Phoenix New Media Reports Third Quarter 2020 Unaudited Financial Results

Live Conference Call to be Held at 8:00 PM U.S. Eastern Time on November 17, 2020

PR Newswire

BEIJING, Nov. 17, 2020 /PRNewswire/ — Phoenix New Media Limited (NYSE: FENG) (“Phoenix New Media”, “ifeng” or the “Company”), a leading new media company in China, today announced its unaudited financial results for the third quarter ended September 30, 2020.

Mr. Shuang Liu, CEO of Phoenix New Media, commented, “We remained steadfast in our commitment to providing a superior user experience, fortifying our content leadership, and augmenting our monetization capabilities in the third quarter of 2020. To further improve iFeng’s user engagement and user retention levels, we refined the platform’s content recommendation engine while also enhancing its user experience in turn. At the same time, we maintained our focus on boosting our leadership in those content verticals which we believe to have long-term strategic value. On the innovation front, we maintained focus on the cultivation of our existing business initiatives while also carefully exploring a number of other potential business opportunities. Looking ahead, we are convinced that our professional technical expertise, content leadership, and brand influence will continue to place us at the tip of the new media spear, allowing us to capture those segments of the market with promising growth potential as the world rebounds from the COVID-19 pandemic.”

Mr. Edward Lu, CFO of Phoenix New Media, further stated, “In the face of macroeconomic uncertainties, the COVID-19 pandemic, and escalating geopolitical tensions, we maintained our laser-sharp focus on the refinement of our cost structures during the third quarter of 2020. In light of the current situation, we expect the new media industry in China to continue facing pressure throughout the remainder of the year. Nevertheless, despite these short-term setbacks, we believe that our steady progress on multiple fronts will provide us with additional opportunities to augment our business fundamentals, enhance our growth quality, and ultimately generate long-term return to our shareholders.”

Third quarter 2020 Financial Results

As disclosed in the second quarter 2020 unaudited financial results announcement made on August 17, 2020, the Company sold all of its investment in Beijing Yitian Xindong Network Technology Co., Ltd. (“Yitian Xindong” or “Tadu”) in the second quarter of 2020 and the disposal of Tadu was qualified for reporting as a “discontinued operation” in the Company’s financial statements. Accordingly, Tadu’s results of operations have been excluded from the Company’s results from continuing operations in the condensed consolidated statements of comprehensive income/(loss) and are presented in separate line items as discontinued operations for all prior periods. The related assets and liabilities associated with the discontinued operations in the prior year consolidated balance sheets were classified as assets/liabilities held for sale to provide the comparable financial information, and the financial information and non-GAAP financial information disclosed in this press release is presented on a continuing operations basis, unless otherwise specifically stated.


REVENUES

Total revenues in the third quarter of 2020 decreased by 10.9% to RMB303.0 million (US$44.6 million) from RMB339.9 million in the same period of 2019, which was primarily due to the negative impact of the COVID-19 outbreak and heightened industry competitions.

Net advertising revenues in the third quarter of 2020 decreased by 10.2% to RMB281.3 million (US$41.4 million) from RMB313.1 million in the same period of 2019. The decrease was primarily attributable to the negative impact of the COVID-19 outbreak and heightened industry competitions.

Paid services revenues[1] in the third quarter of 2020 decreased by 19.0% to RMB21.7 million (US$3.2 million) from RMB26.8 million in the same period of 2019. Revenues from paid contents in the third quarter of 2020 decreased by 34.3% to RMB8.9 million (US$1.3 million) from RMB13.5 million in the same period of 2019, which was mainly due to the tightening of rules and regulations on digital reading in China and in line with the broader market conditions. Revenues from MVAS and games were small and had been declining for the past years. Revenues from others in the third quarter of 2020 were RMB9.4 million (US$1.4 million), which remained almost unchanged from the same period of 2019. 


[1] Paid services revenues comprise of (i) revenues from paid contents excluding those from Tadu, which includes digital reading, audio books, paid videos, and other content-related sales activities, (ii) revenues from games, which includes web-based games and mobile games, (iii) revenues from MVAS, and (iv) revenues from others.


COST OF REVENUES

Cost of revenues in the third quarter of 2020 decreased by 12.3% to RMB150.0 million (US$22.1 million) from RMB171.1 million in the same period of 2019. The decrease in cost of revenues was mainly due to the following:

  • Content and operational costs in the third quarter of 2020 decreased by 13.4% to RMB129.7 million (US$19.1 million) from RMB149.9 million in the same period of 2019, mainly due to the Company’s strict cost control measures taken to enhance its operating efficiency in 2020. Share-based compensation included in the content and operational costs in the third quarter of 2020 decreased to RMB0.4 million (US$0.1 million) from RMB1.5 million in the same period of 2019.
  • Revenue sharing fees to telecom operators and channel partners in the third quarter of 2020 decreased by 17.7% to RMB6.0 million (US$0.9 million) from RMB7.3 million in the same period of 2019, primarily attributable to the decrease in revenue sharing fees paid to content providers.

The decrease was partially offset by the following:

  • Bandwidth costs in the third quarter of 2020 increased slightly to RMB14.3 million (US$2.1 million) from RMB13.9 million in the same period of 2019.


GROSS PROFIT

Gross profit in the third quarter of 2020 decreased by 9.4% to RMB153.0 million (US$22.5 million) from RMB168.8 million in the same period of 2019. Gross margin in the third quarter of 2020 increased to 50.5% from 49.7% in the same period of 2019, primarily attributable to the Company’s strict cost control measures taken to enhance its operating efficiency in 2020, as explained above.

To supplement the financial measures presented in accordance with the United States Generally Accepted Accounting Principles (“GAAP”), the Company has presented certain non-GAAP financial measures in this press release, which excluded the impact of certain reconciling items as stated in the “Use of Non-GAAP Financial Measures” section below. The related reconciliations to GAAP financial measures are presented in the accompanying “Reconciliations of Non-GAAP Results of Operation Measures to the Nearest Comparable GAAP Measures.”

Non-GAAP gross margin in the third quarter of 2020, which excluded share-based compensation, increased to 50.6% from 50.1% in the same period of 2019.


OPERATING EXPENSES AND INCOME OR LOSS FROM OPERATIONS

Total operating expenses in the third quarter of 2020 decreased by 20.8% to RMB181.4 million (US$26.7 million) from RMB229.0 million in the same period of 2019, primarily attributable to the decreases in both the Company’s traffic acquisition expenses and the personnel-related expenses as a result of the strict cost control measures taken by the Company to enhance its operating efficiency in 2020, which was partially offset by the increase in bad debt expenses caused by the slower collection of receivables as a result of the COVID-19 outbreak. Share-based compensation included in operating expenses in the third quarter of 2020 was RMB1.3 million (US$0.2 million), compared to RMB1.9 million in the same period of 2019.

Loss from operations in the third quarter of 2020 was RMB28.4 million (US$4.2 million), compared to loss from operations of RMB60.2 million in the same period of 2019. Operating margin in the third quarter of 2020 was negative 9.4%, compared to negative 17.7% in the same period of 2019.

Non-GAAP loss from operations in the third quarter of 2020, which excluded share-based compensation, was RMB26.7 million (US$3.9 million), compared to non-GAAP loss from operations of RMB56.8 million in the same period of 2019. Non-GAAP operating margin in the third quarter of 2020, which excluded share-based compensation, was negative 8.8%, compared to negative 16.7% in the same period of 2019.


OTHER INCOME OR LOSS

Other income or loss reflects net interest income, foreign currency exchange gain or loss, income or loss from equity method investments, net of impairment, impairment of available-for-sale debt investments, changes in fair value of loan related to co-sale of Particle shares, and others, net[2]. Total net other income in the third quarter of 2020 was RMB30.9 million (US$4.6 million), compared to total net other income of RMB19.2 million in the same period of 2019. The increase in total net other income was mainly due to the following:

  • Net interest income in the third quarter of 2020 increased to RMB14.8 million (US$2.2 million) from RMB7.7 million in the same period of 2019, mainly caused by more investments in term deposits and short term investments in the third quarter of 2020, as the Company received the remaining payment of approximately US$99.3 million from Run Liang Tai on August 10, 2020, as mentioned in the section headed “CERTAIN BALANCE SHEET ITEMS” below.
  • Foreign currency exchange gain in the third quarter of 2020 was RMB3.2 million (US$0.5 million), compared to RMB6.1 million in the same period of 2019.
  • Income from equity method investments, net of impairment in the third quarter of 2020 was RMB6.0 million (US$0.9 million), which reflected the gain from disposal of the equity investment in certain investee incurred in the third quarter of 2020.
  • Impairment of available-for-sale debt investment in the third quarter of 2020 was RMB2.0 million (US$0.3 million), which reflected the amount of the impairment related to credit losses on the available-for-sale debt investment in certain investee incurred in the third quarter of 2020.
  • Changes in fair value of loan related to co-sale of Particle shares in the third quarter of 2020 were a loss of RMB4.5 million (US$0.7 million), mainly caused by the decline in the fair value of an interest-free loan with the principal of approximately US$9.7 million granted by the Company to Run Liang Tai. Run Liang Tai pledged 4,584,209 series D1 preferred shares of Particle to the Company to secure the repayment of the loan and transferred the pledged shares back to the Company in satisfaction of its obligation to repay the US$9.7 million loan in August 2020. In view of the nature of the loan which was collateralized by the above mentioned pledged shares, the Company elected to account for the loan under the fair value option.
  • Others, net, in the third quarter of 2020 increased to RMB13.4 million (US$2.0 million), from RMB5.4 million in the same period of 2019, mainly caused by more government subsidies received in the third quarter of 2020.


[2] “Others, net” primarily consists of government subsidies and litigation loss provisions.


NET INCOME OR LOSS FROM CONTINUING OPERATIONS ATTRIBUTABLE TO PHOENIX NEW MEDIA LIMITED

Net loss from continuing operations attributable to Phoenix New Media Limited in the third quarter of 2020 was RMB0.9 million (US$0.1 million), compared to net loss from continuing operations attributable to Phoenix New Media Limited of RMB50.9 million in the same period of 2019. Net margin from continuing operations in the third quarter of 2020 was negative 0.3%, compared to negative 15.0% in the same period of 2019. Net loss from continuing operations per diluted ADS[3] in the third quarter of 2020 was RMB0.01(US$0.00), compared to net loss from continuing operations per diluted ADS of RMB0.70 in the same period of 2019.

Non-GAAP net income from continuing operations attributable to Phoenix New Media Limited, which excluded share-based compensation, income or loss from equity method investments, net of impairment, impairment of available-for-sale debt investments, changes in fair value of loan related to co-sale of Particle shares and changes in fair value of forward contract in relation to future disposal of investments in Particle, was RMB1.3 million (US$0.2 million) in the third quarter of 2020, compared to non-GAAP net loss from continuing operations attributable to Phoenix New Media Limited of RMB47.5 million in the same period of 2019. Non-GAAP net margin from continuing operations in the third quarter of 2020 was positive 0.4%, compared to negative 14.0% in the same period of 2019. Non-GAAP net income from continuing operations per basic and diluted ADS in the third quarter of 2020 was RMB0.02(US$0.00), compared to non-GAAP net loss from continuing operations per basic and diluted ADS of RMB0.65 in the same period of 2019.

In the third quarter of 2020, the Company’s weighted average number of ADSs used in the computation of diluted net income from continuing operations per basic and diluted ADS was 72,790,541. As of September 30, 2020, the Company had a total of 582,324,325 ordinary shares outstanding, or the equivalent of 72,790,541 ADSs.


[3] “ADS” means American Depositary Share of the Company. Each ADS represents eight Class A ordinary shares of the Company.


CERTAIN BALANCE SHEET ITEMS

As of September 30, 2020, the Company’s cash and cash equivalents, term deposits and short term investments and restricted cash were RMB2.37 billion (US$349.5 million).

As previously announced by the Company, the Company entered into a share purchase agreement (the “SPA”) with Run Liang Tai Management Limited, or Run Liang Tai, and its designated entities (the “Proposed Buyers”) on March 22, 2019 and entered into a series of agreements with Run Liang Tai and the other shareholders of Particle to resolve certain issues in connection with the sale of preferred shares in Particle Inc. (“Particle”) (“Previous Agreements”). The Company completed delivery of the first batch of preferred shares of Particle to the Proposed Buyers in the fourth quarter of 2019, and the Proposed Buyers were required to pay the remaining purchase price for the second batch of Particle shares to the Company on or before August 10, 2020. In August 2020, the Company announced that it had signed a new share purchase agreement (the “New SPA”) with Run Liang Tai, which replaced the Company’s Previous Agreements with Run Liang Tai. Under the New SPA, the rights and obligations of both the Proposed Buyers and the Company with respect to the second batch of shares under the Previous Agreements were terminated, and instead, the Company agreed to sell a total of 140,248,775 shares of Particle to the Proposed Buyers at a total purchase price of US$150 million and a per share purchase price of US$1.0695 (the “Transaction”). On August 10, 2020, the Proposed Buyers paid approximately US$99.3 million (the “Remaining Payment”) to the Company under the New SPA, which represents the difference between the total purchase price and the US$50 million deposit already paid by the Proposed Buyers to the Company under the Previous Agreements plus certain other accrued interests. As of today, the closing conditions for the New SPA have been satisfied. The shareholders of the Company’s parent company, Phoenix Media Investment (Holdings) Limited (“Phoenix TV”), approved the New SPA on October 14, 2020. The Transaction was closed on October 19, 2020.  

The fair value of the Company’s available-for-sale debt investments in Particle was increased from RMB1,057.8 million as of June 30, 2020 to RMB1,061.3 million (US$156.3 million) as of September 30, 2020. The available-for-sale debt investments as of September 30, 2020 included both the 140,248,775 shares of Particle to be delivered on October 19, 2020 and the 4,584,209 series D1 preferred shares of Particle transferred to the Company by Run Liang Tai in August 2020, which were previously pledged to the Company to secure the repayment of an interest-free loan with the principal of approximately US$9.7 million granted by the Company to Run Liang Tai. All the changes in fair value of available-for-sale debt investments in Particle recorded in the accumulated other comprehensive income or loss in shareholders’ equity related to the 140,248,775 shares of Particle delivered on October 19, 2020 are expected to be reclassified into gain on disposal of available-for-sale debt investments in the Company’s consolidated statements of comprehensive income/(loss) in the fourth quarter of 2020. The fair value of the investments in Particle as of September 30, 2020 was determined based on a valuation technique under the market approach, known as the guideline company method, as well as using observable transactions of Particle’s shares, as the selling price of the Transaction.

Business Outlook

For the fourth quarter of 2020, the Company expects its total revenues to be between RMB332.4 million and RMB362.4 million; net advertising revenues are expected to be between RMB309.6 million and RMB334.6 million; and paid services revenues are expected to be between RMB22.8 million and RMB27.8 million.

All of the above forecasts reflect the current and preliminary views of Company management, which are subject to change and substantial uncertainty, particularly in view of the potential impact of the COVID-19 outbreak, the effects of which are difficult to analyse and predict.

Conference Call Information

The Company will hold a conference call at 8:00 p.m. U.S. Eastern Time on November 17, 2020 (November 18, 2020 at 9:00 a.m. Beijing/Hong Kong time) to discuss its third quarter 2020 unaudited financial results and operating performance.

To participate in the call, please register in advance of the conference by navigating to http://apac.directeventreg.com/registration/event/4731548 . Upon registering, you will be provided with participant dial-in numbers, Direct Event passcode and unique registrant ID by email. Please dial in 10 minutes prior to the call, using the participant dial-in numbers, Direct Event Passcode and unique registrant ID which would be provided upon registering. You will be automatically linked to the live call after completion of this process.

A replay of the call will be available through November 25, 2020 by using the dial-in numbers and conference ID below:

International:

+61 2 8199 0299

Mainland China:

4006322162

Hong Kong:

+852 30512780

United States:

+1 646 254 3697

Conference ID:

4731548

A live and archived webcast of the conference call will also be available at the Company’s investor relations website at http://ir.ifeng.com.

Use of Non-GAAP Financial Measures

To supplement the consolidated financial statements presented in accordance with the United States Generally Accepted Accounting Principles (“GAAP”), Phoenix New Media Limited uses non-GAAP gross profit, non-GAAP gross margin, non-GAAP income or loss from operations, non-GAAP operating margin, non-GAAP net income or loss from continuing operations attributable to Phoenix New Media Limited, non-GAAP net margin from continuing operations and non-GAAP net income or loss from continuing operations per diluted ADS, each of which is a non-GAAP financial measure. Non-GAAP gross profit is gross profit excluding share-based compensation. Non-GAAP gross margin is non-GAAP gross profit divided by total revenues. Non-GAAP income or loss from operations is income or loss from operations excluding share-based compensation. Non-GAAP operating margin is non-GAAP income or loss from operations divided by total revenues. Non-GAAP net income or loss from continuing operations attributable to Phoenix New Media Limited is net income or loss from continuing operations attributable to Phoenix New Media Limited excluding share-based compensation, income or loss from equity method investments, net of impairment, impairment of available-for-sale debt investments, changes in fair value of loan related to co-sale of Particle shares, and changes in fair value of forward contract in relation to future disposal of investments in Particle. Non-GAAP net margin from continuing operations is non-GAAP net income or loss from continuing operations attributable to Phoenix New Media Limited divided by total revenues. Non-GAAP net income or loss from continuing operations per diluted ADS is non-GAAP net income or loss from continuing operations attributable to Phoenix New Media Limited divided by weighted average number of diluted ADSs. The Company believes that separate analysis and exclusion of the aforementioned non-GAAP to GAAP reconciling items add clarity to the constituent parts of its performance. The Company reviews these non-GAAP financial measures together with the related GAAP financial measures to obtain a better understanding of its operating performance. It uses these non-GAAP financial measures for planning, forecasting and measuring results against the forecast. The Company believes that using these non-GAAP financial measures to evaluate its business allows both management and investors to assess the Company’s performance against its competitors and ultimately monitor its capacity to generate returns for investors. The Company also believes that these non-GAAP financial measures are useful supplemental information for investors and analysts to assess its operating performance without the effect of items like share-based compensation, income or loss from equity method investments, net of impairment, which have been and will continue to be significant recurring items, and without the effect of impairment of available-for-sale debt investments, changes in fair value of loan related to co-sale of Particle shares and changes in fair value of forward contract in relation to future disposal of investments in Particle which have been significant and one-time items. However, the use of these non-GAAP financial measures has material limitations as an analytical tool. One of the limitations of using these non-GAAP financial measures is that they do not include all items that impact the Company’s gross profit, income or loss from operations and net income or loss from continuing operations attributable to Phoenix New Media Limited for the period. In addition, because these non-GAAP financial measures are not calculated in the same manner by all companies, they may not be comparable to other similarly titled measures used by other companies. In light of the foregoing limitations, you should not consider these non-GAAP financial measures in isolation from, or as an alternative to, the financial measures prepared in accordance with GAAP.

Exchange Rate

This announcement contains translations of certain RMB amounts into U.S. dollars (“USD”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to USD were made at the rate of RMB6.7896 to US$1.00, the noon buying rate in effect on September 30, 2020 in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or USD amounts referred could be converted into USD or RMB, as the case may be, at any particular rate or at all. For analytical presentation, all percentages are calculated using the numbers presented in the financial statements contained in this earnings release.

About Phoenix New Media Limited

Phoenix New Media Limited (NYSE: FENG) is a leading new media company providing premium content on an integrated Internet platform, including PC and mobile, in China. Having originated from a leading global Chinese language TV network based in Hong Kong, Phoenix TV, the Company enables consumers to access professional news and other quality information and share user-generated content on the Internet through their PCs and mobile devices. Phoenix New Media’s platform includes its PC channel, consisting of ifeng.com website, which comprises interest-based verticals and interactive services; its mobile channel, consisting of mobile news applications, mobile video application and mobile Internet website; and its operations with the telecom operators that provides mobile value-added services.

Safe Harbor Statement

This announcement contains forward−looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward−looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as Phoenix New Media’s strategic and operational plans, contain forward−looking statements. Phoenix New Media may also make written or oral forward−looking statements in its periodic reports to the U.S. Securities and Exchange Commission (“SEC”) on Forms 20−F and 6−K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Phoenix New Media’s beliefs and expectations, are forward−looking statements. Forward−looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward−looking statement, including but not limited to the following: the Company’s goals and strategies; the Company’s future business development, financial condition and results of operations; the expected growth of online and mobile advertising, online video and mobile paid services markets in China; the Company’s reliance on online and mobile advertising and MVAS for a majority of its total revenues; the Company’s expectations regarding demand for and market acceptance of its services; the Company’s expectations regarding maintaining and strengthening its relationships with advertisers, partners and customers; the Company’s investment plans and strategies, fluctuations in the Company’s quarterly operating results; the Company’s plans to enhance its user experience, infrastructure and services offerings; the Company’s reliance on mobile operators in China to provide most of its MVAS; changes by mobile operators in China to their policies for MVAS; competition in its industry in China; relevant government policies and regulations relating to the Company; and the effects of the COVID-19 on the economy in China in general and on the Company’s business in particular. Further information regarding these and other risks is included in the Company’s filings with the SEC, including its registration statement on Form F−1, as amended, and its annual reports on Form 20−F. All information provided in this press release and in the attachments is as of the date of this press release, and Phoenix New Media does not undertake any obligation to update any forward−looking statement, except as required under applicable law.

For investor and media inquiries please contact:

Phoenix New Media Limited
Qing Liu
Email: [email protected]

ICR, Inc.
Jack Wang
Tel: +1 (646) 405-4883
Email: [email protected]

 

 


Phoenix New Media Limited


Unaudited Condensed Consolidated Balance Sheets


(Amounts in thousands)


December 31,


September 30,


September 30,


2019


2020


2020


RMB


RMB


US$


ASSETS


Current assets:

Cash and cash equivalents

310,876

109,386

16,111

Term deposits and short term investments

1,271,889

2,234,406

329,092

Restricted cash

66,234

29,067

4,281

Accounts receivable, net

609,627

624,676

92,005

Amounts due from related parties

56,653

41,617

6,130

Prepayment and other current assets

57,391

48,151

7,092

Assets held for sale

184,032


Total current assets


2,556,702


3,087,303


454,711


Non-current assets:

Property and equipment, net

97,357

71,115

10,474

Intangible assets, net

13,633

21,606

3,182

Goodwill

22,786

22,786

3,356

Available-for-sale debt investments

2,014,537

1,067,232

157,186

Equity investments, net

13,237

13,000

1,915

Deferred tax assets

73,688

88,955

13,102

Operating lease right-of- use assets, net

84,550

59,103

8,705

Other non-current assets

19,859

19,836

2,921

Assets held for sale

429,468


Total non-current assets


2,769,115


1,363,633


200,841


Total assets


5,325,817


4,450,936


655,552


LIABILITIES AND SHAREHOLDERS’ EQUITY


Current liabilities:

Accounts payable

249,018

198,422

29,224

Amounts due to related parties

34,155

26,535

3,908

Advances from customers

46,172

38,033

5,602

Taxes payable

287,765

295,564

43,532

Salary and welfare payable

157,784

107,595

15,847

Deposits in relation to future disposal of investment in Particle

355,212

1,021,515

150,453

Accrued expenses and other current liabilities

274,122

181,694

26,761

Operating lease liabilities

37,874

41,349

6,090

Liabilities held for sale

63,341


Total current liabilities


1,505,443


1,910,707


281,417


Non-current liabilities:

Deferred tax liabilities

192,142

93,774

13,811

Long-term liabilities

27,612

27,612

4,067

Operating lease liabilities

49,929

24,322

3,582

Liabilities held for sale

5,676


Total non-current liabilities


275,359


145,708


21,460


Total liabilities


1,780,802


2,056,415


302,877


Shareholders’ equity:

Phoenix New Media Limited shareholders’ equity:

Class A ordinary shares

17,499

17,499

2,577

Class B ordinary shares

22,053

22,053

3,248

Additional paid-in capital

1,611,484

1,616,941

238,150

Statutory reserves

88,583

88,583

13,047

Retained earnings

186,324

113,966

16,785

Accumulated other comprehensive income

1,405,808

507,045

74,680

Total Phoenix New Media Limited shareholders’ equity

3,331,751

2,366,087

348,487

Noncontrolling interests

213,264

28,434

4,188


Total shareholders’ equity


3,545,015


2,394,521


352,675


Total liabilities and shareholders’ equity


5,325,817


4,450,936


655,552

 

 


Phoenix New Media Limited


Unaudited Condensed Consolidated Statements of Comprehensive Income/(loss)


(Amounts in thousands, except for number of shares and per share (or ADS) data)


Three Months Ended


Nine Months Ended


September
30,


June 30,


September
30,


September
30,


September
30,


September
30,


September
30,


2019


2020


2020


2020


2019


2020


2020


RMB


RMB


RMB


US$


RMB


RMB


US$


Revenues:

Net advertising revenues

313,139

286,346

281,308

41,432

831,647

776,364

114,346

Paid service revenues

26,771

25,935

21,681

3,193

95,761

70,282

10,351


Total revenues


339,910


312,281


302,989


44,625


927,408


846,646


124,697

Cost of revenues

(171,076)

(124,728)

(150,036)

(22,098)

(494,511)

(380,062)

(55,977)


Gross profit


168,834


187,553


152,953


22,527


432,897


466,584


68,720


Operating expenses:

Sales and marketing expenses

(138,685)

(57,247)

(64,899)

(9,559)

(381,191)

(203,769)

(30,012)

General and administrative expenses

(36,748)

(62,161)

(74,782)

(11,014)

(138,806)

(207,215)

(30,519)

Technology and product development
expenses

(53,599)

(42,555)

(41,706)

(6,143)

(160,925)

(129,372)

(19,054)


Total operating expenses


(229,032)


(161,963)


(181,387)


(26,716)


(680,922)


(540,356)


(79,585)


(Loss)/income from operations


(60,198)


25,590


(28,434)


(4,189)


(248,025)


(73,772)


(10,865)


Other income/(loss):

Interest income, net

7,727

4,918

14,792

2,179

16,048

26,112

3,846

Foreign currency exchange gain

6,134

83

3,218

474

6,889

1,573

232

Income/(loss) from equity method
    investments, net of impairment

6,013

886

(3,447)

5,777

851

Impairment of available-for-sale debt
    investments

(2,000)

(295)

(2,000)

(295)

Changes in fair value of loan related to
   

co-sale of Particle shares

(20,049)

(4,486)

(661)

(24,535)

(3,614)

Changes in fair value of forward contract in
   

relation to future disposal of investments
   

in Particle

1,341

16,085

2,369

Others, net

5,301

8,635

13,360

1,968

11,680

27,111

3,993


(Loss)/income from continuing operations
    before income taxes


(41,036)


20,518


2,463


362


(216,855)


(23,649)


(3,483)

Income tax expense

(7,209)

(3,216)

(1,725)

(254)

(18,601)

(4,184)

(616)


Net (loss)/income from continuing operations


(48,245)


17,302


738


108


(235,456)


(27,833)


(4,099)


Net income/(loss) from discontinued
    operations, net of income taxes


50,276


(17,869)






38,882


(62,366)


(9,186)


Net income/(loss)


2,031


(567)


738


108


(196,574)


(90,199)


(13,285)


Net loss/(income) attributable to
    noncontrolling interests:

Net income from continuing operations
   

attributable to noncontrolling interests

(2,686)

(14,536)

(1,687)

(248)

(2,872)

(8,969)

(1,321)

Net loss from discontinued operations
   

attributable to noncontrolling interests

6,582

1,884

15,521

24,759

3,647


Net loss/(income) attributable to
    noncontrolling interests


3,896


(12,652)


(1,687)


(248)


12,649


15,790


2,326


Net income/(loss) attributable to Phoenix
    New Media Limited:

Net (loss)/income from continuing
    operations attributable to Phoenix New
    Media Limited

(50,931)

2,766

(949)

(140)

(238,328)

(36,802)

(5,420)

Net income/(loss) from discontinued
    operations attributable to Phoenix New
    Media Limited

56,858

(15,985)

54,403

(37,607)

(5,539)


Net income/(loss) attributable to Phoenix
    New Media Limited


5,927


(13,219)


(949)


(140)


(183,925)


(74,409)


(10,959)


Net income/(loss)


2,031


(567)


738


108


(196,574)


(90,199)


(13,285)

Other comprehensive income/(loss), net of
    tax: fair value remeasurement for
    available-for-sale investments

734,931

(886,110)

1,598

235

997,251

(884,512)

(130,275)

Other comprehensive income/(loss), net of
    tax: foreign currency translation
    adjustment

51,044

(1,602)

(43,077)

(6,345)

68,795

(14,251)

(2,099)


Comprehensive income/(loss)


788,006


(888,279)


(40,741)


(6,002)


869,472


(988,962)


(145,659)

Comprehensive loss/(income) attributable to
   

noncontrolling interests

3,896

(12,652)

(1,687)

(248)

12,649

15,790

2,326


Comprehensive income/(loss) attributable to


  Phoenix New Media Limited


791,902


(900,931)


(42,428)


(6,250)


882,121


(973,172)


(143,333)


Basic net income/(loss) per Class A and Class
    B ordinary share:

 -Continuing operations

(0.09)

0.00

0.00

0.00

(0.41)

(0.06)

(0.01)

 -Discontinued operations

0.10

(0.02)

0.00

0.00

0.09

(0.07)

(0.01)


Basic net income/(loss) per Class A and 
  



Class B ordinary share


0.01


(0.02)


0.00


0.00


(0.32)


(0.13)


(0.02)


Diluted net income/(loss) per Class A


  and Class B ordinary share:

 -Continuing operations

(0.09)

0.00

0.00

0.00

(0.41)

(0.06)

(0.01)

 -Discontinued operations

0.10

(0.02)

0.00

0.00

0.09

(0.07)

(0.01)


Diluted net income/(loss) per Class A
   



and Class B ordinary share


0.01


(0.02)


0.00


0.00


(0.32)


(0.13)


(0.02)


Basic income/(loss) per ADS (1 ADS


  represents 8 Class A ordinary shares):

 -Continuing operations

(0.70)

0.04

(0.01)

0.00

(3.27)

(0.50)

(0.07)

 -Discontinued operations

0.78

(0.22)

0.00

0.00

0.74

(0.52)

(0.08)


Basic net income/(loss) per ADS (1 ADS
   



represents 8 Class A ordinary shares)


0.08


(0.18)


(0.01)


0.00


(2.53)


(1.02)


(0.15)


Diluted net income/(loss) per ADS (1 ADS


  represents 8 Class A ordinary shares)

 -Continuing operations

(0.70)

0.04

(0.01)

0.00

(3.27)

(0.50)

(0.07)

 -Discontinued operations

0.78

(0.22)

0.00

0.00

0.74

(0.52)

(0.08)


Diluted net income/(loss) per ADS (1 ADS
   



represents 8 Class A ordinary shares)


0.08


(0.18)


(0.01)


0.00


(2.53)


(1.02)


(0.15)

Weighted average number of Class A and Class
    B ordinary shares used in computing net
    income/(loss) per share:

Basic

582,324,325

582,324,325

582,324,325

582,324,325

582,259,624

582,324,325

582,324,325

Diluted

582,324,325

582,324,325

582,324,325

582,324,325

582,259,624

582,324,325

582,324,325

 

 


Phoenix New Media Limited


Unaudited Condensed Segment Information


(Amounts in thousands)


Three Months Ended


Nine Months Ended


September 30,


June 30,


September 30,


September 30,


September 30,


September 30,


September 30,


2019


2020


2020


2020


2019


2020


2020


RMB


RMB


RMB


US$


RMB


RMB


US$


Revenues:

Net advertising service

313,139

286,346

281,308

41,432

831,647

776,364

114,346

Paid services

26,771

25,935

21,681

3,193

95,761

70,282

10,351


Total revenues


339,910


312,281


302,989


44,625


927,408


846,646


124,697


Cost of revenues

Net advertising service

157,054

117,536

143,463

21,130

442,730

358,232

52,762

Paid services

14,022

7,192

6,573

968

51,781

21,830

3,215


Total cost of revenues


171,076


124,728


150,036


22,098


494,511


380,062


55,977


Gross profit

Net advertising service

156,085

168,810

137,845

20,302

388,917

418,132

61,584

Paid services

12,749

18,743

15,108

2,225

43,980

48,452

7,136


Total gross profit


168,834


187,553


152,953


22,527


432,897


466,584


68,720

 

 


Phoenix New Media Limited


Unaudited Condensed Information of Cost of Revenues


(Amounts in thousands)


Three Months Ended


Nine Months Ended


September 30,


June 30,


September 30,


September 30,


September 30,


September 30,


September 30,


2019


2020


2020


2020


2019


2020


2020


RMB


RMB


RMB


US$


RMB


RMB


US$

Revenue sharing fees

7,319

2,371

6,026

888

23,396

12,653

1,864

Content and operational costs

149,871

107,404

129,749

19,110

431,421

324,183

47,746

Bandwidth costs

13,886

14,953

14,261

2,100

39,694

43,226

6,367


Total cost of revenues


171,076


124,728


150,036


22,098


494,511


380,062


55,977

 

 


Unaudited Reconciliations of Non-GAAP Results of Operations Measures to the Nearest Comparable GAAP
Measures


(Amounts in thousands, except for number of ADSs and per ADS data)


Three Months Ended September 30, 2019


Three Months Ended June 30, 2020


Three Months Ended September 30, 2020


GAAP


Non-GAAP


Adjustments


Non-


GAAP


GAAP


Non-GAAP


Adjustments


Non-


GAAP


GAAP


Non-GAAP


Adjustments


Non-


GAAP


RMB


RMB


RMB


RMB


RMB


RMB


RMB


RMB


RMB


Gross profit


168,834


1,476


(1)


170,310


187,553


842


(1)


188,395


152,953


401


(1)


153,354

Gross margin

49.7

%

50.1

%

60.1

%

60.3

%

50.5

%

50.6

%


(Loss)/income from
    operations


(60,198)


3,429


(1)


(56,769)


25,590


2,225


(1)


27,815


(28,434)


1,758


(1)


(26,676)

Operating margin

(17.7)

%

(16.7)

%

8.2

%

8.9

%

(9.4)

%

(8.8)

%

3,429

(1)

2,225

(1)

1,758

(1)

(2)

(2)

(6,013)

(2)

(3)

(1,341)

(3)

(3)

(4)

20,049

(4)

4,486

(4)

(5)

(5)

2,000

(5)


Net (loss)/income 
  from


  continuing 
  operations


  attributable to
  Phoenix


  New Media
  Limited


(50,931)


3,429


(47,502)


2,766


20,933


23,699


(949)


2,231


1,282

Net margin from
  continuing

  operations

(15.0)

%

(14.0)

%

0.9

%

7.6

%

(0.3)

%

0.4

%

Net (loss)/income from

  continuing operations

  per ADS—diluted

(0.70)

(0.65)

0.04

0.33

(0.01)

0.02

Weighted average
  number of

  ADSs used in
  computing

  diluted net
  (loss)/income

  per ADS

72,790,541

72,790,541

72,790,541

72,790,541

72,790,541

72,790,541

(1) Share-based compensation

(2) Income from equity method investments, net of impairment

(3) Changes in fair value of forward contract in relation to future disposal of investments in Particle 

(4) Changes in fair value of loan related to co-sale of Particle shares

(5) Impairment of available-for-sale debt investments 

Non-GAAP to GAAP reconciling items have no income tax effect.

 

 

Cision View original content:http://www.prnewswire.com/news-releases/phoenix-new-media-reports-third-quarter-2020-unaudited-financial-results-301174587.html

SOURCE Phoenix New Media Limited

Five Prime Announces Closing of Upsized Public Offering of Common Stock

Five Prime Announces Closing of Upsized Public Offering of Common Stock

Underwriters Fully Exercise Option to Purchase Additional Shares

SOUTH SAN FRANCISCO, Calif.–(BUSINESS WIRE)–
Five Prime Therapeutics, Inc. (Nasdaq: FPRX) announced today the closing of its upsized underwritten public offering of 8,280,000 shares of its common stock, which includes 1,080,000 shares sold upon the underwriters’ full exercise of their option to purchase additional shares, resulting in aggregate gross proceeds of approximately $173.9 million, before deducting underwriting discounts and commissions and estimated offering expenses payable by Five Prime.

Cowen and SVB Leerink acted as joint book-running managers for the offering. Wedbush PacGrow acted as co-manager for the offering.

The shares of common stock were offering pursuant to a “shelf” registration statement previously filed with and declared effective by the Securities and Exchange Commission (SEC). The offering is being made only by means of a prospectus supplement and accompanying prospectus, copies of which may be obtained from Cowen and Company, LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, Attention: Prospectus Department, by telephone at (833) 297-2926 or by email at [email protected], or SVB Leerink LLC, Attention: Syndicate Department, One Federal Street, 37th Floor, Boston, MA, 02110, by telephone at (800) 808-7525, ext. 6132 or by e-mail at [email protected].

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

Martin Forrest

VP, Investor Relations & Corporate Communications

Five Prime Therapeutics, Inc.

415-365-5625

[email protected]

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Biotechnology General Health Health Pharmaceutical Oncology

MEDIA:

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UGI Announces Virtual Investor Day Webcast

UGI Announces Virtual Investor Day Webcast

VALLEY FORGE, Pa.–(BUSINESS WIRE)–
UGI Corporation (NYSE: UGI) announced today that it will be hosting its 2020 Virtual Investor Day on December 7, 2020. The event will take place from 1:00 p.m. to 3:00 p.m. EST and feature presentations from UGI’s senior management on the company’s strategic plans, operational and growth strategies, implementation of sustainable energy solutions, and financial outlook.

Those interested in participating are invited to pre-register at https://onlinexperiences.com/Launch/QReg/ShowUUID=00AC912F-4BE5-4A09-AA29-8D657D48B941. A replay of the webcast and the slide presentation will be available after the meeting on UGI’s corporate website at http://www.ugicorp.com under “Investors – Presentations.”

INVESTOR DAY WEBCAST AND DIAL-IN DETAILS

Webcast Link: https://onlinexperiences.com/Launch/QReg/ShowUUID=00AC912F-4BE5-4A09-AA29-8D657D48B941

Toll-Free Attendee Dial-In: (833) 674-0436

International/Toll Attendee Dial-In: (270) 855-8769

Event Plus Passcode: 1393933

About UGI Corporation

UGI Corporation is a distributor and marketer of energy products and services. Through subsidiaries, UGI operates natural gas and electric utilities in Pennsylvania, distributes LPG both domestically (through AmeriGas) and internationally (through UGI International), manages midstream energy assets in Pennsylvania, Ohio, and West Virginia and electric generation assets in Pennsylvania, and engages in energy marketing in twelve states, the District of Columbia and internationally in France, Belgium, the Netherlands and the UK.

Comprehensive information about UGI Corporation is available on the Internet at https://www.ugicorp.com.

Investor Relations

Brendan Heck, 610-337-1000 ext. 6608

Alanna Zahora, 610-337-1000 ext. 1004

Shelly Oates, 610-337-1000 ext. 3202

KEYWORDS: Pennsylvania United States North America

INDUSTRY KEYWORDS: Energy Other Energy Utilities Oil/Gas

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ScanSource Announces New Chief Financial Officer

ScanSource Announces New Chief Financial Officer

New CFO brings strong SaaS solutions experience for next phase of strategy and growth

GREENVILLE, S.C.–(BUSINESS WIRE)–
ScanSource, Inc. (Nasdaq: SCSC), a leading provider of technology products and solutions, today announced that Steve Jones will join the company as Senior Executive Vice President and Chief Financial Officer effective mid-December 2020. Jones brings strong finance leadership in the technology industry, including SaaS and recurring revenue business models. He will report directly to ScanSource Chairman and CEO Mike Baur.

“We are excited to strengthen our executive leadership team, with the experience and skills needed to grow our SaaS business and accelerate our next phase of growth,” said Baur. “Steve’s experience in recurring revenue models, as well as transformation initiatives, fits exceedingly well with ScanSource’s strategic plan.”

“I am honored to join the ScanSource team and execute on the strategic vision,” said Jones. “ScanSource has tremendous potential for growth and value creation, given the smart and passionate people and strong relationships with customers and suppliers.”

Jones most recently served as the International Chief Financial Officer for Blackbaud, a leading cloud software company. During his tenure, Jones developed and executed financial strategies for international markets to accelerate revenue and profitability growth. Prior to Blackbaud, he led several strategic transformation initiatives at Lexmark International in both finance and operational leadership roles, including Corporate Director of Finance Planning & Analysis. This included strategic investments to expand from traditional hardware distribution to add high-growth recurring revenue in the enterprise services and solutions space. Earlier in his career, he served as Assistant Controller at Honeywell. Jones received his Bachelor of Business Administration, Finance from the University of Kentucky and his MBA from Eastern Kentucky University. He is a Certified Managerial Accountant.

Gerry Lyons who serves as Chief Financial Officer will continue in his current role until mid-December 2020 and will remain with the Company through the end of January 2021 to support the transition.

“I want to thank Gerry for his years of dedicated service and many contributions to ScanSource,” said Baur. “We appreciate his assistance through this transition and wish him the very best in his future endeavors.”

About ScanSource

ScanSource, Inc. (NASDAQ: SCSC) is at the center of the technology solution delivery channel, connecting businesses and providing solutions for their complex needs. ScanSource sells through multiple, specialized routes-to-market with digital, physical and services offerings from the world’s leading suppliers of point-of-sale (POS), payments, barcode, physical security, unified communications and collaboration, telecom, and cloud services. ScanSource enables its sales partners to create, deliver and manage solutions for end-customers across almost every vertical market. Founded in 1992 and headquartered in Greenville, South Carolina, ScanSource was named one of the 2020 Best Places to Work in South Carolina and on FORTUNE magazine’s 2020 List of World’s Most Admired Companies. ScanSource ranks #654 on the Fortune 1000. For more information, visit www.scansource.com.

Melissa Andrews

864.286.4425

[email protected]

KEYWORDS: South Carolina United States North America

INDUSTRY KEYWORDS: Professional Services Data Management Security Technology Telecommunications Software Banking

MEDIA:

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Magnite CTV Business Sees Strong Growth Year-Over-Year, Driven By Increasing CTV Viewership, Addressable Advertising and Strong Marketplace Demand

Magnite CTV Business Sees Strong Growth Year-Over-Year, Driven By Increasing CTV Viewership, Addressable Advertising and Strong Marketplace Demand

Magnite’s addressable capabilities and direct integrations with leading CTV publishers fuels interest from tech (+176% YOY for Q3), DTC (+159% YOY for Q3), and CPG (+86% YOY for Q3) advertising verticals

Number of advertisers that used Magnite’s audience targeting features grew 2.5X between Q3 2019 and Q3 2020

NEW YORK & LOS ANGELES–(BUSINESS WIRE)–
Magnite (NASDAQ: MGNI), the world’s largest independent omnichannel sell-side advertising platform, announced that its total connected TV (CTV) revenue grew over 50% in the third quarter YOY. Magnite’s specialized CTV technology and platform is the preferred SSP for content producers that must manage and monetize their growing CTV inventory, as well as advertisers looking to reach valuable audiences across the globe.

Advertisers are shifting spend to CTV as consumers are cutting the cord. eMarketer estimated in September that over a third of US households will be unreachable by a pay TV connection by 2024. Magnite enables advertisers to find those audiences across CTV. In fact, advertisers in the technology, direct to consumer (DTC), and consumer packaged goods (CPG) verticals running CTV campaigns with Magnite increased their spend by 176%, 159% and 86% respectively between Q3 2019 and Q3 2020. Automotive, retail, technology, CPG and DTC were the top CTV spend categories on Magnite’s platform in Q3 2020, with the number of DTC advertisers increasing 130% YOY.

The success Magnite has seen in advertiser spend is directly tied to the company’s ability to provide scaled inventory with the most premium CTV publishers in fully transparent transactions. Eight of the company’s top 10 demand side platforms more than doubled their CTV spend on Magnite’s platform from Q3 2019 to Q3 2020 and all of the top 10 grew year over year. Magnite also saw a 57% increase in CTV ad requests over the same time period.

Magnite’s CTV addressability capabilities, which enable data-driven targeting not possible in linear TV, have also seen strong gains. The number of advertisers that used audience targeting features on Magnite’s platform grew 2.5X between Q3 2019 and Q3 2020. Through Magnite’s platform, advertisers can find audiences based on household-level data and holistically optimize audience, contextual, and behavioral criteria to drive campaign performance.

“CTV has been a bright spot in a tumultuous year for publishers and advertisers alike as the move from linear television to connected television is accelerating at an unprecedented rate and our technology is powering this change,” said Katie Evans, Chief Operating Officer at Magnite. “With more content than ever being viewed through CTV, including live sports and news, this is really just the beginning of the tipping point. On top of that, nearly 60% of CTV inventory will be bought programmatically by next year according to eMarketer, which puts Magnite in a great position given our expertise in the programmatic space. Simply put, CTV is here to stay and our advanced technology is ready to power our publisher partners’ growth.”

“Amid a year of many challenges in the space, Magnite has proven to be a trusted partner that unlocked significant CTV opportunities for us,” said Ken Ripley, Vice President of Ad Sales at Newsy. “Magnite’s commitment to making the programmatic buying experience more simple, streamlined and effective for CTV will go a long way in connecting more advertisers to our premium inventory.”

About Magnite

We’re Magnite (NASDAQ: MGNI), the world’s largest independent sell-side advertising platform that combines Rubicon Project’s programmatic expertise with Telaria’s leadership in CTV. Publishers use our technology to monetize their content across all screens and formats—including desktop, mobile, audio and CTV. And the world’s leading agencies and brands trust our platform to access brand-safe, high-quality ad inventory and execute billions of advertising transactions each month. Anchored in sunny Los Angeles, bustling New York City, historic London, and down under in Sydney, Magnite has offices across North America, EMEA, LATAM and APAC.

For more information, quotes or interview requests, contact:

Charlstie Veith: [email protected] / + 1 516 300 3569

KEYWORDS: California New York United States North America

INDUSTRY KEYWORDS: Technology Entertainment Marketing Advertising Online Communications Mobile Entertainment TV and Radio Internet Data Management

MEDIA:

Continental Honors ROHM Semiconductor with “Supplier of the Year 2019 Award”

Willich-Münchheide, Germany, Nov. 17, 2020 (GLOBE NEWSWIRE) — The Continental Automotive Group honors ROHM Semiconductor with the “Supplier of the Year 2019 Award” in the category “Discrete Semiconductors” for particularly outstanding performance. Since 2008, Continental conducts an annual broad-based analysis to identify exceptional contributions in customer satisfaction and at all levels of quality, technology, commitment, costs and purchasing conditions. This is the fifth time within the last ten years that ROHM has received this prestigious award. This year, the award was presented in a virtual ceremony.

“We are pleased to honor ROHM Semiconductor’s commitment with the Supplier of the Year 2019 Award,” says Elena Rasmussen, Vice President Purchasing Electronics Discretes at Continental Automotive Group. “With its focus on quality and excellent logistical support, the company is a reliable supplier to meet the challenges in a rapidly changing market. ROHM Semiconductor is both the preferred partner for SiC technology in high voltage inverters and the company of choice in terms of power supplies. We look forward to continuing our close and trustful cooperation with ROHM in the future,” adds Rasmussen.

“We are very proud to receive this award,” states Toshimitsu Suzuki, President of ROHM Semiconductor Europe. “This award is a great acknowledgement of our efforts to always support our customers in achieving their business goals by providing high-quality, a stable supply of robust and advanced products as well as good services,” concludes Suzuki. 

About
Continental
Continental develops pioneering technologies and services for sustainable and connected mobility of people and their goods. Founded in 1871, the technology company offers safe, efficient, intelligent, and affordable solutions for vehicles, machines, traffic and transportation. In 2019, Continental generated sales of €44.5 billion and currently employs more than 240,000 people in 59 countries and markets.

About ROHM Semiconductor
ROHM Semiconductor is a global company of 3.326 billion US dollars per March 31st, 2020 with 22,191 employees. The company develops and manufactures a very large product range from the Ultra-Low Power Microcontroller, Power Management, Standard ICs, SiC Diodes, MOSFETs and Modules, Power Transistors and Diodes, LEDs to passives components such as Resistors, Tantalum Capacitors and LED display units, thermal Printheads. The production of our high performing products is taking place in state-of-the-art manufacturing plants in Japan, Korea, Malaysia, Thailand, the Philippines, and China. LAPIS Semiconductor (former OKI Semiconductor), SiCrystal GmbH and Kionix are companies of the ROHM Semiconductor Group. ROHM Semiconductor Europe has its Head Office near Dusseldorf serving the EMEA region (Europe, Middle East and Africa). For further information, please contact www.rohm.com

Attachment



Justine Hörmann
ROHM Semiconductor GmbH
+49 2154 921 0
[email protected]

Peter Gramenz
MEXPERTS AG
+49 8143 59744 12
[email protected]

ERES REIT Announces €22MM Multi-Residential Acquisition in the Netherlands

TORONTO, Nov. 17, 2020 (GLOBE NEWSWIRE) — European Residential Real Estate Investment Trust (TSX:ERE.UN, “ERES” or the “REIT”) announced today that it has entered into an agreement to acquire a multi-residential property located in Prins Alexander, a district in the northeast of Rotterdam (the “Mill Property”). The two-building property is comprised of 84 residential units, of which approximately 85% are liberalized with the remaining convertible upon turnover. The residential property is 100% owned and currently 98% leased at an Average Monthly Rent (“AMR”) of €956 per month (excluding service charge income), providing significant rent uplift potential.

The €22.3 million (C$34.6 million) purchase price (excluding transaction costs and fees) represents an estimated forward capitalization rate of approximately 3.5%. Closing is anticipated on or around December 1, 2020, and ERES intends to finance the acquisition from existing sources of liquidity, with ultimate funding to come from long term mortgage financing thereafter. ERES is in the process of obtaining mortgage financing on the Mill Property, the Doorwerth Property (which closed on September 1, 2020), and the Kairos Property (which closed on October 1, 2020) at a loan-to-value ratio of 55% and an interest rate of approximately 1% for a 4-year term.

The Mill Property is well-located, immediately adjacent to two supermarkets, free parking and other amenities. ERES also already owns residential units in Rotterdam, which is the second largest city in the Netherlands by population, the capital of the province of South-Holland, and forms part of the conurbation known as Randstad, therefore allowing for operational synergies with the property to be managed by ERES’s existing asset and property manager established in the region.

“ERES’s third acquisition since September of the Mill Property adds to our growing momentum of accretive acquisitions, on the back of the continuing flow of attractive opportunities in the Dutch market,” commented Phillip Burns, CEO of ERES. “Although we currently are operating in an unprecedented environment, our ability to grow and move forward in pursuit of our strategic objectives remains intact. The Mill Property will further enhance the quality and performance of our portfolio, and reflects our continued forward momentum.”

About ERES

ERES is an unincorporated, open-ended real estate investment trust. ERES’s Units are listed on the TSX under the symbol ERE.UN. ERES is Canada’s only European-focused, multi-residential REIT, with a current initial focus on investing in high-quality, multi-residential real estate properties in the Netherlands. ERES owns a portfolio of 137 multi-residential properties, comprised of 5,865 suites and ancillary retail space located in the Netherlands, and owns one office property in Germany and one office property in Belgium.

ERES’s registered and principal business office is located at 11 Church Street, Suite 401, Toronto, Ontario M5E 1W1.

For more information, please visit our website at www.eresreit.com.

Cautionary Statements Regarding Forward-Looking Statements

All statements in this press release that do not relate to historical facts constitute forward-looking statements. These statements represent ERES’s intentions, plans, expectations and beliefs and are subject to certain risks and uncertainties that could result in actual results differing materially from these forward-looking statements. These risks and uncertainties are more fully described in regulatory filings that can be obtained on SEDAR at www.sedar.com.

For further information  
   
ERES ERES
Mr. Phillip Burns Mr. Scott Cryer
Chief Executive Officer Chief Financial Officer
416.354.0167 416.861.5771
[email protected] [email protected]



NAVISTAR INVESTOR ALERT by the Former Attorney General of Louisiana: Kahn Swick & Foti, LLC Investigates Adequacy of Price and Process in Proposed Sale of Navistar International Corporation – NAV

NAVISTAR INVESTOR ALERT by the Former Attorney General of Louisiana: Kahn Swick & Foti, LLC Investigates Adequacy of Price and Process in Proposed Sale of Navistar International Corporation – NAV

NEW ORLEANS–(BUSINESS WIRE)–
Former Attorney General of Louisiana Charles C. Foti, Jr., Esq. and the law firm of Kahn Swick & Foti, LLC (“KSF”) are investigating the proposed sale of Navistar International Corporation (NYSE: NAV) to TRATON SE. Under the terms of the proposed transaction, shareholders of Navistar will receive only $44.50 in cash for each share of Navistar that they own. KSF is seeking to determine whether this consideration and the process that led to it are adequate, or whether the consideration undervalues the Company.

If you believe that this transaction undervalues the Company and/or if you would like to discuss your legal rights regarding the proposed sale, you may, without obligation or cost to you, e-mail or call KSF Managing Partner Lewis S. Kahn ([email protected]) toll free at any time at 855-768-1857, or visit https://www.ksfcounsel.com/cases/nyse-nav/ to learn more.

To learn more about KSF, whose partners include the Former Louisiana Attorney General, visit www.ksfcounsel.com.

Kahn Swick & Foti, LLC

Lewis S. Kahn

Managing Partner

[email protected]

855-768-1857

KEYWORDS: Louisiana United States North America

INDUSTRY KEYWORDS: Legal Professional Services

MEDIA:

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ENDURANCE INTERNATIONAL INVESTOR ALERT by the Former Attorney General of Louisiana: Kahn Swick & Foti, LLC Investigates Adequacy of Price and Process in Proposed Sale of Endurance International Group Holdings, Inc. – EIGI

ENDURANCE INTERNATIONAL INVESTOR ALERT by the Former Attorney General of Louisiana: Kahn Swick & Foti, LLC Investigates Adequacy of Price and Process in Proposed Sale of Endurance International Group Holdings, Inc. – EIGI

NEW ORLEANS–(BUSINESS WIRE)–
Former Attorney General of Louisiana Charles C. Foti, Jr., Esq. and the law firm of Kahn Swick & Foti, LLC (“KSF”) are investigating the proposed sale of Endurance International Group Holdings, Inc. (NasdaqGS: EIGI) to affiliates of Clearlake Capital Group L.P. Under the terms of the proposed transaction, shareholders of Endurance will receive only $9.50 in cash for each share of Endurance that they own. KSF is seeking to determine whether this consideration and the process that led to it are adequate, or whether the consideration undervalues the Company.

If you believe that this transaction undervalues the Company and/or if you would like to discuss your legal rights regarding the proposed sale, you may, without obligation or cost to you, e-mail or call KSF Managing Partner Lewis S. Kahn ([email protected]) toll free at any time at 855-768-1857, or visit https://www.ksfcounsel.com/cases/nasdaqgs-eigi/ to learn more.

To learn more about KSF, whose partners include the Former Louisiana Attorney General, visit www.ksfcounsel.com.

Kahn Swick & Foti, LLC

Lewis S. Kahn, 855-768-1857

Managing Partner

[email protected]

KEYWORDS: Louisiana United States North America

INDUSTRY KEYWORDS: Legal Professional Services

MEDIA:

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ALASKA COMMUNICATIONS INVESTOR ALERT by the Former Attorney General of Louisiana: Kahn Swick & Foti, LLC Investigates Adequacy of Price and Process in Proposed Sale of Alaska Communications Systems Group, Inc. – ALSK

ALASKA COMMUNICATIONS INVESTOR ALERT by the Former Attorney General of Louisiana: Kahn Swick & Foti, LLC Investigates Adequacy of Price and Process in Proposed Sale of Alaska Communications Systems Group, Inc. – ALSK

NEW ORLEANS–(BUSINESS WIRE)–
Former Attorney General of Louisiana Charles C. Foti, Jr., Esq. and the law firm of Kahn Swick & Foti, LLC (“KSF”) are investigating the proposed sale of Alaska Communications Systems Group, Inc. (NasdaqGS: ALSK) to an affiliate of Macquarie Capital and GCM Grosvenor. Under the terms of the proposed transaction, shareholders of Alaska Communications will receive only $3.00 in cash for each share of Alaska Communications that they own. KSF is seeking to determine whether this consideration and the process that led to it are adequate, or whether the consideration undervalues the Company.

If you believe that this transaction undervalues the Company and/or if you would like to discuss your legal rights regarding the proposed sale, you may, without obligation or cost to you, e-mail or call KSF Managing Partner Lewis S. Kahn ([email protected]) toll free at any time at 855-768-1857, or visit https://www.ksfcounsel.com/cases/nasdaqgs-alsk/ to learn more.

To learn more about KSF, whose partners include the Former Louisiana Attorney General, visit www.ksfcounsel.com.

Kahn Swick & Foti, LLC

Lewis S. Kahn, 855-768-1857

Managing Partner

[email protected]

KEYWORDS: United States North America Louisiana Alaska

INDUSTRY KEYWORDS: Legal Professional Services

MEDIA:

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