruption (including, without limitation, difficulties in maintaining relationships with employees, customers or suppliers) may be greater than expected following the proposed transaction or the public announcement of the proposed transaction; the retention of certain key employees of KCS may be difficult; the duration and effects of the COVID-19 pandemic, general economic and business conditions, particularly in the context of the COVID-19 pandemic; industry competition; inflation, currency and interest rate fluctuations; changes in fuel prices; legislative and/or regulatory developments; compliance with environmental laws and regulations; actions by regulators; the adverse impact of any termination or revocation by the Mexican government of KCS de México, S.A. de C.V.’s Concession; increases in maintenance and operating costs; security threats; reliance on technology and related cybersecurity risk; trade restrictions or other changes to international trade arrangements; transportation of hazardous materials; various events which could disrupt operations, including illegal blockades of rail networks, and natural events such as severe weather, droughts, fires, floods and earthquakes; climate change; labor negotiations and disruptions; environmental claims; uncertainties of investigations, proceedings or other types of claims and litigation; risks and liabilities arising from derailments; timing and completion of capital programs; and other risks detailed from time to time in reports filed by CN with securities regulators in Canada and the United States. Reference should also be made to Management’s Discussion and Analysis in CN’s annual and interim reports, Annual Information Form and Form 40-F, filed with Canadian and U.S. securities regulators and available on CN’s website, for a description of major risk factors relating to CN. Forward-looking statements reflect information as of the date on which they are made. CN assumes no obligation to update or revise forward-looking statements to reflect future events, changes in circumstances, or changes in beliefs, unless required by applicable securities laws. In the event CN does update any forward-looking statement, no inference should be made that CN will make additional updates with respect to that statement, related matters, or any other forward-looking statement. No Offer or SolicitationThis news release does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended. Additional Information and Where to Find ItThis news release relates to a proposal which CN has made for an acquisition of KCS. In furtherance of this proposal and subject to future developments, CN (and, if a negotiated transaction is agreed, KCS) may file one or more registration statements, proxy statements, tender offer statements or other documents with the U.S. Securities and Exchange Commission (“SEC”) or applicable securities regulators in Canada. This news release is not a substitute for any proxy statement, registration statement, tender offer statement, prospectus or other document CN and/or KCS may file with the SEC or applicable securities regulators in Canada in connection with the proposed transactions. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROXY STATEMENT(S), REGISTRATION STATEMENT(S), TENDER OFFER STATEMENT, PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC OR APPLICABLE SECURITIES REGULATORS IN CANADA CAREFULLY IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT CN, KCS AND THE PROPOSED TRANSACTIONS. Any definitive proxy statement(s), registration statement or prospectus(es) and other documents filed by CN and KCS (if and when available) will be mailed to stockholders of CN and/or KCS, as applicable. Investors and security holders will be able to obtain copies of these documents (if and when available) and other documents filed with the SEC and applicable securities regulators in Canada by CN free of charge through at www.sec.gov and www.sedar.com. Copies of the documents filed by CN (if and when available) will also be made available free of charge by accessing CN’s website at www.CN.ca. ParticipantsThis news release is neither a solicitation of a proxy nor a substitute for any proxy statement or other filings that may be made with the SEC and applicable securities regulators in Canada. Nonetheless, CN and its directors and executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies in respect of the proposed transactions. Information about CN’s executive officers and directors is available in its 2021 Management Information Circular, dated March 9, 2021, as well as its 2020 Annual Report on Form 40-F filed with the SEC on February 1, 2021, in each case available on its website at www.CN.ca/investors/ and at www.sec.gov and www.sedar.com. Additional information regarding the interests of such potential participants will be included in one or more registration statements, proxy statements, tender offer statements or other documents filed with the SEC and applicable securities regulators in Canada if and when they become available. These documents (if and when available) may be obtained free of charge from the SEC’s website at www.sec.gov and www.sedar.com, as applicable. Contacts: MediaCanadaMathieu GaudreaultCN Media Relations & Public Affairs(514) 249-4735Mathieu.Gaudreault@cn.caLongview Communications & Public AffairsMartin Cej (403) 512-5730 firstname.lastname@example.orgUnited StatesBrunswick GroupJonathan Doorley / Rebecca Kral(917) 459-0419 / (917) email@example.com@brunswickgroup.comInvestment CommunityPaul ButcherVice-PresidentInvestor Relations(514) firstname.lastname@example.org __________________________ 1 All figures in U.S. dollars, except where noted. All conversions between Canadian dollars and U.S. dollars are based on a 0.827 foreign exchange rate as of May 12, 2021. Where applicable, figures are based on CN and CP closing share prices on the NYSE of $110.76 and $391.87, respectively, as of May 12, 2021.
Airbnb Inc beat Wall Street expectations for first-quarter gross bookings and revenue on Thursday, as speedy COVID-19 vaccinations and easing restrictions encouraged more people to check into its vacation rentals. Gross bookings jumped 52% to $10.29 billion in the quarter, easily beating analysts' estimates of $6.93 billion. "For guests aged 60 and above in the U.S., who were amongst the first groups to benefit from vaccine rollouts, searches on our platform for summer travel increased by more than 60% between February and March 2021," Airbnb said.
Elys Game Technology Achieves 39% Revenue Growth and Reports Record Revenue of $14.2 Million for the First Quarter of 2021
The top US health agency on Thursday said it was lifting mask-wearing guidance for people who are fully vaccinated against Covid-19, a watershed moment that President Joe Biden called "a great day" in the long pandemic fight.
Following a serious pop for its stock on Wednesday, given very encouraging news about one of its pipeline drugs, Curis (NASDAQ: CRIS) saw its shares dive by almost 20% the following day. Curis released its first-quarter figures after market close on that otherwise glorious Wednesday.
Rocket barrages from enclave swiftly follow
(Bloomberg) -- Elon Musk stepped up his criticism of Bitcoin by saying he believes in digital currencies but that environmentally unsustainable mining of cryptocurrency outweighs its benefits.The Tesla Inc. chief executive officer said in a tweet Thursday he worries about “massive use” of coal and other carbon-intensive energy to generate electricity needed to mine digital currency. He also reiterated his call for a carbon use tax in a separate tweet.Earlier, Musk posted a chart on Twitter from the University of Cambridge showing Bitcoin’s electricity consumption has skyrocketed this year. It’s the second day he’s criticized crypto mining and follows a decision to suspend Tesla car purchases using Bitcoin.In February, Tesla said it had purchased $1.5 billion in Bitcoin and planned to accept it as a payment, triggering a rally in its own stock as well as the currency. But the about-face on Wednesday sent the value of it and other cryptocurrencies sliding.Bitcoin remained not far from the lowest levels of the day after Musk’s latest tweet. The largest cryptocurrency was down about 9% to $49,700 as of 5:30 p.m. In New York, though off the lows of around $46,000 reach earlier.Musk has been an early corporate champion of adopting digital currencies and has helped spur the popularity of Dogecoin, a cryptocurrency started as a joke in 2013.Tesla shares rose 0.3% in postmarket trading after closing down 3.1% to $571.69. The stock is down about 19% this year.(Corrects to state in that Elon Musk helped popularize Dogecoin in sixth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Scott McLean, President & COO of Zions Bancorporation (NASDAQ: ZION), will make a presentation at the Barclays Americas Select Franchise Conference, Tuesday, May 18 at 9:00 a.m. ET. A live webcast of the session may be accessed on the Zions Bancorporation website, zionsbancorporation.com. The webcast will also be archived and available on the website for 30 days.
Inflation data, why it's rising, and why it matters: explained.
Israel’s military has said troops have launched a ground operation in the Gaza strip following days of airstrikes. The military said in a statement early on Friday, without providing further details, that “air and ground” troops had “begun attacking in the Gaza strip”. Residents of northern Gaza, near the Israeli frontier, said they saw no sign of ground troops inside the enclave but reported heavy artillery fire and dozens of air strikes.
After years of presidential apathy, the Pac-12 picked George Kliavkoff as its next commissioner. We'll see if it pays off or if the conference's leadership continues to be a Power Five punchline.
On 36th anniversary of police devastation that killed 11 people and displaced dozens of residents, mayor apologises to families ‘for how the city has treated them for the last five decades’
75% Q1 net revenue growth year-over-year reinforces outlook for 2021 Fully integrated business model driving revenue growth and profitability COS COB, Conn., May 13, 2021 (GLOBE NEWSWIRE) -- In a release issued under the same headline earlier today by Chicken Soup for the Soul Entertainment, Inc. (Nasdaq: CSSE) please note that certain changes were made in the Adjusted EBITDA table, specifically in the following lines: Film library and program rights amortization, Share-based compensation expense and Reserve for bad debt and video returns. The corrected release follows: Chicken Soup for the Soul Entertainment, Inc. (Nasdaq: CSSE), one of the largest operators of streaming advertising-supported video-on-demand (AVOD) networks, today announced its financial results for the first quarter ended March 31, 2021. “Our first quarter results are a good start on our growth plans for the year, and we’ve made outstanding progress on our strategy so far in 2021,” said William J. Rouhana Jr., chairman and chief executive officer of Chicken Soup for the Soul Entertainment. “Our performance is starting to show the power of our now fully integrated business model focused on delivering original and exclusive content to our growing AVOD networks, reflected in strong growth in net revenue and EBITDA. “In just over five months’ time, we will have significantly expanded our content library while greatly expanding our capabilities to create and deliver new content,” Rouhana continued. “We’ve also announced a new company-branded AVOD network and our new television production unit, Halcyon, and continued to aggressively implement our viewership growth strategy, which will include the launch of an enhanced user experience and platform over the summer. At the same time, we continue to grow our fully-owned library through our strong pipeline of original and exclusive content. With these developments in place, 2021 is shaping up to be a game-changing year for Chicken Soup for the Soul Entertainment.” First Quarter 2021 Financial Summary Net revenue of $23.2 million, compared to $20.2 million in the seasonally high fourth quarter of 2020, and $13.2 million in the year-ago period. The 75% year-over-year growth was driven by strong performances of original content releases and international and advertising sales.Net loss of $9.2 million compared to a net loss of $10.1 million in the fourth quarter of 2020, and a net loss of $11.4 million in the year-ago period; $6.9 million net loss before preferred dividends, compared to $8.9 million net loss in the fourth quarter 2020, and $10.5 million net loss in the year-ago period.Adjusted EBITDA of $4.6 million, compared to $2.8 million in the fourth quarter 2020, and $2.0 million in the year-ago period. The 124% year-over-year growth was enhanced by efficiencies and cost savings associated with the fully integrated business model. Recent Business Highlights First company produced film, Willy’s Wonderland, was ranked as the #1 horror movie on Amazon for a period in the first quarter.Crackle Plus viewership in March 2021 reached its highest level since the shelter-in-place peak of April 2020.Announced the largest content deal in company history with the pending acquisition of the Sonar Entertainment assets, which, when consummated, will add IP rights to 372 television series with 1,825 episodes and over 700 films, to an already-robust library.Presented a diverse new slate of original and exclusive content at NewFronts, which includes numerous exciting, star-studded titles.Announced Halcyon, a new television studio to be headed by David Ellender, which will grow the high-quality content pipeline.Announced launch of Chicken Soup for the Soul AVOD network that aligns with the company brand and mission. Gross profit for the quarter ended March 31, 2021 was $7.0 million, or 30% of net revenue, compared to $5.9 million in the fourth quarter of 2020, or 29% of net revenue, and compared to $3.3 million, or 25% of net revenue for the year-ago period. Operating loss for the quarter ended March 31, 2021 was $5.8 million compared to an operating loss of $9.9 million in the fourth quarter 2020, and $10.0 million in the year-ago period. Net loss was $9.2 million, or $0.67 per share, compared to a net loss of $10.1 million, or $0.79 per share, in the fourth quarter 2020, and a net loss of $11.4 million, or $0.95 per share in the prior-year period. Excluding preferred dividends, the net loss in the first quarter of 2021 would have been $6.9 million, or $0.51 per share, compared to net loss of $10.5 million, or $0.87 per share last year. Adjusted EBITDA for the quarter ended March 31, 2021 was $4.6 million, compared to $2.8 million in the fourth quarter 2020, and $2.0 million in the same period last year. As of March 31, 2021, the company had $24.6 million of cash and cash equivalents compared to $14.7 million as of December 31, 2020, and outstanding debt of $31.2 million as of March 31, 2021 compared to $33.6 million as of December 31, 2020. For a discussion of the financial measures presented herein which are not calculated or presented in accordance with U.S. generally accepted accounting principles (“GAAP”), see "Note Regarding Use of Non-GAAP Financial Measures" below and the schedules to this press release for additional information and reconciliations of non-GAAP financial measures. The company presents non-GAAP measures such as Adjusted EBITDA and Pro Forma Adjusted EBITDA to assist in an analysis of its business. These non-GAAP measures should not be considered an alternative to GAAP measures as an indicator of the company's operating performance. Conference Call Information Date, Time: Thursday, May 13, 2021, 4:30 p.m. ET.Toll-free: (833) 832-5128International: (484) 747-6583Conference ID: 9352518A live webcast and replay will be available at http://ir.cssentertainment.com/ under the “News & Events” tab Conference Call Replay Information Toll-free: (855) 859-2056International: (404) 537-3406Conference ID: 9352518 ABOUT CHICKEN SOUP FOR THE SOUL ENTERTAINMENTChicken Soup for the Soul Entertainment, Inc. (Nasdaq: CSSE) operates streaming video-on-demand networks (VOD). The company owns Crackle Plus, which owns and operates a variety of ad-supported and subscription-based VOD networks including Crackle, Popcornflix, Popcornflix Kids, Truli, Pivotshare, Españolflix and FrightPix. The company also acquires and distributes video content through its Screen Media subsidiary and produces original long and short-form content through Landmark Studio Group, Chicken Soup for the Soul Unscripted, APlus.com, and Halcyon Television. Chicken Soup for the Soul Entertainment is a subsidiary of Chicken Soup for the Soul, LLC, which publishes the famous book series and produces super-premium pet food under the Chicken Soup for the Soul brand name. Note Regarding Use of Non-GAAP Financial MeasuresThe company’s consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). It uses a non-GAAP financial measure to evaluate its results of operations and as a supplemental indicator of operating performance. The non-GAAP financial measure that is used is Adjusted EBITDA. Adjusted EBITDA (as defined below) is considered a non-GAAP financial measure as defined by Regulation G promulgated by the SEC under the Securities Act of 1933, as amended. Management believes this non-GAAP financial measure enhances the understanding of the company’s historical and current financial results and enables the board of directors and management to analyze and evaluate financial and strategic planning decisions that will directly affect operating decisions and investments. The presentation of Adjusted EBITDA should not be construed as an inference that future results will be unaffected by unusual or non-recurring items or by non-cash items. This non-GAAP financial measure should be considered in addition to, rather than as a substitute for, the company’s actual operating results included in its condensed consolidated financial statements. “Adjusted EBITDA” means earnings before interest, taxes, depreciation, amortization and non-cash share-based compensation expense, and also includes the gain on bargain purchase of subsidiary and adjustments for other identified charges such as costs incurred to form the company and to prepare for the offering of its Class A common stock to the public, prior to its IPO. Identified charges also include the cost of maintaining a board of directors prior to being a publicly traded company. As the IPO has been completed, director fees will be deducted from Adjusted EBITDA going forward. Adjusted EBITDA is not an earnings measure recognized by GAAP and does not have a standardized meaning prescribed by GAAP; accordingly, Adjusted EBITDA may not be comparable to similar measures presented by other companies. Management believes Adjusted EBITDA to be a meaningful indicator of the company’s performance that provides useful information to investors regarding its financial condition and results of operations. The most comparable GAAP measure is operating income. A reconciliation of net loss to Adjusted EBITDA is provided in the company’s Annual Report on Form 10-K for the year ended December 31, 2020 under “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Reconciliation of Unaudited Historical Results to Adjusted EBITDA.” FORWARD-LOOKING STATEMENTSThis press release includes forward-looking statements that involve risks and uncertainties. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are subject to risks (including those set forth in the Annual Report on Form 10-K, filed with the Securities and Exchange Commission on March 31, 2021) and uncertainties which could cause actual results to differ from the forward-looking statements. The company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based. Investors should realize that if our underlying assumptions for the projections contained herein prove inaccurate or that known or unknown risks or uncertainties materialize, actual results could vary materially from our expectations and projections. INVESTOR RELATIONS Taylor KrafchikEllipsisCSSE@ellipsisir.com 646-776-0886 MEDIA CONTACTKate BarretteRooneyPartners LLCkbarrette@rooneyco.com (212) 223-0561 Chicken Soup for the Soul Entertainment, Inc.Condensed Consolidated Balance Sheets March 31, December 31, 2021 2020 (unaudited) ASSETS Cash and cash equivalents $24,569,875 $14,732,726 Accounts receivable, net of allowance for doubtful accounts of $821,070, and $1,035,643, respectively 26,854,738 25,996,947 Prepaid expenses and other current assets 1,612,155 1,382,502 Goodwill 21,448,106 21,448,106 Indefinite lived intangible assets 12,163,943 12,163,943 Intangible assets, net 18,165,038 19,370,490 Film library, net 38,709,850 35,239,135 Due from affiliated companies 4,389,378 5,648,652 Programming costs and rights, net 13,841,702 15,781,183 Other assets, net 4,476,459 4,517,102 Total assets $166,231,244 $156,280,786 LIABILITIES AND EQUITY 9.50% Notes due 2025, net of deferred issuance costs of $1,699,544 and $1,798,433, respectively $31,196,356 $31,097,467 Notes payable under revolving credit facility — 2,500,000 Film acquisition advance 6,195,174 8,659,136 Accounts payable and accrued other expenses 20,884,463 21,394,957 Film library acquisition obligations 14,854,918 8,616,562 Programming obligations 2,804,125 4,697,316 Accrued participation costs 7,529,515 12,535,651 Other liabilities 2,767,892 1,677,906 Total liabilities 86,232,443 91,178,995 Equity Stockholders' Equity: Series A cumulative redeemable perpetual preferred stock, $.0001 par value, liquidation preference of $25.00 per share, 10,000,000 shares authorized; 3,698,318 and 2,098,318 shares issued and outstanding, respectively; redemption value of $92,457,950 and $52,457,950, respectively 370 210 Class A common stock, $.0001 par value, 70,000,000 shares authorized; 6,400,766 and 5,157,053 shares issued, 6,326,531 and 5,082,818 shares outstanding, respectively 640 516 Class B common stock, $.0001 par value, 20,000,000 shares authorized; 7,654,506 shares issued and outstanding, respectively 766 766 Additional paid-in capital 166,865,655 106,425,548 Deficit (86,235,901) (77,247,982)Class A common stock held in treasury, at cost (74,235 shares) (632,729) (632,729)Total stockholders’ equity 79,998,801 28,546,329 Subsidiary convertible preferred stock — 36,350,000 Noncontrolling interests — 205,462 Total equity 79,998,801 65,101,791 Total liabilities and equity $166,231,244 $156,280,786 Chicken Soup for the Soul Entertainment, Inc.Condensed Consolidated Statements of Operations(unaudited) Three Months Ended March 31, 2021 2020Net revenue $23,196,842 $13,244,073 Cost of revenue 16,242,934 9,910,390 Gross profit 6,953,908 3,333,683 Operating expenses: Selling, general and administrative 9,234,819 6,839,897 Amortization and depreciation 1,238,027 5,204,728 Management and license fees 2,319,684 1,324,407 Total operating expenses 12,792,530 13,369,032 Operating loss (5,838,622) (10,035,349)Interest expense 1,087,944 329,125 Acquisition-related costs — 98,926 Other non-operating income, net (570) (6,438)Loss before income taxes and preferred dividends (6,925,996) (10,456,962)Provision for income taxes 14,000 49,000 Net loss before noncontrolling interests and preferred dividends (6,939,996) (10,505,962)Net loss attributable to noncontrolling interests — (52,854)Net loss attributable to Chicken Soup for the Soul Entertainment, Inc. (6,939,996) (10,453,108)Less: preferred dividends 2,253,385 974,272 Net loss available to common stockholders $(9,193,381) $(11,427,380)Net loss per common share: Basic and diluted $(0.67) $(0.95) Chicken Soup for the Soul Entertainment, Inc. Adjusted EBITDA Three Months Ended March 31, 2021 2020 Net loss available to common stockholders $(9,193,381) $(11,427,380)Preferred dividends 2,253,385 974,272 Provision for income taxes 14,000 49,000 Other taxes 84,493 53,411 Interest expense 1,087,944 329,125 Film library and program rights amortization 6,928,667 2,494,832 Share-based compensation expense 231,844 244,835 Acquisition-related costs — 98,926 Reserve for bad debt and video returns 694,212 1,721,595 Amortization and depreciation 1,621,360 5,204,728 Other non-operating income, net (570) (6,438)Transitional expenses — 2,113,469 All other nonrecurring costs 840,050 186,948 Adjusted EBITDA $4,562,004 $2,037,323
Hecla Mining Company releases its 2020 Sustainability Report.
Please allow me to remind you that our discussion today contains forward-looking statements. Actual results may differ materially from results projected by those forward-looking statements. Additional information concerning factors that could cause actual results to materially differ from those in the forward-looking statements is contained in the first quarter of 2021 earnings release and earnings presentation available on our website.
Joining me on the call today are Reade Fahs, Chief Executive Officer; and Patrick Moore, Chief Financial Officer. Before we begin, let me remind you that our earnings materials in today's presentation include forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995.
In a filing with the Federal Communications Commission (FCC), the company details how it hopes its latest test flight will unfold.
Record Q2 Sales of $4.35 million, Record Net Earnings of $0.8 millionMISSISSAUGA, Ontario, May 13, 2021 (GLOBE NEWSWIRE) -- Microbix Biosystems Inc. (TSX: MBX, OTCQB: MBXBF, Microbix®), a life sciences innovator and exporter, reports results for its second quarter and first half of fiscal 2021 ending March 31, 2021 (“Q2” and “H1”), with record sales and earnings, plus progress upon its strategic goals. Management Discussion Q2 revenues were up 51% from 2020, achieving a record level of $4.35 million as Microbix continues to emphasize its sales of innovative, proprietary, and branded medical devices. Sales of its test quality assessment products (“QAPs™”) for Q2 increased 251% from the same period in fiscal 2020 (Q2 2020) to reach a record 34% of total sales. Microbix’s newest product line, viral transport medium (branded “DxTM™”) also contributed, with meaningful initial private-sector sales. Finally, sales of antigens were also strong, recovering by 7% year-over-year. All sales categories were at acceptable gross margins and together resulted in strong EBITDA, record net earnings, and positive cash flow from operations. For the balance of fiscal 2021, further sales growth and improvements to net earnings is expected, particularly as Ontario’s initial DxTM order of $4.25 million is delivered across fiscal Q3 and Q4 of 2021. Second Quarter Financial Results Q2 revenue was $4,353,773, a 51% increase from Q2 2020 revenues of $2,874,496. Included were antigen revenues of $2,524,363 (Q2 2020 - $2,357,918), QAPs revenues were $1,495,088 (Q2 2020 - $425,891) for segment growth of 251%. Initial private-sector revenue from DxTM was $255,000 (Q2 2020 - nil), and royalties was $79,322 (Q2 2020 - $90,687). Microbix’s Q2 sales were most influenced by the broadening diagnostics industry uptake of Microbix’s COVID-19 related QAPs, especially the swab-formatted PROCEEDx™FLOQ® and REDx™FLOQ® QAPs, and continued recovery in antigen sales. Q2 gross margin was 60%, up from 46% in Q2 2020, due to a greater proportion of sales of QAPs, new VTM sales, the effects of antigen product sales mix, and improving bioreactor antigen margins. Operating expenses in Q2 increased by 17% relative to Q2 2020, primarily due to the impact of the fluctuations in foreign currencies in Q2 2021 vs. Q2 2020. Overall, greater sales and more available gross margin dollars during Q2 led to an operating income and net income of $807,463 versus an operating and net loss of $219,030 in Q2 2020. Cash provided by operating activities was $981,648, compared to cash used in operations of $777,851 in Q2 2020, with the increase coming primarily from a year-over-year improvement in net income of over $1 million. First Half Financial Results H1 revenue was $7,511,432, a 53% increase from prior year (H1 2020) revenue of $4,920,844. Included were antigen product revenues of $4,662,192 (H1 2020 - $4,304,377), a recovery of 8%. QAPs revenues were $2,457,509, an increase of 444% from H1 2020 sales of $452,005. Finally, DxTM was $255,000 (H1 2020 - nil) and royalties were $136,731 (H1 2020 - $164,462). H1 sales were most influenced by the uptake of Microbix’s COVID-19 related QAPs, especially PROCEEDx™FLOQ® and REDx™FLOQ®, followed by the start of what is expected to become a broad-based recovery in antigen sales. Gross margin in H1 was 58%, up from 48% in H1 2020, due to significant increase in higher margin QAPs sales and changes in Antigens product mix & yields. H1 operating expenses increased by 8% from 2020, primarily due year-over-year incremental foreign exchange losses. Stronger sales and gross margins YTD led to a net profit of $938,282 versus a net loss of $804,295 in H1 2020. Cash provided by operations (“CFO”) was $1,168,450, compared to cash used of $540,059 in H1 2020. At the end of Q2, Microbix’s current ratio (current assets divided by current liabilities) was 1.86 and its debt to equity ratio (total debt over shareholders’ equity) was 1.19. FINANCIAL HIGHLIGHTS As at and for the quarter endedMarch 31, 2021 March 31, 2020 March 31, 2021 March 31, 2020 Total Revenue$4,353,773 $2,874,496 $7,511,432 $4,920,844 Gross Margin 2,605,105 1,320,613 4,352,403 2,364,347 SG&A Expenses 1,315,363 993,671 2,471,561 2,080,337 R&D Expense 216,283 277,603 414,161 542,952 Financial Expenses 265,996 268,369 528,399 545,353 Operating Income (Loss) for the period 807,463 (219,030) 938,282 (804,295) Net Income (Loss) and Comprehensive Income (Loss) for the period 807,463 (219,030) 938,282 (804,295) Cash Provided (Used) by Operating Activities 981,648 (777,851) 1,168,450 (540,059) March 31, 2021 September 30, 2020 Cash 1,545,159 92,661 Accounts receivable 2,113,961 1,877,009 Total current assets 8,839,681 6,492,832 Total assets 17,956,165 15,598,011 Total current liabilities 4,740,364 4,090,038 Total liabilities 9,741,271 8,978,534 Total shareholders' equity 8,214,894 6,619,477 Current ratio 1.86 1.59 Debt to equity ratio 1.19 1.36 Corporate OutlookFor the balance of fiscal 2021, Microbix will work to building sales across all of its three revenue-generating business lines, continue improving percentage gross margins and driving its bottom-line results. If Microbix achieves its budget targets, the company will generate meaningful net earnings for fiscal 2021. Additionally, work continues upon securing a partnership to advance its Kinlytic® urokinase project. Adelaide Capital will host a live webinar with management, on Monday, May 17th at 11am ET. Please register here: https://us02web.zoom.us/webinar/register/WN_o-jH4kZiRsOjHmQPdihUrg. It will also be live-streamed to YouTube at: https://www.youtube.com/channel/UC7Jpt_DWjF1qSCzfKlpLMWw. A replay of the webinar will also be made available on Adelaide Capital’s YouTube channel. About Microbix BiosystemsMicrobix develops proprietary biological technology solutions for human health and well-being, with about 90 skilled employees and sales growing from a base of over $1 million per month. It makes a wide range of critical biological materials for the global diagnostics industry, notably antigens for immunoassays and its laboratory quality assessment products (QAPs™) that support clinical lab proficiency testing, enable assay development and validation, or help ensure the quality of clinical diagnostic workflows. Microbix antigens enable the antibody tests of over 100 international diagnostics companies, while its QAPs are sold to clinical laboratory accreditation organizations, diagnostics companies, and clinical laboratories. Microbix QAPs are now available in over 30 countries, distributed by 1WA (Oneworld Accuracy Inc.), Alpha-Tec Systems, Inc., Diagnostic International Distribution SpA., Labquality Oy, The Medical Supply Company of Ireland, R-Biopharm AG, and Seegene Canada Inc. Microbix is ISO 9001 and 13485 accredited, U.S. FDA registered, Australian TGA registered, Health Canada establishment licensed, and provides CE marked products. Microbix also applies its biological expertise and infrastructure to develop other proprietary products and technologies, most notably viral transport medium (DxTM™) to stabilize patient samples for lab-based molecular diagnostic testing and Kinlytic® urokinase, a biologic thrombolytic drug used to treat blood clots. Microbix is traded on the TSX and OTCQB, and headquartered in Mississauga, Ontario, Canada. Forward-Looking InformationThis news release includes “forward-looking information,” as such term is defined in applicable securities laws. Forward-looking information includes, without limitation, discussion of financial results or the outlook for the business, risks associated with its financial results and stability, its current or future products, development projects such as those referenced herein, sales to foreign jurisdictions, engineering and construction, production (including control over costs, quality, quantity and timeliness of delivery), foreign currency and exchange rates, maintaining adequate working capital and raising further capital on acceptable terms or at all, and other similar statements concerning anticipated future events, conditions or results that are not historical facts. These statements reflect management’s current estimates, beliefs, intentions and expectations; they are not guarantees of future performance. The Company cautions that all forward looking information is inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond the Company’s control. Accordingly, actual future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. All statements are made as of the date of this news release and represent the Company’s judgement as of the date of this new release, and the Company is under no obligation to update or alter any forward-looking information. Please visit www.microbix.com or www.sedar.com for recent Microbix filings. For further information, please contact: Cameron Groome, CEO(905) 361-8910Jim Currie, CFO(905) 361-8910Deborah Honig, Investor RelationsAdelaide Capital Markets(647) 203-8793 email@example.com Copyright © 2021 Microbix Biosystems Inc. Microbix®, DxTM™, Kinlytic®, and QAPs™ are trademarks of the CompanyPROCEEDx™FLOQ® and REDx™FLOQ® are trademarks of the Company in collaboration with Copan Italia S.p.A.
President Joe Biden said on Thursday he is pressing for a halt to violence between Israelis and Palestinians, but U.S. officials say they are resigned to the conflict continuing for some days to come. Since taking office in January, Biden's foreign policy moves have largely been centered on China, Russia and Iran. The sharp escalation in violence between Israel and the Palestinian territories and a mounting death toll have forced the Democrat to launch a diplomatic effort aimed at restoring calm in a volatile region.
Randle is a free agent after next season. Sounds like he wants to stay.