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Vertiv Holdings Co Announces Commencement of Secondary Offering

Vertiv Holdings Co Announces Commencement of Secondary Offering

COLUMBUS, Ohio–(BUSINESS WIRE)–
Vertiv Holdings Co (“Vertiv”) (NYSE: VRT), a global provider of critical digital infrastructure and continuity solutions, today announced the commencement of an underwritten secondary public offering of up to 18 million shares of Vertiv’s Class A common stock by VPE Holdings, LLC (“Platinum”), the selling stockholder and an affiliate of certain private equity investment funds advised by Platinum Equity Advisors, LLC (the “Selling Stockholder”), pursuant to a registration statement filed with the Securities and Exchange Commission (SEC).

Following the completion of the transactions, the Selling Stockholder will remain Vertiv’s largest stockholder, owning at least 77 million shares of Class A common stock, representing an economic interest of approximately 24% in Vertiv. Vertiv is not selling any shares of Class A common stock in the offering and will not receive any proceeds from the offering.

J.P. Morgan Securities LLC and Goldman Sachs & Co. LLC are acting as joint book-running managers of, and as the underwriters for, the Offering.

A registration statement relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. A copy of the preliminary prospectus and preliminary prospectus supplement relating to the offering may be obtained for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, Vertiv, any underwriter, or any dealer participating in the offering will arrange to send these documents if contacted at: J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, Attn: Prospectus Department, 1155 Long Island Avenue, Edgewood, NY, 11717, or telephone: 1-866-803-9204 or by email at [email protected] or Goldman Sachs & Co. LLC, Prospectus Department, 200 West Street, New York, NY, 10282, telephone: 1-866-471-2526, facsimile: 212-902-9316 or by emailing [email protected].

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities nor shall there be any sale of these securities 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 state or jurisdiction.

About Vertiv Holdings Co

Vertiv (NYSE: VRT) brings together hardware, software, analytics and ongoing services to ensure its customers’ vital applications run continuously, perform optimally and grow with their business needs. As Architects of Continuity™, Vertiv solves the most important challenges facing today’s data centers, communication networks and commercial and industrial facilities with a portfolio of power, cooling and IT infrastructure solutions and services that extends from the cloud to the edge of the network. Headquartered in Columbus, Ohio, Vertiv employs approximately 20,000 people and does business in more than 130 countries.

Cautionary Note Concerning Forward-Looking Statements

This press release, and other statements that Vertiv may make, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to Vertiv’s future financial or business performance, strategies or expectations, and as such are not historical facts. This includes, without limitation, statements regarding the financial position, capital structure, indebtedness, business strategy and plans and objectives of Vertiv management for future operations. These statements constitute projections, forecasts and forward-looking statements, and are not guarantees of performance. Vertiv cautions that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. When used in this press release, words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “strive,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.

The forward-looking statements contained or incorporated by reference in this press release are based on current expectations and beliefs concerning future developments and their potential effects on Vertiv. There can be no assurance that future developments affecting Vertiv will be those that Vertiv has anticipated. Vertiv undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond Vertiv’s control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. Should one or more of these risks or uncertainties materialize, or should any of the assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Vertiv has previously disclosed risk factors in its Securities and Exchange Commission (“SEC”) reports. These risk factors and those identified elsewhere in this press release, among others, could cause actual results to differ materially from historical performance and include, but are not limited to: competition, the ability of Vertiv to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; and factors relating to the business, operations and financial performance of Vertiv and its subsidiaries, including: global economic weakness and uncertainty; risks relating to the continued growth of Vertiv’s customers’ markets; failure to meet or anticipate technology changes; the unpredictability of Vertiv’s future operational results; disruption of Vertiv’s customers’ orders or Vertiv’s customers’ markets; less favorable contractual terms with large customers; risks associated with governmental contracts; failure to mitigate risks associated with long-term fixed price contracts; risks associated with information technology disruption or security; risks associated with the implementation and enhancement of information systems; failure to properly manage Vertiv’s supply chain or difficulties with third-party manufacturers; competition in the infrastructure technologies industry; failure to realize the expected benefit from any rationalization and improvement efforts; disruption of, or changes in, Vertiv’s independent sales representatives, distributors and original equipment manufacturers; failure to obtain performance and other guarantees from financial institutions; failure to realize sales expected from Vertiv’s backlog of orders and contracts; changes to tax law; ongoing tax audits; risks associated with future legislation and regulation of Vertiv’s customers’ markets both in the United States and abroad; costs or liabilities associated with product liability; Vertiv’s ability to attract, train and retain key members of its leadership team and other qualified personnel; the adequacy of Vertiv’s insurance coverage; a failure to benefit from future acquisitions; failure to realize the value of goodwill and intangible assets; the global scope of Vertiv’s operations; risks associated with Vertiv’s sales and operations in emerging markets; exposure to fluctuations in foreign currency exchange rates; Vertiv’s ability to comply with various laws and regulations and the costs associated with legal compliance; adverse outcomes to any legal claims and proceedings filed by or against Vertiv; Vertiv’s ability to protect or enforce its proprietary rights on which its business depends; third-party intellectual property infringement claims; liabilities associated with environmental, health and safety matters, including risks associated with the COVID-19 pandemic; risks associated with litigation or claims against Vertiv; Vertiv’s ability to realize cost savings in connection with Vertiv’s restructuring program; risks associated with Vertiv’s limited history of operating as an independent company; potential net losses in future periods; risks relating to the proposed offering, including Vertiv’s ability to complete the offering on anticipated terms and timelines or at all; and other risks and uncertainties indicated in Vertiv’s SEC reports or documents filed or to be filed with the SEC by Vertiv.

Category: Financial News

For investor inquiries:

Lynne Maxeiner

Vice President, Global Treasury & Investor Relations

Vertiv

T +1 614-841-6776

E: [email protected]

For media inquiries:

Sara Steindorf

FleishmanHillard for Vertiv

T +1 314-982-1725

E: [email protected]

KEYWORDS: United States North America Ohio

INDUSTRY KEYWORDS: Networks Hardware Data Management Technology Software

MEDIA:

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Timber Pharmaceuticals Provides Business Update and Announces Third Quarter 2020 Financial Results

WOODCLIFF LAKE, NJ, Nov. 12, 2020 (GLOBE NEWSWIRE) — via NewMediaWire — Timber Pharmaceuticals, Inc. (“Timber” or the “Company”) (NYSE American: TMBR), a biopharmaceutical company focused on the development and commercialization of treatments for rare and orphan dermatologic diseases, today provided a business update and announced financial results for the third quarter of 2020, ended September 30, 2020. 

John Koconis, Chief Executive Officer of Timber, commented, “During the third quarter the management team of Timber has been working hard on all fronts of the Company’s operations. This includes advancing our two ongoing Phase 2b clinical trials for orphan indications, exploring strategic options for the two assets acquired from BioPharmX Corp, and investigating options to improve the capital structure of the Company. We are also focused on increasing the efficiency of our operations, as evidenced by the cash used in operations for the nine months ended September 30, 2020 was only $6.6 million, compared to cash used in operation for the six months ended June 30, 2020 of $5.1 million, or a cash burn of $1.5 million in the quarter ended September 30, 2020. At September 30th, our cash balance was $12.0 million.”

“With worldwide COVID-19 cases rising, we are actively working with and monitoring our testing sites to reduce the potential for impact on our two trials, which together are taking place at 27 locations in 10 countries around the world. In July, we announced that all 11 sites across the U.S. and Australia participating in the Phase 2b CONTROL study evaluating TMB-001, topical isotretinoin for Congenital Ichthyosis, a rare disorder with no U.S. Food & Drug Administration (FDA) approved treatments, were open and enrolling patients. At the same time, we also announced that 70% of the sites participating in the Phase 2b clinical trial evaluating TMB-002, topical rapamycin for the treatment of facial angiofibromas (FAs) in tuberous sclerosis complex (TSC), were open and enrolling patients. Currently, the TMB-001 study is progressing according to plan. However, site activation and patient enrollment have recently been impacted by the COVID-19 pandemic in the larger and longer TMB-002 study, especially at our contracted test sites in Eastern Europe.  At this time, we expect all sites to be opened by year-end 2020 and are working closely with the sites to better estimate any delay to the recruitment timelines.”

“We received $0.3 million in the third quarter in connection with the $1.5 million grant funding awarded to us by the FDA for TMB-001, bringing the total received to date to $0.6 million. The grant was awarded to us as part of the Orphan Products Clinical Trials Grants Program of the FDA’s Office of Orphan Products Development. With the expenses of the merger transaction now behind us and the capital in hand to fund our programs, we are fully focused on advancing our programs and driving toward our goals against the backdrop of the COVID-19 environment,” concluded Mr. Koconis.

For Timber’s complete financial results for the period ended September 30, 2020, see the Company’s quarterly Form 10-Q filed with the Securities and Exchange Commission on November 12, 2020. 

About Timber Pharmaceuticals, Inc.

Timber Pharmaceuticals, Inc. is a biopharmaceutical company focused on the development and commercialization of treatments for rare and orphan dermatologic diseases. The Company’s investigational therapies have proven mechanisms-of-action backed by decades of clinical experience and well-established CMC (chemistry, manufacturing and control) and safety profiles. The Company is initially focused on developing non-systemic treatments for rare dermatologic diseases including congenital ichthyosis (CI), facial angiofibromas (FAs) in tuberous sclerosis complex (TSC), and localized scleroderma. For more information, visit www.timberpharma.com.

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and Private Securities Litigation Reform Act, as amended, including those relating to the Company’s product development, clinical and regulatory timelines, market opportunity, competitive position, possible or assumed future results of operations, business strategies, potential growth opportunities and other statements that are predictive in nature. These forward-looking statements are based on current expectations, estimates, forecasts and projections about the industry and markets in which we operate and management’s current beliefs and assumptions.

These statements may be identified by the use of forward-looking expressions, including, but not limited to, “expect,” “anticipate,” “intend,” “plan,” “believe,” “estimate,” “potential, “predict,” “project,” “should,” “would” and similar expressions and the negatives of those terms. These statements relate to future events or our financial performance and involve known and unknown risks, uncertainties, and other factors which may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include those set forth in the Company’s Form 10-Q filed on August 18, 2020 and its other filings with the Securities and Exchange Commission. Prospective investors are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.

For more information, contact:

Timber Pharmaceuticals, Inc. 
John Koconis 
Chief Executive Officer
[email protected]

Investor Relations:
Stephanie Prince
PCG Advisory
(646) 762-4518
[email protected]

Media Relations: 
Adam Daley
Berry & Company Public Relations 
(212) 253-8881
[email protected]

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CORRECTING and REPLACING Field Roast™ Partners With Award-Winning Chef Roy Choi to “Make Taste Happen”

CORRECTING and REPLACING Field Roast™ Partners With Award-Winning Chef Roy Choi to “Make Taste Happen”

Brand Unveils First Redesign in Over 20 Years

CHICAGO–(BUSINESS WIRE)–
Please replace the release with the following corrected version due to multiple revisions.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201112005224/en/

For the first time since 1997, Field Roast is debuting a whole new look, including a redrawn logo and reimagined packaging. (Photo: Business Wire)

For the first time since 1997, Field Roast is debuting a whole new look, including a redrawn logo and reimagined packaging. (Photo: Business Wire)

The updated release reads:

FIELD ROAST™ PARTNERS WITH AWARD-WINNING CHEF ROY CHOI TO “MAKE TASTE HAPPEN”

Brand Unveils First Redesign in Over 20 Years

Doubling down on its unwavering commitment to crafting bold and adventurous taste, leading plant-based brand Field Roast Grain Meat Co™ (“Field Roast”), owned by Greenleaf Foods, SPC, announced a bold brand redesign and a multi-year partnership with prolific chef Roy Choi. The new packaging and partnership promise to inspire culinarians to “Make Taste Happen.”

For the first time since its founding in 1997, the Seattle-born Field Roast is debuting a whole new look, including a redrawn logo and reimagined packaging. The new logo offers a modern spin on a traditional badge, designed to represent its trusted product and reputation for crafting high-quality plant-based meats and cheeses. The revamped packaging nods to the brand’s craftsman legacy with landscape imagery and flavor-forward product names.

To kick off the new era of the brand’s evolution, Field Roast has inked a multi-year partnership with culinary luminary and co-host of The Chef Show, Roy Choi. Choi and Field Roast will team up on the brand’s new Make Taste Happen campaign, which aims to inspire communities of culinary creators with bold flavors that help them craft, discover and share new taste experiences. To define its new identity, Field Roast surveyed more than 11,500 consumers to better understand their expectations of plant-based protein. The study found that Field Roast’s target consumer values food exploration, with nearly all stating that they like to be the first to discover something new (93%), try new things (100%), and that they enjoy cooking (93%).

“Field Roast has led the plant-based industry for more than 20 years, and this redesign represents the differentiated position we continue to pioneer in our category. We’re thrilled to bring consumers unexpected, indulgent flavors and to now inspire their culinary adventures with a trailblazing chef partner,” said Dan Curtin, president of Greenleaf Foods. “Field Roast is proud to welcome chef Choi to our team as a friend and collaborator. His leadership in the ever-evolving food scene and his unique talent for blending culture, community and culinary perfectly complements Field Roast. Together, we’ll help food-lovers explore more flavor adventures.”

In addition to teaming up to introduce Field Roast’s new look this year, Choi will help tell the Field Roast story through a national advertising campaign in 2021, which will include various marketing, public relations, and shopper marketing activities. Field Roast fans can also expect unique plant-based recipe ideation and inspiration from Choi.

“Through my journey to eat more plant-based foods, I found Field Roast and really connected with their food and their philosophies. I enjoy how their food tastes, how it cooks and its versatility. It’s rare when you can be a fan of a company and align with them professionally,” said Choi. “I am proud to partner with Field Roast. As plant-based pioneers, they’re committed to re-imagination and putting good things out into the world. As a chef, it’s important for me to connect with people who genuinely care about what they do. As I’ve gotten to know the team at Field Roast better, I see what they are truly about—together, we’ll help people eat better and more sustainably.”

Field Roast believes the best dishes have yet to be discovered. Its portfolio of high-quality plant-based burgers, sausages, roasts, appetizers and entrees, in addition to its leading Chao Creamery dairy-free cheese products, are crafted for those who want to discover, indulge and share in bold taste experiences. Field Roast’s new packaging is already rolling onto shelves at over 17,000 retailers across the U.S., with more stores planned in the coming months.

For more information on Field Roast, visit fieldroast.com and follow @FieldRoast on Facebook, Instagram and YouTube.

About Greenleaf Foods, SPC

Greenleaf Foods, SPC, is transforming plant-based protein with a wide array of delicious and innovative products that satisfy consumers interested in adding protein variety to their diets. Our leading brands include Lightlife® (“Lightlife”) and Field Roast Grain Meat Co.™ (“Field Roast”). Together, these brands are delighting loyal, longtime fans and enticing new ones who never knew plant-based protein could taste so good. The Lightlife and Field Roast portfolios feature nearly 50 products and represent a leading market position in the refrigerated, plant-based protein category in the U.S. Greenleaf Foods, SPC is a wholly owned, independent subsidiary of Maple Leaf Foods Inc. (TSX:MFI).

About Roy Choi

Choi is known as one of the architects of the modern food truck movement and is co-host of the Netflix cooking series The Chef Show with Jon Favreau, as well as host and executive producer of the Emmy-winning social justice series Broken Bread. He is a graduate of the Culinary Institute of America. In 2010, Food and Wine magazine named him Best New Chef. His cookbook/memoir L.A. Son was a NY Times Bestseller in 2013. In 2016, he was named TIME 100 Most Influential People in the World. And in 2017, LocoL in Watts, received the first ever LA Times Restaurant of the Year award. Roy resides in Los Angeles where he is a voice and advocate for street food culture past, present, and future, and the co-owner, co-founder, and chef of Kogi BBQ, Chego!, Best Friend at Park MGM Las Vegas, and LocoL.

Kayla Petersen, [email protected]

KEYWORDS: United States North America Illinois Washington

INDUSTRY KEYWORDS: Women Entertainment Marketing Supermarket Men Communications Food/Beverage Celebrity Consumer Retail

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Field Roast™ announces award-winning chef Roy Choi is the new face of the brand. (Photo: Business Wire)
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For the first time since 1997, Field Roast is debuting a whole new look, including a redrawn logo and reimagined packaging. (Photo: Business Wire)
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Bsquare Third Quarter 2020 Results Show Improving Financial Performance

Third quarter highlights company’s focus on operational excellence

PR Newswire

SEATTLE, Nov. 12, 2020 /PRNewswire/ — Bsquare Corporation (NASDAQ: BSQR) today announced financial results for the third quarter of 2020. Revenue was $10.4 million up 17% over Q2 2020, net loss was $0.1 million, adjusted EBITDAS was $0.3 million, and cash was breakeven for the quarter.

“We had a good quarter especially given the challenges we experienced in Q2.  Revenue and margins were up sequentially, EBITDAS results improved, and cash utilization was minimal, all suggesting that COVID-19 did not derail us.’ said Ralph C, Derrickson, CEO and President of Bsquare.

Added Derrickson:  “The investments we made in our large Edge-to-Cloud customer relationships are bearing fruit and suggest that at the intersection of our two business segments, there lies the potential to accelerate our emergence from the period of business rebuilding that has dominated our management attention for the last five quarters.”

Third Quarter 2020 Financial Highlights

  • Cash, cash equivalents, restricted cash, and short-term investments totaled $12.6 million on September 30, 2020, unchanged from June 30, 2020. 
  • Revenue for Q3 2020 was $10.4 million, up $1.5 million from Q2 2020.  Revenue increases were driven by higher sales in the Partner Solutions segment and increased service revenue in the Edge-to-Cloud segment. 
  • Partner Solutions gross margins were 19%, up from Q2 2020. Edge-to-cloud margins also improved sequentially as investments in our large customers began to wind down.
  • Net loss for the current quarter was $0.1 million, or $(0.01) per diluted share, compared to a net loss of $1.1 million, or $(0.08) per diluted share, in the second quarter of 2020.
  • Adjusted EBITDAS was approximately $0.3 million, a $1.1 million improvement over the negative $0.8 million in the second quarter of 2020.

Details as follows (unaudited, in thousands except percentages and per share amounts):


Three Months Ended


September
30, 2020


June 30,
2020


Quarter-
over-
Quarter
Change


September
30, 2019


Year-
over-Year
Change

Revenue:

Partner Solutions

$

9,145

$

8,110

$

1,035

$

12,556

$

(3,411)

Edge to Cloud

1,275

814

461

2,085

(810)

Total revenue

10,420

8,924

1,496

14,641

(4,221)

Total gross profit

$

1,890

$

1,046

$

844

$

2,632

$

(742)

Gross margins (1):

Partner Solutions

19

%

14

%

5

%

14

%

5

%

Edge to Cloud

12

%

(15)

%

27

%

40

%

(28)

%

Total gross margin

18

%

12

%

6

%

18

%

0

%

Total operating expenses

2,028

2,121

(93)

3,761

(1,733)

Total operating expenses excluding restructuring costs (2)

2,028

2,121

(93)

3,508

(1,480)

Net loss

(136)

(1,073)

937

(1,107)

971

Per diluted share

(0.01)

(0.08)

0.07

(0.09)

0.08

Net loss excluding restructuring costs (2)

(136)

(1,073)

937

(854)

718

Per diluted share excluding restructuring costs (2)

(0.01)

(0.08)

0.07

(0.07)

0.06

Adjusted EBITDAS (2)

277

(806)

1,083

(472)

749

Cash, restricted cash, cash equivalents and short-term investments

$

12,572

$

12,582

$

(10)

$

11,610

$

962


Notes:

(1)

Quarter-over-quarter change and year-over-year change represent percentage point change.

(2)

Total operating expenses excluding restructuring costs, net loss excluding restructuring costs, net loss per diluted share excluding restructuring costs, and Adjusted EBITDAS are non-GAAP financial measures (reconciliation provided after financial statement tables).


Financial Commentary on Third Quarter 2020


 Results Compared to Third


 Quarter 2019

  • Partner Solutions revenue increased for the comparative period, driven by higher sales of Microsoft operating systems and other embedded software.
  • Edge to Cloud revenue decreased when compared to the prior year third quarter, primarily from completion of software consulting projects during 2019 that did not recur in 2020.
  • Total operating expenses, both including and excluding restructuring costs, decreased when compared to the third quarter of 2019 due to announced spending reduction initiatives that reduced salary, benefit, and marketing costs.
  • Net loss for Q3 2020 was $0.1 million or $(0.01) per diluted share compared to a loss of $1.1 million or $(0.09) per diluted share in Q3 2019, an improvement of $1.0 million or $0.08 per diluted share.

Conference Call

Management will host a conference call today, November 12, 2020, at 5 p.m. Eastern Time (2 p.m. Pacific Time). To access the call dial 1-800-437-2398 or 1-856-344-9206 for international callers, and reference “Bsquare Corporation Third Quarter 2020 Earnings Conference Call.” A replay will be available for two weeks following the call by dialing 1-844-512-2921, or 1-412-317-6671 for international callers; reference pin number 5860407. A live and replay webcast of the call will be available at www.bsquare.com in the investor relations section.

About Bsquare Corporation

Bsquare builds technology that is powering the next generation of intelligent devices and the systems in which they operate. We believe the promise of IoT will be realized through the development of intelligent devices and intelligent systems that are cloud-enabled, contribute data, facilitate distributed control & decision making, and operate securely at scale. Bsquare’s suite of services and software components allow our customers to create new revenue streams and operating models while providing new opportunities for lowering costs and improving operations. We serve a global customer base from offices in Seattle, Washington, and the United Kingdom. For more information, visit www.bsquare.com.

Cautionary Note Regarding Forward-Looking Statements

This release contains “forward-looking statements” within the meaning of the safe-harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: “expect,” “believe,” “plan,” “strategy,” “future,” “may,” “should,” “will,” and similar references to future periods. Examples of forward-looking statements include, among others, statements we make regarding our preparation for and ability to service customers during the COVID-19 pandemic and our ability to achieve our business plans, strategies, and expectations. Forward-looking statements are neither historical facts nor assurances about future performance. Instead, they are based on current beliefs, expectations, and assumptions about the future of our business and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements.

Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others: our ability to execute our development initiatives and sales and marketing strategies; the extent to which we are successful in gaining new long-term customers and retaining existing ones; whether we are able to maintain our favorable relationship with Microsoft as a systems integrator and distributor; our success in leveraging strategic partnering initiatives with companies such as Microsoft, AWS and Intel; the impact of COVID-19 on our business; risks relating to our receipt of a PPP loan; and such other risk factors as discussed in our most recent Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. Any forward-looking statement made by us in this release is based only on information currently available to us and speaks only as of the date on which it is made. Except as may be required by law, we undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.


BSQUARE Contact:


Investor Contact:

Christopher Wheaton, Chief Financial Officer

Steven Gottlieb

BSQUARE Corporation

BSQUARE Corporation

+1 425.519.5900

+ 1 425.519.5900


[email protected]


[email protected]

Bsquare and the Bsquare Logo are trademarks of Bsquare Corporation in the U.S. and other countries. Other names and brands herein may be trademarks of others.

 


BSQUARE CORPORATION


CONDENSED CONSOLIDATED BALANCE SHEETS


(In thousands, except share amounts)


September 30,
2020


December 31,
2019


(Unaudited)


ASSETS

Current assets:

Cash and cash equivalents

$

12,209

$

7,712

Restricted cash

363

600

Short-term investments

—

2,249

Accounts receivable, net of allowance for doubtful accounts of $50 and $31 at September 30, 2020 and December 31, 2019, respectively

5,514

9,216

Contract assets

553

494

Prepaid expenses and other current assets

423

244

Total current assets

19,062

20,515

Equipment, furniture and leasehold improvements, less accumulated depreciation

403

252

Deferred tax assets

7

7

Intangible assets, less accumulated amortization

95

169

Right-of-use lease asset, net

1,471

1,828

Other non-current assets

25

284

Total assets

$

21,063

$

23,055


LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities:

Third-party software fees payable

$

5,722

$

7,224

Accounts payable

287

408

Notes payable

962

—

Accrued compensation

456

1,001

Other accrued expenses

658

306

Deferred revenue

2,142

1,559

Operating lease

317

702

Total current liabilities

10,544

11,200

Deferred revenue, long-term

10

903

Operating lease, long-term

1,269

1,256

Notes payable, long-term

618

—

Shareholders’ equity:

Preferred stock, no par: 10,000,000 shares authorized; no shares issued and outstanding

—

—

Common stock, no par: 37,500,000 shares authorized; 13,180,139 and 13,042,293 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively

139,516

138,877

Accumulated other comprehensive loss

(1,017)

(987)

Accumulated deficit

(129,877)

(128,194)

Total shareholders’ equity

8,622

9,696

Total liabilities and shareholders’ equity

$

21,063

$

23,055

 


BSQUARE CORPORATION


CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS


(In thousands, except per share amounts)


(Unaudited)


Three Months Ended
September 30,


 Nine Months Ended
September 30,


2020


2019


2020


2019

Revenue:

Partner Solutions

$

9,145

$

12,556

$

33,160

$

37,341

Edge to Cloud

1,275

2,085

2,913

6,576

Total revenue

10,420

14,641

36,073

43,917

Cost of revenue:

Partner Solutions

7,402

10,762

27,502

31,834

Edge to Cloud

1,128

1,247

3,050

4,637

Total cost of revenue

8,530

12,009

30,552

36,471

Gross profit

1,890

2,632

5,521

7,446

Operating expenses:

Selling, general and administrative

1,987

2,462

6,951

8,478

Research and development

41

1,046

222

5,276

Restructuring costs

—

253

—

1,629

Total operating expenses

2,028

3,761

7,173

15,383

Loss from operations

(138)

(1,129)

(1,652)

(7,937)

Other income (loss), net

2

22

(31)

116

Loss before income taxes

(136)

(1,107)

(1,683)

(7,821)

Income taxes

—

—

—

—

Net loss

$

(136)

$

(1,107)

$

(1,683)

$

(7,821)

Basic loss per share

$

(0.01)

$

(0.09)

$

(0.13)

$

(0.60)

Diluted loss per share

$

(0.01)

$

(0.09)

$

(0.13)

$

(0.60)

Net loss excluding restructuring costs (3)

$

(136)

$

(854)

$

(1,683)

$

(6,192)

Per diluted share excluding restructuring costs (3)

$

(0.01)

$

(0.07)

$

(0.13)

$

(0.48)

Shares used in per share calculations:

Basic

13,165

12,934

13,205

12,982

Diluted

13,165

12,934

13,205

12,982

 


BSQUARE CORPORATION


RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO MOST DIRECTLY COMPARABLE GAAP FINANCIAL MEASURES


(In thousands, unaudited)



Adjusted EBITDAS


Three Months Ended
September 30,


 Nine Months Ended
September 30,


2020


2019


2020


2019

Loss from operations, as reported

$

(138)

$

(1,129)

$

(1,652)

$

(7,937)

Depreciation and amortization

134

216

494

696

Stock-based compensation

281

188

601

371

Restructuring costs

—

253

—

1,376

Adjusted EBITDAS (1)

$

277

$

(472)

$

(557)

$

(5,494)

(1)

Adjusted EBITDAS is a non-GAAP financial measure that BSQUARE defines as income (loss) from operations before depreciation expense on fixed assets and amortization expense (including impairment) on intangible assets, stock-based compensation expense, restructuring costs, and goodwill impairment (when applicable). Adjusted EBITDAS should not be construed as a substitute for net income (loss) or net cash provided (used) by operating activities (all as determined in accordance with GAAP) for the purpose of analyzing our operating performance, financial position and cash flows. Adjusted EBITDAS has limitations, including that it does not reflect our entire cost structure to operate our business (such as the cost of replacing assets being depreciated or amortized, capital expenditures, and stock-based compensation expenses which we expect to continue being meaningful, and income tax expense (benefit)) and may not be comparable to similarly titled measures used by other companies. However, BSQUARE regards Adjusted EBITDAS as a complement to net income and other GAAP financial performance measures. BSQUARE uses Adjusted EBITDAS to evaluate BSQUARE’s financial performance and the effectiveness of its business strategies on a consistent basis across reporting periods, and BSQUARE believes the measure is often used by analysts, investors, and other interested parties to evaluate comparable companies.


Total operating expenses excluding restructuring costs


Three Months Ended
September 30,


 Nine Months Ended
September 30,


2020


2019


2020


2019

Total operating expenses

$

2,028

$

3,761

$

7,173

$

15,383

Restructuring costs

—

253

—

1,629

Total operating expenses excluding restructuring costs (1)

$

2,028

$

3,508

$

7,173

$

13,754

(1)

Total operating expenses excluding restructuring costs and goodwill impairment is a non-GAAP financial measure that BSQUARE defines as total operating expenses, plus an add-back for restructuring costs (and goodwill impairment, when applicable). This measure should not be construed as a substitute for total operating loss for the purpose of analyzing our operating performance, and it has limitations, including that it does not reflect our entire cost structure to operate our business. However, BSQUARE regards this measure as a complement to GAAP operating expenses because it excludes costs that may not be indicative of operating performance. BSQUARE uses this measure to evaluate its financial performance and the effectiveness of its business strategies on a consistent basis across reporting periods, and BSQUARE believes the measure is often used by analysts, investors, and other interested parties to evaluate comparable companies.


Net loss excluding restructuring costs


Three Months Ended
September 30,


 Nine Months Ended
September 30,


2020


2019


2020


2019

Net loss

$

(136)

$

(1,107)

$

(1,683)

$

(7,821)

Restructuring costs

—

253

—

1,629

Net loss excluding restructuring costs (1)

$

(136)

$

(854)

$

(1,683)

$

(6,192)

(1)

Net loss excluding restructuring costs is a non-GAAP financial measure that BSQUARE defines as net loss, plus an add-back for restructuring costs (and goodwill impairment, when applicable). This measure should not be construed as a substitute for total operating loss for the purpose of analyzing our operating performance, and it has limitations, including that it does not reflect our entire cost structure to operate our business. However, BSQUARE regards this measure as a complement to GAAP net loss because it excludes costs that may not be indicative of operating performance. BSQUARE uses this measure to evaluate its financial performance and the effectiveness of its business strategies on a consistent basis across reporting periods, and BSQUARE believes the measure is often used by analysts, investors, and other interested parties to evaluate comparable companies.


Net loss per diluted share excluding restructuring costs


Three Months Ended
September 30,


 Nine Months Ended
September 30,


2020


2019


2020


2019

Diluted loss per share

$

(0.01)

$

(0.09)

$

(0.13)

$

(0.60)

Restructuring costs

—

(0.02)

$

—

$

(0.12)

Net loss excluding restructuring costs (1)

$

(0.01)

$

(0.07)

$

(0.13)

$

(0.48)

(1)

Net loss excluding restructuring costs is a non-GAAP financial measure that BSQUARE defines as diluted loss per share, plus an add-back for the per diluted share amount of restructuring costs (and goodwill impairment, when applicable). Other than being expressed on a per diluted share basis, this measure is the same as net loss excluding restructuring costs, has the same limitations, and is used and disclosed by BSQUARE for the same reasons.

 

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SOURCE Bsquare

Posted on

First Majestic to Appeal Circuit Court Decision to Nullify APA

VANCOUVER, British Columbia, Nov. 12, 2020 (GLOBE NEWSWIRE) — First Majestic Silver Corp. (“First Majestic” or the “Company”) announced today that its Mexican subsidiary Primero Empresa Minera, S.A. de C.V. (“PEM”) has now been provided with written reasons for the decision made on September 23, 2020 by the Mexican Federal Court on Administrative Matters (“Federal Court”), nullifying the Advance Pricing Agreement (“APA”) concluded in 2012 between PEM and the Mexican tax authority, Servicio de Administracion Tributaria (“SAT”).

The Federal Court’s decision directs SAT to re-examine the evidence and basis for the issuance of the APA with retroactive effect, for the following key reasons (i) SAT’s errors in analyzing PEM’s request for the APA and the evidence provided in support of the request; and (ii) SAT’s failure to request from PEM certain additional information before issuing the APA. The Company’s legal advisors having now reviewed the written reasons continue to be of the view that the Federal Court’s decision is flawed both due to procedural irregularities and failure to address the relevant evidence and legal authorities. The Company intends to appeal the decision to the Circuit Courts by the December 1, 2020 deadline.

The Company continues to seek an amicable resolution of its dispute with the Government of Mexico including by diplomatic channels of resolution. In addition, as previously disclosed, on May 13, 2020 the Company served a Notice of Intent to Submit a Claim on the Government of Mexico under the provisions of the North American Free Trade Agreement (“NAFTA”). The Company therefore continues to maintain the option of seeking a resolution of its dispute with the Government of Mexico through international arbitration.

ABOUT THE COMPANY

First Majestic is a publicly traded mining company focused on silver production in Mexico and is aggressively pursuing the development of its existing mineral property assets. The Company presently owns and operates the San Dimas Silver/Gold Mine, the Santa Elena Silver/Gold Mine and the La Encantada Silver Mine. Production from these mines are projected to be between 11.0 to 11.7 million silver ounces or 21.4 to 22.9 million silver equivalent ounces in 2020.

FOR FURTHER INFORMATION contact [email protected], visit our website at www.firstmajestic.com or call our toll-free number 1.866.529.2807.

FIRST MAJESTIC SILVER CORP.

“
signed
“

Keith Neumeyer, President & CEO

Cautionary Note Regarding Forward Looking Statements

This press release contains “forward‐looking information” and “forward-looking statements” under applicable Canadian and U.S. securities laws (collectively, “forward‐looking statements”). These statements relate to future events or the Company’s future performance, business prospects or opportunities that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management made in light of management’s experience and perception of historical trends, current conditions and expected future developments. Forward-looking statements include, but are not limited to, statements with respect to: appeals of judgments; resolution of claims; arbitration proceedings; commercial mining operations; the timing and amount of estimated future production. Assumptions may prove to be incorrect and actual results may differ materially from those anticipated. Consequently, guidance cannot be guaranteed. As such, investors are cautioned not to place undue reliance upon guidance and forward-looking statements as there can be no assurance that the plans, assumptions or expectations upon which they are placed will occur. All statements other than statements of historical fact may be forward‐looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives or future events or performance (often, but not always, using words or phrases such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “predict”, “forecast”, “potential”, “target”, “intend”, “could”, “might”, “should”, “believe” and similar expressions) are not statements of historical fact and may be “forward‐looking statements”.

Actual results may vary from forward-looking statements. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results to materially differ from those expressed or implied by such forward-looking statements, including but not limited to: the duration and effects of the coronavirus and COVID-19, and any other pandemics on our operations and workforce, and the effects on global economies, governments, courts and society, actual results of exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; commodity prices; variations in ore reserves, grade or recovery rates; actual performance of plant, equipment or processes relative to specifications and expectations; accidents; labour relations; relations with local communities; changes in national or local governments; changes in applicable legislation or application thereof; delays in obtaining approvals or financing or in the completion of development or construction activities; exchange rate fluctuations; requirements for additional capital; government regulation; environmental risks; reclamation expenses; availability of courts and arbitral panels; outcomes of pending litigation; limitations on insurance coverage as well as those factors discussed in the section entitled “Description of the Business – Risk Factors” in the Company’s most recent Annual Information Form, available on www.sedar.com, and Form 40-F on file with the United States Securities and Exchange Commission in Washington, D.C. Although First Majestic has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended.

The Company believes that the expectations reflected in these forward‐looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward‐looking statements included herein should not be unduly relied upon. These statements speak only as of the date hereof. The Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws.

Posted on

Adecoagro´s Adjusted EBITDA reached $102.1 million during 3Q20, 9.2% higher year-over-year

PR Newswire

LUXEMBOURG, Nov. 12, 2020 /PRNewswire/ — Adecoagro S.A. (NYSE: AGRO, Bloomberg: AGRO US, Reuters: AGRO.K), a leading agro-industrial company in South America, announced today its results for the third quarter ended September 30, 2020. The financial information contained in this press release is based on unaudited condensed consolidated interim financial statements presented in US dollars and prepared in accordance with International Financial Reporting Standards (IFRS) except for Non – IFRS measures. Please refer to page 33 for a definition and reconciliation to IFRS of the Non – IFRS measures used in this earnings release.

Main
highlights for the period:

  • Total Adjusted EBITDA(3) during 3Q20 was 9.2% higher than in the same period of last year driven by a 54.5% increase in the Farming segment and a 1.5% increase in the Sugar, Ethanol & Energy segment.
  • Adjusted Net Income reached $37.8 million during 3Q20, 25.3% higher year-over-year and stood at $101.5 million during 9M20, more than doubling 9M19’s figure.


Financial & Operational Highlights

  • In the Sugar, Ethanol & Energy business we crushed 4.4 million tons during 3Q20, 49.9% or 1.4 million tons higher than in 2Q20, successfully making up for the lower volume crushed during the first semester of the year. Higher crushing was driven by (i) greater cane availability following our decision to temporarily slow down our crushing pace during 2Q20 in light of the Covid-19 pandemic, which allowed us to transfer cane into the second semester of the year and benefit from the better price outlook; (ii) favorable weather and (iii) recovered market liquidity. September marked the lowest year-over-year reduction in Otto-cycle fuel sales since the beginning of the pandemic, standing at 1.9% as reported by UNICA. At the same time, anhydrous ethanol sales recovered to pre-pandemic volumes driven by increased demand from the Northeast region of Brazil as currency depreciation favored domestic ethanol over U.S. imports. Moreover, during 3Q20 hydrous ethanol prices measured in BRL were 16.0% higher than during the previous quarter, anhydrous ethanol traded 18.0% higher in BRL and sugar prices measured in U.S. dollars were 14.1% higher than during 2Q20. Energy spot prices display a positive outlook, having tripled between September and October driven by the dry weather in the Center-South regions of Brazil, as reported by CCEE. Accordingly, we believe that the dry weather will result in a longer interharvest period in Brazil and thus, put further pressure on prices. However, times are still uncertain. We are following closely the recurrence of Covid-19 cases in the Northern hemisphere, being mindful that the S&E industry could be impacted if the situation were to replicate in Brazil.
  • During 3Q20 we diverted 44% of TRS to sugar production, compared to 13% during the same period of last year, showing our high degree of asset flexibility. In addition, we increased our anhydrous ethanol mix from 31% in 3Q19 to 41%. Adjusted EBITDA in our Sugar, Ethanol & Energy business reached $86.4 million in 3Q20, 1.5%, or $1.3 million higher compared to 3Q19. Net sales decreased by 13.1%, on account of lower average selling prices measured in U.S. dollars of sugar, ethanol and energy (although average prices of sugar and ethanol increased in BRL) and lower volumes of ethanol and energy sold. However, this drop was fully offset by (i) the higher volume of sugar sold; (ii) a lower cost of production driven by the combined effect of 0.7 million tons of higher crushing volume that allowed us to dilute fixed costs, and the depreciation of the Brazilian Real that further contributed to reduce costs measured in U.S dollars; (iii) higher mark-to-market of our biological assets, especially for harvested sugarcane, on the account of currency depreciation; and (iv) lower general and administrative expenses both due to currency depreciation as well as enhanced efficiencies and savings from our cost reduction initiatives.
  • Adjusted EBITDA for the Farming and Land Transformation businesses reached $20.7 million in 3Q20, $7.3 million or 54.5% higher year-over-year. The increase in financial performance is fully attributed to the Farming business, since no farm sales were conducted during the quarter. The Rice business accounted for $5.6 million year-over-year increase in Adjusted EBITDA, coupled with $2.5 million from the Dairy business, partially offset by a reduction of $1.3 million year-over-year in Adjusted EBITDA from our Crops business mainly driven by the negative impact in the mark-to-market of our forward and derivative position generated by the increase in commodity prices.

The Rice business reported $6.1 million in Adjusted EBITDA, 13x higher year-over-year, with the increase mostly driven by (i) an increase in demand coupled with higher average selling prices both in the domestic and export market, as global consumer demand moved from food service to grocery and from the outside of the stores to the center aisles; and (ii) lower cost in dollar terms as a result of the depreciation of the Argentine peso and enhanced efficiencies at the farm and industry level.

  • Net Income in 3Q20 resulted in a gain of $20.3 million, compared to a loss of $30.3 million recorded during the same period of last year. The $50.6 million increase is mainly explained by a lower FX loss coupled with the year-over-year increase in EBITDA generation. Indeed, in the case of Argentina, not only did currency depreciation present a nominal decrease from 35.6% during 3Q19 to 8.1% during 3Q20, but also the portion of our debt subject to depreciations has been reduced, as we increased the mix of domestic currency. Year-to-date the $36.9 million decrease in Net Income is mainly explained by a 39.9% nominal depreciation of the Brazilian Real primarily during the first semester of the year.
  • Adjusted Net Income in 3Q20 reached $37.8 million, $7.6 million higher than in 3Q19. Adjusted Net Income excludes, (i) any non-cash result derived from bilateral exchange variations; (ii) any revaluation resulting from the hectares held as investment property; (iii) any inflation accounting result; and includes (iv) any gains or losses from disposals of non-controlling interests in subsidiaries whose main underlying asset is farmland (the latter is already included in Adj. EBITDA). We believe Adjusted Net Income is a more appropriate metric to reflect the Company´s performance.


Strategy Execution


RenovaBio´s Carbon Credit Trade Picks up

  • Due to the impact of the Covid-19 pandemic on fuel markets, the Brazilian Ministry of Mines and Energy communicated during 2Q20 that it would revise the targets for carbon credits (CBios) to be purchased by fuel distributors under the RenovaBio program. At the beginning of September the new goals were announced, cutting by 50% the target for 2020 to 14.5 million CBios. As the announcement provided obligated parties with clarity regarding the volume to be acquired, CBio trading in the Brazilian stock exchange started to increase, successfully reverting the slow start observed in April, when trading officially began. As of the end of October, 12.3 million CBios were made available for sale, of which 7.2 million have already been acquired by obligated parties, according to UNICA. Average trading prices experienced an upward trend since the new targets were informed, and currently stand at 62 BRL/CBio, climbing from as low as 20 BRL/CBio. We are optimistic regarding the increased liquidity for the certificates, and expect more attractive prices in the future, as similar carbon credit certificates trade at $20 U.S. dollars in other developed markets.

Our three mills have been certified by ANP to issue CBios and were awarded an average score of 1.4 CBios/m3 sold, placing us in the top 10%. This means that in a year of full ethanol maximization our mills could produce as much as 750 thousand m3 of ethanol, which would give us the right to issue approximately 1 million CBios considering our current score. Scoring, however, can be improved with any investment that increases sustainability in operations. As of the end of October, we sold 230 thousand CBios at an average price of 40.4 BRL/CBio. The margin generated is captured in our Adjusted EBITDA under the Other Operating Income line. However, since most sales were carried out during 4Q20, the impact of CBio sale during this quarter is negligible.

RenovaBio is a program designed by the Brazilian government to cut carbon emission in the country by establishing a mechanism that taxes fossil fuel consumption while subsidizing the production of renewable energy. Under this program, a carbon credit market is established in which sellers of fossil fuels have to acquire a mandatory quota of CBios, which is defined based on the amount of non-renewable fuels sold by them in the prior year. The issuers of CBios are biofuel producers whose mills have been certified and awarded a score based on how “green” their mill operation is. CBios are financial instruments traded on Brazil’s B3 platform, with prices based on the supply of and demand for those credits. The RenovaBio program was officially launched on December 24th, 2019. The official trading of CBios in the Brazilian stock exchange started on April 27th, 2020 and the first sale of CBios took place on June 12th, 2020.


Independent Farmland Appraisal Report

  • As of September 30, 2020, Cushman & Wakefield (C&W) updated its independent appraisal of Adecoagro’s farmland. Adecoagro’s subsidiaries held 224,820 hectares net of minority interests, valued at $712.5 million. On a comparable basis, accounting for the sale of 811 hectares of Abolengo farm during June, 2020, current valuation is in line with last year’s. We continue to see opportunities for land sales in Argentina, since it is a dollar-linked asset, and remain optimistic about the possibility of closing an additional sale by year end 2020.

Please visit ir.adecoagro.com for the Cushman & Wakefield 2020 Appraisal Report. These appraisals are subject to changes based on a host of variables and market conditions. Please also refer to page 81 of our Annual Report on Form 20-F, for the year ended December 31, 2019 for the methodology employed in the appraisals of our farmland by Cushman & Wakefield.


Non-Gaap Financial Measures:
 For a full reconciliation of non-gaap financial measures please refer to page 33 of our 3Q20 Earnings Release found on Adecoagro’s website (ir.adecoagro.com)


Forward-Looking Statements:

This press release contains forward-looking statements that are based on our current expectations, assumptions, estimates and projections about us and our industry.  These forward-looking statements can be identified by words or phrases such as “anticipate,” “forecast”, “believe,” “continue,” “estimate,” “expect,” “intend,” “is/are likely to,” “may,” “plan,” “should,” “would,” or other similar expressions. 

These forward-looking statements involve various risks and uncertainties. Although we believe that our expectations expressed in these forward-looking statements are reasonable, our expectations may turn out to be incorrect.  Our actual results could be materially different from our expectations.  In light of the risks and uncertainties described above, the estimates and forward-looking statements discussed in this press release might not occur, and our future results and our performance may differ materially from those expressed in these forward-looking statements due to, inclusive, but not limited to, the factors mentioned above.  Because of these uncertainties, you should not make any investment decision based on these estimates and forward-looking statements.

The forward-looking statements made in this press release relate only to events or information as of the date on which the statements are made in this press release.  We undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date on which the statements are made or to reflect the occurrence of unanticipated events.

To read the full 3Q20 earnings release, please access ir.adecoagro.com. A conference call to discuss 3Q20 results will be held on November 13, 2020 with a live webcast through the internet:


Conference Call

November 13, 2020

9 a.m. (US EST)
11 a.m.Buenos Aires
11 p.m.Sao Paulo
2 p.m.Luxembourg

Participants calling from the US: Tel: +1 (844) 435-0324
Participants calling from other countries: Tel: +1 (412) 317-6366
Access Code: Adecoagro

Conference Call Replay
Participants calling from the US: Tel: +1 (877) 344-7529
Participants calling from other countries: Tel: +1 (412) 317-0088
Access Code: 10148312

Investor Relations Department
Charlie Boero Hughes 
CFO

Juan Ignacio Galleano 
IRO
Email: [email protected]
Tel: +54 (11) 4836-8624 

About Adecoagro:
Adecoagro is a leading agricultural company in South America. Adecoagro owns over 247 thousand hectares of farmland and several industrial facilities spread across the most productive regions of Argentina, Brazil and Uruguay, where it produces over 1.9 million tons of agricultural products including sugar, ethanol, bio-electricity, milled rice, corn, wheat, soybean and dairy products, among others.

Cision View original content:http://www.prnewswire.com/news-releases/adecoagros-adjusted-ebitda-reached-102-1-million-during-3q20–9-2-higher-year-over-year-301172408.html

SOURCE Adecoagro S.A.

Posted on

TAT Technologies Reports Third Quarter 2020 Results

PR Newswire

GEDERA, Israel, Nov. 12, 2020 /PRNewswire/ — TAT Technologies Ltd. (NASDAQ: TATT) (“TAT” or the “Company”), a leading provider of products and services to the commercial and military aerospace and ground defense industries, reported today its unaudited results for the three month and nine month periods ended September 30, 2020.

Key Financial Highlights:

  • Revenues for Q3 2020 were $16.8 million compared with $24.8 million in Q3 2019. Revenues for the nine-month period that ended on September 30, 2020 were $58.8 million compared with $71.7 million in the nine-month period that ended on September 30, 2019.
  • Gross profit for Q3 2020 was $1.4 million (8.3% as a percentage of revenues) compared with $4.1 million (16.8% as a percentage of revenues) in Q3 2019. Gross profit for the nine-month period that ended on September 30, 2020 was $7.5 million (12.7% as a percentage of revenues) compared with $11 million (15.3% as a percentage of revenues) in the nine-month period that ended on September 30, 2019.
  • Adjusted EBITDA for Q3 2020 was (0.3) million compared with $2.2 million in Q3 2019. Adjusted EBITDA for the nine-month period that ended on September 30, 2020 was $2.2 million compared with $5.3 million in the nine-month period that ended on September 30, 2019.
  • Net loss was ($1.6) million, or loss of ($0.16) per diluted share in Q3 2020 compared with a net income of $0.15 million, or $0.02 per diluted share in Q3 2019. Net loss was ($3.4) million, or loss of ($0.37) per diluted share in the nine-month period that ended on September 30, 2020 compared with a net income of $0.3 million, or $0.04 per diluted share in the nine-month period that ended on September 30, 2019.
  • During Q3 2020 and the nine-month period that ended on September 30, 2020 TAT reported losses from discontinued operation of the JT8D engine blades coating in the amount of $0.1 million and $1.8 million, respectively.

Mr. Igal Zamir, CEO and President of TAT Technologies stated, “TAT reacted fast and effectively to the COVID 19 impact on the aerospace industry. In Q2 and Q3 of 2020 we adjusted the company’s cost structure to the reduction in revenues during such period. We will continue to proactively monitor our cost structure and cash flow as the industry continues to manage the pandemic and its impact. Our strong balance sheet with net cash of over $19 million provides us the flexibility to serve our customers and in the same time maintain business development activities.

We are pleased that despite the pandemic, the company was able to continue its sales, marketing, and business development efforts with meaningful results. During the third quarter of 2020 we signed a 10- year contract with Honeywell for the repair of APU 331-2xx. This contract represents a substantial opportunity to increase our APU business. In order to support its execution, we will invest in machines and rotatable parts in the coming quarters to better support our clients.

In addition, we are proud that during the last six months we executed new, and renewed existing long-term agreements with MRO and OEM customers with potential aggregate revenues of $38 million for the coming years”



Non-GAAP Financial Measures

To supplement the consolidated financial statements presented in accordance with GAAP, the Company also presents Adjusted EBITDA.  The adjustments to the Company’s GAAP results are made with the intent of providing both management and investors a more complete understanding of the Company’s underlying operational results, trends and performance. Adjusted EBITDA is calculated as net income excluding the impact of: the Company’s share in results of affiliated companies, share-based compensation, taxes on income, discontinued operation, financial (expenses) income, net, depreciation and amortization. Adjusted EBITDA, however, should not be considered as alternative to net income and operating income for the period and may not be indicative of the historic operating results of the Company; nor it is meant to be predictive of potential future results. Adjusted EBITDA is not measure of financial performance under generally accepted accounting principles and may not be comparable to other similarly titled measures for other companies. See reconciliation of Adjusted EBITDA in pages 13 below.

About TAT Technologies LTD

TAT Technologies Ltd. is a leading provider of services and products to the commercial and military aerospace and ground defense industries. TAT operates under four segments: (i) Original equipment manufacturing (“OEM”) of heat transfer solutions and aviation accessories through its Gedera facility; (ii) MRO services for heat transfer components and OEM of heat transfer solutions through its Limco subsidiary; (iii) MRO services for aviation components through its Piedmont subsidiary; and (iv) Overhaul and coating of jet engine components through its Turbochrome subsidiary. TAT controlling shareholders is the FIMI Private Equity Fund.

TAT’s activities in the area of OEM of heat transfer solutions and aviation accessories primarily include the design, development and manufacture of (i) broad range of heat transfer solutions, such as pre-coolers heat exchangers and oil/fuel hydraulic heat exchangers, used in mechanical and electronic systems on board commercial, military and business aircraft; (ii) environmental control and power electronics cooling systems installed on board aircraft in and ground applications; and (iii) a variety of other mechanical aircraft accessories and systems such as pumps, valves, and turbine power units.

TAT’s activities in the area of MRO Services for heat transfer components and OEM of heat transfer solutions primarily include the MRO of heat transfer components and to a lesser extent, the manufacturing of certain heat transfer solutions. TAT’s Limco subsidiary operates an FAA-certified repair station, which provides heat transfer MRO services for airlines, air cargo carriers, maintenance service centers and the military.

TAT’s activities in the area of MRO services for aviation components include the MRO of APUs, landing gears and other aircraft components. TAT’s Piedmont subsidiary operates an FAA-certified repair station, which provides aircraft component MRO services for airlines, air cargo carriers, maintenance service centers and the military.

TAT’s activities in the area of overhaul and coating of jet engine components includes the overhaul and coating of jet engine components, including turbine vanes and blades, fan blades, variable inlet guide vanes and afterburner flaps.

For more information of TAT Technologies Ltd., please visit our web-site: www.tat-technologies.com

Contact:

Mr. Ehud Ben-Yair
Chief Financial Officer
Tel: 972-8-862-8503
[email protected]

Safe Harbor for Forward-Looking Statements

This press release contains forward-looking statements which include, without limitation, statements regarding possible or assumed future operation results. These statements are hereby identified as “forward-looking statements” for purposes of the safe harbor provided by the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve risks and uncertainties that could cause our results to differ materially from management’s current expectations. Actual results and performance can also be influenced by other risks that we face in running our operations including, but are not limited to, general business conditions in the airline industry, changes in demand for our services and products, the timing and amount or cancellation of orders, the price and continuity of supply of component parts used in our operations, the change of control that will occur on the sale by the receiver of the Company’s shares held by our previously controlling stockholders, and other risks detailed from time to time in the Company’s filings with the Securities Exchange Commission, including, its annual report on form 20-F and its periodic reports on form 6-K. These documents contain and identify other important factors that could cause actual results to differ materially from those contained in our projections or forward-looking statements. Stockholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. We undertake no obligation to update publicly or revise any forward-looking statement.

 

 

 


TAT TECHNOLOGIES
 AND ITS SUBSIDIARIES



CONDENSED CONSOLIDATED BALANCE SHEET

(In thousands)


September 30,


December 31,


2020


201

9

(*)

(unaudited)

(audited)


ASSETS

CURRENT ASSETS:

Cash and cash equivalents

$                   24,106

$                   15,959

Accounts receivable, net

13,657

20,311

Other current assets and prepaid expenses

3,449

2,605

Inventory, net

40,100

43,327

Assets belong to discontinued operation

–

1,839

Total current assets

81,312

84,041

NON-CURRENT ASSETS:

   Restricted deposit

165

–

 Investment in affiliates

777

956

Funds in respect of employee rights upon retirement

1,164

1,404

 Deferred income taxes

–

228

Intangible assets, net

1,604

777

Property, plant and equipment, net

19,884

20,605

Operating lease right of use assets

7,320

6,664

Total non-current assets

30,914

30,634



Total assets

$                 112,226

$                 114,675


LIABILITIES AND EQUITY

CURRENT LIABILITIES:

Accounts payable

8,118

11,823

Accrued expenses                                 

6,313

7,393

Deferred income (government grant)

265

–

Operating lease liabilities

1,635

1,330

Liabilities belong to discontinued operation

260

158

Total current liabilities

16,591

20,704

NON CURRENT LIABILITIES:

   Long-term loans

4,841

–

   Other long-term liabilities

–

62

Liability in respect of employee rights upon retirement

1,451

1,751

Deferred income taxes

1,256

1,100

Operating lease liabilities

5,990

5,688

 Total non-current liabilities

13,538

8,601

Total liabilities

$                30,129

$                  29,305

EQUITY:

Share capital

2,809

2,809

Additional paid-in capital

65,683

65,573

Treasury stock at cost

(2,088)

(2,088)

Accumulated other comprehensive income

19

26

Retained earnings

15,674

19,050

Total shareholders’ equity

82,097

85,370

Total liabilities and shareholders’ equity

$                 112,226

$                 114,675

         *Reclassified due to discontinued operation

 

 


TAT TECHNOLOGIES AND ITS SUBSIDIARIES



CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except share and per share data)


Three months ended


Nine months ended


Year ended


September 30,


December 31,


2020


2019(*)


2020


2019(*)


2019(*)

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

(Audited)

Revenues:

Products

$      4,822

$      5,725

$    18,157

$    17,924

$    25,019

Services

11,995

19,059

40,667

53,770

72,460

16,817

24,784

58,824

71,694

97,479

Cost of goods:

Products

4,383

4,853

16,156

15,037

21,557

Services

11,036

15,757

35,179

45,668

60,622

15,419

20,610

51,335

60,705

82,179

Gross Profit

1,398

4,174

7,489

10,989

15,300

Operating expenses:

Research and development, net

62

39

131

96

113

Selling and marketing

920

1,225

2,986

3,549

4,929

General and administrative

1,813

1,860

5,542

5,362

7,654

2,795

3,124

8,659

9,007

12,696

Operating income (loss)

(1,397)

1,050

(1,170)

1,982

2,604

Financial expenses, net

(177)

(144)

(248)

(517)

(422)

Other expenses

–

–

(21)

–

–

Income (loss) before taxes on income (tax 
     benefit)

(1,574)

906

(1,439)

1,465

2,182

Taxes on income (tax benefit)

(180)

469

(48)

464

631

Income (loss) before equity investment

(1,394)

437

(1,391)

1,001

1,551

Share in results of affiliated companies

(62)

(65)

(179)

(139)

(132)

Net income (loss) from continued operation

$     (1,456)

$     372

$      (1,570)

$     862

$      1,419

Loss from discontinued operation before 
     income taxes

(60)

(230)

(391)

(564)

(655)

Loss on disposal of discontinued operation 
     before income taxes

(60)

–

(1,415)

–

–

Benefit from income taxes

–

15

–

45

42

Net loss from discontinued operation

$   (120)

$   (215)

$   (1,806)

(519)

$    (613)

Net income (loss)

$  (1,576)

$     157

$   (3,376)

$    343

$        806

Basic and diluted income (loss) per share

Net income (loss) per share from continued 
     operation

$      (0.16)

$      0.04

$    (0.17)

$      0.1

$    0.18

Net loss per share from discontinued operation

$   0

$   (0.02)

$    (0.2)

$   (0.06)

$ (0.07)

Net income (loss) per share

$    (0.16)

$     0.02

$   (0.37)

$   0.04

$   0.11

Weighted average number of shares 
     outstanding

Basic

8,874,696

8,874,696

8,874,696

8,874,696

8,864,885

Diluted

8,874,696

8,874,696

8,874,696

8,874,696

8,864,885


                                   *Reclassified due to discontinued operation

 

 


TAT TECHNOLOGIES AND ITS SUBSIDIARIES



CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In thousands)


Three months ended


Nine months ended


Year ended 


September 30,


December 31,


2020


2019


2020


2019


2019

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

(Audited)

Net income (loss)

$     (1,576)

$     157

$     (3,376)

$     343

$      806

Other comprehensive income

Net unrealized income (loss) from derivatives

(33)

72

(7)

358

372

   Reclassification adjustments for gains (losses) 
       included in net income and inventory

–

(104)

5

(118)

(140)

Total other comprehensive income (loss)

$     (1,609)

$     125

$     (3,378)

$     583

$      1,038

 

 


TAT TECHNOLOGIES AND ITS SUBSIDIARIES



CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(In thousands, except share data)


TAT Technologies Ltd. Shareholders


Share capital


Accumulated


other


Number of 


Additional paid-


comprehensive


Treasury


Retained


shares issued


Amount


in capital


income (loss)


shares


earnings


Total equity


BALANCE AT DECEMBER 31, 2017 (audited)

9,122,501

$             2,802

$       65,073

$             135

$             (2,088)

$            22,652

$            88,574


CHANGES DURING THE YEAR ENDED 
     DECEMBER 31, 2018 (audited):

Comprehensive income

–

–

–

(341)

–

(4,408)

(4,749)

Share based compensation expenses

–

–

272

–

–

–

272

 Exercise of option

26,668

7

190

–

–

–

197


BALANCE AT DECEMBER 31, 2018 (audited)

9,149,169

$            2,809

$       65,535

$            (206)

$            (2,088)

$            18,244

$            84,294


CHANGES DURING THE YEAR ENDED 
     DECEMBER 31, 2019 (audited):

Comprehensive loss

–

–

–

232

–

806

1038

 Share based compensation expenses

–

–

38

–

–

–

38


BALANCE AT DECEMBER 31, 2019 (audited)

9,149,169

$            2,809

$       65,573

$            26

$            (2,088)

$            19,050

$            85,370


CHANGES DURING THE NINE MONTHS ENDED 
     SEPTEMBER 30, 2020 (unaudited):

Comprehensive (loss)

–

–

–

(7)

–

(3,376)

(3,383)

 Share based compensation expenses

–

–

110

–

–

–

110


BALANCE AT SEPTEMBER 30, 2020
     (unaudited)

9,149,169

$            2,809

$       65,683

$             19

$            (2,088)

$            15,674

$            82,097

 

 


TAT TECHNOLOGIES AND ITS SUBSIDIARIES



CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)


Three months ended


Nine months ended


Year ended


September 30,


December 31,


2020


2019(*)


2020


2019(*)


2019(*)

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

(Audited)

CASH FLOWS FROM OPERATING ACTIVITIES:

Net income (loss)

$   (1,576)

$   157

$   (3,376)

$   343

$      806

Net income (loss) from continued operations

(1,456)

372

(1,570)

862

1,419

Adjustments to reconcile net income (loss) to net cash 
     provided by operating activities:

Depreciation and amortization

1,079

1,077

3,107

3,185

4,292

Loss (gain) from change in fair value of derivatives

(14)

(38)

7

(293)

(311)

Provision for doubtful accounts

(73)

–

133

–

38

Share in results of equity investment of affiliated Company 

62

65

179

139

132

Share based compensation

33

36

110

(9)

38

Non cash finance expense

57

107

(48)

324

354

Liability in respect of employee rights upon retirement

(159)

(134)

(300)

(912)

(897)

Deferred income taxes, net

441

(115)

384

(293)

(450)

Deferred revenues (government grant)

(794)

–

265

–

–


Changes in operating assets and liabilities:

    Decrease (increase) in trade accounts receivable

787

1,714

7,027

(1,510)

(2,037)

   Decrease (increase) in other current assets and prepaid 
     expenses

(729)

486

(605)

1,743

2,500

Decrease (increase) in inventory

1,674

(1,314)

3,039

(3,531)

(5,740)

    Increase (decrease) in trade accounts payable

307

82

(2,913)

2,722

3,349

    Increase (decrease) in accrued expenses

(995)

1,193

(1,080)

1,535

982

    Decrease in other long-term liabilities

–

(20)

(62)

(98)

(118)


Net cash provided by operating activities

$  220

$3,511

$  7,673

$  3,864

$      3,551

CASH FLOWS FROM INVESTING ACTIVITIES:

Investment in affiliated company

–

–

–

(10)

(10)

Funds in respect of employee rights upon retirement

–

–

–

(22)

–

Proceeds from sale of property and equipment

–

–

(22)

–

–

Increase in long-term deposits

(2)

(165)

–

–

Purchase of property and equipment

(1,253)

(1,287)

(3,012)

(2,980)

(3,269)

Purchase of intangible assets

(950)

(950)


Cash flows used in investing activities

$  (2,205)

$  (1,287)

$  (4,149)

$  (3,012)

$   (3,279)

CASH FLOWS FROM FINANCING ACTIVITIES:

  Proceeds from long-term loans received

–

–

4,841

–

–


Cash flows provided by financing activities

$  –

$  –

$ 4,841

$  –

$   –


Cash flows from discontinued operations:


Net loss from discontinued operation

$ (120)

$   (215)

$ (1,806)

(519)

$   (613)

Net cash provided by operating activities

175

516

1,588

566

484

Net cash used in investing activities

–

–

(34)

(134)

Net cash used in discontinued operations

$    55

$   301

$    (218)

13

$   (263)


Net increase (decrease) in cash and cash equivalents

(1,930)

2,525

8,147

865

9


Cash and cash equivalents at beginning of period

26,036

14,290

15,959

15,950

15,950


Cash and cash equivalents at end of period

$   24,106

$   16,815

$   24,106

$   16,815

$    15,959


                                                  *Reclassified due to discontinued operation

 

 


TAT TECHNOLOGIES AND ITS SUBSIDIARIES


 RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA (NON-GAAP)


(UNAUDITED)

(In thousands)


Three months ended


Nine months ended


Year ended


September 30,


September 30,


December 31,


2020


2019(*)


2020


2019(*)


2019(*)

Net income (loss)

$   (1,576)

$     157

$    (3,376)

$     343

$         806

Adjustments:

Share in results of equity investment of 
     affiliated companies

62

65

179

139

132

Taxes on income (tax benefit)

(180)

469

(48)

464

631

Financial expenses, net

177

144

250

517

422

Other expenses

–

–

21

–

–

Depreciation and amortization

1,060

1,144

3,250

3,322

4,394

Net loss from discontinued operations

120

215

1,806

519

613

Share based compensation

33

36

110

(9)

38

Adjusted EBITDA

$  (304)

$     2,230

$       2,192

$      5,295

$      7,036

          *Reclassified due to discontinued operation

 

 

 

Cision View original content:http://www.prnewswire.com/news-releases/tat-technologies-reports-third-quarter-2020-results-301172407.html

SOURCE TAT Technologies Ltd

Posted on

Cassava Sciences Announces Proposed Public Offering of Common Stock

AUSTIN, Texas, Nov. 12, 2020 (GLOBE NEWSWIRE) — Cassava Sciences, Inc. (Nasdaq: SAVA) (the “Company” or “Cassava Sciences”), a clinical-stage biotechnology company focused on Alzheimer’s disease, today announced that it is commencing an underwritten public offering of shares of its common stock. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or the actual size or terms of the offering. The Company expects to grant the underwriters a 30‐day option to purchase up to an additional 15 percent of the shares of common stock offered in the public offering.

Cantor Fitzgerald & Co. is acting as sole book-running manager for the proposed offering.

Cassava Sciences intends to use the net proceeds, if any, from the sale of the shares of common stock in the offering to fund a Phase 3 clinical program of sumifilam, the Company’s lead drug candidate, in patients with Alzheimer’s disease, for research and development for the Company’s product candidates and for general corporate purposes.

The securities described above are being offered by the Company pursuant to a “shelf” registration statement on Form S-3 (File No. 333-237452) relating to the public offering of such securities, which was filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 27, 2020 and declared effective by the SEC on May 5, 2020. The offering may be made only by a preliminary prospectus supplement and the accompanying prospectus. Before investing in the offering, you should read in their entirety the preliminary prospectus supplement, when available, and the accompanying prospectus and the other documents that the Company has filed with the SEC that are incorporated by reference in the preliminary prospectus supplement and the accompanying prospectus, which provide more information about the Company and the offering.

A preliminary prospectus supplement and the accompanying prospectus relating to and describing the terms of the offering will be filed with the SEC and will be available on the SEC’s website at www.sec.gov. Copies of the preliminary prospectus supplement, when available, and the accompanying prospectus relating to these securities may also be obtained by sending a request to: Cantor Fitzgerald & Co., Attn: Capital Markets, 499 Park Avenue, 6th Floor, New York, NY 10022, or by email at [email protected].

This press release does not constitute an offer to sell or a solicitation of an offer to buy any of these securities, nor shall there be any sale of these securities 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 state or jurisdiction.

About
Cassava Sciences, Inc.

Cassava Sciences’ mission is to discover and develop innovations for chronic, neurodegenerative conditions. Over the past 10 years, Cassava Sciences has combined state-of-the-art technology with new insights in neurobiology to develop novel solutions for Alzheimer’s disease.

For More Information Contact:

Eric Schoen, Chief Financial Officer
Cassava Sciences, Inc.
[email protected]
(512) 501-2450

Forward-Looking Statements

Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements may include, without limitation, statements regarding (i) the terms of the proposed public offering, (ii) expected use of the proceeds of the proposed public offering and (iii) the assumptions underlying or relating to any statement described in points (i) and (ii). Such forward-looking statements are not meant to predict or guarantee actual results, performance, events or circumstances and may not be realized because they are based upon the Company’s current projections, plans, objectives, beliefs, expectations, estimates and assumptions and are subject to a number of risks and uncertainties and other influences, many of which the Company has no control over. Actual results and the timing of certain events and circumstances may differ materially from those described by the forward-looking statements as a result of these risks and uncertainties. Factors that may influence or contribute to the inaccuracy of the forward-looking statements or cause actual results to differ materially from expected or desired results may include, without limitation, unfavorable market conditions, occurrence of force majeure, inability of one or more underwriters to participate in the proposed public offering, the Company’s inability to obtain adequate financing to fund its operations and necessary to develop or enhance its products, the Company’s ability to conduct or complete clinical studies on expected timelines, the Company’s ability to demonstrate the specificity, safety, efficacy or potential health benefits of its product candidates, the severity and duration of health care precautions given the COVID-19 pandemic and unanticipated impacts of the pandemic on the Company’s business operations. These and other factors are identified and described in more detail in the prospectus supplement to be filed with the SEC in connection with the proposed public offering, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 and Quarterly Report on Form 10-Q for the nine months ended September 30, 2020, which will be incorporated by reference in such preliminary prospectus supplement, and the other documents incorporated by reference in such preliminary prospectus supplement and Company’s other filings with the SEC. The Company does not undertake to update these forward-looking statements.

Posted on

Univar Solutions and Fluid Energy Group Announce New Agreement for Enviro-Syn® Modified / Synthetic Acid™ and Associated Technology

Agreement adds eco-friendly and technically advanced specialty chemical solutions to Univar Solutions increasing portfolio of more sustainable offerings

PR Newswire

ROTTERDAM, Netherlands, Nov. 12, 2020 /PRNewswire/ — Europe, Univar Solutions B.V., a subsidiary of Univar Solutions Inc. (NYSE: UNVR) (“Univar Solutions” or “the Company”), a global chemical and ingredient distributor and provider of value-added services, today announced a distribution, blending, and production agreement with Fluid Energy Group (“Fluid”) for the Enviro-Syn Modified / Synthetic Acid product line that is used in multiple industrial applications. Fluid’s patented product lines are unique, globally proven, and will expand Univar Solutions portfolio of safer, more sustainable, eco-friendly and technically advanced specialty chemical solutions.

Fluid has appointed Univar Solutions as its distributor, blender, and producer in select European countries, including Belgium, France, Iberia, Ireland, Italy, Luxembourg, Netherlands, the Nordics, and the United Kingdom for the Enviro-Syn® HCR™ Modified / Synthetic Acid™ systems and associated products including its Modified Caustic systems (CSR).

Liam McCarroll, global director of sustainability at Univar Solutions commented, “Fluid’s commitment to reducing environmental impact with safer and higher performing chemical products aligns perfectly with our approach to delivering more sustainable solutions and partnering with environmentally responsible global business partners dedicated to innovation, quality, and application expertise. We look forward to providing customers across Europe with a greater product portfolio with technically advanced chemical options to help accelerate growth.”

Fluid’s patented Enviro-Syn technologies are designed to help enhance and provide effective alternatives to traditional, highly hazardous, commodity acids and alkali products. Compared to conventional hydrochloric acid (HCl) and caustic soda (NaOH), Enviro-Syn HCR and CSR systems provide better technical properties in many aspects and lower fuming and disassociation rates. Additionally, many lines are non-corrosive to dermal tissue and exhibit ultra-low corrosion properties on various materials, reducing corrosion related liability. Fluid’s patented or patent pending products are more environmentally responsible, biodegradable, non-volatile and demonstrate low toxicity over incumbents. In addition to established global applications in the oil and gas industry, the modified acid and alkali systems have proven applications across many other industries, including water treatment, food and beverage, household and industrial cleaning, life sciences, construction, and marine.

“We are extremely pleased that Fluid has placed their trust in our team at Univar Solutions to extend these advanced technologies in the European market. Enviro-Syn systems are safer, cutting-edge alternatives to commonly used hydrochloric acid and caustic soda, delivering broad-application performance while reducing health hazards and impact on the environment as sustainable alternatives,” said Nigel Hayes, regional vice president for Europe, Middle East, and Africa at Univar Solutions.

Clay Purdy, CEO at Fluid Energy Group, said, “Fluid continues to develop and improve on industry-leading technology, creating new alternatives and expanding its offerings globally. We are excited to work with Univar Solutions as our new European distributor of our unique and environmentally responsible product lines.” Purdy continued, “When seeking out the optimal partner for our products in Europe, we wanted a distributor whose environmental values around chemical solutions aligned with ours and who could bring together technical innovation, product expertise, and market leadership. With Univar Solutions’ global footprint, expansive sales infrastructure, supply chain, and dedicated customer service, together we are well-positioned to provide our customers the resources they need to deploy innovative products in the oil and gas sectors as well as many other industries. We look forward to additional global expansion with Univar Solutions.”

About Univar Solutions
Univar Solutions (NYSE: UNVR) is a leading global specialty chemical and ingredient distributor representing a premier portfolio from the world’s leading producers. With the industry’s largest private transportation fleet and North American sales force, unparalleled logistics know-how, deep market and regulatory knowledge, world-class formulation and recipe development, and leading digital tools, the Company is well-positioned to offer tailored solutions and value-added services to a wide range of markets, industries, and applications. Univar Solutions is committed to helping customers and suppliers innovate and grow together. Learn more at UnivarSolutions.com.

About Fluid Energy Group Ltd.
Fluid Energy Group Ltd. was founded in Calgary, Alberta, Canada (2011) to manufacture eco-conscious, low-hazard, and low toxicity Modified Acid™ and Synthetic Acid™ systems and associated chemistries. With >120 patented or patent-pending products, the Company’s strategy is to continually develop and improve industry-leading technology and deploy it globally in a methodical, prudent, and technical manner. By being focused on supporting its customers’ operations, producing industry-leading technology, and communicating the technical and HS&E advantages of its products to industry and Government, Fluid Energy Group has amassed an industry leading customer profile. Its large dedicated team of scientists, global operational support, and sales team are committed to shift industry from hazardous chemical incumbents such as Hydrochloric acid and many other common chemical commodities, to technologically superior and far safer chemistry.

Forward-Looking Statements
This press release includes certain statements relating to future events and our intentions, beliefs, expectations, and outlook for the future, which are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended, including, without limitation, statements regarding the impacts of the effects of COVID-19 on the Company, the Company’s anticipated future results and financial performance, liquidity position and cash flows, actions regarding expense control and cost reductions, expected net synergies from the Nexeo acquisition, capital expenditures and other statements regarding the Company’s Streamline 2022 Program and other initiatives. Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be beyond the Company’s control. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the expectations and assumptions. A detailed discussion of these factors and uncertainties is contained in the Company’s filings with the Securities and Exchange Commission. Potential factors that could affect such forward-looking statements include, among others: the sustained geographic spread of the COVID-19 pandemic; the duration and severity of the COVID-19 pandemic; current and new actions that may be taken by governmental authorities to address or otherwise mitigate the impact of the COVID-19 pandemic; the potential negative impacts of COVID-19 on the global economy and our customers and suppliers; the overall impact of the COVID-19 pandemic on our business, results of operations and financial condition; other fluctuations in general economic conditions, particularly in industrial production and the demands of our customers and the timing and extent of an economic recovery; significant changes in the business strategies of producers or in the operations of our customers; increased competitive pressures, including as a result of competitor consolidation; significant changes in the pricing, demand and availability of chemicals; our levels of indebtedness, the restrictions imposed by our debt instruments, and our ability to obtain additional financing when needed; the broad spectrum of laws and regulations that we are subject to, including extensive environmental, health and safety laws and regulations; an inability to integrate the business and systems of companies we acquire, including of Nexeo, or to realize the anticipated benefits of such acquisitions; potential business disruptions and security breaches, including cybersecurity incidents; an inability to generate sufficient working capital; increases in transportation and fuel costs and changes in our relationship with third party providers; accidents, safety failures, environmental damage, product quality and liability issues and recalls; major or systemic delivery failures involving our distribution network or the products we carry; operational risks for which we may not be adequately insured; ongoing litigation and other legal and regulatory risks; challenges associated with international operations; exposure to interest rate and currency fluctuations; potential impairment of goodwill; liabilities associated with acquisitions, ventures and strategic investments; negative developments affecting our pension plans and multi-employer pensions; labor disruptions associated with the unionized portion of our workforce; and the other factors described in the Company’s filings with the Securities and Exchange Commission. We caution you that the forward-looking information presented in this press release is not a guarantee of future events or results, and that actual events or results may differ materially from those made in or suggested by the forward-looking information contained in this press release. In addition, forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “plan,” “seek, “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe” or “continue” or the negative thereof or variations thereon or similar terminology. Any forward-looking information presented herein is made only as of the date of this press release, and the Company does not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise, except as required by law.

 

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SOURCE Univar Solutions Inc.

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Roper Technologies Increases Dividend 10% – Its 28th Consecutive Annual Dividend Increase

SARASOTA, Fla., Nov. 12, 2020 (GLOBE NEWSWIRE) — Roper Technologies, Inc. (NYSE: ROP) announced today that its Board of Directors has declared a quarterly cash dividend of $0.5625 per share, payable on January 22, 2021 to stockholders of record as of January 8, 2021. This represents an increase of 10% over the dividend paid in each quarter of 2020, or an expected $0.20 increase on an annual basis ($0.05 on a quarterly basis).  This is the twenty-eighth consecutive year in which Roper has increased its dividend. 

About Roper Technologies

Roper Technologies is a constituent of the S&P 500, Fortune 1000, and the Russell 1000 indices. Roper operates businesses that design and develop software (both license and software-as-a-service) and engineered products and solutions for a variety of niche end markets. Additional information about Roper is available on the Company’s website at www.ropertech.com.

The information provided in this press release contains forward-looking statements within the meaning of the federal securities laws. These forward-looking statements may include, among others, statements regarding operating results, the success of our internal operating plans, and the prospects for newly acquired businesses to be integrated and contribute to future growth, profit, cash flow and dividend expectations.  Forward-looking statements may be indicated by words or phrases such as “anticipate,” “estimate,” “plans,” “expects,” “projects,” “should,” “will,” “believes,” “intends” and similar words and phrases. These statements reflect management’s current beliefs and are not guarantees of future performance. They involve risks and uncertainties that could cause actual results to differ materially from those contained in any forward-looking statement. Such risks and uncertainties include our ability to integrate acquisitions and realize expected synergies. We also face other general risks, including our ability to realize cost savings from our operating initiatives, general economic conditions, changes in foreign exchange rates, difficulties associated with exports, risks associated with our international operations, difficulties in making and integrating acquisitions, risks associated with newly acquired businesses, increased product liability and insurance costs, increased warranty exposure, future competition, changes in the supply of, or price for, parts and components, environmental compliance costs and liabilities, risks and cost associated with asbestos related litigation, potential write-offs of our substantial intangible assets, and risks associated with obtaining governmental approvals and maintaining regulatory compliance for new and existing products. Important risks may be discussed in current and subsequent filings with the SEC. You should not place undue reliance on any forward-looking statements. These statements speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events.

Contact Information:

Investor Relations
+1 (941) 556-2601
[email protected]