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NutraLife BioSciences, Inc. (NLBS) Provides Company Update

Coconut Creek, FL, Nov. 12, 2020 (GLOBE NEWSWIRE) — via NewMediaWire — NutraLife BioSciences, Inc. (“NutraLife” or the “Company”) (OTC: NLBS) today provided the following shareholder update regarding NutraLife’s journey this past year and the outlook moving forward.

It’s been quite the year, and it’s hard to believe that 2020 is almost over. This year has been the most challenging for many of us. We have all had to face the trials and tribulations brought on by the COVID-19 pandemic, our political elections, and the unrest we face together as a country and global society.

As we continue to press on, we have had to adapt and adjust our operations to accommodate the current environment and meet the challenges presented head-on.  

Upon entering the new year and in the wake of the global pandemic, the Company regrouped and took the necessary steps to secure the Company’s future and survive the economic slowdown. We began by making a strategic pivot from our then-current nutraceutical manufacturing business by adding the manufacture of consumer sanitizer products utilizing the Company’s existing manufacturing capabilities and the Company’s ability to retrofit its operations and accommodate production due to the shortage of supply and demand for sanitizer products. To do so, consistent with Food and Drug Administration (FDA) requirements, the Company registered and obtained a labeler code as an over-the-counter (OTC) manufacturing facility and began manufacturing and distributing a line of liquid-based multi-use sanitizer spray products under the Company’s in-house brand, “Eddie’s Clean Hands,” packaged as a multi-use sanitizer spray, formulated per the CDC’s recommendation of containing at least 60-95% ethanol or isopropanol alcohol to be effective. Recently, NutraLife announced it had secured distribution of the Company’s sanitizer sprays with W.W. Grainger Inc., a New York Stock Exchange (NYSE) listed national distributor. 

This month, the Company announced that it had signed a multi-year production, fulfillment, and distribution agreement with 27Health Inc. to launch its patent-pending Oral Sanitizer mouth spray which we hope will provide some protection from viruses by reducing viral transmission. We are excited about the new product launch and the possibility of another revenue-producing line of products that the Company will be manufacturing and distributing.

Closing out the year and moving forward, the Company is focusing its efforts on getting the Company’s SEC filings current while continuing to drive sales revenue. Over the years, the Company has developed and acquired many products, including the Company’s patented derma-bug-patch insect repellent, a line of CBD products, and now a line of sanitizer products, with several other health and wellness products in development that the Company will manufacture and distribute. The Company also plans to establish a medical advisory board and research department to begin efficacy studies on the Company’s various lines of products. 

“We are pleased to be continuing on the path we set out on over 10 years ago, with the vision of becoming a leader in the nutraceutical space, creating and providing result-driven products that deliver daily health and wellness benefits to help improve the quality of life for people and their pets,” said Edgar Ward, NutraLife’s Founder/President and CEO. “While the days ahead will continue to have challenges to overcome, we will meet them head-on. To our customers and shareholders, we are grateful for your support, and thank you all!”

About the Company

NutraLife BioSciences, Inc. operates a multifaceted life sciences company. For more than seven years, NutraLife has manufactured and distributed private label and branded nutraceutical and skincare wellness products. 

Forward-Looking Statements

This press release contains statements of a forward-looking nature about NutraLife Biosciences, Inc. (the “Company”). You can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “future” or other similar expressions.  The Company has based these forward-looking statements primarily on the Company’s current expectations and projections about future events and financial trends that the Company believes may affect Company’s financial condition, results of operations, business strategy, and financial needs. There is no assurance that the Company’s current expectations and projections are accurate. All forward-looking statements in this press release are based on the Company’s information on the date hereof. These statements involve known and unknown risks, uncertainties, and other factors that may cause the Company’s actual results to differ materially from those implied by the forward-looking statements. More detailed information about these risk factors is set forth in the Company’s filings with the Securities and Exchange Commission, including, but not limited to, those risks and uncertainties listed in the section entitled “Risk Factors,” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018, filed with the Securities and Exchange Commission on April 2, 2019, as amended. The Company operates in a rapidly evolving environment. New risk factors emerge from time to time. The Company does not undertake any obligation to update or revise the forward-looking statements except as required under applicable law.

Contact:

NutraLife BioSciences, Inc.

6601 Lyons Road, Suite L-6

Coconut Creek, FL  33073

Telephone 888-509-8901

www.NutraLifeBioSciences.com

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Coro Global Inc. to Present at Upcoming Conferences

Coro Global Inc. to Present at Upcoming Conferences

MIAMI–(BUSINESS WIRE)–
Coro Global Inc. (OTCQB: CGLO), a fintech company creating a new payment system where gold can be used in everyday transactions as easily as fiat currencies, today announced that the Company will present at the following virtual investor conferences:

  • On Wednesday, November 18, 2020 the Company will present at The Fall Investor Summit. The presentation will begin at 10:30 AM ET.
  • On Thursday, November 19, 2020 the Company will present at Sidoti’s Virtual Microcap Conference. The presentation will begin at 11:30 AM ET.

Investors and interested parties can access the presentations by visiting the Company’s investor relations website at https://ir.coro.global.

About Coro Global Inc.

Coro Global Inc. is a Miami, Florida-based fintech company that is creating a new financial payment system where gold can be used as money in everyday transactions as easily as fiat currencies. Coro’s platform is powered by cutting-edge Distributed Ledger Technology, allowing customers to send and receive global payments and exchange currency, including gold, seamlessly and securely.

PR contact

Craig Corbett

Publicize

[email protected]

KEYWORDS: United States North America Florida

INDUSTRY KEYWORDS: Professional Services Mining/Minerals Technology Natural Resources Software Finance Banking

MEDIA:

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Notice of Flow Capital’s 2020 Third Quarter Financial Results Conference Call

Financial results to be released after markets on Tuesday, November 17, 2020

TORONTO, Nov. 12, 2020 (GLOBE NEWSWIRE) — Flow Capital Corp. (TSXV: FW) (“Flow Capital” and “Company”) today announced it will release its 2020 third quarter financial results after the markets close on Tuesday, November 17, 2020. Mr. Alex Baluta, Chief Executive Officer, and Mr. Gaurav Singh, Chief Financial Officer, will host a conference call at 8:30 a.m. ET, on Wednesday, November 18, 2020, to review the results. A question and answer session will follow the corporate update.

CONFERENCE CALL DETAILS

DATE: Wednesday, November 18, 2020
TIME: 8:30 AM Eastern Time
DIAL IN NUMBER: +1 833 968-1926 or +1 778 560-2703
TAPED REPLAY: +1 800 585-8367 or +1 416 621-4642
CONFERENCE ID: 4878065

A recording of the call will be archived on the Company’s website at www.flowcap.com/financials/.

About FlowCapital
Flow Capital Corp. is a diversified alternative asset investor and advisor, specializing in providing minimally dilutive capital to emerging growth businesses. To apply for financing, visit www.flowcap.com.

For
further
information,
please
contact:

Flow Capital
Corp.:

Alex
Baluta

Chief
Executive
Officer
Tel: (416) 777-0383

Neither 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.

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First Republic Bank Prices Common Stock Offering

First Republic Bank Prices Common Stock Offering

SAN FRANCISCO–(BUSINESS WIRE)–
First Republic Bank (“First Republic”) (NYSE: FRC), a leading private bank and wealth management company, today announced the pricing of an underwritten public offering of 1,500,000 shares of its common stock for expected gross proceeds of approximately $198.3 million before underwriting discounts and commissions and estimated offering expenses. First Republic has also granted the underwriters a 30-day option to purchase up to an additional 225,000 shares from First Republic. BofA Securities, J.P. Morgan and Morgan Stanley are serving as joint bookrunning managers.

The last reported sale price of its common stock on November 11, 2020 was $134.90 per share. The underwriters propose to offer the shares of common stock for sale from time to time in one or more transactions on the New York Stock Exchange, in the over-the-counter market, through negotiated transactions or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices, subject to receipt and acceptance by them and subject to their right to reject any order in whole or in part.

First Republic intends to use the net proceeds from the offering for general corporate purposes, which may include, among other things, funding loans or purchasing investment securities for its portfolio. Closing of the offering is expected to occur on or about November 16, 2020, subject to customary closing conditions.

The offering will be made only by means of an offering circular. The offering circular relating to the offering will be available at www.frc-offering.com and furnished on a Current Report on Form 8-K that will be filed with the Federal Deposit Insurance Corporation. Copies of the offering circular may also be obtained when available from BofA Securities, NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte, North Carolina 28255-0001, Attention: Prospectus Department, or email: [email protected]; from J.P. Morgan, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, Attention: Prospectus Department, or by calling 866-803-9204, or by email at [email protected]; or from Morgan Stanley – Attn: Prospectus Department – 180 Varick Street, 2nd Floor – New York, New York 10014.

This press release is for informational purposes only and shall not constitute an offer to sell or a solicitation of an offer to buy the securities, nor shall there be any sale of the securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The securities are neither insured nor approved by the Federal Deposit Insurance Corporation or any other governmental agency.

About First Republic Bank

Founded in 1985, First Republic and its subsidiaries offer private banking, private business banking and private wealth management, including investment, trust and brokerage services. First Republic specializes in delivering exceptional, relationship-based service, and offers a complete line of products, including residential, commercial and personal loans, deposit services, and wealth management. Services are offered through preferred banking or wealth management offices primarily in San Francisco, Palo Alto, Los Angeles, Santa Barbara, Newport Beach and San Diego, California; Portland, Oregon; Boston, Massachusetts; Palm Beach, Florida; Greenwich, Connecticut; New York, New York; and Jackson, Wyoming. First Republic is a constituent of the S&P 500 Index and KBW Nasdaq Bank Index.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements about First Republic’s expectations, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. These statements are often, but not always, made through the use of words or phrases such as “anticipates,” “believes,” “can,” “could,” “may,” “predicts,” “potential,” “should,” “will,” “estimates,” “plans,” “projects,” “continuing,” “ongoing,” “expects,” “intends” and similar words or phrases. Accordingly, these statements are only predictions and involve estimates, known and unknown risks, assumptions and uncertainties that could cause actual results to differ materially from those expressed in them. All forward-looking statements are necessarily only estimates of future results, and there can be no assurance that actual results will not differ materially from expectations, and, therefore, you are cautioned not to place undue reliance on such statements. Any forward-looking statements are qualified in their entirety by reference to the factors discussed in the section titled “Risk Factors” in First Republic’s offering circular relating to this offering, including the documents incorporated by reference therein, and other risks described in documents subsequently filed by First Republic from time to time under the Securities Exchange Act of 1934, as amended. Further, any forward-looking statement speaks only as of the date on which it is made, and First Republic undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events.

Investors:

Andrew Greenebaum / Lasse Glassen

Addo Communications

[email protected]

[email protected]

(310) 829-5400

Media:

Greg Berardi

Blue Marlin Partners

[email protected]

(415) 239-7826

KEYWORDS: United States North America California

INDUSTRY KEYWORDS: Banking Professional Services Finance

MEDIA:

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Juniper Networks Announces Date and Webcast Information for Upcoming Investor Conferences in November 2020

SUNNYVALE, Calif., Nov. 12, 2020 (GLOBE NEWSWIRE) — Juniper Networks (NYSE: JNPR), a leader in secure, AI-driven networks, today announced the Company will present at the following investor conferences in November:

  • Ken Miller, EVP and Chief Financial Officer, and Sujai Hajela, SVP Enterprise, at Juniper Networks, will present at the RBC Capital Markets Global Technology, Internet, Media, and Telecommunications Virtual Conference, Tuesday, November 17, 2020 at 11:20am ET.
  • Kevin Hutchins, SVP of Strategy and Corporate Development, at Juniper Networks, will present at the Needham Virtual Security, Networking and Communications Conference, Tuesday, November 17, 2020 at 10:15am ET.

These events will be available live via webcast on the Juniper Networks website: http://investor.juniper.net/.

About Juniper Networks

Juniper Networks challenges the inherent complexity that comes with networking and security in the multicloud era. We do this with products, solutions and services that transform the way people connect, work and live. We simplify the process of transitioning to a secure and automated multicloud environment to enable secure, AI-driven networks that connect the world. Additional information can be found at Juniper Networks (www.juniper.net) or connect with Juniper on Twitter, LinkedIn or Facebook.

Juniper Networks, the Juniper Networks logo, Juniper, and Junos
,
and other trademarks listed here
are registered trademarks of Juniper Networks, Inc. and/or its affiliates in the United States and other countries. Other names may be trademarks of their respective owners.

Investor Relations:   Media Relations:  
Jess Lubert   Leslie Moore  
Juniper Networks   Juniper Networks  
+1 (408) 936-3734   +1 (408) 936-5767  
[email protected]   [email protected]  

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American Shared Hospital Services Reports Third Quarter 2020 Financial Results


Q3 Volumes Bounced Back Significantly from Q2 Pandemic-Related Lows

SAN FRANCISCO, CA, Nov. 12, 2020 (GLOBE NEWSWIRE) — via NewMediaWire — American Shared Hospital Services (NYSE American: AMS) (the “Company”), a leading provider of turnkey technology solutions for advanced radiosurgical and radiation therapy services, today announced financial results for the third quarter ended September 30, 2020.

Third Quarter Financial Highlights

  • Total revenue in the third quarter was $4,670,000, a decline of 11.9% from the comparable period in 2019, and an improvement of 17.0% from the $3,991,000 of revenue in the second quarter of 2020. Proton therapy revenue of $1,687,000 was consistent with the third quarter of 2019 and increased 20.4% compared to the second quarter of 2020. Gamma Knife revenue of $2,983,000 declined 9.9% compared to the third quarter of 2019 and increased 15.2% compared to $2,590,000 for the second quarter of 2020. The period-over-period decrease was due to lower average reimbursement at the Company’s retail sites and a positive contractual adjustment related to Medicare reimbursement at one of the Company’s existing sites recognized in the prior year. 
  • Total proton therapy fractions in the third quarter increased 12.4% compared to the third quarter of 2019 and increased 20.8% compared to the second quarter of 2020. Gamma Knife procedures increased by 8.3% to 377 for the third quarter of 2020 from 348 in the same period of the prior year and increased 7.7% compared to 350 for the second quarter of 2020. Gamma Knife volumes for centers in operation decreased 3.0% from Gamma Knife volumes for those same centers during the same period of the prior year.
  • Net loss in the third quarter was $209,000 compared to net income of $165,000 for the third quarter of 2019 and a net loss of $483,000 for the second quarter of 2020. The decrease in net income compared to the prior year was primarily due to a decrease in the Gamma Knife average reimbursement rate as well as legal and other professional fees and transaction costs totaling $69,000 incurred from the June acquisition of the Gamma Knife Center in Ecuador (“GKCE”).
  • On September 18, 2020, the Centers for Medicare and Medicaid Services (“CMS”) issued the final rule that would implement a new mandatory payment model for radiation oncology services: the Radiation Oncology Alternative Payment Model (“RO APM”), which is scheduled to commence July 1, 2021 and be in effect for a five year period. Four of the Company’s Gamma Knife centers are scheduled to be included in the RO APM although a significant impact on the Company’s Gamma Knife revenues is not anticipated. The Company’s PBRT center was not selected for inclusion in the RO APM.

Ray Stachowiak, Chief Executive Officer of AMS, commented, “In the third quarter, volumes bounced back significantly from the pandemic lows of the previous quarter. Total revenue was up 17% sequentially from the second quarter of 2020, with PBRT revenue up 20% and Gamma Knife revenue up 15% in the period. Total revenue in the third quarter was also 2% ahead of total revenue in the pre-pandemic first quarter of 2020, and EBITDA increased a stronger 9% over the same period. We also ended the quarter with a strong cash position of $3.6 million. During the quarter we received the final ruling from the Centers for Medicare and Medicaid Services (“CMS”). Our Orlando Health PBRT Center was not selected to be part of the RO APM and we believe that the CMS decision will have no significant impact on the reimbursement of our Gamma Knife services. Looking ahead, we’ve begun taking a hard look at our expenses, especially with our vendors, and expect to initiate cost reductions in our administrative expenses in 2021.”

“In September, I was appointed by the Board as the CEO of AMS. At the same time, all of our corporate managers were elevated to titles more reflective of their positions and responsibilities.  I believe that we have a great team in place to reach our goal of sustained profitability. To achieve this, our plan is to broaden the product line and geographic reach for our financing solutions and increase the Company’s revenue streams. To that end, during the third quarter we completed the upgrade of the Gamma Knife Perfexion to the Icon platform at the Lovelace Medical Center.  We have additional upgrades pending, including at our recently acquired facility in Ecuador, and we continue to have productive discussions with prospective clients for additional equipment placements,” concluded Mr. Stachowiak.

Financial Results for the Three Months Ended September 30, 2020

For the three months ended September 30, 2020, total revenue decreased 11.9% to $4,670,000 compared to total revenue of $5,301,000 for the third quarter of 2019 and increased 17.0% compared to total revenue of $3,991,000 for the second quarter of 2020. The Company recorded no revenue from its IGRT equipment in the current quarter compared to $314,000 in the third quarter of 2019. The equipment was fully depreciated and sold in July upon expiration of the Company’s contract.

Third quarter revenue for the Company’s proton therapy system installed at Orlando Health in Florida increased 0.6% to $1,687,000 compared to revenue for the third quarter of 2019 of $1,677,000 and increased 20.4% compared to revenue of $1,401,000 in the second quarter of 2020. The period-over-period increase was due to higher volumes, offset by a lower average reimbursement per fraction. Average reimbursement per fraction was consistent with the second quarter of 2020. Total proton therapy fractions in the third quarter were 1,632, an increase of 12.4% compared to 1,452 proton therapy fractions in the third quarter of 2019 and an increase of 20.8% compared to 1,351 in the second quarter of 2020.

Revenue for the Company’s Gamma Knife operations decreased 9.9% to $2,983,000 for the third quarter of 2020 compared to $3,310,000 for the third quarter of 2019 and increased 15.2% compared to $2,590,000 for the second quarter of 2020. The period-over-period decline was due to lower volumes at same stores, a lower average reimbursement at the Company’s retail sites and a positive contractual adjustment related to Medicare reimbursement at one of the Company’s existing sites recognized in the prior year. Gamma Knife procedures increased by 8.3% to 377 for the third quarter of 2020 from 348 in the same period of the prior year and 7.7% compared to 350 for the second quarter of 2020. The increase from the second quarter reflects the acquisition of GKCE. Gamma Knife volumes for centers in operation decreased 3.0% from Gamma Knife volumes for those same centers during the same period of the prior year.  

Gross margin for the third quarter of 2020 decreased to $1,138,000, or 24.4% of revenue, compared to gross margin of $1,813,000, or 34.2% of revenue, for the third quarter of 2019, and increased from $907,000, or 22.7% of revenue, for the second quarter of 2020.   

Selling and administrative costs increased by $70,000, or 6.6%, to $1,135,000 for the third quarter compared to $1,065,000 for the third quarter of 2019, and a decline of 6.2% compared to $1,210,000 for the second quarter of 2020. The period-over-period increase is due to tax, legal, and consulting fees of $69,000 in the third quarter related to the Company’s acquisition of GKCE.

Net loss for the third quarter of 2020 was $209,000, or $(0.03) per share.  This compares to net income for the third quarter of 2019 of $165,000, or $0.03 per diluted share, and a net loss of $483,000, or $(0.08) per diluted share, for the second quarter of 2020. Fully diluted weighted average common shares outstanding were 6,049,000 and 5,908,000 for the third quarter of 2020 and 2019, respectively.

Adjusted EBITDA, a non-GAAP financial measure, was $1,979,000 for the third quarter of 2020, compared to $2,445,000 for the third quarter of 2019 and $1,437,000 for the second quarter of 2020. The year-over-year decline was primarily due to the reduction in overall income.

Financial Results for the Nine Months Ended September 30, 2020

For the nine months ended September 30, 2020, revenue decreased 16.4% to $13,229,000 compared to revenue of $15,819,000 for the first nine months of 2019. The Company recorded no revenue from its IGRT equipment in the nine-month 2020 period compared to $771,000 in the comparable period of 2019, after the expiration of the Company’s contract and the equipment was fully depreciated and sold.

Proton therapy revenue increased 0.8% to $4,764,000 for the first nine months of 2020 compared to $4,728,000 for the first nine months of 2019. Total proton therapy fractions in the first nine months of 2020 were 4,659, an increase of 5.7% compared to 4,407 proton therapy fractions in the comparable period of 2019.

Gamma Knife revenue decreased 18.0% to $8,465,000 for the first nine months of 2020 compared to $10,320,000 for the first nine months of 2019. The number of Gamma Knife procedures in the first nine months of 2020 was 1,103, an increase of 1.8% compared to 1,084 Gamma Knife procedures in the comparable period of 2019. The year-over-year revenue decline was due to a positive contractual adjustment related to Medicare reimbursement at one of the Company’s existing sites recognized in the prior year and lower average reimbursement at the Company’s retail sites.

Net loss for the first nine months of 2020 was $827,000, or $(0.14) per share.  This compares to net income for the first nine months of 2019 of $466,000, or $0.08 per diluted share. Adjusted EBITDA, a non-GAAP financial measure, was $5,238,000 for the first nine months of 2020, compared to $7,620,000 for the first nine months of 2019.

Balance Sheet Highlights

At September 30, 2020, cash, cash equivalents, and restricted cash was $3,983,000, compared to $1,779,000 at December 31, 2019.  Shareholders’ equity at September 30, 2020 was $30,714,000, or $5.34 per outstanding share.  This compares to shareholders’ equity at December 31, 2019 of $31,811,000, or $5.47 per outstanding share.

Conference Call and Webcast Information

AMS has scheduled a conference call at 12:00 p.m. PDT (3:00 p.m. EDT) today. To participate, please call 1 (888) 466-9845 at least 5 minutes prior to the start of the call and enter passcode number: 6465095#. A simultaneous Webcast of the call may be accessed through the Company’s website, www.ashs.com, or at www.streetevents.com for institutional investors. 

A replay of the call will be available at the following link through November 26, 2020: https://edge.media-server.com/mmc/p/7f7iwanm

About American Shared Hospital Services (NYSE American: AMS)

American Shared Hospital Services provides turnkey technology solutions for advanced radiosurgical and radiation therapy services. AMS is a world leader in providing Gamma Knife radiosurgery equipment, a non-invasive treatment for malignant and benign brain tumors, vascular malformations, and trigeminal neuralgia (facial pain). The Company also offers proton therapy, and the latest IGRT, IMRT and MR/LINAC systems. For more information, please visit: www.ashs.com.

Earnings Disclosure 

The outbreak of the novel coronavirus COVID-19, is now a pandemic as declared by the World Health Organization and has led to adverse impacts on the U.S. and global economies and will likely continue to impact business activity, including the Company’s. The pandemic has impacted and could further impact the Company’s operations and the operations of its customers as a result of quarantines, facility closures, and travel and logistics restrictions. While the disruption caused by the pandemic is currently expected to be temporary, there is uncertainty regarding its duration. Therefore, while the COVID-19 pandemic has impacted the Company’s results of operations, financial position, and liquidity, the duration and intensity of the impact of the COVID-19 pandemic and resulting disruption to the Company’s operations is uncertain. The Company will continue to monitor the situation closely and assess the impact on its operations and financial results for the remainder of the year.

On September 18, 2020, the Centers for Medicare and Medicaid Services (“CMS”) issued the final rule that would implement a new mandatory payment model for radiation oncology services: the Radiation Oncology Alternative Payment Model (“RO APM”). The RO APM is scheduled to commence July 1, 2021 and will be in effect for a five (5) year period. The RO APM significantly alters CMS’ payment methodology from a fee for service paradigm to a set reimbursement by cancer type methodology for radiation services provided within a 90 day episode of care. Under the RO APM, hospital based and free-standing radiation therapy providers are mandatorily required to participate in the model based on whether the radiation therapy provider is located within a randomly selected Core Based Statistical Area (“CBSA”). CMS projects that providers treating approximately 30% of radiation oncology patients have been selected to participate in the RO APM. The remaining providers not included in the RO APM will continue to receive reimbursement based on a fee-for-service methodology. The RO APM includes but is not limited to PBRT and Gamma Knife services. Four (4) of the Company’s Gamma Knife centers are scheduled to be included in the RO APM. It is not anticipated that inclusion in the RO APM will have a significant impact on the Company’s Gamma Knife revenues. The Company’s PBRT center was not selected for inclusion in the RO APM. For centers not included in the RO APM proposed model, Medicare reimbursement in 2021 for the most commonly used PBRT delivery codes is proposed (pending final determination) to increase by approximately 4.9% and to decrease by approximately 0.1% for Gamma Knife.

Safe Harbor Statement

This press release may be deemed to contain certain forward-looking statements with respect to the financial condition, results of operations and future plans of American Shared Hospital Services (including statements regarding the expected continued growth of the Company and the expansion of the Company’s Gamma Knife, proton therapy and MR/LINAC business, which involve risks and uncertainties including, but not limited to, the risks of economic and market conditions, the risks of variability of financial results between quarters, the risks of the Gamma Knife and proton therapy businesses, the risks of developing The Operating Room for the 21st Century program, the risks of changes to CMS reimbursement rates or reimbursement methodology, the risks of the timing, financing, and operations of the Company’s Gamma Knife, proton therapy, and MR/LINAC businesses, the risks of the COVID-19 pandemic and its effect on the Company’s business operations and financial condition, the risk of expanding within or into new markets, the risk that the integration or continued operation of acquired businesses could adversely affect financial results and the risk that current and future acquisitions may negatively affect the Company’s financial position. Further information on potential factors that could affect the financial condition, results of operations and future plans of American Shared Hospital Services is included in the filings of the Company with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, its Quarterly Report on Form 10-Q for the three months ended March 31, 2020 and June 30, 2020, and the definitive Proxy Statement for the Annual Meeting of Shareholders that was held on June 26, 2020.

Non-GAAP Financial Measure

Adjusted EBITDA, the non-GAAP measure presented in this press release and supplementary information, is not a measure of performance under the accounting principles generally accepted in the United States (“GAAP”).  This non-GAAP financial measure has limitations as an analytical tool, including that it does not have a standardized meaning. When assessing our operating performance, this non-GAAP financial measure should not be considered a substitute for, and investors should also consider, income (loss) before income taxes, income (loss) from operations, net income (loss) attributable to the Company, earnings (loss) per share and other measures of performance as defined by GAAP as indicators of the Company’s performance or profitability.  

Adjusted EBITDA is a non-GAAP financial measure representing our (loss) earnings before interest, taxes, depreciation, and amortization. We define Adjusted EBITDA as net (loss) income before interest expense, income tax (benefit) expense, depreciation and amortization expense, stock-based compensation expense, and acquisition transaction costs.

We use this non-GAAP financial measure as a means to evaluate period-to-period comparisons. Our management believes that this non-GAAP financial measure provides meaningful supplemental information regarding our performance by excluding certain expenses and charges that may not be indicative of the operating results of our recurring core business, such as stock-based compensation expense.  We believe that both management and investors benefit from referring to this non-GAAP financial measure in assessing our performance.

Contacts:

American Shared Hospital Services
Ray Stachowiak
Chief Executive Officer
[email protected]

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

AMERICAN SHARED HOSPITAL SERVICES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

    Summary of Operations Data
                 
    Three months ended September 30,   Nine months ended September 30,
                 
    2020   2019   2020   2019
Revenues   4,670,000   5,301,000   13,229,000   15,819,000
Costs of revenue   3,532,000   3,488,000   9,790,000   10,340,000
Gross margin   1,138,000   1,813,000   3,439,000   5,479,000
Selling & administrative expense   1,135,000   1,065,000   3,556,000   3,201,000
Interest expense   254,000   302,000   803,000   1,015,000
Operating (loss) income    (251,000)   446,000   (920,000)   1,263,000
Other income    3,000   7,000   7,000   15,000
(Loss) income before income taxes   (248,000)   453,000   (913,000)   1,278,000
Income tax (benefit) expense   (34,000)   99,000   (192,000)   250,000
Net (loss) income    ($214,000)   $354,000   ($721,000)   $1,028,000
     Less: Net loss (income) attributable to non-controlling interest   5,000   (189,000)   (106,000)   (562,000)
Net (loss) income attributable to American Shared Hospital Services   ($209,000)   $165,000   ($827,000)   $466,000
                 
(Loss) earnings per common share:                
     Basic   ($0.03)   $0.03   ($0.14)   $0.08
     Assuming dilution   ($0.03)   $0.03   ($0.14)   $0.08
                 
Weighted Average Shares Outstanding:                
     Basic   6,049,000   5,889,000   6,060,000   5,899,000
     Assuming dilution   6,049,000   5,908,000   6,060,000   5,917,000
                 
                 
    Balance Sheet Data    
                 
    9/30/2020   12/31/2019        
Cash, cash equivalents and restricted cash   $3,983,000   $1,779,000        
Current assets   $10,960,000   $10,742,000        
Total assets   $52,340,000   $53,783,000        
                 
Current liabilities   $8,027,000   $8,214,000        
Shareholders’ equity   $30,714,000   $31,811,000        

American Shared Hospital Services                                                                 

Adjusted EBITDA

Adjusted EBITDA          
    Q3 Q3   YTD YTD
    2020 2019   2020 2019
Net (Loss) Income   $(209,000)  $   165,000    $  (827,000)      466,000
Plus: Income Tax Expense      (34,000)        99,000       (192,000)      250,000
  Interest Expense      254,000      302,000         803,000    1,015,000
  Depreciation and Amortization Expense   1,819,000    1,817,000      5,103,000    5,719,000
  Stock-Based Compensation Expense       80,000        62,000         189,000      170,000
  Acquisition Transaction Costs       69,000              –           162,000              –  
Adjusted EBITDA   1,979,000    2,445,000      5,238,000    7,620,000

Posted on

Energy Focus, Inc. Reports Third Quarter 2020 Financial Results

Energy Focus, Inc. Reports Third Quarter 2020 Financial Results

Strong Growth in Sales to Military and Maritime Customers Offsets Pandemic-Related Softness in the Commercial Business; New Products Expected to Benefit 2021 Sales Growth

SOLON, Ohio–(BUSINESS WIRE)–
Energy Focus, Inc. (NASDAQ:EFOI), a leader in sustainable and human-centric lighting technologies, today announced financial results for its third quarter ended September 30, 2020.

Third Quarter 2020 and Subsequent Business Highlights:

  • Net sales of $6.0 million, up 104.6% compared to the third quarter of 2019 and up 78.8% sequentially from the second quarter of 2020, reflecting increased penetration in the military market and a shift in the timing of the partial shipment of a certain military contract order from the second quarter to the third quarter of 2020;
  • Loss from operations of $1.0 million, compared to a loss from operations of $0.8 million in the third quarter of 2019 and sequentially to a loss from operations of $0.9 million in the second quarter of 2020;
  • Net loss of $1.2 million, or $(0.35) per basic and diluted share of common stock, compared to a net loss of $0.9 million, or $(0.38) per basic and diluted share of common stock, in the third quarter of 2019. Sequentially, the net loss improved by $3.2 million compared to a net loss of $4.3 million, or $(1.36) per basic and diluted share of common stock, inclusive of a $3.3 million non-cash adjustment in the fair value of outstanding warrants, in the second quarter of 2020;
  • Cash of $2.6 million as of September 30, 2020, compared to $0.4 million as of December 31, 2019;
  • Expanded available credit lines in August by completing two debt financing arrangements, which substantially increased the Company’s borrowing capacity and reduced its blended interest expense rate;
  • Subsequent to the end of the third quarter of 2020, the Company launched a portfolio of germicidal UV-C disinfection (‘UVCD’) products with advanced, patent-pending technologies designed to inactivate over 99.9% of various pathogens such as influenza and coronavirus, including SARS-Cov-2.

“Our Military and Maritime business continues to demonstrate brisk, year-over-year growth with year-to-date net sales up more than 165% over the first nine months of last year,” stated James Tu, Chairman and CEO of Energy Focus, Inc. “Overall demand remained strong and steady, and we secured significant contracts for our new generation Intellitube products. On the other hand, during the quarter, the COVID-19 pandemic continued to significantly impact facility occupancy and retrofit budgets and activities, as well as timing and reliability of supply chain logistics, resulting in our sales coming in towards the lower end of our expected range.”

Mr. Tu continued, “Despite the myriad of short-term challenges brought on by the pandemic, we are more optimistic than ever in our long-term growth prospects, led by both our EnFocusTM lighting control platform products, which continued to be well received with initial shipments beginning in the third quarter, as well as our UVCD product lines that we recently introduced in October. With the pandemic still raging across most parts of the world, and elevated and routine disinfection practices expected to become the new normal for buildings and facilities, we believe that our complementary air and surface UVCD products represent some of the most advanced, powerful and affordable disinfection solutions in the market today. We have started to receive positive and enthusiastic feedback from customers, as well as existing and new channel partners, and remain on schedule to start delivering the products in the first quarter of 2021.”

“The UVCD product launches following our EnFocusTM launch in the second quarter this year, further bolster our position as a recognized leader in the emerging and rapidly growing human-centric lighting and healthy buildings markets,” continued Mr. Tu. “We continue to aggressively expand our agency and distribution network and we are in discussions with multiple significant channel partners to market and distribute our LED lighting and UVCD products that together, address broader needs for buildings and facilities seeking to improve sustainability as well as occupant health and safety.”

Third Quarter 2020 Financial Results:

Net sales were $6.0 million for the third quarter of 2020, compared to $2.9 million in the third quarter of 2019, an increase of 104.6%. Net sales from commercial products were $1.5 million, or 24.4% of total net sales, for the third quarter of 2020, down from $1.7 million, or 59.5% of total net sales, in the third quarter of 2019, reflecting the impact of the COVID-19 pandemic and related customer interruptions and project delays. Net sales from military and maritime products were $4.5 million, or 75.6% of total net sales, for the third quarter of 2020, up from $1.2 million, or 40.5% of total net sales, in the third quarter of 2019. Sequentially, net sales were up 78.8% compared to $3.3 million in the second quarter of 2020, reflecting a shift in the timing of the shipment of a portion of a $3.4 million U.S. Navy order for the Company’s new generation of military Intellitubes. On an aggregate basis, removing the impact related to the timing of this U.S. Navy order, second and third quarter 2020 aggregate revenue was $9.3 million compared to $6.0 million for the second and third quarters of 2019, representing period-over-period growth of 55.1%.

Gross profit was $1.4 million, or 23.1% of net sales, for the third quarter of 2020. This compares with gross profit of $1.0 million, or 35.3% of net sales, in the third quarter of 2019. Sequentially, this compares with gross profit of $1.3 million, or 40.3% of net sales, in the second quarter of 2020. Gross margin for the third quarter of 2020 was positively impacted by favorable price and usage variances for material and labor and changes in inventory reserves. These increases were more than offset by the negative impact from unexpected supply chain challenges related primarily to the Company’s military and maritime products, which negatively impacted gross margin by approximately 4.1% in the third quarter, and resulted in higher outbound freight costs. Adjusted gross margin, as defined under “Non-GAAP Measures” below, was 24.6% for the third quarter of 2020, compared to 23.6% in the third quarter of 2019 and 33.0% in the second quarter of 2020.

Operating loss was $1.0 million for the third quarter of 2020, compared to an operating loss of $0.8 million in the third quarter of 2019. Sequentially, this compares to an operating loss of $0.9 million in the second quarter of 2020. Net loss was $1.2 million, or $(0.35) per basic and diluted share of common stock, for the third quarter of 2020, compared with a net loss of $0.9 million, or $(0.38) per basic and diluted share of common stock, in the third quarter of 2019. Sequentially, this compares with a net loss of $4.3 million or $(1.36) per basic and diluted share of common stock, in the second quarter of 2020, which was inclusive of a $3.3 million non-cash, pre-tax loss resulting from the revaluation of the warrant liability at June 30, 2020.

Adjusted EBITDA, as defined under “Non-GAAP Measures” below, was a loss of $0.9 million for the third quarter of 2020, compared with a loss of $0.8 million in the third quarter of 2019 and a loss of $0.7 million in the second quarter of 2020. The increased EBITDA loss from second quarter of 2020 and third quarter of 2019 was due to a combination of gross margin fluctuation, supply chain challenges and higher operating expenses due to our investment for future growth.

Cash was $2.6 million as of September 30, 2020. This compares with $0.4 million as of December 31, 2019. As of September 30, 2020, the Company had total availability, as defined under “Non-GAAP Measures” below, of $4.9 million, which consisted of $2.6 million of cash and $2.3 million of additional borrowing availability under its credit facilities. This compares to total availability of $1.9 million as of December 31, 2019 and total availability of $3.9 million as of June 30, 2020.

Financings:

On August 11, 2020, the Company entered into two debt financing arrangements. The facilities consist of a two-year inventory financing facility for up to $3 million and a two-year receivables financing facility for up to $2.5 million. These facilities replaced our previous credit facility, substantially increasing the Company’s borrowing capacity and reducing its blended interest expense rate.

Fourth Quarter 2020 Outlook:

While activities for our military and maritime business remain stronger than levels a year ago, and we expect fourth quarter 2020 sales to grow from fourth quarter 2019, we continue to confront significant short-term uncertainties surrounding our commercial business and logistics challenges on select components due to the ongoing pandemic. Therefore, we are suspending our quarterly sales guidance for the time being and will resume outlook forecast as these external factors become more stable and predictable.

Earnings Conference Call:

The Company will host a conference call and webcast today, November 12, 2020, at 11:00 a.m. ET to discuss the third quarter 2020 results, followed by a Q & A session.

You can access the live conference call by dialing the following phone numbers:

  • Toll free 1-877-451-6152 or
  • International 1-201-389-0879
  • Conference ID# 13712403

The conference call will be simultaneously webcast. To listen to the webcast, log onto it at: http://public.viavid.com/index.php?id=142169. The webcast will be available at this link through November 27, 2020. Financial information presented on the call, including this earnings press release, will be available on the investors section of Energy Focus’ website, investors.energyfocus.com.

About Energy Focus:

Energy Focus is an industry-leading innovator of sustainable LED lighting and lighting control technologies and solutions. As the creator of the first flicker-free LED lamps, Energy Focus develops high quality LED lighting products that provide extensive energy and maintenance savings, as well as aesthetics, safety, health and sustainability benefits over conventional lighting. Our EnFocusTM lighting control platform enables existing and new buildings to provide quality, convenient and affordable, dimmable and color-tunable, circadian and human-centric lighting capabilities. Our patent-pending UV-C Disinfection technologies and products, announced in October 2020, aim to provide effective, reliable and affordable UVCD solutions for buildings, facilities and homes. Energy Focus’ customers include U.S. and foreign navies, U.S. federal, state and local governments, healthcare and educational institutions, as well as Fortune 500 companies. Since 2007, Energy Focus has installed approximately 900,000 lighting products across the U.S. Navy fleet, including tubular LEDs, waterline security lights, explosion-proof globes and berth lights, saving more than 5,000,000 gallons of fuel and 300,000 man-hours in lighting maintenance annually. Energy Focus is headquartered in Solon, Ohio. For more information, visit our website at www.energyfocus.com.

Forward Looking Statements:

Forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Generally, these statements can be identified by the use of words such as “believes,” “estimates,” “anticipates,” “expects,” “feels,” “seeks,” “forecasts,” “projects,” “intends,” “plans,” “may,” “will,” “should,” “could,” “would” and similar expressions intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements include all matters that are not historical facts and include statements regarding our intentions, beliefs or current expectations concerning, among other things, our results of operations, financial condition, liquidity, prospects, growth, strategies, capital expenditures and the industry in which we operate. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Although we base these forward-looking statements on assumptions that we believe are reasonable when made in light of the information currently available to us, we caution you that forward-looking statements are not guarantees of future performance and that our actual results of operations, financial condition and liquidity, and industry developments may differ materially from statements made in or suggested by the forward-looking statements contained in this release. We believe that important factors that could cause our actual results to differ materially from forward-looking statements include, but are not limited to: (i) disruptions and a slowing in the U.S. and global economy and business interruptions experienced by us, our customers and our suppliers as a result of the COVID-19 pandemic and related stay-at-home orders, quarantine policies, school attendance restrictions and restrictions on travel, trade and business operations; (ii) our ability to realize the expected novelty, disinfection effectiveness, affordability and estimated delivery timing of our UVCD products and their performance and cost compared to other products; (iii) market acceptance of our LED lighting, control and UVCD technologies and products; (iv) our need for additional financing in the near term to continue our operations; (v) our ability to refinance or extend maturing debt on acceptable terms or at all; (vi) our ability to continue as a going concern for a reasonable period of time; (vii) our ability to implement plans to increase sales and control expenses; (viii) our reliance on a limited number of customers for a significant portion of our revenue, and our ability to maintain or grow such sales levels; (ix) our ability to add new customers to reduce customer concentration; (x) our reliance on a limited number of third-party suppliers and research and development partners, our ability to manage third-party product development and obtain critical components and finished products from such suppliers on acceptable terms and of acceptable quality, and the impact of our fluctuating demand on the stability of such suppliers; (xi) our ability to timely and efficiently transport products from our third-party suppliers to our facility by ocean marine channels; (xii) our ability to increase demand in our targeted markets and to manage sales cycles that are difficult to predict and may span several quarters; (xiii) the timing of large customer orders, significant expenses and fluctuations between demand and capacity as we invest in growth opportunities; (xiv) our ability to compete effectively against companies with lower cost structures or greater resources, or more rapid development efforts, and new competitors in our target markets; (xv) our ability to successfully scale our network of sales representatives, agents, and distributors to match the sales reach of larger, established competitors; (xvi) our ability to attract and retain qualified personnel, and to do so in a timely manner; (xvii) the impact of any type of legal inquiry, claim or dispute; (xviii) general economic conditions in the United States and in other markets in which we operate or secure products; (xix) our dependence on military maritime customers and on the levels and timing of government funding available to such customers, as well as the funding resources of our other customers in the public sector and commercial markets; (xx) the possible impact on our military maritime customers and their ability to honor the timing for existing orders or place future orders due to COVID-19 breakouts amongst personnel that might impact the use of ships in service; (xxi) business interruptions resulting from geopolitical actions, including war and terrorism, natural disasters, including earthquakes, typhoons, floods and fires, or from health epidemics or pandemics or other contagious outbreaks; (xxii) our ability to respond to new lighting technologies and market trends, and fulfill our warranty obligations with safe and reliable products; (xxiii) any delays we may encounter in making new products available or fulfilling customer specifications; (xxiv) any flaws or defects in our products or in the manner in which they are used or installed; (xxv) our ability to protect our intellectual property rights and other confidential information, and manage infringement claims by others; (xxvi) our compliance with government contracting laws and regulations, through both direct and indirect sale channels, as well as other laws, such as those relating to the environment and health and safety; (xxvii) risks inherent in international markets, such as economic and political uncertainty, changing regulatory and tax requirements and currency fluctuations, including tariffs and other potential barriers to international trade; (xxviii)our ability to maintain effective internal controls and otherwise comply with our obligations as a public company; and (xxix) our ability to regain compliance with the continued listing standards of The Nasdaq Stock Market. For additional factors that could cause our actual results to differ materially from the forward-looking statements, please refer to our most recent annual report on Form 10-K and quarterly reports on Form 10-Q filed with the Securities and Exchange Commission.

Condensed Consolidated Balance Sheets

(in thousands)
 

 

September 30, 2020

 

December 31, 2019

 

(Unaudited)

 

 

ASSETS

 

 

 

Current assets:

 

 

 

Cash

$

2,574

 

 

$

350

 

Trade accounts receivable, less allowances of $10 and $28, respectively

3,366

 

 

2,337

 

Inventories, net

5,259

 

 

6,168

 

Prepaid and other current assets

1,361

 

 

479

 

Total current assets

12,560

 

 

9,334

 

 

 

 

 

Property and equipment, net

420

 

 

389

 

Operating lease, right-of-use asset

923

 

 

1,289

 

Restructured lease, right-of-use asset

161

 

 

322

 

Other assets

3

 

 

405

 

Total assets

$

14,067

 

 

$

11,739

 

 

 

 

 

LIABILITIES

 

 

 

Current liabilities:

 

 

 

Accounts payable

3,089

 

 

1,340

 

Accrued liabilities

257

 

 

186

 

Accrued legal and professional fees

237

 

 

215

 

Accrued payroll and related benefits

662

 

 

360

 

Accrued sales commissions

76

 

 

32

 

Accrued restructuring

18

 

 

24

 

Accrued warranty reserve

230

 

 

195

 

Deferred revenue

105

 

 

18

 

Operating lease liabilities

588

 

 

550

 

Restructured lease liabilities

250

 

 

319

 

Finance lease liabilities

3

 

 

3

 

Warrant liability

2,928

 

 

—

 

Convertible notes

—

 

 

1,700

 

Iliad Note, net of discount and loan origination fees

192

 

 

885

 

PPP loan

362

 

 

—

 

Credit line borrowings, net of loan origination fees

2,025

 

 

715

 

Total current liabilities

11,022

 

 

6,542

 

 

 

 

 

Other liabilities

—

 

 

14

 

Operating lease liabilities, net of current portion

472

 

 

906

 

Restructured lease liabilities, net of current portion

—

 

 

168

 

Finance lease liabilities, net of current portion

1

 

 

4

 

PPP loan, net of current maturities

433

 

 

—

 

Iliad Note, net of current maturities

—

 

 

109

 

Total liabilities

11,928

 

 

7,743

 

 

 

 

 

STOCKHOLDERS’ EQUITY

 

 

 

Preferred stock, par value $0.0001 per share:

 

 

 

Authorized: 5,000,000 shares (3,300,000 shares designated as Series A Convertible Preferred Stock) at September 30, 2020 and 2,000,000 shares (no shares designated as Series A Convertible Preferred Stock) at December 31, 2019

 

 

 

Issued and outstanding: 2,597,470 at September 30, 2020 and no shares outstanding at December 31, 2019

—

 

 

—

 

Common stock, par value $0.0001 per share:

 

 

 

Authorized: 50,000,000 shares at September 30, 2020 and 30,000,000 shares at December 31, 2019

 

 

 

Issued and outstanding: 3,428,268 at September 30, 2020 and 2,485,684 at December 31, 2019

—

 

 

—

 

Additional paid-in capital

133,062

 

 

128,873

 

Accumulated other comprehensive loss

(3

)

 

(3

)

Accumulated deficit

(130,920

)

 

(124,874

)

Total stockholders’ equity

2,139

 

 

3,996

 

Total liabilities and stockholders’ equity

$

14,067

 

 

$

11,739

 

Condensed Consolidated Statements of Operations

(In thousands, except per share data)

(Unaudited)
 

 

Three months ended

September 30,

 

Nine months ended

September 30,

 

2020

 

2019

 

2020

 

2019

Net sales

$

5,964

 

 

$

2,915

 

 

$

13,082

 

 

$

9,174

 

Cost of sales

4,588

 

 

1,887

 

 

9,331

 

 

8,157

 

Gross profit

1,376

 

 

1,028

 

 

3,751

 

 

1,017

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

Product development

401

 

 

191

 

 

996

 

 

1,035

 

Selling, general, and administrative

2,003

 

 

1,689

 

 

6,003

 

 

5,524

 

Restructuring

(16

)

 

(19

)

 

(44

)

 

243

 

Total operating expenses

2,388

 

 

1,861

 

 

6,955

 

 

6,802

 

Loss from operations

(1,012

)

 

(833

)

 

(3,204

)

 

(5,785

)

 

 

 

 

 

 

 

 

Other expenses (income):

 

 

 

 

 

 

 

Interest expense

124

 

 

67

 

 

344

 

 

136

 

Loss on extinguishment of debt

159

 

 

—

 

 

159

 

 

—

 

(Gain) loss from change in fair value of warrants

(153

)

 

—

 

 

2,274

 

 

—

 

Other expenses

25

 

 

46

 

 

67

 

 

144

 

 

 

 

 

 

 

 

 

Loss before income taxes

(1,167

)

 

(946

)

 

(6,048

)

 

(6,065

)

Benefit from income taxes

(2

)

 

—

 

 

(2

)

 

—

 

Net loss

$

(1,165

)

 

$

(946

)

 

$

(6,046

)

 

$

(6,065

)

 

 

 

 

 

 

 

 

Net loss per share – basic and diluted

 

 

 

 

 

 

 

Net loss

$

(0.35

)

 

$

(0.38

)

 

$

(1.89

)

 

$

(2.47

)

 

 

 

 

 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

Basic and diluted

3,308

 

2,474

 

3,196

 

2,455

Condensed Consolidated Statements of Cash Flows

(In thousands)
 

(Unaudited)

Nine months ended

September 30,

 

2020

 

2019

Cash flows from operating activities:

 

 

 

Net loss

$

(6,046

)

 

$

(6,065

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

Depreciation

140

 

 

277

 

Stock-based compensation

96

 

 

557

 

Change in fair value of warrant liabilities

2,274

 

 

—

 

Provision for doubtful accounts receivable

(21

)

 

20

 

Provision for slow-moving and obsolete inventories

(229

)

 

(643

)

Provision for warranties

34

 

 

107

 

Amortization of loan discounts and origination fees

221

 

 

72

 

Loss on dispositions of property and equipment

—

 

 

15

 

Changes in operating assets and liabilities:

 

 

 

Accounts receivable

(1,070

)

 

400

 

Inventories

1,138

 

 

1,301

 

Prepaid and other assets

(471

)

 

368

 

Accounts payable

1,811

 

 

(2,311

)

Accrued and other liabilities

453

 

 

(421

)

Deferred revenue

87

 

 

(6

)

Total adjustments

4,463

 

 

(264

)

Net cash used in operating activities

(1,583

)

 

(6,329

)

Cash flows from investing activities:

 

 

 

Acquisitions of property and equipment

(171

)

 

(57

)

Net cash used in investing activities

(171

)

 

(57

)

Cash flows from financing activities:

 

 

 

Proceeds from the issuance of common stock and warrants

2,749

 

 

—

 

Proceeds from the exercise of warrants

676

 

 

—

 

Offering costs paid on the issuance of common stock and warrants

(474

)

 

—

 

Proceeds from PPP loan

795

 

 

—

 

Principal payments under finance lease obligations

(3

)

 

(2

)

Proceeds from exercise of stock options and employee stock purchase plan purchases

30

 

 

—

 

Common stock withheld in lieu of income tax withholding on vesting of restricted stock units

(3

)

 

(116

)

Payments on the Iliad Note

(976

)

 

—

 

Proceeds from convertible notes

—

 

 

1,700

 

Payments for Deferred Financing & Termination Fees

(320

)

 

—

 

Net proceeds from (payment on) credit line borrowings – AFS

(719

)

 

(896

)

Net proceeds from (payment on) credit line borrowings – New Facilities

2,223

 

 

—

 

Net cash provided by financing activities

3,978

 

 

686

 

Effect of exchange rate changes on cash

—

 

 

(1

)

Net increase (decrease) in cash and restricted cash

2,224

 

 

(5,701

)

Cash and restricted cash, beginning of period

692

 

 

6,335

 

Cash and restricted cash, end of period

$

2,916

 

 

$

634

 

 

 

 

 

Classification of cash and restricted cash:

 

 

 

Cash

$

2,574

 

 

$

292

 

Restricted cash held in other assets

342

 

 

342

 

Cash and restricted cash

$

2,916

 

 

$

634

 

Sales by Product

(In thousands)
 

 

Three months ended

September 30,

 

Nine months ended

September 30,

 

2020

 

2019

 

2020

 

2019

Net sales:

 

 

 

 

 

 

 

Commercial

$

1,456

 

 

$

1,733

 

 

$

4,250

 

 

$

5,847

 

MMM products

4,508

 

 

1,182

 

 

8,832

 

 

3,327

 

Total net sales

$

5,964

 

 

$

2,915

 

 

$

13,082

 

 

$

9,174

 

Non-GAAP Measures

In addition to the results in this release that are presented in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”), we provide certain non-GAAP measures, which present operating results on an adjusted basis. These non-GAAP measures are supplemental measures of performance that are not required by or presented in accordance with U.S. GAAP and, include:

  • Total availability, which we define as our ability on the period end date to access additional cash if necessary under our short-term credit facilities, plus the amount of cash on hand on that same date;
  • Adjusted EBITDA, which we define as net income (loss) before giving effect to restructuring expenses, financing charges, income taxes, non-cash depreciation and amortization, stock compensation, incentive compensation, and change in fair value of warrant liability; and
  • Adjusted gross margins, which we define as our gross profit margins during the period without the impact from excess and obsolete, in-transit and net realizable value inventory reserve movements that do not reflect current period inventory decisions.

We believe that our use of these non-GAAP financial measures permits investors to assess the operating performance of our business relative to our performance based on U.S. GAAP results and relative to other companies within the industry by isolating the effects of items that may vary from period to period without correlation to core operating performance or that vary widely among similar companies, and to assess liquidity, cash flow performance of the operations, and the product margins of our business relative to our U.S. GAAP results and relative to other companies in the industry by isolating the effects of certain items that do not have a current period impact. However, our presentation of these non-GAAP measures should not be construed as an indication that our future results will be unaffected by unusual or infrequent items or that the items for which we have made adjustments are unusual or infrequent or will not recur. Further, there are limitations on the use of these non-GAAP measures to compare our results to other companies within the industry because they are not necessarily standardized or comparable to similarly titled measures used by other companies. We believe that the disclosure of these non-GAAP measures is useful to investors as they form part of the basis for how our management team and Board of Directors evaluate our operating performance.

Total availability, adjusted EBITDA and adjusted gross margins do not represent cash generated from operating activities in accordance with U.S. GAAP, are not necessarily indicative of cash available to fund cash needs and are not intended to and should not be considered as alternatives to cash flow, net income and gross profit margins, respectively, computed in accordance with U.S. GAAP as measures of liquidity or operating performance. Reconciliations of these non-GAAP measures to the most directly comparable financial measures calculated and presented in accordance with U.S. GAAP are provided below.

 

As of

(in thousands)

September 30,

2020

 

June 30, 2020

 

September 30,

2019

Total borrowing capacity under credit facilities

$

4,577

 

 

$

2,566

 

 

$

2,517

 

Less: Credit line borrowings, gross*

(2,290

)

 

(1,397

)

 

(1,328

)

Excess availability under credit facilities**

2,287

 

 

1,169

 

 

1,189

 

Cash

2,574

 

 

2,727

 

 

634

 

Total availability

$

4,861

 

 

$

3,896

 

 

$

1,823

 

*Does not reflect debt financing costs of $199, $66 and $75 as of September 30, 2020, June 30, 2020 and September 30, 2019, respectively.

**Represents the difference between the maximum borrowing capacity under the credit facilities and actual borrowings.

 

Three Months Ended

(in thousands)

September 30,

2020

 

June 30, 2020

 

September 30,

2019

Net loss

$

(1,165

)

 

$

(4,340

)

 

$

(946

)

Restructuring (recovery)

(16

)

 

(14

)

 

(19

)

Net loss, excluding restructuring

(1,181

)

 

(4,354

)

 

(965

)

Interest expense

124

 

 

87

 

 

67

 

Loss on extinguishment of debt

159

 

 

—

 

 

—

 

Income tax benefit

(2

)

 

—

 

 

—

 

Depreciation

48

 

 

46

 

 

77

 

Stock-based compensation

35

 

 

41

 

 

34

 

Change in fair value of warrant liability

(153

)

 

3,300

 

 

—

 

Other incentive compensation

52

 

 

134

 

 

—

 

Adjusted EBITDA

$

(918

)

 

$

(746

)

 

$

(787

)

 

Three Months Ended

(in thousands)

September 30, 2020

June 30, 2020

September 30, 2019

 

($)

(%)

($)

(%)

($)

(%)

Net sales

$

5,964

 

$

3,335

 

 

$

2,915

 

 

Reported gross profit

 

1,376

23.1

%

 

1,343

 

40.3

%

 

1,028

 

35.3

%

E&O, in-transit and net realizable value inventory reserve changes

 

90

1.5

%

 

(241

)

(7.2

)%

 

(340

)

(11.7

)%

Adjusted gross margin

$

1,466

24.6

%

$

1,102

 

33.0

%

$

688

 

23.6

%

 

Investor Contact:

Brett Maas

(646) 526-7331

[email protected]

KEYWORDS: United States North America Ohio

INDUSTRY KEYWORDS: Other Defense Building Systems Residential Building & Real Estate Commercial Building & Real Estate Alternative Energy Construction & Property Energy Defense Other Transport Environment Maritime Transport Interior Design Other Energy Utilities Other Construction & Property

MEDIA:

 
(in thousands)
Q3
20
Q3
1
9 		YOY

Change 		Q3
20

YTD 		Q3
1
9

YTD 		YOY

Change
Total Revenues $ 10,545 $ 17,241   (38.8 %) 29,625   $ 57,245 (48.2 %)
Operating
Income
(Loss) 		  114   (149 ) 176.5 % (4,665 )   488 *  
Income (Loss)
Before Provision for Taxes 		  107   (173 ) 161.8 % (4,671 )   399 *  
Net
Income (Loss) 		  22   (166 ) 113.3 % (5,338 )   176 *  
EBITDA**   422   151   179.5 % (3,714 )   1,373 *  
Adjusted
EBITDA*
* 		  411   197   108.6 % (2,966 )   1,538 *  
Pre-Corporate EBITDA*
* 		  556   448   24.1 % (2,274 )   2,372 *  
* Not Meaningful
**Non-GAAP measures referenced are detailed in the disclosures at the end of this release.
 

DALLAS, Nov. 12, 2020 (GLOBE NEWSWIRE) — Wilhelmina International, Inc. (Nasdaq:WHLM) (“Wilhelmina” or the “Company”) today reported revenues of $10.5 million and net income of $22 thousand for the three months ended September 30, 2020, compared to revenues of $17.2 million and net loss of $0.2 million for the three months ended September 30, 2019. For the nine months ended September 30, 2020, Wilhelmina reported revenues of $29.6 million and net loss of $5.3 million compared to revenue of $57.2 million and net income of $0.2 million for the nine months ended September 30, 2019. During the three and nine months of 2020, the novel coronavirus (COVID-19) pandemic had a material impact on revenues. The decrease in revenues when compared to the same periods of the prior year was primarily due to postponement and cancellation of bookings by many of Wilhelmina’s customers while non-essential business activities were barred in the cities where the Company operates, as well as the closure of the Wilhelmina Studios division in the fourth quarter of 2019. The increase in net income for the third quarter of 2020 was due to a reduction in operating expenses from the Company’s cost savings initiatives, partially offset by lower revenue net of model costs. The increase in loss for the nine months ended September 30, 2020 was primarily due to the decrease in revenues net of model costs, partially offset by a decrease in operating expenses.

COVID-19 Pandemic

On March 11, 2020, the World Health Organization declared the outbreak of novel coronavirus (COVID-19) as a pandemic, which has spread rapidly throughout the United States and the world. The Company’s revenues are heavily dependent on the level of economic activity in the United States and the United Kingdom, particularly in the fashion, advertising and publishing industries, all of which have been negatively impacted by the pandemic and may not recover as quickly as other sectors of the economy. There have been mandates from federal, state, and local authorities requiring forced closures of non-essential businesses. As a result, beginning in March 2020, the Company has seen a significant reduction in customer bookings, resulting in a negative impact to revenue and earnings. During the third quarter of 2020, bookings increased from the preceding months, but remained significantly below pre-pandemic levels.

In addition to reduced revenue, business operations have been adversely affected by reductions in productivity, limitations on the ability of customers to make timely payments, disruptions in talents’ ability to travel to needed locations, and supply chain disruptions impeding clothing or footwear wardrobe from reaching destinations for photoshoots and other bookings. Many of the Company’s customers are large retail and fashion companies, which have had to close stores in the United States and internationally due to orders from local authorities to help slow the spread of COVID-19. Some of these customers have filed for bankruptcy in 2020 and others may be unable to pay amounts already owed to the Company, resulting in increased future bad debt expense. These customers also may not emerge from the pandemic with the financial ability, or need, to purchase Wilhelmina’s services to the extent that they did in previous years. Some of our model talent have been quarantined with family far from the major cities where Wilhelmina’s offices are located, and also away from where most modeling jobs take place. Many U.S. and international airlines have decreased their flight schedules which, as economic activities resumes and clients increase booking requests, may make it difficult for our talent to be available when and where they are needed. While these disruptions are currently expected to be temporary, there continues to be uncertainty around the duration.

Postponed and cancelled bookings related to the pandemic contributed significantly to reduced revenues and increased operating losses during the first nine months of 2020. Although some clients increased activity and bookings during the third quarter of 2020, rising COVID-19 infection rates in cities where Wilhelmina operates could lead to a slower economic recovery in those markets, and possible additional business closings or local mandates that could slow the recovery in our operations there. Since Wilhelmina extends customary payment terms to its clients, even as bookings resume, there is likely to be a lag before significant cash collections return. In the meantime, the Company continues to have significant employee, office rent, and other expenses.

Reduced outstanding accounts receivable available as collateral under the Company’s credit agreement with Amegy Bank has limited access to additional financing. Net losses in recent periods have also impacted compliance with the financial covenants under the Amegy Bank credit agreement, further impeding the Company’s ability to obtain additional financing. Since the pandemic began, many stock markets, including Nasdaq Capital Market where Wilhelmina’s common stock is listed, have been volatile. A further decline in the Company’s stock price would reduce our market capitalization and could require additional goodwill or intangible asset impairment writedowns.

The Company has taken the following actions to address the impact of COVID-19 and the current recessionary environment, in order to efficiently manage the business and maintain adequate liquidity and maximum flexibility:

  • In April 2020, obtained approximately $2.0 million in loans under the Paycheck Protection Program (the “PPP”) of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) administered by the U.S. Small Business Administration (“SBA”).
  • Eliminated discretionary travel and entertainment expenses.
  • Suspended share repurchases.
  • Did not renew the leases on three New York City model apartments when the terms ended in June and August, 2020.
  • Suspended efforts to fill two highly compensated executive roles following the resignation of the Company’s Chief Executive Officer and Vice President in early 2020.
  • Obtained from the landlord of the Company’s New York City office a deferral of $41 thousand in July 2020 rent until January 2021.
  • Negotiated discounts with various vendors and service providers, in effect through the remainder of 2020.
  • Effective July 1, 2020, implemented layoffs of approximately 36% of its staff, including employees at each of the Company’s five offices, and effected temporary salary reductions for the remaining staff. The salary reductions are expected to return to full salaries when business conditions improve.

If the quarantines and limitations on non-essential work are re-implemented, or persist for an extended period, the Company may need to implement additional cost savings measures.

F
inancial Results

Net income for the three months ended September 30, 2020 was $22 thousand, or $0.00 per fully diluted share, compared to net loss of $0.2 million, or $0.03 per fully diluted share, for the three months ended September 30, 2019. Net loss for the nine months ended September 30, 2020 was $5.3 million, or $1.03 per fully diluted share, compared to net income of $0.2 million, or $0.03 per fully diluted share, for the nine months ended September 30, 2019.

Pre-Corporate EBITDA was $0.6 million and ($2.3) million for the three and nine months ended September 30, 2020, compared to Pre-Corporate EBITDA of $0.5 million and $2.4 million for the three and nine months ended September 30, 2019.  

The following table reconciles reported net income under generally accepted accounting principles to EBITDA, Adjusted EBITDA and Pre-Corporate EBITDA for the three and nine months ended September 30, 2020 and 2019.

(in thousands) Three months ended

September 30,


 		Nine months ended
September 30,
    2020     2019     2020     2019
Net income (loss) $ 22   $ (166 ) $ (5,338 ) $ 176
Interest expense   21     27     71     89
Income tax expense (benefit)   85     (7 )   667     223
Amortization and depreciation   294     297     886     885
EBITDA** $ 422   $ 151   $ (3,714 ) $ 1,373
Foreign exchange gain   (14 )   (3 )   (65 )   –
Non-recurring items – goodwill impairment   –     –     800     –
Share-based payment expense   3     49     13     165
Adjusted EBITDA** $ 411   $ 197   $ (2,966 ) $ 1,538
Corporate overhead   145     251     692     834
Pre-Corporate EBITDA** $ 556   $ 448   $ (2,274 ) $ 2,372
 
**Non-GAAP measures referenced are detailed in the disclosures at the end of this release.
 

Changes in net income, EBITDA, Adjusted EBITDA and Pre-Corporate EBITDA for the three and nine months ended September 30, 2020, when compared to the three and nine months ended September 30, 2019, were primarily the result of the following:

  • Revenues net of model costs for the three and nine months ended September 30, 2020 decreased by 36.2% and 49.8% primarily due to postponed and cancelled bookings resulting from COVID-19, as well as the closure of the Wilhelmina Studios division in the fourth quarter of 2019;
  • Salaries and service costs for the three and nine months ended September 30, 2020 decreased by 49.4% and 28.4% primarily due to the closure of the Wilhelmina Studios division during the fourth quarter of 2019, employee layoffs in July 2020, temporary reductions in staff salaries, open positions for two executives that resigned in January 2020, and a reduction in share based payment expense;
  • Office and general expenses for the three and nine months ended September 30, 2020 decreased by 23.5% and 15.2%, primarily due to reduced legal fees, rent expense, computer expense, utilities, postage, and other office expenses, partially offset by an increase in bad debt expense; and
  • Corporate overhead expenses for the three and nine months ended September 30, 2020 decreased by 42.2% and 17.0%, primarily due to lower corporate travel costs and temporary reductions in fees to the Company’s Board of Directors.

Subsequent to September 30, 2020, the Company paid the final scheduled $0.6 million payment of principal and interest on one of its two Amegy Bank term loans.

WILHELMINA INTERNATIONAL, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

    (Unaudited)
September 30
,

2020 		  December
31
,

2019
ASSETS        
Current assets:        
Cash and cash equivalents   $ 4,952     $ 6,993  
Accounts receivable, net of allowance for doubtful accounts of $1,766 and $1,423, respectively     6,992       9,441  
Prepaid expenses and other current assets     167       243  
Total current assets     12,111       16,677  
             
Property and equipment, net of accumulated depreciation of $5,113 and $4,300, respectively     1,202       1,925  
Right of use assets-operating     833       1,261  
Right of use assets-finance     242       316  
Trademarks and trade names with indefinite lives     8,467       8,467  
Other intangibles with finite lives, net of accumulated amortization of $8,737 and $8,737, respectively     –       –  
Goodwill     7,547       8,347  
Other assets     91       115  
             
TOTAL ASSETS   $ 30,493     $ 37,108  
             
LIABILITIES
AND
SHAREHOLDERS’ EQUITY 		           
Current liabilities:            
Accounts payable and accrued liabilities   $ 2,946     $ 3,815  
Due to models     5,741       7,495  
Lease liabilities – operating, current     678       1,055  
Lease liabilities – finance, current     90       94  
Term loan – current     2,039       1,257  
Total current liabilities     11,494       13,716  
             
Long term liabilities:            
Net deferred income tax liability     1,352       725  
Lease liabilities – operating, non-current     207       328  
Lease liabilities – finance, non-current     161       225  
Term loan – non-current     1,371       743  
Total long term liabilities     3,091       2,021  
             
Total liabilities     14,585       15,737  
             
Shareholders’ equity:            
Common stock, $0.01 par value, 9,000,000 shares authorized; 6,472,038 shares issued at September 30, 2020 and December 31, 2019     65       65  
Treasury stock, 1,314,694 and 1,309,861 shares at September 30, 2020 and December 31, 2019, at cost     (6,371 )     (6,352 )
Additional paid-in capital     88,484       88,471  
Accumulated deficit     (66,153 )     (60,815 )
Accumulated other comprehensive (loss) income     (117 )     2  
Total shareholders’ equity     15,908       21,371  
             
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY   $ 30,493     $ 37,108  
                 

W
ILHELMINA INTERNATIONAL, INC. AND SUBSIDIARIES

CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(LOSS)

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

 (In thousands, except per share data)
(Unaudited)

  Three Months Ended   Nine Months
Ended
  September 30
,  		  September 30
, 
  2020   2019   2020   2019
Revenues:              
Service revenues $ 10,534     $ 17,224     $ 29,604     $ 57,199  
License fees and other income   11       17       21       46  
Total revenues   10,545       17,241       29,625       57,245  
                       
Model costs   7,544       12,534       21,547       41,166  
                       
Revenues, net of model costs   3,001       4,707       8,078       16,079  
                       
Operating expenses:                      
Salaries and service costs   1,651       3,266       7,566       10,571  
Office and general expenses   797       1,042       2,799       3,301  
Amortization and depreciation   294       297       886       885  
Goodwill impairment   –       –       800       –  
Corporate overhead   145       251       692       834  
Total operating expenses   2,887       4,856       12,743       15,591  
Operating income (loss)   114       (149 )     (4,665 )     488  
                       
Other expense (income):                      
Foreign exchange gain   (14 )     (3 )     (65 )     –  
Interest expense   21       27       71       89  
Total other expense, net   7       24       6       89  
                       
Income (loss) before provision for income taxes   107       (173 )     (4,671 )     399  
                       
(Provision) benefit for income taxes:                      
Current   (56 )     (47 )     (40 )     (200 )
Deferred   (29 )     54       (627 )     (23 )
(Provision) benefit income taxes, net   (85 )     7       (667 )     (223 )
                       
Net income (loss) $ 22     $ (166 )   $ (5,338 )   $ 176  
                       
Other comprehensive income (loss):                      
Foreign currency translation income (loss)   120       (76 )     (119 )     (107 )
Total comprehensive income (loss)   142       (242 )     (5,457 )     69  
                       
Basic net income (loss) per common share $ 0.00     $ (0.03 )   $ (1.03 )   $ 0.03  
Diluted net income (loss) per common share $ 0.00     $ (0.03 )   $ (1.03 )   $ 0.03  
                       
Weighted average common shares outstanding-basic   5,157       5,176       5,158       5,189  
Weighted average common shares outstanding-diluted   5,157       5,176       5,158       5,189  
                               

WILHELMINA INTERNATIONAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

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

(In thousands)

    Common

Shares 		  Stock

Amount 		  Treasury

Shares 		  Stock

Amount 		  Additional

Paid-in

Capital 		  Accumulated

Deficit 		   Accumulated Other Comprehensive Loss
   Total
Balances at December 31, 2018   6,472   $ 65   (1,264 )   $ (6,093 )   $ 88,255   $ (56,029 )   $ (93 )   $ 26,105  
Share based payment expense   –     –   –       –       64     –       –       64  
Net income to common shareholders   –     –   –       –       –     (109 )     –       (109 )
Purchases of treasury stock   –     –   (4 )     (24 )     –     –       –       (24 )
Foreign currency translation   –     –   –       –       –     –       28       28  
Balances at March 31, 2019   6,472   $ 65   (1,268 )   $ (6,117 )   $ 88,319   $ (56,138 )   $ (65 )   $ 26,064  
Share based payment expense   –     –   –       –       52     –       –       52  
Net income to common shareholders   –     –   –       –       –     451       –       451  
Purchases of treasury stock   –     –   (25 )     (149 )     –     –       –       (149 )
Foreign currency translation   –     –   –       –       –     –       (59 )     (59 )
Balances at June 30, 2019   6,472   $ 65   (1,293 )   $ (6,266 )   $ 88,371   $ (55,687 )   $ (124 )   $ 26,359  
Share based payment expense   –     –   –       –       49     –       –       49  
Net loss to common shareholders   –     –   –       –       –     (166 )     –       (166 )
Purchases of treasury stock   –     –   (9 )     (54 )     –     –       –       (54 )
Foreign currency translation   –     –   –       –       –     –       (76 )     (76 )
Balances at September 30, 2019   6,472   $ 65   (1,302 )   $ (6,320 )   $ 88,420   $ (55,853 )   $ (200 )   $ 26,112  

    Common

Shares 		  Stock

Amount 		  Treasury

Shares 		  Stock

Amount 		  Additional

Paid-in

Capital 		  Accumulated

Deficit


 		  Accumulated
O
ther
C
omprehensive
L
oss


 		  Total
Balances at December 31, 2019   6,472   $ 65   (1,310 )   $ (6,352 )   $ 88,471   $ (60,815 )   $ 2     $ 21,371  
Share based payment expense   –     –   –       –       6     –       –       6  
Net loss to common shareholders   –     –   –       –       –     (2,660 )     –       (2,660 )
Purchases of treasury stock   –     –   (5 )     (19 )     –     –       –       (19 )
Foreign currency translation   –     –   –       –       –     –       (234 )     (234 )
Balances at March 31, 2020   6,472   $ 65   (1,315 )   $ (6,371 )   $ 88,477   $ (63,475 )   $ (232 )   $ 18,464  
Share based payment expense   –     –   –       –       4     –       –       4  
Net loss to common shareholders   –     –   –       –       –     (2,700 )     –       (2,700 )
Purchases of treasury stock   –     –   –       –       –     –       –       –  
Foreign currency translation   –     –   –       –       –     –       (5 )     (5 )
Balances at June 30, 2020   6,472   $ 65   (1,315 )   $ (6,371 )   $ 88,481   $ (66,175 )   $ (237 )   $ 15,763  
Share based payment expense   –     –   –       –       3     –       –       3  
Net income to common shareholders   –     –   –       –       –     22       –       22  
Purchases of treasury stock   –     –   –       –       –     –       –       –  
Foreign currency translation   –     –   –       –       –     –       120       120  
Balances at September 30, 2020   6,472   $ 65   (1,315 )   $ (6,371 )   $ 88,484     (66,153 )   $ (117 )   $ 15,908  
                                                       

The accompanying notes are an integral part of these consolidated financial statements.

WILHELMINA INTERNATIONAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOW

For the
Nine Months
Ended
September 30
, 2020
and
2019

 (In thousands)
(Unaudited)

  Nine Months
Ended

September 30
,
  2020   2019
Cash flows from operating activities:      
Net (loss) income: $ (5,338 )   $ 176  
Adjustments to reconcile net (loss) income to net cash used in operating activities:          
Amortization and depreciation   886       885  
Goodwill impairment   800       –  
Share based payment expense   13       165  
Deferred income taxes   627       23  
Bad debt expense (recovery)   131       (1 )
Changes in operating assets and liabilities:          
Accounts receivable   2,318       (181 )
Prepaid expenses and other current assets   76       (77 )
Right of use assets-operating   428       802  
Other assets   24       1  
Due to models   (1,754 )     31  
Lease liabilities-operating   (498 )     (854 )
Accounts payable and accrued liabilities   (869 )     (1,038 )
Net cash used in operating activities   (3,156 )     (68 )
           
Cash flows used in investing activities:          
Purchases of property and equipment   (90 )     (304 )
Net cash used in investing activities   (90 )     (304 )
           
Cash flows used in financing activities:          
Purchases of treasury stock   (19 )     (227 )
Proceeds from term loans   1,975       –  
Payments on finance leases   (67 )     (83 )
Payment on term loans   (565 )     (438 )
Net cash provided by (used in) financing activities   1,324       (748 )
           
Foreign currency effect on cash flows:   (119 )     (107 )
           
Net change in cash and cash equivalents:   (2,041 )     (1,227 )
Cash and cash equivalents, beginning of period   6,993       6,748  
Cash and cash equivalents, end of period $ 4,952     $ 5,521  
           
Supplemental disclosures of cash flow information:          
Cash paid for interest $ 64     $ 88  
Cash paid for income taxes $ 14     $ 5  
               

Non-GAAP Financial Measures

EBITDA, Adjusted EBITDA and Pre-Corporate EBITDA represent measures of financial performance that are not calculated and presented in accordance with U.S. generally accepted accounting principles (“non-GAAP financial measures”). The Company considers EBITDA, Adjusted EBITDA and Pre-Corporate EBITDA to be important measures of performance because they:

  • are key operating metrics of the Company’s business;
  • are used by management in its planning and budgeting processes and to monitor and evaluate its financial and operating results; and
  • provide stockholders and potential investors with a means to evaluate the Company’s financial and operating results against other companies within the Company’s industry.

The Company’s calculation of non-GAAP financial measures may not be consistent with similar calculations by other companies in the Company’s industry. The Company calculates EBITDA as net income plus interest expense, income tax expense, and depreciation and amortization expense. The Company calculates “Adjusted EBITDA” as EBITDA plus foreign exchange gain/loss plus share-based payment expense and certain significant non-recurring items that the Company may include from time to time. The Company calculates “Pre-Corporate EBITDA” as Adjusted EBITDA plus corporate overhead expense, which includes director compensation, securities laws compliance costs, audit and professional fees, and other public company costs.

Non-GAAP financial measures should not be considered as alternatives to net and operating income as an indicator of the Company’s operating performance or cash flows from operating activities as a measure of liquidity or any other measure of performance derived in accordance with generally accepted accounting principles.

Form 10-
Q
Filing

Additional information concerning the Company’s results of operations and financial position is included in the Company’s Form 10-Q for the third quarter ended September 30, 2020 filed with the Securities and Exchange Commission on November 12, 2020.

Forward-Looking Statements

This press release contains certain “forward-looking” statements as such term
is defined
in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements relating to the Company
are based
on the beliefs of the Company’s management as well as information currently available to the Company’s management. When used in this report, the words “anticipate,” “believe,” “estimate,” “expect” and “intend” and words or phrases of similar import, as they relate to the Company or Company management,
are intended
to identify forward-looking statements. Such forward-looking statements include, in particular, projections about the Company’s future results, statements about its plans, strategies, business prospects, changes and trends in its business and the markets in which it operates. Additionally, statements concerning future matters such as gross billing levels, revenue levels, expense levels, and other statements regarding matters that are not historical are forward-looking statements.
Management cautions that these forward-looking statements relate to future events or the Company’s future financial performance and are subject to business, economic, and other risks and uncertainties, both known and unknown, that may cause actual results, levels of activity, performance, or achievements of its business or its industry to be materially different from those expressed or implied by any forward-looking statements.
Should any one or more of these risks or uncertainties materialize, or should any underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected or intended. The Company does not undertake any obligation
to publicly update
these forward-looking statements. As
a result, no person should
place undue reliance on these forward-looking statements.

About Wilhelmina International, Inc. (www.wilhelmina.com):

Wilhelmina, together with its subsidiaries, is an international full-service fashion model and talent management service, specializing in the representation and management of leading models, celebrities, artists, photographers, athletes, and content creators. Established in 1967 by fashion model Wilhelmina Cooper, Wilhelmina is one of the oldest and largest fashion model management companies in the world. Wilhelmina is publicly traded on Nasdaq under the symbol WHLM.  Wilhelmina is headquartered in New York and, since its founding, has grown to include operations in Los Angeles, Miami, London and Chicago. Wilhelmina also owns Aperture, a talent and commercial agency located in New York and Los Angeles. For more information, please visit www.wilhelmina.com and follow @WilhelminaModels.

CONTACT:    Investor Relations
Wilhelmina International, Inc.
214-661-7488
[email protected]
     

Posted on

Signature Resources Appoints Gold Mine Veteran Robert Vallis as Chief Executive Officer

Former Yamana and Barrick Executive to lead Signature Resources

TORONTO, Nov. 12, 2020 (GLOBE NEWSWIRE) — Signature Resources Ltd. (TSXV: SGU, OTCQB: SGGTF, FSE 3S3) (“Signature” or the “Company”) is pleased to announce the appointment of Robert Vallis as President, CEO, and Director.

Robert Vallis is an accomplished senior leader and business professional with broad and progressive career developed over 25 years in the mining sector. Mr. Vallis brings to Signature a wide breadth of business and technical experience across multiple areas including corporate development, strategy and planning, business/transaction development and execution, project and team management, financial evaluations, enterprise continuous improvement and mine Engineering/operations. Mr. Vallis most recently was the SVP Corporate Development with Golden Star Resources. Before this, Mr. Vallis was with Yamana Gold as a Business Development executive for nearly nine years working on transactions such as the C$3.9 Billion joint acquisition of Osisko for 50% of Canada’s largest operating gold mine, and the US$395 Million acquisition of Extorre Gold Mines Ltd. for Cerro Morro (now Yamana’s highest grade operating mine). Prior to Yamana, Mr. Vallis was with Barrick Gold for 15 years in multiple global jurisdictions and roles spanning from global Evaluations & Corporate Development, Capital Projects, Mine Engineering & operations, and global Continuous Improvement. Most notably, Mr. Vallis worked on the successful US$10.4 Billion acquisition of Placer Dome, a transformative deal for Barrick and one of Canada’s largest mining M&A transactions. Mr. Vallis holds a Bachelor of Engineering degree with Dalhousie University in Mine Engineering, a Master of Business Administration degree with the University of Toronto’s Rotman School of Management and is a registered Professional Engineer in the Province of Ontario.

“
I am very pleased and excited to
have joined Signature Resources
as President
,
CEO, and Director
.
The
remarkable
quality of the Company’s entire team
and the
high-grade
Li
n
gman Lake
gold p
roject
present
a significant
opportunity
to the
Company and its shareholders
with
exceptional potential for
rapid
value growth
. The
Li
ngman
Lake
gold p
roject
is
an
extensive
land
package residing
near Canada’s premier gold mining district,
rich with
high-grade
gold production,
resource potential
,
and
valued
stakeholder
part
icipation
.
Resulting from
the vision, unique talents, and hard workof Signature’s founding members, Signature is uniquely positioned for focused and disciplined growth.I look forward to working with our Board andmanagement leading the Signature team to deliver this value to its shareholders.”

Robert
Vallis
, P.Eng
., MBA
–
President, CEO, and Director

“
All of us at
Signature are proud to have attracted an executive with the experience level that Robert has.
His
acceptance of the position
,
by
his astute assessment
,
speaks
to the quality opportunity we have with our
Lingman
Lake
gold project
to become a future gold district. With Robert taking over the reins as the CEO
;
allow
s
me
the
time to
concentrate
on
the property
as Chief Geologist, while we continue to discover and explore
in this unique opportunity that we have at the
Lingman
Lake Greenstone Belt.
”

Walter Hanych
–
Director, Chief Geologist

Stock Options

The Company has also granted 3,000,000 incentive stock options to Mr. Vallis following his appointment. The options shall have an exercise price of $0.07, expire five years from the date of issuance, and shall vest 25% immediately, and 12.5% ever six months thereafter through to the third anniversary.

About Signature

The Lingman Lake gold property consists of 622 staked claims, four free hold full patented claims and 14 mineral rights patented claims totaling approximately 12,148 hectares. The property hosts an historical estimate of 234,684 oz of gold* (1,063,904 tonnes grading 6.86 g/t with 2.73 gpt cut-off) and includes what has historically been referred to as the Lingman Lake Gold Mine, an underground substructure consisting of a 126.5-meter shaft, and 3-levels at 46-meters, 84-meters and 122-meters depths.

*This historical resource estimate is based on prior data and reports obtained and prepared by previous operators, and information provided by governmental authorities. A Qualified Person has not done sufficient work to verify the classification of the mineral resource estimates in accordance with current CIM categories. The Company is not treating the historical estimate as a current NI 43-101 mineral resource estimate. Establishing a current mineral resource estimate on the Lingman Lake deposit will require further evaluation, which the Company and its consultants intend to complete in due course. Additional information regarding historical resource estimates is available in the technical report entitled, “Technical Report on the Lingman Lake Gold Property” dated January 31, 2020, prepared by John M. Siriunas, P.Eng. and Walter Hanych, P.Geo., available on the Company’s SEDAR profile at www.sedar.com

To find out more about Signature Resources Limited, visit our website at www.signatureresources.ca , or contact:

Jonathan Held
Chief Financial Officer
416-270-9566

Cautionary Notes

Neither 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 news release.

This news release contains forward-looking statements which are not statements of historical fact. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to,
use of any private placement proceeds raised
,
success of funding including
closing of
any proposed private placements and
proceeds therefrom,
acceptance of regulatory filings
by the TSX-V,
the Company’s objectives, goals or future plans, statements, exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to
changes in general economic and financial market conditions,
failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations and other indigenous peoples, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company’s public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

Posted on

CorEnergy to Present at Upcoming Investor Conferences

CorEnergy to Present at Upcoming Investor Conferences

KANSAS CITY, Mo.–(BUSINESS WIRE)–
CorEnergy Infrastructure Trust, Inc. (“CorEnergy” or the “Company”) today announced that members of its management team will participate in three upcoming virtual investor conference events during November 2020.

In preparation for these meetings, CorEnergy has created and filed an investor presentation on Form 8-K. The investor presentation will be available online at CorEnergy’s site www.corenergy.reit, clicking on the “Investors” link, and scrolling down to “Featured Presentation.” Investors wishing to meet with management at one of these upcoming conference events should contact their institutional sales representative or email CorEnergy Investor Relations at [email protected] to request a meeting.

November 17, 2020

Nareit REITworld: Virtual Annual Conference

CorEnergy will participate in one on one and small group meetings throughout the day. The Company will host a company presentation at 2:15 pm Central Time for REITworld participants.

November 18, 2020

2020 RBC Midstream and Energy Infrastructure Virtual Conference

CorEnergy will participate in one on one meetings throughout the day.

November 19, 2020

Sidoti Virtual Microcap Conference 2020

CorEnergy will present a group session at 1:45 pm Eastern Time and participate in one on one meetings throughout the day. A webcast of the presentation will be available at www.corenergy.reit under the “Investors” link.

About CorEnergy Infrastructure Trust, Inc.

CorEnergy Infrastructure Trust, Inc. (NYSE: CORR, CORRPrA), is a real estate investment trust (REIT) that owns critical energy assets, such as pipelines, storage terminals, and transmission and distribution assets. We receive long-term contracted revenue from customers and operators of our assets, including triple-net participating leases and from long term customer contracts. For more information, please visit corenergy.reit.

Forward-Looking Statements

This press release contains certain statements that may include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, included herein are “forward-looking statements.” Although CorEnergy believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in CorEnergy’s reports that are filed with the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required by law, CorEnergy does not assume a duty to update any forward-looking statement. In particular, any distribution paid in the future to our stockholders will depend on the actual performance of CorEnergy, its costs of leverage and other operating expenses and will be subject to the approval of CorEnergy’s Board of Directors and compliance with leverage covenants.

Source: CorEnergy Infrastructure Trust, Inc.

CorEnergy Infrastructure Trust, Inc.

Investor Relations

Debbie Hagen or Matt Kreps

877-699-CORR (2677)

[email protected]

KEYWORDS: United States North America Missouri

INDUSTRY KEYWORDS: Energy Construction & Property REIT Oil/Gas

MEDIA:

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