Aug.03 -- American Enterprise Institute Resident Scholar Derek Scissors believes a full ban of TikTok from the U.S. may not make sense. He was speaking with Haslinda Amin and Rishaad Salamat on "Bloomberg Market: Asia."
Aug.03 -- American Enterprise Institute Resident Scholar Derek Scissors believes a full ban of TikTok from the U.S. may not make sense. He was speaking with Haslinda Amin and Rishaad Salamat on "Bloomberg Market: Asia."
The film's 25th anniversary is coming up.
KITS Eyecare Ltd. (TSX: KITS) (OTCQX: KTYCF) ("KITS" or the "Company"), a rapidly growing, vertically integrated, digitally native eyecare platform, today announced it has been approved for immediate trading on the OTCQX® Best Market ("OTCQX"), the top tier of the OTC Markets. Shares of the company were upgraded to OTCQX from the Pink® market.
NOT FOR DISTRIBUTION IN THE U.S.A. OR OVER U.S. WIRE SERVICES MISSISSAUGA, Ontario, May 07, 2021 (GLOBE NEWSWIRE) -- KP Tissue Inc. (“KPT”) (TSX: KPT) announced today that the Board of Directors has declared a quarterly dividend of $0.18 per common share, payable on July 15, 2021 to shareholders of record at the close of business on June 30, 2021, subject to applicable law. The dividends paid are designated as "eligible" dividends for the purposes of the Income Tax Act (Canada) and any similar provincial and territorial legislation. The dividend is being declared in connection with the declaration of a corresponding quarterly distribution by Kruger Products L.P. (“KPLP”) in which KP Tissue holds a limited partnership interest. Dividend Reinvestment Plan The Corporation has a Dividend Reinvestment Plan under which eligible shareholders may elect to have their cash dividends reinvested in additional common shares of KPT. Under the Plan, the Corporation will automatically reinvest for participating shareholders the cash dividends of KPT in newly issued Common Shares at a price per Common Share equal to 100% of the 5-day weighted average trading price of the Common Shares prior to the dividend payment date. Only Canadian shareholders are eligible to participate in the DRIP and the DRIP is subject to additional limitations and restrictions. Interested shareholders are encouraged to review the full text of the DRIP, available on KPT’s website at www.kptissueinc.com. Shareholders who wish to participate in the DRIP should contact their broker, financial institution, or other nominee through which their Common Shares are held to determine their eligibility and provide appropriate enrolment instructions, and to ensure any deadlines or other requirements that such broker, financial institution, or nominee may impose or be subject to are met. About KP Tissue Inc. KPT was created to acquire, and its business is limited to holding, a limited partnership interest in KPLP, which is accounted for as an investment on the equity basis. KPT currently holds a 14.6% interest in KPLP. For more information visit www.kptissueinc.com. About Kruger Products L.P. KPLP is Canada's leading manufacturer of quality tissue products for household, industrial and commercial use. KPLP serves the Canadian consumer market with such well-known brands as Cashmere®, Purex®, SpongeTowels®, Scotties® and White Swan®. In the U.S., KPLP manufactures the White Cloud® brand, as well as many private label products. The Away-From-Home division manufactures and distributes high-quality, cost-effective product solutions to a wide range of commercial and public entities. KPLP has approximately 2,700 employees and operates nine FSC® COC-certified (FSC® C-104904) production facilities in North America. For more information visit www.krugerproducts.ca. INFORMATION: François Paroyan General Counsel and Corporate Secretary KP Tissue Inc. Tel.: 905.812.6936 Francois.Paroyan@krugerproducts.ca INVESTORS: Mike Baldesarra Director of Investor Relations KP Tissue Inc. Tel.: 905.812.6962 IR@kptissueinc.com SOURCE KP Tissue Inc
MONAT® GLOBAL UK Ltd (MONAT®), a multinational distributor and social and direct seller of award-winning premium beauty products, has announced its European expansion into Lithuania this summer. Following a successful launch in the UK in 2018 and subsequently into Ireland and Poland in 2019, the brand’s philosophy, reputation, education, and innovation, combined with its desire to support job creation and security for women, have been instrumental in its remarkable success.
The best recent science fiction and fantasy – reviews roundupSorrowland by Rivers Solomon; Dark Lullaby by Polly Ho-Yen; We Are Satellites by Sarah Pinsker; The Kingdoms by Natasha Pulley; and The Cottingley Cuckoo by AJ Elwood In Sorrowland, the protagonist gives birth to her children alone in the woods. Photograph: Kathy Burns/Alamy Stock Photo
Top companies covered in satellite manufacturing and launch system market are Airbus S.A.S (The Netherlands), Arianespace (France), Boeing (The U.S.), GeoOptics (Canada), ISISPACE GROUP (The Netherlands), JSC Academician M.F. Reshetnev (Russia), Lockheed Martin Corporation (The U.S.), Maxar Technologies (The U.S.), SpaceX (The U.S.), ViaSat Inc. (The U.S.) and more players profiledPune, India, May 07, 2021 (GLOBE NEWSWIRE) -- The global satellite manufacturing and launch system market size is expected to reach USD 54.17 billion in 2027, exhibiting a CAGR of 12.45% during the forecast period, states Fortune Business Insights, in a report, titled “Satellite Manufacturing and Launch System Market Size, Share & COVID-19 Impact Analysis, By Type (Satellite Manufacturing and Satellite Launch Systems), By Application (Communication Satellite, Military Surveillance, Navigation Satellite, Earth Observation Satellite, and Others), By End-Use (Commercial and Military) and Regional Forecast, 2020-2027.” The market size stood at USD 23.83 billion in 2020. The report on the satellite manufacturing and launch system market includes: Remarkable insights into the market Meticulous scrutiny of the segmentsLatest developments and driversVital information about key playersDominant regionsNotable Development Get Sample PDF Brochure: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/satellite-manufacturing-and-launch-systems-market-103549 Market Overview: Heavy Investments in Space Missions to Bolster Growth The surging investment by government and space agencies in developing technologically advanced satellite launch vehicles is expected to foster healthy growth of the satellite manufacturing and launch system industry. According to the Department of Defense (DOD), the USD 14.1 billion was requested for National Security Space (NSS) in 2020 compared to the USD 12.3 billion in 2019. Out of the total amount, USD 8.4 billion, USD 2.6 billion, and USD 3.0 billion are allocated for the research, development, test, evaluation (RDT&E), procurement, and operation & maintenance. Furthermore, the increasing collaboration and agreement between space companies and government organizations to develop innovative SLVs will foster satellite manufacturing & launch system market growth. For instance, SpaceX collaborated with NASA to design and develop reusable satellite launch vehicles to minimize the overall program cost and space debris around the earth's orbit. Similarly, the European Space Agency (ESA) increased its focus on Ariane 6, an expendable launch system, thus boosting the satellite manufacturing and launch system production. Suspended Satellite Launches to Inhibit Market during Coronavirus The lockdown in major countries such as the U.S., France, Germany, China, India, and Japan severely impacted the space industry, suspending all space-related activities. Major companies such as SpaceX, United Launch Alliance (ULA), Rockets Labs, and Blue Origin have reformed their production structure for launch vehicles and satellites. According to the U.S. Department of Commerce, around 92% of space-based firms with research and development as a primary business capability were small businesses. These firms experienced a major hit from the pandemic. Moreover, prominent companies' implementation of various strategies to sustain recovery can subsequently elevate the satellite manufacturing and launch system market amid pandemics. Browse Detailed Summary of Research Report with TOC: https://www.fortunebusinessinsights.com/satellite-manufacturing-and-launch-systems-market-103549 List of the Leading Companies Profiled in the Global Satellite Manufacturing and Launch System Market are: Airbus S.A.S (The Netherlands)Arianespace (France)Boeing (The U.S.)GeoOptics (Canada)ISISPACE GROUP (The Netherlands)JSC Academician M.F. Reshetnev (Russia)Lockheed Martin Corporation (The U.S.)Maxar Technologies (The U.S.)SpaceX (The U.S.)ViaSat Inc. (The U.S.) Regional Analysis: Government Support for Reusable Launch Systems to Promote Growth in North America The global market in North America is expected to exhibit a rapid growth rate during the forecast period due to the high investments by the U.S. government and space agencies in manufacturing reusable launch systems. For instance, in September 2019, NASA awarded a contract worth USD 4,600 million to Lockheed Martin Corporation to supply six reusable Orion crew capsules integrated with lightweight 3D printed modules. The Asia Pacific is expected to hold the largest satellite manufacturing and launch system market share during the forecast period. The growth is attributed to growing satellite launch infrastructure and satellite launch programs from China, India, and Australia. For instance, in November 2020, the Indian Space Research Organization (ISRO) successfully launched 10 satellites consisting of earth observation satellites and payload. Key Development: October 2020: The Boeing Company was granted a contract worth USD 298 million by the U.S. Space Force for next-generation SATCOM satellites. Under this contract, The Boeing Company is expected to design and develop an intricate military satellite and payload architecture system. Inquire Before Buying This Research Report: https://www.fortunebusinessinsights.com/enquiry/queries/satellite-manufacturing-and-launch-systems-market-103549 Detailed Table of Content: Introduction Research ScopeMarket SegmentationResearch MethodologyDefinitions and Assumptions Executive SummaryMarket Dynamics Market DriversMarket RestraintsMarket Opportunities Key Insights Key Industry Developments –Mergers, Acquisitions and PartnershipsLatest technological AdvancementsPorters Five Forces AnalysisSupply Chain Analysis Quantitative Insights- Impact of COVID-19 Pandemic on Satellite Manufacturing and Launch System Market Global Satellite Manufacturing and Launch System Market Analysis, Insights and Forecast, 2016-2027 Key Findings / SummaryMarket Analysis, Insights and Forecast – By Type Satellite ManufacturingSatellite Launch Systems Market Analysis, Insights and Forecast – By Application Communication SatelliteMilitary SurveillanceNavigation SatelliteEarth Observation SatelliteOthers Market Analysis, Insights and Forecast – By End Use CommercialMilitary Market Analysis, Insights and Forecast – By Region North AmericaEuropeAsia pacificThe Middle EastRest of the world Impact of COVID-19 on Global Satellite Manufacturing and Launch System MarketSteps Taken by Industry/Companies/Governments to Overcome the ImpactKey Developments in The Industry in Response To COVID-19 PandemicPotential Opportunities Due to COVID-19 Outbreak TOC Continued…! Speak to Our Expert: https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/satellite-manufacturing-and-launch-systems-market-103549 Have a Look at Related Research Insights: U.S. Reusable Launch Vehicle Market Size, Share & COVID-19 Impact Analysis, By Type (Partially Reusable, Fully Reusable), By Stage (Single Stage and Multi-Stage), By Orbit Type (Low Earth Orbit (LEO), and Geosynchronous Transfer Orbit (GTO)), and Country Forecast, 2020-2027 Space Launch Services Market Size, Share & COVID-19 Impact Analysis, By Payload (Satellite, Stratollite, Cargo, Human Spacecraft, and Testing Probes), By Orbit Type (GEO, Beyond GEO, LEO, and MEO), By Launch Platform (Land, Air, and Sea), By Vehicle Type (Medium-to-Heavy Lift Launch Vehicle and Small Lift Launch Vehicle), By End User (Commercial and Military & Government), and Regional Forecast, 2020-2027 Small Satellite Market Size, Share & COVID-19 Impact Analysis, By Type (Mini, Micro, Nano), Component (Structures, Payload, Electric Power System, Solar Panel and Antennas System, Propulsion System, Others), Application (Communication, Navigation, Earth Observation, Technology Development, Others), End-User (Commercial, Civil, Military, Government), and Regional Forecast, 2020-2027 Satellite Payload Market Size, Share & COVID-19 Impact Analysis, By Payload Type (Communication, Imaging, Navigation, and Others), By Vehicle Type (Small, Medium-to-heavy), By Orbit (GEO, LEO, and MEO), By Application (Weather Monitoring, Telecommunication, Scientific Research, Surveillance, Others), By End-Use (Commercial and Military) and Regional Forecasts, 2020-2027 Wireless Infrastructure Market Size, Share and Industry Analysis, By Connectivity Type (5G, 4G & LTE, 3G, 2G and Satellite), By Infrastructure Type (Small Cells, Mobile Core, Macro-cell, Radio Access Networks (RAN), Distributed Antenna System (DAS), Cloud RAN, Carrier Wi-Fi, Backhaul, and SATCOM), By Platform (Government & Defense, Commercial), and Regional Forecast,2019- 2026 About Us: Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in. Phone: US :+1 424 253 0390 UK : +44 2071 939123 APAC : +91 744 740 1245 Email: email@example.com LinkedIn: https://www.linkedin.com/company/fortune-business-insights Facebook: https://www.facebook.com/FortuneBusinessInsightsPvtLtd Twitter: https://twitter.com/FBInsightPvtLtd
BOSTON, May 07, 2021 (GLOBE NEWSWIRE) -- Akouos, Inc. (NASDAQ: AKUS), a precision genetic medicine company dedicated to developing potential gene therapies for individuals living with disabling hearing loss worldwide, today announced the appointment of Dr. Kathy Reape as chief development officer. Dr. Reape brings over 20 years of experience in the pharmaceutical industry, including significant gene therapy translational and development expertise, to Akouos. “We welcome Dr. Reape to the Akouos team at this exciting time in the company’s growth, as we continue to advance the AK-OTOF and AK-antiVEGF programs towards our planned IND submissions in 2022,” said Manny Simons, Ph.D., M.B.A., co-founder, president, and chief executive officer. “As we continue to forge a path for development of genetic medicines for individuals living with disabling hearing loss, Dr. Reape’s broad clinical development expertise and notable recent experience in preparing the marketing application and securing approval for the first FDA-approved in vivo gene therapy for the treatment of a rare inherited retinal disorder will prove invaluable.” Dr. Reape was most recently Chief Medical Officer at Spark Therapeutics where she oversaw clinical development, pharmacovigilance, and medical affairs activities and was a key member of the team responsible for the development and commercialization of the first FDA-approved in vivo gene therapy, LUXTURNA®, for an inherited retinal disease caused by mutations in both copies of the RPE65 gene. She also oversaw the development of Spark’s pipeline of gene therapies addressing CNS disease, hemophilia, metabolic disorders, and inherited retinal dystrophies. Prior to Spark, Dr. Reape was senior vice president of clinical development focusing on global brands research and development at Allergan and Actavis. She holds both her undergraduate and M.D. degrees from the University of Pennsylvania and completed her internship and residency at the University of Florida and the University of Medicine and Dentistry of New Jersey. “I am excited to work alongside a team of experts in neurotology, genetics, inner ear drug delivery, and AAV gene therapy who have the unique combination of expertise to progress our shared mission, healthy hearing available to all,” said Dr. Reape. “Akouos is positioned to be a leader in genetic medicines for inner ear conditions, an area for which there are no pharmacologic treatment options and is generally underserved. I look forward to working with the Akouos team and the deaf and hard-of-hearing community to evaluate whether gene therapies, such as AK-OTOF and AK-OTOF, could address the needs of individuals and families affected by disabling hearing loss.” About AkouosAkouos is a precision genetic medicine company dedicated to developing gene therapies with the potential to restore, improve, and preserve high-acuity physiologic hearing for individuals living with disabling hearing loss worldwide. Leveraging its precision genetic medicine platform that incorporates a proprietary adeno-associated viral (AAV) vector library and a novel delivery approach, Akouos is focused on developing precision therapies for forms of sensorineural hearing loss. Headquartered in Boston, Akouos was founded in 2016 by leaders in the fields of neurotology, genetics, inner ear drug delivery, and AAV gene therapy.ContactsMedia:Katie Engleman, 1ABkatie@1abmedia.com Investors:Courtney Turiano, Stern Investor Relations Courtney.Turiano@sternir.com
Oncolytics Biotech® Inc. (NASDAQ: ONCY) (TSX: ONC) today announced its financial results and development highlights for the quarter ended March 31, 2021. All dollar amounts are expressed in Canadian currency unless otherwise noted.
Sierra Oncology, Inc. (SRRA), a late-stage biopharmaceutical company on a quest to deliver targeted therapies that treat rare forms of cancer, today reported its financial and operating results for the first quarter ended March 31, 2021.
Grace provides Acasti with a pipeline of rare and orphan disease programs, including 3 clinical stage assets that have received Orphan Drug Designation from the FDA Expects lead asset to complete PK Bridging Study in early 2022, with potential to advance directly into a Phase 3 clinical safety trial for Subarachnoid Hemorrhage Combination creates a unique rare disease company with innovative drug delivery technologies, and is expected to have ~$64M in cash at closing to advance lead clinical assets LAVAL, Québec, May 07, 2021 (GLOBE NEWSWIRE) -- Acasti Pharma Inc. (“Acasti” or the “Company”) (Nasdaq: ACST and TSX-V: ACST) announces it has entered into a definitive agreement to acquire Grace Therapeutics, Inc. (“Grace”), a privately held emerging biopharmaceutical company focused on developing innovative drug delivery technologies for the treatment of rare and orphan diseases (the “Proposed Transaction”). Subject to the completion of the Proposed Transaction, Acasti will acquire Grace’s pipeline of drug candidates addressing critical unmet medical needs with the potential to deliver significant value to patients and providers. It is anticipated that the cash at closing of about $64 million will be principally used to pursue the clinical development of the first two assets through Phase 3, and further advance earlier pipeline assets into the clinic. The Proposed Transaction has been approved by the boards of directors of both companies and is supported by Grace shareholders through voting and lock-up agreements with the Company. The transaction remains subject to approval of Acasti stockholders, as well as applicable stock exchanges. The Company has posted a presentation summarizing key highlights of the transaction, which is available on both the Acasti and Grace websites. Acasti plans to file the required Form S-4 proxy statement with the U.S. Securities & Exchange Commission (SEC), which will include detailed disclosures regarding the transaction. Following the filing of the required Form S-4, Acasti and Grace management plan to host an investor conference call to further discuss the anticipated benefits of the acquisition and answer investor questions. Acasti will call a shareholder meeting to approve the transaction following the public filing of the Form S-4 proxy statement. As the Proposed Transaction moves forward, Acasti continues to evaluate strategic options for value creation from its existing assets. In connection with the Proposed Transaction, Acasti will acquire Grace’s entire therapeutic pipeline consisting of three unique clinical stage and multiple pre-clinical stage assets supported by an intellectual property portfolio consisting of more than 40 granted and pending patents in various jurisdictions worldwide. Grace’s product candidates aim to improve clinical outcomes by applying proprietary formulation and drug delivery technologies to existing pharmaceutical compounds to achieve improvements over the current standard of care or provide treatment for diseases with no currently approved therapy. Grace’s three lead programs have all received Orphan Drug Designation1 from the U.S. Food & Drug Administration (FDA), which could provide up to seven years of marketing exclusivity in the United States upon FDA’s approval of the New Drug Application (NDA), provided that certain conditions are met. Grace’s Leading Drug Assets: GTX-104: Subarachnoid Hemorrhage (SAH) – Intravenous Infusion Clinical stage: PK Bridging study results expected Q1‘22; Phase 3 Safety Study expected to start enrollment Q3’22.Product Description: Novel aqueous nanoparticle formulation of water insoluble nimodipine, that enables a continuous peripheral IV infusion for rapid and enhanced bioavailability. Acasti and Grace believe GTX-104 can potentially improve the management of hypotension and vasospasm in SAH patients, thereby improving patient outcomes and potentially preventing death and/or reduce long-term disability.Disease Target: SAH is a rare and life-threatening medical emergency in which bleeding occurs over the surface of the brain in the subarachnoid space between the brain and skull. A primary cause of such hemorrhage is rupture of an aneurysm or ballooning of a weakened blood vessel wall. Notably, 10-15% of SAH patients currently die before reaching hospital and 20% of admitted patients die in hospital2.Target Market: SAH affects approximately 50,000 patients per year in the U.S.3 with an estimated addressable market of over $300 million4. Nimodipine, the current standard of care for SAH, is only available as an oral capsule and liquid solution in the U.S., making drug delivery very difficult particularly when a patient is unconscious. Oral nimodipine also has suboptimal absorption when administered through the gut5. GTX-102: Ataxia-telangiectasia (A-T) - Oral Mucosal Spray Clinical stage: PK Study results expected 2H’22; start of Phase 3 expected 1H’23.Product Description: A novel and convenient oral mucosal spray formulation of betamethasone intended to significantly improve neurological symptoms of A-T, including improving clinical assessments of posture and gait disturbance, and kinetic speech and oculomotor functions. Currently, there are no FDA approved pharmacotherapies for A-T. Acasti and Grace also believe that GTX-102 could ease drug administration for patients experiencing A-T given its application as a more convenient, concentrated and metered betamethasone liquid spray onto the tongue, as these A-T patients typically have difficulty swallowing6.Disease Target: A-T is a progressive, neurodegenerative genetic disease that primarily impacts children causing severe disability, for which no treatment currently exists. A-T affects many parts of the body, including areas of the brain, causing difficulty with motor function and motion. The disease is also associated with weakening of the immune system predisposing patients to infection, and with faulty repair of damaged DNA that may increase the risk of cancer7.Target market: A-T affects approximately 4,300 patients per year in the U.S.8 with an estimated addressable market of approximately $150 million4. GTX-101: Post Herpetic Neuralgia (PHN) - Topical Spray Clinical Stage: Phase 1 results expected 2H’22; start of Phase 2 expected 2H’22.Product Description: A novel, topical bio-adhesive film-forming spray of bupivacaine for the treatment of PHN, which could provide significant benefits over the standard of care, including greater convenience, and faster onset and longer action. GTX-101’s metered-dose of bupivacaine spray forms a thin bio-adhesive topical film on the surface of the patient’s skin, which enables a touch-free, non-greasy application. No skin sensitivity was reported in its Phase 1 study.Disease Target: PHN is a persistent and often debilitating neuropathic pain caused by nerve damage from the varicella zoster virus (shingles). PHN pain varies from mild to excruciating in severity, and may persist for months and even years, adversely impacting quality of life and leading to social withdrawal and depression. As a result, PHN is often cited as the leading cause of suicide in chronic pain patients over the age of 709.Target market: PHN affects approximately 150,000 patients per year in the U.S.10 with an estimated addressable market of approximately $400 million4. Current treatment of PHN most often consists of oral gabapentin and lidocaine patches, and refractory cases may be prescribed opioids to address persistent pain. Current lidocaine patches used for PHN are suboptimal, as these patches are difficult to use; 40% of patients experience insufficient pain relief, the analgesic effect could take up to 2 weeks, and many patients suffer from skin sensitivity and irritation4. Unlike oral gabapentin and lidocaine patches, Acasti and Grace believe that the biphasic delivery mechanism of GTX-101 has the potential for rapid onset and continuous pain relief for up to eight hours11. Roddy Carter, chairman of Acasti, commented on the transaction, “We have diligently pursued a thorough strategic process to evaluate a range of value-creating alternatives. We believe that combining Grace’s innovative research programs and scientific talent with Acasti’s financial resources and drug development and commercialization expertise position us to build a portfolio of innovative therapeutics that will address unmet medical needs. The Acasti and Grace boards have approved this transaction, which is also supported by Grace shareholders, and we highly recommend that our shareholders also approve it.” Jan D’Alvise, chief executive officer of Acasti, stated, “We believe that Grace’s assets represent a transformative opportunity for Acasti, as their novel drug delivery technologies used to develop new therapies could improve upon existing compounds with known safety profiles and provide an attractive path to drug development and commercialization. We believe Grace’s product portfolio has the potential to provide better patient solutions with enhanced efficacy, faster onset of action, reduced side effects, convenient delivery, and increased patient compliance. For these and other reasons, we are very excited about the therapeutic potential of Grace’s pipeline, and we believe there could be significant international licensing and marketing opportunities for these assets.” Vimal Kavuru, co-founder and chairman of Grace, noted, “Merging with Acasti is a significant opportunity for Grace, as it allows us to partner with an experienced team, well-versed in drug development and commercialization, with a strong commitment to the highest standards of corporate governance. As a result of the merger, we anticipate the combined company will have the financial resources to fund our lead programs to critical value inflection points. Our board of directors have approved the proposed transaction with Acasti, which is also supported by Grace’s shareholders.” “We believe our dedication to bringing new, safe and effective medicines to patient populations where there is significant unmet medical need is shared by the management and board of Acasti. We look forward to a successful future together and driving value for our combined shareholders,” noted S. George Kottayil, Ph.D., co-founder and chief executive officer of Grace. Management and OperationsUpon shareholder approval of the Proposed Transaction, the combined companies will be led by Jan D’Alvise as president and chief executive officer, and the corporation will continue to maintain its corporate headquarters in Laval, Quebec, Canada. All Grace employees will transition to Acasti and they will continue to maintain an R&D laboratory and commercial presence in North Brunswick, New Jersey. The new Board of Directors will be composed of 4 representatives from Acasti and 3 from Grace, with more details to be provided in the proxy statement. About the Proposed TransactionPending approval by Acasti shareholders as well as applicable stock exchange approvals, Grace will merge with a new wholly owned subsidiary of Acasti. Grace stockholders will receive newly issued Acasti common shares pursuant to an exchange ratio formula set forth in the definitive agreement. Under the terms of the definitive agreement, immediately following the consummation of the Proposed Transaction, Acasti’s securityholders on a pro forma basis would own approximately 55% of the combined company’s common shares, and Grace’s securityholders would own approximately 45% of the combined company’s common shares, in each case calculated on a fully-diluted basis, subject to upward adjustments in favor of Acasti based on each company’s capitalization and net cash balance as set forth in the definitive agreement, with more details to be provided in the proxy statement. For illustrative purposes, assuming no adjustments for each company’s capitalization and net cash balance, and based on 208,375,549 common shares of Acasti currently issued and outstanding, an aggregate of 170,489,086 common shares of Acasti would be issued to Grace stockholders as consideration for the Proposed Transaction. In connection with the entering into the definitive agreement, Grace stockholders representing substantially all of the outstanding shares of Grace have entered into voting and lock-up agreements with the Company pursuant to which they have agreed, amongst other things to (i) vote their shares of Grace in favor of the Proposed Transaction, (ii) be subject to lock-up provisions for a period of 12 months (subject to certain exceptions), and (iii) support the election of board nominees through to the 2023 annual general meeting of shareholders. The Proposed Transaction is expected to close in calendar Q3 of 2021, immediately following approval by Acasti shareholders, subject to any applicable SEC review and stock exchange approvals, as well as satisfaction of other closing conditions by each company specified in the definitive agreement. Acasti will take steps to regain compliance with Nasdaq’s minimum bid price requirements in connection with the Proposed Transaction, and if required, would implement a share consolidation. Oppenheimer & Co. is acting as Acasti’s financial advisor for the Proposed Transaction and Osler, Hoskin & Harcourt, LLP is serving as its legal counsel. William Blair & Company, LLC is serving as financial advisor to Grace, with Reed Smith, LLP serving as its legal counsel. The Proposed Transaction is an arm’s length transaction in accordance with the policies of the TSX Venture Exchange. Selected Financial Information of Grace Selected financial information of Grace from its most recent audited annual financial statements is provided below: Year Ended December 31, 2020(audited)Year Ended December 31, 2019(audited)Assets$1,198,921$2,699,476Liabilities*$13,725,563$12,753,123RevenuesNilNilNet Loss$(2,506,228)$(3,666,329) *Grace liabilities will be converted into Grace shares prior to the closing of the transaction, and are already accounted for in the conversion formula and the net cash adjustment. About AcastiAcasti is a biopharmaceutical innovator that has historically focused on the research, development and commercialization of prescription drugs using OM3 fatty acids delivered both as free fatty acids and bound-to-phospholipid esters, derived from krill oil. OM3 fatty acids have extensive clinical evidence of safety and efficacy in lowering triglycerides in patients with hypertriglyceridemia, or HTG. CaPre, an OM3 phospholipid therapeutic, was being developed for patients with severe HTG. About GraceGrace Therapeutics is an emerging biopharmaceutical company focused on rare and orphan diseases with high unmet medical needs. Grace’s strategy is to improve clinical outcomes using novel drug delivery technologies to approved pharmaceutical compounds and achieve enhanced efficacy, faster onset of action, reduced side effects, convenient delivery, and increased patient compliance. Grace has a therapeutic pipeline of three unique clinical stage programs, several preclinical assets, and a robust intellectual property portfolio of over 40 granted and pending patent applications. Important Additional Information Will be Filed with the SECThis press 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. The Proposed Transaction will be submitted to the shareholders of Acasti for their consideration. Acasti will also prepare and file a Registration Statement on Form S-4 that will include a prospectus/proxy statement for Acasti’s shareholders. Acasti plans to mail its shareholders a proxy statement in connection with the proposed transaction. Acasti may also file other documents with the Securities and Exchange Commission (the “SEC”) regarding the proposed transaction. INVESTORS AND SECURITYHOLDERS ARE URGED TO READ THE PROSPECTUS/PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS THAT WILL BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and securityholders may obtain free copies of the prospectus/proxy statement and other documents containing important information about Acasti, Grace and the Proposed Transaction once such documents are filed with the SEC through the website maintained by the SEC at www.sec.gov. Copies of the documents filed with the SEC by Acasti will be available free of charge on Acasti’s website at http://www.acastipharma.com/ under the tab “Investor Relations” or by contacting Acasti by e-mail at ACST@crescendo-ir.com, or by phone at (450) 686-4555. Participants in the SolicitationAcasti and Grace and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the shareholders of Acasti in connection with the Proposed Transaction. Information about the directors and executive officers of Acasti is set forth in Acasti’s definitive proxy statement for Acasti’s 2020 annual meeting of shareholders filed with the SEC on September 9, 2020. That document can be obtained free of charge from the sources indicated above. Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the prospectus/proxy statement and other relevant materials to be filed with the SEC when they become available. References: The Orphan Drug Designation program provides orphan status to drugs and biologics which are defined as those intended for the treatment, prevention or diagnosis of a rare disease or condition, which is one that affects less than 200,000 persons in the United States or meets cost recovery provisions of the Orphan Drug Act. The status helps incentivize the development of therapies to treat unmet medical needs by providing a company with seven years of exclusivity rights once a drug reaches market. Rinkel G. 2016 Becske T. et al 2018 Fletcher Spaght Inc., Market Research Report Soppi V. et al 2007 Lefton-Greif 2000 U.S. National Cancer Institute, Ataxia-Telangiectasia (2015) National Organization for Rare Disorders, Ataxia-Telangiectasia (2015) Hess et al 1990CDC Morbidity and Mortality Weekly Report (2008)Grace GTX-101 Phase 1 Study Report Cautionary Statement Regarding Forward-Looking Statements Statements in this press release that are not statements of historical or current fact constitute “forward-looking information” within the meaning of Canadian securities laws and “forward-looking statements” within the meaning of U.S. federal securities laws (collectively, “forward-looking statements”). Such forward-looking statements involve known and unknown risks, uncertainties, and other unknown factors that could cause the actual results of Acasti, Grace and the combined company to be materially different from historical results or from any future results expressed or implied by such forward-looking statements. In addition to statements which explicitly describe such risks and uncertainties, readers are urged to consider statements labeled with the terms “believes,” “belief,” “expects,” “intends,” “anticipates,” “potential,” “should,” “may,” “will,” “plans,” “continue,” “targeted” or other similar expressions to be uncertain and forward-looking. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Forward-looking statements in this press release include, but are not limited to, the expected timetable for completing the Proposed Transaction and benefits of the Proposed Transaction; future product development plans and projected timelines for the initiation and completion of preclinical and clinical trials; the potential for the results of ongoing preclinical or clinical trials and the efficacy of drug candidates; the potential market opportunities and value of drug candidates; other statements regarding future product development and regulatory strategies, including with respect to specific indications; the combined company’s plans, objectives, future opportunities for the combined company; future financial performance and operating results; sufficiency of capital resources to fund operating requirements; and any other statements regarding Acasti’s and Grace’s future expectations, beliefs, plans, objectives, financial conditions, assumptions or future events or performance. These statements are subject to numerous risks and uncertainties, many of which are beyond Acasti’s or Grace’s control, which could cause actual results to differ materially from the results expressed or implied by the statements. These risks and uncertainties include, but are not limited to: failure to obtain the required votes or approvals of Acasti’s and/or Grace’s shareholders; failure to obtain any applicable stock exchange approvals; the timing to consummate the proposed transaction; conditions to closing of the proposed transaction may not be satisfied or that the closing of the proposed transaction otherwise does not occur; the risk that as a result of adjustments to the exchange ratio, Grace stockholders could own less of the combined company than is currently anticipated; the risk that a regulatory approval that may be required for the proposed transaction is not obtained or is obtained subject to conditions that are not anticipated; the diversion of management time on transaction-related issues; the ultimate timing, outcome and results of integrating the operations of Acasti and Grace; the effects of the business combination of Acasti and Grace following the consummation of the proposed transaction, including the combined company’s future financial condition, results of operations, strategy and plans; the combined company’s need for, and the availability of, substantial capital in the future to fund its operations and research and development activities; the combined company’s ability to continue to successfully progress research and development efforts and to create effective, commercially-viable products; the success of the combined company’s product candidates in completing pre-clinical or clinical testing and being granted regulatory approval to be sold and marketed in the United States or elsewhere; results of any litigation, settlements and investigations; actions by third parties, including governmental agencies; global economic conditions; ability to effectively identify and enter new markets; governmental regulations; and ability to retain management and field personnel. Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements is contained from time to time in Acasti’s SEC filings. Acasti’s filings may be obtained by contacting Acasti or the SEC or through Acasti’s web site at http://www.acastipharma.com or through the SEC’s Electronic Data Gathering and Analysis Retrieval System (EDGAR) at http://www.sec.gov. The foregoing list of risk factors is not exhaustive. These risks, as well as other risks associated with the proposed transaction will be more fully discussed in the prospectus/proxy statement that will be included in the Registration Statement on Form S-4 that will be filed with the SEC in connection with the proposed transaction. Each of Acasti and Grace does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Neither NASDAQ, the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Acasti Contact:Jan D’AlviseChief Executive Officer Tel: 450-686-4555Email: firstname.lastname@example.org Investor Contact:Crescendo Communications, LLCTel: 212-671-1020Email: ACST@crescendo-ir.com
NEW YORK, May 07, 2021 (GLOBE NEWSWIRE) -- AMC Networks Inc. (“AMC Networks” or the “Company”) (NASDAQ: AMCX) today reported financial results for the first quarter ended March 31, 2021. President and Chief Executive Officer Josh Sapan said: “AMC Networks had solid performance in the first quarter and we are on course to meet our 2021 financial and streaming targets, including reaching at least 9 million paid subscribers by year end. The transition of the company to be the worldwide leader in targeted streaming on the strength of our focused, strong content continues on track. The support of our distribution partners for our streaming efforts and our advanced advertising strides are providing us with both stability and momentum. We believe the high viewer engagement, efficient economic model, and pricing power of our streaming offerings provide us with important strategic advantages which, when coupled with our valuable linear channel offerings, will fuel our growth and continue to position us very well over the near and long term.” First Quarter Financial Highlights: New segment reporting structureNet revenues of $692 millionOperating income of $170 million; Adjusted Operating Income(1) of $238 millionDiluted EPS of $2.02; Adjusted EPS(1) of $2.98Net cash provided by operating activities of $108 million; Free Cash Flow(1) of $97 million Three Months Ended March 31,Dollars in thousands, except per share amounts 2021 2020 ChangeNet Revenues $691,741 $734,375 (5.8)%Operating Income $169,708 $172,970 (1.9)%Total Adjusted Operating Income $237,979 $222,454 7.0 % Diluted Earnings Per Share $2.02 $1.22 65.6 %Adjusted Diluted Earnings Per Share $2.98 $1.47 102.6 % Net cash provided by operating activities $107,563 $198,408 (45.8)%Free Cash Flow $96,562 $182,411 (47.1)% (1)See page 6 of this earnings release for a discussion of non-GAAP financial measures used in this release. This discussion includes the definition of Adjusted Operating Income (Loss), Adjusted EPS and Free Cash Flow. Operational Highlights: On track to achieve previously communicated 2021 and long-term financial and subscriber targetsExpanded distribution of AMC+ with launch on YouTube TVLaunched five free ad-supported streaming (FAST) channels on VIZIO SmartCastEntered into a strategic partnership with Toronto-based Shaftesbury, an award-winning creator and producer of original TV, film and digital contentPremiered Shudder’s “Halfway to Halloween Month” in April, with Shudder’s biggest slate of programming everUnveiled Upfront Connect 2.0, a powerful planning, creative content, and information tool for advertising clientsLaunched Acorn TV on Amazon Prime Video Channels in SpainCompleted two first-to-market national linear addressable campaigns, a significant and long-awaited step to unleash the potential of addressable advertising on television at scaleCompleted spin-off of Levity’s live comedy and talent management businesses and related lease obligations(2) Changes to Segment Reporting: In the first quarter of 2021, the Company changed its presentation of operating segments, reflecting a reorganized operating structure focused on a multi-platform distribution approach to content monetization. The Company’s streaming services and IFC Films, previously included in the International and Other segment, are now included within the Domestic Operations segment (formerly referred to as the National Networks segment). In addition, certain corporate overhead costs are no longer allocated to the operating segments. Operating segment information for the prior period has been recast to reflect these changes.(3) The new reporting structure consists of the following two operating segments: Domestic Operations: Includes activities of our five national programming networks, our streaming services, our AMC Studios operation, IFC Films and AMC Broadcasting & Technology. Our national programming networks are AMC, WE tv, BBC AMERICA, IFC, and SundanceTV. Our streaming services consist of our targeted subscription streaming services (Acorn TV, Shudder, Sundance Now, and ALLBLK), AMC+ and other streaming initiatives. Our AMC Studios operation produces original programming for our programming networks and also licenses such programming worldwide. IFC Films is our film distribution business and AMC Networks Broadcasting & Technology is our technical services business, which primarily services most of the national programming networks.International and Other: Includes AMC Networks International (“AMCNI”), our international programming businesses consisting of a portfolio of channels around the world and 25/7 Media Holdings LLC (formerly Levity), our production services business. (2)See page 4 for information related to the spin-off of the Levity LiveCo.(3)See page 12 for a summary of segment reporting changes. Segment Results (dollars in thousands) Three Months Ended March 31, 2021 2020 ChangeNet Revenues: Domestic Operations $573,969 $611,893 (6.2)%International and Other 121,167 124,828 (2.9)%Corporate / Inter-segment Eliminations (3,395) (2,346) n/mTotal Net Revenues $691,741 $734,375 (5.8)% Operating Income (Loss): Domestic Operations $216,459 $224,600 (3.6)%International and Other (3,162) 4,361 (172.5)%Corporate / Inter-segment Eliminations (43,589) (55,991) n/mTotal Operating Income $169,708 $172,970 (1.9)% Adjusted Operating Income (Loss): Domestic Operations $242,533 $241,033 0.6 %International and Other 23,563 17,843 32.1 %Corporate / Inter-segment Eliminations (28,117) (36,422) n/mTotal Adjusted Operating Income $237,979 $222,454 7.0 % Domestic Operations Domestic Operations revenues for the first quarter decreased 6% to $574 million compared to the prior year quarter Advertising revenues decreased 7% to $199 million due to shifts in the timing of the airing of original programming and lower delivery, partially offset by higher pricing and ad-supported streaming growthDistribution revenues decreased 6% to $375 million Content licensing revenues decreased 54%, driven by the timing and availability of original programming, as the result of pandemic-related production delaysSubscription revenues increased 14% driven by robust growth in streaming revenues, attributable to increased paid streaming subscribers, partially offset by a low-single digit decrease in affiliate revenue, attributable to subscriber universe declines Operating Income decreased 4% to $216 million, and Adjusted Operating Income increased 1% to $243 million, reflecting a decrease in operating expenses including lower programming expenses, partly offset by increased marketing investments to support the growth of streaming revenue International and Other International and Other revenues for the first quarter of 2021 decreased 3% to $121 million compared to the prior year quarter Distribution and Other revenues decreased 6% to $100 million primarily due to live venue closures and the timing of productions at Levity (prior to the LiveCo spin-off) and a decrease in distribution revenues at AMCNIAdvertising revenues increased 11% largely related to the favorable impact of foreign currency translation at AMCNI Operating Loss was $3 million compared to Operating Income of $4 million in the prior year period; Adjusted Operating Income increased 32% to $24 million Operating Loss and Adjusted Operating Income reflected the decrease in revenues partially offset by the favorable impact of foreign currency translation and the recovery of bad debtOperating Loss reflected a $16 million charge related to the Levity LiveCo spin-off transaction Other Matters Levity Spin-off Transaction In March 2021, the Company completed a spin-off of the live comedy venue and talent management businesses ("LiveCo") of Levity Entertainment Group, LLC. In connection with the transaction, the Company effectively exchanged all of its rights and interests in LiveCo for the release of its obligations, principally related to leases. As a result of this divestiture, the Company recognized a loss on the disposal of $16.1 million reflecting the net assets transferred (consisting of property and equipment, lease right-of-use assets and intangibles, partially offset by lease and other obligations), which is included in Impairment and other charges. The Company retained its interest in the production services business of Levity Entertainment Group, LLC, which was renamed 25/7 Media Holdings LLC following the spin-off. Amendment to Amended and Restated Credit Agreement As previously disclosed, on February 8, 2021, AMC Networks entered into Amendment No. 1 to its existing Credit Agreement. Amendment No. 1 extends the maturity dates of the $675 million term loan A facility and $500 million revolving credit facility under the Credit Agreement to February 8, 2026, and makes certain other amendments to the covenants and other provisions of the Credit Agreement. Senior Notes Issuance / Debt Redemption As previously disclosed, on February 8, 2021, AMC Networks issued $1.0 billion aggregate principal amount of 4.25% senior notes due February 15, 2029 in a registered public offering and received net proceeds of $982.3 million, after deducting underwriting discounts, commissions and expenses. The Company used the net proceeds to redeem (i) the remaining $400 million principal amount of the Company’s 4.75% senior notes due 2022 and (ii) $600 million principal amount of the Company’s 5.00% senior notes due 2024 on February 26, 2021. Stock Repurchase Program As previously disclosed, the Company’s Board of Directors has authorized a program to repurchase up to $1.5 billion of the Company’s outstanding shares of common stock. The Company will determine the timing and the amount of any repurchases based on its evaluation of market conditions, share price, and other factors. The stock repurchase program has no pre-established closing date and may be suspended or discontinued at any time. During the first quarter 2021, the Company did not repurchase any shares. As of March 31, 2021, the Company had $135 million available for repurchase under the stock repurchase program. Restructuring and Other Related Charges In November 2020, management commenced a restructuring plan (the “2020 Plan”) designed to streamline the Company’s operations through a reduction of its domestic workforce. The 2020 Plan is intended to improve the organizational design of the Company through the elimination of certain roles and centralization of certain functional areas of the Company. In connection with the 2020 Plan, in the first quarter 2021, the Company incurred severance and other personnel costs of $4.1 million. Additional restructuring and other related charges for first quarter 2021 were $4.5 million, which related to costs associated with the termination of distribution in certain territories. Please see the Company’s Form 10-Q for the period ended March 31, 2021 for further details regarding the above matters. Description of Non-GAAP Measures The Company defines Adjusted Operating Income (Loss), which is a non-GAAP financial measure, as operating income (loss) before depreciation and amortization, cloud computing amortization, share-based compensation expense or benefit, impairment and other charges (including gains or losses on sales or dispositions of businesses), restructuring and other related charges, and including the Company’s proportionate share of adjusted operating income (loss) from majority owned equity method investees. Because it is based upon operating income (loss), Adjusted Operating Income (Loss) also excludes interest expense (including cash interest expense) and other non-operating income and expense items. The Company believes that the exclusion of share-based compensation expense or benefit allows investors to better track the performance of the various operating units of the business without regard to the effect of the settlement of an obligation that is not expected to be made in cash. The Company believes that Adjusted Operating Income (Loss) is an appropriate measure for evaluating the operating performance of the business segments and the Company on a consolidated basis. Adjusted Operating Income (Loss) and similar measures with similar titles are common performance measures used by investors, analysts and peers to compare performance in the industry. Internally, the Company uses net revenues and Adjusted Operating Income (Loss) measures as the most important indicators of its business performance, and evaluates management’s effectiveness with specific reference to these indicators. Adjusted Operating Income (Loss) should be viewed as a supplement to and not a substitute for operating income (loss), net income (loss), and other measures of performance presented in accordance with U.S. generally accepted accounting principles ("GAAP"). Since Adjusted Operating Income (Loss) is not a measure of performance calculated in accordance with GAAP, this measure may not be comparable to similar measures with similar titles used by other companies. For a reconciliation of operating income (loss) to Adjusted Operating Income (Loss), please see page 9 of this release. The Company defines Free Cash Flow, which is a non-GAAP financial measure, as net cash provided by operating activities less capital expenditures and cash distributions to noncontrolling interests, all of which are reported in our Consolidated Statement of Cash Flows. The Company believes the most comparable GAAP financial measure of its liquidity is net cash provided by operating activities. The Company believes that Free Cash Flow is useful as an indicator of its overall liquidity, as the amount of Free Cash Flow generated in any period is representative of cash that is available for debt repayment, investment, and other discretionary and non-discretionary cash uses. The Company also believes that Free Cash Flow is one of several benchmarks used by analysts and investors who follow the industry for comparison of its liquidity with other companies in the industry, although the Company’s measure of Free Cash Flow may not be directly comparable to similar measures reported by other companies. For a reconciliation of net cash provided by operating activities to Free Cash Flow, please see page 10 of this release. The Company defines Adjusted Earnings per Diluted Share (“Adjusted EPS”), which is a non-GAAP financial measure, as earnings per diluted share excluding the following items: amortization of acquisition-related intangible assets; impairment and other charges (including gains or losses on sales or dispositions of businesses); non-cash impairments of goodwill, intangible and fixed assets; restructuring and other related charges; and gains and losses related to the extinguishment of debt; as well as the impact of taxes on the aforementioned items. The Company believes the most comparable GAAP financial measure is earnings per diluted share. The Company believes that Adjusted EPS is one of several benchmarks used by analysts and investors who follow the industry for comparison of its performance with other companies in the industry, although the Company’s measure of Adjusted EPS may not be directly comparable to similar measures reported by other companies. For a reconciliation of earnings per diluted share to Adjusted EPS, please see pages 11 of this release. Forward-Looking Statements This earnings release may contain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Investors are cautioned that any such forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties, and that actual results or developments may differ materially from those in the forward-looking statements as a result of various factors, including financial community and rating agency perceptions of the Company and its business, operations, financial condition and the industries in which it operates and the factors described in the Company’s filings with the Securities and Exchange Commission, including the sections entitled "Risk Factors" and "Management’s Discussion and Analysis of Financial Condition and Results of Operations" contained therein. The Company disclaims any obligation to update any forward-looking statements contained herein. Conference Call Information AMC Networks will host a conference call today at 8:30 a.m. ET to discuss its first quarter 2021 results. To listen to the call, visit http://www.amcnetworks.com or dial 833-714-3268, using the following conference ID: 4983104. About AMC Networks Inc. AMC Networks is a global entertainment company known for its popular and critically-acclaimed content. Its portfolio of brands includes AMC, BBC AMERICA (operated through a joint venture with BBC Studios), IFC, SundanceTV, WE tv, IFC Films, and a number of fast-growing streaming services, including the AMC+ premium streaming bundle, Acorn TV, Shudder, Sundance Now and ALLBLK. AMC Studios, the Company’s in-house studio, production and distribution operation, is behind award-winning owned series and franchises, including The Walking Dead, the highest-rated series in cable history. The Company also operates AMC Networks International, its international programming business, and 25/7 Media, its production services business. Contacts Investor RelationsCorporate CommunicationsNicholas Seibert (646) 740-5749Georgia Juvelis (917) email@example.com@amcnetworks.com AMC NETWORKS INC.CONSOLIDATED STATEMENTS OF INCOME (In thousands, except per share amounts)(unaudited) Three Months Ended March 31, 2021 2020Revenues, net $691,741 $734,375 Operating expenses: Technical and operating (excluding depreciation and amortization) 280,572 344,060 Selling, general and administrative 191,535 184,649 Depreciation and amortization 25,246 26,730 Impairment and other charges 16,055 — Restructuring and other related charges 8,625 5,966 522,033 561,405 Operating income 169,708 172,970 Other income (expense): Interest expense (34,742) (37,564)Interest income 2,342 4,555 Loss on extinguishment of debt (22,074) (2,908)Miscellaneous, net 5,406 (29,939) (49,068) (65,856)Income from operations before income taxes 120,640 107,114 Income tax expense (25,915) (33,588)Net income including noncontrolling interests 94,725 73,526 Net income attributable to noncontrolling interests (7,704) (4,859)Net income attributable to AMC Networks’ stockholders $87,021 $68,667 Net income per share attributable to AMC Networks’ stockholders: Basic $2.08 $1.24 Diluted $2.02 $1.22 Weighted average common shares: Basic 41,930 55,477 Diluted 43,171 56,061 AMC NETWORKS INC.SUPPLEMENTAL FINANCIAL DATA (Dollars in thousands)(Unaudited) Three Months Ended March 31, 2021 Domestic Operations International and Other Corporate /Inter-segment Eliminations ConsolidatedOperating income (loss)$216,459 $(3,162) $(43,589) $169,708 Share-based compensation expense5,639 1,231 6,576 13,446 Depreciation and amortization13,373 4,949 6,924 25,246 Impairment and other charges— 16,055 — 16,055 Restructuring and other related charges2,427 4,490 1,708 8,625 Cloud computing amortization— — 264 264 Majority owned equity investees AOI4,635 — — 4,635 Adjusted operating income (loss)$242,533 $23,563 $(28,117) $237,979 Three Months Ended March 31, 2020 Domestic Operations International and Other Corporate /Inter-segment Eliminations ConsolidatedOperating income (loss)$224,600 $4,361 $(55,991) $172,970 Share-based compensation expense2,724 609 12,179 15,512 Depreciation and amortization10,951 8,896 6,883 26,730 Restructuring and other related charges1,482 3,977 507 5,966 Majority owned equity investees AOI1,276 — — 1,276 Adjusted operating income (loss)$241,033 $17,843 $(36,422) $222,454 AMC NETWORKS INC.SUPPLEMENTAL FINANCIAL DATA (In thousands)(Unaudited) CapitalizationMarch 31, 2021 Cash and cash equivalents$993,123 Credit facility debt (a)$675,000 Senior notes (a)2,200,000 Total debt$2,875,000 Net debt$1,881,877 Finance leases30,093 Net debt and finance leases$1,911,970 Twelve Months Ended March 31, 2021 Operating Income (GAAP)$439,382 Share-based compensation expense50,842 Depreciation and amortization103,122 Impairment and other charges138,282 Restructuring and other related charges37,727 Cloud computing amortization464 Majority owned equity investees12,317 Adjusted Operating Income (Non-GAAP)$782,136 Leverage ratio (b)2.4 x (a)Represents the aggregate principal amount of the debt.(b)Represents net debt and finance leases divided by Adjusted Operating Income for the twelve months ended March 31, 2021. This ratio differs from the calculation contained in the Company's credit facility. No adjustments have been made for consolidated entities that are not 100% owned. Free Cash FlowThree Months Ended March 31, 2021 2020Net cash provided by operating activities$107,563 $198,408 Less: capital expenditures(8,537) (12,916) Less: distributions to noncontrolling interests(2,464) (3,081) Free cash flow$96,562 $182,411 Adjusted Earnings Per Diluted Share Three Months Ended March 31, 2021 Income from operations before income taxes Income tax expense Net income attributable to noncontrolling interests Net income attributable to AMC Networks' stockholders Diluted EPS attributable to AMC Networks' stockholdersReported Results (GAAP)$120,640 $(25,915) $(7,704) $87,021 $2.02 Adjustments: Amortization of acquisition-related intangible assets9,541 (1,496) (3,027) 5,018 0.11 Impairment and other charges16,055 (3,824) — 12,231 0.28 Restructuring and other related charges8,625 (986) (29) 7,610 0.18 Loss on extinguishment of debt22,074 (5,257) — 16,817 0.39 Adjusted Results (Non-GAAP)$176,935 $(37,478) $(10,760) $128,697 $2.98 Three Months Ended March 31, 2020 Income from operations before income taxes Income tax expense Net income attributable to noncontrolling interests Net income attributable to AMC Networks' stockholders Diluted EPS attributable to AMC Networks' stockholdersReported Results (GAAP)$107,114 $(33,588) $(4,859) $68,667 $1.22 Adjustments: Amortization of acquisition-related intangible assets12,132 (2,023) (3,027) 7,082 0.13 Restructuring and other related charges5,966 (1,458) — 4,508 0.08 Loss on extinguishment of debt2,908 (693) — 2,215 0.04 Adjusted Results (Non-GAAP)$128,120 $(37,762) $(7,886) $82,472 $1.47 Summary of Segment Reporting Changes The following tables present a reconciliation from our historical segments to our new segments for three months ended March 31, 2020. Segment changes consist of the following: The Company’s streaming services and IFC Films, previously in International and Other are now included within the Domestic Operations Segment (formerly referred to as the National Networks segment)Corporate overhead costs will no longer be allocated to the operating segments. Corporate overhead includes such costs as executive salaries and benefits, costs of maintaining corporate headquarters, facilities and common support functions (such as human resources, legal, finance, strategic planning and information technology). Three months ended March 31, 2020 As Originally Reported Segment Changes Corporate / Inter-segment Eliminations RecastRevenue National Networks/Domestic Operations$566,939 $51,042 $(6,088) $611,893 International and Other170,494 (51,042) 5,376 124,828 Inter-segment Eliminations(3,058) — 712 (2,346)Total Consolidated Revenue$734,375 $— $— $734,375 Adjusted Operating Income National Networks/Domestic Operations$217,587 $(3,731) $27,177 $241,033 International and Other7,671 3,731 6,441 17,843 Corporate / Inter-segment Eliminations(2,804) — (33,618) (36,422)Total Consolidated Adjusted Operating Income$222,454 $— $— $222,454
Plymouth Industrial REIT reports first quarter results.
The new railcars will be built by TrinityRail at a facility in Mexico The new generation high-capacity hopper railcars will expand capacity, providing greater efficiency, reliability and safety for North American grain farmers, their customers, and the supply chain MONTREAL, May 07, 2021 (GLOBE NEWSWIRE) -- As it moves ahead towards its vision of becoming the first truly North American railway, CN (TSX: CNR) (NYSE: CNI) today announced it has placed an order for 1,000 new generation, high-capacity grain hopper cars. These innovative new railcars, to be built in a TrinityRail manufacturing plant in Mexico, will help meet the growing needs of North American grain farmers and demands of grain customers. CN leads the industry in moving grain, and the TrinityRail order is part of a larger program to build and renew a fleet of 6,000 hopper railcars over the next three years. CN recently made a formal offer to acquire Kansas City Southern, a fellow Class I railway. The combination would extend the span of CN’s network from Canada and the U.S. into Mexico, making it the first railroad to link North America’s three national economies. “These cars will be manufactured in Mexico and will help move more grain across the CN rail network, which continues to make CN the embodiment of a true USMCA railroad. Being an engine of North American economic growth and prosperity means that CN focuses continually on making strategic investments. Adding these 1,000 new generation hopper cars to our fleet is a prime example of that. In addition to our superior proposal to combine with KCS, this is a step further in our vision of seamlessly connecting ports and rails in the United States, Mexico and Canada and of providing superior service, enhanced competition and new market access to move goods across North America efficiently and safely.” – JJ Ruest, President and Chief Executive Officer, CN “CN’s grain movement has been resilient during the pandemic, achieving 14 straight months of record Canadian grain volume shipments. The dedication of our railroaders as well as our agri-food and supply chain partners has been key to this exceptional performance. By purchasing additional hopper cars, we are strengthening our commitment to grain farmers, grain customers, and the overall supply chain to support and expand our movement of grain to international markets as demand continues to increase.” – Rob Reilly, Executive Vice-President and Chief Operating Officer, CN “The purchase of 1,000 new high-capacity hopper cars by CN is good news for Canadian grain farmers, grain customers, and the Canadian economy. A safe and reliable freight rail system is a critical part of a healthy Canadian economy that supports good middle class jobs.” – The Honourable Omar Alghabra, Minister of Transport, Government of Canada. “As grain farmers know well, we need a reliable transportation system to get our high-quality products to market in a timely manner. Today’s great announcement by CN of 1,000 new high-capacity hopper cars builds on their success of month-over-month records for grain movement amid record high grain prices. The Transportation Modernization Act our Government passed in 2017 also helped incentivize these kinds of investments. All of it points clearly to an even brighter future on the horizon for Canadian grain farmers and the entire grain value-chain.” – The Honourable Marie-Claude Bibeau, Minister of Agriculture and Agri-Food, Government of Canada “The employees of Trinity de Mexico are honored to receive this valuable order from Canadian National. Trinity is a pioneer in the manufacturing of railcars in Mexico which has greatly contributed to the development of the Sabinas region, the state of Coahuila, the entire country of Mexico, and the North American freight railcar market.” – Luis Pardo, Executive Vice President, Trinity de Mexico “On behalf of Canada’s grain farmers, we are encouraged by any investment that helps get our grain to markets across the world. As our production increases, we see this as a positive sign that our rail capacity is poised to keep up with growing demand here and abroad.” – Andre Harpe, Chairman, Grain Growers of Canada CN's continued ability to deliver record volumes of grain shipments is largely due to investments made by the company over the past few years to improve safety and network fluidity. The purchase of these lighter, shorter, high capacity rail cars will enable CN to move more grain, with less equipment, supporting the company’s focus on better serving customers by providing safe, efficient, low carbon freight transportation services. CN is the most fuel-efficient railway in North America, using 15% less fuel per gross ton mile than the industry average. In 2020, CN’s actions to reduce emissions, mitigate climate risks and to develop the low-carbon economy resulted in CN being one of only three Canadian companies listed on CDP’s prestigious Climate A List. The partnership with TrinityRail will continue to help CN maintain its commitment to a cleaner connected continent. To find out more about CN’s commitment to grain please visit www.cn.ca/grain. For more information about CN’s superior proposal to combine with KCS, please visit www.ConnectedContinent.com. About CN CN 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 Statements Certain 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; uncertainties as to whether KCS will cooperate with CN regarding the proposed transaction; 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.ca Longview Communications & Public AffairsMartin Cej (403) 512-5730 firstname.lastname@example.org United StatesBrunswick GroupJonathan Doorley / Rebecca Kral(917) 459-0419 / (917) email@example.com@brunswickgroup.com Investment CommunityPaul ButcherVice-PresidentInvestor Relations(514) firstname.lastname@example.org
VANCOUVER, British Columbia, May 07, 2021 (GLOBE NEWSWIRE) -- C2C GOLD CORP. (CSE: CTOC; OTCQB:CTCGF) is pleased to announce the timely receipt of surface exploration approvals for the 2021 summer field season from the Department of Natural Resources, Newfoundland and Labrador. The exploration approvals for the Badger, Millertown and Barrens Lake properties apply to surface fieldwork including geochemical surveys, ground geophysics, LIDAR and UAV surveys, airborne geophysics, camp establishment and prospecting. The Company intends to focus initial exploration efforts to aggressively advance high-priority gold targets to the drill stage. Lori Walton, Chief Executive Officer of C2C Gold stated, “We are very pleased to have received the approvals required to support our summer exploration program in the Central Newfoundland Gold Belt. The efficiency of the Department of Natural Resources is impressive and we look forward to now implementing our work plan for the 2021 season.” C2C Gold - Newfoundland PropertiesC2C Gold’s project areas cover more than 1,150 km² along and between the Red Indian Line (RIL) and the Valentine Lake shear zone in the Central Gold Belt of Newfoundland. The Company’s prospective holdings extend for more than 100 km along the Central Gold Belt a northeast trending structural zone extending across Newfoundland. These regionally extensive fault zones are deep crustal sutures which localize deformation and fluid flow and host orogenic-style gold bearing quartz veins and stockwork zones. Companies working on active gold projects within this belt and the broader Exploits Subzone have noted the similarity in geological setting and character with both the Abitibi greenstone belts in Ontario and Quebec, Canada and the Bendigo-Fosterville gold deposits in Australia. Regionally, till and lake sediment sampling programs by the Newfoundland and Labrador Geological Survey defined northeast trending clusters of gold-in-till anomalies south of the RIL. C2C Gold is focusing on the correlation between the anomalous gold-in-till samples and underlying structural features shown on historical geophysical surveys. A comprehensive program of deeper soil sampling over the most promising areas will target potential buried gold mineralization. There are numerous gold-in-till anomalies throughout the C2C property holdings. Newfoundland Projects – Regional OverviewNewfoundland has long been known to have a large number of gold occurrences with relatively little modern exploration. Historical production from the Hope Brook, Nugget Pond, and Point Rousse projects have been typical of the island’s mines with relatively modest production from high grade deposits. More recently important significant drill intersections such as those announced by New Found Gold Corp. and those contributing to the growing resource at Marathon Gold Corp’s Valentine Deposit have raised the status of the area to that of a premier gold exploration jurisdiction. These continued positive results have led to a dramatic increase in exploration activity giving rise to a modern-day gold rush throughout. C2C Gold Corp.C2C Gold Corp is a Canadian mineral exploration company focused on the acquisition and development of mineral projects in Newfoundland, Canada. The Company holds the Badger, Millertown, and Barrens Lake projects, which cumulatively cover an area of more than 1,150 km² with road access and proximity to communities and power lines. All projects lie within the Central Newfoundland Gold Belt and provide a large land position in a top mineral exploration jurisdiction. Mineral development in Newfoundland has advanced significantly with increased exploration and development activities throughout the province. C2C also holds one of the largest land packages, with several prominent projects, within the prolific White Gold and Klondike districts in Canada’s Yukon. For more information: C2C Gold Corp.Lori Walton, Chief Executive Officer(604) email@example.com@C2CGoldCorp Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
- Strong Demand Drove Single-Family Residential Revenues Up 71% Year-Over-Year, with 19% Growth in Commercial Revenues - - Total Revenues Increase 27.0% Year-Over-Year to $110.9 Million, with 27.9% Growth in the U.S. - - Operational and Structural Advantages Produce Record Gross Margin of 40.7%, Up 590 Basis Points - - Net Profit of $8.2 Million, Inclusive of One-Time Extinguishment of Debt Costs; Adjusted Net Income1 of $16.8 Million, or $0.35 Per Diluted Share - - Record Adjusted EBITDA1 of $33.5 Million or 30.2% of Sales, Up 64.8% Year-Over-Year - - Record Cash Flow From Operations of $29.0 Million, Marking 4 Straight Quarters of Exceptional Cash Generation and Supporting Further Leverage Reduction to 1.4x Net Debt to Adjusted EBITDA1 - - Completes Debt Refinancing with Repayment of Senior Notes, Resulting in Estimated Annual Cash Interest Expense Savings of $11 Million - - Backlog Expands to a Record $552 Million, Up 1.1% Year-Over-Year - - Raises Full Year 2021 Growth Outlook to Adjusted EBITDA1 of $115 Million to $125 Million on Total Revenues of $420 Million to $435 Million - BARRANQUILLA, Colombia, May 07, 2021 (GLOBE NEWSWIRE) -- Tecnoglass, Inc. (NASDAQ: TGLS) (“Tecnoglass” or the “Company”), a leading manufacturer of architectural glass, windows, and associated aluminum products serving the global residential and commercial end markets, today reported financial results for the first quarter ended March 31, 2021. José Manuel Daes, Chief Executive Officer of Tecnoglass, commented, “I am extremely proud of our outstanding performance so far in 2021 and I have never been more optimistic about the future for Tecnoglass. We delivered record first quarter results across nearly all of our key operating metrics including total revenues, gross profit, operating profit, adjusted EBITDA1 and operating cash flow. This success was largely driven by the continued positive reception of our single family residential products, allowing for additional market share gains. Furthermore, our vertically integrated architectural glass platform and prior automation investments continue to deliver significant structural advantages amid tight labor and material availability impacting our industry. We are optimally positioned to efficiently control our supply chain, manufacture products with shorter lead times and best serve customers in what we expect to be a year of significant growth in demand. Moving forward, we remain confident in our ability to maintain our industry leading margins and gain additional share in the quarters ahead.” Christian Daes, Chief Operating Officer of Tecnoglass, added, “In the first quarter, we were thrilled to see the positive momentum continue in our business as we reported a sharp acceleration of growth. Encouraging trends in housing starts and de-urbanization combined with our efforts to expand our customer relationships are all supporting the growth of our single-family residential revenue, which increased over 70% year-over-year. Additionally, we are pleased to see our large scale projects resuming activity, in line with improving fundamentals and the ABI index climbing higher into expansion territory for the second consecutive month in March. Looking ahead, our momentum has continued into April and May as new business wins and record levels of backlog leave us well positioned for further value creation.” First Quarter 2021 Results Total revenues for the first quarter of 2021 increased 27.0% to $110.9 million, compared to $87.3 million in the prior year quarter. U.S. revenues of $100.8 million, which represented 91% of total revenues, grew 27.9% compared to $78.8 million in the prior year quarter, driven by strong growth in residential activity, recovering commercial construction activity, and market share gains. Colombia revenue, a majority of which is represented by long-term contracts priced in Colombian Pesos but indexed to the U.S. Dollar, was $7.7 million, an increase of 18.4% compared to $6.5 million in the prior year quarter. Changes in foreign currency exchange rates had a negligible impact on Colombia and total revenues in the quarter. Gross profit for the first quarter of 2021 grew 48.4% to $45.1 million, representing a 40.7% gross margin, compared to gross profit of $30.4 million, representing a 34.9% gross margin in the prior year quarter. The 590 basis point improvement in gross margin mainly reflected a higher mix of revenue from manufacturing versus installation activity as Tecnoglass increased its mix of single family residential products, and included a full quarter of greater operating efficiencies from prior automation initiatives. Selling, general and administrative expense (“SG&A”) was $19.8 million compared to $17.3 million in the prior year quarter, primarily attributable to higher variable expenses related to ground and marine transportation. As a percent of total revenues, SG&A was 17.8% compared to 19.8% in the prior year quarter, primarily due to higher sales and better operating leverage on personnel, professional fees and other fixed expenses. Net income was $8.2 million, or $0.17 per diluted share, in the first quarter of 2021 compared to net loss of $18.8 million, or $0.40 loss per diluted share, in the prior year quarter, including an after-tax non-cash foreign exchange transaction cost of $0.05 million in the first quarter of 2021 and a $32.5 million loss in the first quarter of 2020. As previously disclosed, these non-cash gains and losses are related to the accounting re-measurement of U.S. Dollar denominated assets and liabilities against the Colombian Peso as functional currency. Additionally, during the quarter, Tecnoglass recorded a one-time $8.6 million call option payment and a $2.5 million non-cash extinguishment of debt charge related to the retirement of its senior notes. Adjusted net income1 was $16.8 million, or $0.35 per diluted share, in the first quarter of 2021 compared to adjusted net income of $4.5 million, or $0.10 per diluted share, in the prior year quarter. Adjusted net income1, as reconciled in the table below, excludes the impact of non-cash foreign exchange transaction gains or losses and other non-core items, along with the tax impact of adjustments at statutory rates, to better reflect core financial performance. Adjusted EBITDA1, as reconciled in the table below, increased 64.8% to $33.5 million, or 30.2% of total revenues in the first quarter of 2021, compared to $20.3 million, or 23.3% of total revenues, in the prior year quarter. The improvement was driven by higher sales and a stronger gross margin. Adjusted EBITDA1 in the first quarter 2021 included $0.8 million in contribution from the Company’s joint venture with Saint-Gobain, compared to $1.0 million in the prior year quarter. Dividend The Company declared a quarterly cash dividend of $0.0275 per share for the first quarter of 2021, which was paid on April 30, 2021 to shareholders of record as of the close of business on March 31, 2021. Balance Sheet & Liquidity The Company ended the first quarter of 2021 with cash and cash equivalents of $85.2 million compared to $36.8 million in the prior year quarter. Cash provided by operating activities of $29.0 million improved by $28.4 million compared to the prior year quarter, attributable to higher profitability as well as more efficient inventory and working capital management. In the first quarter of 2021, the Company redeemed in full its $210 million unsecured senior notes, which bore interest at a rate of 8.2%, following the step down in redemption price at the end of January 2021. The $8.6 million call option was fully paid in January alongside with the redemption of the notes. Giving effect to the redemption of the senior notes, annualized savings on cash interest expense are expected to approximate $11 million annually. Interest expense in the first quarter 2021 declined by 38% year-over-year reflecting a partial quarter of lower borrowings costs following the redemption of the senior notes. On a pro forma basis giving effect to the pay down of the unsecured senior notes, the Company had total liquidity of approximately $145.2 million, including cash of $85.2 million and availability under its revolving credit facilities of $60 million. Subsequent to the end of the first quarter and based on Tecnoglass’ leverage ratio as of March 31, 2021, the interest rate spread on the Company’s $300 million Senior Secured Credit Facility decreased 50 basis points to a spread of 2.50% in April 2021. Given the Company’s continued growth in adjusted EBITDA1 and strong cash generation, debt leverage continues to trend lower and now stands at 1.4x LTM net debt to adjusted EBITDA1. Full Year 2021 Outlook Santiago Giraldo, Chief Financial Officer of Tecnoglass, stated, “We are increasing our full year outlook for 2021 total revenues and adjusted EBITDA1 growth to reflect Tecnoglass’ exceptional start to 2021, including strong demand into April and May and solid share gains. We now expect full year 2021 total revenues to grow to a range of $420 million to $435 million, primarily driven by strengthening U.S. demand. In addition, we now anticipate full year adjusted EBITDA1 to grow to a range of $115 million to $125 million, implying growth of approximately 23% at the midpoint, and margin expansion. Our vertically integrated business model is providing us with significant competitive advantages, including the ability to actively manage costs and provide exceptional delivery lead times which should allow us to deliver above market growth in the quarters ahead. As we look to the remainder of the year, we are preparing Tecnoglass to accommodate significant demand beyond our current outlook. We are firmly on track to deliver exceptional results and continue our record of strong cash flow generation for the full year 2021.” Webcast and Conference Call Management will host a webcast and conference call on Friday, May 7, 2021 at 10:00 a.m. eastern time (9:00 a.m. Bogota, Colombia time) to review the Company’s results. The conference call will be broadcast live over the Internet. Additionally, a slide presentation will accompany the conference call. To listen to the call and view the slides, please visit the Investor Relations section of Tecnoglass' website at www.tecnoglass.com. Please go to the website at least 15 minutes early to register, download and install any necessary audio software. Due to potential extended wait times to access the conference call via dial-in, the Company encourages use of the webcast. For those unable to access the webcast, the conference call will be accessible by dialing 1-877-705-6003 (domestic) or 1-201-493-6725 (international). Upon dialing in, please request to join the Tecnoglass First Quarter 2021 Earnings Conference Call. If you are unable to listen live, a replay of the webcast will be archived on the website. You may also access the conference call playback by dialing (844) 512-2921 (Domestic) or (412) 317-6671 (International) and entering pass code: 13718684. About Tecnoglass Tecnoglass Inc. is a leading producer of architectural glass, windows, and associated aluminum products serving the multi-family, single-family and commercial end markets. Tecnoglass is the second largest glass fabricator serving the U.S. and the #1 architectural glass transformation company in Latin America. Located in Barranquilla, Colombia, the Company’s 2.7 million square foot, vertically-integrated and state-of-the-art manufacturing complex provides efficient access to over 1,000 global customers, with the U.S. accounting for more than 90% of revenues. Tecnoglass' tailored, high-end products are found on some of the world's most distinctive properties, including One Thousand Museum (Miami), Paramount (Miami), Salesforce Tower (San Francisco), Via 57 West (NY), Hub50House (Boston), Aeropuerto Internacional El Dorado (Bogotá), One Plaza (Medellín), Pabellon de Cristal (Barranquilla). For more information, please visit www.tecnoglass.com or view our corporate video at https://vimeo.com/134429998. Forward Looking Statements This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding future financial performance, future growth and future acquisitions. These statements are based on Tecnoglass’ current expectations or beliefs and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the statements herein due to changes in economic, business, competitive and/or regulatory factors, and other risks and uncertainties affecting the operation of Tecnoglass’ business. These risks, uncertainties and contingencies are indicated from time to time in Tecnoglass’ filings with the Securities and Exchange Commission. The information set forth herein should be read in light of such risks. Further, investors should keep in mind that Tecnoglass’ financial results in any particular period may not be indicative of future results. Tecnoglass is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements, whether as a result of new information, future events and changes in assumptions or otherwise, except as required by law. 1Adjusted net income (loss) and Adjusted EBITDA in both periods are reconciled in the table below. Investor Relations: Santiago GiraldoCFO305firstname.lastname@example.org Tecnoglass Inc. and SubsidiariesConsolidated Balance Sheets (In thousands, except share and per share data)(Unaudited) March 31, December 31, 2021 2020 ASSETS Current assets: Cash and cash equivalents $85,160 $66,899 Investments 2,235 2,387 Trade accounts receivable, net 90,033 88,368 Due from related parties 7,420 8,574 Inventories 71,317 80,742 Contract assets – current portion 23,530 26,288 Other current assets 13,537 13,545 Total current assets $293,232 $286,803 Long-term assets: Property, plant and equipment, net $141,967 $152,266 Deferred income taxes 1,989 268 Contract assets – non-current 11,023 10,228 Due from related parties - long term 121 484 Long-term trade accounts receivable 3,435 2,985 Intangible assets 4,713 5,112 Goodwill 23,561 23,561 Long-term investments 48,626 47,535 Other long-term assets 3,942 2,783 Total long-term assets 239,377 245,222 Total assets $532,609 $532,025 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Short-term debt and current portion of long-term debt $13,748 $1,764 Trade accounts payable and accrued expenses 44,969 42,178 Accrued interest expense 6 7,175 Due to related parties 4,333 4,750 Dividends payable 1,352 1,352 Contract liability – current portion 29,287 24,694 Other current liabilities 9,778 9,630 Total current liabilities $103,473 $91,543 Long-term liabilities: Deferred income taxes $1,735 $3,170 Long-term liabilities from related parties 651 645 Contract liability – non-current 999 977 Long-term debt 221,635 222,722 Total long-term liabilities 225,020 227,514 Total liabilities $328,493 $319,057 SHAREHOLDERS’ EQUITY Preferred shares, $0.0001 par value, 1,000,000 shares authorized, 0 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively $- $- Ordinary shares, $0.0001 par value, 100,000,000 shares authorized, 47,674,773 and 47,674,773 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively 5 5 Legal Reserves 2,273 2,273 Additional paid-in capital 219,290 219,290 Retained earnings 41,181 34,326 Accumulated other comprehensive (loss) (59,305) (43,512) Shareholders’ equity attributable to controlling interest 203,444 212,382 Shareholders’ equity attributable to non-controlling interest 672 586 Total shareholders’ equity 204,116 212,968 Total liabilities and shareholders’ equity $532,609 $532,025 Tecnoglass Inc. and SubsidiariesConsolidated Statements of Operations and Comprehensive Income (In thousands, except share and per share data)(Unaudited) Three months ended March 31, 2021 2020 Operating revenues: External customers $110,259 $86,106 Related parties 621 1,192 Total operating revenues 110,880 87,298 Cost of sales 65,737 56,871 Gross profit 45,143 30,427 Operating expenses: Selling expense (11,081) (9,668) General and administrative expense (8,669) (7,610) Total operating expenses (19,750) (17,278) Operating income 25,393 13,149 Non-operating income (expenses), net 159 (101) Equity method income 1,091 260 Foreign currency transactions losses (45) (32,466) Loss on extinguishment of debt (11,147) - Interest expense and deferred cost of financing (3,522) (5,643) Income (loss) before taxes 11,929 (24,801) Income tax (provision) benefit (3,677) 6,133 Net income (loss) $8,252 $(18,668) Income attributable to non-controlling interest (86) (98) Income (Loss) attributable to parent $8,166 $(18,766) Comprehensive income: Net income (loss) $8,252 $(18,668) Foreign currency translation adjustments (15,635) (19,288) Change in fair value derivative contracts (159) (4,065) Total comprehensive income $(7,542) $(42,021) Comprehensive income attributable to non-controlling interest (86) (98) Total comprehensive income (loss) attributable to parent $(7,628) $(42,119) Basic income (loss) per share $0.17 $(0.40) Diluted income (loss) per share $0.17 $(0.40) Basic weighted average common shares outstanding 47,674,773 46,117,631 Diluted weighted average common shares outstanding 47,674,773 46,117,631 Tecnoglass Inc. and SubsidiariesConsolidated Statements of Cash Flows (In thousands)(Unaudited) Three months ended March 31, 2021 2020 CASH FLOWS FROM OPERATING ACTIVITIES Net income (loss) $8,252 $(18,668) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Allowance for bad debts 537 368 Depreciation and amortization 5,289 5,241 Deferred income taxes 704 (9,031) Equity method income (1,091) (260) Deferred cost of financing 255 440 Other non-cash adjustments (3) 40 Debt extinguishment 2,333 - Unrealized currency translation losses 2,411 37,533 Changes in operating assets and liabilities: Trade accounts receivables (3,419) 664 Inventories 2,564 (2,848) Prepaid expenses (592) 69 Other assets (3,933) (4,940) Trade accounts payable and accrued expenses 12,911 (6,274) Accrued interest expense (7,169) (4,546) Taxes payable 1,699 3,113 Labor liabilities (559) (1,270) Contract assets and liabilities 7,849 2,352 Related parties 926 (1,435) CASH PROVIDED BY OPERATING ACTIVITIES $28,964 $548 CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from sale of investments - 193 Purchase of investments (42) (137) Acquisition of property and equipment (5,696) (6,469) CASH USED IN INVESTING ACTIVITIES $(5,738) $(6,413) CASH FLOWS FROM FINANCING ACTIVITIES Cash dividend (1,311) - Debt extinguishment - Call Premium (8,610) - Deferred financing transaction costs (89) - Proceeds from debt 221,118 14,353 Repayments of debt (213,180) (15,073) CASH USED IN FINANCING ACTIVITIES $(2,072) $(720) Effect of exchange rate changes on cash and cash equivalents $(2,893) $(4,453) NET INCREASE (DECREASE) IN CASH 18,261 (11,038) CASH - Beginning of period 66,899 47,862 CASH - End of period $85,160 $36,824 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION Cash paid during the period for: Interest $10,268 $9,282 Income Tax $2,507 $1,986 NON-CASH INVESTING AND FINANCING ACTIVITES: Assets acquired under credit or debt $745 $991 Revenues by Region(Amounts in thousands)(Unaudited) Three months ended Twelve months ended Mar 31, Mar 31,2021 2020 % Change 2021 2020 % ChangeRevenues by Region United States100,807 78,798 27,9% 363,476 354,820 2,4%Colombia7,665 6,472 18,4% 24,495 45,783 -46,5%Other Countries2,407 2,028 18,7% 10,534 10,441 0,9%Total Revenues by Region110,880 87,298 27,0% 398,505 411,043 -3,1% Reconciliation of Non-GAAP Performance Measures to GAAP Performance Measures(In thousands)(Unaudited) The Company believes that total revenues with foreign currency held neutral non-GAAP performance measures, which management uses in managing and evaluating the Company's business, may provide users of the Company's financial information with additional meaningful bases for comparing the Company's current results and results in a prior period, as these measures reflect factors that are unique to one period relative to the comparable period. However, these non‑GAAP performance measures should be viewed in addition to, and not as an alternative for, the Company's reported results under accounting principles generally accepted in the United States. Three months ended Mar 31, 2021 2020 % Change Total Revenues with Foreign Currency Held Neutral$110,917 $87,298 27,1%Impact of changes in foreign currency (37) - (0,0%)Total Revenues, as Reported$110,880 $87,298 27,0% Currency impacts on total revenues for the current quarter have been derived by translating current quarter revenues at the prevailing average foreign currency rates during the prior year quarter, as applicable. Reconciliation of Adjusted EBITDA and Adjusted net (loss) income to net (loss) income(In thousands, except share and per share data)(Unaudited) Adjusted EBITDA and adjusted net (loss) income are not measures of financial performance under generally accepted accounting principles (“GAAP”). Management believes Adjusted EBITDA and adjusted net (loss) income, in addition to operating profit, net (loss) income and other GAAP measures, is useful to investors to evaluate the Company’s results because it excludes certain items that are not directly related to the Company’s core operating performance. Investors should recognize that Adjusted EBITDA and adjusted net (loss) income might not be comparable to similarly-titled measures of other companies. These measures should be considered in addition to, and not as a substitute for or superior to, any measure of performance prepared in accordance with GAAP. Reconciliations of the non-GAAP measures used in this press release are included in the tables attached to this press release, to the extent available without unreasonable effort. Because GAAP financial measures on a forward-looking basis are not accessible, and reconciling information is not available without unreasonable effort, we have not provided reconciliations for forward-looking non-GAAP measures. A reconciliation of Adjusted net (loss) income and Adjusted EBITDA to the most directly comparable GAAP measure in accordance with SEC Regulation G follows, with amounts in thousands: Three months ended Twelve months ended Mar 31, Mar 31, 2021 2020 2021 2020 Net (loss) income 8,252 (18,668) 51,105 (1,730)Less: Income (loss) attributable to non-controlling interest (86) (98) 37 161 (Loss) Income attributable to parent 8,166 (18,766) 51,142 (1,569)Foreign currency transactions losses (gains) 45 32,466 (23,783) 36,725 Deferred cost of financing 255 440 1,713 1,671 Non Recurring expenses (extinguishment of debt, bond issuance costs, provision for bad debt, acquisition related costs and other) 1,026 895 4,224 5,501 Extinguishment of debt - Call Option Premium 8,610 - 8,610 - Extinguishment of debt - Deferred Costs 2,537 - 2,537 - Joint Venture VA (Saint Gobain) adjustments 79 372 1,650 1,709 Change in FV of Hedging Derivatives (185) 1,809 Tax impact of adjustments at statutory rate (3,710) (10,935) 1,284 (14,594)Adjusted net (loss) income 16,823 4,472 49,186 29,443 Basic income (loss) per share 0,17 (0,40) 1,10 (0,04)Diluted income (loss) per share 0,17 (0,40) 1,10 (0,04) Diluted Adjusted net income (loss) per share 0,35 0,10 1,06 0,66 Diluted Weighted Average Common Shares Outstanding in thousands 47,675 46,118 46,398 44,464 Basic weighted average common shares outstanding in thousands 47,675 46,118 46,398 44,464 Diluted weighted average common shares outstanding in thousands 47,675 46,118 46,398 44,464 Three months ended Twelve months ended Mar 31, Mar 31, 2021 2020 2021 2020 Net (loss) income 8,252 (18,668) 51,105 (1,730)Less: Income (loss) attributable to non-controlling interest (86) (98) 37 161 (Loss) Income attributable to parent 8,166 (18,766) 51,142 (1,569)Interest expense and deferred cost of financing 3,522 5,643 19,550 22,862 Income tax (benefit) provision 3,677 (6,133) 22,811 1,916 Depreciation & amortization 5,289 5,241 20,638 22,135 Foreign currency transactions losses (gains) 45 32,466 (23,783) 36,725 Non Recurring expenses (extinguishment of debt, bond issuance costs, provision for bad debt, acquisition related costs and other) 1,026 895 4,224 5,501 Extinguishment of debt - Call Option Premium 8,610 - 8,610 - Extinguishment of debt - Deferred Costs 2,537 - 2,537 - Joint Venture VA (Saint Gobain) EBITDA adjustments 838 999 3,415 4,047 Change in FV of Hedging Derivatives (185) - 1,809 - Adjusted EBITDA 33,525 20,345 110,953 91,617
POSEIDON was a Phase III trial of AstraZeneca’s IMFINZI® (durvalumab) plus platinum-based chemotherapy or IMFINZI, tremelimumab and chemotherapy versus chemotherapy alone in the 1st-line treatment of patients with Stage IV (metastatic) non-small cell lung cancer (NSCLC).
TerrAscend Corp. ("TerrAscend" or "the Company") (CSE:TER) (OTCQX: TRSSF), a leading North American cannabis operator, today announced the grand opening of its second New Jersey medical cannabis dispensary.
Achieves operating profit for the first quarter of 2021 Cash and cash equivalents of $41.8 million as of March 31, 2021 Orgenesis to host conference call today at 8:30 AM ET GERMANTOWN, Md., May 07, 2021 (GLOBE NEWSWIRE) -- Orgenesis Inc. (NASDAQ: ORGS) (“Orgenesis” or the “Company”), a global biotech company working to unlock the full potential of cell and gene therapies (CGTs), today reported financial results for the first quarter ended March 31, 2021. Vered Caplan, CEO of Orgenesis, stated, “Our first quarter results illustrate the potential of our new POCare strategy, as evidenced by more than a four-fold increase in revenue for the first quarter of 2021. This growth is a direct result of long-term contracts with our regional partners as they work to advance our therapeutic pipeline and scale production capabilities in their respective territories. While we are in the early phases of our rollout, we achieved positive operating income for the quarter and are working aggressively to achieve our goal of building a sustainable long-term profitable business model, which we believe is achievable given the scalability of our POCare strategy. We have also maintained a solid balance sheet with $41.8 million of cash as of March 31, 2021.” “The goal of our POCare platform is to provide life-changing treatments to large numbers of patients at reduced costs within the point-of-care setting. Initially, we are focusing on autologous, cell-based immunotherapies, therapeutics for metabolic diseases, anti-viral diseases, and tissue regeneration. Towards this end, we have built a robust therapeutic pipeline, which includes more than 30 advanced cell and gene therapies. We continue to expand our pipeline through our growing partnership with researchers, commercial partners and hospitals. As an example, in March, we entered into a second phase of collaboration with Hospital Infantil Universitario Niño Jesús in Madrid with an exclusive license to commercialize the Celyvir solid tumor therapy. At the same time, we have invested in new point-of-care technologies that can be integrated into our new Orgenesis Mobile Processing Units and Labs (OMPULs).” “We continue to grow our POCare Network, which includes facilities in various countries across North America, Europe, Asia, and the Middle East. As an example, we recently began a collaboration with the Bambino Gesù Children's Hospital in Rome to establish a Point of Care Cell Therapy center at the hospital. We look forward to providing further updates as we advance our therapeutic pipeline, expand our hospital network and deploy our OMPULs worldwide.” “Given the early stage of our POCare network, our reported revenues reflect just the first phase of our JV partnerships, as we establish point-of-care systems and capabilities for our partners. At the same time, these partners are investing in personnel, regulatory expenses and infrastructure in their respective territories as a basis for our therapeutic pipeline advancement. As our JV partners progress towards commercial production of cell therapies, we expect to continue to generate revenue from supporting them, as well as from future royalties. We believe this is a highly scalable model, substantially de-risked through outside capital from our partners.” The Company’s complete financial results are available in the Company’s Form 10-Q filed with the Securities and Exchange Commission on May 6, 2021 which is available at www.sec.gov and on the Company’s website. Conference Call The Company plans to host a conference call at 8:30 AM Eastern Time today, May 7, 2021, to discuss the Company’s financial results for the first quarter ended March 31, 2021, as well as the Company’s corporate progress and other developments. The conference call will be available via telephone by dialing toll free 888-506-0062 for U.S. callers or +1 973-528-0011 for international callers and using entry code 173027. A webcast of the call may be accessed at https://www.webcaster4.com/Webcast/Page/2585/41278 or on the Company’s Investor Events section of the website here. A webcast replay will be available on the Company’s Investor Events section of the website (https://ir.orgenesis.com/events#/) through Saturday, May 07, 2022. A telephone replay of the call will be available approximately one hour following the call, through Friday, May 21, 2021 and can be accessed by dialing 877-481-4010 for U.S. callers or +1 919-882-2331 for international callers and entering conference ID: 41278. About Orgenesis Orgenesis is a global biotech company working to unlock the full potential of cell and gene therapies (CGTs) in an affordable and accessible format. The Orgenesis Point of Care Platform is comprised of three enabling components: a pipeline of licensed POCare Therapeutics that are processed and produced in closed, automated POCare Technology systems across a collaborative POCare Network. Orgenesis identifies promising new therapies and leverages its POCare Platform to provide a rapid, globally harmonized pathway for these therapies to reach and treat large numbers of patients at lowered costs through efficient, scalable, and decentralized production. The POCare Network brings together patients, doctors, industry partners, research institutes and hospitals worldwide to achieve harmonized, regulated clinical development and production of the therapies. Learn more about the work Orgenesis is doing at www.orgenesis.com. Notice Regarding Forward-Looking StatementsThis press release contains forward-looking statements which are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended. These forward-looking statements involve substantial uncertainties and risks and are based upon our current expectations, estimates and projections and reflect our beliefs and assumptions based upon information available to us at the date of this release. We caution readers that forward-looking statements are predictions based on our current expectations about future events. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions that are difficult to predict. Our actual results, performance or achievements could differ materially from those expressed or implied by the forward-looking statements as a result of a number of factors, including, but not limited to, our reliance on, and our ability to grow, our point-of-care cell therapy platform, our ability to achieve and maintain overall profitability, our ability to manage our research and development programs that are based on novel technologies, our ability to control key elements relating to the development and commercialization of therapeutic product candidates with third parties, the timing of completion of clinical trials and studies, the availability of additional data, outcomes of clinical trials of our product candidates, the potential uses and benefits of our product candidates, our ability to manage potential disruptions as a result of the coronavirus outbreak, the sufficiency of working capital to realize our business plans, the development of our POCare strategy, our trans differentiation technology as therapeutic treatment for diabetes, the technology behind our in-licensed ATMPs not functioning as expected, our ability to further our CGT development projects, either directly or through our JV partner agreements, and to fulfill our obligations under such agreements, our license agreements with other institutions, our ability to retain key employees, our competitors developing better or cheaper alternatives to our products and the risks and uncertainties discussed under the heading "RISK FACTORS" in Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2020, and in our other filings with the Securities and Exchange Commission. We undertake no obligation to revise or update any forward-looking statement for any reason. IR contact for Orgenesis:David WaldmanCrescendo Communications, LLCTel: 212-671-1021ORGS@crescendo-ir.com Communications contact for OrgenesisImage Box CommunicationsNeil Hunter / Michelle BoxallTel +44 (0)20 8943 email@example.com / firstname.lastname@example.org ORGENESIS INC.CONDENSED CONSOLIDATED BALANCE SHEETS(U.S. Dollars in Thousands)(Unaudited) As of March 31,2021 December 31,2020 Assets CURRENT ASSETS: Cash and cash equivalents $41,841 $44,923 Restricted cash 471 645 Accounts receivable, net 11,354 3,085 Prepaid expenses and other receivables 679 1,070 Grants receivable 168 169 Inventory 200 185 Total current assets 54,713 50,077 NON-CURRENT ASSETS: Deposits $348 $296 Investments in associates, net 160 175 Property, plant and equipment, net 3,469 3,073 Intangible assets, net 12,675 13,023 Operating lease right-of-use assets 1,341 1,474 Goodwill 8,602 8,745 Other assets 802 821 Total non-current assets 27,397 27,607 TOTAL ASSETS $82,110 $77,684 ORGENESIS INC.CONDENSED CONSOLIDATED BALANCE SHEETS (Cont’d)(U.S. Dollars in Thousands)(Unaudited) As of March 31,2021 December 31,2020 Liabilities and Equity CURRENT LIABILITIES: Accounts payable $10,294 $8,649 Accrued expenses and other payables 987 792 Income tax payable 7 7 Employees and related payables 1,638 1,463 Advance payments on account of grant 1,126 692 Short-term loans and current maturities of long- term loans - 145 Contract liabilities, mainly related party 59 59 Current maturities of finance leases 18 19 Current maturities of operating leases 474 485 Current maturities of convertible loans 4,327 3,974 Total current liabilities 18,930 16,285 LONG-TERM LIABILITIES: Non-current operating leases $895 $1,020 Convertible loans 7,082 7,200 Retirement benefits obligation 91 74 Non-current finance leases 57 64 Other long-term liabilities 303 313 Total long-term liabilities 8,428 8,671 TOTAL LIABILITIES 27,358 24,956 EQUITY: Common stock of $0.0001 par value, 145,833,334 shares authorized, 24,469,406 and 24,223,093 shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively 3 3 Additional paid-in capital 142,449 140,397 Receipts on account of shares to be allotted 424 - Accumulated other comprehensive income 471 748 Treasury stock, 57,615 and 55,309 shares as of March 31, 2021 and December 31, 2020, respectively (260) (250)Accumulated deficit (88,538) (88,319)Equity attributable to Orgenesis Inc. 54,549 52,579 Non-controlling interest 203 149 Total equity 54,752 52,728 TOTAL LIABILITIES AND EQUITY $82,110 $77,684 ORGENESIS INC.CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS(U.S. Dollars in Thousands, Except Share and Loss Per Share Amounts) (Unaudited) Three Months Ended March 31, 2021 March 31, 2020 Revenues $8,232 $1,385 Revenues from related party 1,157 493 Total revenues 9,389 1,878 Cost of services and other research and development expenses 6,127 4,873 Amortization of intangible assets 238 223 Selling, general and administrative expenses 2,968 3,518 Other income, net (25) (3)Operating loss (income) (81) 6,733 Financial expenses, net 233 329 Share in net loss of associated companies 15 - Loss from continuing operation before income taxes 167 7,062 Tax income (2) (47)Net loss from continuing operation 165 7,015 Net income from discontinued operations, net of tax - (76,465)Net loss (income) 165 (69,450)Net loss (income) attributable to non-controlling interests from continuing operation 54 (39)Net loss attributable to non-controlling interests from discontinued operations - (492)Net loss (income) attributable to Orgenesis Inc. 219 (69,981) Loss (Earning) per share: Basic and diluted from continuing operations $0.01 $0.39 Basic and diluted from discontinued operations $- $(4.62)Basic and diluted $0.01 $(4.23) Weighted average number of shares used in computation of Basic and Diluted loss per share: Basic and diluted 24,189,175 17,780,830 Comprehensive loss (income): Net loss from Continuing Operation $165 $7,015 Net income from Discontinued Operations, Net of Tax - (76,465)Other Comprehensive loss – Translation adjustment 277 644 Release of translation adjustment due to sale of subsidiary - (194)Comprehensive loss (income) 442 (69,000)Comprehensive loss (income) attributed to non-controlling interests from continuing operation 54 (39)Comprehensive income attributed to non-controlling interests from discontinued operation - (492)Comprehensive loss (income) attributed to Orgenesis Inc. $496 $(69,531)
Enbridge Inc. (Enbridge or the Company) (TSX: ENB) (NYSE: ENB) today reported first quarter 2021 financial results, reaffirmed its 2021 financial outlook, and provided a quarterly business update.
TORONTO, May 07, 2021 (GLOBE NEWSWIRE) -- Stone Gold Inc. (TSX-V: STG) ("Stone Gold" or the "Company") announces that the recently completed 952 m. diamond drill program at the Mt. Jamie North program contained no significant gold values. The initial drill program on the untested Mt. Jamie North Property consisted of 3 diamond drill holes. The highest assays encountered were in SG-21-002 where silicified and sericitized tuff contained 5% quartz veinlets with trace disseminated pyrite. This zone returned 120 ppb Au over 2.0 m of core and corresponds to the same zone on surface from a grab sample of a quartz vein that assayed 5.6 gpt Au. Stone Gold President and CEO John Timmons comments, “The initial drill results from the Mt. Jamie North Project are disappointing. However, a 952 m. drill program does not determine the viability of a project, and we intend to further exploration of additional targets by way of surface sampling and trenching at Mt. Jamie North in late 2021. “As previously planned, the Company intends to focus on the Batchewana Bay Projects north of Sault St. Marie. The Glenrock Gold Project is drill ready with historical diamond drill gold grades of 15.2m. of 1.3 gt/Au. and 33m. of 0.5 gt/Au. The recently acquired Tribag and East Breccia Cu/Mo/W/Re projects are accompanied with an extensive database of brownfields exploration data from the former Tribag Copper Mine. The data is currently being inputted and modelled by Ronacher MacKenzie Geoscience Inc. located in Sudbury, Ontario. We aim to identify multiple targets for diamond drilling in late 2021.” Drill core for the Mt. Jamie North drill program was collected at the drill rig by the consulting geologist and the core was logged by Fladgate Exploration Consulting in Thunder Bay and assays were completed by Activation Laboratories Ltd., an accredited lab. The drilling was performed under the supervision of consulting geologist Tim Twomey P.Geo who is a qualified person under the NI 43-101 and approved the contents of this release. For further information, please contact:Mr. John TimmonsPresident & CEOStone Gold Inc.Cellular (416) 931 2243Email: email@example.comWeb: www.stonegold.ca Stone Gold Inc. is engaged in the acquisition, exploration and evaluation of properties for the mining of precious and base metals. Caution Regarding Forward-Looking InformationThis news release contains forward-looking information that involves substantial known and unknown risks and uncertainties, most of which are beyond the control of Stone Gold. Forward-looking statements include estimates and statements that describe Stone Gold's future plans, objectives or goals, including words to the effect that Stone Gold or its management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to Stone Gold, Stone Gold provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, Stone Gold's objectives, goals or future plans, statements, details of the exploration results, potential mineralization, Stone Gold's portfolio, treasury, management team and enhanced capital markets profile, the timing of the Offering, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.