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Latest news
| American Shipping Company ASA : OSG & AMSC JOINTLY ANNOUNCE EXTENSION OF TANKER CHARTERS |
| OceanFirst Financial Corp. Announces Receipt of Approvals for Pending Merger Transactions With Two River Bancorp and Country Bank Holding Company, Inc. |
| Akoustis Announces Proposed Public Offering of Common Stock |
| miRagen Announces Major Changes to Company’s Strategy |
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American Shipping Company ASA : OSG & AMSC JOINTLY ANNOUNCE EXTENSION OF TANKER CHARTERS
Tampa, FL/Lysaker, Norway â December 11, 2019 â Overseas Shipholding Group, Inc. (NYSE: OSG) and American Shipping Company ASA (Oslo Stock Exchange: AMSC / OTCQX: ASCJF) today jointly announced that OSG has exercised options to extend its bareboat charter agreements with AMSC for four vessels currently under charter from AMSC. Â Each bareboat charter agreement was extended for additional three-year terms, commencing from December 2020 and ending in December 2023. OSG previously exercised its options to extend charter agreements for all of the six other vessels that it leases from AMSC. As a result, all ten bareboat charter agreements with AMSC have now been extended for additional periods.
OSGâs CEO Sam Norton said, âThe contract extensions for the four vessels involved will allow us to continue our close working relationship with AMSC for many more years. The decision to further extend the maturities of each of the four vessels underscores our confidence that the continuing move towards balance in the Jones Act tanker market is an opportunity to serve our core customers in a rate environment that will provide attractive returns over time.â
The bareboat charter agreements provide that the three- and five-year options for these vessels are available indefinitely. The lease payments for the bareboat charters are fixed throughout the option periods, and the options are on a vessel-by-vessel basis and can be exercised individually.
AMSC CEO PÃ¥l Lothe Magnussen commented, âWe are pleased to see OSG continuing to extend the bareboat charters for our vessels. AMSC benefits from the cash flow stability provided by these contracts and exposure to increasing profits in the future. We look forward to maintaining our cooperation with OSG.â
About Overseas Shipholding Group, Inc.
Overseas Shipholding Group, Inc. (NYSE: OSG) is a publicly traded tanker company providing energy transportation services for crude oil and petroleum products in the U.S. Flag markets. OSG is a major operator of tankers and ATBs in the Jones Act industry. OSGâs 21 vessel fleet consists of two conventional ATBs, two lightering ATBs, three shuttle tankers, 10 conventional MR tankers, and two non-Jones Act MR tankers that participate in the U.S. Maritime Security Program, all of which are U.S. flagged, as well as two Marshall Island flagged non-Jones Act MR tankers trading in international markets. In addition, OSG has two barges under construction in the U.S. that will be Jones Act qualified vessels, with delivery anticipated during 2020. These vessels are anticipated to be paired with the Companyâs existing tugs operating in the Jones Act trade.
OSG is committed to setting high standards of excellence for its quality, safety and environmental programs. OSG is recognized as one of the worldâs most customer-focused marine transportation companies and is headquartered in Tampa, FL. More information is available at www.osg.com.
OSG Investor Relations & Media Contact:
Susan Allan, Overseas Shipholding Group, Inc.
(813) 209-0620
sallan@osg.com
About American Shipping Company ASA:
Established in 2005 and listed on the Oslo Stock Exchange, AMSC is a ship owning company with nine modern handy size product tankers and one modern handy size shuttle tanker on long term bareboat charter with Overseas Shipholding Group (OSG). OSG charters the vessels out on time charters to major oil companies in the U.S. coastwise Jones Act trade. AMSC has a significant contract backlog as well as a profit sharing agreement with OSG which offers visibility with respect to future earnings and potential dividend capacity. The Company has an ambition to pay attractive dividends to its shareholders. Further information is available at www.americanshippingco.com.
Company Contacts:
PÃ¥l Magnussen, Chief Executive Officer +47 24 13 00 04
Morten Bakke, Chief Financial Officer +47 24 13 00 87
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
Attachment
OceanFirst Financial Corp. Announces Receipt of Approvals for Pending Merger Transactions With Two River Bancorp and Country Bank Holding Company, Inc.
RED BANK, N.J., Dec. 11, 2019 (GLOBE NEWSWIRE) -- OceanFirst Financial Corp. (NASDAQ:OCFC) (âOceanFirstâ), the holding company of OceanFirst Bank N.A., announced today that all regulatory approvals and all requisite shareholder approvals have been obtained in connection with OceanFirstâs pending merger transactions with each of Two River Bancorp (âTwo Riverâ) and Country Bank Holding Company, Inc. (âCYHCâ).
Two River Transaction
On December 5, 2019, Two River received the requisite shareholder approval for the merger of Two River and OceanFirst that was announced on August 9, 2019 (the âTwo River Transactionâ). As previously announced, the required regulatory approvals for the Two River Transaction have been obtained. OceanFirst and Two River expect the Two River Transaction to close effective on or about January 1, 2020.
CYHC Transaction
On December 10, 2019, CYHC received the requisite shareholder approval for the merger of CYHC and OceanFirst that was announced on August 9, 2019 (the âCYHC Transactionâ). Additionally, on December 10, 2019, the New York State Department of Financial Services approved the CYHC Transaction. As previously announced, the Board of Governors of the Federal Reserve System and the Office of the Comptroller of the Currency each approved the CYHC Transaction on November 15, 2019. OceanFirst and CYHC expect the CYHC Transaction to close effective on or about January 1, 2020.
About OceanFirst Financial Corp.
OceanFirst Financial Corp.âs subsidiary, OceanFirst Bank N.A., founded in 1902, is an $8.1 billion regional bank operating throughout New Jersey, metropolitan Philadelphia and metropolitan New York City. OceanFirst Bank delivers commercial and residential financing solutions, trust and asset management and deposit services and is one of the largest and oldest community-based financial institutions headquartered in New Jersey.
About Two River Bancorp
Two River Bancorp is the holding company for Two River Community Bank, which is headquartered in Tinton Falls, New Jersey. Two River Community Bank operates 14 branches along with two loan production offices throughout Monmouth, Union, Essex, and Ocean Counties, New Jersey.
About Country Bank Holding Company, Inc.
Country Bank Holding Company, Inc. is the parent holding company for Country Bank, a New York State chartered commercial bank founded in 1988. The bank is controlled by the Murphy Family and specializes in small business and commercial real estate lending. In 2015 it opened its flagship branch on 42nd Street and Third Avenue in NYC. The bank has additional branches in Midtown NYC, Riverdale, Woodlawn and Scarsdale. The bank is a FDIC-insured full service commercial bank devoted to building relationships with their customers and the local communities that the branches reside in.
Cautionary Notes on Forward-Looking Statements
This press release contains âforward-looking statementsâ within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act. These forward-looking statements may include: management plans relating to either the Two River Transaction or the CYHC Transaction; the expected timing of the completion of either the Two River Transaction or CYHC Transaction or both such transactions; the ability to complete either the Two River Transaction or CYHC Transaction or both such transactions; any statements of the plans and objectives of management for future operations, products or services, including the execution of integration plans relating to either the Two River Transaction or CYHC Transaction or both such transactions; any statements of expectation or belief; projections related to certain financial metrics; and any statements of assumptions underlying any of the foregoing. Forward-looking statements are typically identified by words such as âbelieve,â âexpect,â âanticipate,â âintend,â âseekâ, âplanâ, âwillâ, âwouldâ, âtarget,â âoutlook,â âestimate,â âforecast,â âprojectâ and other similar words and expressions or negatives of these words. Forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time and are beyond our control. Forward-looking statements speak only as of the date they are made. Neither OceanFirst nor Two River nor CYHC assumes any duty and does not undertake to update any forward-looking statements. Because forward-looking statements are by their nature, to different degrees, uncertain and subject to assumptions, actual results or future events could differ, possibly materially, from those that OceanFirst, Two River or CYHC anticipated in its forward-looking statements, and future results could differ materially from historical performance. Factors that could cause or contribute to such differences include, but are not limited to, those included under Item 1A âRisk Factorsâ in OceanFirstâs Annual Report on Form 10-K, Item 1A âRisk Factorsâ in Two Riverâs Annual Report on Form 10-K and those disclosed in OceanFirstâs and Two Riverâs other periodic reports filed with the SEC, as well as the possibility that expected benefits of either the Two River Transaction or CYHC Transaction or both such transactions and the recently completed acquisition of Capital Bank of New Jersey by OceanFirst (the âRecent Acquisitionâ) may not materialize in the timeframe expected or at all, or may be more costly to achieve; that either the Two River Transaction or CYHC Transaction or both such transactions may not be timely completed, if at all; that prior to the completion of either of Two River Transaction or CYHC Transaction or both such transactions or thereafter, OceanFirstâs, Two Riverâs and CYHCâs respective businesses may not perform as expected due to transaction-related uncertainty or other factors; that the parties are unable to successfully implement integration strategies related to either the Two River Transaction or CYHC Transaction or both such transactions or the Recent Acquisition; that, with respect to either the Two River Transaction or the CYHC Transaction or both such transactions, outstanding customary closing conditions are not satisfied in a timely manner or at all; reputational risks and the reaction of the companiesâ stockholders, customers, employees and other constituents to the Two River Transaction or CYHC Transaction or both such transactions, and diversion of management time as a result of matters related to either the Two River Transaction or CYHC Transaction or both such transactions. The list of factors presented here, and the list of factors that are presented in the registration statements on Form S-4 for each of the Two River Transaction and CYHC Transaction, is not, and should not be considered, a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward looking statements. For any forward-looking statements made in this press release or in any documents, OceanFirst, Two River and CYHC claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.
Additional Information about the Proposed Transactions
This press release is being made in respect of the proposed transactions involving OceanFirst acquiring Two River and CYHC.Â
Two River Transaction
In connection with the proposed transaction with Two River, OceanFirst has filed a definitive Registration Statement (No. 333-233872) on Form S-4 containing a prospectus of OceanFirst and proxy statement of Two River, and other documents regarding the Two River transaction with the SEC. Before making any investment decision, the investors and shareholders of Two River are urged to carefully read the entire prospectus of OceanFirst and proxy statement of Two River and any other relevant documents filed by OceanFirst or Two River with the SEC, as well as any amendments or supplements to those documents, because they will contain important information about OceanFirst and Two River and the proposed transaction. Copies of the prospectus of OceanFirst and proxy statement of Two River have been mailed to the shareholders of Two River. Two River investors and shareholders are also urged to carefully review and consider each of OceanFirstâs and Two Riverâs public filings with the SEC, including but not limited to their respective Annual Reports on Form 10-K, proxy statements, Current Reports on Form 8-K and Quarterly Reports on Form 10-Q. Copies of the prospectus of OceanFirst and the proxy statement of Two River also may be obtained free of charge at the SECâs web site at http://www.sec.gov. You may also obtain these documents, free of charge, from OceanFirst by accessing OceanFirstâs website at https://oceanfirst.com/ under the tab âInvestor Relationsâ and then under the heading âSEC Filingsâ or from Two River by accessing Two Riverâs website at https://www.tworiver.bank/ under the tab âInvestor Relationsâ and then under the heading âSEC Filingsâ.
CYHC Transaction
In connection with the proposed transaction with CYHC, OceanFirst has filed a definitive Registration Statement (No. 333-233909) on Form S-4 containing a prospectus of OceanFirst and proxy statement of CYHC and other documents regarding the CYHC Transaction with the SEC. Before making any investment decision, the investors and shareholders of CYHC are urged to carefully read the entire prospectus of OceanFirst and proxy statement of CYHC and any other relevant documents filed by OceanFirst with the SEC, as well as any amendments or supplements to those documents, because they will contain important information about OceanFirst and CYHC and the proposed transaction. Copies of the prospectus of OceanFirst and proxy statement of CYHC have been mailed to the shareholders of CYHC. CYHC investors and shareholders are also urged to carefully review and consider OceanFirstâs public filings with the SEC, including but not limited to its Annual Report on Form 10-K, proxy statement, Current Reports on Form 8-K and Quarterly Reports on Form 10-Q. Copies of the prospectus of OceanFirst and proxy statement of CYHC also may be obtained free of charge at the SECâs web site at http://www.sec.gov. You may also obtain these documents, free of charge, from OceanFirst by accessing OceanFirstâs website at www.oceanfirstonline.com under the tab âInvestor Relationsâ and then under the heading âSEC Filings.âÂ
For more information, please contact:
OceanFirst Financial Corp., 110 West Front Street Red Bank, New Jersey 07701, Attn:Â Jill Hewitt
Two River Bancorp., 766 Shrewsbury Avenue, Tinton Falls, New Jersey, 07724, Attn: Richard Abrahamian
Country Bank Holding Company, Inc., 655 Third Avenue, New York, New York 10017, Attn: Joseph M. Murphy
Contact:
Jill Hewitt
Senior Vice President and Investor Relations Officer
OceanFirst Financial Corp.
732.240.4500 ext. 7513
jhewitt@oceanfirst.com
Akoustis Announces Proposed Public Offering of Common Stock
Charlotte, N.C., Dec. 11, 2019 (GLOBE NEWSWIRE) -- Akoustis Technologies, Inc. (Nasdaq: AKTS) (âAkoustisâ or the âCompanyâ), an integrated device manufacturer of patented bulk acoustic wave (âBAWâ) high-band radio frequency (âRFâ) filters for mobile and other wireless applications, announced today that it intends to offer and sell shares of its common stock in an underwritten public offering.Â
Akoustis expects to grant the underwriter a 30-day option to purchase additional shares of common stock sold in the offering solely to cover over-allotments. The offering is subject to market and other conditions, and there can be no assurance as to whether or when such offering may be completed, or as to the actual size or terms of such offering.
Akoustis intends to use the net proceeds from the proposed offering to fund operations and the growth of its business, including for capital expenditures, working capital, research and development, the commercialization of its technology and other general corporate purposes.Â
Craig-Hallum Capital Group LLC is acting as sole book-running manager for the offering.
A shelf registration statement relating to the shares of common stock to be issued in the proposed offering was filed with the Securities and Exchange Commission (the âSECâ) and is effective.  A preliminary prospectus supplement and accompanying prospectus describing the terms of the proposed offering will be filed with the SEC. The shares of common stock may be offered only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. Copies of the preliminary prospectus supplement and the accompanying prospectus relating to the securities being offered may be obtained, when available, from Craig-Hallum Capital Group LLC, 222 South Ninth Street, Suite 350, Minneapolis, Minnesota 55402, by telephone at 612-334-6300 or by email at prospectus@chlm.com. Electronic copies of the preliminary prospectus supplement and accompanying prospectus will also be available on the SECâs website at http://www.sec.gov.
This press release does not constitute an offer to sell, or the solicitation of an offer to buy, the shares of common stock, nor will there be any sale of the shares of common stock in any state or other jurisdiction in which such offer, solicitation or sale is not permitted.
About Akoustis Technologies, Inc.
Akoustis® (http://www.akoustis.com) is a high-tech BAW RF filter solutions company that is pioneering next-generation materials science and microelectromechanical systems (âMEMSâ) wafer manufacturing to address the market requirements for improved RF filters - targeting higher bandwidth, higher operating frequencies and higher output power compared to incumbent polycrystalline BAW technology deployed today. The Company utilizes its proprietary XBAW manufacturing process to produce bulk acoustic wave RF filters for mobile and other wireless markets, which facilitate signal acquisition and accelerate band performance between the antenna and digital back end. Superior performance is driven by the significant advances of high-purity, single-crystal and associated piezoelectric materials and the resonator-filter process technology which drives electro-mechanical coupling and translates to wide filter bandwidth.Â
Akoustis plans to service the fast growing multi-billion-dollar RF filter market using its integrated device manufacturer (IDM) business model. The Company owns and operates a 120,000 sq. ft. ISO-9001:2015 certified commercial wafer-manufacturing facility located in Canandaigua, NY, which includes a class 100 / class 1000 cleanroom facility - tooled for 150-mm diameter wafers - for the design, development, fabrication and packaging of RF filters, MEMS and other semiconductor devices. Akoustis Technologies, Inc. is headquartered in the Piedmont technology corridor near Charlotte, North Carolina.
Forward-Looking Statements
This press release includes âforward-looking statementsâ within the meaning of Section 27A of the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be covered by the âsafe harborâ created by those sections. These forward-looking statements include, but are not limited to, statements regarding the proposed public offering of common stock and the intended use of the net proceeds of such public offering. Forward-looking statements include all statements that are not historical facts and typically are identified by use of terms such as âmay,â âwill,â âshould,â âcould,â âexpect,â âplan,â âanticipate,â âbelieve,â âestimate,â âpredict,â âintend,â âforecast,â âseek,â âpotential,â âcontinueâ and similar words, although some forward-looking statements are expressed differently. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, these forward-looking statements are based on managementâs current beliefs, expectations and assumptions and are subject to risks and uncertainties. Factors that could cause actual results to differ materially from those currently anticipated include, without limitation, risks relating to whether the Company will consummate the proposed offering; market and other general economic conditions; whether the Company will be able to satisfy the conditions required to close any sale of common stock in the proposed offering; the fact that Companyâs management will have broad discretion in the use of the proceeds from any sale of the common stock in the proposed offering; the results of the Companyâs research and development activities, including uncertainties relating to semiconductor process manufacturing; the development of the Companyâs XBAW⢠technology and products presently under development and the anticipated timing of such development; the Companyâs ability to protect its intellectual property rights that are valuable to its business, including patent and other intellectual property rights; the Companyâs ability to successfully manufacture, market and sell products based on the Companyâs technologies; the Companyâs ability to achieve qualification of its products for commercial manufacturing in a timely manner and the size and growth of the potential markets for any products so qualified; the rate and degree of market acceptance of any of the Companyâs products; the Companyâs ability to raise funding to support operations and the continued development and qualification of its products and the technologies underlying them; and the Companyâs ability to service its outstanding indebtedness. These and other risks and uncertainties are described in more detail in the Risk Factors and Managementâs Discussion and Analysis of Financial Condition and Results of Operations sections of the Companyâs most recent Annual Report on Form 10-K and in subsequently filed Quarterly Reports on Form 10-Q and the Risk Factors sections of the preliminary prospectus supplement describing the terms of the proposed offering that will be filed with the SEC. Considering these risks, uncertainties and assumptions, the forward-looking statements regarding future events and circumstances discussed in this document may not occur, and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. The forward-looking statements included in this document speak only as of the date hereof and, except as required by law, we undertake no obligation to update publicly or privately any forward-looking statements, whether written or oral, for any reason after the date of this document to conform these statements to new information, actual results or to changes in our expectations.
miRagen Announces Major Changes to Company’s Strategy
- Expecting topline data in Q3 2020 from truncated Phase 2 SOLAR clinical trial of cobomarsen in CTCL
- Pursuing guidance from FDA on a clinical development plan for cobomarsen in ATLL; anticipate meeting in Q2 2020
- Focusing future pipeline efforts primarily on the development of MRG-229 for the treatment of IPF; preclinical data expected in Q2 2020
- Announces interim data from a Phase 2 clinical trial of remlarsen in keloid scars
- Announces additional reduction in work force as part of strategic shift and cost realignment
- Announces the departure of Paul Rubin, M.D., Executive Vice President of R&D and transition plan promoting Diana Escolar, M.D. to the position of Chief Medical Officer
- Extends anticipated cash runway into Q4 2020
- Entered into a $20 million firm commitment common stock purchase agreement with Aspire Capital Fund, LLC, including an initial sale of $1.0 million in common stock
- Management to host conference call today at 5:00 p.m. ET
BOULDER, Colo., Dec. 11, 2019 (GLOBE NEWSWIRE) -- miRagen Therapeutics, Inc. (NASDAQ: MGEN), a clinical-stage biopharmaceutical company developing proprietary RNA-targeted therapies with a specific focus on microRNAs, today announced a series of strategic changes across its business that are intended to reallocate its existing capital to deliver important milestones in 2020. These changes  include a revised development strategy aimed at delivering data in 2020 from a modified  Phase 2 SOLAR clinical trial of cobomarsen in cutaneous T-cell lymphoma (CTCL), consulting with the U.S. Food and Drug Administration (FDA) to define a development path for cobomarsen in adult T-cell leukemia/lymphoma (ATLL), and focusing future pipeline development efforts primarily on MRG-229, a novel second generation miR-29 mimic and potential treatment in patients with idiopathic pulmonary fibrosis (IPF).Â
Together with its updated development strategy, the Company is streamlining operations and reallocating its existing resources, which includes a workforce reduction that will impact approximately 18 employees. After changes to the SOLAR clinical trial and the reduction in workforce, the Company believes its cash and cash equivalents will now be sufficient to fund its operations into the fourth quarter of 2020.Â
âWe are executing on a strategy to streamline our operations which we believe will allow us to focus our development efforts and deliver important milestones in 2020,â stated William S. Marshall, Ph.D., President and Chief Executive Officer of miRagen. âDelivering controlled data in CTCL and gaining clarity on the development path for cobomarsen in ATLL are important aspects in support of our belief that cobomarsen has the potential to be a broad-based therapy for the treatment of cancer patients with elevated levels of miR-155,â concluded Dr. Marshall.
âWe have also been encouraged by the preclinical data we have generated with our next generation microRNA-29 mimic, MRG-229, and will primarily focus our pipeline development efforts and allocation of future capital on advancing MRG-229. We believe that the preclinical data we have collected demonstrate that MRG-229 has the potential for superior efficacy in treating patients with IPF, a fibrotic disease with high unmet medical need. If effective, MRG-229 possesses a mechanism of action that we believe could be particularly valuable for patients with this deadly disease.â
Cobomarsen Update
The Company announced today that it will stop the enrollment of new patients in its Phase 2 clinical trial of cobomarsen, SOLAR, effective as of the end of the 2019. Patients enrolled in the trial at that time will continue to be evaluated for safety and clinical response. The Company initially planned to enroll up to 126 patients and now expects to enroll approximately 30 patients. Despite the reduction in patient enrollment, the Company believes that evaluation of data from this set of patients can provide important evidence regarding the safety and efficacy of cobomarsen for the treatment of CTCL in a shorter period of time and require fewer resources. The Company also believes that obtaining controlled clinical data from this cohort of patients may allow for a better assessment of the clinical potential of cobomarsen as compared to data from our Phase 1 trial. The Company intends for this controlled clinical data to form the basis of determining what additional clinical investigation of cobomarsen in CTCL is warranted, if any, and what would be required to potentially obtain regulatory approval. Topline data from this amended trial is expected to be announced in the third quarter of 2020.
In addition to CTCL, miRagen is also evaluating cobomarsen in a Phase 1 basket trial of other cancers where the disease process appears to be correlated with an increase in miR-155 levels, ATLL, diffuse large B-cell lymphoma, and chronic lymphocytic leukemia. In this clinical trial, the Company believes that cobomarsen has demonstrated promising interim results in several ATLL patients. Based on these interim results, the Company is announcing today that it is focusing its cobomarsen expansion indication efforts on ATLL and will request a meeting with the FDA to explore a potential expedited development pathway for cobomarsen in ATLL. The Company expects to have a meeting with the FDA in the second quarter of 2020. Â
microRNA-29 Mimics
The Company is developing miR-29 mimics or replacements for miR-29, a microRNA that is found at abnormally low levels in a number of pathological fibrotic conditions. The Companyâs lead microRNA-29 mimics are remlarsen and MRG-229. Remlarsen is the Companyâs most advanced product candidate in fibrosis, which is currently being evaluated in a Phase 2 clinical trial assessing its safety, tolerability, and activity in the potential prevention or reduction of keloid formation in patients with a history of keloid scars, a form of pathological scarring. Today, the Company reported interim data from this clinical trial, which suggests that remlarsen was generally safe and well tolerated, treatment had no negative effect on healing reported and initial volume reductions in treated keloids compared to placebo in a subset of patients were observed. Based on this data, the Company has decided to continue its analysis of patient data at the one-year primary endpoint of the clinical trial. With this data, the Company may seek a collaboration partner for the future development of remlarsen.
In addition, based on preclinical data with MRG-229, the Company announced that its pipeline development efforts and allocation of future capital will be primarily focused on the development of MRG-229 for IPF.  The Company believes that the efficacy and safety profile of MRG-229 positions it as a potentially differentiated approach to the treatment of IPF. miRagen expects to report additional preclinical-safety and -efficacy data during the first half of 2020. This program is supported by a grant in collaboration with the National Institutes of Health and Yale University.Â
Cost Restructuring Plan
The Company is executing on a plan to streamline its operations, which it expects will result in the reduction of approximately 18 employees over the next seven months. The reductions are primarily in positions relating to research and development and corresponding project, general and administrative support. miRagen estimates that it will incur approximately $0.7 million in restructuring charges primarily for severance and other related costs for the employees impacted by the reduction in force over the next seven months. In addition, the Company plans to enter into severance and retention bonus agreements with its remaining workforce.
The Company also announced today that Paul Rubin, M.D., Executive Vice President of R&D, is leaving the Company effective December 31, 2019 to spend more time with his family.  Dr. Rubin remains excited about the potential of the Companyâs technology and will continue to provide guidance and advice to miRagen through a consulting arrangement. âPaul has made significant contributions to miRagen on multiple levels,â said William S. Marshall, Ph.D. âHe has led our research and development efforts for the last three years resulting in important advances in our clinical and preclinical pipeline with the goal of helping to serve patients around the world. We wish Paul the best in his future endeavors and appreciate the ability to continue to seek advice and guidance in the future.â
With the departure of Dr. Rubin, the Company has named Diana Escolar, M.D. as Chief Medical Officer. Dr. Escolar joined the Company in January 2018 and has served as miRagenâs Senior Vice President of Clinical Sciences. Dr. Escolar has helped to lead the clinical development strategies and implement the Companyâs clinical programs over the last two years. âWe are pleased that Diana will continue to lead our clinical sciences efforts and expand her role as the Chief Medical Officer,â Marshall continued. âShe is a dynamic physician scientist with strong capabilities in clinical development, especially in the rare disease setting.â
Common Stock Purchase Agreement
On December 11, 2019, the Company signed a $20 million common stock purchase agreement (Purchase Agreement) with Aspire Capital Fund, LLC (Aspire Capital). Immediately following the execution of the Purchase Agreement, Aspire Capital purchased 1,598,465 shares of common stock at a price of $0.6256 per share. miRagen has the right to sell up to the remaining $19.0 million of its common stock to Aspire Capital over a 30-month period, at prices based on a formula linked to current market prices at or around the time of each sale. The Company also issued 959,079 shares of common stock to Aspire Capital in consideration for entering into the Purchase Agreement. Aspire Capital has the obligation to purchase common stock from miRagen in amounts and based on timing determined by miRagen in its sole discretion, subject to certain limits. The Purchase Agreement does not contain any restrictions on the use of the proceeds, financial or other covenants or restrictions. The Company expects to use proceeds from the sale of common stock under the Purchase Agreement to advance the development of MRG-229, as well as general corporate purposes including business development initiatives.
This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities in this offering, nor will there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale are unlawful prior to registration or qualification under securities laws of any such jurisdiction.
Conference Call Information
miRagen will host a conference call today at 5:00 p.m. ET to discuss its focused development strategy, cost reduction measures and upcoming milestones in 2020. Participants may access the call by dialing 877-407-0789 in the U.S. or 201-689-8562 the U.S. and providing the conference ID number: 13697446. The call will also be webcast and can be accessed from the Investors and Media section of miRagenâs website at www.miragen.com. A replay of this conference call will be available on miRagenâs website approximately one hour after the event.
About miRagen Therapeutics
miRagen Therapeutics, Inc. is a clinical-stage biopharmaceutical company discovering and developing proprietary RNA-targeted therapies with a specific focus on microRNAs and their role in diseases where there is a high unmet medical need. miRagen has three clinical stage product candidates, cobomarsen, remlarsen, and MRG-110. miRagen is developing cobomarsen for the treatment of patients with certain cancers, including cutaneous T-cell lymphoma and adult T-cell leukemia/lymphoma. Cobomarsen, is an inhibitor of microRNA-155, which is found at abnormally high levels in malignant cells of several blood cancers. miRagen is also developing remlarsen and MRG-229, which are product candidates for the treatment of patients with pathological fibrosis. These product candidates are replacements for microRNA-29, which is found at abnormally low levels in a number of pathological fibrotic conditions, including cutaneous, cardiac, renal, hepatic, pulmonary and ocular fibrosis, as well as in systemic sclerosis.  MRG-110, an inhibitor of microRNA-92, is miRagenâs product candidate for the treatment of heart failure and other ischemic disease. For more information, please visit www.miragen.com. For information on clinical trials please visit www.clinicaltrials.gov.
Note Regarding Forward-Looking Statements
This press release may contain forward-looking statements that involve substantial risks and uncertainties for purposes of the safe harbor provided by the Private Securities Litigation Reform Act of 1995. All statements contained in this press release other than statements of historical fact, including statements regarding miRagenâs strategy, anticipated clinical development milestones, future operations, future financial position, future revenue, projected expenses, prospects, plans and objectives of management or the expected features of or potential indications for miRagenâs product candidates are forward-looking statements. The words âbelieve,â âmay,â âwill,â âestimate,â âcontinue,â âanticipate,â âintend,â âplan,â âexpect,â âpredict,â âpotential,â âopportunity,â âgoals,â or âshould,â and similar expressions are intended to identify forward-looking statements. Such statements are based on managementâs current expectations and involve risks and uncertainties. Actual results and performance could differ materially from those projected in the forward-looking statements as a result of many factors, including, without limitation: that miRagen has incurred losses since its inception, and anticipates that it will continue to incur significant losses for the foreseeable future; future financing activities may cause miRagen to restrict its operations or require it to relinquish rights; miRagen may fail to demonstrate safety and efficacy of its product candidates; miRagenâs product candidates are unproven and may never lead to marketable products; miRagenâs product candidates are based on a relatively novel technology, which makes it difficult to predict the time and cost of development and of subsequently obtaining regulatory approval, if at all; miRagenâs product candidates may cause undesirable side effects or have other properties that could delay or prevent the regulatory approval; and the results of miRagenâs clinical trials to date are not sufficient to show safety and efficacy of miRagenâs product candidates and may not be indicative of future clinical trial results.
miRagen has based these forward-looking statements largely on its current expectations and projections about future events and trends. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those described under the heading âRisk Factorsâ in miRagenâs Annual Report on Form 10-K and subsequent periodic reports filed with the Securities and Exchange Commission. Moreover, miRagen operates in a very competitive and rapidly changing environment. New risks emerge from time to time.
It is not possible for its management to predict all risks, nor can it assess the impact of all factors on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements it may make. In light of these risks, uncertainties and assumptions, the future events and trends discussed in this press release may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. miRagen undertakes no obligation to revise or publicly release the results of any revision to such forward-looking statements, except as required by law. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. All forward-looking statements are qualified in their entirety by this cautionary statement.
Investor/Media Contact:
Dan Ferry
LifeSci Advisors
(617) 535-7746
daniel@lifesciadvisors.com Â
Oxford: Owner of Tommy Bahama, Lilly Pulitzer and Southern Tide Announces Fiscal 2019 Third Quarter Results
-- Comparable Sales Increased 6% --
-- GAAP and Adjusted EPS of $0.10 at Top of Guidance Ranges --
-- Narrows Full-Year GAAP EPS Guidance Range to $4.15 - $4.30 and Full-Year Adjusted EPS to $4.25 - $4.40 --
ATLANTA, Dec. 11, 2019 (GLOBE NEWSWIRE) -- Oxford Industries, Inc. (NYSE:OXM) today announced financial results for its fiscal 2019 third quarter ended November 2, 2019. Consolidated net sales in the third quarter of fiscal 2019 grew to $241.2 million compared to $233.7 million in the third quarter of fiscal 2018. Earnings on a GAAP basis were $0.10 per share in the third quarter of fiscal 2019 compared to earnings of $0.11 per share in the same period of the prior year. On an adjusted basis, earnings were $0.10 per share in the third quarter of fiscal 2019 compared to earnings of $0.14 per share in the third quarter of fiscal 2018.Â
Thomas C. Chubb III, Chairman and CEO, commented, âWe delivered another quarter of solid results highlighted by a 6% comparable sales gain on top of a 7% increase a year ago. The strength of our brands and product offerings, combined with the work weâve done enhancing our direct to consumer capabilities, fueled our top-line performance. At the same time, our commitment to operational excellence throughout the organization allowed us to achieve third quarter earnings at the high end of our guidance range.â
Mr. Chubb continued, âThis is a dynamic time of year as we are in the midst of the holiday selling season. With the remaining holiday shopping days and the all-important resort season still ahead of us, we have the opportunity to do a lot of business in the quarter. That said, our fourth quarter sales to date are tracking a bit behind our previous plan and we have modestly trimmed the top end of our earnings outlook. With our powerful brands and brand messaging, our differentiated product, and the incredible shopping experience delivered both online and in-store by our amazing people, we are confident that we can deliver a solid fourth quarter and continue to build shareholder value over the near and long term.â
Consolidated Operating Results
Consolidated net sales in the third quarter of fiscal 2019 increased 3% to $241.2 million from $233.7 million in the third quarter of fiscal 2018 driven by a comparable sales increase of 6%.
Gross profit in the third quarter increased to $133.0 million compared to $129.3 million in the same period of the prior year. Gross margin in the third quarter of fiscal 2019 was 55.1% compared to 55.3% in the third quarter of fiscal 2018. Adjusted gross profit and margin in both periods were comparable to GAAP values.Â
In the third quarter of fiscal 2019, SG&A was $134.2 million or 55.6% of net sales compared to $128.7 million and 55.1% in the prior yearâs third quarter. On an adjusted basis, SG&A was $134.1 million or 55.6% of net sales compared to $128.1 million and 54.8% in the prior yearâs third quarter.Â
For the third quarter of fiscal 2019, royalties and other operating income increased to $3.8 million compared to $3.1 million in the third quarter of fiscal 2018.Â
Operating income in the third quarter of fiscal 2019 was $2.6 million compared to operating income of $3.7 million in the same period of the prior year. On an adjusted basis, operating income was $2.7 million compared to $4.2 million in the third quarter of fiscal 2018.Â
Because of the lower operating results in the third quarter compared to other quarters of the fiscal year, income taxes and the effective tax rate in the third quarter are often more significantly impacted by discrete and other items. The effective tax rate in the third quarter of fiscal 2019 was 34%, which is not indicative of the effective tax rate anticipated for the full year.
Balance Sheet and Liquidity
Inventory increased to $154 million at November 2, 2019 from $138 million at the end of the third quarter of fiscal 2018. This increase was primarily due to additional inventory to support key items at Tommy Bahama, anticipated sales growth, and new retail stores and Marlin Bars.
As of November 2, 2019, the Company had no borrowings outstanding under its $325 million credit agreement compared to $32 million at the end of the third quarter of fiscal 2018. The Company had $22 million in cash at the end of the quarter compared to $7 million in the prior year. These changes were attributable to strong cash flow from operations.
Outlook for Fiscal Year 2019 and Fourth Quarter
For the full year fiscal 2019, ending on February 1, 2020, the Company has narrowed its earnings guidance ranges and now expects GAAP earnings per share to be between $4.15 and $4.30. Adjusted earnings per share are expected to be between $4.25 and $4.40. This compares to fiscal 2018 earnings on a GAAP basis of $3.94 per share and, on an adjusted basis, $4.32 per share. The Company expects net sales to grow to between $1.125 billion to $1.135 billion as compared to fiscal 2018 net sales of $1.107 billion.
For the fourth quarter of fiscal 2019, the Company expects net sales in a range from $300 million to $310 million compared to net sales of $298.5 million in the fourth quarter of fiscal 2018. Earnings per share on a GAAP basis are expected to be in a range of $1.00 to $1.15 in the fourth quarter. On an adjusted basis, earnings per share for the fourth quarter of fiscal 2019 are expected to be in a range of $1.01 to $1.16. This compares with fourth quarter fiscal 2018 GAAP earnings per share of $0.99 and adjusted earnings per share of $1.08.
The Companyâs effective tax rate for fiscal 2019 is expected to be approximately 26%.
Capital expenditures in fiscal 2019, including $27 million in the first nine months of fiscal 2019, are expected to be approximately $40 million, primarily consisting of investments in information technology initiatives, new retail stores and Marlin Bars, and investments to remodel existing retail stores and restaurants.
Dividend
The Company also announced that its Board of Directors has approved a cash dividend of $0.37 per share payable on January 31, 2020 to shareholders of record as of the close of business on January 17, 2020. The Company has paid dividends every quarter since it became publicly owned in 1960.
Conference Call
The Company will hold a conference call with senior management to discuss its financial results at 4:30 p.m. ET today. A live web cast of the conference call will be available on the Companyâs website at www.oxfordinc.com. A replay of the call will be available through December 25, 2019 by dialing (412) 317-6671 access code 13696756.Â
About Oxford
Oxford Industries, Inc., a leader in the apparel industry, owns and markets the distinctive Tommy Bahama®, Lilly Pulitzer® and Southern Tide® lifestyle brands, as well as other owned brands. Oxford also produces certain licensed and private label apparel products. Oxford's stock has traded on the New York Stock Exchange since 1964 under the symbol OXM. For more information, please visit Oxford's website at www.oxfordinc.com.
Basis of Presentation
All financial results and outlook information included in this release, unless otherwise noted, are from continuing operations and all per share amounts are on a diluted basis. Effective February 3, 2019, the Company adopted the new lease accounting guidance, which resulted in a significant increase in its reported assets and liabilities. The adoption of the new lease accounting guidance did not have a material impact on the Companyâs consolidated statements of operations or consolidated statements of cash flows.Â
Comparable Sales
The Companyâs disclosures about comparable sales include sales from its full-price retail stores and e-commerce sites, excluding sales associated with e-commerce flash clearance sales.
Non-GAAP Financial Information
The Company reports its consolidated financial statements in accordance with generally accepted accounting principles (GAAP). To supplement these consolidated financial results, management believes that a presentation and discussion of certain financial measures on an adjusted basis, which exclude certain non-operating or discrete gains, charges or other items, may provide a more meaningful basis on which investors may compare the Companyâs ongoing results of operations between periods. These measures include adjusted earnings, adjusted earnings per share, adjusted gross profit, adjusted gross margin, adjusted SG&A, and adjusted operating income, among others. Management uses these non-GAAP financial measures in making financial, operational and planning decisions to evaluate the Companyâs ongoing performance. Management also uses these adjusted financial measures to discuss its business with investment and other financial institutions, its board of directors and others. Reconciliations of these adjusted measures to the most directly comparable financial measures calculated in accordance with GAAP are presented in tables included at the end of this release. These reconciliations present adjusted operating results information for certain historical and future periods.Â
Safe Harbor
This press release includes statements that constitute forward-looking statements within the meaning of the federal securities laws. Generally, the words "believe," "expect," "intend," "estimate," "anticipate," "project," "will" and similar expressions identify forward-looking statements, which are not historical in nature. We intend for all forward-looking statements contained herein or on our website, and all subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf, to be covered by the safe harbor provisions for forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 (which Sections were adopted as part of the Private Securities Litigation Reform Act of 1995). Such statements are subject to a number of risks, uncertainties and assumptions including, without limitation, demand for our products, which may be impacted by competitive conditions and/or evolving consumer shopping patterns; macroeconomic factors that may impact consumer spending for apparel and related products; costs of products as well as the raw materials used in those products; expected pricing levels; costs of labor; the timing of shipments requested by our wholesale customers; changes, and the impact on our business operations of such changes, in international, federal or state tax, trade and other laws and regulations, including the imposition of additional duties, tariffs, taxes or other charges or barriers to trade resulting from ongoing trade developments with China and our ability to implement mitigating sourcing strategies; weather; retention of and disciplined execution by key management; the timing and cost of store and restaurant openings and remodels as well as other capital expenditures; acquisition and disposition activities, including our ability to timely recognize expected synergies from acquisitions; expected outcomes of pending or potential litigation and regulatory actions; the impact of any restructuring initiatives we may undertake in one or more of our business lines; access to capital and/or credit markets; changes in accounting standards and related guidance; and factors that could affect our consolidated effective tax rate. Forward-looking statements reflect our expectations at the time such forward-looking statements are made, based on information available at such time, and are not guarantees of performance. Although we believe that the expectations reflected in such forward-looking statements are reasonable, these expectations could prove inaccurate as such statements involve risks and uncertainties, many of which are beyond our ability to control or predict. Should one or more of these risks or uncertainties, or other risks or uncertainties not currently known to us or that we currently deem to be immaterial, materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. Important factors relating to these risks and uncertainties include, but are not limited to, those described in Part I, Item 1A. contained in our Annual Report on Form 10-K for the period ended February 2, 2019 under the heading "Risk Factors" and those described from time to time in our future reports filed with the SEC. You should not place undue reliance on forward-looking statements, which speak only as of the date on which they are made. We disclaim any intention, obligation or duty to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
| Contact: | Â | Anne M. Shoemaker |
| Telephone: | Â | (404) 653-1455 |
| E-mail: | Â | InvestorRelations@oxfordinc.com |
| Oxford Industries, Inc. | ||||||||
| Condensed Consolidated Balance Sheets | ||||||||
| (in thousands, except par amounts) | ||||||||
| (unaudited) | ||||||||
|  |  | November 2, |  | November 3, | ||||
| Â | Â | 2019 | Â | Â | 2018 | |||
| ASSETS | Â | Â | Â | Â | Â | Â | ||
| Current Assets | Â | Â | Â | Â | Â | Â | ||
| Cash and cash equivalents | Â | $ | 21,568 | Â | Â | $ | 7,413 | Â |
| Receivables, net | Â | Â | 64,593 | Â | Â | Â | 69,400 | Â |
| Inventories, net | Â | Â | 154,229 | Â | Â | Â | 138,150 | Â |
| Prepaid expenses and other current assets | Â | Â | 28,438 | Â | Â | Â | 36,937 | Â |
| Total Current Assets | Â | $ | 268,828 | Â | Â | $ | 251,900 | Â |
| Property and equipment, net | Â | Â | 190,537 | Â | Â | Â | 194,228 | Â |
| Intangible assets, net | Â | Â | 175,298 | Â | Â | Â | 176,735 | Â |
| Goodwill | Â | Â | 66,594 | Â | Â | Â | 66,618 | Â |
| Operating lease assets | Â | Â | 287,977 | Â | Â | Â | â | Â |
| Other non-current assets, net | Â | Â | 23,850 | Â | Â | Â | 23,272 | Â |
| Total Assets | Â | $ | 1,013,084 | Â | Â | $ | 712,753 | Â |
| Â | Â | Â | Â | Â | Â | Â | ||
| LIABILITIES AND SHAREHOLDERSâ EQUITY | Â | Â | Â | Â | Â | Â | ||
| Current Liabilities | Â | Â | Â | Â | Â | Â | ||
| Accounts payable | Â | $ | 60,708 | Â | Â | $ | 64,429 | Â |
| Accrued compensation | Â | Â | 21,560 | Â | Â | Â | 25,426 | Â |
| Current operating lease liabilities | Â | Â | 49,901 | Â | Â | Â | â | Â |
| Other accrued expenses and liabilities | Â | Â | 31,949 | Â | Â | Â | 34,984 | Â |
| Total Current Liabilities | Â | $ | 164,118 | Â | Â | $ | 124,839 | Â |
| Long-term debt | Â | Â | â | Â | Â | Â | 32,211 | Â |
| Non-current operating lease liabilities | Â | Â | 293,775 | Â | Â | Â | â | Â |
| Other non-current liabilities | Â | Â | 17,365 | Â | Â | Â | 73,434 | Â |
| Deferred taxes | Â | Â | 21,010 | Â | Â | Â | 16,922 | Â |
| Commitments and contingencies | Â | Â | â | Â | Â | Â | â | Â |
| Shareholdersâ Equity | Â | Â | Â | Â | Â | Â | ||
| Common stock, $1.00 par value per share | Â | Â | 17,040 | Â | Â | Â | 16,956 | Â |
| Additional paid-in capital | Â | Â | 147,448 | Â | Â | Â | 140,876 | Â |
| Retained earnings | Â | Â | 357,768 | Â | Â | Â | 312,604 | Â |
| Accumulated other comprehensive loss | Â | Â | (5,440 | ) | Â | Â | (5,089 | ) |
| Total Shareholdersâ Equity | Â | $ | 516,816 | Â | Â | $ | 465,347 | Â |
| Total Liabilities and Shareholdersâ Equity | Â | $ | 1,013,084 | Â | Â | $ | 712,753 | Â |
| Â | Â | Â | Â | Â | Â | Â | ||
| Â | Â | Â | Â | Â | Â | Â | ||
| Oxford Industries, Inc. | ||||||||||||
| Condensed Consolidated Statements of Operations | ||||||||||||
| (in thousands, except per share amounts) | ||||||||||||
| (unaudited) | ||||||||||||
| Â | Â | Third Quarter | Â | First Nine Months | ||||||||
|  |  | Fiscal 2019 |  | Fiscal 2018 |  | Fiscal 2019 |  | Fiscal 2018 | ||||
| Net sales | Â | $ | 241,221 | Â | $ | 233,662 | Â | $ | 825,194 | Â | $ | 808,931 |
| Cost of goods sold | Â | Â | 108,241 | Â | Â | 104,383 | Â | Â | 346,620 | Â | Â | 336,209 |
| Gross profit | Â | $ | 132,980 | Â | $ | 129,279 | Â | $ | 478,574 | Â | $ | 472,722 |
| SG&A | Â | Â | 134,231 | Â | Â | 128,687 | Â | Â | 417,448 | Â | Â | 414,747 |
| Royalties and other operating income | Â | Â | 3,845 | Â | Â | 3,113 | Â | Â | 11,469 | Â | Â | 10,616 |
| Operating income | Â | $ | 2,594 | Â | $ | 3,705 | Â | $ | 72,595 | Â | $ | 68,591 |
| Interest expense, net | Â | Â | 81 | Â | Â | 489 | Â | Â | 1,171 | Â | Â | 1,872 |
| Earnings before income taxes | Â | $ | 2,513 | Â | $ | 3,216 | Â | $ | 71,424 | Â | $ | 66,719 |
| Income taxes | Â | Â | 845 | Â | Â | 1,355 | Â | Â | 18,263 | Â | Â | 17,107 |
| Net earnings | Â | $ | 1,668 | Â | $ | 1,861 | Â | $ | 53,161 | Â | $ | 49,612 |
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
| Net earnings per share: | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
| Basic | Â | $ | 0.10 | Â | $ | 0.11 | Â | $ | 3.17 | Â | $ | 2.98 |
| Diluted | Â | $ | 0.10 | Â | $ | 0.11 | Â | $ | 3.15 | Â | $ | 2.95 |
| Weighted average shares outstanding: | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
| Basic | Â | Â | 16,773 | Â | Â | 16,694 | Â | Â | 16,748 | Â | Â | 16,672 |
| Diluted | Â | Â | 16,934 | Â | Â | 16,870 | Â | Â | 16,896 | Â | Â | 16,826 |
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
| Dividends declared per share | Â | $ | 0.37 | Â | $ | 0.34 | Â | $ | 1.11 | Â | $ | 1.02 |
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
| Oxford Industries, Inc. | ||||||||
| Condensed Consolidated Statements of Cash Flows | ||||||||
| (in thousands) | ||||||||
| (unaudited) | ||||||||
| Â | Â | First Nine Months | ||||||
|  |  | Fiscal 2019 |  | Fiscal 2018 | ||||
| Cash Flows From Operating Activities: | Â | Â | Â | Â | Â | Â | ||
| Net earnings | Â | $ | 53,161 | Â | Â | $ | 49,612 | Â |
| Adjustments to reconcile net earnings to net cash provided by operating activities: | Â | Â | Â | Â | Â | Â | ||
| Depreciation | Â | Â | 29,301 | Â | Â | Â | 29,878 | Â |
| Amortization of intangible assets | Â | Â | 878 | Â | Â | Â | 2,055 | Â |
| Equity compensation expense | Â | Â | 5,698 | Â | Â | Â | 5,510 | Â |
| Amortization of deferred financing costs | Â | Â | 298 | Â | Â | Â | 318 | Â |
| Deferred income taxes | Â | Â | 2,370 | Â | Â | Â | 1,501 | Â |
| Changes in working capital, net of acquisitions and dispositions: | Â | Â | Â | Â | Â | Â | ||
| Receivables, net | Â | Â | 4,559 | Â | Â | Â | (2,286 | ) |
| Inventories, net | Â | Â | 6,203 | Â | Â | Â | (14,346 | ) |
| Prepaid expenses and other current assets | Â | Â | (2,348 | ) | Â | Â | 943 | Â |
| Current liabilities | Â | Â | (27,479 | ) | Â | Â | (9,244 | ) |
| Other balance sheet changes | Â | Â | 2,565 | Â | Â | Â | 677 | Â |
| Cash provided by operating activities | Â | $ | 75,206 | Â | Â | $ | 64,618 | Â |
| Cash Flows From Investing Activities: | Â | Â | Â | Â | Â | Â | ||
| Acquisitions, net of cash acquired | Â | Â | â | Â | Â | Â | (354 | ) |
| Purchases of property and equipment | Â | Â | (26,877 | ) | Â | Â | (30,914 | ) |
| Cash used in investing activities | Â | $ | (26,877 | ) | Â | $ | (31,268 | ) |
| Cash Flows From Financing Activities: | Â | Â | Â | Â | Â | Â | ||
| Repayment of revolving credit arrangements | Â | Â | (122,241 | ) | Â | Â | (221,750 | ) |
| Proceeds from revolving credit arrangements | Â | Â | 109,248 | Â | Â | Â | 208,152 | Â |
| Deferred financing costs paid | Â | Â | (952 | ) | Â | Â | â | Â |
| Proceeds from issuance of common stock | Â | Â | 1,307 | Â | Â | Â | 1,170 | Â |
| Repurchase of equity awards for employee tax withholding liabilities | Â | Â | (2,453 | ) | Â | Â | (2,351 | ) |
| Cash dividends declared and paid | Â | Â | (18,908 | ) | Â | Â | (17,286 | ) |
| Other financing activities | Â | Â | (1,033 | ) | Â | Â | â | Â |
| Cash used in financing activities | Â | $ | (35,032 | ) | Â | $ | (32,065 | ) |
| Net change in cash and cash equivalents | Â | $ | 13,297 | Â | Â | $ | 1,285 | Â |
| Effect of foreign currency translation on cash and cash equivalents | Â | Â | (56 | ) | Â | Â | (215 | ) |
| Cash and cash equivalents at the beginning of year | Â | Â | 8,327 | Â | Â | Â | 6,343 | Â |
| Cash and cash equivalents at the end of the period | Â | $ | 21,568 | Â | Â | $ | 7,413 | Â |
| Supplemental disclosure of cash flow information: | Â | Â | Â | Â | Â | Â | ||
| Cash paid for interest, net | Â | $ | 1,162 | Â | Â | $ | 1,598 | Â |
| Cash paid for income taxes | Â | $ | 13,496 | Â | Â | $ | 16,133 | Â |
| Â | Â | Â | Â | Â | Â | Â | Â | Â |
| Â | Â | Â | Â | Â | Â | Â | Â | Â |
| Oxford Industries, Inc. | ||||||||||||||||||||
| Reconciliations of Certain Non-GAAP Financial Information | ||||||||||||||||||||
| (in millions, except per share amounts) | ||||||||||||||||||||
| (unaudited) | ||||||||||||||||||||
| Â | Â | Â | Third Quarter | Â | Â | Â | First Nine Months | Â | ||||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | ||||||
| AS REPORTED |  |  | Fiscal 2019 |  |  | Fiscal 2018 | % Change |  |  | Fiscal 2019 |  |  | Fiscal 2018 | % Change | ||||||
| Tommy Bahama | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | ||||||
| Net sales | Â | $ | 127.0 | Â | Â | $ | 123.1 | Â | 3.2 | % | Â | $ | 480.6 | Â | Â | $ | 483.0 | Â | (0.5 | )% |
| Gross profit | Â | $ | 76.5 | Â | Â | $ | 75.7 | Â | 1.0 | % | Â | $ | 294.5 | Â | Â | $ | 296.0 | Â | (0.5 | )% |
| Gross margin | Â | Â | 60.2 | % | Â | Â | 61.5 | % | Â | Â | Â | 61.3 | % | Â | Â | 61.3 | % | Â | ||
| Operating (loss) income | Â | $ | (7.7 | ) | Â | $ | (5.1 | ) | (50.5 | )% | Â | $ | 30.7 | Â | Â | $ | 29.8 | Â | 3.0 | % |
| Operating margin | Â | Â | (6.1 | )% | Â | Â | (4.2 | )% | Â | Â | Â | 6.4 | % | Â | Â | 6.2 | % | Â | ||
| Lilly Pulitzer | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | ||||||
| Net sales | Â | $ | 71.7 | Â | Â | $ | 68.2 | Â | 5.1 | % | Â | $ | 219.8 | Â | Â | $ | 208.5 | Â | 5.4 | % |
| Gross profit | Â | $ | 41.0 | Â | Â | $ | 38.3 | Â | 7.0 | % | Â | $ | 138.3 | Â | Â | $ | 132.9 | Â | 4.0 | % |
| Gross margin | Â | Â | 57.2 | % | Â | Â | 56.1 | % | Â | Â | Â | 62.9 | % | Â | Â | 63.7 | % | Â | ||
| Operating income | Â | $ | 11.0 | Â | Â | $ | 9.6 | Â | 14.7 | % | Â | $ | 46.7 | Â | Â | $ | 43.8 | Â | 6.5 | % |
| Operating margin | Â | Â | 15.3 | % | Â | Â | 14.0 | % | Â | Â | Â | 21.2 | % | Â | Â | 21.0 | % | Â | ||
| Lanier Apparel | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | ||||||
| Net sales | Â | $ | 29.4 | Â | Â | $ | 29.0 | Â | 1.2 | % | Â | $ | 76.9 | Â | Â | $ | 72.8 | Â | 5.6 | % |
| Gross profit | Â | $ | 8.6 | Â | Â | $ | 8.6 | Â | 0.6 | % | Â | $ | 22.1 | Â | Â | $ | 20.9 | Â | 5.6 | % |
| Gross margin | Â | Â | 29.4 | % | Â | Â | 29.5 | % | Â | Â | Â | 28.7 | % | Â | Â | 28.7 | % | Â | ||
| Operating income | Â | $ | 2.0 | Â | Â | $ | 2.3 | Â | (13.7 | )% | Â | $ | 3.4 | Â | Â | $ | 3.4 | Â | (1.8 | )% |
| Operating margin | Â | Â | 6.6 | % | Â | Â | 7.8 | % | Â | Â | Â | 4.4 | % | Â | Â | 4.7 | % | Â | ||
| Southern Tide | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | ||||||
| Net sales | Â | $ | 9.1 | Â | Â | $ | 9.5 | Â | (4.1 | )% | Â | $ | 35.7 | Â | Â | $ | 34.7 | Â | 2.8 | % |
| Gross profit | Â | $ | 4.4 | Â | Â | $ | 4.5 | Â | (1.8 | )% | Â | $ | 17.7 | Â | Â | $ | 17.3 | Â | 2.2 | % |
| Gross margin | Â | Â | 48.3 | % | Â | Â | 47.1 | % | Â | Â | Â | 49.5 | % | Â | Â | 49.8 | % | Â | ||
| Operating income | Â | $ | 0.5 | Â | Â | $ | 0.5 | Â | 6.9 | % | Â | $ | 4.9 | Â | Â | $ | 4.4 | Â | 10.9 | % |
| Operating margin | Â | Â | 5.8 | % | Â | Â | 5.2 | % | Â | Â | Â | 13.7 | % | Â | Â | 12.7 | % | Â | ||
| Corporate and Other | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | ||||||
| Net sales | Â | $ | 4.1 | Â | Â | $ | 3.8 | Â | 7.2 | % | Â | $ | 12.2 | Â | Â | $ | 9.9 | Â | 22.8 | % |
| Gross profit | Â | $ | 2.5 | Â | Â | $ | 2.2 | Â | 15.5 | % | Â | $ | 6.1 | Â | Â | $ | 5.7 | Â | 7.3 | % |
| Operating loss | Â | $ | (3.1 | ) | Â | $ | (3.5 | ) | 10.0 | % | Â | $ | (13.0 | ) | Â | $ | (12.9 | ) | (1.3 | )% |
| Consolidated | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | ||||||
| Net sales | Â | $ | 241.2 | Â | Â | $ | 233.7 | Â | 3.2 | % | Â | $ | 825.2 | Â | Â | $ | 808.9 | Â | 2.0 | % |
| Gross profit | Â | $ | 133.0 | Â | Â | $ | 129.3 | Â | 2.9 | % | Â | $ | 478.6 | Â | Â | $ | 472.7 | Â | 1.2 | % |
| Gross margin | Â | Â | 55.1 | % | Â | Â | 55.3 | % | Â | Â | Â | 58.0 | % | Â | Â | 58.4 | % | Â | ||
| SG&A | Â | $ | 134.2 | Â | Â | $ | 128.7 | Â | 4.3 | % | Â | $ | 417.4 | Â | Â | $ | 414.7 | Â | 0.7 | % |
| SG&A as % of net sales | Â | Â | 55.6 | % | Â | Â | 55.1 | % | Â | Â | Â | 50.6 | % | Â | Â | 51.3 | % | Â | ||
| Operating income | Â | $ | 2.6 | Â | Â | $ | 3.7 | Â | (30.0 | )% | Â | $ | 72.6 | Â | Â | $ | 68.6 | Â | 5.8 | % |
| Operating margin | Â | Â | 1.1 | % | Â | Â | 1.6 | % | Â | Â | Â | 8.8 | % | Â | Â | 8.5 | % | Â | ||
| Earnings before income taxes | Â | $ | 2.5 | Â | Â | $ | 3.2 | Â | (21.9 | )% | Â | $ | 71.4 | Â | Â | $ | 66.7 | Â | 7.1 | % |
| Net earnings | Â | $ | 1.7 | Â | Â | $ | 1.9 | Â | (10.4 | )% | Â | $ | 53.2 | Â | Â | $ | 49.6 | Â | 7.2 | % |
| Net earnings per diluted share | Â | $ | 0.10 | Â | Â | $ | 0.11 | Â | (9.1 | )% | Â | $ | 3.15 | Â | Â | $ | 2.95 | Â | 6.7 | % |
| Weighted average shares outstanding - diluted | Â | Â | 16.9 | Â | Â | Â | 16.9 | Â | 0.4 | % | Â | Â | 16.9 | Â | Â | Â | 16.8 | Â | 0.4 | % |
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
| Â | Â | Â | Third Quarter | Â | Â | Â | First Nine Months | Â | ||||||||||||
| ADJUSTMENTS |  |  | Fiscal 2019 |  |  | Fiscal 2018 | % Change |  |  | Fiscal 2019 |  |  | Fiscal 2018 | % Change | ||||||
| LIFO adjustments in Corporate and Other(1) | Â | $ | (0.0 | ) | Â | $ | (0.1 | ) | Â | Â | $ | 0.8 | Â | Â | $ | 0.1 | Â | Â | ||
| Tommy Bahama Japan inventory markdown charges(2) | Â | $ | 0.0 | Â | Â | $ | 0.0 | Â | Â | Â | $ | 0.0 | Â | Â | $ | 0.5 | Â | Â | ||
| Inventory step-up charges in Corporate and Other(3) | Â | $ | 0.0 | Â | Â | $ | 0.0 | Â | Â | Â | $ | 0.0 | Â | Â | $ | 0.2 | Â | Â | ||
| Amortization of Tommy Bahama Canada intangible assets(4) | Â | $ | 0.0 | Â | Â | $ | 0.4 | Â | Â | Â | $ | 0.0 | Â | Â | $ | 1.1 | Â | Â | ||
| Amortization of Lilly Pulitzer Signature Store intangible assets (5) | Â | $ | 0.1 | Â | Â | $ | 0.1 | Â | Â | Â | $ | 0.2 | Â | Â | $ | 0.3 | Â | Â | ||
| Amortization of Southern Tide intangible assets(6) | Â | $ | 0.1 | Â | Â | $ | 0.1 | Â | Â | Â | $ | 0.2 | Â | Â | $ | 0.2 | Â | Â | ||
| Tommy Bahama Japan restructuring SG&A charges(7) | Â | $ | 0.0 | Â | Â | $ | 0.0 | Â | Â | Â | $ | 0.6 | Â | Â | $ | 3.2 | Â | Â | ||
| Impact of income taxes(8) | Â | $ | (0.0 | ) | Â | $ | (0.0 | ) | Â | Â | $ | (0.4 | ) | Â | $ | (0.7 | ) | Â | ||
| Adjustment to net earnings(9) | Â | $ | 0.1 | Â | Â | $ | 0.5 | Â | Â | Â | $ | 1.5 | Â | Â | $ | 4.9 | Â | Â | ||
| AS ADJUSTED | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | ||||||
| Tommy Bahama | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | ||||||
| Net sales | Â | $ | 127.0 | Â | Â | $ | 123.1 | Â | 3.2 | % | Â | $ | 480.6 | Â | Â | $ | 483.0 | Â | (0.5 | )% |
| Gross profit | Â | $ | 76.5 | Â | Â | $ | 75.7 | Â | 1.0 | % | Â | $ | 294.5 | Â | Â | $ | 296.4 | Â | (0.7 | )% |
| Gross margin | Â | Â | 60.2 | % | Â | Â | 61.5 | % | Â | Â | Â | 61.3 | % | Â | Â | 61.4 | % | Â | ||
| Operating (loss) income | Â | $ | (7.7 | ) | Â | $ | (4.8 | ) | (62.5 | )% | Â | $ | 31.3 | Â | Â | $ | 34.6 | Â | (9.6 | )% |
| Operating margin | Â | Â | (6.1 | )% | Â | Â | (3.9 | )% | Â | Â | Â | 6.5 | % | Â | Â | 7.2 | % | Â | ||
| Lilly Pulitzer | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | ||||||
| Net sales | Â | $ | 71.7 | Â | Â | Â | 68.2 | Â | 5.1 | % | Â | $ | 219.8 | Â | Â | $ | 208.5 | Â | 5.4 | % |
| Gross profit | Â | $ | 41.0 | Â | Â | Â | 38.3 | Â | 7.0 | % | Â | $ | 138.3 | Â | Â | $ | 132.9 | Â | 4.0 | % |
| Gross margin | Â | Â | 57.2 | % | Â | Â | 56.1 | % | Â | Â | Â | 62.9 | % | Â | Â | 63.7 | % | Â | ||
| Operating income | Â | $ | 11.1 | Â | Â | Â | 9.7 | Â | 14.5 | % | Â | $ | 46.9 | Â | Â | $ | 44.1 | Â | 6.4 | % |
| Operating margin | Â | Â | 15.4 | % | Â | Â | 14.2 | % | Â | Â | Â | 21.3 | % | Â | Â | 21.2 | % | Â | ||
| Lanier Apparel | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | ||||||
| Net sales | Â | $ | 29.4 | Â | Â | $ | 29.0 | Â | 1.2 | % | Â | $ | 76.9 | Â | Â | $ | 72.8 | Â | 5.6 | % |
| Gross profit | Â | $ | 8.6 | Â | Â | $ | 8.6 | Â | 0.6 | % | Â | $ | 22.1 | Â | Â | $ | 20.9 | Â | 5.6 | % |
| Gross margin | Â | Â | 29.4 | % | Â | Â | 29.5 | % | Â | Â | Â | 28.7 | % | Â | Â | 28.7 | % | Â | ||
| Operating income | Â | $ | 2.0 | Â | Â | $ | 2.3 | Â | (13.7 | )% | Â | $ | 3.4 | Â | Â | $ | 3.4 | Â | (1.8 | )% |
| Operating margin | Â | Â | 6.6 | % | Â | Â | 7.8 | % | Â | Â | Â | 4.4 | % | Â | Â | 4.7 | % | Â | ||
| Southern Tide | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | ||||||
| Net sales | Â | $ | 9.1 | Â | Â | $ | 9.5 | Â | (4.1 | )% | Â | $ | 35.7 | Â | Â | $ | 34.7 | Â | 2.8 | % |
| Gross profit | Â | $ | 4.4 | Â | Â | $ | 4.5 | Â | (1.8 | )% | Â | $ | 17.7 | Â | Â | $ | 17.3 | Â | 2.2 | % |
| Gross margin | Â | Â | 48.3 | % | Â | Â | 47.1 | % | Â | Â | Â | 49.5 | % | Â | Â | 49.8 | % | Â | ||
| Operating income | Â | $ | 0.6 | Â | Â | $ | 0.6 | Â | 6.2 | % | Â | $ | 5.1 | Â | Â | $ | 4.6 | Â | 10.4 | % |
| Operating margin | Â | Â | 6.6 | % | Â | Â | 5.9 | % | Â | Â | Â | 14.3 | % | Â | Â | 13.3 | % | Â | ||
| Corporate and Other | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | ||||||
| Net sales | Â | $ | 4.1 | Â | Â | $ | 3.8 | Â | 7.2 | % | Â | $ | 12.2 | Â | Â | $ | 9.9 | Â | 22.8 | % |
| Gross profit | Â | $ | 2.5 | Â | Â | $ | 2.1 | Â | 16.9 | % | Â | $ | 6.9 | Â | Â | $ | 5.9 | Â | 16.2 | % |
| Operating loss | Â | $ | (3.2 | ) | Â | $ | (3.5 | ) | 10.5 | % | Â | $ | (12.2 | ) | Â | $ | (12.6 | ) | 3.0 | % |
| Consolidated | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | ||||||
| Net sales | Â | $ | 241.2 | Â | Â | $ | 233.7 | Â | 3.2 | % | Â | $ | 825.2 | Â | Â | $ | 808.9 | Â | 2.0 | % |
| Gross profit | Â | $ | 132.9 | Â | Â | $ | 129.2 | Â | 2.9 | % | Â | $ | 479.4 | Â | Â | $ | 473.4 | Â | 1.3 | % |
| Gross margin | Â | Â | 55.1 | % | Â | Â | 55.3 | % | Â | Â | Â | 58.1 | % | Â | Â | 58.5 | % | Â | ||
| SG&A | Â | $ | 134.1 | Â | Â | $ | 128.1 | Â | 4.6 | % | Â | $ | 416.4 | Â | Â | $ | 409.9 | Â | 1.6 | % |
| SG&A as % of net sales | Â | Â | 55.6 | % | Â | Â | 54.8 | % | Â | Â | Â | 50.5 | % | Â | Â | 50.7 | % | Â | ||
| Operating income | Â | $ | 2.7 | Â | Â | $ | 4.2 | Â | (35.3 | )% | Â | $ | 74.5 | Â | Â | $ | 74.2 | Â | 0.4 | % |
| Operating margin | Â | Â | 1.1 | % | Â | Â | 1.8 | % | Â | Â | Â | 9.0 | % | Â | Â | 9.2 | % | Â | ||
| Earnings before income taxes | Â | $ | 2.6 | Â | Â | $ | 3.7 | Â | (28.9 | )% | Â | $ | 73.3 | Â | Â | $ | 72.3 | Â | 1.4 | % |
| Net earnings | Â | $ | 1.8 | Â | Â | $ | 2.3 | Â | (24.3 | )% | Â | $ | 54.7 | Â | Â | $ | 54.5 | Â | 0.3 | % |
| Net earnings per diluted share | Â | $ | 0.10 | Â | Â | $ | 0.14 | Â | (28.6 | )% | Â | $ | 3.24 | Â | Â | $ | 3.24 | Â | â | % |
| Â | Â | Â | Third Quarter | Â | Â | Â | First Nine Months | Â | |||||
|  |  |  | Fiscal 2019 |  | Fiscal 2019 |  | Fiscal 2018 |  |  | Fiscal 2019 |  | Fiscal 2018 |  |
| Â | Â | Â | Actual | Â | Guidance(10) | Â | Actual | Â | Â | Actual | Â | Actual | Â |
| Net earnings per diluted share: | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
| GAAP basis | Â | $ | 0.10 | $ | 0.00-0.10 | $ | 0.11 | Â | $ | 3.15 | $ | 2.95 | Â |
| LIFO adjustments(11) | Â | Â | 0.00 | Â | 0.00 | Â | 0.00 | Â | Â | 0.04 | Â | 0.00 | Â |
| Inventory step-up charges(12) | Â | Â | 0.00 | Â | 0.00 | Â | 0.00 | Â | Â | 0.00 | Â | 0.01 | Â |
| Amortization of recently acquired intangible assets(13) | Â | Â | 0.01 | Â | 0.01 | Â | 0.03 | Â | Â | 0.02 | Â | 0.09 | Â |
| Tommy Bahama Japan restructuring charges(14) | Â | Â | 0.00 | Â | 0.00 | Â | 0.00 | Â | Â | 0.03 | Â | 0.19 | Â |
| As adjusted(9) | Â | $ | 0.10 | $ | 0.01-0.11 | $ | 0.14 | Â | $ | 3.24 | $ | 3.24 | Â |
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
| Â | Â | Â | Fourth Quarter | Â | Fourth Quarter | Â | Â | Â | Â | Â | Â | Â | Â |
|  |  |  | Fiscal 2019 |  | Fiscal 2018 |  | Fiscal 2019 |  |  | Fiscal 2018 |  |  |  |
| Â | Â | Â | Guidance(16) | Â | Actual | Â | Guidance(16) | Â | Â | Actual | Â | Â | Â |
| Net earnings per diluted share: | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
| GAAP basis | Â | $ | 1.00-1.15 | $ | 0.99 | $ | 4.15-4.30 | Â | $ | 3.94 | Â | Â | Â |
| LIFO adjustments(11) | Â | Â | 0.00 | Â | 0.03 | Â | 0.04 | Â | Â | 0.03 | Â | Â | Â |
| Inventory step-up charges(12) | Â | Â | 0.00 | Â | 0.00 | Â | 0.00 | Â | Â | 0.01 | Â | Â | Â |
| Amortization of recently acquired intangible assets(13) | Â | Â | 0.01 | Â | 0.02 | Â | 0.03 | Â | Â | 0.11 | Â | Â | Â |
| Tommy Bahama Japan restructuring charges(14) | Â | Â | 0.00 | Â | 0.00 | Â | 0.03 | Â | Â | 0.19 | Â | Â | Â |
| Change in fair value of contingent consideration(15) | Â | Â | 0.00 | Â | 0.04 | Â | 0.00 | Â | Â | 0.04 | Â | Â | Â |
| As adjusted(9) | Â | $ | 1.01-1.16 | $ | 1.08 | $ | 4.25-4.40 | Â | $ | 4.32 | Â | Â | Â |
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
| (1) LIFO adjustments in Corporate and Other represent the impact on cost of goods sold resulting from LIFO accounting adjustments. | Â | Â | Â | ||||||||||
| (2) Tommy Bahama Japan inventory markdown charges represent the inventory markdown impact on cost of goods sold resulting from the closure of the Tommy Bahama Ginza flagship retail-restaurant location. These charges are included in cost of goods sold in Tommy Bahama. | Â | Â | Â | ||||||||||
| (3) Inventory step-up charges in Corporate and Other represent the impact of purchase accounting adjustments resulting from the step-up of inventory at acquisition related to the acquisition of TBBC. These charges are included in cost of goods sold. | Â | Â | Â | ||||||||||
| (4) Amortization of Tommy Bahama Canada intangible assets represents the amortization related to the intangible assets acquired as part of the Tommy Bahama Canada acquisition. These charges are included in SG&A in Tommy Bahama. | Â | Â | Â | ||||||||||
| (5) Amortization of Lilly Pulitzer Signature Store intangible assets represents the amortization related to the intangible assets acquired as part of Lilly Pulitzer's acquisition of certain Lilly Pulitzer Signature Stores. These charges are included in SG&A in Lilly Pulitzer. | Â | Â | Â | ||||||||||
| (6) Amortization of Southern Tide intangible assets represents the amortization related to the intangible assets acquired as part of the Southern Tide acquisition. These charges are included in SG&A in Southern Tide. | Â | Â | Â | ||||||||||
| (7) Tommy Bahama Japan SG&A restructuring charges represent the impact of the closure of the Tommy Bahama Ginza flagship retail-restaurant location and related restructure and downsizing of the Tommy Bahama retail business in Japan, consisting of lease termination fees, premises reinstatement, severance and non-cash asset impairment charges. These charges are included in SG&A in Tommy Bahama. | Â | Â | Â | ||||||||||
| (8) Impact of income taxes represents the estimated tax impact of the above adjustments based on the applicable estimated effective tax rate on current year earnings in the respective jurisdiction, before any discrete items. | Â | Â | Â | ||||||||||
| (9) Amounts in columns may not add due to rounding. | Â | Â | Â | ||||||||||
| (10) Guidance as issued on September 11, 2019. | Â | Â | Â | ||||||||||
| (11) LIFO adjustments represent the impact, net of income taxes, on net earnings per diluted share resulting from LIFO accounting adjustments. No estimate for LIFO accounting adjustments are reflected in the guidance for any future periods. | Â | Â | Â | ||||||||||
| (12) Inventory step-up charges represent the impact, net of income taxes, on net earnings per diluted share resulting from inventory step-up charges resulting from inventory step-up charges related to the acquisition of TBBC. | Â | Â | Â | ||||||||||
| (13) Amortization of recently acquired intangible assets represents the impact, net of income taxes, on net earnings per diluted share resulting from the amortization of intangible assets acquired as part of the Tommy Bahama Canada, Lilly Pulitzer Signature Store and Southern Tide acquisitions. | Â | Â | Â | ||||||||||
| (14) Tommy Bahama Japan restructuring charges represent the impact, net of income taxes, on net earnings per diluted share resulting from the charges related to the Tommy Bahama Japan restructure and downsizing. | Â | Â | Â | ||||||||||
| (15) Change in fair value of contingent consideration represents the impact, net of income taxes, on net earnings per diluted share relating to the change in the fair value of contingent consideration related to the TBBC acquisition. | Â | Â | Â | ||||||||||
| (16) Guidance as issued on December 11, 2019. | Â | Â | Â | ||||||||||
| Â | Â | Â | Â | ||||||||||
| Comparable Sales Change | |||||
| The Company's disclosures for comparable sales include sales from its full-price retail stores and e-commerce sites, excluding sales associated with e-commerce flash clearance sales. Because Fiscal 2017 was a 53-week period, comparable sales for Fiscal 2018 are calculated on a calendar-adjusted, rather than fiscal, basis by comparing the Fiscal 2018 period to the comparable calendar period in the preceding year and the Fourth Quarter of Fiscal 2018 is on a 13 week to 13 week calendar-adjusted basis. Additionally, comparable sales for Fiscal 2017 and the Fourth Quarter of Fiscal 2017 are calculated on a 53 week to 53 week and 14 week to 14 week basis, respectively. | |||||
| Â | Q1 | Q2 | Q3 | Q4 | Full Year |
| Oxford Total | Â | Â | Â | Â | Â |
| Fiscal 2019 | 2 % | 3 % | 6 % | â% | â% |
| Fiscal 2018 | 1% | 7% | 7% | 2% | 4% |
| Fiscal 2017 | 2% | 1% | 4% | 6% | 3% |
| Tommy Bahama | Â | Â | Â | Â | Â |
| Fiscal 2019 | 2 % | 3 % | 6 % | â% | â% |
| Fiscal 2018 | (1)% | 8% | 5% | 2% | 3% |
| Fiscal 2017 | 5% | 4% | 5% | 6% | 5% |
| Lilly Pulitzer | Â | Â | Â | Â | Â |
| Fiscal 2019 | 1 % | 1 % | 6 % | â% | â% |
| Fiscal 2018 | 7% | 6% | 15% | 3% | 7% |
| Fiscal 2017 | (7)% | (6)% | (1)% | 6% | (3)% |
| Â | Â | Â | Â | Â | Â |
| Â | Â | Â | Â | Â | Â |
| Location Count | |||||
| Â | Beginning of Year | End of Q1 | End of Q2 | End of Q3 | End of Q4 |
| Fiscal 2019 | Â | Â | Â | Â | Â |
| Tommy Bahama | Â | Â | Â | Â | Â |
| Full-price retail store | 113 | 113 | 113 | 111 | â |
| Retail-restaurant | 17 | 17 | 17 | 17 | â |
| Outlet | 37 | 37 | 37 | 37 | â |
| Total Tommy Bahama | 167 | 167 | 167 | 165 | â |
| Lilly Pulitzer | 62 | 63 | 63 | 63 | â |
| Oxford Total | 229 | 230 | 230 | 228 | â |
| Fiscal 2018 | Â | Â | Â | Â | Â |
| Tommy Bahama | Â | Â | Â | Â | Â |
| Full-price retail store | 110 | 111 | 111 | 113 | 113 |
| Retail-restaurant | 18 | 18 | 18 | 17 | 17 |
| Outlet | 38 | 38 | 38 | 38 | 37 |
| Total Tommy Bahama | 166 | 167 | 167 | 168 | 167 |
| Lilly Pulitzer | 57 | 59 | 60 | 60 | 62 |
| Oxford Total | 223 | 226 | 227 | 228 | 229 |
| Â | Â | Â | Â | Â | Â |
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Tonix Pharmaceuticals Announces New European Patent for the Composition and Formulation of TNX-102 SL
NEW YORK, Dec. 11, 2019 (GLOBE NEWSWIRE) -- Tonix Pharmaceuticals Holding Corp. (Nasdaq: TNXP) (Tonix or the Company), a clinical-stage biopharmaceutical company, today announced that the European Patent Office ("EPO") issued European Patent No. 2968992 to the Company on December 11, 2019. This patent, âEutectic Formulations of Cyclobenzaprine Hydrochloride and Mannitol,â includes 14 claims directed to compositions comprising eutectics of cyclobenzaprine hydrochloride and mannitol and methods of making those compositions. This patent is expected to provide Tonix with market exclusivity until 2034.
Seth Lederman, M.D., President and Chief Executive Officer of Tonix commented, âThe issuance of this European patent is an important step forward in our efforts to broaden our intellectual property estate on a global basis for TNX-102 SL*.â
Tonixâs proprietary eutectic formulation of cyclobenzaprine, or TNX-102 SL, is designed for chronic sublingual (under-the-tongue) administration daily at bedtime, which the Company believes facilitates transmucosal absorption of cyclobenzaprine and bypasses first pass liver metabolism. Marketed cyclobenzaprine drug products are limited to short-term use (two to three weeks) and formulated for oral ingestion, which results in significant liver metabolism. Sublingual TNX-102 SL has a different pharmacokinetic profile than marketed oral cyclobenzaprine drug products. TNX-102 SL is being developed as a treatment for four indications: posttraumatic stress disorder (PTSD), fibromyalgia, agitation in Alzheimerâs disease and alcohol use disorder. Marketed oral cyclobenzaprine products are indicated for the relief of muscle spasm.Â
About Tonix Pharmaceuticals Holding Corp.
Tonix is a clinical-stage biopharmaceutical company focused on discovering and developing small molecules and biologics to treat psychiatric, pain and addiction conditions. Tonixâs lead product candidate, TNX-102 SL*, is in development for posttraumatic stress disorder (PTSD), fibromyalgia, agitation in Alzheimerâs disease and alcohol use disorder (AUD). TNX-102 SL is in Phase 3 development as a bedtime treatment for PTSD (trade name Tonmya**) and fibromyalgia. The Phase 3 RECOVERY trial (P302) in PTSD is currently enrolling and results from an interim analysis are expected in the first quarter of 2020 and topline data are expected in the second quarter of 2020 if the sample size remains the same. The Company has started enrollment in the Phase 3 RELIEF trial in fibromyalgia. The agitation in Alzheimerâs disease program is Phase 2 ready and the development for AUD is in the pre-Investigational New Drug (IND) application stage. Tonix is advancing two other PTSD therapeutic programs in the pre-IND stage, with different mechanisms than TNX-102 SL and designed for daytime dosing: TNX-601 CR (tianeptine oxalate controlled-release tablets) and TNX-1600 (a triple reuptake inhibitor). TNX-601 CR is in clinical formulation testing outside of the U.S and is expected to be IND-ready in 2020. Tonixâs programs for treating addiction conditions also include TNX-1300*** (double-mutant cocaine esterase), which is in Phase 2 development for the treatment of cocaine intoxication. Tonixâs preclinical pipeline includes TNX-1500 (anti-CD154), a monoclonal antibody being developed to prevent and treat organ transplant rejection and autoimmune conditions, and TNX-1700 (rTFF2), a biologic being developed to treat gastric and pancreatic cancers. Finally, TNX-801 (live virus vaccine for percutaneous [scarification] administration) to potentially prevent smallpox and TNX-701 (undisclosed small molecule) to prevent radiation effects are being advanced as medical countermeasures to improve biodefense.
*TNX-102 SL (cyclobenzaprine HCl sublingual tablets) is an investigational new drug and has not been approved for any indication.
**Tonmya has been conditionally accepted by the U.S. Food and Drug Administration (FDA) as the proposed trade name for TNX-102 SL for the treatment of PTSD.
***TNX-1300 (T172R/G173Q double-mutant cocaine esterase 200 mg, i.v. solution) is an investigational new biologic and has not been approved for any indication.
This press release and further information about Tonix can be found at www.tonixpharma.com.
Forward Looking Statements
Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of forward-looking words such as âanticipate,â âbelieve,â âforecast,â âestimate,â âexpect,â and âintend,â among others. These forward-looking statements are based on Tonix's current expectations and actual results could differ materially. There are a number of factors that could cause actual events to differ materially from those indicated by such forward-looking statements. These factors include, but are not limited to, risks related to failure to obtain FDA clearances or approvals and noncompliance with FDA regulations; our need for additional financing; uncertainties of patent protection and litigation; uncertainties of government or third party payor reimbursement; limited research and development efforts and dependence upon third parties; and substantial competition. As with any pharmaceutical under development, there are significant risks in the development, regulatory approval and commercialization of new products. Tonix does not undertake an obligation to update or revise any forward-looking statement. Investors should read the risk factors set forth in the Annual Report on Form 10-K for the year ended December 31, 2018, as filed with the Securities and Exchange Commission (the âSECâ) on March 18, 2019, and quarterly and periodic reports filed with the SEC on or after the date thereof. Tonix does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Contacts
Jessica Morris (corporate)
Tonix Pharmaceuticals
investor.relations@tonixpharma.com
(212) 980-9159
Scott Stachowiak (media)
Russo Partners
scott.stachowiak@russopartnersllc.com
(646) 942-5630
Peter Vozzo (investors)
Westwicke
peter.vozzo@westwicke.com
(443) 213-0505
FormFactor, Inc. Raises Financial Outlook for Fourth Quarter Fiscal 2019
Reflects Incremental Growth in Foundry and Logic
LIVERMORE, Calif., Dec. 11, 2019 (GLOBE NEWSWIRE) -- FormFactor, Inc. (Nasdaq: FORM) today updated its prior outlook for Revenue, Gross Margins and Earnings Per share for its fiscal fourth quarter of 2019 ending December 28, 2019.
FormFactor now expects the following outlook*:
| Â | GAAP | Â | Reconciling Items** | Â | Non-GAAP | |
| Revenue | $170 million to $178 million million | Â | Â â | Â | $170 million to $178 million million | |
| Gross Margin | 39% to 42% | Â | $7 million | Â | 43% to 46% | |
| Net income per diluted share | $0.13 to $0.21 | Â | $0.14 | Â | $0.27 to $0.35 | |
             Â
*This outlook assumes consistent foreign currency rates.
**Reconciling items are amortization of intangibles, stock-based compensation, restructuring charges, and acquisition related expenses.
Mike Slessor, CEO of FormFactor, Inc., said, âThe incremental demand driving our increased outlook ranges reflects the same factors that contributed to our previously disclosed, sequentially-stronger fourth quarter outlook: Strength in Foundry and Logic, overlaid on continued robust demand in our other businesses. This incremental demand is more significant than we anticipated on October 30, as major Foundry and Logic customers are aggressively ramping both new designs and new nodes.
âConsistent with our October 30 remarks, we are adding flexible capacity during the fourth quarter, enabling us to capture this incremental, perishable demand. Our ability to add capacity faster and more efficiently than we expected reflects excellent execution by our operations teams.
âWe anticipate some of this momentum will continue into the first quarter of 2020, as our customersâ new-design and node activity normalizes. As we have noted in the past, our business has limited visibility, as illustrated by the upside opportunity we are capitalizing on this quarter.
âThis increase in our revenue outlook does not signal a structural change, though we are excited about our continued progress towards our target financial model of $650M revenue and $1.25 non-GAAP EPS,â Slessor concluded.
The company will not conduct a conference call in conjunction with this press release.
Use of Non-GAAP Financial Information:
To supplement our condensed consolidated financial results prepared under generally accepted accounting principles, or GAAP, we disclose certain non-GAAP measures of non-GAAP net income, non-GAAP earnings per fully-diluted share, and non-GAAP gross margin, that are adjusted from the nearest GAAP financial measure to exclude certain costs, expenses, gains and losses. Information regarding the ways in which management uses non-GAAP financial information to evaluate its business, management's reasons for using this non-GAAP financial information, and limitations associated with the use of non-GAAP financial information, is described under âAbout our Non-GAAP Financial Measuresâ below.
About FormFactor:
FormFactor, Inc. (NASDAQ: FORM), is a leading provider of essential test and measurement technologies along the full IC life cycle - from characterization, modeling, reliability, and design de-bug, to qualification and production test. Semiconductor companies rely upon FormFactorâs products and services to accelerate profitability by optimizing device performance and advancing yield knowledge. The Company serves customers through its network of facilities in Asia, Europe, and North America. For more information, visit the Companyâs website at www.formfactor.com.
Forward-looking Statements:
This press release contains forward-looking statements within the meaning of the âsafe harborâ provisions of the federal securities laws, including with respect to the Companyâs future financial and operating results, the Companyâs plans, strategies and objectives for future operations. These statements are based on managementâs current expectations and beliefs as of the date hereof, and are subject to a number of risks and uncertainties, many of which are beyond the Companyâs control, that could cause actual results to differ materially from those described in the forward-looking statements. These forward-looking statements include, but are not limited to statements regarding future financial and operating results, customer demand, conditions in the semiconductor industry, and growth opportunities, and other statements regarding the Companyâs business. Forward-looking statements may contain words such as âmay,â âmight,â âwill,â âexpect,â âplan,â âanticipate,â and âcontinue,â the negative or plural of these words and similar expressions, and include the assumptions that underlie such statements. The following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: changes in demand for the Companyâs products; customer-specific demand; the speed of customer implementation of new technologies; industry seasonality; risks to the Companyâs ability to realize operational efficiencies; changes macro-economic environments; and other factors, including those set forth in the Companyâs most current annual report on Form 10-K, quarterly reports on Form 10-Q and other filings by the Company with the U.S. Securities and Exchange Commission. No assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what impact they will have on the results of operations or financial condition of the Company. Unless required by law, the Company is under no obligation (and expressly disclaims any such obligation) to update or revise its forward-looking statements whether as a result of new information, future events, or otherwise.
About our Non-GAAP Financial Measures:
We believe that the presentation of our outlook using non-GAAP earnings per fully-diluted share and non-GAAP gross margin provides supplemental information that is important to understanding financial and business trends and other factors relating to our financial condition and results of operations. Non-GAAP net income, non-GAAP earnings per fully-diluted share, and non-GAAP gross margin are among the primary indicators used by management as a basis for planning and forecasting future periods, and by management and our board of directors to determine whether our operating performance has met certain targets and thresholds. Management uses non-GAAP earnings per fully-diluted share, and non-GAAP gross margin when evaluating operating performance because it believes that the exclusion of the items indicated herein, for which the amounts or timing may vary significantly depending upon our activities and other factors, facilitates comparability of our operating performance from period to period. We have chosen to provide this non-GAAP information to investors so they can analyze our operating results and outlook closer to the way that management does and use this information in their assessment of our business and the valuation of our company. We compute non-GAAP fully-diluted earnings per share, and non-GAAP gross margin, by adjusting GAAP earnings per fully-diluted share, and GAAP gross margin to remove the impact of certain items and the tax effect, if applicable, of those adjustments. These non-GAAP measures are not in accordance with, or an alternative to, GAAP and may be materially different from other non-GAAP measures, including similarly titled non-GAAP measures used by other companies. The presentation of this additional information should not be considered in isolation from, as a substitute for, or superior to, net income, earnings per fully-diluted share, or gross margin prepared in accordance with GAAP. Non-GAAP financial measures have limitations in that they do not reflect certain items that may have a material impact upon our reported financial results. We may expect to continue to incur expenses of a nature similar to the non-GAAP adjustments described above, and exclusion of these items from our non-GAAP earnings per fully-diluted share, and non-GAAP gross margin should not be construed as an inference that these costs are unusual, infrequent or non-recurring.
Source: FormFactor, Inc.
FORM-F
Investor Contact:
Stan Finkelstein
Investor Relations
(925) 290-4321
ir@formfactor.com
PDS Biotechnology Announces Resignation of James Loughlin from Board of Directors
PRINCETON, N.J., Dec. 11, 2019 (GLOBE NEWSWIRE) -- PDS Biotechnology Corporation (Nasdaq: PDSB), a clinical-stage immuno-oncology company developing multiple therapies based on the Companyâs proprietary Versamune® T-cell activating technology, today announced that James Loughlin has resigned from the Companyâs board of directors to focus on his health and family, effective immediately. He joined PDS Biotechâs board of directors in March 2019, following the merger with Edge Therapeutics, where he served on the board since November 2011.
âOn behalf of our board of directors, I would like to thank Jim for his service and contributions to the Company. Jim has been a trusted colleague and advisor and we wish him all the best,â said Dr. Frank Bedu-Addo, CEO of PDS Biotechnology. âWe have initiated the process to identify a high caliber successor and we look forward to announcing their appointment in the near term.â
About PDS Biotechnology
PDS Biotechnology is a clinical-stage immuno-oncology company developing multiple therapies based on the Companyâs proprietary Versamune® T-cell activating technology platform. The Versamune® platform effectively delivers tumor-specific antigens for in-vivo uptake and processing, while also activating a critical immunological pathway, the type 1 interferon pathway, thus resulting in the production of potent tumor-specific killer T-cells. Using Versamune®, PDS Biotechnology is engineering therapies designed to better recognize cancer cells and break down their defense systems to effectively attack and destroy tumors. PDS Biotechnologyâs pipeline combines the Versamune® technology with tumor-specific antigens across several cancer types. To learn more, please visit www.pdsbiotech.com or follow us on Twitter at @PDSBiotech.
About PDS0101
PDS Biotechnologyâs lead candidate, PDS0101, combines the utility of the Versamune® platform with targeted antigens in HPV-expressing cancers. In partnership with Merck and the National Cancer Institute (NCI), PDS Biotechnology is advancing PD0101 to Phase 2 studies in head and neck cancer and in HPV-related advanced cancer.
Forward Looking Statements
This communication contains forward-looking statements (including within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended, and Section 27A of the United States Securities Act of 1933, as amended) concerning PDS Biotechnology Corporation (the âCompanyâ) and other matters. These statements may discuss goals, intentions and expectations as to future plans, trends, events, results of operations or financial condition, or otherwise, based on current beliefs of the Companyâs management, as well as assumptions made by, and information currently available to, management. Forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as âmay,â âwill,â âshould,â âwould,â âexpect,â âanticipate,â âplan,â âlikely,â âbelieve,â âestimate,â âproject,â âintend,â and other similar expressions among others. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors, including, without limitation: the ability of the Company to integrate Edge and PDS Biotechnology following the merger; the Companyâs ability to protect its intellectual property rights; competitive responses to the completion of the merger; potential adverse reactions or changes to business relationships resulting from the completion of the merger; the Companyâs anticipated capital requirements, including the Companyâs anticipated cash runway and the Companyâs current expectations regarding its plans for future equity financings; the timing for the Company or its partners to initiate the planned clinical trials for its lead assets, PDS0101 and PDS0102; the Companyâs interpretation of the results of its Phase 1 trial for PDS0101 and whether such results are sufficient to support additional trials or the future success of such trials; the successful implementation of the Companyâs research and development programs and collaborations including any collaboration studies concerning PDS0101 and the Companyâs interpretation of the results and findings of such programs and collaborations and whether such results are sufficient to support the future success of the Companyâs product candidates; the acceptance by the market of the Companyâs product candidates, if approved; the timing of and the Companyâs ability to obtain and maintain U.S. Food and Drug Administration or other regulatory authority approval of, or other action with respect to, the Companyâs product candidates; and other factors, including legislative, regulatory, political and economic developments not within the Companyâs control. The foregoing review of important factors that could cause actual events to differ from expectations should not be construed as exhaustive and should be read in conjunction with statements that are included herein and elsewhere, including the risk factors included in the Companyâs annual and periodic reports filed with the SEC. The forward-looking statements are made only as of the date of this press release and, except as required by applicable law, the Company undertakes no obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.
Media & Investor Relations Contact:
Tram Bui / Alexander Lobo
The Ruth Group
Phone: +1-646-536-7035 / +1-646-536-7037
Email: tbui@theruthgroup.com / alobo@theruthgroup.com
Alector Announces Appointment of Shehnaaz Suliman, M.D., MBA, M.Phil., as President and Chief Operating Officer
SOUTH SAN FRANCISCO, Calif., Dec. 11, 2019 (GLOBE NEWSWIRE) -- Alector, Inc. (Nasdaq: ALEC), a clinical-stage biotechnology company pioneering immuno-neurology, today announced the appointment of Shehnaaz Suliman, M.D., MBA, M.Phil., as the companyâs president and chief operating officer. In this new role, Dr. Suliman will oversee Alectorâs day-to-day operations, including preclinical development, program management, and strategic and administrative functions. Dr. Suliman will report to Arnon Rosenthal, Ph.D., chief executive officer of Alector.
âShehnaazâs background and expertise in drug development, strategy, portfolio management, and operational leadership uniquely position her to bring greater integration to our operations. Her strong track record of building and leading teams that can support the development of life-changing medicines comes at a key inflection point for Alector as we prepare to launch our first registrational trial in 2020,â said Dr. Rosenthal. âShehnaazâs core leadership strengths will be invaluable to our entire organization, and we look forward to leveraging her insights as a thought partner and leader at Alector.â
âNeurodegeneration affects millions of patients and families worldwide, and I am proud to be supporting Alectorâs mission to find a cure for these diseases. As the leader in immuno-neurology, Alector has made substantial progress in rapidly advancing a broad clinical portfolio of novel and innovative programs,â said Dr. Suliman. âAs we advance our lead programs into late-stage clinical development and continue to progress our research pipeline, I look forward to partnering with the team to further our vision for finding cures for neurodegenerative diseases. I am excited to be joining the company at this important time and look forward to helping Alector execute our objectives and scale our organization effectively.â
Dr. Suliman brings over 20 years of business development, drug development, strategic and operational expertise, and executive leadership skills to Alector. She joins Alector from Theravance Biopharma, where she served as senior vice president, corporate development and strategy, a position she held from July 2017 to March 2019. Prior to Theravance, Dr. Suliman worked for Genentech as a group leader and project team leader in the R&D Portfolio Management and Operations Group from September 2010 to May 2015 where she led and oversaw a number of neuroscience development programs. She was also vice president and global therapeutic head, Roche Partnering from June 2015 to July 2017. Dr. Suliman held various management roles of increasing responsibility at Gilead Sciences between January 2005 and September 2010. Before Gilead, Dr. Suliman was an investment banker with Lehman Brothers and Petkevich & Partners, advising public and private companies on buy- and sell-side transactions. She is a member of the board of directors of Ultragenyx Pharmaceutical, a biopharmaceutical company, and 10X Genomics, a life science technology company. Dr. Suliman received her M.D. from the University of Cape Town Medical School, South Africa, and holds an MBA, with distinction, and M.Phil. in development studies from Oxford University, where she was a Rhodes Scholar.
About Alector
Alector is a clinical-stage biotechnology company pioneering immuno-neurology, a novel therapeutic approach for the treatment of neurodegenerative diseases. Immuno-neurology targets immune dysfunction as a root cause of multiple pathologies that are drivers of degenerative brain disorders. Alector is developing a broad portfolio of programs designed to functionally repair genetic mutations that cause dysfunction of the brainâs immune system and enable the rejuvenated immune cells to counteract emerging brain pathologies. The Companyâs product candidates are supported by biomarkers and target genetically defined patient populations in frontotemporal dementia and Alzheimerâs disease. Alector is headquartered in South San Francisco, California. For additional information, please visit www.alector.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains âforward-lookingâ statements within the meaning of The Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on our beliefs and assumptions and on information currently available to us on the date of this press release. Forward-looking statements may involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. These statements include but are not limited to statements regarding the Companyâs plans for and anticipated benefits and mechanism of the Companyâs product candidates, the timing and objectives of the clinical studies and anticipated regulatory and development milestones. Except as required by law, we assume no obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future. Important factors that could cause our actual results to differ materially are detailed from time to time in the reports Alector files with the Securities and Exchange Commission, including in our quarterly report on Form 10-Q that is filed with the Securities and Exchange Commission (âSECâ). Copies of reports filed with the SEC are posted on Alectorâs website and are available from Alector without charge.
Contacts
Media:
AB
Dan Budwick, 973-271-6085
dan@1abmedia.com
Investors:
Alector, Inc.
ir@alector.com
YRC Worldwide Announces Leadership And Board of Directors Changes
OVERLAND PARK, Kan., Dec. 11, 2019 (GLOBE NEWSWIRE) -- YRC Worldwide Inc. (NASDAQ: YRCW) announced changes to its leadership team and Board of Directors as the Company moves forward with its multi- year strategic initiatives designed to achieve sustained profitability.
Chief Financial Officer
Stephanie Fisher, the Companyâs CFO, and the Company have mutually agreed to a separation agreement on December 10, 2019. Darren Hawkins, Chief Executive Officer of YRC Worldwide, said "I would like to thank Stephanie for 15 years of dedicated service to YRC Worldwide. I truly admire and respect the leadership she has provided to our financial team." This departure does not reflect any disagreements about the Companyâs past financial reports or disclosures.
Effective immediately, Jamie Pierson is returning to the Company as the CFO and a member of the Board of Directors. While at the Company (2011-2016 CFO), Pierson was responsible for helping execute a multi-faceted operational turnaround and refinancing. Hawkins commented, âJamie and I worked together closely while he was CFO of YRC Worldwide. Jamie knows our company and industry well. He will hit the ground running and I am pleased to welcome him back to the YRCW team.â Prior to returning to the Company, Pierson served as CFO for Horizon Global, one of the worldâs leading manufacturers of branded towing and trailering equipment.
Board of Directors
Effective immediately, the Board of Directors has appointed Matt Doheny as the Chairman of the Board. Doheny, who joined the Board of Directors in 2011, has an extensive background in corporate finance and turnaround, including having served as a Managing Director of Deutsche Bank Securities, Inc. and Portfolio Manager at Fintech Advisory of New York, New York.
Darren Hawkins noted, âThese changes will support our previously released multi-year strategic road map to sustained profitability. Building the right team to support this road map is critical and we believe these changes will do just that.â
In addition, in an effort to help right-size the Board of Directors following Jamie Piersonâs election to the Board, three directors volunteered to resign from the Board. Raymond Bromark and Robert Friedman offered to accelerate their planned retirements from the Board occasioned by the Boardâs age limit policy. James Winestock also volunteered to resign from the Board.
Matt Doheny commented, âOn behalf of the Board of Directors and executive team, we thank Ray, Bob and Jim for their contributions to the Company.â
About YRC Worldwide
YRC Worldwide Inc., headquartered in Overland Park, Kan., is the holding company for a portfolio of less-than- truckload (LTL) companies including Holland, New Penn, Reddaway, and YRC Freight, as well as the logistics company HNRY Logistics. Collectively, YRC Worldwide companies have one of the largest, most comprehensive logistics and LTL networks in North America with local, regional, national and international capabilities. Through their teams of experienced service professionals, YRC Worldwide companies offer industry-leading expertise in flexible supply chain solutions, ensuring customers can ship industrial, commercial and retail goods with confidence.
Please visit our website at www.yrcw.com for more information.
| Investor Contact: | Â | Eric Birge 913-696-6108 investor@yrcw.com |
| Â | Â | Â |
| Media Contact: | Â | Mike Kelley 913-696-6121 mike.kelley@yrcw.com |
SOURCE:Â YRC Worldwide
YRC Worldwide Provides Quarter-To-Date Operating Data for Fourth Quarter 2019
OVERLAND PARK, Kan., Dec. 11, 2019 (GLOBE NEWSWIRE) -- YRC Worldwide Inc. (NASDAQ: YRCW) reported certain operating metrics for the first two months of fourth quarter 2019.
At YRC Freight, October 2019 less-than-truckload (LTL) tonnage per day decreased approximately 4.5% compared to October 2018 and November 2019 LTL tonnage per day decreased approximately 10.2% compared to November 2018. Quarter-to-date through November 2019, LTL revenue per hundredweight decreased approximately 0.9% and LTL revenue per shipment increased approximately 1.8% compared to a year ago.
                                                                     Â
At the Regional segment, October 2019 LTL tonnage per day decreased approximately 5.7% compared to October 2018 and November 2019 LTL tonnage per day decreased approximately 11.2% compared to November 2018. Quarter-to-date through November 2019, LTL revenue per hundredweight decreased approximately 0.8% compared to a year ago. LTL revenue per shipment remained flat when compared to last year.
âThe industrial freight slowdown, which started its decline more than 14 months ago, has created a freight volume headwind,â said Darren Hawkins, Chief Executive Officer at YRC Worldwide. âThe year over year comparisons for November were impacted due to operating conditions at a primary competitor in November of last year and a later Thanksgiving impacting retail. The December tonnage per day levels are trending more in line with October results from a year over year comparison.â
Forward-Looking Statements
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. Words such as âwill,â âexpect,â âintend,â âanticipate,â âbelieve,â âcould,â âwould,â âshould,â âmay,â âproject,â âforecast,â âpropose,â âplan,â âdesigned,â âenable,â and similar expressions which speak only as of the date the statement was made are intended to identify forward-looking statements. Forward-looking statements are inherently uncertain, are based upon current beliefs, assumptions and expectations of Company management and current market conditions, and are subject to significant business, economic, competitive, regulatory and other risks, uncertainties and contingencies, known and unknown, many of which are beyond our control. Our future financial condition and results could differ materially from those predicted in such forward-looking statements because of a number of factors, including (without limitation) general economic factors; customer demand in the retail and manufacturing sectors; business risks and increasing costs associated with the transportation industry, including increasing equipment, operational and technology costs and disruption from natural disasters; competition and competitive pressure on pricing; the risk of labor disruptions or stoppages, if our relationship with our employees and unions were to deteriorate; increasing pension expense and funding obligations, subject to interest rate volatility; increasing costs relating to our self-insurance claims expenses; our ability to finance the maintenance, acquisition and replacement of revenue equipment and other necessary capital expenditures; our ability to comply and the cost of compliance with, or liability resulting from violation of, federal, state, local and foreign laws and regulations, including (without limitation) labor laws and laws and regulations regarding the environment; impediments to our operations and business resulting from anti-terrorism measures; the impact of claims and litigation expense to which we are or may become exposed; failure to realize the expected benefits and costs savings from our performance and operational improvement initiatives; our ability to attract and retain qualified drivers and increasing costs of driver compensation; a significant privacy breach or IT system disruption; risks of operating in foreign countries; our dependence on key employees; seasonality; shortages of fuel and changes in the cost of fuel or the index upon which we base our fuel surcharge and the effectiveness of our fuel surcharge program in protecting us against fuel price volatility; our ability to generate sufficient liquidity to satisfy our cash needs and future cash commitments, including (without limitation) our obligations related to our indebtedness and lease and pension funding requirements, and our ability to achieve increased cash flows through improvement in operations; limitations on our operations, our financing opportunities, potential strategic transactions, acquisitions or dispositions resulting from restrictive covenants in the documents governing our existing and future indebtedness; our failure to comply with the covenants in the documents governing our existing and future indebtedness; fluctuations in the price of our common stock; dilution from future issuances of our common stock; our intention not to pay dividends on our common stock; that we have the ability to issue preferred stock that may adversely affect the rights of holders of our common stock; and other risks and contingencies, including (without limitation) the risk factors that are included in our reports filed with the SEC, including those described under âRisk Factorsâ in our annual report on Form 10-K and quarterly reports on Form 10-Q.
About YRC Worldwide
YRC Worldwide Inc., headquartered in Overland Park, Kan., is the holding company for a portfolio of less-than-truckload (LTL) companies including Holland, New Penn, Reddaway, and YRC Freight, as well as the logistics company HNRY Logistics. Collectively, YRC Worldwide companies have one of the largest, most comprehensive logistics and LTL networks in North America with local, regional, national and international capabilities. Through their teams of experienced service professionals, YRC Worldwide companies offer industry-leading expertise in flexible supply chain solutions, ensuring customers can ship industrial, commercial and retail goods with confidence.
Please visit our website at www.yrcw.com for more information.
| Â | Â |
| Investor Contact:Â Â | Eric Birge |
| Â | 913-696-6108 |
|  | investor@yrcw.com |
| Â | Â |
| Media Contact: | Mike Kelley |
| Â | 913-696-6121 |
|  | mike.kelley@yrcw.com |
| Â | Â |
SOURCE:Â YRC Worldwide
RF Industries Sets Fourth Quarter and Fiscal 2019 Earnings Call for Wednesday, December 18, 2019 at 4:30 PM EST
SAN DIEGO, CA, Dec. 11, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE --Â RF Industries, Ltd, (NASDAQ: RFIL), a national manufacturer and marketer of interconnect products and systems, today announced that it will release its financial results for the fourth quarter and fiscal year ended October 31, 2019 on Wednesday, December 18, 2019, after the close of the market.
RF Industries will host a conference call and live webcast on December 18, 2019 at 1:30 p.m. Pacific Standard Time (4:30 p.m. EST) to discuss its fourth quarter and fiscal 2019 financial results. To access the live call, dial 800-263-0877 (US and Canada) or 323-794-2094 (International). The conference ID is 5069719.
A live and archived webcast of the conference call will be accessible on the investor relations section of the Company's website at www.rfindustries.com. In addition, a phone replay will be available beginning approximately two hours after conclusion of the call and will remain available for two weeks. To access the phone replay, dial 844-512-2921 (US and Canada) or 412-317-6671 (International). The replay conference ID is 5069719.
About RF Industries
RF Industries designs and manufactures a broad range of interconnect products across diversified, growing markets including wireless/wireline telecom, data communications and industrial. The Company's products include RF connectors, coaxial cables, data cables, wire harnesses, fiber optic cables, custom cabling, energy-efficient cooling systems and integrated small cell enclosures. The Company is headquartered in San Diego, California with additional operations in Long Island, New York, Vista, California, Milford, Connecticut and North Kingstown, Rhode Island. Please visit the RF Industries website at www.rfindustries.com.
Contacts:
RF Industries
Mark TurflerÂ
SVP/CFOÂ
(858) 549â6340Â
MKR Investor Relations Inc.
Todd KehrliÂ
Analyst/Investor ContactÂ
(323) 468-2300Â
rfil@mkr-group.comÂ
MEDIA ADVISORY
Education Sector Unions Outline Next Action Related to Bargaining
TORONTO, Dec. 11, 2019 (GLOBE NEWSWIRE) -- The four major education unions in Ontario will hold a joint press conference to make an announcement about all-affiliate action being taken related to bargaining.
The following presidents will be on hand to speak and answer questions:
- Rémi Sabourin, The Association des enseignantes et des enseignants franco-ontariens (AEFO)
- Sam Hammond, The Elementary Teachers' Federation of Ontario (ETFO)
- Liz Stuart, The Ontario English Catholic Teachers' AssociationÂ
- Harvey Bischof, The Ontario Secondary School Teachers' Federation (OSSTF)
DATE: Thursday, December 12, 2019
TIME: 9 A.M.Â
LOCATION: Media Studio, Main Legislative Building, Queen's Park, Toronto
For more information, please contact any of the media relations representatives outlined below.
MERIT MEDICAL SYSTEMS, INC. INVESTOR ALERT: Wolf Haldenstein Adler Freeman & Herz LLP announces that a securities class action lawsuit has been filed in the United States District Court for the District of Utah
LEAD PLAINTIFF DEADLINE IS FEBRUARY 3, 2020
NEW YORK, Dec. 11, 2019 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP Â announces that a federal securities class action lawsuit has been filed in the United States District Court for the District of Utah on behalf of Merit Medical Systems, Inc. (âMeritâ or the âCompanyâ) (NASDAQ: MMSI) investors who purchased common stock between February 26, 2019 and October 30, 2019, inclusive (the âClass Periodâ).
All investors who purchased shares of Merit Medical Systems, Inc. and incurred losses are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action on our website, www.whafh.com.
If you have incurred losses in the shares of Merit Medical Systems, Inc., you may, no later than February 3, 2020, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in the shares of Merit Medical Systems, Inc. Â Â Â
## Follow the firm and learn about newly filed cases on Twitter and Facebook. ##
On July 25, 2019, post-market, the Company announced disappointing financial results for second quarter 2019, reporting net income of $6.9 million, or $0.12 per share, compared to $10.9 million, or $0.21 per share for the same period in the prior year. Meritâs Chief Executive Officer cited âa number of factors affecting revenues and gross margins during the second quarter,â including âforeign exchange [and] slower than anticipated conversion and uptake of acquired products.â
On this news, the Companyâs stock price fell $13.84, or over 25%, to close at $41.00 on July 26, 2019.
Subsequently, on October 30, 2019, the Company announced its third quarter 2019 financial results, lowered revenue guidance for fiscal 2019, and eliminated previously issued guidance for fiscal 2020. After this release on the next trading day, the Companyâs stock price fell $8.45, or 29%, to close at $20.66 per share on October 31, 2019.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com.
Contact:
Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, kcooper@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774
Attorney Advertising. Prior results do not guarantee or predict a similar outcome.
Dolby Presents Dolby Atmos Music and Post Malone, Exploring What Drives His Creativity and Desire to Connect with Fans
Post Malone shares his âmind-blowingâ experience with Dolby Atmos Music and how it allowed him to hear things he has never heard before
SAN FRANCISCO, Dec. 11, 2019 (GLOBE NEWSWIRE) -- Today, Dolby Laboratories, Inc. (NYSE: DLB), a leader in immersive entertainment experiences, is unveiling the third short film of its Dolby Atmos Music campaign featuring global superstar, Post Malone, one of 2019âs most streamed artists.
âFor the next stop on our journey to redefine music, we take a ride with Post Malone to share his creative process and reaction to experiencing his own music in Dolby Atmos for the first time,â said Todd Pendleton, Senior Vice President and Chief Marketing Officer, Dolby Laboratories. âPost said it best, âIâve never heard music like this.ââ
Spotlighting his latest hit Circles, which has been one of the top songs on Billboardâs Hot 100 Chart, the film explores Post Maloneâs desire to connect with people through music and the journey behind his rise to success â from playing shows at SXSW with only a few people in the audience to performing at sold out stadiums across the world. Post Malone also shares how Dolby Atmos captured his emotions in a way that he has never felt before and how this platform will change how music is created and experienced. Fans can hear his latest hit, Circles, today in Dolby Atmos on Echo Studio through Amazon Music HD.
âListening in Dolby Atmos blew my mind. It is the coolest thing thatâs happened to me in a long time,â said Post Malone. âStereoâs been around forever, and this is something completely different. Itâs going to arm artists with a new way to get their ideas out. Iâve never heard anything like it.â
The series has given millions of people around the world an intimate look into the creative minds of todayâs top artists to showcase their personal ethos, stories, and close relationship with fans. Dolby joined forces with these trailblazers in music because they inspire others by living unapologetically, and their art is leading culture. The campaign features real stories from each artist and highlights their latest singles. Itâs based on the insight that people want to feel a deeper connection with their favorite artists through music1, the kind a Dolby Atmos Music experience can authentically deliver.
The films were directed by the award-winning Toronto based director Karena Evans at m ss ng p eces. She is one of entertainmentâs most sought-after talents and is known for her cinematic, authentic, and narrative-focused directorial style. Karena is behind Drakeâs 2018 music video, Godâs Plan, and is revered for telling diverse, inclusive stories about the human condition.
âThe genesis of this campaign is inspired by Dolbyâs mission itself â a pure transmission of artist intention,â said Karena Evans. âWe decided to approach this campaign unconventionally through interior monologues to explore the purity of thought and creativity. At its core, this is what Dolby Atmos is.â
What is Dolby Atmos Music
Imagine if there were a way to connect with music at its fullest capacity and creative potential â not the way most people hear music today, but a version that pulls you into a song to reveal what was lost with traditional recordings. Dolby Atmos does just that. Whether itâs a complex harmony of instruments placed around a listener, the unleashing of a legendary guitar solo, a massive bass drop that washes over you, or the subtle breath a singer takes, Dolby Atmos gives music more space and the freedom to unleash every detail and emotion as the artist intended.
How to experience Dolby Atmos Music
Dolby is working closely with artists, record labels, streaming services, and consumer electronics manufacturers to make Dolby Atmos Music experiences widely accessible. Two of the worldâs largest record labels â Universal Music Group and Warner Music Group â have announced plans to release tracks in Dolby Atmos from some of the biggest names in music. You can enjoy music in Dolby Atmos via Amazon Music HD on Echo Studio, at your local Dolby Cinema or in your home through movies released in Dolby Atmos, on special released albums available on Blu-ray, or at a number of night clubs around the world where electronic musicians are performing live in Dolby Atmos. To learn more, visit music.dolby.com.
About Dolby Laboratories
Dolby Laboratories (NYSE: DLB) is based in San Francisco with offices in over 20 countries around the globe. Dolby transforms the science of sight and sound into spectacular experiences. Through innovative research and engineering, we create breakthrough experiences for billions of people worldwide through a collaborative ecosystem spanning artists, businesses, and consumers. The experiences people have â with Dolby Cinema, Dolby Vision, Dolby Atmos, Dolby Audio, Dolby Dimension, and Dolby Voice â revolutionize entertainment and communications at the cinema, on the go, in the home, and at work.Â
About Post Malone
A diamond-certified GRAMMY® Award-nominated phenomenon, Dallas, TX artist Post Malone regularly rewrites history, blurs boundaries, and incites internet-breaking conversation with every move. Emerging in 2015 with a genre-less brew that inspired a movement, he delivered the diamond-selling âCongratulationsâ [feat. Quavo], achieved back-to-back #1 debuts on the Billboard Top 200, received countless multi-Platinum certifications around the world, and smashed one record after another with his Hot 100-topping hits. His 2019 third full-length, Hollywoodâs Bleeding [Republic Records], represented an audience and critical high watermark. Not only did it arrive at Platinum status, but it also reigned at #1 on the Billboard Top 200 for four weeks and returned to the chart for a fifth week, making for the longest run atop the chart of 2019 and the first release to do so in over a year. It followed the immense success of the triple-Platinum beerbongs & bentleys, which also landed at #1 a year prior. In the wake of beerbongs & bentleys, Post crushed a record in place for 54 years. He charted nine songs in the Top 20 of the Hot 100, notching âthe most songs in the Top 20 of the Hot 100 ever.â Moreover, he also trounced the record for most simultaneous Top 40 Hot 100 hits with 14.
As of 2019, his catalog comprises the GRAMMY® Award-nominated ârockstarâ [feat. 21 Savage] (8x-platinum), âSunflower (Spider-Man: Into The Spider-Verse)â [feat. Swae Lee] (8x-platinum), âI Fall Apartâ (5x-platinum), âPsychoâ [feat. Ty Dolla $ign] (5x-platinum), âWhite Iversonâ (5x-platinum), âBetter Nowâ (4x-platinum), and more. Not to mention, he sold out numerous arena tours and launched his own mega-popular Posty Fest in its second successful year in 2019. It all started with his triple-platinum influential 2016 debut, Stoney. With records under his belt that will likely never be surpassed and a generation of artists and audiences worldwide under his spell, Post Malone simply doesnât stop.
Dolby, Dolby Atmos, Dolby Audio, Dolby Cinema, Dolby Vision, Dolby Dimension, Dolby Voice, and the double-D symbol are among the registered and unregistered trademarks of Dolby Laboratories, Inc. in the United States and/or other countries. Other trademarks remain the property of their respective owners. DLB-G
Media Contacts:
Natalia Sandin
Dolby Laboratories
+1-650-201-8814
Natalia.Sandin@Dolby.com
Rachel Lowery
Dolby Laboratories
+1-714-496-3816
Rachel.Lowery@Dolby.com
Cairon (Jamie) Armstrong
Dolby Laboratories
+1-530-305-2852
Cairon.Armstrong@Dolby.com
________________________
1 According to a recent survey, 67% of respondents said it would be appealing or very appealing to have a deeper connection with their favorite artists when listening to music they love. 50% of this group stated they would strongly feel a deeper connection if they could hear more depth, detail, and clarity in the music. Research conducted in November 2019 amongst US general population, ages 16-45.
A video accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/cbe50d49-f0a6-4520-aa93-ae68e8c3a620
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9a8ef8b7-18b8-4b7f-a377-0c70ede53c8d
INTERalliance Partners with Local Companies to Offer Paid Tech Internships
CINCINNATI, Dec. 11, 2019 (GLOBE NEWSWIRE) -- The INTERalliance of Greater Cincinnati has officially kicked off the 2020 Intern Program! This program, open to current High School Juniorâs and Seniorâs, places students into meaningful, paid Technology internships in some of the regionâs most influential companies.  Since the programâs creation in 2008, nearly 500 interns have been placed into roles varying between software development and business analytics. The Summer internships last 8-10 weeks and allows students to earn between $3,000 and $4,000.Â
INTERalliance is offering two Intern Open House Sessions for students and parents to learn more about the program. These sessions, held on January 8th at NKU and 9th at Xavier University, will review the requirements of the Internships as well as provide students the opportunity to meet with representatives from companies such as Kroger Technology, Great American Insurance Group, P&G, Western & Southern Financial Group, and Vora Ventures. New student requirements will also be discussed during these sessions.
For companies who are interested in getting engaged or learning more, a separate session is being offered during the January 8th Open House.Â
To find additional information and to register, visit https://interalliance.org/programs/internships/
About the INTERalliance of Greater Cincinnati: The mission of the INTERalliance is to inspire and assist young talent to pursue an IT career in Greater Cincinnati. More information can be found at www.interalliance.org.
Member companies of the INTERalliance include The Kroger Co., Procter & Gamble, Great American Insurance, Worldpay, GE, Vora Technologies, Fifth Third Bank, Western & Southern Financial Group, among many others.
For more information, visit https://interalliance.org
Heather Ackels (513) 415-7707 Heather.Ackels@INTERalliance.org
Explor - Annual and Special Meeting of Shareholders
ROUYN-NORANDA, Quebec, Dec. 11, 2019 (GLOBE NEWSWIRE) -- Explor Resources Inc. (TSX-V: EXS, OTCPK: EXSFF, FSE & BE: E1H1) (« Explor » or the « Corporation ») is pleased to announce that at the Annual and Special Meeting of Shareholders held on December 11, 2019, the following directors were elected: Christian Dupont of New Brunswick, Geoffrey Carter of Ontario, Mario Colantonio of Ontario and Gerhard Merkel of Germany.
The accounting firm Dallaire & Lapointe Inc. was re-appointed as independent auditors. The shareholders have also approved the continuation of the Corporationâs Stock Option Plan and of the Shareholder Rights Plan. The shareholders also approved the special resolution approving the amalgamation with Pure Nickel Inc. It is expected that the Amalgamation will be effective in the coming weeks; a press release will be issued once the Amalgamation is effective.
Subsequently to the Annual and Special Meeting, the Board of Directors of the Corporation held a meeting and appointed the following officers: Christian Dupont, as President and Chief Executive Officer, Rodrigue Tremblay, as Chief Financial Officer and Julie Godard, as Corporate Secretary. Finally, the following directors have been appointed to the Audit Committee: Christian Dupont, Mario Colantonio and Geoffrey Carter. Two members of this committee are considered independent directors.
Explor Resources Inc. is a publicly listed company trading on the TSX Venture (EXS), on the OTCPK Exchange (EXSFF) and on the Frankfurt and Berlin Stock Exchanges (E1H1).
This press release was prepared by Explor Resources Inc. Neither the TSX Venture Exchange Inc. nor its Regulation Services Provider (as that term is defined in the Policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this release.Â
About Explor Resources Inc.
Explor Resources Inc. is a Canadian-based natural resources company with mineral holdings in Ontario, Quebec, Saskatchewan and New Brunswick. Explor is currently focused on exploration in the Abitibi Greenstone Belt. The belt is found in both provinces of Ontario and Quebec with approximately 33% in Ontario and 67% in Quebec. Â The Belt has produced in excess of 180,000,000 ounces of gold and 450,000,000 tonnes of cu-zn ore over the last 100 years. Â The Corporation was continued under the laws of Alberta in 1986 and has had its main office in Quebec since 2006.
Explor Resources Flagship project is the Timmins Porcupine West (TPW) Project located in the Porcupine mining camp, in the Province of Ontario. Teck Resources Ltd. is currently conducting an exploration program as part of an earn-in on the TPW property. The TPW mineral resource (Press Release dated August 27, 2013) includes the following:
| Open Pit Mineral Resources at a 0.30 g/t Au cut-off grade are as follows: | ||
| Â | Â | Â |
| Â | Indicated: | 213,000 oz (4,283,000 tonnes at 1.55 g/t Au)Â |
| Â | Inferred: | 77,000 oz (1,140,000 tonnes at 2.09 g/t Au) |
| Â | Â | Â |
| Underground Mineral Resources at a 1.70 g/t Au cut-off grade are as follows: | ||
| Â | Â | Â |
| Â | Indicated:Â | 396,000 oz (4,420,000 tonnes at 2.79 g/t Au)Â |
| Â | Inferred: | 393,000 oz (5,185,000 tonnes at 2.36 g/t Au) |
This document may contain forward-looking statements relating to Explorâs operations or to the environment in which it operates. Such statements are based on operations, estimates, forecasts and projections. They are not guarantees of future performance and involve risks and uncertainties that are difficult to predict and may be beyond Explorâs control. A number of important factors could cause actual outcomes and results to differ materially from those expressed in forward-looking statements, including those set forth in other public filling. In addition, such statements relate to the date on which they are made. Consequently, undue reliance should not be placed on such forward-looking statements. Explor disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws.
For further information please contact: Â Â
Christian Dupont, President
Tel: 888-997-4630 or 819-797-4630
Fax: 819-797-1870
Website: www.explorresources.comÂ
Email: info@explorresources.com             Â
The Wait is Over, and the Wish is Granted: New 2021 Chevrolet Suburban, Tahoe Get a Diesel Option
WASHINGTON, Dec. 11, 2019 (GLOBE NEWSWIRE) -- Consumers will have another fuel-efficient diesel engine option to choose from in 2021, thanks to the announcement yesterday by Chevrolet that the new 2021 Chevrolet Suburban and Tahoe will offer the 3.0L Duramax turbo-diesel engine option.
âThe wait is over, and the wish is granted for all those searching and hoping someday for a diesel engine option in Americaâs most popular and iconic vehicles, the Chevrolet Suburban and Tahoe. Â Diesel and Suburban fans for many years have been calling and writing the Diesel Technology Forum about when they will be able to get a diesel option, and now we have an answer: mid-2021,â said Allen Schaeffer, Executive Director of the Diesel Technology Forum.
âDieselâs are a very natural fit for the full-sized SUV segment to enable manufacturers to provide consumers with a no-compromise vehicle experience; power, performance, driving range, reliability and more fuel efficiency. All told, there are nearly 50 diesel-powered choices for American consumers in 2019. Current diesel offerings range from light-duty and heavy-duty pickup trucks and vans to crossovers and sedans.
âLike diesel engines, Chevrolet Suburbanâs have been around for a long time, celebrating 85 years in 2021. That longevity doesnât come by accident but from leaders delivering what consumers want, whether in the form of the continuous improvement in diesel engine efficiency and achieving near-zero emissions or the Chevrolet Suburbanâs eight-plus decades of innovation that have dominated the vehicle segment and are part of the fabric of American history.
âSecond only to full-size pickup trucks, sport utility vehicles are the most popular and fastest growing vehicle segment in the U.S., so the availability of a fuel-efficient diesel engine option is welcome news. These full-size SUVs provide an unmatched combination of utility, comfort and performance that consumers increasingly demand, and with the diesel engine option, Chevrolet is further pushing the envelope of efficiency as well. The all-new 3.0L Duramax turbo-diesel engine option already has some impressive accomplishments in the 2020 Chevrolet Silverado 1500 pickup truck where the Duramax diesel posted EPA highway fuel economy performance of an amazing 33 mpg.â
New diesel options now available for consumers in Americaâs most popular selling vehicles â full-size pickup trucks - are delivering more benefits for their owners in the form of fuel savings and performance gains that turn into energy savings and clean air benefits across the economy.  According to recent research from IHS Markit, commissioned by the Diesel Technology Forum, consumers choosing a diesel engine option in full-size half-ton pickup trucks can achieve on average 33 percent more miles per gallon (24 mpg diesel vs. 18.1 gasoline, combined fuel economy) saving about 200 gallons of gasoline every year. Beyond the fuel savings, the diesel options have greater vehicle driving range before refueling.  If all full-size pickup trucks in the U.S. were to be powered by a diesel engine, the research found that we would realize a savings of ~500 million gallons of fuel for one model year.
An added advantage of the diesel engine option is the ability to utilize blends of advanced biofuels including biodiesel and renewable diesel fuel, thereby further lowering their carbon footprint, beyond the fuel efficiency advantage over gasoline. American consumers value options, and the option of using biofuels will be an important one that boosts sustainability of their personal vehicle choice.    Â
Check out more details on alternative-power vehicle sales in the United States with the Forumâs newest resource, the U.S. Vehicle Sales Dashboard: https://www.dieselforum.org/vehiclesales/u-s-vehicle-sales-dashboard.
Â
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ATI Physical Therapy Opens 10 New Clinics, in 6 States in December, Closing Out Another High-Growth Year
Every 3.5 business days in 2019 ATI opened a new clinic, bringing yearly total to 69
Bolingbrook, Ill., Dec. 11, 2019 (GLOBE NEWSWIRE) -- ATI Physical Therapy (ATI), one of the nationâs largest providers of physical therapy services, is proud to announce a tremendous year of growth with 69 total clinic openings throughout the country, including 10 new clinics opening this month alone. This figure, along with significant performance data from the rest of 2019, shows notable progress for the company, as measured by key metrics of new clinic openings and same-store growth.
Throughout October and November of 2019, 14 clinics opened across the country, including seven new clinic locations over the course of 10 days in Texas and South Carolina, two states which ATI has seen an increased need for physical therapy services, along with Michigan, Arizona and points in between. ATI attributes its growth and continued progress to results-driven, patient-centered care, along with delivering a trusted experience that patients expect and can rely upon.
âFor me, opening new clinic locations is exciting. Itâs an opportunity to bring needed physical therapy services to more people to help improve their health and quality of life. These openings reflect the proven, measurable results and value that physical therapy provides throughout the country,â said Labeed Diab, Chief Executive Officer of ATI. âIâm proud to lead an organization that contributes to consistent, high standards of care and helps patients understand the benefits of physical therapy. While these recent accomplishments are a result of ATIâs collective hard work and clinical excellence over many years, we continue to find ways to improve our organization every day for the benefit of our patients and team members.â
âA sign of a healthy organization is its ability to grow,â said Nate Bard, Chief Growth Officer. âATI is on a great track for continued growth and is headed towards leading the industry in changing how consumers think about and utilize physical therapy services.â
The clinics opening this month are in 10 cities across six different states, including:
â¢Â          West Chester, Pennsylvania  Â
â¢Â          Dallas, Texas
â¢Â          Lewes, Delaware
â¢Â          Austin, Texas
â¢Â          Spring Branch, Texas
â¢Â          Annapolis, Maryland
â¢Â          Lucas, Texas
â¢Â          Ellicott City, Maryland
â¢Â          Cullman, Alabama
â¢Â          Goshen, Indiana
About ATI Physical Therapy
ATI is a privately held, nationally recognized healthcare company, specializing in outpatient rehabilitation and adjacent healthcare services. With a focus on delivering a remarkable experience to every patient, every day, ATI has close to 900 locations from coast to coast. ATI was named âBest Physical Therapy Practice in the Nationâ by ADVANCE magazine and was one of the first physical therapy companies in the country to achieve URAC Core Accreditation, a mark of distinction that recognizes its commitment to quality healthcare. Based in Bolingbrook, Illinois, ATI gives back to communities across the country through the ATI Foundation, a non-profit established by ATI, which has provided more than $5 million in resources and funding to children with physical impairments. For more information on ATI Physical Therapy, and a complete list of clinic locations, services and the ATI Foundation, please visit ATIpt.com.
Sterling Organization Acquires Remaining Parcel of Land Situated at The Epicenter of Chicago’s Loop District.
The acquisition culminates Sterlingâs five-year-long effort to consolidate ownership of the four land parcels that sit under the approximately 100,000 square-foot building.
Chicago, IL, Dec. 11, 2019 (GLOBE NEWSWIRE) -- Sterling Organization, a vertically integrated private equity real estate investment firm, has announced the acquisition of the land parcel under 209 South State Street, a portion of a mixed-use six-story building located in Chicago, Illinois. The acquisition culminates Sterlingâs five-year-long effort to consolidate ownership of the four land parcels that sit under the approximately 100,000 square foot building with over 150 feet of State Street frontage between Adams Street and Jackson Boulevard. The building is primarily occupied by multiple Foot Locker retail brand concepts. The announced closing took place on December 2, 2019, and was purchased from Foot Locker on behalf of Sterling Organizationâs, Sterling Value Add Partners I, LP (âSVAP Iâ) as part of a sale-leaseback transaction.
Located just west of Millennium Park and Michigan Avenue, the mixed-use South State Street property is situated at the epicenter of Chicagoâs Loop district and represents an unparalleled and immediate repositioning opportunity. The Property draws a significant daytime office worker population from the areaâs 120 million square feet of office space and benefits from a growing student population of over 65,000 students in the Loop district. A plethora of theaters, high-street shopping options, and restaurants have converged to help revitalize and energize tourism to the area over the past decade. More than 322,000 people live within a 3-mile radius from the property, earning an average household income of $137,620.Â
âAfter five years of time and diligent efforts on behalf of our team, we were ultimately able to consolidate the multiple land parcels under the 209-227 South State Street building. We are very pleased to have the rare opportunity to own what we expect will become a trophy mixed-use asset.â said Brian Kosoy, Managing Principal, President and CEO of Sterling Organization. âWith the Propertyâs exceptional real estate fundamentals in one of the countryâs most dynamic submarkets, we believe our team will be able to add significant value to the asset with relatively little risk resulting from the high quality of the real estate in an ever-improving and extraordinarily dynamic location.â
With the addition of the consolidated South State Street property, the West Palm Beach, FL-based firm, along with its principals and investment partners, currently own 56 properties from coast to coast, comprising more than 10 million square feet of primarily retail real estate approaching $2 billion in value.
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About Sterling Organization: Sterling Organization is a vertically integrated private equity real estate firm whose national platform is focused on investing in retail real estate assets across the risk spectrum in major markets within the United States on behalf of Sterlingâs principals in partnership with the highest quality institutional investors. Sterling Organization is headquartered in West Palm Beach, FL.
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