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Lamb Weston Reports Fiscal Second Quarter 2021 Results; Provides Update for Third Quarter of Fiscal Year 2021

Lamb Weston Reports Fiscal Second Quarter 2021 Results; Provides Update for Third Quarter of Fiscal Year 2021

Second Quarter 2021 Highlights

  • Net sales declined 12% to $896 million
  • Income from operations declined 28% to $140 million
  • Diluted EPS declined 31% to $0.66
  • EBITDA including unconsolidated joint ventures(1) declined 18% to $213 million
  • Paid $34 million in dividends to shareholders and announced a 2% increase in quarterly dividend
  • Plan to resume share repurchase program in January 2021

Third Quarter of Fiscal Year 2021 Business Update (for 4 weeks ended December 27, 2020)

  • North America and Europe shipments were each approximately 85% of prior-year levels, and will remain soft during the remainder of the quarter as government-imposed social restrictions to contain the spread of COVID-19 and colder weather restrict restaurant traffic
  • Improvement in international shipments expected to be mixed as governments employ differing approaches to battling the pandemic

 

EAGLE, Idaho–(BUSINESS WIRE)–
Lamb Weston Holdings, Inc. (NYSE: LW) announced today its fiscal second quarter 2021 results and provided a business update for the third quarter of fiscal 2021.

“We delivered solid financial results in the quarter, and we remain encouraged by the resiliency of consumer demand and the resourcefulness of our employees and our customers in adapting to this challenging environment,” said Tom Werner, President and CEO. “We are optimistic that the availability of COVID-19 vaccines will enable a gradual return to normalcy as the year progresses, but we expect to continue to face difficult and volatile operating conditions until the virus is broadly contained. Specifically, we expect demand will remain soft in the coming months, especially at full-service restaurants, as governments continue to impose broad social restrictions and as colder weather limits outdoor dining. That said, we expect demand at quick service restaurants and at retail outlets to offset some of that weakness.”

“Despite these near-term pressures, we believe that restaurant traffic may approach pre-pandemic levels later this calendar year if vaccines and other measures are successful in helping to broadly contain the virus and restrictions on restaurants and other venues are lifted to permit a large-scale return to on-premise dining. In the meantime, our business fundamentals – pricing, capacity utilization, and potato supply – remain solid, and we continue to manage through the pandemic’s impacts on our manufacturing operations. We believe our recently announced increase in our quarterly dividend and the planned resumption of our share repurchase program reinforce our conviction in the long-term strength of the category and our business, as well as our ability to support customers and create value for our stakeholders.”

 

 

 

 

 

 

 

 

 

 

 

Summary of Second Quarter 2021 Results

($ in millions, except per share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year-Over-Year

 

First Half

 

Year-Over-Year

 

 

Q2 2021

 

Growth Rates

 

FY 2021

 

Growth Rates

Net sales

 

$

896.1

 

(12%)

 

$

1,767.6

 

(12%)

Income from operations

 

$

139.6

 

(28%)

 

$

275.3

 

(24%)

Net income

 

$

96.9

 

(31%)

 

$

186.2

 

(27%)

Diluted EPS

 

$

0.66

 

(31%)

 

$

1.27

 

(27%)

EBITDA including unconsolidated joint ventures(1)

 

$

213.2

 

(18%)

 

$

415.0

 

(16%)

Q2 2021 Commentary

Net sales declined $123.1 million to $896.1 million, down 12 percent versus the prior year quarter. Volume declined 14 percent, predominantly reflecting decreased demand for frozen potato products outside the home following government-imposed restrictions on restaurants and other foodservice operations to slow the spread of the COVID-19 virus, as well as the effect of colder weather, which limited outdoor dining traffic across many U.S. markets. In addition, the volume decline reflected the benefit of additional shipping days related to the timing of the Thanksgiving holiday in the prior year quarter. Price/mix increased 2 percent, driven by improved price in the Foodservice and Retail segments, and favorable mix in the Retail segment.

Income from operations declined $53.9 million, or 28 percent, to $139.6 million versus the year-ago period, reflecting lower sales and gross profit. Gross profit declined $61.6 million, driven by lower sales and higher manufacturing costs, which were largely due to incremental costs resulting from the pandemic’s effect on the Company’s manufacturing and supply chain operations, costs related to processing raw potatoes out of storage longer than in prior years, and input cost inflation. The decline was partially offset by a $1.2 million change in unrealized mark-to-market adjustments associated with commodity hedging contracts, which includes a $5.1 million gain in the current quarter, compared with a $3.9 million gain related to these items in the prior year quarter.

Selling, general and administrative expenses (“SG&A”) declined $7.7 million, largely due to lower incentive compensation expense accruals and a $3.5 million reduction in advertising and promotional expenses. The decline in SG&A was partially offset by investments to improve the Company’s operations and information technology infrastructure, which included approximately $5 million of non-recurring expenses (primarily consulting and employee training expenses) associated with implementing the first phase of a new enterprise resource planning (“ERP”) system.

Net income declined $43.5 million to $96.9 million, primarily reflecting a decline in income from operations, partially offset by an increase in equity method investment earnings. The decline also includes $4.6 million of higher interest expense, which reflects an increase in average total debt resulting from the Company’s actions to enhance its liquidity position, as well as the write-off of $1.0 million of debt issuance costs related to paying off a term loan facility that was due in November 2021.

Diluted EPS decreased $0.29 to $0.66, primarily reflecting a decline in income from operations and higher interest expense, partially offset by an increase in equity method investment earnings.

EBITDA including unconsolidated joint ventures(1) declined $47.7 million to $213.2 million, down 18 percent versus the prior year period, as a result of a decline in income from operations, partially offset by an increase in equity method investment earnings.

The Company’s effective tax rate(2) in the second quarter of fiscal 2021 was 24.8 percent, versus 23.3 percent in the prior year period.The effective tax rate varies from the U.S. statutory tax rate of 21 percent principally due to the impact of U.S. state taxes, foreign taxes, permanent differences, and discrete items.

Q2 2021 Segment Highlights

Global

 

 

 

 

 

 

 

 

 

 

Global Segment Summary

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year-Over-Year

 

 

 

 

 

 

 

Q2 2021

 

Growth Rates

 

Price/Mix

 

Volume

 

 

 

(dollars in millions)

 

 

 

 

 

 

Net sales

 

$

475.9

 

(12%)

 

(1%)

 

(11%)

Segment product contribution margin(3)

 

$

92.7

 

(28%)

 

 

 

 

Net sales for the Global segment, which is generally comprised of the top 100 North American based quick service (“QSR”) and full service restaurant chain customers as well as all of the Company’s international sales, decreased $63.7 million to $475.9 million, down 12 percent compared to the prior year period. Volume decreased 11 percent due to the decline in demand for frozen potato products outside the home as a result of the pandemic’s negative impact on restaurant and other foodservice-related traffic in the U.S. and across the Company’s key international markets. The volume decline also reflected the benefit of additional shipping days related to the timing of the Thanksgiving holiday in the prior year quarter. Price/mix decreased 1 percent as a result of negative mix.

Global segment product contribution margin decreased $36.2 million to $92.7 million, down 28 percent compared to the prior year period. Lower sales volumes, higher manufacturing costs and unfavorable mix drove the decline.

Foodservice

 

 

 

 

 

 

 

 

 

 

Foodservice Segment Summary

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year-Over-Year

 

 

 

 

 

 

 

Q2 2021

 

Growth Rates

 

Price/Mix

 

Volume

 

 

 

(dollars in millions)

 

 

 

 

 

 

Net sales

 

$

241.1

 

(21%)

 

4%

 

(25%)

Segment product contribution margin(3)

 

$

87.7

 

(21%)

 

 

 

 

Net sales for the Foodservice segment, which services North American foodservice distributors and restaurant chains generally outside the top 100 North American based restaurant chain customers, declined $63.8 million to $241.1 million, down 21 percent compared to the prior year period. Volume decreased 25 percent due to the decline in demand for frozen potato products outside the home as a result of the pandemic’s negative impact on traffic at restaurants and non-commercial customers, such as lodging and hospitality, healthcare, schools and universities, sports and entertainment, and workplace environments, as well as the benefit of additional shipping days related to the timing of the Thanksgiving holiday in the prior year quarter. Volume trends weakened during the latter weeks of the quarter, reflecting the effect on restaurant traffic, especially at full-service restaurants, of government-imposed social restrictions and colder weather on outdoor dining. Price/mix increased 4 percent, reflecting the carryover benefit of pricing actions implemented during fiscal 2020, partially offset by unfavorable mix as sales of Lamb Weston branded and premium products softened.

Foodservice segment product contribution margin decreased $23.6 million to $87.7 million, down 21 percent compared to the prior year period. Lower sales volumes, higher manufacturing costs, and unfavorable mix drove the decline, partially offset by favorable pricing.

Retail

 

 

 

 

 

 

 

 

 

 

Retail Segment Summary

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year-Over-Year

 

 

 

 

 

 

 

Q2 2021

 

Growth Rates

 

Price/Mix

 

Volume

 

 

 

(dollars in millions)

 

 

 

 

 

 

Net sales

 

$

140.7

 

7%

 

7%

 

0%

Segment product contribution margin(3)

 

$

30.1

 

6%

 

 

 

 

Net sales for the Retail segment, which includes sales of branded and private label products to grocery, mass merchant and club customers in North America, increased $8.6 million to $140.7 million, up 7 percent compared to the prior year period. Price/mix increased 7 percent, largely driven by favorable mix from increased sales of branded products. Volume increased nominally as strong growth in shipments of premium and mainstream branded offerings, which have historically comprised approximately 40 percent of the segment’s volume, was offset by a decline in shipments of private label products, which reflects incremental losses of certain low-margin private label business, as well as the benefit of additional shipping days related to the timing of the Thanksgiving holiday in the prior year quarter.

Retail segment product contribution margin increased $1.6 million to $30.1 million, up 6 percent compared to the prior year period. Favorable mix and $2.4 million of lower advertising and promotional expenses drove the increase, partially offset by higher manufacturing costs.

Equity Method Investment Earnings

Equity method investment earnings from unconsolidated joint ventures in Europe, the U.S., and South America were $19.2 million and $15.0 million for the second quarter of fiscal 2021 and 2020, respectively. Equity method investment earnings included a $0.1 million unrealized loss related to mark-to-market adjustments associated with currency and commodity hedging contracts in the current quarter, compared to a $2.7 million unrealized loss related to these items in the prior year quarter. Excluding the mark-to-market adjustments, earnings from equity method investments increased $1.6 million compared to the prior year period, largely due to improved performance in Europe, although demand in Europe softened during the latter half of the quarter, reflecting the negative impact on restaurant traffic at full-service restaurants related to governments reimposing social restrictions and reduced outdoor dining due to the onset of colder weather.

Cash Flow and Liquidity

For the first half of fiscal 2021, net cash from operating activities was $318.8 million, down $26.5 million versus the prior year period, primarily due to lower earnings. Capital expenditures, including information technology expenditures, were $53.7 million, down $53.7 million versus the prior year period. The Company paid $67.2 million in cash dividends to shareholders and announced a 2 percent increase in its quarterly dividend. In the third quarter of fiscal 2021, the Company plans to resume its share repurchase program, which it temporarily suspended in late fiscal 2020 as a result of the pandemic’s effect on the operating environment.

On September 17, 2020, the Company amended its revolving credit facility to increase its capacity to $750.0 million and to extend the maturity date to September 17, 2023. In connection with the amendment, the Company used cash on hand to repay the outstanding $271.9 million term loan facility due in November 2021. At the end of the fiscal second quarter, no borrowings were outstanding under the amended revolving credit facility, and the Company had approximately $764 million of cash and cash equivalents.

Third Quarter of Fiscal 2021 Update

Set forth below is additional detail on the Company’s shipments for the first four weeks of the third quarter of fiscal 2021 through December 27, 2020:

  • United States: Shipments were approximately 85 percent of prior-year levels.
    • Shipments to large chain restaurant customers, which are composed of QSR and large full-service chain restaurants, were more than 95 percent of prior-year levels. The Company, which records shipments to these customers in its Global segment, anticipates this rate will largely continue for the remainder of its fiscal third quarter.
    • Shipments to customers served by the Company’s Foodservice segment, which includes products ultimately sold to full-service chain and independent restaurants, regional and small QSRs, and non-commercial customers (e.g., lodging and hospitality, healthcare, schools and universities, sports and entertainment, and workplace environments) were 60 to 65 percent of prior-year levels, which is largely in line with what the segment realized during the latter weeks of its fiscal second quarter. The Company believes shipments to full-service restaurants, in particular, will remain soft during the remainder of its fiscal third quarter as governments continue to impose broad social restrictions and colder weather limits outdoor dining. The Company also expects shipments to non-commercial customers, which have historically comprised approximately 25 percent of the segment, will remain soft for the remainder of its fiscal third quarter.
    • Shipments to customers served by the Company’s Retail segment were above prior-year levels, with strength in the Company’s premium and mainstream branded offerings partially offset by a decline of private label product shipments, which reflects incremental losses of certain low-margin private label business. The Company expects this rate will largely continue for the remainder of its fiscal third quarter.
  • International:
    • Europe: Shipments by the Company’s joint venture, Lamb-Weston/Meijer v.o.f. (“LWM”), were approximately 85 percent of prior-year levels. Demand softened during the latter half of the fiscal second quarter, reflecting the negative impact on restaurant traffic at full-service restaurants related to governments reimposing social restrictions and reduced outdoor dining due to the onset of colder weather. The Company believes these factors will further negatively impact shipments during the fiscal third quarter.
    • Other Key Markets: Shipments to the Company’s key international markets, which are primarily in Asia, Oceana and Latin America, were mixed, and were largely softer than shipment rates realized during the latter half of the fiscal second quarter. Excluding shipments associated with the Company’s unconsolidated joint venture in Argentina, the Company records shipments to these markets in its Global segment.
  • The Company believes that the possibility of wide availability of government-approved COVID-19 vaccines by mid-calendar 2021 may allow governments to gradually ease broad social restrictions in their respective jurisdictions, which would likely have a favorable impact on restaurant traffic. In the coming months, the Company anticipates facing challenging and volatile operating conditions until the virus is broadly contained, and that demand may soften, especially at full-service restaurants, as governments continue to impose broad social restrictions and as colder weather limits outdoor dining. However, the Company believes that global restaurant traffic will improve through calendar year 2021, which will lead to overall frozen potato demand approaching pre-pandemic levels, on a run-rate basis, by the end of the calendar year.

The Company will continue to prioritize the health and welfare of its employees, maintain product safety, and continue to support its customers as they manage their supply chains and inventories. The Company has taken actions, and will continue to evaluate various options, to lower its cost structure and maximize efficiencies in its manufacturing and commercial operations, including temporarily closing facilities and/or modifying production schedules to rebalance utilization rates across its manufacturing network.

The Company expects that it will continue to incur additional costs as a result of the pandemic’s impact on its operations, at least through the remainder of fiscal 2021. These costs may include, but are not limited to: costs to shut down, sanitize, and restart production facilities after a production employee has been infected by the virus; production inefficiencies and labor retention costs arising from modifying production schedules, reducing run-times, and lower overall factory utilization; costs to adopt and maintain enhanced employee safety and sanitation protocols, such as purchasing personal protection and health screening equipment and services; costs related to processing raw potatoes out of storage longer than prior years; and incremental warehousing and transportation costs.

For all of fiscal 2021, the Company continues to expect:

  • Interest expense, net, of approximately $125 million,
  • Depreciation and amortization of approximately $190 million, and
  • Cash used for capital expenditures, excluding acquisitions, of approximately $180 million.

End Notes

(1)

EBITDA including unconsolidated joint ventures is a non-GAAP financial measure. Please see the discussion of non-GAAP financial measures and the reconciliations at the end of this press release for more information.

 

 

(2)

The effective tax rate is calculated as the ratio of income tax expense to pre-tax income, inclusive of equity method investment earnings.

 

 

(3)

For more information about product contribution margin, please see the table titled “Segment Information” in this press release.

Webcast and Conference Call Information

Lamb Weston will host a conference call to review its second quarter 2021 results at 10:30 a.m. ET today. Participants in the U.S. and Canada may access the conference call by dialing 800-437-2398 and participants outside the U.S. and Canada should dial +1-323-289-6576. The confirmation code is 2685679. The conference call also may be accessed live on the internet. Participants can register for the event at: https://globalmeet.webcasts.com/starthere.jsp?ei=1410518&tp_key=c9307624a0.

A rebroadcast of the conference call will be available beginning on Friday, January 8, 2021 after 2:00 p.m. ET at https://investors.lambweston.com/events-and-presentations.

About Lamb Weston

Lamb Weston, along with its joint venture partners, is a leading supplier of frozen potato, sweet potato, appetizer and vegetable products to restaurants and retailers around the world. For more than 70 years, Lamb Weston has led the industry in innovation, introducing inventive products that simplify back-of-house management for its customers and make things more delicious for their customers. From the fields where Lamb Weston potatoes are grown to proactive customer partnerships, Lamb Weston always strives for more and never settles. Because, when we look at a potato, we see possibilities. Learn more about us at lambweston.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws. Words such as “plan,” “continue,” “remain,” “expect,” “improve,” “will,” “anticipates,” “enhance,” “support,” “create,” “believe,” “may,” “manage,” “evaluate,” and variations of such words and similar expressions are intended to identify forward-looking statements. Examples of forward-looking statements include, but are not limited to, statements regarding the Company’s plans, execution, liquidity, capital expenditures, dividends, share repurchase program, operational costs and business outlook and prospects, as well as the impact of the COVID-19 pandemic on the industry and consumer demand. These forward-looking statements are based on management’s current expectations and are subject to uncertainties and changes in circumstances. Readers of this press release should understand that these statements are not guarantees of performance or results. Many factors could affect the Company’s actual financial results and cause them to vary materially from the expectations contained in the forward-looking statements, including those set forth in this press release. These risks and uncertainties include, among other things: impacts on the Company’s business due to health pandemics or other contagious outbreaks, such as the current COVID-19 pandemic, including impacts on demand for its products, increased costs, disruption of supply or other constraints in the availability of key commodities and other necessary services; the Company’s ability to successfully execute its long-term value creation strategies; the Company’s ability to execute on large capital projects, including construction of new production lines; the competitive environment and related conditions in the markets in which the Company and its joint ventures operate; political and economic conditions of the countries in which the Company and its joint ventures conduct business and other factors related to its international operations; disruption of the Company’s access to export mechanisms; risks associated with possible acquisitions, including the Company’s ability to complete acquisitions or integrate acquired businesses; its debt levels; the availability and prices of raw materials; changes in the Company’s relationships with its growers or significant customers; the success of the Company’s joint ventures; actions of governments and regulatory factors affecting the Company’s businesses or joint ventures; the ultimate outcome of litigation or any product recalls; levels of pension, labor and people-related expenses; the Company’s ability to pay regular quarterly cash dividends and the amounts and timing of any future dividends; and other risks described in the Company’s reports filed from time to time with the Securities and Exchange Commission. The Company cautions readers not to place undue reliance on any forward-looking statements included in this press release, which speak only as of the date of this press release. The Company undertakes no responsibility for updating these statements, except as required by law.

Non-GAAP Financial Measures

To supplement the financial information included in this press release, the Company has presented EBITDA and EBITDA including unconsolidated joint ventures, each of which is considered a non-GAAP financial measure. The non-GAAP financial measures provided should be viewed in addition to, and not as an alternative for, financial measures prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) that are presented in this press release. The non-GAAP financial measures presented may differ from similarly titled non-GAAP financial measures presented by other companies, and other companies may not define these non-GAAP financial measures the same way. These measures are not substitutes for their comparable GAAP financial measures, such as net income, or other measures prescribed by GAAP, and there are limitations to using non-GAAP financial measures.

Management uses these non-GAAP financial measures to assist in comparing the Company’s performance on a consistent basis for purposes of business decision making. Management believes that presenting these non-GAAP financial measures provides investors with useful information because they (i) provide meaningful supplemental information regarding financial performance by excluding certain items, (ii) permit investors to view performance using the same tools that management uses to budget, make operating and strategic decisions, and evaluate historical performance, and (iii) otherwise provide supplemental information that may be useful to investors in evaluating the Company’s results. The Company believes that the presentation of these non-GAAP financial measures, when considered together with the corresponding GAAP financial measures and the reconciliations to those measures, provides investors with additional understanding of the factors and trends affecting the Company’s business than could be obtained absent these disclosures.

Lamb Weston Holdings, Inc.

Consolidated Statements of Earnings

(unaudited, in millions, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Thirteen Weeks Ended

 

Twenty-Six Weeks Ended

 

 

November 29,

 

November 24,

 

November 29,

 

November 24,

 

 

2020 (1)

 

2019

 

2020 (1)

 

2019

Net sales

 

$

896.1

 

$

1,019.2

 

$

1,767.6

 

$

2,008.2

Cost of sales

 

 

672.6

 

 

734.1

 

 

1,330.3

 

 

1,474.5

Gross profit

 

 

223.5

 

 

285.1

 

 

437.3

 

 

533.7

Selling, general and administrative expenses

 

 

83.9

 

 

91.6

 

 

162.0

 

 

170.2

Income from operations

 

 

139.6

 

 

193.5

 

 

275.3

 

 

363.5

Interest expense, net

 

 

30.0

 

 

25.4

 

 

60.3

 

 

53.6

Income before income taxes and equity method earnings

 

 

109.6

 

 

168.1

 

 

215.0

 

 

309.9

Income tax expense

 

 

31.9

 

 

42.7

 

 

59.9

 

 

79.4

Equity method investment earnings

 

 

19.2

 

 

15.0

 

 

31.1

 

 

25.6

Net income

 

$

96.9

 

$

140.4

 

$

186.2

 

$

256.1

Earnings per share

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.66

 

$

0.96

 

$

1.27

 

$

1.75

Diluted

 

$

0.66

 

$

0.95

 

$

1.27

 

$

1.74

Dividends declared per common share

 

$

0.23

 

$

0.20

 

$

0.46

 

$

0.40

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Computation of diluted earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

96.9

 

$

140.4

 

$

186.2

 

$

256.1

Diluted weighted average common shares outstanding

 

 

147.1

 

 

147.1

 

 

147.1

 

 

147.1

Diluted earnings per share

 

$

0.66

 

$

0.95

 

$

1.27

 

$

1.74

(1)

The thirteen and twenty-six weeks ended November 29, 2020, include incremental costs resulting from the pandemic’s effect on the Company’s manufacturing and supply chain operations, costs related to processing raw potatoes out of storage longer than prior years, as well as incremental warehousing and transportation costs, and costs to enhance employee safety measures, including purchases of safety and health screening equipment, and retaining sales employees.

Lamb Weston Holdings, Inc.

Consolidated Balance Sheets

(unaudited, dollars in millions, except share data)

 

 

 

 

 

 

 

 

 

November 29,

 

May 31,

 

 

2020

 

2020

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

763.9

 

 

$

1,364.0

 

Receivables, less allowance for doubtful accounts of $1.0 and $1.3

 

 

353.2

 

 

 

342.1

 

Inventories

 

 

630.5

 

 

 

486.7

 

Prepaid expenses and other current assets

 

 

38.2

 

 

 

109.8

 

Total current assets

 

 

1,785.8

 

 

 

2,302.6

 

Property, plant and equipment, net

 

 

1,485.2

 

 

 

1,535.0

 

Operating lease assets

 

 

155.1

 

 

 

167.0

 

Equity method investments

 

 

291.4

 

 

 

250.2

 

Goodwill

 

 

325.1

 

 

 

303.8

 

Intangible assets, net

 

 

37.9

 

 

 

38.3

 

Other assets

 

 

78.6

 

 

 

65.4

 

Total assets

 

$

4,159.1

 

 

$

4,662.3

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Short-term borrowings

 

$

—

 

 

$

498.7

 

Current portion of long-term debt and financing obligations

 

 

31.8

 

 

 

48.8

 

Accounts payable

 

 

377.4

 

 

 

244.4

 

Accrued liabilities

 

 

205.1

 

 

 

233.0

 

Total current liabilities

 

 

614.3

 

 

 

1,024.9

 

Long-term liabilities:

 

 

 

 

 

 

Long-term debt and financing obligations, excluding current portion

 

 

2,719.4

 

 

 

2,992.6

 

Deferred income taxes

 

 

158.0

 

 

 

152.5

 

Other noncurrent liabilities

 

 

258.5

 

 

 

252.3

 

Total long-term liabilities

 

 

3,135.9

 

 

 

3,397.4

 

Commitments and contingencies

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

Common stock of $1.00 par value, 600,000,000 shares authorized; 147,466,446 and 146,993,751 shares issued

 

 

147.5

 

 

 

147.0

 

Additional distributed capital

 

 

(850.4

)

 

 

(862.9

)

Retained earnings

 

 

1,182.8

 

 

 

1,064.6

 

Accumulated other comprehensive income (loss)

 

 

7.0

 

 

 

(40.5

)

Treasury stock, at cost, 1,111,364 and 954,858 common shares

 

 

(78.0

)

 

 

(68.2

)

Total stockholders’ equity

 

 

408.9

 

 

 

240.0

 

Total liabilities and stockholders’ equity

 

$

4,159.1

 

 

$

4,662.3

 

Lamb Weston Holdings, Inc.

Consolidated Statements of Cash Flows

(unaudited, dollars in millions)

 

 

 

 

 

 

 

 

 

Twenty-Six Weeks Ended

 

 

November 29,

 

November 24,

 

 

2020

 

2019

Cash flows from operating activities

 

 

 

 

 

 

Net income

 

$

186.2

 

 

$

256.1

 

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

 

 

 

 

 

 

Depreciation and amortization of intangibles and debt issuance costs

 

 

95.7

 

 

 

91.7

 

Stock-settled, stock-based compensation expense

 

 

11.3

 

 

 

12.6

 

Earnings of joint ventures in excess of distributions

 

 

(24.4

)

 

 

(7.6

)

Deferred income taxes

 

 

2.5

 

 

 

17.2

 

Other

 

 

15.5

 

 

 

2.0

 

Changes in operating assets and liabilities, net of acquisition:

 

 

 

 

 

 

Receivables

 

 

(8.5

)

 

 

(55.2

)

Inventories

 

 

(140.3

)

 

 

(133.4

)

Income taxes payable/receivable, net

 

 

33.0

 

 

 

17.5

 

Prepaid expenses and other current assets

 

 

51.8

 

 

 

46.3

 

Accounts payable

 

 

138.5

 

 

 

126.4

 

Accrued liabilities

 

 

(42.5

)

 

 

(28.3

)

Net cash provided by operating activities

 

$

318.8

 

 

$

345.3

 

Cash flows from investing activities

 

 

 

 

 

 

Additions to property, plant and equipment

 

 

(42.3

)

 

 

(88.1

)

Additions to other long-term assets

 

 

(11.4

)

 

 

(19.3

)

Acquisition of business, net of cash acquired

 

 

—

 

 

 

(116.7

)

Investment in equity method joint venture

 

 

—

 

 

 

(17.1

)

Other

 

 

0.4

 

 

 

1.0

 

Net cash used for investing activities

 

$

(53.3

)

 

$

(240.2

)

Cash flows from financing activities

 

 

 

 

 

 

Proceeds (payments) of short-term borrowings, net

 

 

(498.8

)

 

 

1.4

 

Repayments of debt and financing obligations

 

 

(289.6

)

 

 

(318.1

)

Dividends paid

 

 

(67.2

)

 

 

(58.5

)

Repurchase of common stock and common stock withheld to cover taxes

 

 

(9.8

)

 

 

(17.8

)

Payments of debt issuance costs

 

 

(2.8

)

 

 

—

 

Proceeds from issuance of debt

 

 

—

 

 

 

299.3

 

Other

 

 

1.0

 

 

 

0.1

 

Net cash used for financing activities

 

$

(867.2

)

 

$

(93.6

)

Effect of exchange rate changes on cash and cash equivalents

 

 

1.6

 

 

 

0.1

 

Net increase (decrease) in cash and cash equivalents

 

 

(600.1

)

 

 

11.6

 

Cash and cash equivalents, beginning of the period

 

 

1,364.0

 

 

 

12.2

 

Cash and cash equivalents, end of period

 

$

763.9

 

$

23.8

 

Lamb Weston Holdings, Inc.

Segment Information

(unaudited, dollars in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Thirteen Weeks Ended

 

 

 

 

 

 

Year-Over-

 

 

 

 

 

 

November 29,

 

November 24,

 

Year Growth

 

 

 

 

 

 

2020

 

2019

 

Rates

 

Price/Mix

 

Volume

Segment sales

 

 

 

 

 

 

 

 

 

 

 

 

Global

 

$

475.9

 

$

539.6

 

(12

%)

 

(1

%)

 

(11

%)

Foodservice

 

 

241.1

 

 

304.9

 

(21

%)

 

4

%

 

(25

%)

Retail

 

 

140.7

 

 

132.1

 

7

%

 

7

%

 

0

%

Other

 

 

38.4

 

 

42.6

 

(10

%)

 

5

%

 

(15

%)

 

 

$

896.1

 

$

1,019.2

 

(12

%)

 

2

%

 

(14

%)

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment product contribution margin (1) (2)

 

 

 

 

 

 

 

 

 

 

 

 

Global

 

$

92.7

 

$

128.9

 

(28

%)

 

 

 

 

Foodservice

 

 

87.7

 

 

111.3

 

(21

%)

 

 

 

 

Retail

 

 

30.1

 

 

28.5

 

6

%

 

 

 

 

Other

 

 

10.5

 

 

10.4

 

1

%

 

 

 

 

 

 

 

221.0

 

 

279.1

 

(21

%)

 

 

 

 

Advertising and promotion expenses

 

 

2.5

 

 

6.0

 

(58

%)

 

 

 

 

Gross profit

 

$

223.5

 

$

285.1

 

(22

%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Twenty-Six Weeks Ended

 

 

 

 

 

 

Year-Over-

 

 

 

 

 

 

November 29,

 

November 24,

 

Year Growth

 

 

 

 

 

 

2020

 

2019

 

Rates

 

Price/Mix

 

Volume

Segment sales

 

 

 

 

 

 

 

 

 

 

 

 

Global

 

$

923.4

 

$

1,057.2

 

(13

%)

 

(1

%)

 

(12

%)

Foodservice

 

 

477.8

 

 

610.3

 

(22

%)

 

5

%

 

(27

%)

Retail

 

 

294.6

 

 

261.4

 

13

%

 

7

%

 

6

%

Other

 

 

71.8

 

 

79.3

 

(9

%)

 

2

%

 

(11

%)

 

 

$

1,767.6

 

$

2,008.2

 

(12

%)

 

2

%

 

(14

%)

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment product contribution margin (1) (2)

 

 

 

 

 

 

 

 

 

 

 

 

Global

 

$

170.5

 

$

231.6

 

(26

%)

 

 

 

 

Foodservice

 

 

173.5

 

 

213.8

 

(19

%)

 

 

 

 

Retail

 

 

65.9

 

 

57.4

 

15

%

 

 

 

 

Other

 

 

23.7

 

 

20.1

 

18

%

 

 

 

 

 

 

 

433.6

 

 

522.9

 

(17

%)

 

 

 

 

Advertising and promotion expenses

 

 

3.7

 

 

10.8

 

(66

%)

 

 

 

 

Gross profit

 

$

437.3

 

$

533.7

 

(18

%)

 

 

 

 

(1)

Product contribution margin represents net sales less cost of sales and advertising and promotion expenses. Product contribution margin includes advertising and promotion expenses because the amounts are directly associated with segment performance; it excludes general corporate expenses and interest expense because management believes these amounts are not directly associated with segment performance.

 
(2) See footnote (1) to the Consolidated Statements of Earnings above for a discussion of the incremental costs resulting from the pandemic’s effect on the Company’s financial results for the thirteen and twenty-six weeks ended November 29, 2020.

Lamb Weston Holdings, Inc.

Reconciliation of Non-GAAP Financial Measures

(unaudited, dollars in millions)

To supplement the financial information included in this press release, the Company has presented EBITDA including unconsolidated joint ventures, which is a non-GAAP financial measure. The following table reconciles net income to EBITDA including unconsolidated joint ventures.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Thirteen Weeks Ended

 

Twenty-Six Weeks Ended

 

 

November 29,

 

November 24,

 

November 29,

 

November 24,

 

 

2020

 

2019

 

2020

 

2019

Net income

 

$

96.9

 

 

$

140.4

 

 

$

186.2

 

 

$

256.1

 

Equity method investment earnings

 

 

(19.2

)

 

 

(15.0

)

 

 

(31.1

)

 

 

(25.6

)

Interest expense, net

 

 

30.0

 

 

 

25.4

 

 

 

60.3

 

 

 

53.6

 

Income tax expense

 

 

31.9

 

 

 

42.7

 

 

 

59.9

 

 

 

79.4

 

Income from operations

 

 

139.6

 

 

 

193.5

 

 

 

275.3

 

 

 

363.5

 

Depreciation and amortization

 

 

46.6

 

 

 

44.7

 

 

 

92.2

 

 

 

87.8

 

EBITDA (1)

 

 

186.2

 

 

 

238.2

 

 

 

367.5

 

 

 

451.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unconsolidated Joint Ventures (2)

 

 

 

 

 

 

 

 

 

 

 

 

Equity method investment earnings

 

 

19.2

 

 

 

15.0

 

 

 

31.1

 

 

 

25.6

 

Interest expense, income tax expense, and depreciation and

 

 

 

 

 

 

 

 

 

 

 

 

amortization included in equity method investment earnings

 

 

7.8

 

 

 

7.7

 

 

 

16.4

 

 

 

16.9

 

Add: EBITDA from unconsolidated joint ventures

 

 

27.0

 

 

 

22.7

 

 

 

47.5

 

 

 

42.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EBITDA including unconsolidated joint ventures (1)

 

$

213.2

 

 

$

260.9

 

 

$

415.0

 

 

$

493.8

 

(1)

EBITDA including unconsolidated joint ventures is a non-GAAP financial measure. Lamb Weston presents this measure because the Company believes it provides a means to evaluate the performance of the Company on an ongoing basis using the same measure frequently used by the Company’s management and assists in providing a meaningful comparison between periods. Any analysis of non-GAAP financial measures should be done only in conjunction with results presented in accordance with GAAP. This non-GAAP measure is not intended to be a substitute for GAAP financial measures and should not be used as such. See also “Non-GAAP Financial Measures” in this press release.

 
(2) Lamb Weston holds equity interests in three potato processing joint ventures, including 50% of Lamb-Weston/Meijer v.o.f., Lamb-Weston/RDO Frozen, and Lamb Weston Alimentos Modernos S.A., which it accounts for its ownership under the equity method of accounting. See Note 6, Investments in Joint Ventures, of the Notes to Consolidated Financial Statements in “Part II, Item 8. Financial Statements and Supplementary Data” in the Company’s fiscal 2020 Form 10-K, for more information.

 

Investors:

Dexter Congbalay

224-306-1535

[email protected]

Media:

Shelby Stoolman

208-424-5461

[email protected]

KEYWORDS: Idaho United States North America

INDUSTRY KEYWORDS: Retail Agriculture Natural Resources Food/Beverage

MEDIA:

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Posted on

CyberOptics Corporation to Participate in 2021 Needham Growth Conference

CyberOptics Corporation to Participate in 2021 Needham Growth Conference

MINNEAPOLIS–(BUSINESS WIRE)–
CyberOptics Corporation (Nasdaq: CYBE), a leading global developer and manufacturer of high precision sensing technology solutions, is scheduled to present at the 23rd Annual Needham Virtual Growth Conference on January 14, 2021 at 9:15 AM ET.

Investors can listen to a live webcast and obtain the CyberOptics investor presentation by accessing the investor relations section of the CyberOptics website at https://www.cyberoptics.com/investors/. A webcast replay will be available for 90 days following the conference.

About CyberOptics

CyberOptics Corporation (www.cyberoptics.com) is a leading global developer and manufacturer of high-precision 3D sensing technology solutions. CyberOptics’ sensors are used for inspection and metrology in the SMT and semiconductor markets to significantly improve yields and productivity. By leveraging its leading edge technologies, the Company has strategically established itself as a global leader in high precision 3D sensors, allowing CyberOptics to further increase its penetration of key vertical markets. Headquartered in Minneapolis, Minnesota, CyberOptics conducts worldwide operations through its facilities in North America, Asia and Europe.

Jeffrey A. Bertelsen, Chief Financial Officer

763-542-5000

Carla Furanna, Vice President of Global Marketing

952-820-5837

KEYWORDS: Minnesota United States North America

INDUSTRY KEYWORDS: Internet Audio/Video Hardware Electronic Design Automation Technology Semiconductor Mobile/Wireless Other Technology

MEDIA:

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Posted on

Thinking about buying stock in Plug Power, Marathon Patent Group, FuelCell Energy, Tilray, or ReneSola?

PR Newswire

NEW YORK, Jan. 7, 2021 /PRNewswire/ — InvestorsObserver issues critical PriceWatch Alerts for PLUG, MARA, FCEL, TLRY, and SOL.

To see how InvestorsObserver’s proprietary scoring system rates these stocks, view the InvestorsObserver’s PriceWatch Alert by selecting the corresponding link.

(Note: You may have to copy this link into your browser then press the [ENTER] key.)

InvestorsObserver’s PriceWatch Alerts are based on our proprietary scoring methodology. Each stock is evaluated based on short-term technical, long-term technical and fundamental factors. Each of those scores is then combined into an overall score that determines a stock’s overall suitability for investment.

 

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/thinking-about-buying-stock-in-plug-power-marathon-patent-group-fuelcell-energy-tilray-or-renesola-301202764.html

SOURCE InvestorsObserver

Posted on

Callinex Issues Year-End Letter to Shareholders

PR Newswire

VANCOUVER, BC, Jan. 7, 2021 /PRNewswire/ – Callinex Mines Inc. (“Callinex”) (TSXV: CNX) (OTC: CLLXF) is pleased to provide its year-end letter to shareholders from President and CEO, Max Porterfield:

Dear Shareholders,

The past year has brought a great deal of uncertainty and challenges to many of us and our team would like to extend our sincere gratitude and appreciation for your continued support. Though behind us now, 2020 was filled with an abundance of discoveries across our exploration portfolio that I believe will drive long term value for our shareholders as we expand upon them in the year ahead.

In the Bathurst Mining District of New Brunswick, the drilling campaign to test regional exploration targets at the Nash Creek Project was a resounding success with the discovery of silver, near-surface, in two widely spaced holes located 6.8km apart along the main controlling fault. Our team continued to advance the two silver discoveries by increasing the land package at Nash Creek, reprocessed historic airborne geophysical survey data that highlighted a number of high priority targets and completed a regional soil sampling campaign that encompasses both silver discoveries. These discoveries have the potential to enhance the economics from the maiden Preliminary Economic Assessment (“PEA”) that was published in 2018.

The Company’s return to the Pine Bay Project in the Flin Flon Mining District with a refined exploration strategy culminated with the high-grade Rainbow Discovery made up of copper, gold, silver and zinc. The discovery comes at a critical time for the town of Flin Flon, MB with the impending shutdown of the 777 mine and no new discovery to fill its void.  The Rainbow Discovery is ideally located within a mineral lease, adjacent to a high-voltage power line and direct road access to processing facilities in Flin Flon. Since the initial discovery hole in August, our team has focused on delineating the Rainbow Discovery which is emerging as a much more shallow discovery (based on recently modeled borehole electromagnetic data) than the 777 and Lalor mines, which are currently producing in the province. Due to the high-grades intersected in the two zones to date, we believe that the Rainbow Discovery has the potential to extend the rich mining history of Flin Flon.

As we shift into a new year, the focus for our team will be to continue to expand upon the discoveries the Company has made in New Brunswick and Manitoba. At the Nash Creek Project, plans are underway to initiate a drilling campaign based on results from the soon to be announced soil sampling program which was designed to delineate the silver mineralization along the main controlling fault. However, the highest priority for the Company will be continuing to expand the Rainbow Discovery in Manitoba.  Exploration at Pine Bay will continue to expand the mineralization to surface as well as test high priority targets along the productive horizon that hosts the Rainbow Discovery. Additionally, the Company has been working towards providing an updated resource for the Pt. Leamington deposit located in the Buchans Mining District.  The Pt. Leamington Project hosts a significant near surface gold, copper and zinc deposit that’s a valuable asset to the Company.  

This year will be exciting as we continue to create shareholder value by advancing the discoveries across the portfolio during the midst of a secular bull market for base and precious metals.

Sincerely,

“Max Porterfield”

President & CEO

J.J. O’Donnell, P. Geo, a qualified person under National Instrument 43-101 and a Exploration Manager for Callinex, has reviewed and approved the technical information in this news release.


About Callinex Mines Inc.

Callinex Mines Inc. (TSXV: CNX) (OTC: CLLXF) is advancing its portfolio of base and precious metals rich deposits located in established Canadian mining jurisdictions. The portfolio is highlighted by the rapidly expanding Rainbow Discovery at its Pine Bay Project located near existing infrastructure in the Flin Flon Mining District. Additionally, Callinex has emerging near-surface silver discoveries at its Nash Creek Project located in the Bathurst Mining District of New Brunswick. A 2018 PEA on the Company’s Bathurst projects outlined a mine plan that generates a strong economic return with a pre-tax IRR of 34.1% (25.2% post-tax) and NPV8% of $230 million ($128 million post-tax).

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

Some statements in this news release contain forward-looking information. These statements include, but are not limited to, statements with respect to future expenditures. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, among others, the ability to complete the proposed drill program and the timing and amount of expenditures. Except as required under applicable securities laws, Callinex does not assume the obligation to update any forward-looking statement.

Cision View original content:http://www.prnewswire.com/news-releases/callinex-issues-year-end-letter-to-shareholders-301202654.html

SOURCE Callinex Mines Inc.

Posted on

Urbanimmersive Brings 3D Tours Social with UiMeet3D

PR Newswire

SAINT-HUBERT, QC, Jan. 7, 2021 /PRNewswire/ – Urbanimmersive Inc. (“Urbanimmersive”, the “Company” or “UI”) (TSX VENTURE: UI) (OTCQB: UBMRF) is pleased to announce the launch of UiMeet3D, a new way of remotely visiting digitalized real places with friends and clients aiming at bringing 3D tours more social, engaging and interactive. UiMeet3D is a new integrated feature of Urbanimmersive‘s 3D tour technology.

Highlights of the UiMeet3D innovative solution include:

  • 3D avatars multi-user technology integration;
  • New lead generation tool for online marketers;
  • First mover to market in the 3D tours industry;
  • Endorsed by market leaders;
  • New revenue streams for UI;
  • VR ready.

Using cutting-edge multi-user servers, 3D real place environments and video conference technologies, UiMeet3D is the first immersive solution on the market enabling people to walk through a digitalized real place (i.e. 3D tours), like a property for sale, while visually interacting with other visitors represented by avatars. The integration of the Video Conference technology shows avatars with people‘s live feeds cameras. UiMeet3D does not require any software or plugin download or installation making it easy to use on any browsers and devices.

UiMeet3D is actually the closest way to mimic real life visits of digitalized real environments providing real estate marketers with a new and powerful lead generation and communication tools aiming at improving conversion rates.  For example, a real estate agent can recreate a virtual open house, share its 3D tour on social media to invite interested people, greet visitors (avatars) entering the digitalized home, see them freely walking from one room to another and decide to engage with visitors showing real signs of interest, exactly like they would do in real life. 

Throughout the testing phases, Urbanimmersive has presented UiMeet3D to a selected group of photographers and agents in different regions. The feedback was unanimously positive among all groups of users.

Éric Paquette, Founder and President of EGP TechnoVirtuel, one of the largest real estate photography agencies in Canada, recently announced as a new major UI client, embraces this new innovation from Urbanimmersive. “The Covid-19 crisis is accelerating the adoption for 3D home viewing tours which is consequently expanding home buyers and sellers online behaviors.  UiMeet3D is a very compelling innovation towards this rapid digital transformation in the real estate industry and we are very excited to be the first real estate photography business to bring this innovation to our clients in Canada“, stated Éric Paquette.

Luc Vaillancourt, a top real estate agent producer from Via Capitale, a Brookfield real estate Canadian brokerage company, is already planning on using UiMeet3D for all its listings. “With 3D tours, home buyers can visit our listings from A to Z but agents cannot engage and interact with them to tell the full story. UiMeet3D solves this problem and resistance from many real estate agents of using 3D tours as it enables the agent to be where the buyers are in the 3D tours”, stated Luc Vaillancourt (https://immopassion.ca/).

Other industries will benefit from UiMeet3D. For local businesses, UiMeet3D can allow a live representative greeting incoming visitors, watch them freely walking through the retail shop and engage with customers looking for information like they would do in real life.  As it takes just a couple of hours to scan a real large space environment to create a 3D tour with Urbanimmersive technology, a retail shop could even update its 3D Pocket Website TM on a regular basis depending on inventory levels or seasons.

In the context of large space 3D environments like office spaces, hotels, resorts, warehouses or commercial buildings, UiMeet3D enables a large group of visitors to interact together based on their locations while offering to a moderator (guide) an interactive map locating in real time all participants. Therefore, UiMeet3D also opens Urbanimmersive to many emerging new market opportunities in Virtual Reality (VR) with social 3D virtual events, virtual trade shows, virtual exhibitions, virtual classrooms, virtual off-site engineering inspections and more.  

Urbanimmersive is now offering for every 3D tour produced on its platform a limited free-to-use UiMeet3D version that allows to see all visitor avatars in the 3D tour (up to 20 participants per room), open text-based chatrooms and invite visitors for one-on-one video live meeting. The Company will soon be launching a Premium version which will mainly targets intensive users, commercial, educational and industrial clients. The Premium version will allow visitor alert notifications, greeting chats, video bots and unlimited number video live meetings. 

The Premium version will open up incremental revenue streams for the Company as it will be offered on a pay-per-minute usage and on a subscription model. Real estate professionals using Urbanimmersive‘s 3D tours will be able to subscribe to different UiMeet3D packages directly from their client dashboard provided by photographers using the Company’s SaaS platform, opening up an additional revenue stream to our photography clients as well.

“We believe UiMeet3D will become the norm in the 3D tours industry like it has been in the past for video games going from solo player to large multi-user’s game and we are happy to be the first mover to market with clear technological and distribution advantages over the competition. Very soon, it will be boring to visit 3D tours of homes and/or local businesses alone without friends or clients”, stated Ghislain Lemire, President and CEO of Urbanimmersive. “From a business angle, as real estate professionals are spending much more on digital advertising (lead gen) than visual content alone, we believe UiMeet3D subscription revenue model could become a significant growth driver for Urbanimmersive as it opens up the monetization of 3D tours usage rather than only its production and hosting”, added Ghislain Lemire. “With Urbanimmersive 3D technology being camera hardware agnostic, meaning working with all cameras and software capable of generating 360 imagery, and by the fact that Urbanimmersive already possesses a large network of real estate photographers in North America to distribute its complete solutions, we believe we are well positioned to become the leading brand in video conferencing solutions, when the main emphasis being of meeting in a place”, concluded Ghislain Lemire, President and CEO of Urbanimmersive

UiMeet3D is now available in selected geographical areas in a Beta version and will soon be released everywhere in the world. 

TSX Venture Exchange has not reviewed this press release and has neither approved nor disapproved the contents of this press release.

About Urbanimmersive

Urbanimmersive is a SaaS business management solution that provides mission-critical solutions to visual content providers serving the real estate residential, commercial, construction, and local business markets. Urbanimmersive’ platform helps customers to increase operational productivity and delivering the full potential of visual content creations through leading-edge website builder tools, AI-backed image indexing, robust file transfer systems, and interactive visual technology solutions. The firm’s core technology is a 3D emulator powered by a visual content recognition post-production algorithm that delivers online and offline alternatives to traditional 3D engines for the creation of immersive digital environments. Learn more at www.urbanimmersive.com.

Caution of Forward-Looking Statements

Certain statements in this news release, other than statements of historical fact, are forward-looking information that involves various risks and uncertainties. Such statements relating to, among other things, the prospects for the company to enhance operating results, are necessarily subject to risks and uncertainties, some of which are significant in scope and nature. These uncertainties may cause actual results to differ from the information contained herein. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward-looking statements are based on the estimates and opinions of the management on the dates they are made and expressly qualified in their entirety by this notice. The Company assumes no obligation to update forward-looking statements should circumstances or management estimates or opinions change.

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/urbanimmersive-brings-3d-tours-social-with-uimeet3d-301202638.html

SOURCE Urbanimmersive Inc.

Posted on

IQST – iQSTEL Exceeds FY-2020 Revenue Forecast Reaching Nearly $45 Million

PR Newswire

NEW YORK, Jan. 7, 2021 /PRNewswire/ — iQSTEL, Inc. (USOTC: IQST) today announced achieving $44.8 million in revenue for FY-2020 based on preliminary results. The $44.8 million in revenue exceeds management’s $42 million revenue forecast for FY-2020 by 6.8%, and represents a 148% increase over the $18 million in revenue reported in FY-2019.

iQSTEL Logo

Last month, in December 2020, IQST realized over $5 million in monthly revenue for a third consecutive month. The $5.1 million in revenue realized in December represents a 165% increase over the $1.9 million in revenue reported in December the previous year.

The three consecutive months exceeding $5 million in revenue resulted in a record quarter totaling $15.3 million for Q4 2020. The previous quarterly record was reported in Q3 2020 when revenue reached $13.3 million. The Q4 2020, $15.3 million in revenue is the third record revenue quarter in a row.

About iQSTEL Inc (Updated):

iQSTEL Inc (OTC: IQST) (www.iQSTEL.com) is a US-based publicly-listed company offering leading-edge Telecommunication, Technology and Fintech Services for Global Markets, with presence in 13 countries.  The company provides services to the Telecommunications, Financial Services, Liquid Fuel Distribution and Electric Vehicle Industries. iQSTEL has 3 Business Divisions: Telecom, Technology and Fintech, with worldwide B2B and B2C customer relations operating through its subsidiaries: Etelix, SwissLink, QGlobal SMS, SMSDirectos, IoT Labs, itsBchain and Global Money One. The Company has an extensive portfolio of products and services for its clients: SMS, VoIP, 4G & 5G international infrastructure connectivity, Cloud-PBX, OmniChannel Marketing, IoT Smart Gas Platform, IoT Smart Electric Vehicle Platform, Mobile Number Portability Application MNPA (Blockchain), Settlement & Payments Marketplace (Blockchain), Visa Debit Card, Money Remittance, and Pay Mobile Phone Services among others.

About Etelix.com USA LLC (iQSTEL´s Telecom Division):

Etelix.com USA LLC (www.etelix.com) is a wholly owned subsidiary of iQSTEL Inc. Etelix.com USA, LLC is a Miami, Florida-based international telecom carrier founded in 2008 that provides telecom and technology solutions worldwide, with commercial presence in North America, Latin America, and Europe. Enabled by its 214-license granted by the Federal Communications Commission (FCC), Etelix provides International Long-Distance voice services for Telecommunications Operators (ILD Wholesale), and Submarine Fiber Optic Network capacity for internet (4G and 5G). Etelix was founded in 2008 and has been profitable since inception.

About SwissLink Carrier AG (iQSTEL´s Telecom Division):

SwissLink Carrier AG (www.swisslink-carrier.com) is a 51% owned subsidiary of iQSTEL Inc. SwissLink Carrier AG is a Switzerland based international Telecommunications Carrier founded in 2015 providing international VoIP connectivity worldwide, with commercial presence in Europe, CIS and Latin America. SwissLink Carrier AG is a Swiss licensed Operator, having a domestic Interconnect with Swisscom, allowing their international Carrier Customers direct terminations via SwissLink into all Switzerland Fix & Mobile Networks. Since the takeover from Swissphone in November 2018 and the rename into SwissLink, they operate on a profitable level.

About QGlobal SMS LLC (iQSTEL´s Telecom Division):

QGlobal SMS LLC (www.qglobalsms.com) is a 51% owned subsidiary of iQSTEL Inc. QGlobal SMS is a USA based company and a commercial brand founded in 2020 specialized in international and domestic SMS termination, with emphasis on the Applications to Person (A2P) and Person to Person (P2P) for Wholesale Carrier Market and Corporate Market in US. QGlobal SMS has commercial presence in US, Mexico, Latin America, EMEA (Europe, Middle East, Asia) and Africa, through our SMS service providers based in Austin, TX and Miami, FL Our Austin-based SMS service provider is specialized in the SMS traffic exchange between US and Mexico, and our Miami-based SMS service provider is focused in the development of Latin America and the rest of the world. QGlobal SMS has robust international interconnection with Tier1 SMS Aggregators, guarantying its customers high quality and low termination rates, over more than 100 countries worldwide.

About Alcyon Cloud SMS S.A.S, Commercial Brand 
SMSDirectos.com (iQSTEL´s Telecom Division):

Alcyon Cloud SMS S.A.S. (Commercial Brand SMSDirectos.com), is a whole subsidiary of QGlobal SMS, a Colombian-based Application and Content Provider. Alcyon Cloud SMS (SMSDirectos.com) is registered with the Secretary of Information and Communication Technology (ICT) in Colombia, offering services to government, enterprises, small and medium business, as well as end-users. Using SMSDirectos’ existing network, they plan to expand services from SMS to offer omnichannel products and services such as: SMS, Emails, RCS (Rich Communications Services), Social Media Channels (Whats App, Messenger, etc), WebRTC (Web Real-Time Communication), VoIP (IP-PBX, SIP Trunking) ChatBots (Artificial Intelligence Based), SMS to Email, and Email to SMS.

About IoT Labs MX SAPI (iQSTEL´s Technology Division):

IoT Labs MX SAPI (www.iotlabs.mx), a subsidiary of iQSTEL Inc, is an Internet of Things (IoT) Mexican technology development company, creator of the “IoT Smart Gas” Platform and Application. The IoT Smart Gas platform www.iotsmartgas.com consists of an IoT field device installed on the LP gas tank (adaptable to virtually any gas or liquid storage tank) and, thanks to the Internet of Things (IoT) technology via Sigfox or GSM network connectivity, allows remote managed and improved logistic processes of refilling, usage tracking and tank monitoring in real-time by the Smart Gas mobile app. The new GSM tracking feature allows for mobile use including ground, air, and sea tank monitoring.

About itsBchain LLC (iQSTEL´s Technology Division):

itsBchain LLC (www.itsBchain.com)  is a 75% owned subsidiary of iQSTEL Inc. itsBchain is a blockchain technology developer and solution provider, with a strong focus on the telecom sector.  The company is the final stage of development of a series of blockchain solutions aimed at using the blockchain ledger and smart contract solutions to enable more efficiency, quickness in execution and fraud-prevention in the telco industry.  Specifically, the company is developing a solution that will enable users and carriers to transfer mobile phone numbers with just a few clicks, allowing users and carriers the ability to transfer retail users from one mobile carrier to another instantly.  Additionally, the company is finalizing a carrier-grade marketplace solution to procure payments between carriers for cross-traffic of VoIP, SMS and data realtime as traffic is crossed between carriers.  This marketplace will allow for instant payment settlement as well as the prevention of fraud between carriers.

About Global Money One Inc (iQSTEL´s Fintech Division):

Global Money One Inc. (www.GlobalMoneyOne.com) is a 75% owned subsidiary of iQSTEL Inc. Global Money One Inc  is a Miami, Florida-based Fin-Tech company that uses a blend of industry expertise, state-of-the-art technology and compliance requirements to create disruptive solutions that deliver control, security and real-time payments and innovative Financial capabilities with reduced cost for consumers, specially to the unbanked, underbanked and underserved segments of today’s society. Our portfolio of services will include a Prepaid VISA MoneyOne Card (www.visamoneyone.com) expected to enable customers to make purchases in stores and online, withdraw cash at ATMs or receive cash back when using it to make a purchase, recharge prepaid mobile phone service and send money domestically or internationally (+ 40 countries).  The VISA MoneyOne Card is expected to also facilitate the deposit of funds into bank accounts, Remote Deposit Capture (RDC) by mobile phone, bill payments, rewards, and digital gift cards.  The VISA MoneyOne is the new and freedom financial world wallet expected launch in early Q2 2021.

Safe Harbor Statement: Statements in this news release may be “forward-looking statements”. Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions or any other statements relating to our future activities or other future events or conditions. These statements are based on current expectations, estimates and projections about our business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and are likely to, differ materially from what is expressed or forecasted in forward-looking statements due to numerous factors. Any forward-looking statements speak only as of the date of this news release and iQSTEL Inc. undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this news release.

iQSTEL Inc.

IR US Phone: 646-740-0907,
IR Email: [email protected]

Source: iQSTEL Inc. and its subsidiaries:

www.iqstel.com ; www.etelix.com ; www.qglobalsms.com ; www.swisslink-carrier.com ; www.smsdirectos.com ; www.iotlabs.mx ; www.iotsmartgas.com ; www.iotsmartev.com : www.itsBchain.com ; www.globalmoneyone.com ; www.visamoneyone.com

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SOURCE iQSTEL, Inc.

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Thermogenesis Holdings to Participate at the H.C. Wainwright BIOCONNECT 2021 Conference

PR Newswire

RANCHO CORDOVA, Calif., Jan. 7, 2021 /PRNewswire/ — ThermoGenesis Holdings, Inc. (Nasdaq: THMO) a market leader in automated cell processing tools and services in the cell and gene therapy field, today announced that Jeff Cauble, Chief Financial Officer, will present a company overview at the H.C. Wainwright BIOCONNECT 2021 Conference.

The presentation will be available beginning January 11, at 6:00 am ET, on the ThermoGenesis website at: https://thermogenesis.com/investors/news-and-events/events-webcasts and will be archived for a period of 90 days after the conference.

About ThermoGenesis Holdings, Inc.
ThermoGenesis Holdings, Inc. develops, commercializes, and markets a range of automated technologies for CAR-T and other cell-based therapies. The Company currently markets a full suite of solutions for automated clinical biobanking, point-of-care applications, and automation for immuno-oncology, including its semi-automated, functionally-closed CAR-TXpress™ platform, which streamlines the manufacturing process for the emerging CAR-T immunotherapy market. For more information about ThermoGenesis, please visit: www.thermogenesis.com.

Company Contact: 

Wendy Samford

916-858-5191
[email protected]

Investor Contact: 
Paula Schwartz, Rx Communications
917-322-2216
[email protected]

 

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SOURCE ThermoGenesis Holdings, Inc.

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Broadcom Inc. to Present at J.P. Morgan Tech/Auto Forum

PR Newswire

SAN JOSE, Calif., Jan. 7, 2021 /PRNewswire/ — Broadcom Inc. (Nasdaq: AVGO), a global technology leader that designs, develops and supplies semiconductor and infrastructure software solutions, today announced that Hock Tan, President and Chief Executive Officer, Ram Velaga, Senior Vice President and General Manager, Switch Products and Alexis Bjorlin, Ph.D., Senior Vice President and General Manager, Optical Systems will present on Broadcom’s networking franchises at the J.P. Morgan Tech/Auto Forum, on Tuesday, January 12, 2021, at 1:35 p.m. PT.

A live audio webcast and replay along with presentation materials will be available for 30 days at investors.broadcom.com under Events & Presentations.

About Broadcom Inc.
Broadcom Inc., (NASDAQ: AVGO), a Delaware corporation headquartered in San Jose, CA, is a global technology leader that designs, develops and supplies a broad range of semiconductor and infrastructure software solutions. Broadcom’s category-leading product portfolio serves critical markets including data center, networking, enterprise software, broadband, wireless, storage and industrial. Our solutions include data center networking and storage, enterprise, mainframe and cyber security software focused on automation, monitoring and security, smartphone components, telecoms and factory automation. For more information, go to www.broadcom.com.

Contact:
Broadcom Inc.
Beatrice F. Russotto
Investor Relations
408-433-8000
[email protected]

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SOURCE Broadcom Inc.

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Consumer Confidence in Housing Falls Again as COVID-19 Pandemic Surges

‘Good Time to Buy’ and ‘Good Time to Sell’ Indicators Decline Due to Reported Economic Concerns

PR Newswire

WASHINGTON, Jan. 7, 2021 /PRNewswire/ — The Fannie Mae (OTCQB: FNMA) Home Purchase Sentiment Index® (HPSI) fell for the second straight month in December to 74.0, a 6.0 point decline from November. Five of the six HPSI components decreased month over month, and consumers reported a substantially more pessimistic view of homebuying and home-selling conditions, which drove the relatively large monthly change. Year over year, the HPSI is down 17.7 points.

“The HPSI declined for the second consecutive month and fell to its lowest level since May 2020, as consumers adjusted to the worsening COVID-19 conditions of the first few weeks of December – the survey collection period,” said Doug Duncan, Fannie Mae Senior Vice President and Chief Economist. “Both the ‘Good Time to Sell’ and ‘Good Time to Buy’ components fell significantly, with respondents overwhelmingly noting the unfavourability of economic conditions. In particular, the sell-side component fell for the first time since April and by 18 points, reversing most of the increases of the past three months and implying to us that, at least temporarily, potential home sellers might wait to list their homes. If so, this could have the effect of perpetuating already-tight inventory levels and supporting additional (albeit lesser) home price growth, which could contribute to a further moderating of home sales.”

Home Purchase Sentiment Index – Component Highlights

Fannie Mae’s Home Purchase Sentiment Index (HPSI) fell in December by 6.0 points to 74.0. The HPSI is down 17.7 points compared to the same time last year. Read the full research report for additional information.

  • Good/Bad Time to Buy: The percentage of respondents who say it is a good time to buy a home decreased from 57% to 52%, while the percentage who say it is a bad time to buy increased from 35% to 39%. As a result, the net share of Americans who say it is a good time to buy decreased 9 percentage points month over month.
  • Good/Bad Time to Sell: The percentage of respondents who say it is a good time to sell a home decreased from 59% to 50%, while the percentage who say it’s a bad time to sell increased from 33% to 42%. As a result, the net share of those who say it is a good time to sell decreased 18 percentage points month over month.
  • Home Price Expectations: The percentage of respondents who say home prices will go up in the next 12 months remained the same at 41%, while the percentage who say home prices will go down increased from 13% to 16%. The share who think home prices will stay the same decreased from 35% to 34%. As a result, the net share of Americans who say home prices will go up decreased 3 percentage points month over month.
  • Mortgage Rate Expectations: The percentage of respondents who say mortgage rates will go down in the next 12 months remained the same at 8%, while the percentage who expect mortgage rates to go up also remained unchanged at 43%. The share who think mortgage rates will stay the same decreased from 40% to 39%. As a result, the net share of Americans who say mortgage rates will go down over the next 12 months remained unchanged month over month.
  • Job Concerns: The percentage of respondents who say they are not concerned about losing their job in the next 12 months decreased from 76% to 75%, while the percentage who say they are concerned increased from 24% to 25%. As a result, the net share of Americans who say they are not concerned about losing their job decreased 2 percentage points month over month.
  • Household Income: The percentage of respondents who say their household income is significantly higher than it was 12 months ago decreased from 24% to 20%, while the percentage who say their household income is significantly lower remained unchanged at 18%. The percentage who say their household income is about the same increased from 57% to 61%. As a result, the net share of those who say their household income is significantly higher than it was 12 months ago decreased 4 percentage points month over month.

About Fannie Mae’s Home Purchase Sentiment Index
The Home Purchase Sentiment Index (HPSI) distills information about consumers’ home purchase sentiment from Fannie Mae’s National Housing Survey® (NHS) into a single number. The HPSI reflects consumers’ current views and forward-looking expectations of housing market conditions and complements existing data sources to inform housing-related analysis and decision making. The HPSI is constructed from answers to six NHS questions that solicit consumers’ evaluations of housing market conditions and address topics that are related to their home purchase decisions. The questions ask consumers whether they think that it is a good or bad time to buy or to sell a house, what direction they expect home prices and mortgage interest rates to move, how concerned they are about losing their jobs, and whether their incomes are higher than they were a year earlier.

About Fannie Mae’s National Housing Survey
The most detailed consumer attitudinal survey of its kind, Fannie Mae’s National Housing Survey (NHS) polled approximately 1,000 respondents via live telephone interview to assess their attitudes toward owning and renting a home, home and rental price changes, homeownership distress, the economy, household finances, and overall consumer confidence. Homeowners and renters are asked more than 100 questions used to track attitudinal shifts, six of which are used to construct the HPSI (findings are compared with the same survey conducted monthly beginning June 2010). As cell phones have become common and many households no longer have landline phones, the NHS contacts 70 percent of respondents via their cell phones (as of January 2018). For more information, please see the Technical Notes. Fannie Mae conducts this survey and shares monthly and quarterly results so that we may help industry partners and market participants target our collective efforts to support the housing market. The December 2020 National Housing Survey was conducted between December 1, 2020 and December 21, 2020. Most of the data collection occurred during the first two weeks of this period. Interviews were conducted by PSB, in coordination with Fannie Mae.

Detailed HPSI & NHS Findings
For detailed findings from the December 2020 Home Purchase Sentiment Index and National Housing Survey, as well as a brief HPSI overview and detailed white paper, technical notes on the NHS methodology, and questions asked of respondents associated with each monthly indicator, please visit the Surveys page on fanniemae.com. Also available on the site are in-depth special topic studies, which provide a detailed assessment of combined data results from three monthly studies of NHS results.

To receive e-mail updates with other housing market research from Fannie Mae’s Economic & Strategic Research Group, please click here.

About Fannie Mae
Fannie Mae helps make the 30-year fixed-rate mortgage and affordable rental housing possible for millions of Americans. We partner with lenders to create housing opportunities for families across the country. We are driving positive changes in housing finance to make the home buying process easier, while reducing costs and risk. To learn more, visit:
fanniemae.com | Twitter | Facebook | LinkedIn | Instagram | YouTube | Blog

Fannie Mae Newsroom

https://www.fanniemae.com/news

Photo of Fannie Mae

https://www.fanniemae.com/resources/img/about-fm/fm-building.tif

Fannie Mae Resource Center
1-800-2FANNIE

Opinions, analyses, estimates, forecasts, and other views of Fannie Mae’s Economic & Strategic Research (ESR) Group included in these materials should not be construed as indicating Fannie Mae’s business prospects or expected results, are based on a number of assumptions, and are subject to change without notice. How this information affects Fannie Mae will depend on many factors. Although the ESR Group bases its opinions, analyses, estimates, forecasts, and other views on information it considers reliable, it does not guarantee that the information provided in these materials is accurate, current, or suitable for any particular purpose. Changes in the assumptions or the information underlying these views could produce materially different results. The analyses, opinions, estimates, forecasts, and other views published by the ESR Group represent the views of that group as of the date indicated and do not necessarily represent the views of Fannie Mae or its management.

 

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SOURCE Fannie Mae

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CNS Pharmaceuticals to Present at the H.C. Wainwright BioConnect 2021 Conference

PR Newswire

HOUSTON, Jan. 7, 2021 /PRNewswire/ —  CNS Pharmaceuticals, Inc. (NASDAQ: CNSP) (“CNS” or the “Company”), a biopharmaceutical company specializing in the development of novel treatments for primary and metastatic cancers of the brain and central nervous system, today announced that John Climaco, CEO of CNS Pharmaceuticals, will present at the virtual H.C. Wainwright BioConnect 2021 Conference being held January 11-14, 2021.

H.C. Wainwright BioConnect 2021 Conference:

Date:   Monday, January 11th, 2021
Time: 6:00 AM ET
Link:   https://journey.ct.events/view/5dc204bc-7b68-4545-89b4-08ea81a4eee0

The webcast will be available on demand starting Monday, January 11th, 2021 at 6:00 AM ET. Replays of the presentation will be available on the Company’s website for 90 days following the event.

About CNS Pharmaceuticals, Inc.

CNS Pharmaceuticals is developing novel treatments for primary and metastatic cancers of the brain and central nervous system. Its lead drug candidate, Berubicin, is proposed for the treatment of glioblastoma multiforme (GBM), an aggressive and incurable form of brain cancer. CNS holds a worldwide exclusive license to the Berubicin chemical compound and has acquired all data and know-how from Reata Pharmaceuticals, Inc. related to a completed Phase 1 clinical trial with Berubicin in malignant brain tumors, which Reata conducted in 2006. In this trial the overall response rate of stable disease or better was 44%. This 44% disease control rate was based on 11 patients (out of 25 evaluable patients) with stable disease, plus responders. One patient experienced a durable complete response and remains cancer-free as of Feb. 20, 2020. These Phase 1 results represent a limited patient sample size and, while promising, are not a guarantee that similar results will be achieved in subsequent trials. By the end of the first quarter of 2021, CNS expects to commence a Phase 2 clinical trial of Berubicin for the treatment of GBM in the U.S., while a sub-licensee partner undertakes a Phase 2 trial in adults and a first-ever Phase 1 trial in pediatric GBM patients in Poland. Its second drug candidate, WP1244, is a novel DNA binding agent that has shown in preclinical studies that it is 500 times more potent than the chemotherapeutic agent daunorubicin in inhibiting tumor cell proliferation.

For more information, please visit www.CNSPharma.com.

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SOURCE CNS Pharmaceuticals, Inc.