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Parks! America, Inc. Announces Record Sales and Net Income for Fiscal 2020

– Record sales of $9.51 million and net income of $2.77 million for fiscal 2020

– Record sales increase of 124.4% in Q4; up 53.7% for fiscal 2020

– Excluding Aggieland, Q4 sales increase a record 86.6%; up 35.5% for fiscal 2020

– Record fiscal 2020 net income increases by $1.67 million to $2.77 million

PR Newswire

PINE MOUNTAIN, Ga., Dec. 15, 2020 /PRNewswire/ — Parks! America, Inc. (OTCPink: PRKA), today announced the results for its fourth fiscal quarter and fiscal year ended September 27, 2020.

Fourth Quarter Fiscal 2020 Financial Highlights

Total net sales for the fourth fiscal quarter ended September 27, 2020 were $4,548,614, an increase of $2,521,542 or 124.4%, compared to $2,027,072 for the fourth fiscal quarter ended September 29, 2019. Attendance based net sales were $4,523,529, an increase of $2,523,911 or 126.2%, while animal sales decreased by $2,369. Excluding Aggieland Wild Animal Safari (the “Texas Park”), acquired on April 27, 2020, attendance based net sales were a record $3,731,769, an increase of $1,732,151 or 86.6%, while animal sales were $17,431, a decrease of $10,023.

The Company reported record net income of $1,780,597 for its fourth fiscal quarter ended September 27, 2020 compared to net income of $527,533 for its fourth fiscal quarter ended September 29, 2019, an increase of $1,253,064. The increase in the Company’s fourth fiscal quarter net income is primarily attributable to higher park attendance based revenues, a positive contribution from the recently acquired Texas Park, and lower professional fees, partially offset by higher cost of sales, higher compensation, advertising and insurance expenses, as well as higher interest and income tax expenses.

2020 Fiscal Year Financial Highlights

Total net sales for the 2020 fiscal year were $9,507,264, an increase of $3,323,010 or 53.7%, compared to $6,184,254 for the 2019 fiscal year. Attendance based net sales were $9,440,986, resulting in an increase of $3,336,711 or 54.7%, while animal sales decreased by $13,701. Excluding the Texas Park, attendance based net sales were a record $8,272,436, an increase of $2,168,161 or 35.5%, while animal sales were $56,339, a decrease of $23,640.

The Company reported record net income of $2,767,469 for its 2020 fiscal year compared to net income of $1,096,538 for its 2019 fiscal year, resulting in an increase of $1,670,931. Excluding the after-tax impact of tornado damage asset write-offs and expenses in the 2019 fiscal year, as well as the after-tax impact of a related insurance recovery in the 2020 fiscal year, 2020 fiscal year net income increased by $1,588,124. The increase in the Company’s net income for its 2020 fiscal year is primarily attributable to higher park attendance based revenues and a positive contribution from the recently acquired Texas Park, partially offset by higher cost of sales, and higher compensation and insurance expenses, as well as higher interest and income tax expenses.

Balance Sheet and Liquidity

The Company had working capital of $3,856,455 as of September 27, 2020, compared to working capital of $3,445,760 million as of September 29, 2019. The Company’s debt to equity ratio was 0.60 to 1.0 as of September 27, 2020, compared to 0.15 to 1.0 as September 29, 2019. The increase in the Company’s debt to equity ratio is principally a result of debt incurred to finance the Texas Park acquisition.

2020 In Review

The Company’s 2020 fiscal year was marked with two major events. First, was the COVID-19 pandemic, which emerged at the beginning of the Company’s annual high season. Second, was the acquisition of the Texas Park on April 27, 2020.

“Our 2020 fiscal year was challenging for our business on several levels. Prior to the onset of the COVID-19 crisis, our year-over-year attendance based revenues were trending positive,” commented Dale Van Voorhis, Chairman and CEO. “Then, our Parks were closed during the traditionally important Spring Break and early spring period. As our fourth quarter and total 2020 results attest, subsequent to reopening in early May 2020, all three of our Parks experienced record attendance levels, which drove record sales and profitability. We literally went from being closed to the public during the majority of April and evaluating cash conservation plans, to implementing attendance management and crowd control measures from mid-May through the end of our fiscal year.

“We believe the strong year-over-year attendance growth each of our Parks experienced during the last five months of our 2020 fiscal year, which has continued into the early part of our 2021 fiscal year, is a positive consequence of the outdoor nature of the family-friendly, wild animal education and entertainment experience provided at each of our Parks,” noted Mr. Van Voorhis. “The experience we offer is particularly attractive during the COVID-19 pandemic for guests seeking outdoor entertainment options. Furthermore, while many have been repeat customers, we also experienced a significant increase in first time visitors. It is obvious the local and regional awareness for each of our Parks has been expanded during this timeframe, which we believe will have longer-term, positive ramifications for our business.

“I said it earlier this year and it bears repeating, we are grateful to our guests for their support of our business and animals during these times. And we are very appreciative of our associates for their hard work, dedication and commitment during these challenging and unprecedented times.

“I also continue to be pleased with the early results we are seeing from Aggieland Wild Animal Safari. We are seeing positive results from our initial marketing efforts to increase the awareness of the wonderful wild animal safari experience offered by this recent addition to our portfolio of Parks,” noted Mr. Van Voorhis. “While a variety of uncertainties remain over the next 12 months, we are optimistic regarding the prospects for each of our three Parks and our business overall. We will continue to monitor the local situation impacting each of our three Parks and have contingency plans in place to address any significant changes.”

About Parks! America, Inc.

Parks! America, Inc. (OTCPink: PRKA), through its wholly owned subsidiaries, owns and operates three regional theme parks – the Wild Animal Safari theme park in Pine Mountain, Georgia, the Wild Animal Safari theme park located in Strafford, Missouri, as well as the Aggieland Wild Animal Safari theme park, located near Bryan/College Station, Texas, which was acquired on April 27, 2020.

Additional information, including our Form 10-K for the fiscal year ended September 27, 2020, is available on the Company’s website, http://www.animalsafari.com.

Cautionary Note Regarding Forward-Looking Statements

Except for historical information contained herein, this news release contains certain “forward-looking statements” within the meaning of U.S. securities laws. You are cautioned to not place undue reliance on these forward-looking statements; actual results or outcomes could differ materially due to factors including, but not limited to: general market conditions, adverse weather, and industry competition. Additional risks have been added to the Company’s business by the near-term and long-term impacts of the COVID-19 pandemic on the operations of its Parks, including customers perceptions of engaging in the activities involved in visiting its Parks, its ability to hire and retain associates in light of the issues posed by the COVID-19 pandemic, and its ability to maintain sufficient cash to fund operations due to the potential negative impact on its revenues associated with disruptions in demand as a result of the pandemic. The Company believes that expectations reflected in forward-looking statements are reasonable, however it can give no assurances that such expectations will be realized and actual results could differ materially. The Company assumes no obligation to update any of these forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting these forward-looking statements, except as required by applicable law. A further description of these risks, uncertainties and other matters can be found in the Company’s annual report and other reports filed from time to time with the Securities and Exchange Commission, including but not limited to the Company’s Annual Report on Form 10-K for the fiscal year ended September 27, 2020.

Contact:
Todd R. White
Chief Financial Officer 
(706) 663-8744
[email protected]

PARKS! AMERICA, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

For the Three Months and Year Ended September 27, 2020 and September 29, 2019

For the three months ended

For the year ended


September 27, 2020


September 29, 2019


September 27, 2020


September 29, 2019

Net sales

$             4,523,529

$             1,999,618

$             9,440,986

$             6,104,275

Sale of animals


25,085


27,454


66,278


79,979


Total net sales

4,548,614

2,027,072

9,507,264

6,184,254

Cost of sales

423,882

225,699

962,047

673,667

Selling, general and administrative

1,468,350

949,095

4,115,323

3,399,145

Depreciation and amortization

190,306

108,371

576,139

453,968

Tornado damage and expenses, net

–

9,500

(24,373)

80,444

Loss on disposal of operating assets, net


29,121


16,846


29,121


32,693


Income from operations

2,436,955

717,561

3,849,007

1,544,337

Other income, net

8,991

5,743

27,788

27,104

Interest expense


(83,849)


(18,371)


(182,926)


(76,003)


Income before income taxes

2,362,097

704,933

3,693,869

1,495,438

Income tax provision


581,500


177,400


926,400


398,900


Net income


$             1,780,597


$                527,533


$             2,767,469


$             1,096,538


Income per share – basic and diluted


$                      0.02


$                      0.01


$                      0.04


$                      0.01


Weighted average shares


outstanding (in 000’s) – basic and diluted


75,021


74,821


74,964


74,791

 

PARKS! AMERICA, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

As of September 27, 2020 and September 29, 2019


September 27, 2020


September 29, 2019


ASSETS

Cash

$            5,505,716

$             3,787,815

Inventory

200,891

195,201

Prepaid expenses


148,732


147,529

Total current assets

5,855,339

4,130,545

Property and equipment, net

13,654,800

6,620,405

Intangible assets, net

–

600

Other assets


12,144


11,786


Total assets


$          19,522,283


$           10,763,336


LIABILITIES AND STOCKHOLDERS’ EQUITY


Liabilities

Accounts payable

$               178,485

$                  96,270

Other current liabilities

599,390

384,160

Current portion of long-term debt, net


1,221,009


204,355

Total current liabilities

1,998,884

684,785

Long-term debt, net


5,797,392


1,154,013


Total liabilities


7,796,276


1,838,798


Stockholders’ equity

Common stock

75,021

74,821

Capital in excess of par

4,889,316

4,855,516

Treasury stock

(3,250)

(3,250)

Retained earnings


6,764,920


3,997,451


Total stockholders’ equity


11,726,007


8,924,538


Total liabilities and stockholders’ equity


$          19,522,283


$           10,763,336

 

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SOURCE Parks! America, Inc.

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Protagonist Therapeutics, Inc. Announces Closing of $115 Million Public Offering of Common Stock and Full Exercise of Underwriters’ Option to Purchase Additional Shares

PR Newswire

NEWARK, Calif., Dec. 15, 2020 /PRNewswire/ — Protagonist Therapeutics, Inc. (Nasdaq: PTGX), a clinical stage biopharmaceutical company, today announced the closing of its previously announced underwritten public offering of 5,476,189 shares of its common stock, including 714,285 shares sold pursuant to the underwriters’ exercise in full of their “green shoe” option to purchase additional shares, at a price to the public of $21.00 per share. Aggregate gross proceeds to Protagonist from the offering were approximately $115.0 million, before deducting underwriting discounts and commissions and offering expenses. 

J.P. Morgan Securities LLC, SVB Leerink LLC, Piper Sandler & Co. and BMO Capital Markets Corp. are acting as joint book-running managers for the offering.

A shelf registration statement relating to the offered shares of common stock was filed with the Securities and Exchange Commission (SEC) on December 10, 2020. A final prospectus supplement and accompanying prospectus relating to the offering have been filed with the SEC and is available on the SEC’s website, located at www.sec.gov.  Copies of the final prospectus supplement and the accompanying prospectus related to the offering may be obtained, when available, from J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at (866) 803-9204 or by email at [email protected];  from SVB Leerink LLC, Attention: Syndicate Department, One Federal Street, 37th Floor, Boston, MA 02110, by telephone at (800) 808-7525, ext. 6132 or by email at [email protected]; from Piper Sandler & Co., Attention: Prospectus Department, 800 Nicollet Mall, J12S03, Minneapolis, MN 55402, by telephone at (800) 747-3924 or by email at [email protected]; or from BMO Capital Markets Corp., Attention: Equity Syndicate Department, 3 Times Square, 25th Floor, New York, NY 10036, by telephone at (800) 414-3627 or by email at [email protected].

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

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SOURCE Protagonist Therapeutics, Inc.

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Medallia Appoints Elizabeth Carducci as Chief Revenue Officer Positioning Sales and Field Organizations for Fiscal Year 2022 Growth Goals

Medallia Appoints Elizabeth Carducci as Chief Revenue Officer Positioning Sales and Field Organizations for Fiscal Year 2022 Growth Goals

SAN FRANCISCO–(BUSINESS WIRE)–
Medallia, Inc. (NYSE:MDLA), the global leader in experience management, announced that Elizabeth Carducci has been promoted from executive vice president, industry solutions and GTM strategy to chief revenue officer. Reporting to the chief executive officer, Elizabeth will add leading the global industry sales function to her current responsibilities of directing the solutions consulting, solutions principals, product marketing and market intelligence functions. Greg Philiotis is being promoted from senior vice president, head of EMEA sales, to oversee all international industry sales and will report to Elizabeth.

“Elizabeth is one of the most connected and respected leaders in the experience management space. I am delighted to announce her appointment as Medallia’s chief revenue officer. She has been a critical contributor to our go-to-market success and has a history of building great teams. With this move and the promotion of Greg Philiotis to run our international business, we are well positioned to achieve our growth ambitions in FY22,” said Leslie Stretch, president and chief executive officer of Medallia. “Our strong bench means we continue to develop our future leaders from within the company wherever possible and these two moves are exemplary of that approach.”

Success in the digital age depends on listening to and taking action on the voice of the customer. This reality makes Medallia a critical platform driving customer experience and digital transformation for many of the world’s leading brands. The new team has been put in place to drive the business towards future growth opportunities coming from digital transformation, global expansion and the mid-market business.

“For years I have played a key role in our growth, driving our market leadership in key industries, as well as directly engaging in our sales efforts with prospects. I have also led many cross-functional initiatives across product, sales, marketing, customer success, and have built relationships with senior executives at key customer accounts,” said Elizabeth Carducci, chief revenue officer for Medallia. “I am thrilled to bring these experiences to my new role as chief revenue officer in order to propel Medallia to further success and growth.”

“We have a significant opportunity in front of us. We are growing existing and winning new customers around the globe. I am excited to work with Elizabeth and our strong field team to drive Medallia’s international growth ambitions,” said Greg Philiotis, senior vice president of international industry sales for Medallia.

About Elizabeth Carducci – Elizabeth Carducci is recognized as a visionary leader in the customer and employee experience industry. As a member of the founding team, Elizabeth helped build Medallia into the industry leading Company it is today. She brings over 20 years of deep domain expertise to her work with the world’s largest and most well-respected companies. Elizabeth is known for leading high impact teams, including industry solutions and go-to-market strategy functions consisting of market intelligence, product marketing, solutions principals and solutions consulting. Before Medallia, Elizabeth led the global contact center organization for Starwood Hotels, with prior roles at ITT Sheraton, and Deloitte. Elizabeth holds an MBA from Stanford University and a Bachelor of Science in Electrical Engineering from the Massachusetts Institute of Technology.

About Greg Philiotis – Greg Philiotis is an industry veteran known for developing top sales teams and driving transformational business growth. During his tenure at Medallia Greg served as the senior vice president, head of sales for EMEA, growing the region and achieving exceptional growth. Greg now serves as Medallia’s, senior vice president and head of international sales. Before Medallia, Greg was part of the CallidusCloud senior leadership team where, under his leadership, he grew the Financial Services practice over 1500% in four years. Previously, Greg was a sales leader at SAP and i2. Greg holds his MBA from Northern Illinois University and a Bachelor of Science in Economics from the University of Illinois Urbana-Champaign.

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About Medallia

Medallia (NYSE: MDLA) is the pioneer and market leader in Experience Management. Medallia’s award-winning SaaS platform, the Medallia Experience Cloud, leads the market in the understanding and management of experience for customers, employees and citizens. Medallia captures experience signals created on daily journeys in person, on calls and digital channels, over video and social media and IoT interactions and applies proprietary AI technology to reveal personalized and predictive insights that can drive action with tremendous business results. Using Medallia Experience Cloud, customers can reduce churn, turn detractors into promoters and buyers, create in-the-moment cross-sell and up-sell opportunities and drive revenue-impacting business decisions, providing clear and potent returns on investment.www.medallia.com.

© 2020 Medallia, Inc. All rights reserved. Medallia®, the Medallia logo, and the names and marks associated with Medallia’s products are trademarks of Medallia. All other trademarks are the property of their respective owners.

PR Contact:

Valerie Beaudett

[email protected]

+1 (650) 400-7833

IR Contact:

Carolyn Bass

[email protected]

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Software Technology Internet Data Management

MEDIA:

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Nordson Corporation Reports Fiscal Year 2020 Fourth Quarter and Full Year Results

Nordson Corporation Reports Fiscal Year 2020 Fourth Quarter and Full Year Results

Fourth Quarter:

  • Sales were $559 million, a 5% year-over-year decrease
  • Portfolio strengthening with announced divestiture of screws and barrels product line
  • Operating profit was $37 million, or 7% of sales
  • Adjusted operating profit was $130 million, or 23% of sales
  • Earnings were $0.31 per diluted share
  • Adjusted earnings were $1.59 per diluted share, an 11% decrease from prior year

Full Year:

  • Sales were $2.1 billion, a 3% year-over-year decrease
  • Earnings were $4.27 per diluted share
  • Adjusted earnings were $5.48 per diluted share, a 7% decrease from prior year

2021 First Quarter Guidance:

  • Fiscal 2021 first quarter sales growth of 2 to 3% over prior year first quarter; adjusted earnings growth in the range of 15 to 20%

WESTLAKE, Ohio–(BUSINESS WIRE)–
Nordson Corporation (Nasdaq: NDSN) today reported results for the fiscal fourth quarter ended October 31, 2020. Sales were $559 million, a 5% decrease compared to the prior year’s fourth quarter sales of $585 million. Continued strength in test and inspection product lines serving electronics end markets and growth in our medical product lines was offset by weakness in industrial and automotive end markets. The change in fourth quarter 2020 sales included a decrease of approximately 7% organic volume, acquisitions contributed 1%, and a favorable effect from currency translation of approximately 2%.

Operating profit in the quarter was $37 million. As the company announced on December 3, 2020, it intends to divest the non-strategic screws and barrels product line within the Industrial Precision Solutions segment, which will strengthen the company’s ongoing earnings and profitable growth profile. This strategic portfolio transaction required a one-time, non-cash asset impairment charge of $87 million, which was recognized during the fourth quarter. Excluding this non-cash impairment charge and other non-recurring charges associated with cost structure simplification actions and amortization of the step-up in acquired inventory, adjusted operating profit was $130 million, or 23% of sales. EBITDA, which is defined as adjusted operating profit plus depreciation and amortization, in the quarter totaled $159 million, or 29% of sales, which represents a decrease of 5% from the prior year EBITDA of $168 million.

Net income was $18 million, and GAAP diluted earnings per share were $0.31. Adjusted earnings, which excludes non-recurring charges and discrete tax benefits of $2 million, totaled $93 million, or $1.59 per share, an 11% decrease from the prior year adjusted earnings of $104 million.

Commenting on the company’s fiscal fourth quarter 2020 results, Nordson President and Chief Executive Officer Sundaram Nagarajan said, “I am proud of the dedication shown by our global team through their ongoing commitment to superior customer service and continued deployment of the NBS Next growth framework. Fourth quarter sales were the strongest quarter of the year. We also continued to make progress on strategically positioning our portfolio for sustainable long-term growth with the acquisition of vivaMOS, Ltd. and the recently announced divestiture of the screws and barrels product line. This combination of focusing on Nordson strengths and prioritizing future profitable growth opportunities has us well positioned heading into fiscal year 2021.”

Fourth Quarter Segment Results

Industrial Precision Solutions sales of $308 million decreased approximately 8% compared to the prior year fourth quarter, driven by a 10% organic decrease partially offset by favorable currency impacts. This organic sales decline was in part driven by weaker demand in industrial and automotive end markets, where we had record sales in the prior year fourth quarter. Operating profit totaled $0.4 million in the quarter, including an $87 million non-cash impairment charge for the pending divestiture of the screws and barrels product line and $4 million in structural cost reduction actions. Adjusted operating profit, excluding these non-recurring items, was $92 million, or 30% of sales, equal to prior year adjusted operating profit margin.

Advanced Technology Solutions sales of $250 million increased approximately 1% compared to the prior year fourth quarter. Acquisitions and favorable currency impacts increased sales by approximately 2% and 1%, respectively, which was principally offset by organic volume decreases of 3%. Continued sales growth in test and inspection product lines, coupled with stable demand in medical product lines, was offset by weaker demand in fluid dispense product lines serving industrial end markets. Operating profit, which included $1 million of the step-up in acquired inventory amortization, totaled $51 million. Adjusted operating profit was $52 million, or 21% of sales, which was down slightly compared to prior year profits.

Fiscal 2020 Full Year Results

Sales for the fiscal year ended October 31, 2020 were $2.1 billion, a decrease of 3% compared to the same period a year ago. This change in sales included a decrease in organic volume of 4%, offset by growth related to acquisitions. The full year impact of currency translation differences was not significant. Full year operating profit was $350 million and diluted earnings per share were $4.27. Excluding the non-cash impairment charge, structural cost reduction expenses, the step up in value of acquired inventory, and discrete tax expense, adjusted operating profit was $454 million and adjusted diluted earnings per share were $5.48, a 7% decrease from the prior year adjusted diluted earnings per share of $5.87.

Outlook

“Throughout this unprecedented year, the safety of our people and the value they deliver to our customers remained among our top priorities,” Nagarajan stated. “We continue to make progress by deploying the NBS Next growth framework and aligning the organization to remain invested in our key strengths during this unique macroeconomic environment. The commitment of our employees combined with the resilience of our diverse end markets resulted in sound financial performance in fiscal 2020. We are entering fiscal 2021 from this solid foundation, and we have strong backlog entering the fiscal first quarter. I am confident in our ability to deliver long-term profitable growth.”

Backlog for the quarter ended October 31, 2020 was approximately $416 million, an increase of 5% compared to the same period a year ago, and the trailing twelve-week order entry is 5% above prior year levels. Based on these current order entry trends, backlog amounts and the correlation to sales timing, we expect the fiscal 2021 first quarter sales growth to be approximately 2 to 3%, with adjusted earnings growth in the range of 15 to 20% as compared to fiscal 2020 first quarter.

Nordson management will provide additional commentary on these results and outlook during its previously announced webcast on Wednesday, December 16, 2020 at 8:30 a.m. eastern time, which can be accessed at https://investors.nordson.com. For persons unable to listen to the live broadcast, a replay will be available for 14 days after the event. Information about Nordson’s investor relations and shareholder services is available from Lara Mahoney, vice president, investor relations and corporate communications at (440) 204-9985 or [email protected].

Certain statements contained in this release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by terminology such as “may,” “will,” “should,” “could,” “expects,” “anticipates,” “believes,” “projects,” “forecasts,” “outlook,” “guidance,” “continue,” “target,” or the negative of such terms or comparable terminology. These statements reflect management’s current expectations and involve a number of risks and uncertainties. These risks and uncertainties include, but are not limited to, U.S. and international economic conditions, financial, and market conditions, currency exchange rates and devaluations, possible acquisitions including the Company’s ability to successfully integrate acquisitions; the Company’s ability to successfully divest or dispose of businesses that are deemed not to fit with its strategic plan; the effects of changes in U.S. trade policy and trade agreements; the effects of changes in tax law; and the possible effects of events beyond our control, such as political unrest, acts of terror, natural disasters and pandemics, including the current coronavirus (COVID-19) pandemic and the other factors discussed in Item 1A (Risk Factors) in the Company’s most recently filed Annual Report on Form 10-K and in its Forms 10-Q filed with the Securities and Exchange Commission, which should be reviewed carefully. The Company undertakes no obligation to update or revise any forward-looking statement in this press release.

Nordson Corporation engineers, manufactures and markets differentiated products and systems used for the precision dispensing of adhesives, coatings, sealants, biomaterials, polymers, plastics and other materials, fluid management, test and inspection, UV curing and plasma surface treatment, all supported by application expertise and direct global sales and service. Nordson serves a wide variety of consumer non-durable, durable and technology end markets including packaging, nonwovens, electronics, medical, appliances, energy, transportation, construction, and general product assembly and finishing. Founded in 1954 and headquartered in Westlake, Ohio, the Company has operations and support offices in more than 35 countries. Visit Nordson on the web at http://www.nordson.com, @Nordson_Corp, or www.facebook.com/nordson.

NORDSON CORPORATION

CONSOLIDATED STATEMENT OF INCOME (Unaudited)

(Dollars in thousands except for per-share amounts)

 

 

Three months ended

 

Twelve months ended

 

10/31/2020

 

10/31/2019

 

10/31/2020

 

10/31/2019

 

 

 

 

 

 

 

 

Sales

$

558,525

 

 

$

585,451

 

 

$

2,121,100

 

 

$

2,194,226

 

Cost of sales

261,657

 

 

266,476

 

 

990,632

 

 

1,002,123

 

Gross profit

296,868

 

 

318,975

 

 

1,130,468

 

 

1,192,103

 

Gross margin %

53.2

%

 

54.5

%

 

53.3

%

 

54.3

%

 

 

 

 

 

 

 

 

Selling & administrative expenses

172,129

 

 

179,315

 

 

693,552

 

 

708,990

 

Assets held for sale impairment charge

87,371

 

 

—

 

 

87,371

 

 

—

 

Operating profit

37,368

 

 

139,660

 

 

349,545

 

 

483,113

 

 

 

 

 

 

 

 

 

Interest expense – net

(6,432)

 

 

(10,216)

 

 

(30,479)

 

 

(45,301)

 

Other expense – net

(4,634)

 

 

(2,162)

 

 

(17,577)

 

 

(6,708)

 

Income before income taxes

26,302

 

 

127,282

 

 

301,489

 

 

431,104

 

 

 

 

 

 

 

 

 

Income taxes

7,827

 

 

24,609

 

 

51,950

 

 

94,013

 

 

 

 

 

 

 

 

 

Net Income

$

18,475

 

 

$

102,673

 

 

$

249,539

 

 

$

337,091

 

 

 

 

 

 

 

 

 

Weighted-average common shares outstanding:

 

 

 

 

 

 

 

Basic

57,988

 

 

57,456

 

 

57,757

 

 

$

57,462

 

Diluted

58,679

 

 

58,255

 

 

58,473

 

 

58,202

 

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

 

Basic earnings

$

0.32

 

 

$

1.79

 

 

$

4.32

 

 

$

5.87

 

Diluted earnings

$

0.31

 

 

$

1.76

 

 

$

4.27

 

 

$

5.79

 

NORDSON CORPORATION

CONSOLIDATED BALANCE SHEET (Unaudited)

(Dollars in thousands)

 

 

October 31,

2020

 

October 31,

2019

 

 

 

 

Cash and cash equivalents

$

208,293

 

 

$

151,164

 

Receivables – net

471,873

 

 

530,765

 

Inventories – net

277,033

 

 

283,399

 

Other current assets

43,798

 

 

45,867

 

Assets held for sale

19,615

 

 

—

 

Total current assets

1,020,612

 

 

1,011,195

 

 

 

 

 

Property, plant & equipment – net

358,618

 

 

398,895

 

Goodwill

1,713,354

 

 

1,614,739

 

Other assets

582,072

 

 

491,618

 

 

$

3,674,656

 

 

$

3,516,447

 

 

 

 

 

Current maturities of long-term debt

$

38,043

 

 

$

168,738

 

Accounts payable and accrued liabilities

311,898

 

 

308,888

 

Liabilities held for sale

13,148

 

 

—

 

Total current liabilities

363,089

 

 

477,626

 

 

 

 

 

Long-term debt

1,067,952

 

 

1,075,404

 

Other liabilities

484,624

 

 

382,372

 

Total shareholders’ equity

1,758,991

 

 

1,581,045

 

 

$

3,674,656

 

 

$

3,516,447

 

 

 

 

 

NORDSON CORPORATION

CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)

(Dollars in thousands)

 

 

Twelve Months Ended

 

October 31,

2020

 

October 31,

2019

 

 

 

 

Cash flows from operating activities:

 

 

 

Net Income

$

249,539

 

 

$

337,091

 

Depreciation and amortization

113,302

 

 

110,244

 

Impairment loss on assets held for sale

87,371

 

 

—

 

Other non-cash items

5,278

 

 

19,606

 

Changes in working capital

46,931

 

 

(84,048)

 

Net cash provided by operating activities

502,421

 

 

382,893

 

 

 

 

 

Cash flows from investing activities:

 

 

 

Additions to property, plant and equipment

(50,535)

 

 

(64,244)

 

Acquisitions

(142,414)

 

 

(12,486)

 

Other – net

(1,160)

 

 

441

 

Net cash used in investing activities

(194,109)

 

 

(76,289)

 

 

 

 

 

Cash flows from financing activities:

 

 

 

Repayment of long-term debt

(153,816)

 

 

(69,580)

 

Repayment of finance lease obligations

(7,605)

 

 

(4,859)

 

Dividends paid

(88,347)

 

 

(82,145)

 

Issuance of common shares

50,853

 

 

26,020

 

Purchase of treasury shares

(52,614)

 

 

(120,510)

 

Net cash used in financing activities

(251,529)

 

 

(251,074)

 

 

 

 

 

Effective of exchange rate change on cash

346

 

 

(44)

 

Net change in cash and cash equivalents

57,129

 

 

55,486

 

 

 

 

 

Cash and cash equivalents:

 

 

 

Beginning of period

151,164

 

 

95,678

 

End of period

$

208,293

 

 

$

151,164

 

 

 

 

 

NORDSON CORPORATION

SALES BY GEOGRAPHIC SEGMENT (Unaudited)

(Dollars in thousands)

 

 

Three Months Ended

 

Sales Variance

 

Oct 31,

2020

 

Oct 31,

2019

 

Organic

 

Acquisitions

 

Currency

 

Total

SALES BY SEGMENT

 

 

 

 

 

 

 

 

 

 

 

Industrial precision solutions

$

308,385

 

 

$

336,451

 

 

(10.0)

%

 

—

%

 

1.7

%

 

(8.3)

%

Advanced technology solutions

250,140

 

 

249,000

 

 

(3.1)

%

 

2.2

%

 

1.4

%

 

0.5

%

Total Sales

$

558,525

 

 

$

585,451

 

 

(7.1)

%

 

0.9

%

 

1.6

%

 

(4.6)

%

 

 

 

 

 

 

 

 

 

 

 

 

SALES BY GEOGRAPHIC REGION

 

 

 

 

 

 

 

 

 

 

 

United States

$

194,701

 

 

$

206,874

 

 

(7.1)

%

 

1.2

%

 

—

%

 

(5.9)

%

Americas

35,452

 

 

44,503

 

 

(22.5)

%

 

6.4

%

 

(4.2)

%

 

(20.3)

%

Europe

142,082

 

 

145,946

 

 

(7.4)

%

 

0.1

%

 

4.7

%

 

(2.6)

%

Japan

36,248

 

 

37,190

 

 

(4.5)

%

 

—

%

 

2.0

%

 

(2.5)

%

Asia Pacific

150,042

 

 

150,938

 

 

(2.9)

%

 

—

%

 

2.3

%

 

(0.6)

%

Total Sales

$

558,525

 

 

$

585,451

 

 

(7.1)

%

 

0.9

%

 

1.6

%

 

(4.6)

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Twelve Months Ended

 

Sales Variance

 

Oct 31,

2020

 

Oct 31,

2019

 

Organic

 

Acquisitions

 

Currency

 

Total

SALES BY SEGMENT

 

 

 

 

 

 

 

 

 

 

 

Industrial precision solutions

$

1,143,423

 

 

$

1,208,376

 

 

(4.8)

%

 

—

%

 

(0.6)

%

 

(5.4)

%

Advanced technology solutions

977,677

 

 

985,850

 

 

(2.3)

%

 

1.4

%

 

0.1

%

 

(0.8)

%

Total Sales

$

2,121,100

 

 

$

2,194,226

 

 

(3.7)

%

 

0.6

%

 

(0.2)

%

 

(3.3)

%

 

 

 

 

 

 

 

 

 

 

 

 

SALES BY GEOGRAPHIC REGION

 

 

 

 

 

 

 

 

 

 

 

United States

$

755,642

 

 

$

758,383

 

 

(1.1)

%

 

0.7

%

 

—

%

 

(0.4)

%

Americas

141,473

 

 

167,661

 

 

(14.8)

%

 

3.0

%

 

(3.8)

%

 

(15.6)

%

Europe

536,636

 

 

571,596

 

 

(6.4)

%

 

0.4

%

 

(0.1)

%

 

(6.1)

%

Japan

126,601

 

 

126,756

 

 

(2.1)

%

 

0.2

%

 

1.8

%

 

(0.1)

%

Asia Pacific

560,748

 

 

569,830

 

 

(1.7)

%

 

0.2

%

 

(0.1)

%

 

(1.6)

%

Total Sales

$

2,121,100

 

 

$

2,194,226

 

 

(3.7)

%

 

0.6

%

 

(0.2)

%

 

(3.3)

%

 

 

 

 

 

 

 

 

 

 

 

 

NORDSON CORPORATION

RECONCILIATION OF NON-GAAP MEASURES – ADJUSTED OPERATING PROFIT AND EBITDA (Unaudited)

(Dollars in thousands)

 

 

Three months ended

 

Twelve months ended

 

October 31,

2020

 

October 31,

2019

 

October 31,

2020

 

October 31,

2019

SALES BY SEGMENT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Industrial precision solutions

$

308,385

 

 

 

 

$

336,451

 

 

 

 

$

1,143,423

 

 

 

 

$

1,208,376

 

 

 

Advanced technology solutions

250,140

 

 

 

 

249,000

 

 

 

 

977,677

 

 

 

 

985,850

 

 

 

Total sales

$

558,525

 

 

 

 

$

585,451

 

 

 

 

$

2,121,100

 

 

 

 

$

2,194,226

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATING PROFIT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Industrial precision solutions

$

425

 

 

 

 

$

99,353

 

 

 

 

$

208,028

 

 

 

 

$

329,054

 

 

 

Advanced technology solutions

50,674

 

 

 

 

54,727

 

 

 

 

191,602

 

 

 

 

205,609

 

 

 

Corporate

(13,731)

 

 

 

 

(14,420)

 

 

 

 

(50,085)

 

 

 

 

(51,550)

 

 

 

Total operating profit

$

37,368

 

 

 

 

$

139,660

 

 

 

 

$

349,545

 

 

 

 

$

483,113

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATING PROFIT ADJUSTMENTS (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Industrial precision solutions

$

91,419

 

 

 

 

$

314

 

 

 

 

$

94,896

 

 

 

 

$

2,123

 

 

 

Advanced technology solutions

1,424

 

 

 

 

733

 

 

 

 

7,807

 

 

 

 

1,568

 

 

 

Corporate

—

 

 

 

 

681

 

 

 

 

1,387

 

 

 

 

873

 

 

 

Total adjustments

$

92,843

 

 

 

 

$

1,728

 

 

 

 

$

104,090

 

 

 

 

$

4,564

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ADJUSTED OPERATING PROFIT (NON-GAAP)

 

 

% of

Sales

 

 

 

% of

Sales

 

 

 

% of

Sales

 

 

 

% of

Sales

Industrial precision solutions

$

91,844

 

 

30

%

 

$

99,667

 

 

30

%

 

$

302,924

 

 

26

%

 

$

331,177

 

 

27

%

Advanced technology solutions

52,098

 

 

21

%

 

55,460

 

 

22

%

 

199,409

 

 

20

%

 

207,177

 

 

21

%

Corporate

(13,731)

 

 

 

 

(13,739)

 

 

 

 

(48,698)

 

 

 

 

(50,677)

 

 

 

Total operating profit – adjusted

$

130,211

 

 

23

%

 

$

141,388

 

 

24

%

 

$

453,635

 

 

21

%

 

$

487,677

 

 

22

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DEPRECIATION & AMORTIZATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Industrial precision solutions

$

9,951

 

 

 

 

$

9,669

 

 

 

 

$

38,939

 

 

 

 

$

38,333

 

 

 

Advanced technology solutions

16,710

 

 

 

 

15,462

 

 

 

 

64,543

 

 

 

 

62,836

 

 

 

Corporate

2,477

 

 

 

 

1,782

 

 

 

 

9,820

 

 

 

 

9,075

 

 

 

Total depreciation & amortization

$

29,138

 

 

 

 

$

26,913

 

 

 

 

$

113,302

 

 

 

 

$

110,244

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EBITDA (NON-GAAP)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Industrial precision solutions

$

101,795

 

 

33

%

 

$

109,336

 

 

32

%

 

$

341,863

 

 

30

%

 

$

369,510

 

 

31

%

Advanced technology solutions

68,808

 

 

28

%

 

70,922

 

 

28

%

 

263,952

 

 

27

%

 

270,013

 

 

27

%

Corporate

(11,254)

 

 

 

 

(11,957)

 

 

 

 

(38,878)

 

 

 

 

(41,602)

 

 

 

Total EBITDA

$

159,349

 

 

29

%

 

$

168,301

 

 

29

%

 

$

566,937

 

 

27

%

 

$

597,921

 

 

27

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Represents assets held for sale impairment charge, costs and adjustments related to cost structure simplification actions, and charges associated with our 2020 and 2019 acquisitions.

Adjusted operating profit and EBITDA are non-GAAP measures used by management to evaluate the Company’s ongoing operations. Adjusted operating profit is defined as operating profit plus certain adjustments, such as an assets held for sale impairment charge, cost structure simplification actions, and non-cash inventory charges related to acquisitions. EBITDA is defined as adjusted operating profit plus depreciation and amortization.

NORDSON CORPORATION

RECONCILIATION OF NON-GAAP MEASURES – PROFITABILITY (Unaudited)

(Dollars in thousands)

 

 

Three Months Ended

October 31,

 

Twelve Months Ended

October 31,

 

2020

 

2019

 

2020

 

2019

GAAP AS REPORTED

 

 

 

 

 

 

 

Operating Profit

$

37,368

 

 

$

139,660

 

 

$

349,545

 

 

$

483,113

 

Other / interest income (expense) – net

(11,066)

 

 

(12,378)

 

 

(48,056)

 

 

(52,009)

 

Net Income

18,475

 

 

102,673

 

 

249,539

 

 

337,091

 

EPS diluted

$

0.31

 

 

$

1.76

 

 

$

4.27

 

 

$

5.79

 

 

 

 

 

 

 

 

 

Shares outstanding – diluted

58,679

 

 

58,255

 

 

58,473

 

 

58,202

 

 

 

 

 

 

 

 

 

OPERATING PROFIT ADJUSTMENTS

 

 

 

 

 

 

 

Inventory step-up amortization

$

1,298

 

 

$

342

 

 

$

2,527

 

 

$

530

 

Severance and other

4,174

 

 

1,386

 

 

14,192

 

 

4,034

 

Assets held for sale impairment charge

87,371

 

 

—

 

 

87,371

 

 

—

 

 

 

 

 

 

 

 

 

NON-OPERATING EXPENSE ADJUSTMENTS

 

 

 

 

 

 

 

Pension settlement loss

$

—

 

 

$

—

 

 

$

2,508

 

 

$

—

 

 

 

 

 

 

 

 

 

Total adjustments

$

92,843

 

 

$

1,728

 

 

$

106,598

 

 

$

4,564

 

 

 

 

 

 

 

 

 

Adjustments net of tax

$

76,390

 

 

$

1,396

 

 

$

87,214

 

 

$

3,578

 

Other discrete tax items

$

(1,820)

 

 

$

171

 

 

$

(16,311)

 

 

$

911

 

EPS effect of adjustments and other discrete tax items

$

1.27

 

 

$

0.03

 

 

$

1.21

 

 

$

0.08

 

 

 

 

 

 

 

 

 

NON-GAAP MEASURES-ADJUSTED PROFITABILITY

 

 

 

 

 

 

 

Operating Profit

$

130,211

 

 

$

141,388

 

 

$

453,635

 

 

$

487,677

 

Operating profit % of sales

23.3

%

 

24.2

%

 

21.4

%

 

22.2

%

Net income

$

93,045

 

 

$

104,240

 

 

$

320,442

 

 

$

341,580

 

Diluted earnings

$

1.59

 

 

$

1.79

 

 

$

5.48

 

 

$

5.87

 

Adjusted operating profit is defined as operating profit plus certain adjustments such as an assets held for sale impairment charge, cost structure simplification actions and non-cash inventory charges related to acquisitions. Adjusted operating profit as a percentage of sales is defined as adjusted operating profit divided by sales.

Adjusted net income is defined as net income plus tax effected adjustments and other discrete tax items.

Adjusted earnings is defined as GAAP EPS adjusted for tax effected adjustments and other discrete tax items.

Management uses these non-GAAP measures internally to make strategic decisions, forecast future results, and evaluate the Company’s current performance. Given management’s use of these non-GAAP measures, the Company believes these measures are important to investors in understanding the Company’s current and future operating results as seen through the eyes of management. In addition, management believes these non-GAAP measures are useful to investors in enabling them to better assess changes in the Company’s core business across different time periods. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures to other companies’ non-GAAP financial measures, even if they have similar names. Amounts may not add due to rounding.

Lara Mahoney

Vice President,

Investor Relations & Corporate Communications

440.204.9985

[email protected]

KEYWORDS: United States North America Ohio

INDUSTRY KEYWORDS: Other Manufacturing Technology Packaging Semiconductor Engineering Chemicals/Plastics Other Technology Manufacturing Electronic Design Automation

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Fulton Financial Corporation Declares Quarterly Common and Preferred Dividends

Fulton Financial Corporation Declares Quarterly Common and Preferred Dividends

LANCASTER, Pa.–(BUSINESS WIRE)–
The Board of Directors of Fulton Financial Corporation (Nasdaq: FULT) has declared a quarterly cash dividend of thirteen cents per share on its common stock, payable on January 15, 2021, to shareholders of record as of December 31, 2020.

The Board of Directors also declared a quarterly dividend of $10.82 per share (equivalent to $0.27 per depositary share) on its Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A, payable on January 15, 2021, to holders of record of the preferred stock as of December 31, 2020, for the period from and including October 29, 2020, the original issue date for the preferred stock, to, but excluding, January 15, 2021.

Fulton Financial Corporation, a $25.5 billion Lancaster, Pa.-based financial holding company, has approximately 3,400 employees and operates more than 220 branches in Pennsylvania, Maryland, Delaware, New Jersey and Virginia through Fulton Bank, N.A.

Additional information on Fulton Financial Corporation can be found at www.fult.com.

Media Contact: Laura Wakeley (717) 291-2616

Investor Contact: Matt Jozwiak (717) 327-2657

KEYWORDS: Pennsylvania United States North America

INDUSTRY KEYWORDS: Banking Professional Services Finance

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Providence to Participate in Upcoming Investor Conferences

Providence to Participate in Upcoming Investor Conferences

ATLANTA–(BUSINESS WIRE)–
The Providence Service Corporation (“Providence” or the “Company”) (Nasdaq: PRSC) today announced that Dan Greenleaf, President and Chief Executive Officer, and Kevin Dotts, Chief Financial Officer, are scheduled to participate in the following upcoming conferences:

J.P. Morgan 39th Annual Healthcare Conference | Virtual

January 11 – 14, 2021

Group presentation: Thursday, January 14, 2021 at 9:10 a.m. ET

Live audio stream of group presentation: https://jpmorgan.metameetings.net/events/healthcare21/sessions/35332-providence-service-corp/webcast?gpu_only=true&kiosk=true

CJS Securities 21st Annual “New Ideas for the New Year” Investor Conference | Virtual

January 13, 2021

About Providence

The Providence Service Corporation, through its wholly-owned subsidiary LogistiCare Solutions, LLC, is the nation’s largest manager of non-emergency medical transportation programs for state governments and managed care organizations. Its technology-enabled operating model includes core competencies in risk underwriting, call center management, network credentialing, vendor payment management and non-emergency medical transport management. Providence’s Simplura Health Group subsidiary provides non-medical personal care to primarily Medicaid patient populations, including seniors and disabled adults, in need of care monitoring and assistance performing daily living activities in the home setting. Providence also holds a minority interest in CCHN Group Holdings, Inc. and its subsidiaries (“Matrix”), which provides a broad array of assessment and care management services to individuals that improve health outcomes and health plan financial performance.

Investor Contact:

The Equity Group

Kalle Ahl, CFA

T: (212) 836-9614

[email protected]

KEYWORDS: Georgia United States North America

INDUSTRY KEYWORDS: Professional Services Health Logistics/Supply Chain Management Transport Managed Care Finance General Health

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Prudential Financial elects Wendy Jones to Board of Directors

Prudential Financial elects Wendy Jones to Board of Directors

NEWARK, N.J.–(BUSINESS WIRE)–
Prudential Financial, Inc. (NYSE: PRU) announced today that Wendy Jones has been elected to the Board of Directors as an independent director, effective January 4, 2021. She was also appointed to the audit committee.

Jones brings to Prudential her extensive experience at leading consumer and technology brands, most notably at eBay Inc. (EBAY), where she was most recently senior vice president, Global Operations, running the company’s customer service, risk, trust, payment operations and workplace resources function—responsible for eBay’s facilities around the world. She also chaired eBay’s Operating Committee, which manages the firm’s intersection of product and business teams and oversees the development and execution of the company’s annual business roadmap.

“At a time when Prudential is intently focused on meeting the evolving needs of its customers and other stakeholders, Wendy’s skills and experience in both the field of consumer technology and global business strategy will be highly beneficial,” said Gil Casellas, director and chair, Corporate Governance and Business Ethics Committee. “We are delighted to welcome Wendy to our board and look forward to working with her.”

Jones, who retires from eBay this month, began her career at the company in 2003 as vice president, Customer Service for North America and Australia. She has held various other leadership positions and has focused much of her career on growing eBay’s global presence, including launching eBay in markets such as Brazil, Russia and Mexico and spearheading eBay’s cross-border trade efforts. While representing eBay’s European efforts, Jones led marketing, operations and advertising for eBay’s European portfolio of sites. Prior to joining eBay, Jones worked at State Street Bank, Land Rover NA, and for iSKY Inc., in various leadership roles.

Jones served as an active supporter of inclusion efforts at eBay, including acting as the executive sponsor for two of eBay’s employee Communities of Inclusion resource groups—Black Employees at eBay and HONOR, a community in honor of those who have served in the military. She is also an active mentor to women inside and outside of the company. She received a B.S. in economics from the University of Connecticut and an MBA from Loyola College.

About Prudential Financial

Prudential Financial, Inc. (NYSE: PRU), a financial wellness leader and premier active global investment manager with more than $1.5 trillion in assets under management as of September 30, 2020, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees help to make lives better by creating financial opportunity for more people. Prudential’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit news.prudential.com.

MEDIA CONTACT:

Julie Laskin

(973) 802-3975

[email protected]

KEYWORDS: United States North America New Jersey

INDUSTRY KEYWORDS: Finance Consulting Banking Professional Services Insurance

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KKR Real Estate Finance Trust Inc. Declares Quarterly Dividend of $0.43 Per Share of Common Stock

KKR Real Estate Finance Trust Inc. Declares Quarterly Dividend of $0.43 Per Share of Common Stock

NEW YORK–(BUSINESS WIRE)–
KKR Real Estate Finance Trust Inc. (the “Company” or “KREF”) (NYSE: KREF) announced that the Board of Directors has declared a dividend of $0.43 per share of common stock and special voting preferred stock with respect to the fourth quarter of 2020. The dividend is payable on January 15, 2021 to KREF’s common stockholders and its special voting preferred stockholders of record as of December 31, 2020.

About KKR Real Estate Finance Trust Inc.

KKR Real Estate Finance Trust Inc. (NYSE:KREF) is a real estate finance company that focuses primarily on originating and acquiring senior loans secured by commercial real estate properties. KREF is externally managed and advised by an affiliate of KKR & Co. Inc. For additional information about KREF, please visit its website at www.kkrreit.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. The forward-looking statements are based on the Company’s beliefs, assumptions and expectations of its future performance, taking into account all information currently available to it. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to the Company or are within its control. The forward-looking statements speak only as of the date of this press release or as of the date they are made, and the Company does not undertake any obligation to update any forward-looking statements except as required by law. Information about factors affecting the Company and the forward-looking statements is available in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019, as supplemented by the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2020, and other filings with the Securities and Exchange Commission, which are available at www.sec.gov.

MEDIA:

Cara Major or Miles Radcliffe-Trenner

(212) 750-8300

[email protected]

INVESTOR RELATIONS:

Anna Thomas

(212) 401-0449

[email protected]

KEYWORDS: New York United States North America

INDUSTRY KEYWORDS: Finance Banking Professional Services Commercial Building & Real Estate Construction & Property

MEDIA:

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Ares Commercial Real Estate Corporation Declares Fourth Quarter 2020 Dividend

Ares Commercial Real Estate Corporation Declares Fourth Quarter 2020 Dividend

NEW YORK–(BUSINESS WIRE)–
Ares Commercial Real Estate Corporation (“ACRE”) (NYSE:ACRE) announced today that it declared a fourth quarter 2020 cash dividend of $0.33 per common share. The dividend is payable on January 15, 2021 to stockholders of record as of the close of business on December 30, 2020.

About Ares Commercial Real Estate Corporation

Ares Commercial Real Estate Corporation is a specialty finance company primarily engaged in originating and investing in commercial real estate loans and related investments. Through its national direct origination platform, the Company provides a broad offering of flexible and reliable financing solutions for commercial real estate owners and operators. The Company originates senior mortgage loans, as well as subordinate financings, mezzanine debt and preferred equity, with an emphasis on providing value added financing on a variety of properties located in liquid markets across the United States. Ares Commercial Real Estate Corporation elected and qualified to be taxed as a real estate investment trust and is externally managed by a subsidiary of Ares Management Corporation. For more information, please visit www.arescre.com. The contents of such website are not, and should not be deemed to be, incorporated by reference herein.

Forward-Looking Statements

Statements included herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended, which relate to future events or the Company’s future performance or financial condition. These statements are not a guarantee of future performance, condition or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including the returns on current and future investments, rates of repayments and prepayments on the Company’s mortgage loans, availability of investment opportunities, the Company’s ability to originate additional investments and completion of pending, and expected sales of, investments, the availability of capital, the availability and cost of financing, imposition of margin calls or valuation adjustment events in connection with such financings, market trends and conditions in the Company’s industry and the general economy, the level of lending and borrowing spreads and interest rates, commercial real estate loan volumes, the impact of COVID-19 and significant market volatility on our business, our borrowers, our industry and the global economy, our ability to pay future dividends at historical levels or at all and the risks described from time to time in the Company’s filings with the Securities and Exchange Commission. Any forward-looking statement, including any contained herein, speaks only as of the time of this press release and Ares Commercial Real Estate Corporation undertakes no duty to update any forward-looking statements made herein. Projections and forward-looking statements are based on management’s good faith and reasonable assumptions, including the assumptions described herein.

Investor Relations:

Ares Commercial Real Estate Corporation

Carl Drake or Veronica Mayer

(888)-818-5298

[email protected]

Media Relations:

Mendel Communications

Bill Mendel

212-397-1030

[email protected]

KEYWORDS: New York United States North America

INDUSTRY KEYWORDS: Professional Services Other Construction & Property Commercial Building & Real Estate Finance Construction & Property REIT

MEDIA:

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Legend Biotech to Participate in the 39th Annual J.P. Morgan Healthcare Conference

Legend Biotech to Participate in the 39th Annual J.P. Morgan Healthcare Conference

SOMERSET, N.J.–(BUSINESS WIRE)–
Legend Biotech Corporation (NASDAQ: LEGN) (“Legend Biotech”), a global clinical-stage biopharmaceutical company engaged in the discovery and development of novel cell therapies for oncology and other indications, will participate virtually in the 39th Annual J.P. Morgan Healthcare Conference on Monday, January 11, 2021. Ying Huang, PhD, Chief Executive Officer and Chief Financial Officer of Legend Biotech, will present company updates on Wednesday, January 13, 2021 at 4:30 pm ET.

The webcast will be available to investors and other interested parties in the Events & Presentation section under Investors on Legend Biotech’s website at https://investors.legendbiotech.com/events-and-presentations. A webcast replay will be available approximately 24-hrs after the live webcast.

About Legend Biotech

Legend Biotech is a global clinical-stage biopharmaceutical company engaged in the discovery and development of novel cell therapies for oncology and other indications. Our team of over 800 employees across the United States, China and Europe, along with our differentiated technology, global development, and manufacturing strategies and expertise, provide us with the strong potential to discover, develop, and manufacture cutting -edge cell therapies for patients in need. We are engaged in a strategic collaboration to develop and commercialize our lead product candidate, ciltacabtagene autoleucel, an investigational BCMA targeted CAR-T cell therapy for patients with multiple myeloma. This candidate is currently being studied in registrational clinical trials. To learn more about Legend Biotech, visit us on LinkedIn, or on Twitter @LegendBiotech or at www.legendbiotech.com.

For Media and Investor Relations inquiries, please contact:

Jessie Yeung, Head of Corporate Finance and Investor Relations, Legend Biotech

[email protected] or [email protected]

Surabhi Verma, Manager of Investor Relations and Corporate Communications, Legend Biotech

[email protected] or [email protected]

KEYWORDS: New Jersey United States North America

INDUSTRY KEYWORDS: Science Other Science Biotechnology Research Pharmaceutical Oncology Health Other Health

MEDIA:

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