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Ormat Technologies, Inc. to Host Conference Call Announcing Fourth Quarter and Year-End 2020 Financial Results

Call Will Be Webcast Simultaneously

RENO, Nev., Jan. 27, 2021 (GLOBE NEWSWIRE) — Ormat Technologies Inc. (NYSE: ORA) announced today that it plans to announce its fourth quarter and year-end 2020 financial results in a press release that will be issued on Wednesday, February 24, 2021, after the market closes. The Company has scheduled a conference call to discuss its results and growth expectations at 9 a.m. ET on Thursday, February 25, 2021.

To participate, please dial 1-877-511-6790 approximately 15 minutes prior to the scheduled start of the call. If calling outside of the United States and Canada, please dial 1-412-902-4141. Please request the “Ormat Technologies, Inc. call” when prompted by the conference call operator. The conference call will also be webcast live from the Investor Relations section of the Company’s website.

A replay will be available one hour after the end of the conference call. To access the replay from United states, please dial 1-877-344-7529, or from outside of the United States 1-412-317-0088 and use the replay conference ID number 10151868. The webcast will also be archived on the Investor Relations section of the Company’s website.

ABOUT ORMAT TECHNOLOGIES

With over five decades of experience, Ormat Technologies, Inc. is a leading geothermal company and the only vertically integrated company engaged in geothermal and recovered energy generation (“REG”), with the objective of becoming a leading global provider of renewable energy. Ormat owns, operates, designs, manufactures and sells geothermal and REG power plants primarily based on the Ormat Energy Converter – a power generation unit that converts low-, medium- and high-temperature heat into electricity. With 68 U.S. patents, Ormat’s power solutions have been refined and perfected under the most grueling environmental conditions. Ormat has 578 employees in the United States and 830 overseas. Ormat’s flexible, modular solutions for geothermal power and REG are ideal for vast range of resource characteristics. Ormat has engineered, manufactured and constructed power plants, which it either currently owns or has installed for utilities and developers worldwide, totaling approximately 3,200 MW of gross capacity. Ormat’s current 933 MW generating portfolio is spread globally in the U.S., Kenya, Guatemala, Indonesia, Honduras, and Guadeloupe. Ormat leveraged its core capabilities and global presence, together with the energy storage expertise of its subsidiary, Viridity Energy Solutions Inc., to expand its operations to provide energy storage and energy management solutions.

   
Ormat Technologies Contact:

Smadar Lavi

VP Corporate Finance and Head of Investor Relations

775-356-9029 (ext. 65726)

[email protected]

 Investor Relations Agency Contact:

Rob Fink

FNK IR

646-809-4048

[email protected]



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Boeing Reports Fourth-Quarter Results

PR Newswire

CHICAGO, Jan. 27, 2021 /PRNewswire/ —


Fourth Quarter 2020

  • Financial results significantly impacted by COVID-19, 737 MAX grounding, and commercial widebody programs
  • 777X program recorded $6.5 billion pre-tax charge; first delivery expected in late 2023
  • 737 MAX began receiving regulatory approval to resume operations and restarted deliveries
  • Revenue of $15.3 billion, GAAP loss per share of ($14.65) and core (non-GAAP)* loss per share of ($15.25)


Full-Year 2020

  • Revenue of $58.2 billion, GAAP loss per share of ($20.88) and core (non-GAAP)* loss per share of ($23.25)
  • Operating cash flow of ($18.4) billion; cash and marketable securities of $25.6 billion
  • Total backlog of $363 billion, including more than 4,000 commercial airplanes
  • Strengthening safety processes, improving performance, managing liquidity and transforming for the future


Table 1. Summary Financial Results


Fourth Quarter


Full Year


(Dollars in Millions, except per share data)


2020


2019


Change


2020


2019


Change


Revenues


$15,304


$17,911


(15)%


$58,158


$76,559


(24)%



GAAP


Loss From Operations


($8,049)


($2,204)


NM


($12,767)


($1,975)


NM


Operating Margin


(52.6)%


(12.3)%


NM


(22.0)%


(2.6)%


NM


Net Loss


($8,439)


($1,010)


NM


($11,941)


($636)


NM


Loss Per Share


($14.65)


($1.79)


NM


($20.88)


($1.12)


NM


Operating Cash Flow


($4,009)


($2,220)


NM


($18,410)


($2,446)


NM



Non-GAAP*


Core Operating Loss


($8,377)


($2,526)


NM


($14,150)


($3,390)


NM


Core Operating Margin


(54.7)%


(14.1)%


NM


(24.3)%


(4.4)%


NM


Core Loss Per Share


($15.25)


($2.33)


NM


($23.25)


($3.47)


NM


*Non-GAAP measure; complete definitions of Boeing’s non-GAAP measures are on page 6, “Non-GAAP Measures Disclosures.”
 

The Boeing Company [NYSE: BA] reported fourth-quarter revenue of $15.3 billion, reflecting lower commercial deliveries and services volume primarily due to COVID-19 as well as 787 production issues, partially offset by a lower 737 MAX customer considerations charge in the quarter compared to the same period last year (Table 1). GAAP loss per share of ($14.65) and core loss per share (non-GAAP)* of ($15.25) reflected a $6.5 billion pre-tax charge on the 777X program and a tax valuation allowance, partially offset by a lower 737 MAX customer considerations charge. Boeing recorded operating cash flow of ($4.0) billion.

“2020 was a year of profound societal and global disruption which significantly constrained our industry. The deep impact of the pandemic on commercial air travel, coupled with the 737 MAX grounding, challenged our results. I am proud of the resilience and dedication our global team demonstrated in this environment as we strengthened our safety processes, adapted to our market and supported our customers, suppliers, communities and each other,” said Boeing President and Chief Executive Officer Dave Calhoun. “Our balanced portfolio of diverse defense, space and services programs continues to provide important stability as we lay the foundation for our recovery. While the impact of COVID-19 presents continued challenges for commercial aerospace into 2021, we remain confident in our future, squarely-focused on safety, quality and transparency as we rebuild trust and transform our business.”

The return to service of the 737 MAX in the U.S. and several other markets was an important step, and Boeing continues to follow the lead of global regulators and support its customers. Since the FAA’s approval to return to operations, Boeing has delivered over 40 737 MAX aircraft and five airlines have safely returned their fleets to service as of January 25, 2021, safely flying more than 2,700 revenue flights and approximately 5,500 flight hours.

Boeing now anticipates that the first 777X delivery will occur in late 2023. This schedule, and the associated financial impact, reflect a number of factors, including an updated assessment of global certification requirements, the company’s latest assessment of COVID-19 impacts on market demand, and discussions with its customers with respect to aircraft delivery timing.

The company continues to progress through its business transformation effort across five key areas including its infrastructure footprint, overhead and organizational structure, portfolio and investment mix, supply chain health and operational excellence. Boeing will continue these actions in 2021 to preserve liquidity, adapt to the new market, improve performance, sustain key investments and transform its business to be more productive, resilient and competitive for the long term.


Table 2. Cash Flow


Fourth Quarter


Full Year


(Millions)


2020


2019


2020


2019


Operating Cash Flow


($4,009)


($2,220)


($18,410)


($2,446)

Less Additions to Property, Plant & Equipment


($265)


($447)


($1,303)


($1,834)


Free Cash Flow*


($4,274)


($2,667)


($19,713)


($4,280)


*Non-GAAP measure; complete definitions of Boeing’s non-GAAP measures are on page 6, “Non-GAAP Measures Disclosures.”
    

Operating cash flow was ($4.0) billion in the quarter, reflecting lower commercial deliveries and services volume, as well as timing of receipts and expenditures (Table 2).


Table 3. Cash, Marketable Securities and Debt Balances


Quarter-End


(Billions)


Q4 20


Q3 20


Cash


$7.8


$10.6


Marketable Securities
1


$17.8


$16.5


Total


$25.6


$27.1


Debt Balances:

The Boeing Company, net of intercompany loans to BCC


$62.0


$59.1

Boeing Capital, including intercompany loans


$1.6


$1.9


Total Consolidated Debt


$63.6


$61.0

1 Marketable securities consists primarily of time deposits due within one year classified as “short-term investments.”

Cash and investments in marketable securities decreased to $25.6 billion, compared to $27.1 billion at the beginning of the quarter, primarily driven by operating cash outflows partially offset by changes in the debt balance (Table 3).

Total company backlog at quarter-end was $363 billion.


Segment Results

Commercial Airplanes


Table 4. Commercial Airplanes


Fourth Quarter


Full Year


(Dollars in Millions)


2020


2019


Change


2020


2019


Change


Commercial Airplanes Deliveries


59


79


(25)%


157


380


(59)%


Revenues


$4,728


$7,462


(37)%


$16,162


$32,255


(50)%


Loss from Operations


($7,648)


($2,844)


NM


($13,847)


($6,657)


NM


Operating Margin


(161.8)%


(38.1)%


NM


(85.7)%


(20.6)%


NM

Commercial Airplanes fourth-quarter revenue decreased to $4.7 billion, driven by lower widebody delivery volume due to COVID-19 impacts as well as 787 production issues, partially offset by higher 737 deliveries and a lower 737 MAX customer consideration charge in the quarter compared to the same period last year (Table 4). Fourth-quarter operating margin decreased to (161.8) percent, primarily driven by a $6.5 billion pre-tax charge on the 777X program, lower delivery volume, and $468 million of abnormal production costs related to the 737 program, partially offset by a lower 737 MAX customer consideration charge.

Commercial Airplanes production rate assumptions reflect the continued impacts of COVID-19 on commercial demand, and the company will continue to assess them on an ongoing basis. The 737 program is currently producing at a low rate and expects to gradually increase production to 31 per month in early 2022 with further gradual increases to correspond with market demand. The 787 program plans to transition its production rate to 5 per month in March 2021, at which point 787 final assembly will be consolidated to Boeing South Carolina.

As discussed above, Commercial Airplanes now expects first delivery of the 777X to occur in late 2023 and has recorded a $6.5 billion reach-forward loss on the 777X program. Among the factors contributing to the revised first delivery schedule and reach-forward loss are an updated assessment of certification requirements based on ongoing communication with civil aviation authorities, an updated assessment of market demand based on continued dialogue with customers, resulting adjustments to production rates and the program accounting quantity, increased change incorporation costs, and associated customer and supply chain impacts. The production rate expectation for the combined 777/777X program remains at 2 per month in 2021.

Commercial Airplanes captured orders for 75 737 aircraft from Ryanair and eight 777 freighters from DHL, as well as a commitment for 23 737 aircraft from Alaska Airlines. Commercial Airplanes delivered 59 airplanes during the quarter, and backlog included over 4,000 airplanes valued at $282 billion.

Defense, Space & Security


Table 5. Defense, Space & Security


Fourth Quarter


Full Year


(Dollars in Millions)


2020


2019


Change


2020


2019


Change


Revenues


$6,779


$5,927


14%


$26,257


$26,095


1%


Earnings from Operations


$502


$34


1,376%


$1,539


$2,615


(41)%


Operating Margin


7.4%


0.6%


6.8 Pts


5.9%


10.0%


(4.1) Pts

Defense, Space & Security fourth-quarter revenue increased to $6.8 billion, primarily driven by higher volume on fighter programs and the rest of the portfolio as well as a charge on the Commercial Crew program in the same period last year (Table 5). Fourth-quarter operating margin increased to 7.4 percent reflecting more favorable performance on multiple programs compared with the same period last year, partially offset by a $275 million pre-tax charge on the KC-46A Tanker program primarily due to production inefficiencies including impacts of COVID-19 disruption.

During the quarter, Defense, Space & Security was awarded contracts for two KC-46A aircraft for Japan and AEW&C upgrades for the Republic of Korea Air Force. Defense, Space & Security achieved first flight of the MQ-25 unmanned aircraft with an aerial refueling store and demonstrated ski-jump launch capability of the F/A-18 Super Hornet for the Indian Navy. Also in the quarter, Defense, Space & Security completed engineering design review for the Wideband Global SATCOM-11+ communications satellite and critical design review of the Space Launch System Exploration Upper Stage for NASA.

Backlog at Defense, Space & Security was $61 billion, of which 32 percent represents orders from customers outside the U.S.

Global Services


Table 6. Global Services


Fourth Quarter


Full Year


(Dollars in Millions)


2020


2019


Change


2020


2019


Change


Revenues


$3,733


$4,648


(20)%


$15,543


$18,468


(16)%


Earnings from Operations


$143


$684


(79)%


$450


$2,697


(83)%


Operating Margin


3.8%


14.7%


(10.9) Pts


2.9%


14.6%


(11.7) Pts

Global Services fourth-quarter revenue decreased to $3.7 billion, driven by lower commercial services volume due to COVID-19 (Table 6). Fourth-quarter operating margin decreased to 3.8 percent primarily due to lower commercial services volume and $290 million of pre-tax charges related to asset impairments driven by COVID-19.

During the quarter, Global Services was awarded a Performance Based Logistics contract for the Republic of Singapore Air Force F-15SG fleet, secured a F-15 spares and logistics support contract with the Qatar Emiri Air Force, and was selected to provide P-8A training for the Royal New Zealand Air Force. Global Services also announced a 10-year digital services agreement with Frontier Airlines.

Additional Financial Information


Table 7. Additional Financial Information


Fourth Quarter


Full Year


(Dollars in Millions)


2020


2019


2020


2019


Revenues

Boeing Capital


$56


$37


$261


$244

Unallocated items, eliminations and other


$8


($163)


($65)


($503)


(Loss)/Earnings from Operations

Boeing Capital


$16


($58)


$63


$28

FAS/CAS service cost adjustment


$328


$322


$1,383


$1,415

Other unallocated items and eliminations


($1,390)


($342)


($2,355)


($2,073)


Other income, net


$122


$104


$447


$438


Interest and debt expense


($698)


($242)


($2,156)


($722)


Effective tax rate


2.2%


56.9%


17.5%


71.8%

At quarter-end, Boeing Capital’s net portfolio balance was $2.0 billion. The change in revenue from other unallocated items and eliminations was primarily due to the timing of eliminations for intercompany aircraft deliveries. Other unallocated items and eliminations included a $744 million charge related to the previously announced agreement between Boeing and the U.S. Department of Justice in January 2021. Interest and debt expense increased due to higher debt balances. The fourth quarter 2020 effective tax rate primarily reflects an additional valuation allowance on certain deferred income tax assets, partially offset by the benefit of the five year net operating loss carryback provision in the Coronavirus Aid, Relief, and Economic Security (CARES) Act.


Non-GAAP Measures Disclosures

We supplement the reporting of our financial information determined under Generally Accepted Accounting Principles in the United States of America (GAAP) with certain non-GAAP financial information. The non-GAAP financial information presented excludes certain significant items that may not be indicative of, or are unrelated to, results from our ongoing business operations. We believe that these non-GAAP measures provide investors with additional insight into the company’s ongoing business performance. These non-GAAP measures should not be considered in isolation or as a substitute for the related GAAP measures, and other companies may define such measures differently. We encourage investors to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure. The following definitions are provided:

Core Operating Earnings, Core Operating Margin and Core Earnings Per Share

Core operating earnings is defined as GAAP earnings from operations excluding the FAS/CAS service cost adjustment. The FAS/CAS service cost adjustment represents the difference between the FAS pension and postretirement service costs calculated under GAAP and costs allocated to the business segments. Core operating margin is defined as core operating earnings expressed as a percentage of revenue. Core earnings per share is defined as GAAP diluted earnings per share excluding the net earnings per share impact of the FAS/CAS service cost adjustment and Non-operating pension and postretirement expenses. Non-operating pension and postretirement expenses represent the components of net periodic benefit costs other than service cost. Pension costs, comprising service and prior service costs computed in accordance with GAAP are allocated to Commercial Airplanes and BGS businesses supporting commercial customers. Pension costs allocated to BDS and BGS businesses supporting government customers are computed in accordance with U.S. Government Cost Accounting Standards (CAS), which employ different actuarial assumptions and accounting conventions than GAAP. CAS costs are allocable to government contracts. Other postretirement benefit costs are allocated to all business segments based on CAS, which is generally based on benefits paid. Management uses core operating earnings, core operating margin and core earnings per share for purposes of evaluating and forecasting underlying business performance. Management believes these core earnings measures provide investors additional insights into operational performance as they exclude non-service pension and post-retirement costs, which primarily represent costs driven by market factors and costs not allocable to government contracts. A reconciliation between the GAAP and non-GAAP measures is provided on pages 13-14.

Free Cash Flow

Free cash flow is GAAP operating cash flow reduced by capital expenditures for property, plant and equipment. Management believes free cash flow provides investors with an important perspective on the cash available for shareholders, debt repayment, and acquisitions after making the capital investments required to support ongoing business operations and long term value creation. Free cash flow does not represent the residual cash flow available for discretionary expenditures as it excludes certain mandatory expenditures such as repayment of maturing debt. Management uses free cash flow as a measure to assess both business performance and overall liquidity. Table 2 provides a reconciliation of free cash flow to GAAP operating cash flow.

Caution Concerning Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “may,” “should,” “expects,” “intends,” “projects,” “plans,” “believes,” “estimates,” “targets,” “anticipates,” and similar expressions generally identify these forward-looking statements. Examples of forward-looking statements include statements relating to our future financial condition and operating results, as well as any other statement that does not directly relate to any historical or current fact. Forward-looking statements are based on expectations and assumptions that we believe to be reasonable when made, but that may not prove to be accurate. These statements are not guarantees and are subject to risks, uncertainties, and changes in circumstances that are difficult to predict. Many factors could cause actual results to differ materially and adversely from these forward-looking statements. Among these factors are risks related to: (1) the COVID-19 pandemic and related government actions, including with respect to our operations, our liquidity, the health of our customers and suppliers, and future demand for our products and services; (2) the 737 MAX, including the timing and conditions of 737 MAX regulatory approvals, lower than planned production rates and/or delivery rates, and increased considerations to customers and suppliers, (3) general conditions in the economy and our industry, including those due to regulatory changes; (4) our reliance on our commercial airline customers; (5) the overall health of our aircraft production system, planned commercial aircraft production rate changes, our commercial development and derivative aircraft programs, and our aircraft being subject to stringent performance and reliability standards; (6) changing budget and appropriation levels and acquisition priorities of the U.S. government; (7) our dependence on U.S. government contracts; (8) our reliance on fixed-price contracts; (9) our reliance on cost-type contracts; (10) uncertainties concerning contracts that include in-orbit incentive payments; (11) our dependence on our subcontractors and suppliers, as well as the availability of raw materials; (12) changes in accounting estimates; (13) changes in the competitive landscape in our markets; (14) our non-U.S. operations, including sales to non-U.S. customers; (15) threats to the security of our or our customers’ information; (16) potential adverse developments in new or pending litigation and/or government investigations; (17) customer and aircraft concentration in our customer financing portfolio; (18) changes in our ability to obtain debt financing on commercially reasonable terms and at competitive rates; (19) realizing the anticipated benefits of mergers, acquisitions, joint ventures/strategic alliances or divestitures; (20) the adequacy of our insurance coverage to cover significant risk exposures; (21) potential business disruptions, including those related to physical security threats, information technology or cyber-attacks, epidemics, sanctions or natural disasters; (22) work stoppages or other labor disruptions; (23) substantial pension and other postretirement benefit obligations; and (24) potential environmental liabilities.

Additional information concerning these and other factors can be found in our filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Any forward-looking statement speaks only as of the date on which it is made, and we assume no obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law.

Contact:

Investor Relations:

Maurita Sutedja or Keely Moos (312) 544-2140

Communications:

Michael Friedman [email protected]

 


The Boeing Company and Subsidiaries


Consolidated Statements of Operations

(Unaudited)


Twelve months ended


December 31


Three months ended


December 31


(Dollars in millions, except per share data)


2020

2019


2020

2019

Sales of products


$47,142

$66,094


$12,486

$15,580

Sales of services


11,016

10,465


2,818

2,331


Total revenues


58,158

76,559


15,304

17,911

Cost of products


(54,568)

(62,877)


(18,567)

(16,293)

Cost of services


(9,232)

(9,154)


(2,415)

(2,402)

Boeing Capital interest expense


(43)

(62)


(10)

(13)


Total costs and expenses


(63,843)

(72,093)


(20,992)

(18,708)


(5,685)

4,466


(5,688)

(797)

Income/(loss) from operating investments, net


9

(4)


70

(1)

General and administrative expense


(4,817)

(3,909)


(1,828)

(1,052)

Research and development expense, net


(2,476)

(3,219)


(605)

(749)

Gain on dispositions, net


202

691


2

395


Loss from operations


(12,767)

(1,975)


(8,049)

(2,204)

Other income, net


447

438


122

104

Interest and debt expense


(2,156)

(722)


(698)

(242)


Loss before income taxes


(14,476)

(2,259)


(8,625)

(2,342)

Income tax benefit


2,535

1,623


186

1,332


Net loss


(11,941)

(636)


(8,439)

(1,010)


Less: net loss attributable to noncontrolling interest


(68)


(19)


Net loss attributable to Boeing Shareholders


($11,873)

($636)


($8,420)

($1,010)


Basic loss per share


($20.88)

($1.12)


($14.65)

($1.79)


Diluted loss per share


($20.88)

($1.12)


($14.65)

($1.79)


Weighted average diluted shares (millions)


569.0

566.0


575.4

565.4

 


The Boeing Company and Subsidiaries


Consolidated Statements of Financial Position

(Unaudited)


(Dollars in millions, except per share data)


December 31


2020

December 31

2019


Assets

Cash and cash equivalents


$7,752

$9,485

Short-term and other investments


17,838

545

Accounts receivable, net


1,955

3,266

Unbilled receivables, net


7,995

9,043

Current portion of customer financing, net


101

162

Inventories


81,715

76,622

Other current assets, net


4,286

3,106


Total current assets


121,642

102,229

Customer financing, net


1,936

2,136

Property, plant and equipment, net of accumulated depreciation of $20,507 and $19,342


11,820

12,502

Goodwill


8,081

8,060

Acquired intangible assets, net


2,843

3,338

Deferred income taxes


86

683

Investments


1,016

1,092

Other assets, net of accumulated amortization of $729 and $580


4,712

3,585


Total assets


$152,136

$133,625


Liabilities and equity

Accounts payable


$12,928

$15,553

Accrued liabilities


22,171

22,868

Advances and progress billings


50,488

51,551

Short-term debt and current portion of long-term debt


1,693

7,340


Total current liabilities


87,280

97,312

Deferred income taxes


1,010

413

Accrued retiree health care


4,137

4,540

Accrued pension plan liability, net


14,408

16,276

Other long-term liabilities


1,486

3,422

Long-term debt


61,890

19,962


Total liabilities


170,211

141,925

Shareholders’ equity:

Common stock, par value $5.00 – 1,200,000,000 shares authorized; 1,012,261,159 shares issued


5,061

5,061

Additional paid-in capital


7,787

6,745

Treasury stock, at cost – 429,941,021 and 449,352,405 shares


(52,641)

(54,914)

Retained earnings


38,610

50,644

Accumulated other comprehensive loss


(17,133)

(16,153)


Total shareholders’ deficit


(18,316)

(8,617)

Noncontrolling interests


241

317


Total equity


(18,075)

(8,300)


Total liabilities and equity


$152,136

$133,625

 


The Boeing Company and Subsidiaries


Consolidated Statements of Cash Flows

(Unaudited)


Twelve months ended


December 31


(Dollars in millions)


2020

2019


Cash flows – operating activities:

 Net loss


($11,941)

($636)

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

Non-cash items – 

Share-based plans expense


250

212

Treasury shares issued for 401(k) contribution


195

Depreciation and amortization


2,246

2,271

Investment/asset impairment charges, net


410

443

Customer financing valuation adjustments


12

250

Gain on dispositions, net


(202)

(691)

777X reach-forward loss


6,493

Other charges and credits, net


1,462

334

Changes in assets and liabilities – 

Accounts receivable


909

603

Unbilled receivables


919

982

Advances and progress billings


(1,060)

737

Inventories


(11,002)

(12,391)

Other current assets


372

(682)

Accounts payable


(5,363)

1,600

Accrued liabilities


1,074

7,781

Income taxes receivable, payable and deferred


(2,576)

(2,476)

Other long-term liabilities


(222)

(621)

Pension and other postretirement plans


(794)

(777)

Customer financing, net


173

419

Other


235

196


Net cash used by operating activities


(18,410)

(2,446)


Cash flows – investing activities:

Property, plant and equipment additions


(1,303)

(1,834)

Property, plant and equipment reductions


296

334

Acquisitions, net of cash acquired

(455)

Proceeds from dispositions

464

Contributions to investments


(37,616)

(1,658)

Proceeds from investments


20,275

1,759

Purchase of distribution rights

(127)

Other


(18)

(13)


Net cash used by investing activities


(18,366)

(1,530)


Cash flows – financing activities:

New borrowings


47,248

25,389

Debt repayments


(10,998)

(12,171)

Contributions from noncontrolling interests

7

Stock options exercised


36

58

Employee taxes on certain share-based payment arrangements


(173)

(248)

Common shares repurchased

(2,651)

Dividends paid


(1,158)

(4,630)

Other

(15)


Net cash provided by financing activities


34,955

5,739

Effect of exchange rate changes on cash and cash equivalents, including restricted


85

(5)


Net (decrease)/increase in cash & cash equivalents, including restricted


(1,736)

1,758

Cash & cash equivalents, including restricted, at beginning of year


9,571

7,813


Cash & cash equivalents, including restricted, at end of period


7,835

9,571

Less restricted cash & cash equivalents, included in Investments


83

86


Cash and cash equivalents at end of period


$7,752

$9,485

The Boeing Company and Subsidiaries

Summary of Business Segment Data
(Unaudited)

Effective at the beginning of 2020, certain programs were realigned between our Defense, Space & Security segment and Unallocated items, eliminations and other. Business segment data for 2019 has been adjusted to reflect the realignment.


Twelve months ended


December 31


Three months ended


December 31


(Dollars in millions)


2020

2019


2020

2019

Revenues:

Commercial Airplanes


$16,162

$32,255


$4,728

$7,462

Defense, Space & Security


26,257

26,095


6,779

5,927

Global Services


15,543

18,468


3,733

4,648

Boeing Capital


261

244


56

37

Unallocated items, eliminations and other


(65)

(503)


8

(163)


Total revenues


$58,158

$76,559


$15,304

$17,911

Earnings/(loss) from operations:

Commercial Airplanes


($13,847)

($6,657)


($7,648)

($2,844)

Defense, Space & Security


1,539

2,615


502

34

Global Services


450

2,697


143

684

Boeing Capital


63

28


16

(58)


Segment operating loss


(11,795)

(1,317)


(6,987)

(2,184)

Unallocated items, eliminations and other


(2,355)

(2,073)


(1,390)

(342)

FAS/CAS service cost adjustment


1,383

1,415


328

322


Loss from operations


(12,767)

(1,975)


(8,049)

(2,204)

Other income, net


447

438


122

104

Interest and debt expense


(2,156)

(722)


(698)

(242)


Loss before income taxes


(14,476)

(2,259)


(8,625)

(2,342)

Income tax benefit


2,535

1,623


186

1,332


Net loss


(11,941)

(636)


(8,439)

(1,010)

Less: Net loss attributable to noncontrolling interest


(68)


(19)


Net loss attributable to Boeing Shareholders


($11,873)

($636)


($8,420)

($1,010)


Research and development expense, net:

Commercial Airplanes


$1,385

$1,956


$278

$427

Defense, Space & Security


713

741


219

185

Global Services


138

121


28

19

Other


240

401


80

118


Total research and development expense, net


$2,476

$3,219


$605

$749


Unallocated items, eliminations and other:

Share-based plans


($120)

($65)


($40)

($8)

Deferred compensation


(93)

(174)


(127)

(20)

Amortization of previously capitalized interest


(95)

(89)


(26)

(21)

Customer financing impairment

(250)

Research and development expense, net


(240)

(401)


(80)

(118)

Eliminations and other unallocated items


(1,807)

(1,094)


(1,117)

(175)


Sub-total (included in core operating loss)


(2,355)

(2,073)


(1,390)

(342)

Pension FAS/CAS service cost adjustment


1,024

1,071


251

248

Postretirement FAS/CAS service cost adjustment


359

344


77

74


FAS/CAS service cost adjustment


1,383

1,415


$328

$322


Total


($972)

($658)


($1,062)

($20)

 


The Boeing Company and Subsidiaries


Operating and Financial Data

(Unaudited)


Deliveries


Twelve months ended


December 31


Three months ended


December 31

Commercial Airplanes


2020

2019


2020

2019

737


43

127


31

9

747


5

7


3

2

767


30

43


10

11

777


26

45

(2)


11

12

(1)

787


53

158


4

45


Total


157

380


59

79


Note: Aircraft accounted for as revenues by BCA and as operating leases in consolidation identified by parentheses

Defense, Space & Security

AH-64 Apache (New)


19

37


1

10

AH-64 Apache (Remanufactured)


52

74


8

18

C-17 Globemaster III


—

1


—

—

C-40A


—

2


—

—

CH-47 Chinook (New)


27

13


8

—

CH-47 Chinook (Renewed)


3

22


—

6

F-15 Models


4

11


1

4

F/A-18 Models


20

23


6

7

KC-46A Tanker


14

28


4

7

P-8 Models


15

18


6

4

Commercial and Civil Satellites


—

2


—

1


Total backlog
(Dollars in millions)


December 31


2020

December 31

2019

Commercial Airplanes


$281,588

$376,593

Defense, Space & Security


60,847

63,691

Global Services


20,632

22,902

Unallocated items, eliminations and other


337

217


Total backlog


$363,404

$463,403

Contractual backlog


$339,309

$436,473

Unobligated backlog


24,095

26,930


Total backlog


$363,404

$463,403

The Boeing Company and Subsidiaries

Reconciliation of Non-GAAP Measures
(Unaudited)

The tables provided below reconcile the non-GAAP financial measures core operating loss, core operating margin, and core loss per share with the most directly comparable GAAP financial measures, loss from operations, operating margin, and diluted loss per share. See page 6 of this release for additional information on the use of these non-GAAP financial measures.


(Dollars in millions, except per share data)


Fourth Quarter 2020

Fourth Quarter 2019


$ millions


Per Share

$ millions

Per Share


Revenues


15,304

17,911


Loss from operations (GAAP)


(8,049)

(2,204)


Operating margin (GAAP)



(52.6)%


(12.3)%


FAS/CAS service cost adjustment:

Pension FAS/CAS service cost adjustment


(251)

(248)

Postretirement FAS/CAS service cost adjustment


(77)

(74)


FAS/CAS service cost adjustment


(328)

(322)


Core operating loss (non-GAAP)


($8,377)

($2,526)


Core operating margin (non-GAAP)



(54.7)%


(14.1)%


Diluted loss per share (GAAP)


($14.65)

($1.79)

Pension FAS/CAS service cost adjustment


($251)


(0.44)

($248)

(0.44)

Postretirement FAS/CAS service cost adjustment


(77)


(0.13)

(74)

(0.13)

Non-operating pension expense


(85)


(0.15)

(94)

(0.17)

Non-operating postretirement expense


(21)


(0.04)

27

0.05

Provision for deferred income taxes on adjustments 1


91


0.16

82

0.15


Subtotal of adjustments


($343)


($0.60)

($307)

($0.54)


Core loss per share (non-GAAP)


($15.25)

($2.33)


Weighted average diluted shares (in millions)


575.4

565.4


1 
The income tax impact is calculated using the U.S. corporate statutory tax rate
.

The Boeing Company and Subsidiaries

Reconciliation of Non-GAAP Measures
(Unaudited)

The tables provided below reconcile the non-GAAP financial measures core operating loss, core operating margin, and core loss per share with the most directly comparable GAAP financial measures, loss from operations, operating margin, and diluted loss per share. See page 6 of this release for additional information on the use of these non-GAAP financial measures.


(Dollars in millions, except per share data)


Full Year 2020

Full Year 2019


$ millions


Per Share

$ millions

Per Share


Revenues


58,158

76,559


Loss from operations (GAAP)


(12,767)

(1,975)


Operating margin (GAAP)



(22.0)%


(2.6)%


FAS/CAS service cost adjustment:

Pension FAS/CAS service cost adjustment


(1,024)

(1,071)

Postretirement FAS/CAS service cost adjustment


(359)

(344)


FAS/CAS service cost adjustment


(1,383)

(1,415)


Core operating loss (non-GAAP)


($14,150)

($3,390)


Core operating margin (non-GAAP)



(24.3)%


(4.4)%


Diluted loss per share (GAAP)


($20.88)

($1.12)

Pension FAS/CAS service cost adjustment


($1,024)


(1.80)

($1,071)

(1.89)

Postretirement FAS/CAS service cost adjustment


(359)


(0.63)

(344)

(0.61)

Non-operating pension expense


(340)


(0.60)

(374)

(0.66)

Non-operating postretirement expense


16


0.03

107

0.19

Provision for deferred income taxes on adjustments 1


358


0.63

353

0.62


Subtotal of adjustments


($1,349)


($2.37)

($1,329)

($2.35)


Core loss per share (non-GAAP)


($23.25)

($3.47)


Weighted average diluted shares (in millions)


569.0

566.0


1 
The income tax impact is calculated using the U.S. corporate statutory tax rate
.

 

Cision View original content:http://www.prnewswire.com/news-releases/boeing-reports-fourth-quarter-results-301216144.html

SOURCE Boeing

Posted on

Great Bear Reports 97% Gold Recoveries from Preliminary Dixie Limb Zone Metallurgical Testing

PR Newswire

TSX-V:  GBR  

VANCOUVER, BC, Jan. 27, 2021 /PRNewswire/ – Great Bear Resources Ltd. (the “Company” or “Great Bear”) (TSXV: GBR) (OTCQX: GTBAF) today reported gold recovery test results from its 100% owned flagship Dixie Project, in the Red Lake district of Ontario.

Chris Taylor, President and CEO of Great Bear said, “We are very pleased to report that our first  metallurgical tests from the Dixie Limb zone have recovered 88 – 97.5 % of head grade gold values from conventional cyanidation bottle roll leach tests.  These results confirm gold mineralization at the Dixie Limb yields similar very high gold recoveries to those previously reported from the Hinge zone.  Over the coming months we will periodically release gold recovery results from representative samples originating from all of our gold zones including the LP Fault.”

Metallurgical tests confirm very high gold recoveries with minimal impact from either accessory sulphides or the argillite host rocks which are frequently present in the Dixie Limb zone.  Table 1, Table 2, and Figure 1.


High Sulphide Samples

The Dixie Limb zone contains both low and high sulphide content mineralization types.  Dixie Limb zone gold mineralization with low accessory sulphide content within quartz veins is mineralogically indistinguishable from the adjacent Hinge zone mineralization, which previously yielded very high gold recoveries of 95 – 97% (November 12, 2020).  This material was not re-tested.

Four high accessory sulphide (pyrrhotite and pyrite dominated) samples were tested for the first time using the same metallurgical processes as were previously applied at the Hinge zone.  Additionally, lead nitrate, a common additive to gold recovery circuits at deposits containing significant accessory pyrrhotite, was added to two of the high sulphide samples.

Gold recoveries were very high for all samples, returning similar results to Hinge zone low-sulphide samples.

  • More finely ground material yielded slightly higher recoveries (93.1% for more coarsely ground versus 96.1% for more finely ground material).
  • Faster gold dissolution kinetics and slightly higher gold recoveries were noted for the samples treated with lead nitrate (96.1% without lead nitrate versus 96.9% and 96.7% with).

Table 1: Gold recoveries from Dixie Limb zone material with high sulphide accessory mineral content.


Test
ID


NaCN
Concentration
(g/L)


Lead
Nitrate
(g/t)


% Solids


Primary
Grind (p80,
µm)


48 hr Au
Recovery
(%)


Cyanide
Consumption
(NaCN, g/t)


Calculated
Head Grade
(Au, g/t)

CN-5

1.0

0

40

121

93.1

1.11

8.99

CN-6

1.0

0

40

74

96.1

1.91

8.92

CN-11

1.0

250

40

76

96.9

1.55

9.35

CN-12

1.0

250

40

77

96.7

1.35

8.80

Figure 1: Dixie Limb zone gold recovery curves showing time-weighted recoveries from high sulphide material.


Argillite Samples

Gold mineralized argillite is present at the Dixie Limb zone but not in the other gold zones at Dixie.  Six gold mineralized argillite samples were tested using the same metallurgical processes applied to the Hinge zone and the high sulphide Dixie Limb zone samples, i.e. variations in primary grind size and addition of lead nitrate.  A higher cyanide concentration was also analyzed for the first time.

All gold recoveries in all conditions were very high, similar to non-argillite Hinge and Dixie Limb zone samples.

  • Finer grind size had no effect on gold recoveries, which were high for both coarse and fine grinds (samples CN-3 and CN-4; 92.9% and 88.3% respectively).
  • Increased cyanide concentration yielded a slight increase in gold recovery (sample CN-9; 97.5%).
  • In the argillite material, the addition of lead nitrate increased the rate of gold dissolution, while reducing the overall consumption of cyanide. Gold recoveries were also modestly increased by the addition of lead nitrate (samples CN-7, CN-8 and CN-10; 97.0%, 97.4% and 97.1% respectively).

Table 2: Gold recoveries from Dixie Limb zone material hosted by argillite.


Test ID


NaCN
Concentration (g/L)


Lead
Nitrate (g/t)


% Solids


Primary
Grind (p80, µm)


48 hr Au
Recovery (%)


Cyanide
Consumption
(NaCN, kg/t)


Calculated
Head Grade
(Au, g/t)

CN-3

1.0

0

40

138

92.9

1.10

10.07

CN-4

1.0

0

40

77

88.3

4.47

10.89

CN-7

1.0

50

40

78

97.0

1.66

10.37

CN-8

1.0

250

40

76

97.4

1.43

11.06

CN-9

2.0

0

40

74

97.5

3.30

11.49

CN-10

1.0

250

40

79

97.1

1.56

9.35

Figure 2: Dixie Limb zone gold recovery curves showing time-weighted recoveries from Argillite material. 


Impact of Metallurgical Studies To Date

Metallurgical results to date suggest similar gold recovery processes are applicable to both the Dixie Limb and Hinge zone.  Metallurgical testing of samples from the LP Fault zone is underway, with results expected periodically over the remainder of 2021.

The Company will also begin gravity circuit gold recovery tests on samples from all gold zones in 2021.  


Details of Dixie Limb Gold Recovery Work

  • Ten one kilogram samples were analyzed by Blue Coast Research Ltd. of Parksville, British Columbia during these preliminary metallurgical tests.
  • These ten samples were taken from two aggregate composites which had the following representative geological characteristics:
  1. A high sulphide composite of 18.96 kilograms representing 20.10 metres of core length, averaging 8.0 g/t gold.
  2. A sedimentary host (argillite) composite of 18.6 kilograms representing 11.95 metres of core length, averaging 10.6 g/t gold.
  • Samples were processed through a standard 48 hour bottle roll procedure at 40% solids, using a 1.0 g/L sodium cyanide solution. Other conditions, such as grind size and lead nitrate addition, were varied according to the test objectives.

About the Dixie Project

The Dixie Project is 100% owned, comprised of 9,140 hectares of contiguous claims that extend over 22 kilometres, and is located approximately 25 kilometres southeast of the town of Red Lake, Ontario. The project is accessible year-round via a 15 minute drive on a paved highway which runs the length of the northern claim boundary and a network of well-maintained logging roads.

The Dixie Project hosts two principal styles of gold mineralization:

  • High-grade gold in quartz veins and silica-sulphide replacement zones (Dixie Limb, Hinge and Arrow zones). Hosted by mafic volcanic rocks and localized near regional-scale D2 fold axes. These mineralization styles are also typical of the significant mined deposits of the Red Lake district.
  • High-grade disseminated gold with broad moderate to lower grade envelopes (LP Fault). The LP Fault is a significant gold-hosting structure which has been seismically imaged to extend to 14 kilometres depth (Zeng and Calvert, 2006), and has been interpreted by Great Bear to have up to 18 kilometres of strike length on the Dixie property. High-grade gold mineralization is controlled by structural and geological contacts, and moderate to lower-grade disseminated gold surrounds and flanks the high-grade intervals. The dominant gold-hosting stratigraphy consists of felsic sediments and volcanic units.

About Great Bear

Great Bear Resources Ltd. is a well-financed gold exploration company managed by a team with a track record of success in mineral exploration.  Great Bear is focused in the prolific Red Lake gold district in northwest Ontario, where the company controls over 300 km2 of highly prospective tenure across 4 projects: the flagship Dixie Project  (100% owned), the Pakwash Property (earning a 100% interest), the Dedee Property (earning a 100% interest), the Sobel Property (earning a 100% interest), and the Red Lake North Property (earning a 100% interest), all of which are accessible year-round through existing roads.

QA/QC and Core Sampling Protocols

Drill core is logged and sampled in a secure core storage facility located in Red Lake Ontario.  Core samples from the program are cut in half, using a diamond cutting saw, and are sent to Activation Laboratories in Ontario, an accredited mineral analysis laboratory, for analysis. All samples are analysed for gold using standard Fire Assay-AA techniques. Samples returning over 10.0 g/t gold are analysed utilizing standard Fire Assay-Gravimetric methods.  Pulps from approximately 5% of the gold mineralized samples are submitted for check analysis to a second lab.  Selected samples are also chosen for duplicate assay from the coarse reject of the original sample.  Selected samples with visible gold are also analyzed with a standard 1 kg metallic screen fire assay.  Certified gold reference standards, blanks and field duplicates are routinely inserted into the sample stream, as part of Great Bear’s quality control/quality assurance program (QAQC).  No QAQC issues were noted with the results reported herein. 

Qualified Person and NI 43-101 Disclosure

Mr. R. Bob Singh, P.Geo, VP Exploration, and Ms. Andrea Diakow P.Geo, Exploration Manager for Great Bear are the Qualified Persons as defined by National Instrument 43-101 responsible for the accuracy of technical information contained in this news release.

Results for the metallurgical test program were provided and approved by Andrew Kelly, P.Eng., of Blue Coast Research Ltd., a Qualified Person for the purpose of National Instrument 43-101.

ON BEHALF OF THE BOARD


“Chris Taylor”                                  

Chris Taylor, President and CEO


Cautionary note regarding forward-looking statements

This release contains certain “forward looking statements” and certain “forward-looking information” as defined under applicable Canadian and U.S. securities laws, including forward-looking statements regarding future metallurgical test work. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as “may”, “will”, “should”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “continue”, “plans” or similar terminology. The forward-looking information contained herein is provided for the purpose of assisting readers in understanding management’s current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes.

Forward-looking information are based on management of the parties’ reasonable assumptions, estimates, expectations, analyses and opinions, which are based on such management’s experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances, but which may prove to be incorrect.

Forward-looking statements involve various risks and uncertainties and are based on certain factors and assumptions. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations, include, but are not limited to, disruptions relating to the COVID-19 pandemic and uncertainties relating to the availability and costs of financing, both of which could result in future metallurgical test work being delayed or affected.

Great Bear undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management’s best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/great-bear-reports-97-gold-recoveries-from-preliminary-dixie-limb-zone-metallurgical-testing-301216141.html

SOURCE Great Bear Resources Ltd.

Posted on

LiteLink Signs LOI to Acquire Equity Stake in Canada’s Premier Cryptocurrency Exchange, CatalX

PR Newswire

VANCOUVER, BC, Jan. 27, 2021 /PRNewswire/ – LiteLink Technologies Inc. (“LiteLink” or “the Company”) (CSE: LLT) (OTC: LLNKF) (FRA: C0B:FF), a company focused in emerging technologies across growth sectors including: crypto, blockchain, AI and cloud technologies.  LiteLink is pleased to announce that it has signed a Letter of Intent (the “LOI”) to complete an equity investment in CatalX Exchange Inc. (“CatalX”), Canada’s premier cryptocurrency exchange with over 40+ Altcoins available for purchase on CatalX.io.

CatalX is a Canadian-based FINTRAC registered and compliant digital asset exchange platform that specializes in cryptocurrency trading, blockchain and cybersecurity technology. CatalX has developed a scalable and modularized platform with a trading engine that can scale to millions of users in real time and cutting-edge cyber security system CyberSmoat®, which is patent pending.

Features of the CatalX platform include:

  1. Fully featured exchange order book
  2. $0 deposit fees and immediate funding (post-KYC)
  3. 0.15% trading fees
  4. Tightest buy and sell spreads in Canada under 0.1%
  5. Lowest rates to buy BTC in Canada

The proposed equity investment will be satisfied through the issuance of 37,500,000 common shares of LiteLink to CatalX and a cash payment to CatalX of C$500,000, and would result in LiteLink having ownership and control over 19% of the outstanding share capital of CatalX. In conjunction with closing of the investment, LiteLink will also pay a finder’s fee to an arm’s length party of 1,875,000 common shares of LiteLink. All securities issued in connection with the investment in CatalX will be subject to a four-month-and-one-day statutory hold period in accordance with applicable securities law.

“We are very excited to make this investment into CatalX, Canada’s leading cryptocurrency exchange, and gaining a stake in the expanding cryptocurrency market,” said LiteLink CEO Peter Green. “CatalX has had an outstanding year and continues to grow. In January 2021 alone, the company experienced 80% growth in new registrations quarter-over-quarter and has already clocked in $1.05 million in deposits in the first 21 days of January.

“In the last five days, CatalX has seen $525,000 in deposits, signaling big things to come moving forward as more and more businesses and investors turn their attention towards the crypto market.”

“CatalX has also experienced significant growth in its trading volumes, with average monthly volume hitting $1.37 million in December 2020. In the first 3.5 weeks of January, the trading volume was sitting at $2.85 million and is projected to reach $5 million for January, a 590% increase from its October/November average of $725,000. In the last five days alone, the trading volume was $1.36 million. In short, this company is growing very quickly.

“It isn’t surprising when you look at the growth of the overall market. Bitcoin just closed out one of the biggest years in its history and is expected to continue rallying in 2021 thanks to a surge of new developments coming into the crypto space this year, including the launch of Facebook’s bitcoin-inspired cryptocurrency and the US cryptocurrency regulations.

“Despite recent price volatility, Bitcoin is still up over 290% in the last year and is expected to stay elevated thanks to growing adoption of crypto among payment giants like PayPal and Square and rising interest among institutional investors.

“At the same time, the world’s second-largest cryptocurrency Ethereum has skyrocketed 300% over the last 12 months amid a flurry of interest in decentralized finance (DeFi)—using crypto technology to recreate traditional financial instruments such as loans and insurance with many DeFi projects built on top of the Ethereum network.

“Cryptocurrency is clearly here to stay, so we are very excited about building a strong relationship with Canada’s leading cryptocurrency exchange.”

The Company is at arms-length from CatalX.  Completion of the investment in CatalX is subject to a number of conditions, including, but not limited to, completion of due diligence, negotiation of definitive documentation and the receipt of any required regulatory approvals. The proposed investment is not expected to constitute a fundamental change for the Company, nor is it expected to result in a change of control of the Company, within the meaning of applicable securities laws and the policies of the Canadian Securities Exchange.

LiteLink would also like to announce that it has engaged North Equities to provide and manage a comprehensive six-month digital media marketing campaign for the Company for a total cost of $100,000. The Company has also engaged Djordje Kovic for a digital media and marketing campaign for four months for a total cost of $45,000.

About LiteLink Technologies Inc.

LiteLink Technologies Inc. (CSE:LLT) (OTC:LLNKF) (FRA: C0B:FF) is a company focused on emerging technologies across growth sectors including: crypto, blockchain, AI and cloud technologies. Led by senior leaders and industry experts, LiteLink invests in and provides subject matter experts within portfolio companies to accelerate success and maximize value for shareholders.

About CatalX Exchange

CatalX.io is a Canadian-based is a digital asset exchange platform that specializes in cryptocurrency trading, blockchain and cybersecurity technology. As a fully regulated Cryptocurrency exchange with FINTRAC, CatalX has the highest standards in security and compliance and is partnered with world-trusted names in Blockchain technologies, risk management and financial solutions including Bittrex, Prime Trust, Trulioo and Stably to provide their users with a trusted, secure platform.

This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws.  When or if used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and similar words or expressions identify forward-looking statements or information.  Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations.

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/litelink-signs-loi-to-acquire-equity-stake-in-canadas-premier-cryptocurrency-exchange-catalx-301216068.html

SOURCE LiteLink Technologies Inc.

Posted on

Abbott Reports Fourth-Quarter 2020 Results; Issues Strong Double-Digit Growth Forecast for 2021

– Sales of $10.7 billion, including $2.4 billion of COVID-19 diagnostic testing-related sales

– Sales growth of 28.7 percent; organic sales growth of 28.4 percent

– GAAP diluted EPS from continuing operations growth of 103.4 percent; adjusted diluted EPS growth of 52.6 percent

– Delivered more than 300 million COVID-19 diagnostics tests in fourth quarter 2020

– R&D pipeline continues to be highly productive, delivering ground-breaking innovations and a steady cadence of important new products across all business areas

– Issues 2021 EPS growth forecast of more than 35 percent

PR Newswire

ABBOTT PARK, Ill., Jan. 27, 2021 /PRNewswire/ — Abbott (NYSE: ABT) today announced financial results for the fourth quarter and full year ended Dec. 31, 2020, and issued its financial outlook for 2021.

  • Fourth-quarter sales of $10.7 billion increased 28.7 percent on a reported basis and 28.4 percent on an organic basis, which excludes the impact of foreign exchange.
  • Fourth-quarter GAAP diluted EPS was $1.20 and adjusted diluted EPS, which excludes specified items, was $1.45, reflecting 52.6 percent growth versus the prior year.1
  • Full-year 2020 GAAP diluted EPS from continuing operations was $2.49 and adjusted diluted EPS from continuing operations was $3.65, at the upper-end of guidance range issued in January 2020.2
  • Abbott issues full-year 2021 guidance for diluted EPS from continuing operations on a GAAP basis of at least $3.74 and full-year adjusted diluted EPS from continuing operations of at least $5.00, reflecting growth of more than 35 percent versus the prior year.3
  • In the fourth quarter, global COVID-19 testing-related sales were $2.4 billion, led by combined sales of $1.9 billion from Abbott’s BinaxNOW™, Panbio™ and ID NOW™ rapid testing platforms.
  • R&D pipeline continued to be highly productive in 2020: U.S. approval of FreeStyle® Libre 2 and CE Mark of FreeStyle Libre 3 and Libre Sense Glucose Sport Biosensor; CE Mark of MitraClip® G4, TriClip™ and Tendyne™ heart valve devices; U.S. approval of Gallant™ cardiac rhythm devices; CE Mark of EnSite™ X 3D cardiac mapping system; portfolio expansions in Nutrition and Established Pharmaceuticals.

“Despite challenging conditions, we achieved double-digit EPS growth, delivered ground-breaking innovation and advanced our new product pipeline in 2020,” said Robert B. Ford, president and chief executive officer, Abbott. “We exited the year with a lot of momentum and are forecasting EPS growth of more than 35 percent in 2021.”

FOURTH-QUARTER BUSINESS OVERVIEW

Note: Management believes that measuring sales growth rates on an organic basis is an appropriate way for investors to best understand the underlying performance of the business. Organic sales growth excludes the impact of foreign exchange.

Following are sales by business segment and commentary for the fourth quarter 2020:


Total Company

($ in millions)


% Change vs. 4Q19


Sales 4Q20


Reported


Organic


 U.S. 


 Int’l 


 Total 


U.S.


Int’l


Total


U.S.


Int’l


Total


Total *

4,199

6,502

10,701

41.8

21.4

28.7

41.8

20.9

28.4

Nutrition

841

1,095

1,936

6.5

1.4

3.6

6.5

2.9

4.4

Diagnostics

1,981

2,364

4,345

158.5

83.0

111.1

158.5

79.6

108.9

Established Pharmaceuticals

—

1,147

1,147

 n/a 

(2.3)

(2.3)

 n/a 

3.4

3.4

Medical Devices

1,369

1,888

3,257

(2.5)

4.9

1.7

(2.5)

1.2

(0.4)

* Total Q4 2020 Abbott sales from continuing operations include Other Sales of approximately $16 million.


% Change vs. 12M19


Sales 12M20


Reported


Organic


 U.S. 


 Int’l 


 Total 


U.S.


Int’l


Total


U.S.


Int’l


Total


Total *

13,022

21,586

34,608

14.2

5.3

8.5

14.2

7.3

9.8

Nutrition

3,279

4,368

7,647

5.4

1.6

3.2

5.4

4.2

4.7

Diagnostics

4,774

6,031

10,805

65.3

25.0

40.1

65.3

25.8

40.6

Established Pharmaceuticals

—

4,303

4,303

 n/a 

(4.1)

(4.1)

 n/a 

1.9

1.9

Medical Devices

4,931

6,856

11,787

(8.2)

(0.1)

(3.7)

(8.2)

(0.3)

(3.8)

* Total 12M 2020 Abbott sales from continuing operations include Other Sales of approximately $66 million.

n/a = Not Applicable.

Note: In order to compute results excluding the impact of exchange rates, current year U.S. dollar sales are multiplied or divided, as appropriate, by the current year average foreign exchange rates and then those amounts are multiplied or divided, as appropriate, by the prior year average foreign exchange rates.

Fourth-quarter 2020 worldwide sales of $10.7 billion increased 28.7 percent on a reported basis and 28.4 percent on an organic basis.


Nutrition

($ in millions)


% Change vs. 4Q19


Sales 4Q20


Reported


Organic


U.S.


Int’l


Total


U.S.


Int’l


Total


U.S.


Int’l


Total


Total

841

1,095

1,936

6.5

1.4

3.6

6.5

2.9

4.4

Pediatric

497

511

1,008

5.2

(9.5)

(2.8)

5.2

(8.4)

(2.2)

Adult

344

584

928

8.4

13.4

11.5

8.4

15.3

12.7


% Change vs. 12M19


Sales 12M20


Reported


Organic


U.S.


Int’l


Total


U.S.


Int’l


Total


U.S.


Int’l


Total


Total

3,279

4,368

7,647

5.4

1.6

3.2

5.4

4.2

4.7

Pediatric

1,987

2,140

4,127

5.8

(6.2)

(0.8)

5.8

(4.1)

0.3

Adult

1,292

2,228

3,520

4.9

10.5

8.4

4.9

13.6

10.3

Worldwide Nutrition sales increased 3.6 percent on a reported basis and 4.4 percent on an organic basis in the fourth quarter. Strong performance of Ensure®, Abbott’s market-leading complete and balanced nutrition brand, and Glucerna®, Abbott’s market-leading diabetes nutrition brand, led to global Adult Nutrition sales growth of 11.5 percent on a reported basis and 12.7 percent on an organic basis. In Pediatric Nutrition, U.S. sales growth of 5.2 percent was led by share growth of Similac®, Abbott’s infant formula brand, which was offset by challenging conditions in Greater China.


Diagnostics

($ in millions)


% Change vs. 4Q19


Sales 4Q20


Reported


Organic


U.S.


Int’l


Total


U.S.


Int’l


Total


U.S.


Int’l


Total


Total

1,981

2,364

4,345

158.5

83.0

111.1

158.5

79.6

108.9

Core Laboratory

326

997

1,323

10.9

4.3

5.9

10.9

3.3

5.1

Molecular

192

290

482

427.0

263.1

314.5

427.0

254.2

308.3

Point of Care

91

38

129

(11.9)

14.2

(5.5)

(11.9)

12.3

(6.0)

Rapid Diagnostics

1,372

1,039

2,411

312.2

366.2

333.9

312.2

354.0

329.0


% Change vs. 12M19


Sales 12M20


Reported


Organic


U.S.


Int’l


Total


U.S.


Int’l


Total


U.S.


Int’l


Total


Total

4,774

6,031

10,805

65.3

25.0

40.1

65.3

25.8

40.6

Core Laboratory

1,166

3,309

4,475

7.3

(7.3)

(3.9)

7.3

(5.9)

(2.8)

Molecular

621

817

1,438

315.5

178.8

224.9

315.5

179.9

225.7

Point of Care

369

147

516

(15.9)

20.2

(8.0)

(15.9)

20.6

(7.9)

Rapid Diagnostics

2,618

1,758

4,376

115.7

109.2

113.0

115.7

107.4

112.3

Worldwide Diagnostics sales increased 111.1 percent on a reported basis in the fourth quarter and increased 108.9 percent on an organic basis. Strong growth in the quarter was driven by demand for Abbott’s portfolio of COVID-19 diagnostics tests across its rapid and lab-based platforms. Global COVID-19 testing-related sales were $2.4 billion in the fourth quarter, led by combined sales of $1.9 billion from Abbott’s BinaxNOW, Panbio and ID NOW rapid testing platforms.

During 2020, Abbott mobilized its teams across multiple fronts to develop and launch multiple diagnostic tests for COVID-19:

  • U.S. Emergency Use Authorization (EUA) of BinaxNOW COVID-19 Ag Card test, a portable, lateral flow rapid antigen test to detect COVID-19.
  • CE Mark and World Health Organization emergency use listing of Panbio rapid antigen test to detect COVID-19.
  • U.S. EUA of molecular test to detect COVID-19 on its ID NOW rapid point-of-care platform.
  • U.S. EUA and CE Mark of molecular test on its m2000™ RealTime lab-based platform to detect COVID-19.
  • U.S. EUA and CE Mark of molecular test on its Alinity™ m system to detect COVID-19.
  • U.S. EUA and CE Mark of IgG (Immunoglobulin G) lab-based serology blood test on its ARCHITECT® i1000SR and i2000SR laboratory instruments for the detection of an antibody to determine if someone was previously infected with the virus.
  • U.S. EUA and CE Mark of SARS-CoV-2 IgG lab-based serology blood test on its Alinity i system.
  • Lateral flow COVID-19 rapid antibody test on its Panbio system in select countries for the detection of an antibody to determine if someone was previously infected with the virus.
  • U.S. EUA and CE Mark of AdviseDx SARS-CoV-2 IgM (Immunoglobulin M) lab-based serology test for use on its ARCHITECT and Alinity platforms.
  • CE Mark of IgG (Immunoglobulin G) quantitative lab-based serology test for use on its ARCHITECT and Alinity platforms.
  • CE Mark of multiplex molecular tests on its Alinity m system to detect COVID-19, Flu A/B and RSV.


Established Pharmaceuticals

($ in millions)


% Change vs. 4Q19


Sales 4Q20


Reported


Organic


U.S.


Int’l


Total


U.S.


Int’l


Total


U.S.


Int’l


Total


Total

—

1,147

1,147

 n/a 

(2.3)

(2.3)

 n/a 

3.4

3.4

Key Emerging Markets

—

833

833

 n/a 

(7.1)

(7.1)

 n/a 

1.1

1.1

Other

—

314

314

 n/a 

13.0

13.0

 n/a 

10.8

10.8


% Change vs. 12M19


Sales 12M20


Reported


Organic


U.S.


Int’l


Total


U.S.


Int’l


Total


U.S.


Int’l


Total


Total

—

4,303

4,303

 n/a 

(4.1)

(4.1)

 n/a 

1.9

1.9

Key Emerging Markets

—

3,209

3,209

 n/a 

(5.4)

(5.4)

 n/a 

2.6

2.6

Other

—

1,094

1,094

 n/a 

–

–

 n/a 

(0.5)

(0.5)

Established Pharmaceuticals sales decreased 2.3 percent on a reported basis in the fourth quarter and increased 3.4 percent on an organic basis.

Key Emerging Markets include India, Brazil, Russia and China along with several additional emerging countries that represent the most attractive long-term growth opportunities for Abbott’s branded generics product portfolio. Sales in these geographies decreased 7.1 percent on a reported basis in the quarter and increased 1.1 percent on an organic basis. Organic sales growth in India, Russia and Brazil was partially offset by market softness across several countries as a result of COVID-19. 

Other sales increased 13.0 percent on a reported basis in the quarter and increased 10.8 percent on an organic basis, led by strong sales of Influvac®.


Medical Devices

($ in millions) 


% Change vs. 4Q19


Sales 4Q20


Reported


Organic


U.S.


Int’l


Total


U.S.


Int’l


Total


U.S.


Int’l


Total


Total

1,369

1,888

3,257

(2.5)

4.9

1.7

(2.5)

1.2

(0.4)

Rhythm Management

248

284

532

(6.8)

2.1

(2.3)

(6.8)

(1.7)

(4.2)

Electrophysiology

184

266

450

(4.5)

0.1

(1.9)

(4.5)

(3.6)

(4.0)

Heart Failure

136

53

189

(6.7)

0.4

(4.8)

(6.7)

(2.3)

(5.5)

Vascular

225

378

603

(14.0)

(16.6)

(15.6)

(14.0)

(19.0)

(17.1)

Structural Heart

154

199

353

(9.1)

(3.3)

(5.9)

(9.1)

(7.0)

(7.9)

Neuromodulation

172

41

213

(1.6)

(12.7)

(4.0)

(1.6)

(15.7)

(4.6)

Diabetes Care

250

667

917

29.3

34.1

32.7

29.3

29.1

29.2

Vascular Product Lines:

   Coronary and Endovasculara)

210

377

587

(12.3)

(16.4)

(15.0)

(12.3)

(18.8)

(16.5)


a)

Includes drug-eluting stents, balloon catheters, guidewires, vascular imaging/diagnostics products, vessel closure, carotid and other coronary and peripheral products.

 


% Change vs. 12M19


Sales 12M20


Reported


Organic


U.S.


Int’l


Total


U.S.


Int’l


Total


U.S.


Int’l


Total


Total

4,931

6,856

11,787

(8.2)

(0.1)

(3.7)

(8.2)

(0.3)

(3.8)

Rhythm Management

903

1,011

1,914

(14.5)

(7.1)

(10.7)

(14.5)

(7.2)

(10.8)

Electrophysiology

660

918

1,578

(11.0)

(6.2)

(8.3)

(11.0)

(6.8)

(8.6)

Heart Failure

547

193

740

(4.7)

(1.3)

(3.9)

(4.7)

(1.3)

(3.9)

Vascular

853

1,486

2,339

(18.6)

(17.6)

(18.0)

(18.6)

(17.4)

(17.8)

Structural Heart

540

707

1,247

(12.2)

(9.9)

(10.9)

(12.2)

(10.3)

(11.2)

Neuromodulation

564

138

702

(14.6)

(19.2)

(15.5)

(14.6)

(19.0)

(15.5)

Diabetes Care

864

2,403

3,267

27.4

30.2

29.5

27.4

30.1

29.4

Vascular Product Lines:

   Coronary and Endovasculara)

785

1,478

2,263

(17.1)

(17.5)

(17.4)

(17.1)

(17.3)

(17.3)


a)

Includes drug-eluting stents, balloon catheters, guidewires, vascular imaging/diagnostics products, vessel closure, carotid and other coronary and peripheral products.

Worldwide Medical Devices sales increased 1.7 percent on a reported basis in the fourth quarter and decreased 0.4 percent on an organic basis. Strong growth in Diabetes Care, led by FreeStyle Libre, was offset by reduced cardiovascular and neuromodulation procedure volumes due to the COVID-19 pandemic and lower Vascular sales in China, as a result of a new national tender program in that country. Excluding Vascular sales in China, global Vascular sales decreased 10.4 percent on an organic basis, and Medical Devices sales increased 1.4 percent on an organic basis in the fourth quarter.

In Diabetes Care, strong growth in the quarter was led by FreeStyle Libre, which grew 41.3 percent on a reported basis and 37.1 percent on an organic basis. For the full year, FreeStyle Libre grew 43.1 percent on a reported basis and 42.6 percent on an organic basis.

Abbott continues to strengthen its Medical Devices portfolio, with several key product approvals in 2020, including:

  • U.S. FDA clearance of FreeStyle Libre 2 as an integrated continuous glucose monitoring (iCGM) system for adults and children ages 4 and older with diabetes, achieving the highest level of accuracy and performance standards.4
  • CE Mark of FreeStyle Libre 3, which automatically delivers up-to-the-minute glucose readings, unsurpassed 14-day accuracy5 and real-time glucose alarms in the world’s smallest and thinnest6 wearable glucose sensor.
  • CE Mark of Libre Sense Glucose Sport Biosensor, a small wearable sensor that helps athletes better understand the efficacy of their nutritional choices on training and athletic performance.
  • CE Mark of MitraClip G4, Abbott’s next-generation MitraClip heart system, the leading minimally invasive mitral heart valve repair device in the world.
  • CE Mark of TriClip, the world’s first minimally invasive, clip-based device for repair of a leaky tricuspid heart valve.
  • CE Mark of Tendyne, a first-of-its-kind technology to replace a faulty mitral heart valve.
  • U.S. approval of Gallant implantable cardioverter defibrillator (ICD) and cardiac resynchronization therapy defibrillator (CRT-D) devices, which include Bluetooth technology and a new patient smartphone app for improved remote monitoring and enhanced patient-physician engagement to help manage heart rhythm disorders.
  • CE Mark of EnSite X EP System, a next-generation 3D cardiac mapping platform used for ablation therapy to treat abnormal heart rhythms.
  • U.S. FDA clearance and CE Mark of the IonicRF™ Generator, a non-surgical, minimally invasive device that uses heat to target specific nerves for the management of chronic pain.

ABBOTT ISSUES GUIDANCE FOR 2021
Abbott projects full-year 2021 diluted earnings per share from continuing operations under GAAP of at least $3.74. Abbott forecasts specified items for the full-year 2021 of $1.26 primarily related to intangible amortization, expenses associated with acquisitions, restructuring and cost reduction initiatives and other net expenses. Excluding specified items, projected adjusted diluted earnings per share from continuing operations would be at least $5.00 for full-year 2021.

ABBOTT DECLARES 388TH CONSECUTIVE QUARTERLY DIVIDEND

On Dec. 11, 2020, the board of directors of Abbott increased the company’s quarterly dividend to $0.45 per share from $0.36 per share, an increase of 25 percent. Abbott’s cash dividend is payable Feb. 16, 2021, to shareholders of record at the close of business on Jan. 15, 2021.

Abbott has increased its dividend payout for 49 consecutive years and is a member of the S&P 500 Dividend Aristocrats Index, which tracks companies that have annually increased their dividend for at least 25 consecutive years.

About Abbott:

Abbott is a global healthcare leader that helps people live more fully at all stages of life. Our portfolio of life-changing technologies spans the spectrum of healthcare, with leading businesses and products in diagnostics, medical devices, nutritionals and branded generic medicines. Our 109,000 colleagues serve people in more than 160 countries.

Connect with us at www.abbott.com, on LinkedIn at www.linkedin.com/company/abbott-/, on Facebook at www.facebook.com/Abbott and on Twitter @AbbottNews.

Abbott will live webcast its fourth-quarter earnings conference call through its Investor Relations website at www.abbottinvestor.com at 8 a.m. Central time today. An archived edition of the webcast will be available later that day.

— Private Securities Litigation Reform Act of 1995 —
A Caution Concerning Forward-Looking Statements

Some statements in this news release may be forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995. Abbott cautions that these forward-looking statements are subject to risks and uncertainties, including the impact of the COVID-19 pandemic on Abbott’s operations and financial results, that may cause actual results to differ materially from those indicated in the forward-looking statements. Economic, competitive, governmental, technological and other factors that may affect Abbott’s operations are discussed in Item 1A, “Risk Factors” in our Annual Report on Form 10-K for the year ended Dec. 31, 2019 and in Item 1A, “Risk Factors” in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2020, and are incorporated herein by reference. Abbott undertakes no obligation to release publicly any revisions to forward-looking statements as a result of subsequent events or developments, except as required by law.


1

Fourth-quarter 2020 diluted EPS from continuing operations on a GAAP basis reflects 103.4 percent growth.


2

Full year 2020 diluted EPS from continuing operations on a GAAP basis exceeded the guidance range Abbott issued in January 2020 of $2.35 to $2.45. 


3

Full year 2021 guidance for diluted EPS from continuing operations on a GAAP basis reflects growth of at least 50 percent versus the prior year. 


4

Based on FDA iCGM special controls. 


5

Alva Shridhara, Timothy Bailey, Ronald Brazg, Erwin S. Budiman, Kristin Castorino, Mark P. Christiansen, Gregory Forlenza, Mark Kipnes, David R. Liljenquist, and Hanqing Liu. “Accuracy of a 14-Day Factory-Calibrated Continuous Glucose Monitoring System With Advanced Algorithm in Pediatric and Adult Population With Diabetes.” Journal of Diabetes Science and Technology, (September 2020). https://doi.org/10.1177/1932296820958754.


6

Among patient-applied sensors. Data on File, Abbott Diabetes Care.

 

Abbott Laboratories and Subsidiaries

Condensed Consolidated Statement of Earnings

Fourth Quarter Ended December 31, 2020 and 2019

(in millions, except per share data)

(unaudited)


4Q20


4Q19


%
Change

Net Sales

$10,701

$8,314

28.7

Cost of products sold, excluding amortization expense

4,493

3,434

30.8

Amortization of intangible assets

508

483

5.2

Research and development

698

595

17.5

Selling, general, and administrative

2,570

2,413

6.5

Total Operating Cost and Expenses

8,269

6,925

19.4

Operating Earnings

2,432

1,389

75.0

Interest expense, net

127

139

(8.3)

Net foreign exchange (gain) loss

(5)

(2)

n/m

Debt extinguishment costs

—

63

n/m

Other (income) expense, net

(78)

(51)

49.6

Earnings from Continuing Operations before taxes

2,388

1,240

92.4

Tax expense on Earnings from Continuing Operations

230

191

20.2

1)

Earnings from Continuing Operations

2,158

1,049

105.5

Earnings from Discontinued Operations, net of taxes

4

—

n/m

Net Earnings

$2,162

$1,049

105.9

Earnings from Continuing Operations, excluding Specified Items, as described below

$2,612

$1,705

53.2

2)

Diluted Earnings per Common Share from:

Continuing Operations

$1.20

$0.59

103.4

Discontinued Operations

—

—

n/m

Total

$1.20

$0.59

103.4

Diluted Earnings per Common Share from Continuing Operations, excluding Specified Items, as described below

$1.45

$0.95

52.6

2)

Average Number of Common Shares Outstanding

Plus Dilutive Common Stock Options 

1,789

1,781

NOTES:

See tables titled “Non-GAAP Reconciliation of Financial Information From Continuing Operations” for an explanation of certain non-GAAP financial information.

n/m = Percent change is not meaningful.

See footnotes below. 

1)

2020 Tax expense on Earnings from Continuing Operations includes the recognition of approximately $135 million of tax benefits related to the impairment of certain assets, approximately $25 million of net tax benefits as a result of the resolution of various tax positions related to prior years and approximately $10 million in excess tax benefits associated with share-based compensation.

2)

2020 Net Earnings and Diluted Earnings per Common Share from Continuing Operations, excluding Specified Items, excludes net after-tax charges of $454 million, or $0.25 per share, for intangible amortization and impairment expenses and other net expenses primarily associated with acquisitions and restructuring actions.

2019 Net Earnings and Diluted Earnings per Common Share from Continuing Operations, excluding Specified Items, excludes net after-tax charges of $656 million, or $0.36 per share, for intangible amortization expense and other expenses primarily associated with acquisitions and restructuring actions.

 

Abbott Laboratories and Subsidiaries

Condensed Consolidated Statement of Earnings

Year Ended December 31, 2020 and 2019

(in millions, except per share data)

(unaudited)


12M20


12M19


%
Change

Net Sales

$34,608

$31,904

8.5

Cost of products sold, excluding amortization expense

15,003

13,231

13.4

Amortization of intangible assets

2,132

1,936

10.1

Research and development

2,420

2,440

(0.8)

1)

Selling, general, and administrative

9,696

9,765

(0.7)

Total Operating Cost and Expenses

29,251

27,372

6.9

Operating Earnings

5,357

4,532

18.2

Interest expense, net

500

576

(13.2)

Net foreign exchange (gain) loss

(8)

7

n/m

Debt extinguishment costs

—

63

n/m

Other (income) expense, net

(103)

(191)

(46.5)

Earnings from Continuing Operations before taxes

4,968

4,077

21.8

Tax expense on Earnings from Continuing Operations

497

390

27.3

2)

Earnings from Continuing Operations

4,471

3,687

21.2

Earnings from Discontinued Operations, net of taxes

24

—

n/m

Net Earnings

$4,495

$3,687

21.9

Earnings from Continuing Operations, excluding Specified Items, as described below

$6,552

$5,810

12.8

3)

Diluted Earnings per Common Share from:

Continuing Operations

$2.49

$2.06

20.9

Discontinued Operations

0.01

—

n/m

Total

$2.50

$2.06

21.4

Diluted Earnings per Common Share from Continuing Operations, excluding Specified Items, as described below

$3.65

$3.24

12.7

3)

Average Number of Common Shares Outstanding Plus Dilutive Common Stock Options 

1,786

1,781

NOTES:

 

See tables titled “Non-GAAP Reconciliation of Financial Information From Continuing Operations” for an explanation of certain non-GAAP financial information.

n/m = Percent change is not meaningful.

See footnotes below. 

1)

In 2019, in conjunction with the acquisition of Cephea Valve Technologies, Inc., Abbott acquired an R&D asset valued at $102 million, which was immediately expensed.

2)

2020 Tax expense on Earnings from Continuing Operations includes the recognition of approximately $170 million of tax benefits related to the impairment of certain assets, approximately $140 million of net tax benefits as a result of the resolution of various tax positions related to prior years and approximately $100 million in excess tax benefits associated with share-based compensation.

2019 Tax expense on Earnings from Continuing Operations includes the impact of a $86 million reduction of the transition tax associated with the Tax Cuts and Jobs Act (TCJA) and approximately $100 million in excess tax benefits associated with share-based compensation.

3)

2020 Net Earnings and Diluted Earnings per Common Share from Continuing Operations, excluding Specified Items, excludes net after-tax charges of $2.081 billion, or $1.16 per share, for intangible amortization expense, impairment charges and other net expense primarily associated with acquisitions, restructuring actions and income from a litigation settlement.

2019 Net Earnings and Diluted Earnings per Common Share from Continuing Operations, excluding Specified Items, excludes net after-tax charges of $2.123 billion, or $1.18 per share, for intangible amortization expense and other expenses primarily associated with acquisitions and restructuring actions.

 

Abbott Laboratories and Subsidiaries

Non-GAAP Reconciliation of Financial Information From Continuing Operations

Fourth Quarter Ended December 31, 2020 and 2019

(in millions, except per share data) 

(unaudited) 


4Q20


As
Reported
(GAAP)


Specified
Items


As
Adjusted 


% to Sales

Intangible Amortization


$      508

$     (508)


$         —

Gross Margin


5,700

557


6,257

58.5%

R&D


698

(61)


637

6.0%

SG&A


2,570

(56)


2,514

23.5%

Other (income) expense, net


(78)

23


(55)

Earnings from Continuing Operations before taxes 


2,388

651


3,039

Tax expense on Earnings from Continuing Operations


230

197


427

Earnings from Continuing Operations


2,158

454


2,612

Diluted Earnings per Share from Continuing Operations


$1.20

$0.25


$1.45

Specified items reflect intangible amortization expense of $508 million and other net expenses of $143 million, primarily associated with acquisitions, restructuring actions and other expenses. See tables titled “Details of Specified Items” for additional details regarding specified items.

 


4Q19


As
Reported
(GAAP)


Specified
Items


As
Adjusted 


% to Sales

Intangible Amortization


$      483

$     (483)


$         —

Gross Margin


4,397

545


4,942

59.4%

R&D


595

(39)


556

6.7%

SG&A


2,413

(62)


2,351

28.3%

Debt extinguishment costs


63

(63)


—

Other (income) expense, net


(51)

(5)


(56)

Earnings from Continuing Operations before taxes 


1,240

714


1,954

Tax expense on Earnings from Continuing Operations


191

58


249

Earnings from Continuing Operations


1,049

656


1,705

Diluted Earnings per Share from Continuing Operations


$0.59

$0.36


$0.95

Specified items reflect intangible amortization expense of $483 million and other expenses of $231 million, primarily associated with acquisitions, restructuring actions and other expenses. See tables titled “Details of Specified Items” for additional details regarding specified items.

 

Abbott Laboratories and Subsidiaries

Non-GAAP Reconciliation of Financial Information From Continuing Operations

Year Ended December 31, 2020 and 2019

(in millions, except per share data) 

(unaudited) 


12M20


As
Reported
(GAAP) 


Specified
Items


As
Adjusted


% to
Sales

Intangible Amortization


$   2,132

$  (2,132)


$         —

Gross Margin


17,473

2,452


19,925

57.6%

R&D


2,420

(125)


2,295

6.6%

SG&A


9,696

(75)


9,621

27.8%

Other (income) expense, net


(103)

(88)


(191)

Earnings from Continuing Operations before taxes 


4,968

2,740


7,708

Tax expense on Earnings from Continuing Operations


497

659


1,156

Earnings from Continuing Operations


4,471

2,081


6,552

Diluted Earnings per Share from Continuing Operations


$2.49

$1.16


$3.65

Specified items reflect intangible amortization expense of $2.132 billion and other net expenses of $608 million, primarily associated with acquisitions, restructuring actions, asset impairments, other expenses and litigation settlement income. See tables titled “Details of Specified Items” for additional details regarding specified items.

 


12M19


As
Reported
(GAAP)


Specified
Items


As
Adjusted 


% to Sales

Intangible Amortization


$   1,936

$   (1,936)


$         —

Gross Margin


16,737

2,140


18,877

59.2%

R&D


2,440

(198)


2,242

7.0%

SG&A


9,765

(240)


9,525

29.9%

Debt extinguishment costs


63

(63)


—

Other (income) expense, net


(191)

(37)


(228)

Earnings from Continuing Operations before taxes 


4,077

2,678


6,755

Tax expense on Earnings from Continuing Operations


390

555


945

Earnings from Continuing Operations


3,687

2,123


5,810

Diluted Earnings per Share from Continuing Operations


$2.06

$1.18


$3.24

Specified items reflect intangible amortization expense of $1.936 billion and other expenses of $742 million, primarily associated with acquisitions, restructuring actions and other expenses. See tables titled “Details of Specified Items” for additional details regarding specified items.

A reconciliation of the fourth-quarter tax rates for continuing operations for 2020 and 2019 is shown below:


4Q20

($ in millions)


Pre-Tax
Income


Taxes on
Earnings


Tax
Rate


As reported (GAAP)


$2,388


$      230


9.6%

1)

Specified items

651

197


Excluding specified items


$3,039


$427


14.1%


4Q19

($ in millions)


Pre-Tax
Income


Taxes on
Earnings


Tax
Rate


As reported (GAAP)


$1,240


$191


15.4%

Specified items

714

58


Excluding specified items


$1,954


$249


12.8%

1)

2020 Tax expense on Earnings from Continuing Operations includes the recognition of approximately $135 million of tax benefits related to the impairment of certain assets, approximately $25 million of net tax benefits as a result of the resolution of various tax positions related to prior years and approximately $10 million in excess tax benefits associated with share-based compensation.

A reconciliation of the year-to-date tax rates for continuing operations for 2020 and 2019 is shown below:


12M20

($ in millions)


Pre-Tax
Income


Taxes on
Earnings


Tax
Rate


As reported (GAAP)


$4,968


$497


10.0%

2)

Specified items

2,740

659


Excluding specified items


$7,708


$1,156


15.0%


12M19

($ in millions)


Pre-Tax
Income


Taxes on
Earnings


Tax
Rate


As reported (GAAP)


$4,077


$390


9.6%

3)

Specified items

2,678

555


Excluding specified items


$6,755


$945


14.0%

2)

2020 Tax expense on Earnings from Continuing Operations includes the recognition of approximately $170 million of tax benefits related to the impairment of certain assets, approximately $140 million of net tax benefits as a result of the resolution of various tax positions related to prior years and approximately $100 million in excess tax benefits associated with share-based compensation.

3)

Reported tax rate on a GAAP basis for 2019 includes the impact of a $86 million reduction of the transition tax associated with the TCJA and approximately $100 million in excess tax benefits associated with share-based compensation.

 

Abbott Laboratories and Subsidiaries

Details of Specified Items

Fourth Quarter Ended December 31, 2020

(in millions, except per share data)

(unaudited)

Acquisition or
Divestiture-
related (a)

Restructuring
and Cost
Reduction
Initiatives (b)

Intangible
Amortization

Other (c)

Total
Specifieds

Gross Margin

$              23

$             23

$          508

$         3

$       557

R&D

(2)

6

—

(65)

(61)

SG&A

(25)

(4)

—

(27)

(56)

Other (income) expense, net

24

—

—

(1)

23

Earnings from Continuing Operations before taxes

$              26

$             21

$          508

$       96

651

Tax expense on Earnings from Continuing Operations (d)

197

Earnings from Continuing Operations

$       454

Diluted Earnings per Share from Continuing Operations

$      0.25

The table above provides additional details regarding the specified items described on tables titled “Non-GAAP Reconciliation of Financial Information From Continuing Operations.”

a)

Acquisition-related expenses include integration costs, which represent incremental costs directly related to integrating the acquired businesses and include expenditures for retention and the integration of systems, processes and business activities.

b)

Restructuring and cost reduction initiative expenses include severance, outplacement, and other direct costs associated with specific restructuring plans and cost reduction initiatives. Restructuring and cost reduction plans consist of distinct initiatives to streamline operations including the consolidation and rationalization of business activities and facilities, workforce reductions, the transfer of product lines between manufacturing facilities, and the transfer of other business activities between sites.

c)

Other primarily relates to the impairment of an intangible asset and the net costs related to certain litigation.

d)

Reflects the net tax benefit associated with the specified items and excess tax benefits associated with share-based compensation. 

 

Abbott Laboratories and Subsidiaries

Details of Specified Items

Fourth Quarter Ended December 31, 2019

(in millions, except per share data)

(unaudited)

Acquisition or
Divestiture-
related (a)

Restructuring and
Cost Reduction
Initiatives (b)

Intangible
Amortization

Other (c)

Total
Specifieds

Gross Margin

$             34

$                     28

$         483

$        —

$       545

R&D

(15)

(22)

—

(2)

(39)

SG&A

(39)

(23)

—

—

(62)

Debt extinguishment costs

—

—

—

(63)

(63)

Other (income) expense, net

(5)

—

—

—

(5)

Earnings from Continuing Operations before taxes

$             93

$                     73

$         483

$       65

714

Tax expense on Earnings from Continuing Operations (d)

58

Earnings from Continuing Operations

$       656

Diluted Earnings per Share from Continuing Operations

$      0.36

The table above provides additional details regarding the specified items described on tables titled “Non-GAAP Reconciliation of Financial Information From Continuing Operations.”

a)

Acquisition-related expenses include costs for tax and other services related to business acquisitions, integration costs which represent incremental costs directly related to integrating the acquired businesses and include expenditures for retention, severance, and the integration of systems, processes and business activities.

b)

Restructuring and cost reduction initiative expenses include severance, outplacement, asset impairments, and other direct costs associated with specific restructuring plans and cost reduction initiatives. Restructuring and cost reduction plans consist of distinct initiatives to streamline operations including the consolidation and rationalization of business activities and facilities, workforce reductions, the transfer of product lines between manufacturing facilities, and the transfer of other business activities between sites.

c)

Other primarily relates to costs associated with the early extinguishment of debt.

d)

Reflects the net tax benefit associated with the specified items and excess tax benefits associated with share-based compensation.

 

Abbott Laboratories and Subsidiaries

Details of Specified Items

Year Ended December 31, 2020

(in millions, except per share data)

(unaudited)

Acquisition or
Divestiture-
related (a)

Restructuring and
Cost Reduction
Initiatives (b)

Intangible
Amortization

Other (c)

Total
Specifieds

Gross Margin

$              84

$             80

$        2,132

$      156

$    2,452

R&D

(10)

(3)

—

(112)

(125)

SG&A

(108)

(40)

—

73

(75)

Other (income) expense, net

21

—

—

(109)

(88)

Earnings from Continuing Operations before taxes

$            181

$            123

$        2,132

$      304

2,740

Tax expense on Earnings from Continuing Operations (d)

659

Earnings from Continuing Operations

$    2,081

Diluted Earnings per Share from Continuing Operations

$      1.16

The table above provides additional details regarding the specified items described on tables titled “Non-GAAP Reconciliation of Financial Information From Continuing Operations.”

a)

Acquisition-related expenses include integration costs, which represent incremental costs directly related to integrating the acquired businesses and include expenditures for retention, severance, and the integration of systems, processes and business activities.

b)

Restructuring and cost reduction initiative expenses include severance, outplacement, and other direct costs associated with specific restructuring plans and cost reduction initiatives. Restructuring and cost reduction plans consist of distinct initiatives to streamline operations including the consolidation and rationalization of business activities and facilities, workforce reductions, the transfer of product lines between manufacturing facilities, and the transfer of other business activities between sites.

c)

Other primarily relates to impairment charges related to certain assets and the costs to acquire R&D assets, partially offset by income from the settlement of litigation.

d)

Reflects the net tax benefit associated with the specified items, the resolution of prior years’ tax positions and excess tax benefits associated with share-based compensation.

 

Abbott Laboratories and Subsidiaries

Details of Specified Items

Year Ended December 31, 2019

(in millions, except per share data)

(unaudited)

Acquisition or
Divestiture-
related (a)

Restructuring and
Cost Reduction
Initiatives (b)

Intangible
Amortization

Other (c)

Total
Specifieds

Gross Margin

$            103

$                    101

$       1,936

$        —

$    2,140

R&D

(38)

(44)

—

(116)

(198)

SG&A

(153)

(70)

—

(17)

(240)

Debt extinguishment costs

—

—

—

(63)

(63)

Other (income) expense, net

(15)

—

—

(22)

(37)

Earnings from Continuing Operations before taxes

$            309

$                    215

$       1,936

$     218

2,678

Tax expense on Earnings from Continuing Operations (d)

555

Earnings from Continuing Operations

$    2,123

Diluted Earnings per Share from Continuing Operations

$      1.18

The table above provides additional details regarding the specified items described on tables titled “Non-GAAP Reconciliation of Financial Information From Continuing Operations.”

a)

Acquisition-related expenses include costs for tax and other services related to business acquisitions, integration costs which represent incremental costs directly related to integrating the acquired businesses and include expenditures for retention, severance, and the integration of systems, processes and business activities, and fair value adjustments to contingent consideration related to a business acquisition.

b)

Restructuring and cost reduction initiative expenses include severance, outplacement, asset impairments, and other direct costs associated with specific restructuring plans and cost reduction initiatives. Restructuring and cost reduction plans consist of distinct initiatives to streamline operations including the consolidation and rationalization of business activities and facilities, workforce reductions, the transfer of product lines between manufacturing facilities, and the transfer of other business activities between sites.

c)

Other primarily relates to the acquisition of R&D assets, costs associated with the early extinguishment of debt, charges related to the impairment of certain assets, and expenses related to certain litigation settlements.

d)

Reflects the net tax benefit associated with the specified items, a reduction in the transition tax associated with the TCJA and excess tax benefits associated with share-based compensation.

 

Cision View original content:http://www.prnewswire.com/news-releases/abbott-reports-fourth-quarter-2020-results-issues-strong-double-digit-growth-forecast-for-2021-301216123.html

SOURCE Abbott

Posted on

Fidelity Investments Canada ULC announces fee waivers on several ETF and mutual fund offerings

Canada NewsWire

TORONTO, Jan. 27, 2021 /CNW/ – Fidelity Investments Canada ULC announced today that it is temporarily waiving a portion of the management fees on several of its ETFs and mutual funds (collectively, “Fidelity Funds”). The management fee waivers for these funds, as listed below, will be effective on or around February 8, 2021.

The ETFs and mutual funds affected by the temporary waivers are as follows:


ETF


Ticker


Current
Management
Fees


New
Management
Fee After
Waiver

Fidelity Canadian Monthly High Income ETF

FCMI

0.50%

0.40%

Fidelity Canadian Momentum Index ETF

FCCM

0.35%

0.10%

Fidelity Canadian Value Index ETF

FCCV

0.35%

0.10%

Fidelity Global Monthly High Income ETF

FCGI

0.55%

0.45%

Fidelity International Momentum Index ETF

FCIM

0.45%

0.20%

Fidelity U.S. Momentum Currency Neutral Index ETF

FCMH

0.38%

0.10%

Fidelity U.S. Momentum Index ETF

FCMO

0.35%

0.10%

Fidelity U.S Value Currency Neutral Index ETF

FCVH

0.38%

0.10%

Fidelity U.S. Value Index ETF

FCUV

0.35%

0.10%

 


Mutual Fund


Series


Current
Management
Fees


New
Management
Fee After
Waiver

Fidelity Canadian Monthly High Income ETF Fund

B

1.50%

1.40%

Fidelity Canadian Monthly High Income ETF Fund

F

0.50%

0.40%

Fidelity Global Monthly High Income ETF Fund

B

1.55%

1.45%

Fidelity Global Monthly High Income ETF Fund

F

0.55%

0.45%

The above waivers will result in a reduction in the management expense ratios (“MER”) of the Fidelity Funds going forward. Such waivers may terminate at any time without notice, at Fidelity’s sole discretion.

Additional information about the Fidelity Funds, including the prospectus and Fund Facts and ETF Facts, can be found at www.fidelity.ca.

Investors are encouraged to speak with their financial advisor about these changes and to review their options. For account information, Fidelity’s client services team can be reached between 8 a.m. and 8 p.m. EDT at 1-800-263-4077 (toll-free).

About Fidelity Investments Canada ULC
At Fidelity, our mission is to build a better future for Canadian investors and help them stay ahead. We offer investors and institutions a range of innovative and trusted investment portfolios to help them reach their financial and life goals.

As a privately-owned company, our people and world class resources are committed to doing what is right for investors and their long-term success. Our clients have entrusted us with $176 billion in assets under management (as at January 18, 2021) and they include individuals, financial advisors, pension plans, endowments, foundations and more.

We are proud to provide investors a full range of investment solutions through mutual funds and exchange-traded funds, including domestic, international and global equity, income-oriented strategies, asset allocation solutions, managed portfolios, sustainable investing and our high net worth program. Fidelity Funds are available through a number of advice-based distribution channels including financial planners, investment dealers, banks, and insurance companies.

Read a fund’s prospectus and consult your financial advisor before investing. Exchange-traded funds are not guaranteed; their values change frequently and past performance may not be repeated. Commissions, management fees, brokerage fees and expenses may all be associated with investments in exchange-traded funds and investors and may experience a gain or loss.

Find us on social media @FidelityCanada

SOURCE Fidelity Investments Canada ULC

Posted on

Q BioMed’s Uttroside-B Receives U.S. FDA Orphan Drug Designation in the Treatment of Liver Cancer

PR Newswire

NEW YORK, Jan. 27, 2021 /PRNewswire/ — Q BioMed Inc. (OTCQB: QBIO), announced today that the U.S. Food and Drug Administration’s Office of Orphan Products Development has granted Orphan Drug Designation to Uttroside-B, a small molecule chemotherapeutic for the treatment of hepatocellular carcinoma (HCC), the most common form of liver cancer. In preclinical studies, Uttroside-B was up to 10-times more potent against HCC cells than Sorafinib, the standard of care drug at the time.

As an Orphan Drug, Uttroside-B may benefit from a seven-year market exclusively following marketing approval, grant funding for clinical trials that contribute to marketing approval, protocol assistance, and tax credits. Preclinical testing is now underway to support an FDA Investigational New Drug (IND) application expected this year.  

Q BioMed has the exclusive rights to the technology through an agreement with the Rajiv Gandhi Centre for Biotechnology, an autonomous Institute under the Department of Biotechnology, Government of India and the Oklahoma Medical Research Foundation.

“Orphan Drug Designation gives our Uttroside-B program a substantial boost, and we expect it will significantly accelerate development and reduce costs. We are pleased that the FDA recognizes the urgent need for effective treatments for HCC, and that the agency sees the potential of Uttroside-B to address this difficult to treat cancer,” stated Q BioMed CEO Denis Corin.

With very limited approved first-line pharmaceutical therapies for HCC available today, challenges include drug resistance, adverse side effects, and high costs. An estimated 700,000 people are diagnosed with HCC each year, with the global market for liver cancer drugs expected to grow to $3.9 billion by 2027.

About Q BioMed Inc.

Q BioMed Inc. is a biotech acceleration and commercial stage company focused on licensing and acquiring undervalued biomedical assets in the healthcare sector. Q BioMed is dedicated to providing these target assets the strategic resources, developmental support, and expansion capital needed to ensure they meet their developmental potential, enabling them to provide products to patients in need‏.

Please visit http://www.QBioMed.com and sign up for regular updates.

Forward-Looking Statements:

This press release may contain “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. Such statements include, but are not limited to, any statements relating to our growth strategy and product development programs and any other statements that are not historical facts. Forward-looking statements are based on management’s current expectations and are subject to risks and uncertainties that could negatively affect our business, operating results, financial condition and stock price. Factors that could cause actual results to differ materially from those currently anticipated are: risks related to our growth strategy; risks relating to the results of research and development activities; our ability to obtain, perform under, and maintain financing and strategic agreements and relationships; uncertainties relating to preclinical and clinical testing; our dependence on third-party suppliers; our ability to attract, integrate, and retain key personnel; the early stage of products under development; our need for substantial additional funds; government regulation; patent and intellectual property matters; competition; as well as other risks described in our SEC filings. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions, or circumstances on which any such statement is based, except as required by law.

Q BioMed Media Contact:

Denis Corin

CEO

Investor Relations:
Keith Pinder
+1(404) 995-6671
[email protected]

 

Cision View original content:http://www.prnewswire.com/news-releases/q-biomeds-uttroside-b-receives-us-fda-orphan-drug-designation-in-the-treatment-of-liver-cancer-301215876.html

SOURCE Q BioMed Inc.

Posted on

Rollins, Inc. Reports Fourth Quarter and Full Year 2020 Financial Results

PR Newswire

ATLANTA, Jan. 27, 2021 /PRNewswire/ — 

  • Total revenue increased 6.0% for the quarter and 7.2% for full year
  • Residential revenues increased 11.0% for the quarter 13.3% for full year
  • Earnings Per Share of $0.13 for the fourth quarter and $0.53 full year 2020

Rollins, Inc. (NYSE:ROL), a premier global consumer and commercial services company, reported strong unaudited financial results for its fourth quarter and year ended December 31, 2020.

The Company recorded fourth quarter revenues of $536.3 million, an increase of 6.0% over the prior year’s fourth quarter revenue of $506.0 million.  Rollins’ reported net income of $62.6 million or $0.13 per diluted share for the fourth quarter ended December 31, 2020, compared to $50.8 million or $0.10 per diluted share for the same period in 2019. 

All shares and per share data have been adjusted to reflect the 3-for-2 stock split effective December 10, 2020.

For the full year ended December 31, 2020, Rollins’ revenues rose 7.2% to $2.161 billion compared to $2.015 billion for the prior year.  The Company reported net income of $260.8 million or $0.53 per diluted share compared to $203.3 million or $0.41 per diluted share for the same period last year.  Net income for the full year 2020 was negatively impacted by the one-time non-cash accelerated stock vesting of $6.7 million.  Adjusted net income* for the full year 2020 was $267.5 million or $0.54 per diluted share, compared to adjusted net income* of $229.9 million or $0.47 per diluted share for the same period last year.

Gary W. Rollins, Chairman and Chief Executive Officer of Rollins, Inc. stated, “We are very proud of our results, and our employees and their commitment to customer service. Although 2020 brought many difficult circumstances related to COVID, we benefitted from our residential pest control demand and our previous technology investments.”

Rollins, Inc. is a premier global consumer and commercial services company.  Through its family of leading brands, Orkin, HomeTeam Pest Defense, Clark Pest Control, Orkin Canada, Western Pest Services, Northwest Exterminating, Critter Control, The Industrial Fumigant Company, Trutech, Orkin Australia, Waltham Services, OPC Services, PermaTreat, Rollins UK, Aardwolf Pestkare, and Crane Pest Control, the Company provides essential pest control services and protection against termite damage, rodents and insects to more than two million customers in North America, South America, Europe, Asia, Africa, and Australia from more than 700 locations. You can learn more about Rollins and its subsidiaries by visiting our web sites at www.orkin.com, www.pestdefense.com, www.clarkpest.com, www.orkincanada.ca, www.westernpest.com, www.callnorthwest.com,  www.crittercontrol.com, www.indfumco.com, www.trutechinc.com, www.orkinau.com, www.walthamservices.com, www.opcpest.com, www.permatreat.com, www.safeguardpestcontrol.co.uk, www.aardwolfpestkare.com,  www.cranepestcontrol.com and www.rollins.com. You can also find this and other news releases at www.rollins.com by accessing the news releases button.

*Adjusted amounts presented in this release are non-GAAP financial measures. See the appendix to this release for a discussion of non-GAAP financial metrics including a reconciliation of the most closely correlated GAAP measure.


CAUTION CONCERNING FORWARD-LOOKING STATEMENTS This release contains statements that may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995.  The actual results of the Company could differ materially from those indicated because of various risks and uncertainties, including without limitation, the extent and duration of the coronavirus (COVID-19) pandemic and its potential impact on the financial health of the Company’s business partners, customers, supply chains and suppliers, global economic conditions and capital and financial markets, changes in consumer behavior and demand, the potential unavailability of personnel or key facilities, modifications to the Company’s operations, and the potential implementation of regulatory actions; economic and competitive conditions which may adversely affect the Company’s business; the degree of success of the Company’s pest and termite process, and pest control selling and treatment methods; the Company’s ability to identify and integrate potential acquisitions; climate and weather trends; competitive factors and pricing practices; the Company’s ability to attract and retain skilled workers, and potential increases in labor costs; uncertainties of litigation; the results of the SEC’s investigation of the Company; and changes in various government laws and regulations, including environmental regulations. All of the foregoing risks and uncertainties are beyond the ability of the Company to control, and in many cases the Company cannot predict the risks and uncertainties that could cause its actual results to differ materially from those indicated. A more detailed discussion of potential risks facing the Company can be found in the Company’s Report on Form 10-K filed with the Securities and Exchange Commission for the year ended December 31, 2019 and the Company’s Report on Form 10-Q filed with the Securities and Exchange Commission for the quarters ended March 31, 2020, June 30, 2020 and September 30, 2020.

ROL-Fin


ROLLINS, INC. AND SUBSIDIARIES


CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(in thousands)


At December 31, (unaudited)


2020

2019


ASSETS

Cash and cash equivalents


$                  98,477

$                  94,276

Trade accounts receivables, net


126,337

122,766

Financed receivables, net 


23,716

22,267

Materials and supplies


30,843

19,476

Other current assets


35,404

51,002

Total Current Assets


314,777

309,787

Equipment and property, net


178,860

195,533

Goodwill 


650,794

572,847

Customer contracts, net


305,655

273,720

Trademarks and tradenames, net


104,644

102,539

Other intangible assets, net


10,045

10,525

Operating lease, right-of-use assets


212,342

200,727

Financed receivables, long-term, net


38,187

30,792

Benefit plan assets


1,198

21,565

Deferred income tax assets


2,222

2,180

Other assets


27,176

24,161


    Total Assets


$             1,845,900

$             1,744,376


LIABILITIES

Accounts payable


64,596

35,234

Accrued insurance, current


31,675

30,441

Accrued compensation and related liabilities


91,011

81,943

Unearned revenue


131,253

122,825

Operating lease liabilities, current


73,248

66,117

Current portion of long-term debt


17,188

12,500

Other current liabilities


64,540

60,975

Total Current Liabilities


473,511

410,035

Accrued insurance, less current portion


36,067

34,920

Operating lease liabilities, less current portion


140,897

135,651

Long-term debt


185,812

279,000

Deferred income tax liabilities


10,612

9,927

Long-term accrued liabilities


57,641

59,093

Total Liabilities


904,540

928,626


STOCKHOLDERS’ EQUITY

Common stock


491,612

491,146

Retained earnings and other equity


449,748

324,604

Total stockholders’ equity


941,360

815,750


Total Liabilities and Stockholders’ Equity


$             1,845,900

$             1,744,376

 


ROLLINS, INC. AND SUBSIDIARIES


CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(in thousands except per share data)

(unaudited)

Three Months Ended

Twelve Months Ended

December 31,

December 31,


2020

2019


2020

2019


REVENUES

Customer services


$     536,292

$   505,985


$   2,161,220

$  2,015,477


COSTS AND EXPENSES

Cost of services provided


266,344

254,284


1,048,592

993,593

Depreciation and amortization


22,403

22,606


88,329

81,111

Sales, general and administrative


159,086

154,795


656,207

623,379

Accelerated stock vesting expense


–

–


6,691

–

Pension settlement loss


–

–


–

49,898

Loss / (gain) on sale of assets, net 


970

(175)


1,599

(581)

Interest expense, net


591

2,466


5,082

6,917


449,394

433,976


1,806,500

1,754,317


INCOME BEFORE INCOME TAXES


86,898

72,009


354,720

261,160


PROVISION FOR INCOME TAXES


24,279

21,244


93,896

57,813


NET INCOME


$      62,619

$     50,765


$      260,824

$     203,347


NET INCOME PER SHARE – BASIC AND DILUTED


$          0.13

$         0.10


$           0.53

$          0.41

Weighted average shares outstanding – basic and diluted


491,619

491,159


491,605

491,216

 

APPENDIX

Reconciliation of GAAP and non-GAAP Financial Measures

The Company has used the non-GAAP financial measures of adjusted net income and adjusted EPS in today’s earnings release.  These measures should not be considered in isolation or as a substitute for net income or other performance measures prepared in accordance with GAAP.

The Company uses adjusted net income and adjusted EPS as a measure of operating performance because it allows it to compare performance consistently over various periods without regard to the impact of the accelerated stock vesting expense and pension settlement losses.

A non-GAAP financial measure is a numerical measure of financial performance, financial position, or cash flows that either 1) excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable measure calculated and presented in accordance with GAAP in the statement of operations, balance sheet or statement of cash flows, or 2) includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable measure so calculated and presented.

Set forth below is a reconciliation of adjusted net income and adjusted EPS with net income, the most comparable GAAP measures.

(unaudited in thousands except EPS)

Twelve Months Ended

December 31,


2020

2019

Better/
(Worse)

%

Net Income


$  260,824

$  203,347

$    57,477

28.3

%

Accelerated Stock Vesting Expense


6,691

–

6,691

–

Pension Settlement Loss


–

49,898

(49,898)

–

Adjusted Income Taxes on Excluded Expenses


–

(23,315)

23,315

–

Adjusted Net Income


$267,515

$229,930

$37,585

16.3

%

Adjusted Net Income Per Share – Basic And Diluted


$        0.54

$        0.47

$        0.07

14.9

Weighted average participating shares
outstanding – basic and diluted


491,605

491,216

389

0.1

 

CONFERENCE CALL ANNOUNCEMENT

Rollins, Inc.

(NYSE: ROL)

Management will hold a conference call to discuss

Fourth Quarter 2020 results on



Wednesday, January 27, 2021 at:



10:00 a.m. Eastern


9:00 a.m. Central


8:00 a.m. Mountain


7:00 a.m. Pacific

TO PARTICIPATE: 
Please dial 877-407-9716 domestic;
201-493-6779 international
with conference ID of 13714448
at least 5 minutes before start time.

REPLAY: available through February 3, 2021
Please dial 844-512-2921 / 412-317-6671, Passcode 13714448
THIS CALL CAN ALSO BE ACCESSED THROUGH THE INTERNET AT

www.rollins.com

Questions?

Contact Samantha Alphonso at Financial Relations Board at 212-827-3746

Or email to [email protected]

For Further Information Contact
Eddie Northen, (404) 888-2242

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SOURCE Rollins, Inc.

Posted on

W. P. Carey Included in 2021 Bloomberg Gender-Equality Index

Inclusion Recognizes W. P. Carey for its Commitment to Gender Equality and Advancing Women in the Workplace

PR Newswire

NEW YORK, Jan. 27, 2021 /PRNewswire/ — W. P. Carey Inc. (NYSE: WPC), a leading net lease REIT specializing in corporate sale-leasebacks, build-to-suits and the acquisition of single-tenant net lease properties, today announced that it has been named to the 2021 Bloomberg Gender-Equality Index (“GEI”). W. P. Carey joins 380 companies across 11 sectors and 44 countries and regions as a leader in its commitment to transparency in gender reporting and advancing women’s equality in the workplace.

The GEI brings transparency to gender-related practices and policies at publicly listed companies, increasing the breadth of environmental, social and governance (“ESG”) data available to investors. The reference index measures gender equality across five pillars: female leadership and talent pipeline, equal pay and gender pay parity, inclusive culture, sexual harassment policies and pro-women brand. W. P. Carey was included in this year’s index for scoring at or above a global threshold established by Bloomberg to reflect a high level of disclosure and overall performance across the framework’s five pillars.

“The companies included in the 2021 GEI are expanding the ESG data universe to include gender-related data that investors are demanding today,” said Peter T. Grauer, Chairman of Bloomberg. “Their commitment to disclosure is making the business case for inclusion, and driving transparency in the markets.” 

In 2020, W. P. Carey took several notable actions to advance its diversity and inclusion efforts, including:

  • Launching a Diversity & Inclusion Advisory Committee to facilitate important conversations around diversity in the workplace
  • Signing the CEO Action Pledge for Diversity & Inclusion
  • Achieving recognition by Women on Boards as a “Winning” company for board diversity
  • Achieving 30% female representation on its Board of Directors


Jason Fox, Chief Executive Officer of W. P. Carey, said: “We are extremely proud to be included in Bloomberg’s 2021 Gender-Equality Index and recognized as a leader in advancing women in the workplace. Since our inception, we’ve strived to make W. P. Carey a place where women have the opportunity to learn, grow and become leaders within the company. Today’s announcement is an acknowledgement of the progress we have made thus far around diversity, equity and inclusion, but we also recognize there is still more work to be done. We look forward to building on our collective efforts and continuing to promote a culture of inclusion where all employees feel valued and supported.”

W. P. Carey Inc.

W. P. Carey ranks among the largest net lease REITs with an enterprise value of approximately $18 billion and a diversified portfolio of operationally-critical commercial real estate that includes 1,215 net lease properties covering approximately 142 million square feet as of September 30, 2020. For nearly five decades, the company has invested in high-quality single-tenant industrial, warehouse, office, retail and self-storage properties subject to long-term net leases with built-in rent escalators. Its portfolio is located primarily in the U.S. and Northern and Western Europe and is well-diversified by tenant, property type, geographic location and tenant industry.
www.wpcarey.com

W. P. Carey Inc. Contacts:

Press Contacts:

Guy Lawrence

Ross & Lawrence
+1 212-308-3333
[email protected] 

Anna McGrath

W. P. Carey Inc.
+1 212-492-1166 
[email protected]

Institutional Investors:

Peter Sands

+1 212-492-1110
[email protected]

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/w-p-carey-included-in-2021-bloomberg-gender-equality-index-301215692.html

SOURCE W. P. Carey Inc.

Posted on

Ascendant Resources Initiates Phase 2 Exploration Drilling Program in the Copper-Rich South Zone at Lagoa Salgada

  • Following highly successful Phase I program, drilling is expected to continue to significantly expand resources in the south zone

TORONTO, Jan. 27, 2021 (GLOBE NEWSWIRE) — Ascendant Resources Inc. (TSX: ASND) (“Ascendant” or the “Company”) is pleased to announce the start of its Phase 2 drilling program in the South Zone at the Lagoa Salgada project located on the Iberian Pyrite Belt in Portugal. The Phase 2 program consists of 1,400m of drilling and downhole IP surveys and follows the very successful recently completed Phase 1 program. The continued objective of the program is to significantly increase and upgrade resources at the copper-rich South Zone, building upon the strong drill results highlighted in the Company’s press release on January 13, 2021. The increased resources are expected to build upon Phase 1 drilling and the existing 2.47Mt of Measured and Indicated resource and 6.09Mt of Inferred resource delineated in the South Zone as highlighted in the Company’s NI 43-101 Mineral Resource Estimate, dated November 5, 2019.

The South Zone remains open along strike and at depth according to geological data collected during the Company’s previous exploration activities. Indications are that the mineralization is expanding southward where the Company’s next drill targets in this program are planned. Figure 1 highlights the completed and planned drill holes. The 1,400m of drilling in Phase 2 aims to better define this high-grade copper-rich zone on the Lagoa Salgada South Zone Resource, and in particular the LS_ST_23 drill hole defined by 5 main corridors of high-grade, strong stockwork mineralization.

Chris Buncic, President & CEO of Ascendant stated, “We are excited to continue our exploration activities in the South Zone where we hope to significantly grow copper and copper equivalent tonnage and grade. The results of Phase 1 drilling in the South Zone suggests that we are approaching a more intense system of stockwork and massive sulfide mineralization, which was also predicted by our geophysics program. The Phase 2 program should advance us a long way along the path of growing this copper rich resource.”

Figure 1: South Zone planned exploration program

https://www.globenewswire.com/NewsRoom/AttachmentNg/46c71d72-1384-4313-8d07-70908bcd1c92

Technical Disclosure/Qualified Person

All technical information contained herein has been reviewed and approved by Robert A. Campbell, M.Sc, P.Geo, an officer and director of the Company. Mr. Campbell is a “qualified person” within the meaning of NI 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).

About Ascendant Resources Inc.

Ascendant Resources Inc. is a Toronto-based mining company focused on the exploration and development of the highly prospective Lagoa Salgada VMS project located on the prolific Iberian Pyrite Belt in Portugal. Through focused exploration and aggressive development plans, the Company aims to unlock the inherent potential of the project, maximizing value creation for shareholders.

Lagoa Salgada contains over 12.8 million tonnes of M&I Resources and over 10.3 million tonnes in Inferred Resources and demonstrates typical mineralization characteristics of Iberian Pyrite Belt VMS deposits containing zinc, copper, lead, tin, silver and gold. Extensive exploration upside potential lies both near deposit and at prospective step-out targets across the large 10,700ha property concession. The project also demonstrates compelling economics with scalability for future resource growth in the results of the Preliminary Economic Assessment completed in 2020. Located just 80km from Lisbon, Lagoa Salgada is easily accessible by road and surrounded by exceptional Infrastructure. Ascendant holds a 21.25% interest in the Lagoa Salgada project through its 25% position in Redcorp – Empreendimentos Mineiros, Lda, (“Redcorp”) and has an earn-in opportunity to increase its interest in the project to 80%. Mineral & Financial Investments Limited owns the additional 75% of Redcorp. The remaining 15% of the project is held by Empresa de Desenvolvimento Mineiro, S.A. (EDM), a Portuguese Government owned company supporting the strategic development of the country’s mining sector. The Company’s interest in the Lagoa Salgada project offers a low-cost entry to a potentially significant exploration and development opportunity, already demonstrating its mineable scale.

Ascendant Resources is also engaged in the ongoing evaluation of producing and development stage mineral resource opportunities. The Corporation’s common shares are principally listed on the Toronto Stock Exchange under the symbol “ASND”. For more information on Ascendant Resources, please visit our website at www.ascendantresources.com.

Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.

For further information please contact:

Katherine Pryde
Communications & Investor Relations
Tel: 888-723-7413
[email protected]


Forward Looking Information

This news release contains “forward-looking statements” and “forward-looking information” (collectively, “forward-looking information”) within the meaning of applicable Canadian securities legislation. All information contained in this news release, other than statements of current and historical fact, is forward-looking information. Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “expects”, “budget”, “guidance”, “scheduled”, “estimates”, “forecasts”, “strategy”, “target”, “intends”, “objective”, “goal”, “understands”, “anticipates” and “believes” (and variations of these or similar words) and statements that certain actions, events or results “may”, “could”, “would”, “should”, “might” “occur” or “be achieved” or “will be taken” (and variations of these or similar expressions). Forward-looking information is also identifiable in statements of currently occurring matters which may continue in the future, such as “providing the Company with”, “is currently”, “allows/allowing for”, “will advance” or “continues to” or other statements that may be stated in the present tense with future implications. All of the forward-looking information in this news release is qualified by this cautionary note.

Forward-looking information in this news release includes, but is not limited to, statements regarding the exploration activities and the results of such activities at the Lagoa Salgada Project, the ability of the Company to advance the Lagoa Salgada Project to a Preliminary Economic Assessment, and the ability of the Company to fund the exploration with funds from operations. Forward-looking information is based on, among other things, opinions, assumptions, estimates and analyses that, while considered reasonable by Ascendant at the date the forward-looking information is provided, inherently are subject to significant risks, uncertainties, contingencies and other factors that may cause actual results and events to be materially different from those expressed or implied by the forward-looking information. The material factors or assumptions that Ascendant identified and were applied by Ascendant in drawing conclusions or making forecasts or projections set out in the forward-looking information include, but are not limited to, the success of the exploration activities at Lagoa Salgada Project, the Company advancing the project to a Preliminary Economic Assessment, the ability of the Company to fund the exploration program at Lagoa Salgada with funds from operations , and other events that may affect Ascendant’s ability to develop its project; and no significant and continuing adverse changes in general economic conditions or conditions in the financial markets.

The risks, uncertainties, contingencies and other factors that may cause actual results to differ materially from those expressed or implied by the forward-looking information may include, but are not limited to, risks generally associated with the mining industry, such as economic factors (including future commodity prices, currency fluctuations, energy prices and general cost escalation), uncertainties related to the development and operation of Ascendant’s projects, dependence on key personnel and employee and union relations, risks related to political or social unrest or change, rights and title claims, operational risks and hazards, including unanticipated environmental, industrial and geological events and developments and the inability to insure against all risks, failure of plant, equipment, processes, transportation and other infrastructure to operate as anticipated, compliance with government and environmental regulations, including permitting requirements and anti-bribery legislation, volatile financial markets that may affect Ascendant’s ability to obtain additional financing on acceptable terms, the failure to obtain required approvals or clearances from government authorities on a timely basis, uncertainties related to the geology, continuity, grade and estimates of mineral reserves and resources, and the potential for variations in grade and recovery rates, uncertain costs of reclamation activities, tax refunds, hedging transactions, as well as the risks discussed in Ascendant’s most recent Annual Information Form on file with the Canadian provincial securities regulatory authorities and available at

www.sedar.com

.

Should one or more risk, uncertainty, contingency, or other factor materialize, or should any factor or assumption prove incorrect, actual results could vary materially from those expressed or implied in the forward-looking information. Accordingly, the reader should not place undue reliance on forward-looking information. Ascendant does not assume any obligation to update or revise any forward-looking information after the date of this news release or to explain any material difference between subsequent actual events and any forward-looking information, except as required by applicable law.