Market Newsdesk

November 16, 2020 4:08 pm

FCPT Announces Acquisition of a Caliber Collision Property for $3.3 million

FCPT Announces Acquisition of a Caliber Collision Property for $3.3 million

MILL VALLEY, Calif.–(BUSINESS WIRE)–
Four Corners Property Trust (NYSE:FCPT), a real estate investment trust primarily engaged in the ownership of high-quality, net-leased restaurant properties (“FCPT” or the “Company”), is pleased to announce the acquisition of a Caliber Collision property for $3.3 million. The property is newly constructed and located in a strong retail corridor in a highly trafficked corridor in Indiana and is operated under a triple net lease to the brand’s corporate entity with approximately 15 years of term remaining. The transaction was priced at a cap rate in range with previous FCPT transactions.

About FCPT

FCPT, headquartered in Mill Valley, CA, is a real estate investment trust primarily engaged in the acquisition and leasing of restaurant properties. The Company seeks to grow its portfolio by acquiring additional real estate to lease, on a net basis, for use in the restaurant and retail industries. Additional information about FCPT can be found on the website at www.fcpt.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201116005999/en/

Four Corners Property Trust:

Bill Lenehan, 415-965-8031

CEO

Gerry Morgan, 415-965-8032

CFO

KEYWORDS: California Indiana United States North America

INDUSTRY KEYWORDS: Retail Automotive General Automotive Commercial Building & Real Estate Specialty Construction & Property REIT

MEDIA:

November 16, 2020 4:08 pm

Cinedigm Reports Second Quarter Fiscal 2021 Earnings (Quarter Ending September 30, 2020)

Cinedigm Reports Second Quarter Fiscal 2021 Earnings (Quarter Ending September 30, 2020)

Total Quarterly Revenues of $7.2 million with OTT Channel Streaming Revenues Up 47% and Ad-Supported OTT Revenues Up 45% Versus Prior Year Quarter

Total Monthly Ad-Supported Viewers Now at 15.2 Million, Up 238% Versus Prior Year

LOS ANGELES–(BUSINESS WIRE)–
Cinedigm Corp. (NASDAQ: CIDM) today announced its financial results for the three month period ended September 30, 2020.

Key Financial Results:

Consolidated revenues were $7.2 million, with OTT Channel streaming up 47% versus prior year quarter
Transactional Video-On-Demand (TVOD) and Ad-Based Video-On-Demand (AVOD) Digital Sales increased 27% year-over-year, driven by partners such as Amazon, with 78% growth
Ad-supported streaming revenues increased 44% over first quarter of this fiscal year and 45% over the prior year quarter despite COVID-19 impacts on the overall advertising market
OTT Streaming & Digital and Content Distribution Adjusted EBITDA for the three month period ending September 30, 2020 increased 3% versus the three month period ending September 30, 2019 and increased by $2.3 million, or 72%, versus the six month period ending September 30, 2019.
Total Debt reduced by $20.9 million, or 40%, versus prior year, including conversion of $15 million of convertible notes to equity at $1.50 per share

Key Business Highlights During Q2 FY2021 (Quarter ended September 30, 2020)

Further strengthened balance sheet with common stock issuance on July 20, 2020 for gross proceeds of $10.8 million
Launched hundreds of movies, TV episodes and three streaming channels on NBCUniversal’s Peacock digital streaming platform
Announced partnership with Fantawild, China’s largest theme park operator and top producer of children’s animation in Asia, to launch a new global streaming service and distribute Fantawild’s animated content outside of China
Announced partnership with Bloody Disgusting, the most popular media brand in horror, to launch a new horror streaming network that premiered for the Halloween season
Announced partnership with TwentyOne14 Media to launch a new, urban multi-cultural entertainment and lifestyle network
Partnered with Rad (formerly Littlstar) to distribute Cinedigm’s portfolio of streaming channels. Rad is the leading provider of streaming content to the gaming ecosystem, where it reaches over 110 million Sony PlayStation consoles and hundreds of millions of other streaming devices including Android TVs, mobile devices, and many more
Cinedigm’s device streaming footprint now approaching 900 million global devices

Key Business Highlights Subsequent to Quarter End:

Revenues from the Company’s ad-supported streaming channels grew 29% from September to October 2020, setting a new Cinedigm record. Year-over-year, October revenues were up more than 148%, also a record
Cinedigm Networks paid subscriber count surged 45% to 142,000 in last 6 months
Flagship streaming channel CONtv subscribers increased 78% since April 1st
Reached 15.2 million monthly viewers in October for year-over-year growth of 238%
Cinedigm agreed to acquire The Film Detective, a leading streaming content company for classic film and television programming. The acquisition will add The Film Detective’s library, comprised of 3,000 content titles, an estimated 10,000 individual film and TV episodes and two streaming networks(The Film Detective and Lonestar channels) to Cinedigm’s expansive portfolio of streaming channels and content

Launched the popular The Bob Ross Channel on Viacom’s streaming television service, Pluto TV

Expanded OTT channel portfolio to 25 channels either launched or under contract versus nine channels a year ago.

“We made strong progress in this seasonally slow quarter as streaming revenues continued to accelerate behind additional channel launches, platform/device expansion and enhanced digital sales, particularly TVOD,” said Chris McGurk, Cinedigm’s Chairman and CEO. “With several more channels teed up to launch, a strong recovery in the advertising market and continued demand by all the streaming platforms for digital content, we expect this growth to accelerate into our fiscal third quarter as we drive toward sustained profitability. We are also particularly pleased about The Film Detective acquisition, which will add almost 10,000 titles/episodes and 2 streaming channels to our portfolio of streaming assets. As the streaming business continues to consolidate, we believe Cinedigm is in a unique position to roll-up additional profitable and accretive streaming assets like The Film Detective that can immediately generate significant added revenue growth and profits from our Matchpoint technology, distribution muscle, content and OTT infrastructure.”

Gary Loffredo, Chief Operating Officer and General Counsel, added, “We made great progress this quarter by further strengthening our balance sheet, adding $10.8 million in cash through an equity offering and reducing our debt by another $15 million by converting convertible notes to equity at $1.50 per share. We plan to continue to pursue further opportunities to reduce the remaining debt on our balance sheet over the remainder of this year, reducing interest expense and facilitating our drive to sustained profitability. Based on sales activity to date, we also expect continued strong results next quarter.”

Fiscal Second Quarter Financial Summary (comparing the three months ended September 30, 2020 to the three months ended September 30, 2019)

Revenue was $7.2 million, a decrease of 30% compared to $10.2 million in the prior year period, due to the expected decline in the legacy Cinema Equipment business and the negative impact of COVID-19 on theatrical revenues and temporary DVD warehousing and distribution center shutdowns due to the impact of COVID-19. This was partially offset by growth in OTT / streaming revenues. OTT AVOD Channel revenues increased 45% versus last year and 44% versus the prior quarter ending June 30, 2020.

The Company reported a consolidated net loss of $26.6 million for the second quarter of fiscal year 2021. Excluding the unrealized change in fair value of our equity investment in Starrise Media Holdings Limited, the operating net loss was $6.8 million, or $.06 per share, driven in large part by the loss of theatrical revenues in the legacy Cinema Equipment business due to COVID-19 impacts.

For the second quarter of fiscal year 2021, consolidated adjusted EBITDA was negative $1.1 million, compared to $1.4 million in the year-ago period. This decrease was primarily due to the expected decline of our legacy Cinema Equipment business and the negative impact of COVID-19 on theatrical revenues and temporary DVD warehousing and distribution center shutdowns due to the impact of COVID-19. Content & Entertainment Adjusted EBITDA of negative $0.9 million was $2.3 million better than the prior year to date, a 72% increase.

As of September 30, 2020, the Company had cash and cash equivalents of $16.5 million compared to $14.3 million as of March 31, 2020, the end of our last fiscal year. We completed an equity raise with common stock for gross proceeds of $10.8 million during the quarter.

Total debt was reduced by $20.9 million, or 40%, versus September 30, 2019, compared to March 31, 2019 total debt was reduced by $34.5 million or 53%.

Conference Call

Cinedigm will host a conference call to discuss its financial results at 1:30 pm PT / 4:30 pm ET on November 16, 2020.

To participate in the conference call, please dial (877) 407-9124 or for international callers (201) 689-8584 at least five minutes prior to the start of the call. No passcode is required. An audio webcast is available directly at the following link https://www.webcaster4.com/Webcast/Page/2478/38588 and will also be accessible at http://investor.cinedigm.com/events.cfm. To listen to the live webcast, please visit the site prior to the start of the call-in order to register, download and install any necessary audio software.

For those unable to participate during the live broadcast, a replay will be available by dialing (877) 481-4010 (U.S.) or (919) 882-2331 (International) and use passcode: 38588

Adjusted EBITDA is defined by the Company for the periods presented to be earnings before interest, taxes, depreciation and amortization, other income, net, goodwill impairment, litigation related expenses and recoveries, stock-based compensation, expenses, restructuring, transition and acquisitions expenses, net, and certain other items. Pursuant to the requirements of Regulation G, the Company has provided a reconciliation in the tables attached to this release of loss from continuing operations calculated in accordance with accounting principles generally accepted in the United States of America (“GAAP”) to Adjusted EBITDA. Adjusted EBITDA is not a measurement of financial performance under GAAP and may not be comparable to other similarly titled measures of other companies. The Company calculated and communicated Adjusted EBITDA in the tables because the Company’s management believes it is of importance to investors and lenders by providing additional information with respect to the performance of its fundamental business activities. Management presents Adjusted EBITDA because it believes that Adjusted EBITDA is a useful supplement to net loss as an indicator of operating performance. Management also believes that Adjusted EBITDA is an industry-wide financial measure that is useful both to management and investors when evaluating the Company’s performance and comparing our performance with the performance of our competitors. Management also uses adjusted EBITDA for planning purposes, as well as to evaluate the Company’s performance because it believes that adjusted EBITDA more accurately reflects the Company’s results, as it excludes certain items, such as stock-based compensation charges, that management believes are not indicative of the Company’s operating performance. The Company believes that Adjusted EBITDA is a performance measure and not a liquidity measure. Adjusted EBITDA should not be considered as an alternative to operating or net loss as an indicator of performance or as an alternative to cash flows from operating activities as an indicator of cash flows, in each case as determined in accordance with GAAP, or as a measure of liquidity. In addition, adjusted EBITDA does not take into account changes in certain assets and liabilities as well as interest and Adjusted EBITDA is defined by the Company for the periods presented to be earnings before interest, taxes, depreciation and amortization, other income, net, goodwill impairment, litigation related expenses and recoveries, stock-based compensation, expenses, restructuring, transition and acquisitions expenses, net, and certain other items. Pursuant to the requirements of Regulation G, the Company has provided a reconciliation in the tables attached to this release of loss from continuing operations calculated in accordance with accounting principles generally accepted in the United States of America (“GAAP”) to Adjusted EBITDA. Adjusted EBITDA is not a measurement of financial performance under GAAP and may not be comparable to other similarly titled measures of other companies. The Company calculated and communicated Adjusted EBITDA in the tables because the Company’s management believes it is of importance to investors and lenders by providing additional information with respect to the performance of its fundamental business activities. Management presents Adjusted EBITDA because it believes that Adjusted EBITDA is a useful supplement to net loss as an indicator of operating performance. Management also believes that Adjusted EBITDA is an industry-wide financial measure that is useful both to management and investors when evaluating the Company’s performance and comparing our performance with the performance of our competitors. Management also uses adjusted EBITDA for planning purposes, as well as to evaluate the Company’s performance because it believes that adjusted EBITDA more accurately reflects the Company’s results, as it excludes certain items, such as stock-based compensation charges, that management believes are not indicative of the Company’s operating performance. The Company believes that Adjusted EBITDA is a performance measure and not a liquidity measure. Adjusted EBITDA should not be considered as an alternative to operating or net loss as an indicator of performance or as an alternative to cash flows from operating activities as an indicator of cash flows, in each case as determined in accordance with GAAP, or as a measure of liquidity. In addition, adjusted EBITDA does not take into account changes in certain assets and liabilities as well as interest and income taxes that can affect cash flows. The Company’s calculation of Adjusted EBITDA may or may not be consistent with the calculation of this measure by other companies in the same industry. Investors should not view Adjusted EBITDA as an alternative to the GAAP operating measure of net income (loss). In addition, Adjusted EBITDA does not take into account changes in certain assets and liabilities as well as interest and income taxes that can affect cash flows. Management does not intend the presentation of these non-GAAP measures to be considered in isolation or as a substitute for results prepared in accordance with GAAP. These non-GAAP measures should be read only in conjunction with the Company’s consolidated financial statements prepared in accordance with GAAP income taxes that can affect cash flows. The Company’s calculation of Adjusted EBITDA may or may not be consistent with the calculation of this measure by other companies in the same industry. Investors should not view Adjusted EBITDA as an alternative to the GAAP operating measure of net income (loss). In addition, Adjusted EBITDA does not take into account changes in certain assets and liabilities as well as interest and income taxes that can affect cash flows. Management does not intend the presentation of these non-GAAP measures to be considered in isolation or as a substitute for results prepared in accordance with GAAP. These non-GAAP measures should be read only in conjunction with the Company’s consolidated financial statements prepared in accordance with GAAP.

About Cinedigm

Since inception, Cinedigm (NASDAQ: CIDM) has been a leader at the forefront of the digital transformation of content distribution. Adapting to the rapidly transforming business needs of today’s entertainment landscape, Cinedigm remains a change-centric player focused on providing content, channels and services to the world’s largest media, technology and retail companies. Cinedigm’s Content and Networks groups provide original and aggregated programming, channels and services that entertain consumers globally across hundreds of millions of devices. For more information, visit www.cinedigm.com.

Cinedigm uses, and will continue to use, its website, press releases, SEC filings, and various social media channels, including Twitter (https://twitter.com/cinedigm), LinkedIn https://www.linkedin.com/company/cinedigm/), Facebook (facebook.com/Cinedigm), StockTwits (https://stocktwits.com/CinedigmCorp) and the Company website (www.cinedigm.com) as additional means of disclosing public information to investors, the media and others interested in the Company. It is possible that certain information that the Company posts on its website, disseminated in press releases, SEC filings, and on social media could be deemed to be material information, and the Company encourages investors, the media and others interested in the Company to review the business and financial information that the Company posts on its website, disseminates in press releases, SEC filings and on the social media channels identified above, as such information could be deemed to be material information.

[CIDM-E]

Safe Harbor Statement

Investors and readers are cautioned that certain statements contained in this document, as well as some statements in periodic press releases and some oral statements of Cinedigm officials during presentations about Cinedigm, along with Cinedigm’s filings with the Securities and Exchange Commission, including Cinedigm’s registration statements, quarterly reports on Form 10-Q and annual report on Form 10-K, are “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Act”). Forward-looking statements include statements that are predictive in nature, which depend upon or refer to future events or conditions, which include words such as “expects,” “anticipates,” “intends,” “plans,” “could,” “might,” “believes,” “seeks,” “estimates” or similar expressions. In addition, any statements concerning future financial performance (including future revenues, earnings or growth rates), ongoing business strategies or prospects, and possible future actions, which may be provided by Cinedigm’s management, are also forward-looking statements as defined by the Act. Forward-looking statements are based on current expectations and projections about future events and are subject to various risks, uncertainties and assumptions about Cinedigm, its technology, economic and market factors and the industries in which Cinedigm does business, among other things. These statements are not guarantees of future performance and Cinedigm undertakes no specific obligation or intention to update these statements after the date of this release.

PART I – FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS (UNAUDITED)

CINEDIGM CORP. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except for share and per share data)

	September 30, 2020			March 31, 2020
ASSETS	(Unaudited)
Current assets
Cash and cash equivalents	$	16,503		$	14,294
Accounts receivable, net	23,245			34,785
Inventory, net	242			582
Unbilled revenue	2,228			1,992
Prepaid and other current assets	9,380			9,409
Total current assets	51,598			61,062
Restricted cash	1,000			1,000
Equity investment in Starrise, a related party, at fair value	14,468			23,433
Property and equipment, net	5,118			7,967
Right-of-use assets	169			1,210
Intangible assets, net	5,743			6,924
Goodwill	8,701			8,701
Other long-term assets	5			143
Total assets	$	86,802		$	110,440
LIABILITIES AND DEFICIT
Current liabilities
Accounts payable and accrued expenses	$	57,265		$	77,085
Current portion of notes payable, including unamortized debt discount of $— and $460 respectively	16,643			37,249
Current portion of notes payable, non-recourse including unamortized debt discount of $358 and $763, respectively	11,749			11,442
Operating lease liabilities	135			593
Current portion of deferred revenue	1,750			1,645
Total current liabilities	87,542			128,014
Notes payable	2,152			—
Operating lease liabilities, noncurrent	34			684
Deferred revenue, net of current portion	60			919
Other long-term liabilities	8			110
Total liabilities	89,796			129,727

Stockholders’ deficit
Preferred stock, 15,000,000 shares authorized; Series A 10% – $0.001 par value per share; 20 shares authorized; and 7 shares issued and outstanding at September 30, 2020 and March 31, 2020. Liquidation preference of $3,648	3,559			3,559
Common stock, $0.001 par value; Class A stock 200,000,000 shares authorized at September 30, 2020 and March 31, 2020; 123,041,378 and 63,251,429 shares issued and 121,727,542 and 61,937,593 shares outstanding at September 30, 2020 and March 31, 2020, respectively	122			62
Additional paid-in capital	463,741			400,784
Treasury stock, at cost; 1,313,836 Class A common shares at September 30, 2020 and March 31, 2020	(11,603		)	(11,603		)
Accumulated deficit	(457,481		)	(410,904		)
Accumulated other comprehensive (loss) income	(18		)	92
Total stockholders’ deficit of Cinedigm Corp.	(1,680		)	(18,010		)
Deficit attributable to noncontrolling interest	(1,314		)	(1,277		)
Total deficit	(2,994		)	(19,287		)
Total liabilities and deficit	$	86,802		$	110,440

CINEDIGM CORP.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(In thousands, except for share and per share data)

Three Months Ended

September 30,

Six Months Ended

September 30,

2020

2019

2020

2019

Revenues

$

7,182

$

10,241

$

13,200

$

20,044

Costs and expenses:

Direct operating (excludes depreciation and amortization shown below)

4,330

4,087

7,009

7,699

Selling, general and administrative

6,168

4,988

10,008

10,837

(Recovery) provision for doubtful accounts

(193

)

56

(193

)

326

Depreciation and amortization of property and equipment

1,345

1,609

2,869

3,383

Amortization of intangible assets

591

594

1,181

1,589

Total operating expenses

12,241

11,334

20,874

23,834

Loss from operations

(5,059

)

(1,093

)

(7,674

)

(3,790

)

Interest expense, net

(1,194

)

(1,813

)

(2,484

)

(4,095

)

Loss on extinguishment of notes payable

(335

)

—

(312

)

—

Changes in fair value of equity investment in Starrise, a related party

(19,832

)

—

(35,626

)

—

Other expense, net

(327

)

(155

)

(521

)

(168

)

Loss from operations before income taxes

(26,747

)

(3,061

)

(46,617

)

(8,053

)

Income tax benefit (expense)

181

(27

)

181

(74

)

Net loss

(26,566

)

(3,088

)

(46,436

)

(8,127

)

Net income (loss) attributable to noncontrolling interest

23

(7

)

37

(1

)

Net loss attributable to controlling interests

(26,543

)

(3,095

)

(46,399

)

(8,128

)

Preferred stock dividends

(89

)

(89

)

(178

)

(178

)

Net loss attributable to common stockholders

$

(26,632

)

$

(3,184

)

$

(46,577

)

$

(8,306

)

Net loss per Class A common stock attributable to common stockholders – basic and diluted:

Net loss attributable to common stockholders

$

(0.23

)

$

(0.08

)

$

(0.45

)

$

(0.21

)

Weighted average number of Class A common stock outstanding: basic and diluted

114,532,217

41,439,520

104,529,411

39,903,778

Adjusted EBITDA

Following is the reconciliation of our consolidated net loss to Adjusted EBITDA:

Three Months Ended

September 30,

($ in thousands)

2020

2019

Net loss

$

(26,566

)

$

(3,088

)

Add Back:

Income tax (benefit) expense

(181

)

27

Depreciation and amortization of property and equipment

1,345

1,609

Amortization of intangible assets

591

589

Loss on extinguishment of notes payable

335

—

Interest expense, net

1,194

1,818

Changes in fair value on equity investment in Starrise

19,832

—

Other expense, net

1,291

296

Stock-based compensation and expenses

1,035

178

Net income attributable to noncontrolling interest

23

(7

)

Adjusted EBITDA

$

(1,101

)

$

1,422

Adjustments related to the Cinema Equipment Business

Depreciation and amortization of property and equipment

$

(1,239

)

$

(1,491

)

Amortization of intangible assets

(7

)

(12

)

Loss (income) from operations

1,384

(917

)

Adjusted EBITDA from Content & Entertainment business and corporate segment

$

(963

)

$

(998

)

Adjusted EBITDA

Following is the reconciliation of our consolidated net loss to Adjusted EBITDA:

Six Months Ended

September 30,

($ in thousands)

2020

2019

Net loss

(46,436

)

(8,127

)

Add Back:

Income tax (benefit) expense

(181

)

74

Depreciation and amortization of property and equipment

2,869

3,383

Amortization of intangible assets

1,181

1,589

Loss on extinguishment of notes payable

312

—

Interest expense, net

2,484

4,095

Changes in fair value on equity investment in Starrise

35,626

—

Other expense, net

1,590

759

Stock-based compensation

1,212

189

Net loss attributable to noncontrolling interest

37

(1

)

Adjusted EBITDA

$

(1,306

)

$

1,961

Adjustments related to the Cinema Equipment Business

Depreciation and amortization of property and equipment

(2,642

)

(3,137

)

Amortization of intangible assets

(15

)

(23

)

Stock-based compensation and expenses

—

7

Income (loss) from operations

3,045

(2,050

)

Adjusted EBITDA from Content & Entertainment business and corporate segment

$

(918

)

$

(3,242

)

View source version on businesswire.com: https://www.businesswire.com/news/home/20201116005992/en/

Jill Newhouse Calcaterra

Cinedigm

[email protected]

310-466-5135

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Internet Film & Motion Pictures TV and Radio Advertising Communications Online Technology Entertainment

MEDIA:

Posted on November 16, 2020 4:08 pm
Simulations Plus Reports FY2020 and Fourth Quarter FY2020 Financial Results

Simulations Plus Reports FY2020 and Fourth Quarter FY2020 Financial Results

Full-Year Revenue Increased 22.4% to $41.6 Million;

Fourth Quarter Revenue Increased 18.9% to $9.5 Million;

Fourth Quarter Diluted EPS of $0.11 and Full-Year Diluted EPS of $0.50

LANCASTER, Calif.–(BUSINESS WIRE)–
Simulations Plus, Inc. (Nasdaq: SLP), a leading provider of modeling and simulation solutions for the pharmaceutical, biotechnology, chemicals, and consumer goods industries, today reported financial results for its 2020 fiscal year (FY20) and fourth quarter (4QFY20) ended August 31, 2020.

Full Year FY20 highlights compared with Full Year FY19:

Revenues were $41.6 million, up 22.4% over $34.0 million in FY19

Gross profit was up 24.0%, or $6.0 million, to $30.9 million, from $24.9 million in FY19

SG&A was $16.4 million, an increase of $4.6 million, or 38.7%, over $11.8 million

Total R&D expenditures were $5.3 million, an increase of $1.0 million, or 24.8% over $4.3 million

For FY20, $2.4 million was capitalized and $3.0 million was expensed

For FY19, $1.8 million was capitalized and $2.5 million was expensed

Income before taxes increased 7.9% to $11.4 million, an increase of $831,000 over $10.6 million

Net income increased 8.7% to $9.3 million, an increase of $749,000 from $8.6 million

Diluted earnings per share increased $0.02 to $0.50 from $0.48. One-time transaction costs related to the Lixoft acquisition of $1.4 million (approx. $1.1 million net of tax) effected a $0.06 decrease in diluted earnings per share

Cash, cash equivalents, and short-term investments were $116.0 million, compared to $11.4 million at the end of FY19 reflecting the follow-on offering completed on August 10, 2020

4QFY20 highlights compared with 4QFY19:

Revenues increased 18.9% to $9.5 million, an increase of $1.5 million over $8.0 million

Gross profit was up 19.7% to $6.9 million, an increase of $1.1 million over $5.7 million

SG&A was $3.7 million, an increase of 16.7%, or $531,000, over $3.2 million

Total R&D expenditures were $1.6 million, an increase of $559,000, or 55.4%, over $1.0 million

For 4QFY20, $621,000 was capitalized and $948,000 was expensed

For 4QFY19, $406,000 was capitalized and $603,000 was expensed

Income before taxes increased 2.6%, or $51,000, and remained at $2.0 million

Net income increased 6.3% to $2.2 million, an increase of $129,000 over $2.1 million

Earnings per fully diluted share remained unchanged at $0.11

Shawn O’Connor, chief executive officer of Simulations Plus, said: “Simulations Plus achieved its goal of accelerating organic growth to 15-20%, overcoming headwinds from the COVID-19 pandemic due to continued strong growth from both our software and consulting revenue streams. Our future growth prospects were bolstered by a significant acquisition to expand our software business, growing our European presence, and the recent introductions of new software versions as well as the launch of several important collaborations. We continue to invest in R&D, funded both internally and from leading pharmaceutical and regulatory agencies, building on our leadership position in modelling and simulation for the drug development marketplace.”

John Kneisel, chief financial officer of Simulations Plus, added: “During the fourth quarter, we completed a strategic offering, issuing approximately 2.1 million shares and raising net proceeds of approximately $107.7 million. This follow-on offering gives the Company resources and scale to pursue additional acquisitions to further bolster our growth rates and broaden the value we can deliver to our clients. Once again, in the fourth quarter we benefited from tax deductions from stock compensation expense as employees took advantage of the increased value of their options. Overall, we continue to generate solid profitability and free cash flow, even after paying our regular quarterly dividend.”

Investor Conference Call

The Company invites all interested persons to attend its conference call at 4:15 p.m. Eastern Time on November 16, 2020. The live webcast/teleconference will be accessible by registering here. Please dial in five to 10 minutes prior to the scheduled start time. A live, listen-only webcast will also be available by dialing (213) 929-4232. A replay of the webcast will be available at the Investors section of the Simulations Plus website following the call.

About Simulations Plus, Inc.

Simulations Plus, Inc. is a leading provider of modeling and simulation software and consulting services supporting drug discovery, development research, and regulatory submissions. With our subsidiaries, Cognigen, DILIsym Services, and Lixoft, we offer solutions which bridge machine learning, physiologically based pharmacokinetics, quantitative systems pharmacology/toxicology, and population PK/PD modeling approaches. Our technology is licensed and applied by major pharmaceutical, biotechnology, chemical, consumer goods companies and regulatory agencies worldwide. For more information, visit our website at www.simulations-plus.com.

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995 – With the exception of historical information, the matters discussed in this press release are forward-looking statements that involve a number of risks and uncertainties. Words like “believe,” “expect” and “anticipate” mean that these are our best estimates as of this writing, but that there can be no assurances that expected or anticipated results or events will actually take place, so our actual future results could differ significantly from those statements. Factors that could cause or contribute to such differences include, but are not limited to: our ability to maintain our competitive advantages, acceptance of new software and improved versions of our existing software by our customers, the general economics of the pharmaceutical industry, our ability to finance growth, our ability to continue to attract and retain highly qualified technical staff, our ability to identify and close acquisitions on terms favorable to the Company, and a sustainable market. Further information on our risk factors is contained in our quarterly and annual reports and filed with the U.S. Securities and Exchange Commission.

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SIMULATIONS PLUS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

For the three months and years ended August 31,

Three months ended Years ended

(Unaudited)

(Unaudited)

2020

2019

2020

2019

2018

Revenues
$

9,540,081

$

8,025,895

$

41,589,084

$

33,970,440

$

29,666,524

Cost of revenues

2,674,528

2,290,813

10,649,230

9,025,704

7,994,228

Gross margin

6,865,553

5,735,082

30,939,854

24,944,736

21,672,296

Operating expenses

Selling, general, and administrative

3,713,543

3,182,238

16,360,053

11,796,027

9,583,852

Research and development

947,938

603,053

2,974,623

2,499,980

1,790,656

Total operating expenses

4,661,481

3,785,291

19,334,676

14,296,007

11,374,508

Income from operations

2,204,072

1,949,791

11,605,178

10,648,729

10,297,788

Other income (expense)

Interest income

1,653

13,225

29,468

33,522

27,122

Change in value of contingent consideration

(121,500

)

–

(202,500

)

(109,078

)

(153,034

)

(Loss) income on currency exchange

(46,380

)

23,769

(45,097

)

(16,697

)

(32,934

)

Total other income (expense)

(166,227

)

36,993

(218,129

)

(92,253

)

(158,846

)

Income before provision for income taxes

2,037,845

1,986,784

11,387,049

10,556,476

10,138,942

Provision for income taxes

150,287

72,443

(2,054,989

)

(1,973,147

)

(1,204,130

)

Net Income
$

2,188,132

$

2,059,227

$

9,332,060

$

8,583,329

$

8,934,812

Earnings per share

Basic
$

0.12

$

0.12

$

0.52

$

0.49

$

0.52

Diluted
$

0.11

$

0.11

$

0.50

$

0.48

$

0.50

Weighted-average common shares outstanding

Basic

18,289,256

17,549,636

17,819,064

17,492,258

17,328,707

Diluted

19,151,857

18,265,585

18,538,373

18,057,431

17,860,392

Other comprehensive Income (Loss), net of tax

Foreign currency translation adjustments

28,007

–

58,467

–

–

Comprehensive Income (Loss)
$

2,216,139

$

2,059,227

$

9,390,527

$

8,583,329

$

8,934,812

SIMULATIONS PLUS, INC.

CONSOLIDATED BALANCE SHEETS

(Audited) (Audited)

August 31, August 31,

ASSETS

2020

2019

Current assets

Cash and cash equivalents
$

49,207,314

$

11,435,499

Accounts receivable, net of allowance for doubtful accounts of $50,000 and $0

7,421,970

5,026,558

Revenues in excess of billings

3,093,343

3,233,659

Prepaid income taxes

969,688

765,110

Prepaid expenses and other current assets

1,595,447

704,316

Short-term investments

66,803,595

–

Total current assets

129,091,357

21,165,142

Long-term assets

Capitalized computer software development costs, net of accumulated amortization of $13,581,599 and $12,356,055

6,087,378

4,959,736

Property and equipment, net

437,787

341,145

Operating lease right of use asset

926,600

–

Intellectual property, net of accumulated amortization of $5,087,031 and $3,948,750

11,897,970

5,026,249

Other intangible assets net of accumulated amortization of $1,641,725 and $1,210,000

7,008,275

3,280,000

Goodwill

12,921,185

10,387,198

Other assets

50,965

37,227

Total assets
$

168,421,517

$

45,196,697

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities

Accounts payable
$

349,940

$

204,075

Accrued payroll and other expenses

2,250,692

1,639,038

Current portion – Contracts payable

2,000,000

1,761,028

Billings in excess of revenues

140,991

798,549

Operating lease liability, current portion

463,465

–

Deferred revenue

299,482

380,787

Total current liabilities

5,504,570

4,783,477

Long-term liabilities

Deferred income taxes, net

2,353,857

2,731,616

Operating Lease Liability

463,312

–

Payments due under Contracts payable

4,063,833

–

Other long-term liabilities
–

–

Total liabilities

12,385,572

7,515,093

Commitments and contingencies

Shareholders’ equity

Preferred stock, $0.001 par value

10,000,000 shares authorized

no shares issued and outstanding
$

–

$

–

Common stock, $0.001 par value

50,000,000 shares authorized

19,923,277 and 17,591,834 shares issued and outstanding

9,926

7,595

Additional paid-in capital

128,531,428

15,319,474

Accumulated Other Comprehensive Income (Loss)

58,467

–

Retained earnings

27,436,124

22,354,535

Total shareholders’ equity

156,035,945

37,681,604

Total liabilities and shareholders’ equity
$

168,421,517

$

45,196,697

View source version on businesswire.com: https://www.businesswire.com/news/home/20201116005984/en/

Simulations Plus Investor Relations

Ms. Renee Bouche

661-723-7723

[email protected]

Hayden IR

Mr. Cameron Donahue

651-653-1854

[email protected]

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Technology Consulting Chemicals/Plastics Professional Services Manufacturing Software Biotechnology Health Pharmaceutical

MEDIA:

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Posted on November 16, 2020 4:08 pm
Schwazze, Formerly Operating as Medicine Man Technologies, Inc., Provides Business Update and Announces Strong Third Quarter 2020 Financial Results

Schwazze, Formerly Operating as Medicine Man Technologies, Inc., Provides Business Update and Announces Strong Third Quarter 2020 Financial Results

Revenues grew 39% year over year with significant contribution from Mesa Organics and Purplebees

Company to Host Conference Call and Webcast Today at 4:30 p.m. ET

DENVER–(BUSINESS WIRE)–
Schwazze, formerly operating as Medicine Man Technologies Inc. (OTCQX:SHWZ) (“Schwazze ” or “the Company”), today provided a business update and announced strong financial results for its third quarter ended September 30, 2020.

Justin Dye, Chairman and Chief Executive Officer of Schwazze shared, “We are pleased with our progress in the third quarter. We continued to grow revenue and meaningfully narrow our net loss. Our third quarter performance demonstrates the team’s ability to implement our operating playbook and successfully integrate strategically attractive and accretive acquisitions such as Mesa Organics and Purplebee’s, which have proven to be an excellent strategic fit, into our operations.”

Dye continued, “We are eager to complete our acquisitions of Star Buds’ 14 Colorado locations during the fourth quarter. Star Buds is one of the most recognized and successful retail cannabis operators in North America. These acquisitions position us to become a cannabis leader in Colorado by combining their industry expertise with our best-in-class playbook. Together, we are creating the next era of cannabis that lowers the barrier of acceptance for mainstream America and accelerates innovation in health, happiness and quality of life for consumers.”

Business Update

On November 5, 2020, the Company announced that it has received satisfactory proof of funds acknowledgement from Star Buds in anticipation of closing the pending transactions. This acknowledgment enables companies to begin preparing for a fourth quarter 2020 closing of the acquisitions of 13 retail operations located throughout the Colorado front-range and one cultivation facility in Denver.

Star Buds is one of the most recognized and successful retail cannabis operators in North America based on revenue-per-location and profit. Upon completion of this transaction, the Company will be one the first publicly traded companies with full seed to sale operations in Colorado consisting of 17 dispensaries, manufacturing, and cultivation.

Based on the consolidated, unaudited 2019 results the Company received from Star Buds, these acquisitions collectively earned approximately $50M in revenue with a strong EBITDA margin.

The proforma revenue for the combined companies for 2020 will be approximately $90M and the combined companies will be profitable and cash flow positive after the completion of the acquisition.

On September 9, 2020, the Company announced that Nirup Krishnamurthy, Chief Integration and Information Officer, was named Chief Operating Officer, and Jeff Garwood, former GE executive, was appointed to the Schwazze Board of Directors.

Nirup Krishnamurthy has since assumed oversight of Schwazze’s business units including retail, manufacturing, cultivation, wholesale sales, and marketing to drive operational excellence throughout field operations. He has also continued to be responsible for the alignment and prioritization of the ongoing integration of the Company’s acquisitions and for driving technology innovation across the organization. Krishnamurthy joined Schwazze earlier this year, bringing more than 25 years of experience in operations, innovation, technology, integration and M&A at Fortune 500 companies including United Airlines, Northern Trust Bank and former grocery retailer The Great Atlantic & Pacific Tea Company (A&P).

Jeff Garwood is a recognized visionary business leader bringing 30 years of extensive experience across finance and operations to the Company and now serves on the Audit and Compensation Committees. He is the founder and the managing member of Liberation Capital, LLC, a private equity fund focused on providing modular, repeatable waste to value project finance, where he has been active with its investments for 10 years. Garwood is also the co-owner of Zysense, an entity providing high precision measurement instruments for research. Prior to Liberation Capital, he held a variety of senior leadership positions with General Electric, including President and CEO of GE Water and Process Technologies, President and CEO of GE Fanuc, and President of Garrett Aviation.

Third Quarter 2020 Financial Results

Total revenue increased by $2,091,505, or approximately 39%, to $7,430,374 during the three months ended September 30, 2020 as compared to $5,338,869 during the three months ended September 30, 2019. Product sales increased by approximately 168% to $7,409,719 from $2,760,196 in the third quarter 2019 while consulting and licensing fees decreased to $20,655 from $2,563,478 in the third quarter 2019. The increase in product sales can largely be attributed to the revenue associated with the acquisition of Mesa Organics in April 2020. The third quarter 2019 included $1,782,457 in revenue awarded in litigation and other operating revenue of $15,195 (both of which the Company views as non-recurring).

Cost of goods and services, consisting of expenses related to delivery of services and product procurement, was $4,648,910 during the three months ended September 30, 2020, as compared to $2,786,244 during the same period in 2019. This increase was due to increased sales of product.

Gross profit was $2,781,464 during the three months ended September 30, 2020 as compared to $2,552,625 during the same period in 2019, an increase of $228,839. Gross profit margin decreased to approximately 37% of revenue from nearly 48% of revenue during the same period in 2019. However, excluding the $1,782,457 in revenue awarded in litigation during the third quarter 2019, gross profit increased by $2,011,296, while gross profit margin increased by approximately 260 basis points, mostly driven by the strength of the Mesa Organics acquisition.

Total operating expenses were $6,400,290 during the three months ended September 30, 2020, as compared to operating expenses of $3,478,232 during the same period in 2019, an increase of $2,922,058. This increase was due to increased selling, general and administrative expenses, professional service fees, salaries, benefits and related employment costs and non-cash, stock-based compensation.

Total other income was $704,615 during the three months ended September 30, 2020 as compared to net other expenses of $902,371 during the same period in 2019. This represents an improvement of $1,606,986. The increase in other income, net was primarily due to an unrecognized loss on derivative liabilities and lower interest expense coupled with unrealized gain on investments.

As a result, we generated a net loss of $2,914,211 during the three months ended September 30, 2020 (or a loss of approximately $0.07 per share on a basic weighted average), as compared to a net loss of $1,827,978 (or a loss of approximately $0.05 per share on a basic weighted average) during the three months ended September 30, 2019. However, excluding $1,782,457 in revenue awarded in litigation during the third quarter 2019, net loss narrowed significantly on a year-over-year basis.

Conference Call and Webcast Scheduled for Third Quarter 2020

Schwazze will host a conference call and webcast today at 4:30 p.m. ET.

Investors interested in participating in the conference call can dial 201-389-0879 or listen to the webcast from the Company’s “Investors” website at https://ir.schwazze.com. The webcast will later be archived as well.

Following their prepared remarks, Chief Executive Officer Justin Dye and Chief Financial Officer Nancy Huber will also answer investor questions. Investors may submit questions in advance or during the conference call itself through the weblink: http://public.viavid.com/index.php?id=141477. This weblink has also been posted to the Company’s “Investors” website.

About Schwazze

Medicine Man Technologies, Inc. is now operating under its new trade name, Schwazze. Schwazze is executing its strategy to become a leading vertically integrated cannabis holding company with a portfolio consisting of top-tier licensed brands spanning cultivation, extraction, infused-product manufacturing, dispensary operations, consulting, and a nutrient line. Schwazze leadership includes Colorado cannabis leaders with proven expertise in product and business development as well as top-tier executives from Fortune 500 companies. As a leading platform for vertical integration, Schwazze is strengthening the operational efficiency of the cannabis industry in Colorado and beyond, promoting sustainable growth and increased access to capital, while delivering best-quality service and products to the end consumer. The corporate entity continues to be named Medicine Man Technologies, Inc.

Forward-Looking Statements

This press release contains “forward-looking statements.” Such statements may be preceded by the words “intends,” “may,” “will,” “plans,” “expects,” “anticipates,” “projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,” “potential,” or similar words. Forward-looking statements are not guarantees of future performance, are based on certain assumptions, and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company’s control and cannot be predicted or quantified. Consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks and uncertainties associated with (i) our inability to manufacture our products and product candidates on a commercial scale on our own or in collaboration with third parties; (ii) difficulties in obtaining financing on commercially reasonable terms; (iii) changes in the size and nature of our competition; (iv) loss of one or more key executives or scientists; and (v) difficulties in securing regulatory approval to market our products and product candidates. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company’s filings with the Securities and Exchange Commission (SEC), including the Company’s Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. Investors and security holders are urged to read these documents free of charge on the SEC’s website at http://www.sec.gov. The Company assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise.

Part I – FINANCIAL INFORMATION

Item 1. Financial Statements

MEDICINE MAN TECHNOLOGIES, INC.

CONDENSED BALANCE SHEET

Expressed in U.S. Dollars

September 30,

2020

December 31,

2019

(Unaudited)

(Audited)

Assets

Current assets

Cash and cash equivalents

$

2,981,688

$

11,853,627

Accounts receivable, net of allowance for doubtful accounts

812,212

313,317

Accounts receivable – related party

91,990

72,658

Inventory

2,151,612

684,940

Notes receivable – related party

283,849

767,695

Prepaid expenses and other current assets

254,602

529,416

Prepaid acquisition costs (Note 11)

–

1,347,462

Total current assets

6,575,953

15,569,115

Non-current assets

Fixed assets, net of accumulated depreciation of $893,964 and $159,354, respectively

2,719,154

239,078

Goodwill

17,445,843

12,304,306

Intangible assets, net of accumulated amortization of $24,771 and $19,811, respectively

70,329

75,289

Investment

527,575

406,774

Accounts receivable – litigation

3,063,968

3,063,968

Deferred tax assets, net

268,423

268,423

Notes receivable – noncurrent, net

247,272

241,711

Operating lease right of use assets

1,650,117

59,943

Other assets

127,999

–

Total non-current assets

26,120,680

16,659,492

Total assets

$

32,696,633

$

32,228,607

Liabilities and Stockholders’ Equity

Current liabilities

Accounts payable

2,957,390

$

699,961

Accounts payable – related party

127,694

15,372

Accrued expenses

1,426,315

1,091,204

Derivative liabilities

782,896

3,773,382

Income taxes payable

–

1,940

Total current liabilities

5,294,295

5,581,859

Noncurrent liabilities

Lease liabilities

1,684,005

66,803

Total noncurrent liabilities

1,684,005

66,803

Total liabilities

6,978,300

5,648,662

Commitments and contingencies (Note 11)

–

Shareholders’ equity

Common stock $0.001 par value, 250,000,000 authorized, 42,194,878 shares issued and 41,762,146 shares outstanding at September 30, 2020, and 39,952,628 shares issued and outstanding at December 31, 2019.

42,195

39,953

Additional paid-in capital

60,714,343

50,356,469

Accumulated deficit

(33,705,705

)

(22,816,477

)

Common stock held in treasury, at cost, 432,732 shares held at September 30, 2020 and December 31, 2019.

(1,332,500

)

(1,000,000

)

Total shareholders’ equity

25,718,333

26,579,945

Total liabilities and stockholders’ equity

$

32,696,633

$

32,228,607

See accompanying notes to the financial statements

MEDICINE MAN TECHNOLOGIES, INC.

CONDENSED STATEMENT OF COMPREHENSIVE (LOSS) AND INCOME

For the Three and Nine Months Ended September 30, 2020 and 2019

Expressed in U.S. Dollars

Three Months Ended

September 30,

Nine Months Ended

September 30,

2020

2019

2020

2019

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

Operating revenues:

Product sales, net

$

7,094,896

$

2,147,182

$

14,292,374

$

4,743,391

Product sales – related party, net

314,823

613,014

484,930

893,084

Consulting and licensing services

20,655

781,021

1,267,587

1,657,286

Litigation revenue

–

1,782,457

–

1,782,457

Other operating revenues

–

15,195

12,946

23,946

Total revenue

7,430,374

5,338,869

16,057,837

9,100,164

Cost of goods and services:

Cost of goods and services

4,648,910

2,786,244

9,904,131

5,471,369

Total cost of goods and services

4,648,910

2,786,244

9,904,131

5,471,369

Gross profit

2,781,464

2,552,625

6,153,706

3,628,795

Operating expenses:

Selling, general and administrative expenses

1,298,693

718,990

3,054,091

1,092,702

Professional services

1,769,455

837,940

5,390,186

3,602,772

Salaries, benefits and related expenses

1,878,156

980,432

5,973,482

1,862,990

Stock based compensation

1,453,986

940,870

5,815,808

3,166,276

Derivative expense – contingent compensation

–

–

–

5,400,559

Total operating expenses

6,400,290

3,478,232

20,233,567

15,125,299

Income from operations

(3,618,826

)

(925,607

)

(14,079,861

)

(11,496,504

)

Other income (expense):

Gain on forfeiture of contingent consideration

–

–

1,462,636

–

Interest income (expense), net

10,131

36,462

46,726

(155,815

)

Other income (expense)

–

–

32,621

–

Unrealized gain (loss) on derivative liabilities

684,422

(197,526

)

1,527,850

(452,090

)

Unrealized gain (loss) on investments

10,062

(741,307

)

120,800

(1,458,037

)

Total other income (expense)

704,615

(902,371

)

3,190,633

(2,065,942

)

Net income (loss)

$

(2,914,211

)

$

(1,827,978

)

$

(10,889,228

)

$

(13,562,446

)

Earnings (loss) per share attributable to common shareholders:

Basic and diluted earnings (loss) per share

$

(0.07

)

$

(0.05

)

$

(0.26

)

$

(0.44

)

Weighted average number of shares outstanding – basic and diluted

41,568,147

35,115,889

41,242,0411

31,136,392

Other comprehensive income (loss), net of tax

Total other comprehensive income (loss), net of tax

–

–

–

–

Comprehensive income (loss)

$

(2,914,211

)

$

(1,827,978

)

$

(10,889,228

)

$

(13,562,446

)

See accompanying notes to the financial statements

MEDICINE MAN TECHNOLOGIES, INC.

STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED)

For the Nine months Ended September 30, 2020 and 2019

Expressed in U.S. Dollars

Common Stock

Additional

Paid-in

Accumulated

Total

Stockholders’

Shares

Value

Capital

Deficit

Equity

Balance, December 31, 2018

27,753,310

$

27,875

$

22,886,624

$

(5,840,735

)

$

17,073,764

Net income (loss)

–

–

–

(13,562,446

)

(13,562,446

)

Issuance of common stock in connection with sales made under private or public offerings

9,800,000

9,800

19,590,200

–

19,600,000

Issuance of common stock in connection with the exercise of common stock purchase warrants

452,426

452

601,274

–

601,726

Issuance of common stock as compensation to employees, officers and/or directors

1,190,000

1,190

2,723,710

–

2,724,900

Issuance of common stock in exchange for consulting, professional and other services

173,775

173

305,348

–

305,521

Stock based compensation expense related to common stock options

–

–

1,196,376

–

1,196,376

Balance, September 30, 2019

39,369,511

$

39,490

$

47,303,532

$

(19,403,181

)

$

27,939,841

Common Stock

Additional

Paid-in

Accumulated

Treasury Stock

Total

Stockholders’

Shares

Value

Capital

Deficit

Shares

Cost

Equity

Balance at, December 31, 2019

39,952,628

$

39,953

$

50,356,469

$

(22,816,477

)

257,732

$

(1,000,000

)

$

26,579,945

Net income (loss)

–

–

–

(10,889,228

)

–

–

(10,889,228

)

Issuance of common stock as payment for Mesa

2,554,750

2,555

4,167,253

–

–

–

4,169,808

Return of common stock as compensation to employees, officers and/or directors

(500,000

)

(500

)

–

–

–

–

(500

)

Issuance of common stock in connection with sales made under private or public offerings

187,500

187

374,813

–

–

–

375,000

Return of common stock

–

–

–

–

175,000

(332,500

)

(332,500

)

Stock based compensation expense related to common stock options

–

–

5,815,808

–

–

–

5,815,808

Balance, September 30, 2020

42,194,878

$

42,195

60,714,343

$

(33,705,705

)

432,732

$

(1,332,500

)

$

25,718,333

See accompanying notes to the financial statements

MEDICINE MAN TECHNOLOGIES, INC.

STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED)

For the Three months Three September 30, 2020 and 2019

Expressed in U.S. Dollars

Common Stock

Additional

Paid-in

Accumulated

Treasury Stock

Total

Stockholders’

Shares

Value

Capital

Deficit

Shares

Cost

Equity

Balance at, June 30, 2019

31,769,511

$

31,890

$

31,170,261

$

(17,575,203

)

–

$

–

$

13,626,948

Net income (loss)

–

–

–

(1,827,978

)

–

–

(1,827,978

)

Issuance of common stock in connection with sales made under private of public offerings

7,600,000

7,600

16,133,271

–

–

–

16,140,871

Issuance of common stock in connection with the exercise of common stock purchase warrants

–

–

–

–

–

–

–

Issuance of common stock as compensation to employees, officers and/or directors

–

–

–

–

–

–

–

Issuance of common stock in exchange for consulting, professional, and other services

–

–

–

–

–

–

–

Stock based compensation expense related to common stock options

–

–

–

–

–

–

–

Balance, September 30, 2019

39,369,511

$

39,490

$

47,303,532

$

(19,403,181

)

–

$

–

$

27,939,841

Common Stock

Additional

Paid-in

Accumulated

Treasury Stock

Total

Stockholders’

Shares

Value

Capital

Deficit

Shares

Cost

Equity

Balance at, June 30, 2020

42,194,878

$

42,195

$

59,260,357

$

(30,791,494

)

257,732

$

(1,000,000

)

$

27,511,058

Net income (loss)

–

–

–

(2,914,211

)

–

–

(2,914,211

)

Issuance of common stock as payment for Mesa

–

–

–

–

–

–

–

Return of common stock as compensation to employees, officers and/or directors

–

–

–

–

–

–

–

Issuance of common stock in connection with sales made under private or public offerings

–

–

–

–

–

–

–

Return of common stock

–

–

–

–

175,000

(332,500

)

(332,500

)

Stock based compensation expense related to common stock options

–

–

1,453,986

–

–

–

1,453,986

Balance, September 30, 2020

42,194,878

$

42,195

60,714,343

$

(33,705,705

)

432,732

$

(1,332,500

)

$

25,718,333

See accompanying notes to the financial statements

MEDICINE MAN TECHNOLOGIES, INC.

STATEMENT OF CASH FLOWS

For the Nine months Ended September 30, 2020 and 2019

Expressed in U.S. Dollars

2020

2019

Cash flows from operating activities

Net income for the period

$

(10,889,228

)

$

(13,562,446

)

Adjustments to reconcile net income to net cash provided by operating activities

Depreciation and amortization

322,292

45,768

Common stock issued in exchange for fees and services

–

210,521

Derivative expense

–

5,400,559

Loss on change in derivative liabilities

(2,990,486

)

452,091

Loss on investment, net

(120,800

)

1,458,037

Stock based compensation

5,815,808

3,921,276

Changes in operating assets and liabilities

Note receivable

–

–

Accounts receivable

1,292,509

(2,868,093

)

Inventory

271,305

81,530

Prepaid expenses and other current assets

274,814

(629,032

)

Other assets

(127,999

)

–

Operating lease right of use assets and liabilities

27,028

(67,839

)

Accounts payable and other liabilities

(177,295

)

878,066

Income taxes payable

(1,940

)

–

Net cash used from operating activities

(6,303,992

)

(4,679,562

)

Cash flows from investing activities

Purchase of fixed assets

(976,685

)

(7,312

)

Cash consideration for acquisition of business

(2,609,500

)

–

Cash acquired in acquisition of business

–

–

Repayment (issuance) of notes receivable

478,285

(632,053

)

Investment proceeds

–

–

Net cash used in investing activities

(3,107,900

)

(639,365

)

Cash flows from financing activities

Proceeds from issuance of common stock, net of issuance costs and returns

42,000

19,600,000

Proceeds from exercise of common stock purchase warrants, net of issuance costs

–

601,726

Net cash earned for financing activities

42,000

20,201,726

Net decrease in cash and cash equivalents

(9,369,892

)

14,882,799

Cash and cash equivalents – beginning of period

12,351,580

321,788

Cash and cash equivalents – end of period

$

2,981,688

$

15,204,587

See accompanying notes to the financial statements

View source version on businesswire.com: https://www.businesswire.com/news/home/20201116005969/en/

Raquel Fuentes

Senior Director, Corporate Communications

303-371-0387

[email protected]

KEYWORDS: Colorado United States North America

INDUSTRY KEYWORDS: Alternative Medicine Agriculture Health Natural Resources

MEDIA:

Posted on November 16, 2020 4:08 pm
LCNB Corp. Announces Fourth Quarter Dividend

LCNB Corp. Announces Fourth Quarter Dividend

Cash Dividend Payment Increased 5.6% Year-over-Year

LEBANON, Ohio–(BUSINESS WIRE)–
LCNB Corp. (Nasdaq: LCNB) today announced that the Company’s Board of Directors declared a cash dividend of $0.19 per common share, which represents a 5.6% increase over the same period last year. The common stock cash dividend will have a record date of December 1, 2020 and is payable to shareholders on December 15, 2020.

Eric Meilstrup, President and Chief Executive Officer stated: “Throughout the COVID-19 pandemic we have focused on supporting our employees and assisting our customers. Many members of our local communities are also LCNB shareholders and I am pleased with the Board’s decision to increase the Company’s dividend payment. LCNB has a long history of paying dividends and returning capital to shareholders, which includes maintaining our quarterly dividend throughout the 2007 to 2009 global financial crisis. In addition, our fourth quarter dividend payment represents the third consecutive annual increase in our dividend payment and reflects the Board’s continued commitment to creating value for our shareholders.”

About LCNB Corp.

LCNB Corp. is a financial holding company headquartered in Lebanon, Ohio. Through its subsidiary, LCNB National Bank (the “Bank”), it serves customers and communities in Southwest and South Central Ohio. A financial institution with a long tradition for building strong relationships with customers and communities, the Bank offers convenient banking locations in Butler, Clermont, Clinton, Fayette, Franklin, Hamilton, Montgomery, Preble, Ross, and Warren Counties, Ohio. The Bank continually strives to exceed customer expectations and provides an array of services for all personal and business banking needs including checking, savings, online banking, personal lending, business lending, agricultural lending, business support, deposit and treasury, investment services, trust and IRAs and stock purchases. LCNB Corp. common shares are traded on the NASDAQ Capital Market Exchange® under the symbol “LCNB.” Learn more about LCNB Corp. at www.lcnb.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201116005964/en/

Company Contact:

Eric J. Meilstrup

President Chief Executive Officer

LCNB National Bank

(513) 932-1414

[email protected]

Investor and Media Contact:

Andrew M. Berger

Managing Director

SM Berger & Company, Inc.

(216) 464-6400

[email protected]

KEYWORDS: Ohio United States North America

INDUSTRY KEYWORDS: Banking Professional Services Finance

MEDIA:

Posted on November 16, 2020 4:08 pm
Ra Medical Systems Announces 1-for-25 Reverse Stock Split

Ra Medical Systems Announces 1-for-25 Reverse Stock Split

CARLSBAD, Calif.–(BUSINESS WIRE)–
Ra Medical Systems, Inc. (NYSE: RMED) announced today that its Board of Directors has approved a 1-for-25 reverse stock split of the Company’s common stock, which will be effective at 5:00 p.m. Eastern Time on Monday, November 16, 2020. The Company’s stockholders previously approved the reverse stock split at the Annual Meeting of Stockholders on November 10, 2020. The Company’s shares will begin trading on a split-adjusted basis on the New York Stock Exchange commencing upon market open on November 17, 2020.

As a result of the reverse split, each 25 shares of the Company’s issued and outstanding common stock will be automatically combined and converted into one issued and outstanding share of common stock, par value $0.001 per share. The Company will not issue any fractional shares in connection with the reverse stock split. Instead, a cash payment will automatically be made in lieu of any fractional shares. The reverse stock split will not modify the rights or preferences of the common stock.

Immediately after the reverse split becomes effective, there will be approximately 2.9 million shares of common stock issued and outstanding. The common shares will trade under a new CUSIP number, 74933X 203, effective November 17, 2020, and continue to be listed on the New York Stock Exchange under the symbol “RMED.” All stock options, restricted stock units and warrants of the Company outstanding immediately prior to the reverse stock split have been proportionally adjusted.

The Company has chosen its transfer agent, American Stock Transfer & Trust Company, LLC (“AST”), to act as exchange agent for the reverse stock split. Stockholders owning shares via a bank, broker or other nominee will have their positions automatically adjusted to reflect the reverse stock split and will not be required to take further action in connection with the reverse stock split, subject to brokers’ particular processes. AST can be reached at (800) 937 5449 or (718) 921 8124.

About Ra Medical Systems

Ra Medical Systems commercializes excimer lasers and catheters for the treatment of vascular and dermatological diseases. In May 2017 the DABRA excimer laser system received FDA 510(k) clearance in the U.S. for crossing chronic total occlusions, or CTOs, in patients with symptomatic infrainguinal lower extremity vascular disease with an intended use for ablating a channel in occlusive peripheral vascular disease. The Pharos excimer laser system is FDA-cleared and is used as a tool in the treatment of psoriasis, vitiligo, atopic dermatitis and leukoderma. DABRA and Pharos are both based on Ra Medical’s core excimer laser technology platform and deploy similar mechanisms of action. Ra Medical manufactures DABRA and Pharos excimer lasers and catheters in a 32,000-square-foot facility located in Carlsbad, Calif. The vertically integrated facility is ISO 13485 certified and is licensed by the State of California to manufacture sterile, single-use catheters in controlled environments.

Cautionary Note Regarding Forward Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or Ra Medical’s future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these words or other similar terms or expressions that concern Ra Medical’s future expectations, strategy, plans or intentions. Forward-looking statements in this press release include, but are not limited to, statements regarding the timing and potential outcome of the DABRA atherectomy clinical study. Ra Medical’s expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected or implied by such forward-looking statements. The potential risks and uncertainties which contribute to the uncertain nature of these statements include, among others, challenges inherent in developing, manufacturing, launching, marketing, and selling new products; risks associated with acceptance of DABRA and Pharos and procedures performed using such devices by physicians, payors, and other third parties; development and acceptance of new products or product enhancements; clinical and statistical verification of the benefits achieved via the use of Ra Medical’s products; the results from our clinical trials, which may not support intended indications or may require Ra Medical to conduct additional clinical trials or modify ongoing clinical trials; challenges related to commencement, patient enrollment, completion, an analysis of clinical trials; Ra Medical’s ability to manage operating expenses; Ra Medical’s ability to effectively manage inventory; Ra Medical’s ability to recruit and retain management and key personnel; Ra Medical’s need to comply with complex and evolving laws and regulations; intense and increasing competition and consolidation in Ra Medical’s industry; the impact of rapid technological change; costs and adverse results in any ongoing or future legal proceedings; adverse outcome of regulatory inspections; and the other risks and uncertainties described in Ra Medical’s news releases and filings with the Securities and Exchange Commission. Information on these and additional risks, uncertainties, and other information affecting Ra Medical’s business and operating results is contained in Ra Medical’s Annual Report on Form 10-K for the year ended December 31, 2020 and in its other filings with the Securities and Exchange Commission. The forward-looking statements in this press release are based on information available to Ra Medical as of the date hereof, and Ra Medical disclaims any obligation to update any forward-looking statements, except as required by law.

Ra Medical investors and others should note that we announce material information to the public about the company through a variety of means, including our website (www.ramed.com), our investor relations website (https://ir.ramed.com/), press releases, SEC filings, and public conference calls in order to achieve broad, non-exclusionary distribution of information to the public and to comply with our disclosure obligations under Regulation FD. We encourage our investors and others to monitor and review the information we make public in these locations as such information could be deemed to be material information. Please note that this list may be updated from time to time.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201116005962/en/

At the Company:

Jeffrey Kraws

President, Ra Medical Systems

760-496-9008

[email protected]

Investors:

LHA Investor Relations

Jody Cain

310-691-7100

[email protected]

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Medical Devices Health

MEDIA:

Logo

Posted on November 16, 2020 4:08 pm
GSE Solutions Announces Third Quarter 2020 Financial Results

GSE Solutions Announces Third Quarter 2020 Financial Results

COLUMBIA, Md.–(BUSINESS WIRE)–GSE Systems, Inc. (“GSE Solutions”, “GSE” or “the Company”) (Nasdaq: GVP), a leader in delivering and supporting end-to-end training, engineering, compliance, simulation and workforce solutions to the power industry, announced today its financial results for the three months ended September 30, 2020 (“Q3 2020”).

Q3 2020 Financial Overview

Revenue of $12.9 million, compared to $20.0 million in Q3 2019

Gross profit of $3.3 million, compared to $4.7 million in Q3 2019

Net loss of $0.7 million or $(0.03) per basic and diluted share in Q3 2020, compared to a net loss of $1.2 million, or $(0.06) per basic and diluted share in Q3 2019

Adjusted net loss¹ of $ 1.0 million, or $(0.05) adjusted loss per share in Q3 2020 , compared to adjusted net income of $0.6 million or $0.03 adjusted earnings per diluted share, in Q3 2019

Adjusted EBITDA¹ of $(0.6) million in Q3 2020, compared to $1.4 million in Q3 2019

Cash flow provided by operations of $1.6 million during the nine months ended September 30, 2020, compared to cash used during the nine months ended September 30, 2019 of $0.3 million

New orders of $10.9 million during Q3 2020, compared to new orders of $19.0 million in Q3 2019

Repaid $9.9 million of outstanding long-term debt obligations during Q3 2020

At September 30, 2020

Cash and cash equivalents of $7.7 million

Total indebtedness of $13.6 million

Working capital of $2.4 million and current ratio of 1.1x

Backlog of $44.6 million

¹Refer to the non-GAAP reconciliation tables at the end of this press release for a definition of “EBITDA”, “adjusted EBITDA” and “adjusted net income”.

Kyle J. Loudermilk, GSE’s President and Chief Executive Officer, said, “In the third quarter of 2020, industrywide RFP delays and project suspensions due to the COVID-19 pandemic continued to dampen our financial results. In this challenging environment, we remained focused on cost containment and debt repayment, while positioning GSE for success as industry demand for our services returns to normalized levels. Of note, during the quarter we repaid nearly $10 million of long-term debt and strengthened our leadership team with the appointment of Brian Greene as Vice President of our NITC business. Brian’s proven track record in staffing spans 15+ years and he already has reenergized our NITC group. Finally, our Performance segment continues to win a steady flow of fundamental engineering and simulation projects, and we remained focused on organic growth opportunities through cross selling and upselling GSE’s full range of products and services. Our services are essential to the nuclear industry, which plays a critical role in the decarbonization of energy.”

Q3 2020 FINANCIAL RESULTS

Q3 2020 revenue of $12.9 million, a decrease of $7.1 million, from $20.0 million in Q3 2019.

Three months ended

Nine months ended

(in thousands)

September 30, 2020

September 30, 2019

September 30, 2020

September 30, 2019

Revenue:

Performance

$

7,257

$

11,417

$

25,240

$

36,617

NITC

5,665

8,614

19,727

29,066

Total revenue

$

12,922

$

20,031

$

44,967

$

65,683

Performance revenue decreased to $7.3 million in Q3 2020, from $11.4 million in Q3 2019. The decrease was mainly due to delays in beginning new contracts, a reduction of DP Engineering revenue due to a customer incident in the prior year and major project completions during the third quarter of 2019. We recorded total Performance orders of $9.3 million and $10.7 million for Q3 2020 and Q3 2019, respectively.

NITC revenue decreased to $5.7 million in Q3 2020 from $8.6 million in Q3 2019. The decrease in revenue was largely due to lower staffing needs during the quarter, due primarily to the COVID-19 pandemic, contributing to lower demand for staff augmentation. NITC orders were $1.6 million and $8.3 million for Q3 2020 and Q3 2019, respectively.

Q3 2020 gross profit was $3.3 million or 25.7% of revenue, compared to $4.7 million or 23.3% of revenue, in Q3 2019.

Three months ended

Nine months ended

September 30, 2020

September 30, 2019

September 30, 2020

September 30, 2019

(in thousands)

$

%

$

%

$

%

$

%

Gross profit:

Performance

$

2,482

34.2%

$

3,548

31.1%

$

8,240

32.6%

$

11,787

32.2%

NITC

837

14.8%

1,125

13.1%

2,756

14.0%

3,489

12.0%

Consolidated gross profit

$

3,319

25.7%

$

4,673

23.3%

$

10,996

24.5%

$

15,276

23.3%

The decrease in our gross profit of $1.4 million was primarily driven by a decrease in Performance and NITC revenue during the nine months ended September 30, 2020, as well as completion of higher margin projects in our True North and DP Engineering subsidiaries during 2019.

Selling, general and administrative expenses in Q3 2020 totaled $2.9 million or 22.3% of revenue, compared to $3.5 million or 17.3% of revenue, in Q3 2019. The decrease in SG&A during Q3 2020 over Q3 2019 was due primarily to the net gain on legal settlement of $1.0 million in the current year with no similar activity in the prior year; this credit in SG&A is offset by an increase in business development expenses during the current fiscal year for two of our consolidated subsidiaries.

Net loss for Q3 2020 totaled $0.7 million or $(0.03) per basic and diluted share, compared to a net loss of $1.2 million or $(0.06) per basic and diluted share, in Q3 2019.

Adjusted net loss totaled $1.0 million or $(0.05) adjusted loss per diluted share in Q3 2020 compared to adjusted net income of $0.6 million, or $0.03 adjusted earnings per diluted share, in Q3 2019.

Earnings before interest, taxes, depreciation and amortization (“EBITDA”) for Q3 2020 was approximately $0.2 million, compared to $0.4 million in Q3 2019.

Adjusted EBITDA (“AEBITDA”) totaled $(0.6) million in Q3 2020, compared to $1.4 million in Q3 2019.

BACKLOG AND CASH POSITION

Backlog at September 30, 2020 was $44.6 million, compared to $52.7 million at December 31, 2019. Backlog at September 30, 2020 included $33.2 million of Performance backlog and $11.4 million of NITC backlog. Performance backlog decreased by $4 million primarily due to 2019 backlog that was converted to revenues during 2020 and has only been partially replaced by new orders.

Our cash position was $7.7 million at September 30, 2020, compared to $11.7 million at December 31, 2019. The decrease of $4 million during the nine months ended September 31, 2020 in our cash and cash equivalents was primarily due to payments on long-term debt of $18.5 million, offset by proceeds from the Paycheck Protection Program of $10 million and draws on our revolving line of credit, net of repayments of $3.5 million.

CONFERENCE CALL

Management will host a conference call today at 4:30 pm Eastern Time to discuss Q3 2020 results as well as other matters.

Interested parties may participate in the call by dialing:

(877) 407-9753 (Domestic)

(201) 493-6739 (International)

The conference call will also be accessible via the following link: https://78449.themediaframe.com/dataconf/productusers/gvp/mediaframe/41905/indexl.html

For those who cannot listen to the live broadcast, an online webcast replay will be available www.gses.com or the following link: https://78449.themediaframe.com/dataconf/productusers/gvp/mediaframe/41905/indexl.html.

ABOUT GSE SOLUTIONS

We are the future of operational excellence in the power industry. As a collective group, GSE Solutions leverages top skills, expertise, and technology to provide highly specialized solutions that enable customers to achieve the performance they envision. Our experts deliver and support end-to-end training, engineering, compliance, simulation, and workforce solutions that help the power industry reduce risk and optimize plant operations. GSE is a proven solution provider, with more than four decades of industry experience and more than 1,100 installations serving hundreds of customers in over 50 countries spanning the globe. www.gses.com

FORWARD LOOKING STATEMENTS

We make statements in this press release that are considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. These statements reflect our current expectations concerning future events and results. We use words such as “expect,” “intend,” “believe,” “may,” “will,” “should,” “could,” “anticipates,” and similar expressions to identify forward-looking statements, but their absence does not mean a statement is not forward-looking. These statements are not guarantees of our future performance and are subject to risks, uncertainties and other important factors that could cause our actual performance or achievements to be materially different from those we project. For a full discussion of these risks, uncertainties and factors, we encourage you to read our documents on file with the Securities and Exchange Commission, including those set forth in our periodic reports under the forward-looking statements and risk factors sections. We do not intend to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

GSE SYSTEMS, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Operations

(in thousands, except share and per share data)

(unaudited)

Three months ended

Nine months ended

September 30, 2020

September 30, 2019

September 30, 2020

September 30, 2019

Revenue

$

12,922

$

20,031

$

44,967

$

65,683

Cost of revenue

9,603

15,358

33,971

50,407

Gross profit

3,319

4,673

10,996

15,276

Operating expenses:

Selling, general and administrative

2,878

3,465

12,548

12,231

Research and development

137

130

526

526

Restructuring charges

185

740

195

742

Loss on impairment

–

–

4,302

5,464

Depreciation

76

107

254

300

Amortization of intangible assets

414

596

1,528

1,804

Total operating expenses

3,690

5,038

19,353

21,067

Operating loss

(371)

(365)

(8,357)

(5,791)

Interest expense, net

(128)

(288)

(556)

(812)

Gain (loss) on derivative instruments, net

31

(61)

35

(69)

Other (expense) income, net

(77)

59

(24)

62

Loss before income taxes

(545)

(655)

(8,902)

(6,610)

Provision for (benefit from) income taxes

116

568

166

(874)

Net loss

$

(661)

$

(1,223)

$

(9,068)

$

(5,736)

Net loss per common share – basic and diluted

$

(0.03)

$

(0.06)

$

(0.44)

$

(0.29)

Weighted average shares outstanding used to compute net loss per share – basic and diluted

20,563,452

20,007,469

20,438,571

20,021,829

GSE SYSTEMS, INC AND SUBSIDIARIES

Selected Balance Sheet Data

(in thousands)

(unaudited)

(audited)

September 30, 2020

December 31, 2019

Cash and cash equivalents

$

7,660

$

11,691

Current assets

$

20,520

$

30,778

Noncurrent assets

21,097

27,731

Total assets

$

41,617

$

58,509

Current liabilities

$

18,135

$

34,434

Noncurrent liabilities

12,047

3,956

Stockholders’ equity

11,435

20,119

Total liabilities and shareholders’ equity

$

41,617

$

58,509

EBITDA and Adjusted EBITDA Reconciliation (in thousands)

References to “EBITDA” means Net Income (Loss), before taking into account interest income and expense, provision for income taxes, depreciation and amortization. References to Adjusted EBITDA (“AEBITDA”) exclude the impact on our net loss due to any impairment of our intangibles, gain from the change in fair value of contingent consideration, restructuring charges, stock-based compensation expense, impact of the change in fair value of derivative instruments, provision for legal settlements and acquisition-related expenses. EBITDA and Adjusted EBITDA are not measures of financial performance under generally accepted accounting principles (GAAP). Management believes EBITDA and Adjusted EBITDA, in addition to operating profit, net income and other GAAP measures, are useful to investors to evaluate the Company’s results because it excludes certain items that are not directly related to the Company’s core operating performance that may, or could, have a disproportionate positive or negative impact on our results for any particular period. Investors should recognize that EBITDA and AEBITDA might not be comparable to similarly-titled measures of other companies. This measure should be considered in addition to, and not as a substitute for or superior to, any measure of performance prepared in accordance with GAAP. A reconciliation of non-GAAP EBITDA and AEBITDA to the most directly comparable GAAP measure in accordance with SEC Regulation G follows:

Three months ended

Nine months ended

September 30, 2020

September 30, 2019

September 30, 2020

September 30, 2019

Net loss

$

(661)

$

(1,223)

$

(9,068)

$

(5,736)

Interest expense, net

128

288

556

812

Provision for (benefit from) income taxes

116

568

166

(874)

Depreciation and amortization

579

768

2,030

2,397

EBITDA

162

401

(6,316)

(3,401)

Gain on legal settlement, net

(952)

–

(91)

–

Loss on impairment

–

–

4,302

5,464

Impact of the change in fair value of contingent consideration

–

–

–

(1,200)

Restructuring charges

185

740

195

742

Stock-based compensation expense

33

114

357

1,150

(Gain) loss on derivative instruments

(31)

61

(35)

69

Acquisition-related expenses

3

116

191

744

Adjusted EBITDA

$

(600)

$

1,432

$

(1,397)

$

3,568

Adjusted Net (Loss) Income and Adjusted EPS Reconciliation (in thousands, except per share amounts)

References to Adjusted Net (Loss) Income exclude the impact of gain from the change in fair value of contingent consideration, loss on impairment of our intangibles, restructuring charges, stock-based compensation expense, change in fair value of derivative instruments, acquisition-related expense, acquisition-related legal settlement, amortization of intangible assets and the income tax expense impact of any such adjustments. Adjusted Net Income and adjusted earnings per share (adjusted EPS) are not measures of financial performance under generally accepted accounting principles (GAAP). Management believes adjusted net income and adjusted EPS, in addition to other GAAP measures, are useful to investors to evaluate the Company’s results because they exclude certain items that are not directly related to the Company’s core operating performance and non-cash items that may, or could, have a disproportionate positive or negative impact on our results for any particular period. These measures should be considered in addition to, and not as a substitute for or superior to, any measure of performance prepared in accordance with GAAP. A reconciliation of non-GAAP adjusted net income and adjusted EPS to GAAP net income, the most directly comparable GAAP financial measure, is as follows:

(in thousands)

Three months ended

Nine months ended

September 30, 2020

September 30, 2019

September 30, 2020

September 30, 2019

Net loss

$

(661)

$

(1,223)

$

(9,068)

$

(5,736)

Gain legal settlement, net

(952)

–

(91)

–

Loss on impairment

–

–

4,302

5,464

Impact of the change in fair value of contingent consideration

–

–

–

(1,200)

Restructuring charges

185

740

195

742

Stock-based compensation expense

33

114

357

1,150

(Gain) loss on derivative instruments, net

(31)

61

(35)

69

Acquisition-related expense

3

116

191

744

Amortization of intangible assets

414

596

1,528

1,804

Income tax expense impact of adjustments

–

186

–

(1,761)

Adjusted net (loss) income

$

(1,009)

$

590

$

(2,621)

$

1,276

Adjusted (loss) earnings per common share – diluted

$

(0.05)

$

0.03

$

(0.13)

$

0.06

Weighted average shares outstanding – diluted⁽¹⁾

20,563,452

20,586,145

20,438,571

20,418,960

⁽¹⁾ During the three and nine months ended September 30, 2020, we reported a GAAP net loss and an adjusted net loss. Accordingly, there were 66,261 and 12,172 dilutive shares from RSUs that were excluded from the adjusted net loss per common share.

⁽¹⁾ During the three and nine months ended September 30, 2019, we reported a GAAP net loss and an adjusted net income. Accordingly, there were 578,676 and 397,131 dilutive shares from RSUs included in the adjusted earnings per share calculation that were considered anti-dilutive when calculating the net loss per share.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201116005960/en/

Company Contact

Kyle Loudermilk

Chief Executive Officer

GSE Systems, Inc.

(410) 970-7800

The Equity Group Inc.

Kalle Ahl, CFA

(212) 836-9614

[email protected]

KEYWORDS: Maryland United States North America

INDUSTRY KEYWORDS: Utilities Oil/Gas Coal Alternative Energy Energy Education Nuclear Training

MEDIA:

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Posted on November 16, 2020 4:08 pm
Alpine Immune Sciences to Participate in Fireside Chat at the Piper Sandler 32nd Annual Virtual Healthcare Conference

Alpine Immune Sciences to Participate in Fireside Chat at the Piper Sandler 32nd Annual Virtual Healthcare Conference

SEATTLE–(BUSINESS WIRE)–
Alpine Immune Sciences, Inc. (NASDAQ:ALPN), a leading clinical-stage immunotherapy company focused on developing innovative treatments for cancer and autoimmune/inflammatory diseases, today announced the company will participate in a fireside chat at the Piper Sandler 32nd Annual Virtual Healthcare Conference.

The fireside chat will be available online during the week of November 23 in the investor relations section of the company’s website at https://ir.alpineimmunesciences.com/events. The virtual conference will be held from December 1-3, 2020.

About Alpine Immune Sciences, Inc.

Alpine Immune Sciences, Inc. is committed to leading a new wave of immune therapeutics. With world-class research and development capabilities, a highly productive scientific platform, and a proven management team, Alpine is creating multifunctional immunotherapies via unique protein engineering technologies to improve patients’ lives. For more information, visit www.alpineimmunesciences.com. Follow @AlpineImmuneSci on Twitter and LinkedIn.

“Secreted Immunomodulatory Proteins”, “SIP”, “Transmembrane Immunomodulatory Protein,” “TIP,” “Variant Ig Domain,” “vIgD” and the Alpine logo are registered trademarks or trademarks of Alpine Immune Sciences, Inc. in various jurisdictions.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201116005950/en/

Paul Rickey

Chief Financial Officer

Alpine Immune Sciences, Inc.

206-788-4545

[email protected]

Laurence Watts

Managing Director

Gilmartin Group, LLC.

619-916-7620

[email protected]

KEYWORDS: Washington United States North America

INDUSTRY KEYWORDS: Biotechnology Health Oncology

MEDIA:

Posted on November 16, 2020 4:08 pm
Fastly to Present at Upcoming Investor Conferences

Fastly to Present at Upcoming Investor Conferences

SAN FRANCISCO–(BUSINESS WIRE)–Fastly, Inc. (NYSE: FSLY), provider of a global edge cloud platform, announced today that Chief Executive Officer Joshua Bixby and Chief Financial Officer Adriel Lares will participate in fireside chats at the following investor conferences:

Needham Virtual Security, Networking, and Communications Conference on Tuesday, November 17, 2020 at 12:00 p.m. PT / 3:00 p.m. ET

Credit Suisse 24th Annual Technology Conference on Monday, November 30, 2020 at 9:20 a.m. PT / 12:20 p.m. ET

2020 Wells Fargo TMT Summit on Tuesday, December 1, 2020 at 2:20 p.m. PT / 5:20 p.m. ET

Webcasts of these presentations will be available on Fastly’s Investor Relations website at https://investors.fastly.com.

About Fastly

Fastly helps people stay better connected with the things they love. Fastly’s edge cloud platform enables customers to create great digital experiences quickly, securely, and reliably by processing, serving, and securing our customers’ applications as close to their end-users as possible — at the edge of the internet. Fastly’s platform is designed to take advantage of the modern internet, to be programmable, and to support agile software development with unmatched visibility and minimal latency, empowering developers to innovate with both performance and security. Fastly’s customers include many of the world’s most prominent companies, including Vimeo, Pinterest, The New York Times, and GitHub.

Source: Fastly, Inc.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201116005948/en/

Investor Contact:

[email protected]

Media Contact:

[email protected]

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Software Mobile/Wireless Networks Professional Services Internet Hardware Data Management Technology Security Other Professional Services Other Technology Consulting Telecommunications

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Posted on November 16, 2020 4:08 pm
Citrix Executives to Present at Upcoming Investor Conferences

Citrix Executives to Present at Upcoming Investor Conferences

FORT LAUDERDALE, Fla.–(BUSINESS WIRE)–
Citrix Systems, Inc. (NASDAQ:CTXS) today announced its participation in five upcoming investor conferences:

Event: 2020 RBC Capital Markets Global TIMT Virtual Conference

Date and Time: November 17, 2020 at 8:00 a.m. Eastern

Presenter: PJ Hough, executive vice president and chief product officer

Event: 2020 Wells Fargo TMT Summit

Date and Time: December 2, 2020 at 9:20 a.m. Eastern

Presenter: Arlen Shenkman, executive vice president and chief financial officer

Event: Raymond James 2020 Technology Investors Conference

Date and Time: December 7, 2020 at 12:30 p.m. Eastern

Presenter: Mark Schmitz, executive vice president and chief operating officer

Event: UBS Global TMT Virtual Conference

Date and Time: December 8, 2020 at 12:05 p.m. Eastern

Presenter: PJ Hough, executive vice president and chief product officer

Event: Barclays Global Technology, Media and Telecommunications Conference

Date and Time: December 10, 2020 at 3:00 p.m. Eastern

Presenter: Arlen Shenkman, executive vice president and chief financial officer

A webcast of each presentation will be available live on the investor section of the Citrix website at www.investors.citrix.com. A replay will be available for approximately 30 days.

About Citrix

Citrix (NASDAQ:CTXS) builds the secure, unified digital workspace technology that helps organizations unlock human potential and deliver a consistent workspace experience wherever work needs to get done. With Citrix, users get a seamless work experience and IT has a unified platform to secure, manage, and monitor diverse technologies in complex cloud environments. Learn more at www.citrix.com.

For Citrix Investors

This release contains forward-looking statements which are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 and of Section 21E of the Securities Exchange Act of 1934. These forward-looking statements do not constitute guarantees of future performance. Those statements involve a number of factors that could cause actual results to differ materially, including risks associated with transitions in key personnel and succession, products, their development, integration and distribution, product demand and pipeline, customer acceptance of new products, economic and competitive factors, Citrix’s key strategic relationships, acquisition and related integration risks as well as other risks detailed in Citrix’s filings with the Securities and Exchange Commission. Citrix assumes no obligation to update any forward-looking information contained in this press release or with respect to the announcements described herein.

Citrix® is a trademark or registered trademark of Citrix Systems, Inc. and/or one or more of its subsidiaries, and may be registered in the U.S. Patent and Trademark Office and in other countries. All other trademarks and registered trademarks are property of their respective owner

View source version on businesswire.com: https://www.businesswire.com/news/home/20201116005935/en/

For media inquiries, contact:

Karen Master, Citrix Systems, Inc.

(216) 396-4683 or [email protected]

For investor inquiries, contact:

Traci Tsuchiguchi, Citrix Systems, Inc.

(408) 790-8467 or [email protected]

KEYWORDS: Florida United States North America

INDUSTRY KEYWORDS: Data Management Professional Services Technology Software Human Resources

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