Newsdesk, Author at Market Newsdesk

November 19, 2020 4:08 pm

Amtech Reports Record Sales for Advanced Packaging Reflow Systems

Amtech Reports Record Sales for Advanced Packaging Reflow Systems

TEMPE, Ariz.–(BUSINESS WIRE)–
Amtech Systems, Inc. (NASDAQ: ASYS), a manufacturer of capital equipment, including thermal processing and wafer polishing, and related consumables used in fabricating semiconductor devices, such as silicon carbide (SiC) and silicon power devices, analog and discrete devices, electronic assemblies and light-emitting diodes (LEDs), announced today that its subsidiary, BTU International, Inc., achieved record sales for its PYRAMAX™ reflow systems sold into advanced packaging applications in fiscal year ending September 30, 2020.

These sales include PYRAMAX convection reflow ovens and PYRAMAX TrueFlat convection reflow ovens. BTU achieved 20% year-over-year growth within the segment, as well as the addition of a number of new key advanced packaging customers across multiple regions.

“In fiscal 2020, our customer base for Pyramax TrueFlat expanded from geographically concentrated OSATs to new entrants in multiple regions,” said Michael Whang, Chief Executive Officer of Amtech. “TrueFlat demonstrates how we have used our technology to solve customer problems and illustrates its effectiveness as a key enabling technology for the industry. These achievements highlight Amtech’s commitment to achieve growth through focused product development in high growth areas of our industry,” added Mr. Whang.

Designed for very thin substrates of 0.15mm to 0.30mm, TrueFlat technology ends die tilt. The result is consistent and repeatable flatness, and superior thermal uniformity due to the PYRAMAX’s closed-loop convection heating. The PYRAMAX with TrueFlat technology does not impact reflow oven footprint, making it easy to transition from existing reflow processes.

For more information about BTU International, visit www.amtechsystems.com.

About Amtech Systems, Inc.

Amtech Systems, Inc. is a global supplier of advanced thermal processing and polishing equipment and related consumables to the semiconductor / electronics, power IC businesses, and advanced lighting manufacturing markets. Amtech’s equipment includes diffusion, solder reflow systems, and polishing equipment and related consumables for surface preparation of various materials, including silicon carbide (“SiC”), sapphire and silicon. The Company’s thermal processing, polishing and consumable products currently address the diffusion, oxidation, and deposition steps used in the fabrication of semiconductors, printed circuit boards, semiconductor packaging, MEMS, and advanced lighting, including the polishing of newly sliced sapphire and silicon wafers. Amtech’s products are recognized under the leading brand names BTU International, Bruce Technologies^TM, and PR Hoffman^TM.

Cautionary Note Regarding Forward-Looking Statements

Certain information contained in this press release is forward-looking in nature. All statements in this press release, or made by management of Amtech Systems, Inc. and its subsidiaries (“Amtech”), other than statements of historical fact, are hereby identified as “forward-looking statements” (as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended). The forward-looking statements in this press release relate only to events or information as of the date on which the statements are made in this press release. Examples of forward-looking statements include statements regarding Amtech’s future financial results, operating results, business strategies, projected costs, products under development, competitive positions, plans and objectives of Amtech and its management for future operations, efforts to improve operational efficiencies and effectiveness and greater China sourcing. In some cases, forward-looking statements can be identified by terminology such as “may,” “will,” “should,” “would,” “expects,” “plans,” “anticipates,” “intends,” “believes,” “estimates,” “predicts,” “potential,” “continue,” or the negative of these terms or other comparable terminology used in this press release or by our management, which are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. The Form 10-K that Amtech filed with the Securities and Exchange Commission (the “SEC”) for the year-ended September 30, 2019, listed various important factors that could affect the company’s future operating results and financial condition and could cause actual results to differ materially from historical results and expectations based on forward-looking statements made in this document or elsewhere by Amtech or on its behalf. These factors can be found under the heading “Risk Factors” in the Form 10-K and investors should refer to them. Because it is not possible to predict or identify all such factors, any such list cannot be considered a complete set of all potential risks or uncertainties. Except as required by law, we undertake no obligation to publicly update forward-looking statements, whether as a result of new information, future events, or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201119006154/en/

Amtech Systems, Inc.

Lisa D. Gibbs

Chief Financial Officer

(480) 360-3756

[email protected]

Sapphire Investor Relations, LLC

Erica Mannion and Mike Funari

(617) 542-6180

[email protected]

KEYWORDS: Arizona New York United States North America

INDUSTRY KEYWORDS: Packaging Semiconductor Engineering Technology Manufacturing Other Manufacturing

MEDIA:

November 19, 2020 4:08 pm

Werner Enterprises Announces Partnership With Mastery To Accelerate Supply Chain Automation, Visibility and Productivity

Premier Transportation and Logistics Provider Invests in MasterMind™ Transportation Management System to Propel Werner EDGE Initiative

OMAHA, Neb., Nov. 19, 2020 (GLOBE NEWSWIRE) — Werner Enterprises (NASDAQ: WERN), a premier transportation and logistics provider, announces its collaboration and investment with Mastery Logistics Systems, Inc., the company behind MasterMind™, a cloud-based transportation management system (TMS) designed to manage complex transportation needs for shippers, carriers and logistics service providers.

Led by transportation industry veteran Jeff Silver, MasterMind is a comprehensive SaaS solution built from the ground up for stability, speed and automation. In addition to MasterMind implementation across all Werner Truckload Transportation Services and Logistics business units and operations, the partnership includes an equity investment and ongoing strategic advisement by Werner to drive continued product development, all while improving standardization within the organization and the industry-at-large.

“The opportunity to lead the transportation industry into the next generation of cloud-based technologies is upon us,” explains Daragh Mahon, Chief Information Officer, Werner. “Not only will Werner’s partnership with Mastery include its innovative TMS solution, but it also affords us the opportunity to evolve and develop technologies together as the industry advances and more fleet data is stored. As a result, our company, as well as others, has the opportunity to benefit from better processes, information exchange and technological agility.”

Built by supply chain and logistics experts, MasterMind provides unprecedented control and collaboration across business units and customers. The system will help to deliver better information and operational efficiencies, allowing Werner to meet customer capacity needs and continue delivering exceptional customer service. MasterMind’s TMS solution also proves to be a great fit in furthering the company’s Werner EDGE initiative.

“We launched Werner EDGE earlier this year to improve the lives of our drivers, customers and associates by committing to technology and innovation that drives Werner forward,” explains Derek Leathers, Vice Chairman, President and Chief Executive Officer, Werner. “Our partnership with Mastery is an important step in our technology journey, as this collaboration will not only support our associates, but it will also provide the flexibility, control, and efficiency our customers need. We look forward to working alongside Jeff Silver and his team to explore the endless possibilities of what we can achieve together.”

MasterMind embraces the complexity of the supply chain and, by partnering with industry leaders like Werner, aims to make supply chains faster, smarter and more efficient.

“The Werner and Mastery partnership is the perfect combination of history, reputation, innovation and opportunity,” says Jeff Silver, Mastery CEO. “By working together, we intend to drive value within the Werner ecosystem and across the entire transportation and logistics industry. We look forward to a collaborative relationship with Werner and its team of industry leaders.”

About Werner Enterprises

Werner Enterprises, Inc. was founded in 1956 and is a premier transportation and logistics company, with coverage throughout North America, Asia, Europe, South America, Africa and Australia. Werner maintains its global headquarters in Omaha, Nebraska and maintains offices in the United States, Canada, Mexico and China. Werner is among the five largest truckload carriers in the United States, with a diversified portfolio of transportation services that includes dedicated; medium-to-long-haul, regional and expedited van; and temperature-controlled. The Werner Logistics portfolio includes truck brokerage, freight management, intermodal, international and final mile services. International services are provided through Werner’s domestic and global subsidiary companies and include ocean, air and ground transportation; freight forwarding; and customs brokerage.

Werner Enterprises, Inc.’s common stock trades on the NASDAQ Global Select Market^SM under the symbol “WERN.” For further information about Werner, visit the company’s website at www.werner.com.

About Mastery

Chicago-based Mastery Logistics Systems, Inc. launched in 2019. Mastery was founded by Jeff Silver, whose technology systems and teams have powered some of the largest logistics companies in North America for over four decades. MasterMind^TM is a comprehensive cloud-based SaaS transportation management system (TMS) built from the ground up by a team of 160+ engineers, designers, and programmers, to help large shippers, carriers and logistics service providers manage complex transportation needs in an efficient, cohesive and intelligent way.

To learn more about Mastery, visit Mastery.net.

Contact: Fred Thayer, Associate Vice President – Corporate Brand and Communications
Werner Enterprises, Inc.
402.895.6640 ext. 100-2065
[email protected]

November 19, 2020 4:08 pm

The New Home Company Announces New Stock Repurchase Program

The New Home Company Announces New Stock Repurchase Program

ALISO VIEJO, Calif.–(BUSINESS WIRE)–
The New Home Company Inc. (NYSE: NWHM) today announced a new stock repurchase program.

The New Home Company Inc. (NYSE:NWHM) (the “Company”) today announced that on November 18, 2020 its Board of Directors approved a new stock repurchase program authorizing the repurchase of up to $10 million of Company stock. The new plan replaces its previous $15 million authorization, under which, as of November 19, 2020, there was $1.7 million of remaining availability.

The timing, amount and other terms and conditions of any repurchases of shares of the common stock under the stock repurchase program will be determined by management at its discretion based on a variety of factors, including the market price of our common stock, corporate considerations, general market and economic conditions and legal requirements. The stock repurchase program does not have an expiration date and may be modified, discontinued or suspended at any time. The Company intends to retire any shares repurchased.

About The New Home Company

NWHM is a new generation homebuilder focused on the design, construction and sale of innovative and consumer-driven homes in major metropolitan areas within select growth markets in California and Arizona, including Southern California, the San Francisco Bay area, metro Sacramento and the greater Phoenix area. The Company is headquartered in Aliso Viejo, California. For more information about the Company and its new home developments, please visit the Company’s website at www.NWHM.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201119006153/en/

Investor Relations | Drew Mackintosh | 949-382-7838 | [email protected]

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Construction & Property Residential Building & Real Estate

MEDIA:

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November 19, 2020 4:08 pm

American Software Reports Second Quarter of Fiscal Year 2021 Results

American Software Reports Second Quarter of Fiscal Year 2021 Results

Subscription Fees Increased 27%, Cloud Services Annual Contract Value Increased 32% for the Quarter

ATLANTA–(BUSINESS WIRE)–
American Software, Inc. (NASDAQ: AMSWA) today reported preliminary financial results for the second quarter of fiscal year 2021.

Key Second Quarter Financial Highlights:

Subscription fees were $7.0 million for the quarter ended October 31, 2020, a 27% increase compared to $5.5 million for the same period last year, while Software license revenues were $0.5 million, a 57% decrease compared to $1.0 million for the same period last year, reflecting our continued transition to the Software as a Service (SaaS) engagement model.
Cloud Services Annual Contract Value (ACV) increased approximately 32% to $29.6 million as of the quarter ended October 31, 2020 compared to $22.4 million as of the same period of the prior year.
Total revenues for the quarter ended October 31, 2020 decreased 1% to $27.9 million, compared to $28.2 million for the same period of the prior year.
Recurring revenue streams for Maintenance and Cloud Services were 62% of total revenues in the quarter ended October 31, 2020 compared to 58% in the same period of the prior year.
Maintenance revenues for the quarter ended October 31, 2020 decreased 6% to $10.2 million compared to $10.8 million for the same period last year.
Professional services and other revenues for the quarter ended October 31, 2020 decreased 5% to $10.2 million compared to $10.8 million for the same period last year.
Operating earnings for the quarter ended October 31, 2020 decreased 25% to $0.6 million compared to $0.8 million for the same period last year.
GAAP net earnings for the quarter ended October 31, 2020 decreased 61% to $0.7 million or $0.02 per fully diluted share compared to $1.8 million or $0.05 per fully diluted share for the same period last year.
Adjusted net earnings for the quarter ended October 31, 2020, which excludes non-cash stock-based compensation expense and amortization of acquisition-related intangibles, decreased 39% to $1.5 million or $0.05 per fully diluted share compared to $2.5 million or $0.08 per fully diluted share for the same period last year.
EBITDA decreased by 29% to $2.1 million for the quarter ended October 31, 2020 compared to $3.0 million for the same period last year.
Adjusted EBITDA decreased by 21% to $2.8 million for the quarter ended October 31, 2020 compared to $3.5 million for the same period last year. Adjusted EBITDA represents GAAP net earnings adjusted for amortization of intangibles, depreciation, interest (expense)/income & other, net, income tax (benefit)/expense and non-cash stock-based compensation expense.

Key Fiscal 2021 Year To Date Financial Highlights:

Subscription fees were $13.3 million for the six months ended October 31, 2020, a 34% increase compared to $10.0 million for the same period last year, while Software license revenues were $1.2 million, a 56% decrease compared to $2.8 million for the same period last year, reflecting our continued transition to the SaaS engagement model.
Total revenues for the six months ended October 31, 2020 decreased 1% to $55.2 million compared to $55.6 million for the same period last year.
Recurring revenue streams for Maintenance and Cloud Services were 61% of total revenues for the six-month period ended October 31, 2020 compared to 57% in the same period of the prior year.
Maintenance revenues for the six months ended October 31, 2020 were $20.5 million, a 6% decrease compared to $21.9 million for the same period last year.
Professional services and other revenues for the six months ended October 31, 2020 decreased 4% to $20.1 million compared to $21.0 million for the same period last year.
For the six months ended October 31, 2020, the Company reported operating earnings of approximately $1.5 million compared to $1.6 million for the same period last year, an 8% decrease.
GAAP net earnings were approximately $2.7 million or $0.08 per fully diluted share for the six months ended October 31, 2020, a 6% decrease compared to $2.9 million or $0.09 per fully diluted share for the same period last year.
Adjusted net earnings for the six months ended October 31, 2020, which exclude stock-based compensation expense and amortization of acquisition-related intangibles, decreased 5% to $4.3 million or $0.13 per fully diluted share, compared to $4.5 million or $0.14 per fully diluted share for the same period last year.
EBITDA decreased by 22% to $4.7 million for the six months ended October 31, 2020 compared to $6.1 million for the same period last year.
Adjusted EBITDA decreased 16% to $5.9 million for the six months ended October 31, 2020 compared to $7.0 million for the six months ended October 31, 2019. Adjusted EBITDA represents GAAP net earnings adjusted for amortization of intangibles, depreciation, interest income & other, net, income tax (benefit)/expense and non-cash stock-based compensation.

The overall financial condition of the Company remains strong, with cash and investments of approximately $94.6 million and no debt as of October 31, 2020. During the second quarter of fiscal 2021, the Company paid shareholder dividends of approximately $3.6 million.

“Second quarter fiscal 2021 saw continued adoption of our cloud services offerings with a 27% growth in Subscription Fees and 32% increase in Annual Contract Value with strong customer retention rates,” said Allan Dow, CEO and president of American Software. “Our pipeline has grown considerably as companies turn to our cloud-based supply chain solutions to support their digital transformation initiatives and drive resilience across the enterprise. We are confident that this will translate into further business momentum in the latter half of fiscal 2021 and beyond.”

“During the quarter we hosted Disruption RX, a virtual supply chain summit, which showcased thought-provoking and transformative supply chain strategies that helped some of the world’s most iconic brands turn recent challenges brought on by the pandemic into opportunities for growth and differentiation,” Dow continued. “Nearly 500 supply chain professionals from 50 countries attended the two-day summit where we celebrated the rise of women in the supply chain, hosted panels on building the resilient enterprise and explored how the right digital platform can drive success in the midst of unforeseen risks.”

Additional highlights for the second quarter of fiscal 2021 include:

Customers & Channels

Notable new and existing customers placing orders with the Company in the second quarter include: Border Bros, Bellamy’s Organic, Dole Fresh Vegetables, FAM Brands, Hitachi Rail STS USA, Inc., Husqvarna, Lacoste, New Chapter, Inc., Otter Products, LLC, Reynolds Consumer Products, LLC, Sport Obermeyer, Strategic Partners, Tetrosyl Group Limited UK and The Legends Brands.
During the quarter, SaaS subscription and/or software license agreements were signed with customers located in the following 9 countries: Australia, Canada, France, Ireland, Mexico, New Zealand, Sweden, United Kingdom and United States.
Logility, Inc., a wholly owned subsidiary of the Company, congratulated Greg Dahlstrom, vice president, operations and supply chain, Bodybuilding.com, and Pravin Rangachari, senior vice president, planning and analytics, Haggar Clothing Company, for their recognition as Consumer Goods Technology 2020 Visionaries. Industry publication Consumer Goods Technology’s annual Visionaries report profiles a select group of inspirational executives in the consumer goods sector who are driving change within their organizations.
Logility, Demand Management, Inc., a wholly owned subsidiary of Logility, and New Generation Computing, Inc. (NGC), a wholly-owned subsidiary of the Company, each congratulated its customers who were selected by the editors of Supply & Demand Chain Executive as recipients of the first annual Women in Supply Chain award. Logility recognized Karen Smith, vice president, global supply chain operations, Kontoor Brands. Demand Management recognized Joanna George, director, global demand planning & processes, Siemens Healthineers, and Andrea Gauntlett, director of supply chain at T-Y Groupe – Linen Holdings, LLC. NGC recognized Jenny Sim, vice president, global sourcing, Foot Locker. The Women in Supply Chain award honors female supply chain leaders and executives whose accomplishments, mentorship and examples set a foundation for women at all levels of a company’s supply chain network.
Logility invited attendees of the CSCMP EDGE 2020 Live! Virtual Conference to join two sessions featuring its customers. Chris Hooker, The Kraft Heinz Company, led the session “Pushing the Efficient Inventory Frontier at The Kraft Heinz Company” and Tom Parr and Steve Bilinski, Dixon, hosted the session “Dixon Transforms Their Supply Chain to Weather Supply Chain Disruptions.”
NGC announced Weissman, a premier designer of dancewear and costumes, is implementing its supply chain management, product lifecycle management, vendor compliance and quality control solutions. NGC will provide the foundation for Weissman’s strategic digital supply chain transformation to help drive future growth and success.

Company and Technology

In the quarter, Logility was recognized as a leader in the G2 Summer 2020 Grid^® Report for Supply Chain Planning. G2 Crowd rates products and vendors based on reviews gathered from its user community, as well as data aggregated from online sources and social networks.
Demand Management announced that Supply & Demand Chain Executive selected the company to receive the SDCE 100 Award for 2020. The SDCE 100 spotlights successful and innovative projects that deliver bottom-line value to small, medium and large enterprises across the range of supply chain functions.
Logility announced Anna Palmer, director of global customer success, was named by the editors of Supply & Demand Chain Executive as a recipient of the inaugural 2020 Women in Supply Chain Award. Anna was recognized for her achievements in helping drive supply chain success at Logility’s customers.
During the quarter, Logility and Demand Management were recognized as Great Supply Chain Partners by SupplyChainBrain. This is the fifteenth year Logility was recognized and Demand Management’s twelfth year. Each year SupplyChainBrain surveys hundreds of supply chain professionals, asking them to nominate software providers who have delivered innovative solutions to help them optimally manage and even transform their supply chains for more profitable performance.
Logility hosted the session, “Using Machine Learning to Optimize Inventory Levels and Extract New Insights” at the CSCMP Edge 2020 Live! Virtual Conference. The virtual session, led by Mike Curtin, senior vice president, and Jonathan Doller, business consultant, explored how innovations in machine learning help drive new insights across the supply chain.

About American Software, Inc.

Atlanta-based American Software, Inc. (NASDAQ: AMSWA), through its operating entities delivers an innovative technical platform with AI-powered capabilities for supply chain management and advanced retail planning that is accelerating digital supply chain optimization from product concept to customer availability. Logility, Inc. is helping large enterprise companies transform their supply chain operations to gain a competitive advantage. Recognized for its high-touch approach to customer service, rapid implementations and industry-leading return on investment (ROI), Logility customers include Big Lots, Husqvarna Group, Parker Hannifin, Sonoco Products and Red Wing Shoe Company. Demand Management, Inc. delivers affordable, easy-to-use supply chain planning solutions designed to increase forecast accuracy, improve customer service and reduce inventory to maximize profits and lower costs. Demand Management serves customers such as Siemens Healthcare, AutomationDirect.com and Newfoundland Labrador Liquor Corporation. New Generation Computing, Inc. powers the digital supply chain to enable apparel brand owners and retailers to maximize revenue and profit by accelerating lead times, streamlining product development, and optimizing sourcing and distribution. NGC customers include Brooks Brothers, Carter’s, Destination XL, Fanatics, Foot Locker, Jockey International, Lacoste and Spanx. The comprehensive American Software supply chain and retail planning portfolio delivered in the cloud includes advanced analytics, supply chain visibility, demand, inventory and replenishment planning, Sales and Operations Planning (S&OP), Integrated Business Planning (IBP), supply and inventory optimization, manufacturing planning and scheduling, retail merchandise and assortment planning and allocation, product lifecycle management (PLM), sourcing management, vendor quality and compliance, and product traceability. For more information about American Software, please visit www.amsoftware.com, call (404) 364-7615 or email [email protected].

Operating and Non-GAAP Financial Measures

The Company includes operating measures (ACV) and other non-GAAP financial measures (EBITDA, adjusted EBITDA, adjusted net earnings and adjusted net earnings per share) in the summary financial information provided with this press release as supplemental information relating to its operating results. This financial information is not in accordance with, or an alternative for, GAAP-compliant financial information and may be different from the operating or non-GAAP financial information used by other companies. The Company believes that this presentation of ACV, EBITDA, adjusted EBITDA, adjusted net earnings and adjusted net earnings per share provides useful information to investors regarding certain additional financial and business trends relating to its financial condition and results of operations. ACV is a forward-looking operating measure used by management to better understand cloud services (SaaS and other related cloud services) revenue trends within the Company’s business, as it reflects the Company’s current estimate of revenue to be generated under existing customer contracts in the forward 12-month period. EBITDA represents GAAP net earnings adjusted for amortization of intangibles, depreciation, interest income & other, net, and income tax expense. Adjusted EBITDA represents GAAP net earnings adjusted for amortization of intangibles, depreciation, interest income & other, net, income tax expense and non-cash stock-based compensation expense.

Forward Looking Statements

This press release contains forward-looking statements that are subject to substantial risks and uncertainties. There are a number of factors that could cause actual results to differ materially from those anticipated by statements made herein. These factors include, but are not limited to, changes in general economic conditions, technology and the market for the Company’s products and services, including economic conditions within the e-commerce markets; the timely availability and market acceptance of these products and services; the Company’s ability to satisfy in a timely manner all Securities and Exchange Commission (SEC) required filings and the requirements of Section 404 of the Sarbanes-Oxley Act of 2002 and the rules and regulations adopted under that Section; the challenges and risks associated with integration of acquired product lines and companies; the effect of competitive products and pricing; the uncertainty of the viability and effectiveness of strategic alliances; and the irregular pattern of the Company’s revenues. For further information about risks the Company could experience as well as other information, please refer to the Company’s current Form 10-K and other reports and documents subsequently filed with the SEC. For more information, contact: Vincent C. Klinges, Chief Financial Officer, American Software, Inc., (404) 264-5477 or fax: (404) 264-5298.


AMERICAN SOFTWARE, INC.
Consolidated Statements of Operations Information
(In thousands, except per share data, unaudited)

	Second Quarter Ended								Six Months Ended
	October 31,								October 31,
	2020			2019			Pct Chg.		2020			2019			Pct Chg.
Revenues:
Subscription fees	$	6,966		$	5,492		27	%	$	13,329		$	9,950		34	%
License fees		450			1,046		(57	%)		1,237			2,824		(56	%)
Professional services & other		10,242			10,826		(5	%)		20,056			20,963		(4	%)
Maintenance		10,223			10,846		(6	%)		20,537			21,856		(6	%)
Total Revenues		27,881			28,210		(1	%)		55,159			55,593		(1	%)

Cost of Revenues:
Subscription services		2,946			2,610		13	%		5,705			4,735		20	%
License fees		553			1,007		(45	%)		1,228			2,387		(49	%)
Professional services & other		7,624			7,543		1	%		15,454			14,948		3	%
Maintenance		1,941			1,864		4	%		3,714			3,715		0	%
Total Cost of Revenues		13,064			13,024		0	%		26,101			25,785		1	%
Gross Margin		14,817			15,186		(2	%)		29,058			29,808		(3	%)
Operating expenses:
Research and development		4,463			4,814		(7	%)		8,803			9,427		(7	%)
Less: capitalized development		(126	)		(605	)	(79	%)		(371	)		(1,890	)	(80	%)
Sales and marketing		5,429			5,148		5	%		10,173			10,727		(5	%)
General and administrative		4,367			4,908		(11	%)		8,831			9,696		(9	%)
Provision for doubtful accounts		–			–		–			–			33		–
Amortization of acquisition-related intangibles		53			78		(32	%)		106			175		(39	%)

Total Operating Expenses		14,186			14,343		(1	%)		27,542			28,168		(2	%)
Operating Earnings		631			843		(25	%)		1,516			1,640		(8	%)
Interest (Expense)/Income & Other, Net		(42	)		712			nm		1,290			1,237		4	%
Earnings Before Income Taxes		589			1,555		(62	%)		2,806			2,877		(2	%)
Income Tax (Benefit)/Expense		(103	)		(204	)	(50	%)		80			(34	)		nm
Net Earnings	$	692		$	1,759		(61	%)	$	2,726		$	2,911		(6	%)
Earnings per common share: (1)
Basic	$	0.02		$	0.06		(67	%)	$	0.08		$	0.09		(11	%)
Diluted	$	0.02		$	0.05		(60	%)	$	0.08		$	0.09		(11	%)

Weighted average number of common shares outstanding:
Basic		32,489			31,609					32,414			31,440
Diluted		32,896			32,310					32,919			32,066

nm- not meaningful


AMERICAN SOFTWARE, INC.
NON-GAAP MEASURES OF PERFORMANCE
(In thousands, except per share data, unaudited)

	Second Quarter Ended								Six Months Ended
	October 31,								October 31,
	2020			2019			Pct Chg.		2020			2019			Pct Chg.
NON-GAAP Operating Earnings:
Operating Income (GAAP Basis)	$	631		$	843		(25	%)	$	1,516		$	1,640		(8	%)
Amortization of acquisition-related intangibles		311			377		(18	%)		622			974		(36	%)
Stock-based compensation		652			503		30	%		1,198			946		27	%
NON-GAAP Operating Earnings:		1,594			1,723		(7	%)		3,336			3,560		(6	%)

Non-GAAP Operating Earnings, as a % of revenue		6	%		6	%				6	%		6	%


	Second Quarter Ended								Six Months Ended
	October 31,								October 31,
	2020			2019			Pct Chg.		2020			2019			Pct Chg.
NON-GAAP EBITDA:
Net Earnings (GAAP Basis)	$	692		$	1,759		(61	%)	$	2,726		$	2,911		(6	%)
Income Tax (Benefit)/Expense		(103	)		(204	)	(50	%)		80			(34	)	nm
Interest (Expense)/Income & Other, Net		42			(712	)	(106	%)		(1,290	)		(1,237	)	4	%
Amortization of intangibles		1,353			2,026		(33	%)		2,883			4,111		(30	%)
Depreciation		161			157		3	%		311			318		(2	%)
EBITDA (earnings before interest, taxes, depreciation and amortization)		2,145			3,026		(29	%)		4,710			6,069		(22	%)

Stock-based compensation		652			503		30	%		1,198			946		27	%
Adjusted EBITDA	$	2,797		$	3,529		(21	%)	$	5,908		$	7,015		(16	%)

EBITDA, as a percentage of revenues		8	%		11	%				9	%		11	%

Adjusted EBITDA, as a percentage of revenues		10	%		13	%				11	%		13	%


	Second Quarter Ended								Six Months Ended
	October 31,								October 31,
	2020			2019			Pct Chg.		2020			2019			Pct Chg.
NON-GAAP EARNINGS PER SHARE:
Net Earnings (GAAP Basis)	$	692		$	1,759		(61	%)	$	2,726		$	2,911		(6	%)
Amortization of acquisition-related intangibles (2)		272			326		(17	%)		545			825		(34	%)
Stock-based compensation (2)		570			436		31	%		1,048			802		31	%
Adjusted Net Earnings	$	1,534		$	2,521		(39	%)	$	4,319		$	4,538		(5	%)

Adjusted non-GAAP diluted earnings per share	$	0.05		$	0.08		(38	%)	$	0.13		$	0.14		(7	%)


	Second Quarter Ended								Six Months Ended
	October 31,								October 31,
	2020			2019			Pct Chg.		2020			2019			Pct Chg.
NON-GAAP Earnings Per Share
Net Earnings (GAAP Basis)	$	0.02		$	0.05		(60	%)	$	0.08		$	0.09		(11	%)
Amortization of acquisition-related intangibles (2)		0.01			0.01		0	%		0.02			0.03		(33	%)
Stock-based compensation (2)		0.02			0.01		100	%		0.03			0.02		50	%
Adjusted Net Earnings		0.05		$	0.07		(29	%)		0.13		$	0.14		(7	%)


	Second Quarter Ended								Six Months Ended
	October 31,								October 31,
	2020			2019			Pct Chg.		2020			2019			Pct Chg.
Amortization of acquisition-related intangibles
Cost of license	$	258		$	299		(14	%)	$	516		$	799		(35	%)
Operating expenses		53			78		(32	%)		106			175		(39	%)
Total amortization of acquisition-related intangibles	$	311		$	377		(18	%)	$	622		$	974		(36	%)

Stock-based compensation
Cost of revenues	$	23		$	21		10	%	$	66		$	51		29	%
Research and development		49			40		23	%		74			73		1	%
Sales and marketing		87			82		6	%		153			158		(3	%)
General and administrative		493			360		37	%		905			664		36	%
Total stock-based compensation	$	652		$	503		30	%	$	1,198		$	946		27	%


(1) – Basic per share amounts are the same for Class A and Class B shares. Diluted per share amounts for Class A shares are shown above. Diluted per share for Class B shares under the two-class method are $0.02 and $0.09 for the three and six months ended October 31, 2020, respectively. Diluted per share for Class B shares under the two-class method are $0.06 and $0.09 for the three and six months ended October 31, 2019, respectively.
(2) – Tax affected using the effective tax rate excluding a discrete item related to excess tax benefit for stock options for the three and six month periods ended October 31, 2020 of 12.5% and 13.2% and 15.20% three and six month periods ended October 31, 2019, respectively.
nm- not meaningful


AMERICAN SOFTWARE, INC.
Consolidated Balance Sheet Information
(In thousands)
(Unaudited)
	October 31,		April 30,
	2020		2020

Cash and Cash Equivalents	$	81,786	$	79,814
Short-term Investments		12,357		14,161
Accounts Receivable:
Billed		18,499		22,582
Unbilled		2,499		2,425
Total Accounts Receivable, net		20,998		25,007
Prepaids & Other		6,673		6,684
Current Assets		121,814		125,666

Investments – Non-current		472		701

PP&E, net		3,225		3,373
Capitalized Software, net		6,473		8,362
Goodwill		25,888		25,888
Other Intangibles, net		509		1,132
Deferred Sales Commissions – Non-current		1,909		2,177
Lease Right of Use Assets		1,813		2,053
Other Non-current Assets		1,899		1,941
Total Assets	$	164,002	$	171,293

Accounts Payable	$	1,640	$	1,643
Accrued Compensation and Related costs		3,139		6,635
Dividend Payable		3,576		3,547
Operating Lease Obligation – Current		797		763
Other Current Liabilities		790		643
Deferred Revenues – Current		31,206		34,227
Current Liabilities		41,148		47,458

Operating Lease Obligation – Non-current		1,137		1,424
Deferred Tax Liability – Non-current		2,553		2,897
Other Long-term Liabilities		111		92
Long-term Liabilities		3,801		4,413

Total Liabilities		44,949		51,871

Shareholders’ Equity		119,053		119,422

Total Liabilities & Shareholders’ Equity	$	164,002	$	171,293


AMERICAN SOFTWARE, INC.
Condensed Consolidated Cashflow Information
(In thousands)
(Unaudited)

	Six Months Ended
	October 31,
	2020			2019

Net cash provided by operating activities	$	6,771		$	4,050

Capitalized computer software development costs		(371	)		(1,890	)
Purchases of property and equipment, net of disposals		(163	)		(238	)

Net cash used in investing activities		(534	)		(2,128	)

Dividends paid		(7,118	)		(6,884	)
Proceeds from exercise of stock options		2,853			6,358

Net cash used in financing activities		(4,265	)		(526	)

Net change in cash and cash equivalents		1,972			1,396
Cash and cash equivalents at beginning of period		79,814			61,288

Cash and cash equivalents at end of period	$	81,786		$	62,684

View source version on businesswire.com: https://www.businesswire.com/news/home/20201119006118/en/

Vincent C. Klinges

Chief Financial Officer

American Software, Inc.

(404) 264-5477

KEYWORDS: Georgia United States North America

INDUSTRY KEYWORDS: Technology Software

MEDIA:

Logo

November 19, 2020 4:08 pm

Woodward Reports Fiscal Year 2020 Results

FORT COLLINS, Colo., Nov. 19, 2020 (GLOBE NEWSWIRE) — Woodward, Inc. (NASDAQ:WWD) today reported financial results for its fiscal year 2020 and fourth quarter ending September 30, 2020. (All amounts are presented on an as reported (U.S. GAAP) basis unless otherwise indicated. All per share amounts are presented on a fully diluted basis. All comparisons are made to the same period of the prior year unless otherwise stated.)

F
ourth
Quarter Fiscal
2020
Overview

Net sales were $531 million, compared to $737 million, a decrease of 28 percent.
Earnings per share were $0.89, down from $1.03.
Adjusted earnings per share¹ were $0.75, down from $1.22.

Fiscal Year
2020
Overview

Net sales were $2.50 billion for fiscal year 2020, a decrease of 14 percent.
Net earnings were $240 million, or $3.74 per share, compared to $260 million, or $4.02 per share.
Adjusted net earnings¹ were $254 million, or $3.96 per share, compared to $314 million, or $4.88 per share.
Net cash provided by operating activities for 2020 was $349 million, compared to $391 million. Free cash flow¹ was $302 million for 2020, compared to $292 million. Adjusted free cash flow¹ was $315 million for 2020.

“Fiscal year 2020 marked one of the most volatile periods in the global macro-economic landscape. Our team acted swiftly to focus on diligent cash management and liquidity as well as aligning our cost structure to the current COVID-19 environment, which significantly impacted both of our segments. Our Aerospace segment was impacted by the decline in global passenger traffic, partially offset by a strong defense market. Our Industrial segment was impacted by a sharp decline in oil prices as well as the pandemic,” said Thomas A. Gendron, Chairman and Chief Executive Officer of Woodward. “The COVID-19 headwinds are enduring, and our team has driven and will continue to focus on operational excellence, prudently manage cash and liquidity as well as execute on our strategy, to emerge as a leaner and stronger Woodward.”

Company Results

Net sales for the fourth quarter of fiscal 2020 were $531 million, compared to $737 million for the fourth quarter of last year, a decrease of 28 percent. Net earnings for the fourth quarter of 2020 were $57 million, or $0.89 per share, compared to $67 million, or $1.03 per share, for the fourth quarter of last year.

Adjusted net earnings for the fourth quarter of 2020 were $48 million, or $0.75 per share, compared to $79 million, or $1.22 per share for the fourth quarter of the prior year.

Net sales for fiscal 2020 were $2.50 billion, compared to $2.90 billion last year, a decrease of 14 percent. Net earnings for 2020 were $240 million, or $3.74 per share, compared to $260 million, or $4.02 per share, for the prior year.

Adjusted net earnings for 2020 were $254 million, or $3.96 per share, compared to $314 million, or $4.88 per share, for the prior year.

EBIT¹ was $77 million for the fourth quarter of 2020, compared to $86 million for the fourth quarter of 2019. Adjusted EBIT¹ for the fourth quarter of 2020 was $65 million, compared to $103 million for the fourth quarter of 2019.

EBIT was $316 million for fiscal 2020, compared to $363 million for 2019. Adjusted EBIT for 2020 was $343 million, compared to $424 million for 2019.

The effective tax rate for the fourth quarter of 2020 was 16.0 percent, compared to 12.8 percent in the prior year. The adjusted effective tax rate¹ was 13.8 percent for the quarter, compared to 15.5 percent for the fourth quarter of 2019.

The full year effective tax rate for 2020 was 14.7 percent, compared to 19.0 percent for the prior year. The adjusted effective tax rate for the full year 2020 was 17.8 percent, compared to 17.5 percent for the prior year.

Segment Results

Aerospace

Aerospace segment net sales for the fourth quarter of fiscal 2020 were $336 million, compared to $506 million for the fourth quarter a year ago, a decrease of 34 percent.

Aerospace sales for the quarter were unfavorably impacted by COVID-19 related declines in commercial OEM, commercial aftermarket and defense OEM, partially offset by strong defense aftermarket.

Segment earnings for the fourth quarter of 2020 were $58 million, compared to $111 million for the fourth quarter of last year. Segment earnings as a percent of segment net sales were 17.4 percent for the fourth quarter of 2020, compared to 22.0 percent in the same quarter of the prior year. The decline in segment earnings was a result of lower volume, partially offset by cost reduction initiatives.

For fiscal 2020, Aerospace segment net sales were $1.59 billion, a decrease of 15 percent compared to $1.88 billion for the prior year. Segment earnings for 2020 were $310 million, or 19.5 percent of segment net sales, compared to $389 million, or 20.7 percent of segment net sales, in the prior year.

In
d
ustrial

Industrial segment net sales for the fourth quarter of fiscal 2020 were $195 million, compared to $231 million for the fourth quarter a year ago, a decrease of 15 percent. Industrial segment net sales of $195 million for the fourth quarter of fiscal 2020 were down 5 percent compared to $206 million of Industrial segment net sales excluding renewable power systems and related businesses¹ (“RPS”) for the fourth quarter of 2019.

Industrial sales for the fourth quarter of 2020 declined primarily as a result of COVID-19 related weakness in many of our markets, partially offset by increases in industrial gas turbines and China natural gas engines.

Industrial segment earnings for the fourth quarter of 2020 were $19 million, or 9.6 percent of segment net sales, compared to $11 million, or 4.8 percent of segment net sales for prior year quarter. Industrial segment earnings increased primarily as a result of cost reduction initiatives, partially offset by the impact of lower sales volume.

Industrial segment earnings of $19 million for the fourth quarter of 2020 were up compared to $10 million of Industrial segment earnings excluding RPS¹, or 4.9 percent of segment sales, for the same period last year.

For fiscal year 2020, Industrial segment net sales were $905 million, compared to $1.02 billion for the prior year, an 11 percent decrease. Excluding RPS, Industrial segment sales for 2020 were $837 million, compared to $932 million for the prior year, a decrease of 10 percent.

Both Industrial segment earnings and adjusted Industrial segment earnings¹ for 2020 were $100 million, or 11.1 percent of segment net sales. For 2019, Industrial segment earnings were $94 million, or 9.2 percent of segment net sales, and adjusted Industrial segment earnings were $115 million, or 11.2 percent of segment net sales.

Excluding RPS, Industrial segment earnings and adjusted Industrial segment earnings for 2020 were $97 million, or 11.6 percent of segment net sales. For 2019, excluding RPS, Industrial segment earnings were $97 million, or 10.4 percent of segment net sales, and adjusted Industrial segment earnings were $118 million, or 12.7 percent of segment net sales.

Nonsegment

Nonsegment expenses as reported were $0.2 million for the fourth quarter of fiscal 2020, compared to $36 million for the same period of the prior year. Adjusted nonsegment expenses¹ for the fourth quarter of 2020 were $12 million, compared to $20 million for the same quarter last year. Adjusted nonsegment expenses for the fourth quarter of 2020 primarily excludes the gain on sale of properties. Adjusted nonsegment expenses for the fourth quarter of 2019 exclude the costs associated with the impairment of Senvion related assets and Duarte move related costs. Reported and adjusted nonsegment expenses for the fourth quarter of 2020 primarily benefited from cost reduction initiatives.

Nonsegment expenses totaled $95 million for 2020, compared to $119 million for the prior year. Adjusted nonsegment expenses were $67 million for 2020, compared to $80 million for the prior year.

Cash Flow and Financial Position

Net cash provided by operating activities for fiscal year 2020 was $349 million, compared to $391 million for the prior year. Payments for property, plant, and equipment for 2020 were $47 million, compared to $99 million for 2019. Free cash flow was $302 million for 2020, compared to $292 million for 2019. Adjusted free cash flow was $315 million for 2020. The increase in free cash flow and adjusted free cash flow was primarily related to lower capital expenditures, aggressive cost control and effective working capital management.

Total debt was $838 million at September 30, 2020, compared to $1.08 billion at September 30, 2019. Debt-to-EBITDA¹ leverage at September 30, 2020 was 1.7 times EBITDA, compared to 2.1 times EBITDA at September 30, 2019.

During fiscal year 2020, $51 million was returned to stockholders in the form of $38 million of dividends and $13 million of repurchased shares.

Fiscal Year
2021
Outlook

The global economic effects associated with the COVID-19 pandemic have been unprecedented in their scope and depth. We continue to see severe volatility in our markets, making forecasting of our future business challenging. With that uncertainty, we will not be providing financial guidance for fiscal 2021 at this time, although we are encouraged by recent developments with respect to potential vaccines and therapeutics related to the virus.

“Our focus will continue to be on cash flow and liquidity as we manage through this challenging operating environment,” said Mr. Thomas A. Gendron. “Woodward has a history of resilience during difficult times such as these. We believe our strong balance sheet will allow us to strategically invest in growth opportunities and technology, return capital to our shareholders and emerge a stronger company.”

Conference Call

Woodward will hold an investor conference call at 4:30 p.m. EST, November 19, 2020, to provide an overview of the financial performance for the fourth quarter and fiscal year 2020, business highlights, and outlook for fiscal 2021. You are invited to listen to the live webcast of our conference call, or a recording, and view or download accompanying presentation slides at our website, www.woodward.com².

You may also listen to the call by dialing 1-877-231-2582 (domestic) or 1-478-219-0714 (international). Participants should call prior to the start time to allow for registration; the Conference ID is 3429007. An audio replay will be available by telephone from 7:30 p.m. EST on November 19, 2020 until 11:59 p.m. EST on December 3, 2020. The telephone number to access the replay is 1-855-859-2056 (domestic) or 1-404-537-3406 (international), reference access code 3429007.

A webcast presentation will be available on the website by selecting “Investors/Events & Presentations.” The call and presentation will remain accessible at the website for 14 days.

About Woodward, Inc.

Woodward is an independent designer, manufacturer, and service provider of control system solutions and components for the aerospace and industrial markets. The company’s innovative fluid, combustion, electrical, and motion control systems help customers offer cleaner, more reliable, and more efficient equipment. Our customers include leading original equipment manufacturers and end users of their products. Woodward is a global company headquartered in Fort Collins, Colorado, USA. Visit our website at www.woodward.com.

Notice Regarding Forward-Looking Statements

The statements in this release contain forward-looking statements that involve risks and uncertainties, including statements concerning the company’s quarterly cash dividend. Actual results could differ materially from projections or any other forward-looking statements and we have no obligation to update our forward-looking statements. Factors that could affect performance and could cause actual results to differ materially from projections and forward-looking statements are described in Woodward’s Annual Report and Form 10-K for the year ended September 30, 2020, which we expect to file shortly, and any subsequently filed Quarterly Report on Form 10-Q.

Cautionary Statement

Information in this press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties, including, but not limited to, statements about the continued and expected or potential effects of the COVID-19 pandemic on our business, and the management of our business, including our operations and strategy, as well as any potential benefits with respect to a vaccine or therapeutics for COVID-19; and our strategies and investments, including our intended strategic and operational focus. Readers are cautioned that these forward-looking statements are only predictions and are subject to risks, uncertainties, and assumptions that are difficult to predict. Factors that could cause actual results and the timing of certain events to differ materially from the forward-looking statements include, but are not limited to, the COVID-19 pandemic and related volatility in financial, commodities (including oil and gas) and other markets and industries (including the aviation industry), a decline in our customers’ business, or our business with, or financial distress of, Woodward’s significant customers; global economic uncertainty and instability in the financial markets; Woodward’s ability to manage product liability claims, product recalls or other liabilities associated with the products and services that Woodward provides; Woodward’s ability to obtain financing, on acceptable terms or at all, to implement its business plans, complete acquisitions, or otherwise take advantage of business opportunities or respond to business pressures; Woodward’s long sales cycle, customer evaluation process, and implementation period of some of its products and services; Woodward’s ability to implement and realize the intended effects of any restructuring and alignment efforts; Woodward’s ability to successfully manage competitive factors, including prices, promotional incentives, competitor product development, industry consolidation, and commodity and other input cost increases; Woodward’s ability to manage expenses and product mix while responding to sales increases or decreases; the ability of Woodward’s subcontractors to perform contractual obligations and its suppliers to provide Woodward with materials of sufficient quality or quantity required to meet Woodward’s production needs at favorable prices or at all; Woodward’s ability to monitor its technological expertise and the success of, and/or costs associated with, its product development activities; consolidation in the aerospace market and our participation in a strategic joint venture with General Electric Company may make it more difficult to secure long-term sales in certain aerospace markets; Woodward’s debt obligations, debt service requirements, and ability to operate its business, pursue its business strategies and incur additional debt in light of covenants contained in its outstanding debt agreements; Woodward’s ability to manage additional tax expense and exposures; risks related to Woodward’s U.S. Government contracting activities, including liabilities resulting from legal and regulatory proceedings, inquiries, or investigations related to such activities; the potential of a significant reduction in defense sales due to decreases in the amount of U.S. Federal defense spending or other specific budget cuts impacting defense programs in which Woodward participates; changes in government spending patterns, priorities, subsidy programs and/or regulatory requirements; future impairment charges resulting from changes in the estimates of fair value of reporting units or of long-lived assets; future results of Woodward’s subsidiaries; environmental liabilities related to manufacturing activities and/or real estate acquisitions; Woodward’s continued access to a stable workforce and favorable labor relations with its employees; physical and other risks related to Woodward’s operations and suppliers, including natural disasters and COVID-19 related impacts, which could disrupt production; Woodward’s ability to successfully manage regulatory, tax, and legal matters; changes in accounting standards that could adversely impact our profitability or financial position; risks related to Woodward’s common stock, including changes in prices and trading volumes; impacts of tariff regulations; risks from operating internationally, including the impact on reported earnings from fluctuations in foreign currency exchange rates, and compliance with and changes in the legal and regulatory environments of the United States and the countries in which Woodward operates; fair value of defined benefit plan assets and assumptions used in determining Woodward’s retirement pension and other postretirement benefit obligations and related expenses; industry risks, including increases in natural gas prices, unforeseen events that may reduce commercial aviation, such as diseases, epidemics, pandemics and natural disasters, and increasing emissions standards; any adverse effects on Woodward’s operations due to information systems interruptions or intrusions; certain provisions of Woodward’s charter documents and Delaware law that could discourage or prevent others from acquiring the company; and other risk factors described in Woodward’s filings with the Securities and Exchange Commission, including its Quarterly Report on Form 10-Q for the quarter ended June 30, 2020, its Annual Report on Form 10-K for the year ended September 30, 2019 and any subsequently filed Quarterly Report on Form 10-Q, as well as its Annual Report on Form 10-K for the year ended September 30, 2020, which we expect to file shortly, and other risks described in Woodward’s filings with the Securities and Exchange Commission.



*Woodward, Inc. and Subsidiaries*
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
*(Unaudited – in thousands except per share amounts)*

	Three Months Ended September 30,						Year Ended September 30,
	2020			2019			2020			2019

Net sales	$	531,264		$	736,537		$	2,495,665		$	2,900,197
Costs and expenses:
Cost of goods sold		407,480			571,123			1,855,422			2,192,654
Selling, general and administrative expenses		40,675			51,441			217,710			211,205
Research and development costs		27,105			35,748			133,134			159,107
Impairment of assets sold		–			–			37,902			–
Restructuring charges		3,176			–			22,216			–
Gain on cross-currency interest rate swaps, net		–			–			(30,481	)		–
Interest expense		9,309			9,845			35,811			44,001
Interest income		(424	)		(400	)		(1,764	)		(1,413	)
Other (income) expense, net		(24,175	)		(7,835	)		(56,166	)		(25,969	)
Total costs and expenses		463,146			659,922			2,213,784			2,579,585
Earnings before income taxes		68,118			76,615			281,881			320,612
Income taxes		10,879			9,819			41,486			61,010
Net earnings	$	57,239		$	66,796		$	240,395		$	259,602

Earnings per share amounts:
Basic earnings per share	$	0.92		$	1.08		$	3.86		$	4.19
Diluted earnings per share	$	0.89		$	1.03		$	3.74		$	4.02
Weighted average common shares outstanding:
Basic		62,501			61,872			62,267			61,950
Diluted		63,997			64,553			64,209			64,498

Cash dividends per share paid to Woodward common stockholders	$	0.0813		$	0.1625		$	0.6050		$	0.6300

*Woodward, Inc. and Subsidiaries*
CONDENSED CONSOLIDATED BALANCE SHEETS
*(Unaudited – in thousands)*

	September 30,		September 30,
	2020		2019
Assets
Current assets:
Cash and cash equivalents	$	153,270	$	99,073
Accounts receivable		537,987		591,529
Inventories		437,943		516,836
Income taxes receivable		28,879		8,099
Other current assets		52,786		55,691
Total current assets		1,210,865		1,271,228
Property, plant, and equipment, net		997,415		1,058,775
Goodwill		808,252		797,853
Intangible assets, net		606,711		611,992
Deferred income tax assets		14,658		18,161
Other assets		265,435		198,517
Total assets	$	3,903,336	$	3,956,526

Liabilities and stockholders’ equity
Current liabilities:
Short-term borrowings	$	–	$	220,000
Current portion of long-term debt		101,634		–
Accounts payable		134,242		240,460
Income taxes payable		4,662		18,849
Accrued liabilities		151,794		228,127
Total current liabilities		392,332		707,436
Long-term debt, less current portion		736,849		864,899
Deferred income tax liabilities		163,573		151,362
Other liabilities		617,905		506,088
Total liabilities		1,910,659		2,229,785
Stockholders’ equity		1,992,677		1,726,741
Total liabilities and stockholders’ equity	$	3,903,336	$	3,956,526

*Woodward, Inc. and Subsidiaries*
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
*(Unaudited – in thousands)*
	For the Year Ended September 30,
	2020			2019
Net cash provided by operating activities	$	349,491		$	390,608

Cash flows from investing activities:
Payments for purchase of property, plant, and equipment		(47,087	)		(99,066	)
Proceeds from sale of assets		30,173			1,010
Proceeds from business divestiture		10,443			–
Proceeds from sales of short-term investments		12,700			22,252
Payments for purchases of short-term investments		(13,109	)		(26,723	)
Net cash used in investing activities		(6,880	)		(102,527	)

Cash flows from financing activities:
Cash dividends paid		(37,664	)		(39,066	)
Proceeds from sales of treasury stock		24,969			36,044
Payments for repurchases of common stock		(13,346	)		(110,311	)
Borrowings on revolving lines of credit and short-term borrowings		1,248,135			1,683,542
Payments on revolving lines of credit and short-term borrowings		(1,510,746	)		(1,690,035	)
Payments of long-term debt and capital lease obligations		(1,590	)		(143,535	)
Payment of debt financing costs		–			(2,238	)
Net cash used in financing activities		(290,242	)		(265,599	)
Effect of exchange rate changes on cash and cash equivalents		1,828			(7,003	)
Net change in cash and cash equivalents		54,197			15,479
Cash and cash equivalents at beginning of year		99,073			83,594
Cash and cash equivalents at end of period	$	153,270		$	99,073

*Woodward, Inc. and Subsidiaries*
SEGMENT NET SALES AND EARNINGS
*(Unaudited – in thousands)*

	Three Months Ended						Year Ended
	September 30,						September 30,
	2020			2019			2020			2019
Net sales:
Aerospace	$	336,308		$	505,904		$	1,590,963		$	1,880,520
Industrial		194,956			230,633			904,702			1,019,677
Total consolidated net sales	$	531,264		$	736,537		$	2,495,665		$	2,900,197
*Segment earnings:**
Aerospace	$	58,492		$	111,312		$	310,137		$	389,126
As a percent of segment net sales		17.4	%		22.0	%		19.5	%		20.7	%
Industrial		18,681			10,984			100,321			93,521
As a percent of segment net sales		9.6	%		4.8	%		11.1	%		9.2	%
Total segment earnings		77,173			122,296			410,458			482,647
Nonsegment expenses		(170	)		(36,237	)		(94,530	)		(119,447	)
EBIT		77,003			86,059			315,928			363,200
Interest expense, net		(8,885	)		(9,444	)		(34,047	)		(42,588	)
Consolidated earnings before income taxes	$	68,118		$	76,615		$	281,881		$	320,612

*This schedule reconciles segment earnings, which exclude certain costs, to consolidated earnings before taxes.

Payments for property, plant and equipment	$	8,015		$	21,162		$	47,087		$	99,066

Depreciation expense	$	23,599		$	22,984		$	91,700		$	85,982

*Woodward, Inc. and Subsidiaries*
RECONCILIATION OF EARNINGS TO ADJUSTED EARNINGS ¹
*(Unaudited – in thousands, except per share amounts)*

	Three Months Ended										Three Months Ended
	September 30, 2020										September 30, 2019
		Before Income Tax			Net of Income Tax			Per Share, Net of Income Tax			Before Income Tax		Net of Income Tax		Per Share, Net of Income Tax
Earnings (U.S. GAAP)		$	68,118		$	57,239		$	0.89		$	76,615	$	66,796	$	1.03
Non-U.S. GAAP adjustments:
Gain on sale of properties²			(11,131	)		(8,376	)		(0.13	)		–		–		–
Duarte move related costs			–			–			–			3,930		2,968		0.05
Merger and divestiture transaction costs³			(2,299	)		(1,730	)		(0.03	)		–		–		–
Restructuring charges related to COVID-19			3,176			2,421			0.04			–		–		–
Gain on sale of renewable power systems and related businesses			(2,025	)		(1,436	)		(0.02	)		–		–		–
Impairment of Senvion related assets			–			–			–			12,601		8,937		0.14
Total non-U.S. GAAP adjustments			(12,279	)		(9,121	)		(0.14	)		16,531		11,905		0.19
Adjusted earnings (Non-U.S. GAAP)		$	55,839		$	48,118		$	0.75		$	93,146	$	78,701	$	1.22

(2) The gain on sale of properties includes (i) the gain on sale of the Duarte property and (ii) the gain on sale of the Loveland property (3) Merger and divestiture transaction costs include, as applicable, (i) costs associated with the now-terminated merger with Hexcel, (ii) costs associated with the divestiture of the renewable power systems and related businesses

*Woodward, Inc. and Subsidiaries*
RECONCILIATION OF EARNINGS TO ADJUSTED EARNINGS ¹
*(Unaudited – in thousands, except per share amounts)*

	Year Ended									Year Ended
	September 30, 2020									September 30, 2019
	Before Income Tax			Net of Income Tax			Per Share, Net of Income Tax			Before Income Tax		Net of Income Tax		Per Share, Net of Income Tax
Earnings (U.S. GAAP)	$	281,881		$	240,395		$	3.74		$	320,612	$	259,602	$	4.02
Non-U.S. GAAP adjustments:
Gain on sale of properties²		(24,653	)		(18,551	)		(0.29	)		–		–		–
Impairment from assets sold		37,902			28,016			0.44			–		–		–
Duarte move related costs		–			–			–			27,089		20,385		0.32
L’Orange backlog amortization impact³		–			–			–			21,100		14,964		0.23
Merger and divestiture transaction costs⁴		16,355			12,307			0.19			–		–		–
Restructuring charges related to COVID-19		22,216			16,621			0.26			–		–		–
Loss on sale of renewable power systems and related businesses		515			365			0.01			–		–		–
Acceleration of stock compensation		2,376			1,788			0.03			–		–		–
Net gain on cross-currency interest rate swaps		(27,481	)		(26,904	)		(0.42	)		–		–		–
Impairment of Senvion related assets		–			–			–			12,601		8,937		0.14
Sub-total non-U.S. GAAP adjustments		27,230			13,642			0.22			60,790		44,286		0.69
Transition impact of U.S. tax legislation		–			–			–			–		10,588		0.17
Total non-U.S. GAAP adjustments		27,230			13,642			0.22			60,790		54,874		0.86
Adjusted earnings (Non-U.S. GAAP)	$	309,111		$	254,037		$	3.96		$	381,402	$	314,476	$	4.88

(2) The gain on sale of properties includes (i) the gain on sale of the Duarte property and (ii) the gain on sale of the Loveland property (3) Represents the purchase accounting impacts related to the amortization of the Woodward L’Orange backlog intangible. (4) Merger and divestiture transaction costs include, as applicable, (i) costs associated with the now-terminated merger with Hexcel, (ii) costs associated with the divestiture of the renewable power systems and related businesses

*Woodward, Inc. and Subsidiaries*
RECONCILIATION OF NET EARNINGS TO EBIT ¹ AND ADJUSTED EBIT ¹
*(Unaudited – in thousands)*

	Three Months Ended						Year Ended
	September 30,						September 30,
	2020			2019			2020			2019
Net earnings (U.S. GAAP)	$	57,239		$	66,796		$	240,395		$	259,602
Income taxes		10,879			9,819			41,486			61,010
Interest expense		9,309			9,845			35,811			44,001
Interest income		(424	)		(400	)		(1,764	)		(1,413	)
EBIT (Non-U.S. GAAP)		77,003			86,060			315,928			363,200
Non-U.S. GAAP adjustments*		(12,279	)		16,531			27,230			60,790
Adjusted EBIT (Non-U.S. GAAP)	$	64,724		$	102,591		$	343,158		$	423,990

*See Reconciliation of Earnings to Adjusted Earnings¹ tables below for the list of Non-U.S. GAAP adjustments made in the applicable periods.

*Woodward, Inc. and Subsidiaries*
RECONCILIATION OF NET EARNINGS TO EBITDA ¹ AND ADJUSTED EBITDA ¹
*(Unaudited – in thousands)*

	Three Months Ended						Year Ended
	September 30,						September 30,
	2020			2019			2020			2019
Net earnings (U.S. GAAP)	$	57,239		$	66,796		$	240,395		$	259,602
Income taxes		10,879			9,819			41,486			61,010
Interest expense		9,309			9,845			35,811			44,001
Interest income		(424	)		(400	)		(1,764	)		(1,413	)
Amortization of intangible assets		9,977			10,552			39,458			56,022
Depreciation expense		23,599			22,984			91,700			85,982
EBITDA (Non-U.S. GAAP)		110,579			119,596			447,086			505,204
Non-U.S. GAAP adjustments*		(12,279	)		16,531			27,230			39,690
Adjusted EBITDA (Non-U.S. GAAP)	$	98,300		$	136,127		$	474,316		$	544,894

*See Reconciliation of Earnings to Adjusted Earnings¹ tables above for the list of Non-U.S. GAAP adjustments made in the applicable periods. Note that all Non-U.S. GAAP adjustments are reflected in this table, except for the purchase accounting impact related to the amortization of the Woodward L’Orange backlog intangible.

*Woodward, Inc. and Subsidiaries*
RECONCILIATION OF INDUSTRIAL SEGMENT EARNINGS TO ADJUSTED INDUSTRIAL SEGMENT EARNINGS ¹ AND ADJUSTED INDUSTRIAL SEGMENT EARNINGS EXCLUDING RENEWABLE POWER SYSTEMS AND RELATED BUSINESSES ¹
*(Unaudited – in thousands)*

	Three Months Ended				Year Ended
	September 30,				September 30,
	2020		2019		2020		2019
Industrial segment earnings (U.S. GAAP)	$	18,681	$	10,984	$	100,321	$	93,521
Purchase accounting impacts*		–		–		–		21,100
Adjusted Industrial segment earnings (Non-U.S. GAAP)		18,681		10,984		100,321		114,621
Renewable power systems and related businesses earnings (losses)¹		–		810		3,602		(3,788	)
Adjusted Industrial segment earnings excluding renewable power systems and related busine s ses	$	18,681	$	10,174	$	96,719	$	118,409

* Represents the purchase accounting impact related to the amortization of the Woodward L’Orange backlog intangible.

*Woodward, Inc. and Subsidiaries*
RECONCILIATION OF INDUSTRIAL SEGMENT NET SALES EXCLUDING RENEWABLE POWER SYSTEMS AND RELATED BUSINESSES ¹
*(Unaudited – in thousands)*

	Three Months Ended				Year Ended
	September 30,				September 30,
	2020		2019		2020		2019
Industrial segment net sales	$	194,956	$	230,633	$	904,702	$	1,019,677
Renewable power systems and related businesses sales		–		24,607		67,663		87,997
Industrial segment net sales excluding renewable power systems and related businesses	$	194,956	$	206,026	$	837,039	$	931,680

*Woodward, Inc. and Subsidiaries*
RECONCILIATION OF INDUSTRIAL SEGMENT EARNINGS EXCLUDING RENEWABLE POWER SYSTEMS AND RELATED BUSINESSES ¹
*(Unaudited – in thousands)*

	Three Months Ended				Year Ended
	September 30,				September 30,
	2020		2019		2020		2019
Industrial segment earnings	$	18,681	$	10,984	$	100,321	$	93,521
Renewable power systems and related businesses earnings (losses)		–		810		3,602		(3,788	)
Industrial segment earnings excluding renewable power systems and related businesses	$	18,681	$	10,174	$	96,719	$	97,309

*Woodward, Inc. and Subsidiaries*
RECONCILIATION OF NONSEGMENT EXPENSES TO ADJUSTED NONSEGMENT EXPENSES ¹
*(Unaudited – in thousands)*

	Three Months Ended						Year Ended
	September 30,						September 30,
	2020			2019			2020			2019
Nonsegment expenses (U.S. GAAP)	$	170		$	36,237		$	94,530		$	119,447
Gain on sale of properties		11,131			–			24,653			–
Impairment of long-lived assets held for sale		–			–			(37,902	)		–
Net gain (loss) on sale of renewable power systems and related businesses		2,025			–			(515	)		–
Merger and divestiture transaction costs		2,299			–			(16,355	)		–
Restructuring charges related to COVID-19		(3,176	)		–			(22,216	)		–
Net gain on cross-currency interest rate swaps		–			–			27,481			–
Acceleration of stock compensation		–			–			(2,376	)		–
Impairment of Senvion related assets		–			(12,601	)		–			(12,601	)
Duarte move related costs		–			(3,930	)		–			(27,089	)
Adjusted nonsegment expenses (Non-U.S. GAAP)	$	12,449		$	19,706		$	67,300		$	79,757

*Woodward, Inc. and Subsidiaries*
RECONCILIATION OF CASH FLOW FROM OPERATING ACTIVITIES TO FREE CASH FLOW AND ADJUSTED FREE CASH FLOW ¹
*(Unaudited – in thousands)*
	Year Ended
	September 30,
	2020			2019

Net cash provided by operating activities	$	349,491		$	390,608
Payments for property, plant, and equipment		(47,087	)		(99,066	)
Free cash flow (Non-U.S. GAAP)		302,404			291,542
Cash proceeds from the sale of the Duarte facility		30,089			–
Cash paid for merger and divestiture transaction costs		19,853			–
Cash paid for restructuring charges		18,065			–
Net cash proceeds from cross currency interest rate swaps		(55,191	)		–
Adjusted free cash flow (Non-U.S. GAAP)	$	315,220		$	291,542

¹
Adjusted and Non-U.S. GAAP Financial Measures: Adjusted net earnings, adjusted earnings per share, adjusted Industrial segment earnings, adjusted EBIT and EBITDA, adjusted effective tax rate, Industrial segment sales excluding RPS, Industrial segment earnings excluding RPS, adjusted Industrial segment earnings excluding RPS and adjusted nonsegment expenses exclude, as applicable, (i) the gain on sale of assets associated with the sale of the Company’s real property, (ii) the charge from the impairment of assets held for sale, and the losses, associated with the Company’s divestiture of its renewable power systems and related businesses, (iii) Duarte move related costs, (iv) the purchase accounting impacts related to the amortization of the backlog intangible acquired in connection with the acquisition of Woodward L’Orange on June 1, 2018 (the “L’Orange Acquisition”), (v) the transition impacts of the change in U.S. federal tax legislation in December 2017, (vi) costs associated with the previously proposed merger with Hexcel Corporation, which merger agreement was terminated on April 5, 2020, (vii) transaction costs associated with the completed divestiture of renewable power systems and related businesses, (viii) restructuring charges related to the COVID-19 pandemic, (ix) acceleration of stock compensation expense related to restructuring activities, (x) the net gain on settlement of cross-currency interest rate swaps, (xi) costs related to the fourth quarter of fiscal year 2019 impairment of accounts receivable, inventory and certain other assets in connection with Senvion, a significant customer of Woodward renewables business, which declared insolvency in fiscal year 2019, (xii) renewable power systems and related businesses sales, and (xiii) renewable power systems and related businesses earnings. Woodward believes that these items are short-term costs/benefits or are otherwise not related to the ongoing operations of the business and therefore, uses them to illustrate more clearly how the underlying business of Woodward is performing. Adjusted free cash flow is free cash flow (defined below) plus the cash proceeds from the sale of real property at our former Duarte operations, cash payments added back for merger and divestiture transaction costs and restructuring activities, and excluding cash proceeds from the settlement of our cross-currency interest rate swaps. Management believes these adjustments to free cash flow better portrays Woodward’s operating performance.

EBIT (earnings before interest and taxes), EBITDA (earnings before interest, taxes, depreciation and amortization), free cash flow, adjusted free cash flow, adjusted net earnings, adjusted Industrial segment net earnings, adjusted net earnings per share, adjusted EBIT, adjusted EBITDA, adjusted effective tax rate, Industrial segment sales excluding RPS, Industrial segment earnings excluding RPS, adjusted Industrial segment earnings excluding RPS, and adjusted nonsegment expenses are financial measures not prepared and presented in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP). Management uses EBIT and adjusted EBIT to evaluate Woodward’s operating performance without the impacts of financing and tax related considerations. Management uses EBITDA and adjusted EBITDA in evaluating Woodward’s operating performance, making business decisions, including developing budgets, managing expenditures, forecasting future periods, and evaluating capital structure impacts of various strategic scenarios. Management also uses free cash flow, which is derived from net cash provided by or used in operating activities less payments for property, plant, and equipment, as well as adjusted free cash flow (as described above), in reviewing the financial performance of Woodward’s various business segments and evaluating cash generation levels. Securities analysts, investors, and others frequently use EBIT, EBITDA and free cash flow in their evaluation of companies, particularly those with significant property, plant, and equipment, and intangible assets that are subject to amortization. The use of any of these non-U.S. GAAP financial measures is not intended to be considered in isolation of, or as a substitute for, the financial information prepared and presented in accordance with U.S. GAAP. Because EBIT and EBITDA, and adjusted EBIT and EBITDA, exclude certain financial information compared with net earnings, the most comparable U.S. GAAP financial measure, users of this financial information should consider the information that is excluded. Free cash flow does not necessarily represent funds available for discretionary use and is not necessarily a measure of our ability to fund our cash needs. Management’s calculations of EBIT, EBITDA, adjusted net earnings, adjusted earnings per share, adjusted EBIT and EBITDA, adjusted effective tax rate, adjusted nonsegment expenses, free cash flow, and adjusted free cash flow may differ from similarly titled measures used by other companies, limiting their usefulness as comparative measures.

²
Website, Facebook, Twitter: Woodward has used, and intends to continue to use, its Investor Relations website, its Facebook page and its Twitter handle as means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

Contact:

Don Guzzardo
Vice President, Investor Relations & Treasurer
970-498-3580
[email protected]

November 19, 2020 4:08 pm

Jamieson Wellness Inc. Declares Third Quarter 2020 Dividend

Jamieson Wellness Inc. Declares Third Quarter 2020 Dividend

TORONTO–(BUSINESS WIRE)–
Jamieson Wellness Inc. (“Jamieson Wellness” or the “Company”) (TSX:JWEL) announced today that the board of directors of the Company has declared a cash dividend for the third quarter of 2020 of $0.125 per common share, or approximately $5.0 million in the aggregate. The dividend will be paid on December 15, 2020 to all common shareholders of record at the close of business on December 1, 2020. The Company has designated this dividend as an “eligible dividend” for the purposes of the Income Tax Act (Canada).

About Jamieson Wellness

Jamieson Wellness is dedicated to improving the world’s health and wellness with its portfolio of innovative natural health brands. Established in 1922, Jamieson is the Company’s heritage brand and Canada’s #1 consumer health brand. Jamieson Wellness manufactures and markets sports nutrition products and specialty supplements under its Progressive, Precision and Iron Vegan brands. The Company also markets Smart Solutions by Lorna Vanderhaeghe, the #1 women’s natural health focused brand in Canada. For more information please visit jamiesonwellness.com.

Jamieson Wellness’ head office is located at 1 Adelaide Street East Suite 2200, Toronto, Ontario, Canada.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201119006185/en/

Jamieson Wellness

Ruth Winker

416-960-0052

[email protected]

KEYWORDS: North America Canada

INDUSTRY KEYWORDS: Alternative Medicine General Health Fitness & Nutrition Health

MEDIA:

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November 19, 2020 4:08 pm

Talya Nevo-Hacohen Named a Winner of the Orange County Business Journal’s Women In Business Awards

Talya Nevo-Hacohen Named a Winner of the Orange County Business Journal’s Women In Business Awards

IRVINE, Calif.–(BUSINESS WIRE)–
Sabra Health Care REIT, Inc. (Nasdaq: SBRA) announces that its Chief Investment Officer, Talya Nevo-Hacohen, was named as one of the winners of the Orange County Business Journal’s Women In Business Awards.

The 26th Annual Women in Business Awards Program honors exceptional business and professional Orange County women and Ms. Nevo-Hacohen was selected from over 200 nominees to receive this prestigious honor.

Commenting on this accomplishment, Sabra’s Chairman and Chief Executive Officer, Rick Matros said, “Talya joined Sabra in connection with our separation from Sun Healthcare, and this week marks our tenth anniversary. Talya has been central to Sabra’s growth as its Chief Investment Officer. She sets a high standard for the amazing team of professionals she has developed and earned the respect of the industry. On a more personal note, it’s been amazing to have had the opportunity to work side by side with Talya. Talya – on behalf of the entire Sabra team, thank you for your outstanding contributions over these past ten years.“

About Sabra

Sabra Health Care REIT, Inc., a Maryland corporation, operates as a self-administered, self-managed real estate investment trust (a “REIT”) that, through its subsidiaries, owns and invests in real estate serving the healthcare industry throughout the United States and Canada.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201119006069/en/

Investor & Media Inquiries: 1-888-393-8248 or [email protected]

KEYWORDS: United States North America California

INDUSTRY KEYWORDS: Construction & Property REIT

MEDIA:

November 19, 2020 4:08 pm

Mission Produce to Launch Mission Jumbos ‘More to Eat, More to Love’

Perfect for Consumers Looking to Feed the Whole Household

Company Continues Investment in Sustainability with More Environmentally Conscious Packaging

OXNARD, Calif., Nov. 19, 2020 (GLOBE NEWSWIRE) — Mission Produce, Inc. (Nasdaq: AVO) (“Mission” or the “Company”), the world leader in sourcing, producing, and distributing fresh avocados, today announced the launch of Mission Jumbos, a pack full of larger, shareable avocados that offer more to eat and more to love.

Mission Jumbos expands Mission Produce’s existing lineup of avocado offerings, which includes Mission Minis and Emeralds in the Rough. The Mission Jumbos offering was created in response to consumer trends indicating that people are increasingly incorporating avocados into their everyday diets and preparing more meals themselves as they continue to work, learn, and play at home. This shift in behavior and lifestyle has changed consumer buying habits, causing them to prefer and purchase multiple, larger sized avocados to last through the week.

“Consumers shop for their avocados based on how they plan to use them and who they’re feeding, and now they’re shopping for more people while making fewer trips to the store per week. That’s where the Mission Jumbos shareable serving avocado comes in,” says Denise Junqueiro, Senior Director of Marketing and Communications at Mission Produce. “Avocados have become a dietary staple in consumers’ minds, and we are excited to be able to expand our product offering to meet evolving consumer preferences.”

Mission’s lineup of avocado offerings performs two to one in the market compared to similar offerings by competitors. “Mission’s products and programs are based on consumer preferences, designed to draw consumer attention and grow sales,” said Brooke Becker, Sales Director at Mission Produce. “Retailers featuring any of the products from our lineup are seeing the profits.”

Mission Jumbos is the first bag to be launched under Mission’s new reduced plastic initiative. Boasting a plastic reduction of 12%, the Mission Jumbos contain less plastic in its netting and film than the average avocado bag. As part of the Company’s continued investment in sustainability, Mission is working with its vendors across the supply chain to reduce the amount of plastic used while maintaining product integrity.

“We’re always looking for more sustainable ways to do business,” said Patrick Cortes, Senior Director of Business Development at Mission Produce. “We spent countless hours perfecting the Mission Jumbos avocado pack with our R&D team and are extremely proud of the end product, which is something that both consumers and retailers can feel good about.”

About Mission Produce, Inc.:

Mission Produce is the world’s most advanced avocado network and recognized leader in the worldwide avocado business. For over 35 years Mission has been sourcing, producing and distributing fresh avocados, servicing retail, wholesale and foodservice customers in over 25 countries. The vertically integrated Company owns 11,000 acres globally and operates four state-of-the-art avocado packing facilities in key growing locations including California, Mexico & Peru and has additional sourcing capabilities in Chile, Colombia, Dominican Republic, Guatemala, New Zealand, & South Africa. Mission’s global distribution network includes eleven forward distribution centers in North America, China & Europe that offer value-added services such as ripening, bagging, custom packing and logistical management. Mission is the largest global supplier of the World’s Finest Avocados, for more information please visit worldsfinestavocados.com.

Contact

Denise Junqueiro
Senior Director of Marketing and Communications
Mission Produce, Inc.
[email protected]

Supplemental Materials:

Product Photos:
https://ql.mediasilo.com/ql/5fb59a68e4b0aac632c3914d
https://ql.mediasilo.com/ql/5fb5945be4b082ecd28817e6

Headshots:
Denise Junqueiro
Brooke Becker
Patrick Cortes

November 19, 2020 4:08 pm

Allison Transmission Closes Offering of $1 Billion Aggregate Principal Amount of 3.750% Senior Notes Due 2031

Allison Transmission Closes Offering of $1 Billion Aggregate Principal Amount of 3.750% Senior Notes Due 2031

INDIANAPOLIS–(BUSINESS WIRE)–
Allison Transmission Holdings, Inc. (NYSE: ALSN) (“Allison” or the “Company”) today announced that its wholly owned subsidiary, Allison Transmission, Inc. (the “Issuer”), completed its previously announced offering of $1 billion in aggregate principal amount of 3.750% Senior Notes due 2031 (the “Notes”) in a private placement (the “Offering”) exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). The Issuer used the net proceeds from the offering, together with cash on hand, to redeem $1 billion aggregate principal amount of its outstanding 5.000% Senior Notes due 2024 (the “2024 Notes”) and to pay related fees and expenses.

“The successful closing of this offering supports our long-standing commitment to prudent balance sheet management and our opportunistic approach to the capital markets with a focus on a low-cost, flexible and pre-payable debt structure with long-date maturities,” said Fred Bohley, Senior Vice President, Chief Financial Officer and Treasurer at Allison. “As a result of this offering, we anticipate an annual savings of approximately $12.5 million in interest expense, with the earliest maturity on our long-term debt due in 2026.”

The Company also announced that the Issuer entered into an amendment (the “Amendment”) to the credit agreement governing its senior secured credit facilities. Pursuant to the Amendment, among other things, the Issuer increased the commitments under its revolving credit facility from $600 million to $650 million and extended the maturity date thereof to September 2025.

The Notes were offered in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act, and to certain non-U.S. persons in transactions outside of the United States in reliance on Regulation S under the Securities Act. The Notes will not be registered under the Securities Act or the securities laws of any state or jurisdiction, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.

This press release shall not constitute an offer to sell or the solicitation of an offer to purchase the Notes, nor shall there be any sale of the Notes in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

About Allison Transmission

Allison Transmission (NYSE: ALSN) is the world’s largest manufacturer of fully automatic transmissions for medium- and heavy-duty commercial vehicles and medium- and heavy-tactical U.S. defense vehicles, as well as a supplier of commercial vehicle propulsion solutions, including electric hybrid and fully electric propulsion systems. Allison products are used in a wide variety of applications, including on-highway trucks (distribution, refuse, construction, fire and emergency), buses (school, transit and coach), motorhomes, off-highway vehicles and equipment (energy, mining and construction applications) and defense vehicles (wheeled and tracked). Founded in 1915, the company is headquartered in Indianapolis, Indiana, USA. With a market presence in more than 80 countries, Allison has regional headquarters in the Netherlands, China and Brazil with manufacturing facilities in the U.S., Hungary and India. Allison also has approximately 1,500 independent distributor and dealer locations worldwide.

Forward-Looking Statements

This press release contains forward-looking statements. All statements other than statements of historical fact contained in this press release are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “expect,” “plans,” “project,” “anticipate,” “believe,” “estimate,” “predict,” “intend,” “forecast,” “could,” “potential,” “continue” or the negative of these terms or other similar terms or phrases. Forward-looking statements are not guarantees of future performance and involve known and unknown risks. Factors which may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made include, but are not limited to: risks related to the duration and spread of the COVID-19 outbreak, mitigating efforts deployed by government agencies and the public at large, and the overall impact from such outbreak on economic conditions, financial market volatility and our business, including but not limited to the operations of our manufacturing and other facilities, our supply chain, our distribution processes and demand for our products and the corresponding impacts to our net sales and cash flow; risks related to our substantial indebtedness; our participation in markets that are competitive; the highly cyclical industries in which certain of our end users operate; uncertainty in the global regulatory and business environments in which we operate; our ability to prepare for, respond to and successfully achieve our objectives relating to technological and market developments, competitive threats and changing customer needs, including with respect to electric hybrid and fully electric commercial vehicles; our ability to identify, consummate and effectively integrate acquisitions; the concentration of our net sales in our top five customers and the loss of any one of these; the failure of markets outside North America to increase adoption of fully-automatic transmissions; the success of our research and development efforts, the outcome of which is uncertain; U.S. and foreign defense spending; general economic and industry conditions; increases in cost, disruption of supply or shortage of raw materials or components used in our products; the discovery of defects in our products, resulting in delays in new model launches, recall campaigns and/or increased warranty costs and reduction in future sales or damage to our brand and reputation; risks associated with our international operations, including increased trade protectionism; labor strikes, work stoppages or similar labor disputes, which could significantly disrupt our operations or those of our principal customers; our intention to pay dividends and repurchase shares of our common stock; and other risks and uncertainties associated with our business described in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Although we believe the expectations reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurance that the expectations will be attained or that any deviation will not be material. All information is as of the date of this press release, and we undertake no obligation to update any forward-looking statement to conform the statement to actual results or changes in expectations.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201119006018/en/

Allison Transmission

Claire Gregory

Director of Communications and Media Relations

[email protected]

(317) 694-2065

KEYWORDS: United States North America Indiana

INDUSTRY KEYWORDS: Trucking Automotive Manufacturing Transport Manufacturing Other Manufacturing Public Transport Other Transport

MEDIA:

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November 19, 2020 4:08 pm

Chemung Financial Corporation Announces Quarterly Dividend

ELMIRA, N.Y., Nov. 19, 2020 (GLOBE NEWSWIRE) — Chemung Financial Corporation (Nasdaq: CHMG) announced today that its Board of Directors has approved a quarterly cash dividend of $0.26 per share, payable on January 4, 2021 to common stock shareholders of record as of the close of business on December 21, 2020.

Chemung Financial Corporation is a $2.2 billion financial services holding company headquartered in Elmira, New York and operates 32 retail offices through its principal subsidiary, Chemung Canal Trust Company, a full-service community bank with full trust powers. Established in 1833, Chemung Canal Trust Company is the oldest locally-owned and managed community bank in New York State. Chemung Financial Corporation is also the parent of CFS Group, Inc., a financial services subsidiary offering non-traditional services including mutual funds, annuities, brokerage services, tax preparation services and insurance, and Chemung Risk Management, Inc., a captive insurance company based in the State of Nevada.

This press release may be found at www.chemungcanal.com

Contact:

Scott T. Heffner
Vice President, Director of Marketing
(607) 737-3706
[email protected]