Marcus Morris Sr. (LA Clippers) with an assist vs the Sacramento Kings, 01/20/2021
Marcus Morris Sr. (LA Clippers) with an assist vs the Sacramento Kings, 01/20/2021
The pair received ‘substantial compensation’ and a public apology from Mirror Group Newspapers.
25 February 2021 LEI: 2138003QW2ZAYZODBU23 LSE Code: QQQS WISDOMTREE MULTI ASSET ISSUER PUBLIC LIMITED COMPANY(a public company incorporated with limited liability in Ireland)WISDOMTREE NASDAQ 100® 3X DAILY SHORT SECURITIESPROPOSED AMENDMENT TO THE PRINCIPAL AMOUNT OF THE AFFECTED SECURITIES MEETING OF THE ETP SECURITYHOLDERS THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you are in any doubt about what action you should take, you are recommended to consult your independent financial adviser. If you have sold or transferred all of your WisdomTree NASDAQ 100® 3x Daily Short Securities (the “Affected Securities”) of WisdomTree Multi Asset Issuer Public Limited Company (the “Issuer”), please send this document, together with the accompanying form of proxy, at once to the purchaser or transferee or stockbroker, banker or other agent through whom the sale or transfer was made, for onward transmission to the purchaser or transferee. The Issuer wishes to announce that the Meeting of the holders of the Affected Securities (with ISIN IE00BLRPRJ20) scheduled for 25 February 2021 at 11:00 a.m. (the “Original Meeting”) has been adjourned, in accordance with paragraph 20 of Schedule 7 of the Trust Deed, for lack of a quorum. The adjourned meeting will be reconvened at 11:00 a.m. on Friday 12 March 2021, being a date not less than 14 calendar days and not more than 42 days after the Original Meeting, and will be held by way of virtual meeting (the “Adjourned Meeting”). The Adjourned Meeting is being held to consider certain amendments to documentation, made under the powers set out in clause 2 of schedule 7 of the master trust deed of the Affected Securities, required to effect a reduction in the principal amount of the Affected Securities from USD 12.18 to USD 1.218. This follows the price of the Affected Securities falling below 500 per cent. of its current principal amount on Tuesday 26 January 2021, and is designed to maintain the normal trading and operations of the Affected Securities. Full details of the Proposal and Extraordinary Resolution are set out in the notice dated 2 February 2021. It is important to note that: The reduction of the Principal Amount of the Affected Securities does NOT dilute an Affected Security Holder’s holding or reduce the value of an Affected Security Holder’s holding. The reduction of the Principal Amount does NOT negatively impact the ability of the investor to trade the Affected Securities. The reduction of the Principal Amount does NOT affect the amount an Affected Security Holder would, in practice, receive on redemption of the Affected Securities. Holders of the Affected Securities have received a form of proxy by post, directing them to submit their voting instructions through the relevant ICSD or the relevant participant in an ICSD on the matters being considered at the Original Meeting and at the Adjourned Meeting. Under article 11.5 of the Issuer’s Articles of Association, no further notification is required for the Adjourned Meeting. Holders of the Affected Securities are therefore directed to the original notification posted to them on 2 February 2021, and also available on the website of the Issuer, at https://www.wisdomtree.eu/en-gb/-/media/eu-media-files/other-documents/operational/corp-action/boost/rns-corporate-actions/qqqs---pa-reduc---initial-notice-2-feb-2021_final.pdf. Holders of the Affected Securities will not be permitted to attend the Adjourned Meeting physically in person, and are strongly advised to vote by proxy. In case of queries in relation to proxy voting, please contact Link Asset Services at email@example.com. If holders of the Affected Securities wish to attend the Adjourned Meeting, arrangements will be made for them to attend virtually via such teleconference facility as shall be specified by the chairperson ahead of the Adjourned Meeting. Holders of the Affected Securities who wish to attend the Adjourned Meeting in this way are directed to contact Apex IFS Limited at IFSCOSEC@apexfs.com no later than half an hour before the Adjourned Meeting, and will require proof of identity and holding. Holders of the Affected Securities should note that a duly completed form of proxy deposited in respect of the Original Meeting will continue to be valid for the Adjourned Meeting unless previously revoked or suspended by a further form of proxy prior to the Adjourned Meeting. In accordance with normal practice, The Law Debenture Trust Corporation p.l.c., as trustee, expresses no opinion as to the merits of the Proposal, the terms of which were not negotiated by it. It has however authorised it to be stated that, on the basis of the information contained in the original circular and in this document (which it advises holders of Affected Securities to read carefully) it has no objection to the form in which the Proposal and Notice of Meeting are presented to holders of Affected Securities for their consideration. Holders of the Affected Securities will be notified of the outcome of the Adjourned Meeting shortly thereafter.
Olympic Steel, Inc. (Nasdaq: ZEUS), a leading national metals service center, today announced financial results for the three and 12 months ended December 31, 2020.
Owned eCommerce and two largest brands, Merrell and Saucony, power outlook for strong 2021 recoveryROCKFORD, Mich., Feb. 25, 2021 (GLOBE NEWSWIRE) -- Wolverine World Wide, Inc. (NYSE: WWW) today reported financial results for the fourth quarter and full year ended January 2, 2021. “The Company delivered better-than-expected results for the fourth quarter and is poised to drive an accelerated recovery over the next twelve to eighteen months,” said Blake W. Krueger, Wolverine Worldwide’s Chairman and Chief Executive Officer. “During a year of unprecedented challenges, we took action focused on the rapidly changing consumer landscape. Our owned eCommerce revenue grew 50% in 2020, and we have planned further investment in this area to enable growth of 40% in 2021, significantly outpacing broader industry expectations. Our balance sheet is healthy, and our brands are well positioned in winning product categories with strong momentum. Merrell, Saucony, Sperry, and Wolverine all plan to launch compelling new products behind some of their biggest franchises, and we anticipate meaningful growth for the Company in 2021, resulting in revenue approaching 2019 levels for the year.” FOURTH-QUARTER 2020 REVIEW Reported revenue was $509.6 million, down 16.1% versus the prior year. On a constant currency basis, revenue was down 16.4% versus the prior year. Owned eCommerce reported revenue grew 31.7% versus the prior year.Reported gross margin was 40.1%, compared to 37.8% in the prior year. Adjusted gross margin was 41.4%, compared to 37.8% in the prior year.Reported operating margin was -40.1%, including the impact of a non-cash trade name impairment, compared to -0.9% in the prior year. Adjusted operating margin was 6.6%, compared to 10.1% in the prior year.Reported diluted loss per share was $2.10, including the impact of a non-cash trade name impairment of $2.07 per share, compared to a loss per share of $0.01 in the prior year. Adjusted diluted earnings per share were $0.21, and, on a constant currency basis, were $0.22, compared to $0.59 in the prior year.Inventory at the end of the quarter was down 30.2% versus the prior year.Cash flow from operating activities in the quarter was $173.6 million, compared to $206.6 million in the prior year.Cash on hand at the end of the quarter was $347.4 million, compared to $180.6 million in the prior year. FULL-YEAR 2020 REVIEW Reported revenue was $1,791.1 million, down 21.2% versus the prior year on a reported and constant currency basis. Owned eCommerce reported revenue grew 49.9% versus the prior year.Reported gross margin was 41.1%, compared to 40.6% in the prior year. Adjusted gross margin was 41.5%, compared to 40.6% in the prior year.Reported operating margin was -7.7%, including the impact of a non-cash trade name impairment, compared to 7.5% in the prior year. Adjusted operating margin was 7.5%, compared to 11.5% in the prior year.Reported diluted loss per share was $1.70, including the impact of a non-cash trade name impairment of $2.07 per share, compared to earnings per share of $1.44 in the prior year. Adjusted diluted earnings per share were $0.93, and, on a constant currency basis, were $0.95, compared to $2.25 in the prior year.Cash flow from operating activities for the year was $309.1 million, compared to $222.6 million in the prior year. “Our team executed on key profit and liquidity priorities that were identified at the onset of the pandemic, resulting in annual operating cash flow of $309 million and $1.1 billion of total liquidity at year-end,” said Mike Stornant, Senior Vice President and Chief Financial Officer. “We are now able to increase our investment behind several key growth priorities supported by good visibility to robust demand and an eCommerce platform that continues to outperform. The Company is in an enviable position to drive profitable and accelerated growth in 2021.” FULL-YEAR 2021 OUTLOOKWolverine Worldwide expects the positive momentum of its performance, athletic, outdoor, and work brands to continue in 2021. The Company is providing its initial revenue and earnings outlook for the full year, which assumes no meaningful deterioration of current market conditions related to the COVID-19 pandemic during the remainder of 2021. For the full 2021 fiscal year, the Company expects revenue in the range of $2,190 million to $2,250 million, growth of 22% to 26% versus the prior year, approaching 2019 revenue at the high end of the range. The Company is also focused on delivering its aspirational target of $500 million in owned eCommerce revenue, more than double 2019 owned eCommerce revenue. Reported diluted earnings per share are expected to be in the range of $1.75 to $1.90, and adjusted diluted earnings per share are expected to be in the range of $1.90 to $2.05. NON-GAAP FINANCIAL MEASURESMeasures referred to in this release as “adjusted” financial results are non-GAAP measures that exclude impairment of intangible assets, environmental and other related costs net of recoveries, costs related to the COVID-19 pandemic including credit loss expenses, severance expenses, inventory adjustments and other related costs, non-cash impairment costs and reorganization expenses. The Company also presents constant currency information, which is a non-GAAP measure that excludes the impact of fluctuations in foreign currency exchange rates. The Company calculates constant currency basis by converting the current-period local currency financial results using the prior period exchange rates and comparing these adjusted amounts to the Company's current period reported results. The Company believes providing each of these non-GAAP measures provides valuable supplemental information regarding its results of operations, consistent with how the Company evaluates performance. The Company has provided a reconciliation of each of the above non-GAAP financial measures to the most directly comparable GAAP financial measure. The Company believes these non-GAAP measures provide useful information to both management and investors because it increases the comparability of current period results to prior period results by adjusting for certain items that may not be indicative of core operating results and enables better identification of trends in our business. The adjusted financial results are used by management to, and allow investors to, evaluate the operating performance of the Company on a comparable basis. Management does not, nor should investors, consider such non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. EARNINGS CALL INFORMATIONThe Company will host a conference call today at 8:30 a.m. EST to discuss these results and current business trends. The conference call will be broadcast live and accessible under the “Investor Relations” tab at www.wolverineworldwide.com. A replay of the conference call will be available on the Company’s website for a period of approximately 30 days. ABOUT WOLVERINE WORLDWIDEFounded in 1883 on the belief in the possibility of opportunity, Wolverine World Wide, Inc. (NYSE:WWW) is one of the world’s leading marketers and licensors of branded casual, active lifestyle, work, outdoor sport, athletic, children's and uniform footwear and apparel. Through a diverse portfolio of highly recognized brands, our products are designed to empower, engage and inspire our consumers every step of the way. The Company’s portfolio includes Merrell®, Sperry®, Hush Puppies®, Saucony®, Wolverine®, Keds®, Stride Rite®, Chaco®, Bates®, and HYTEST®. Wolverine Worldwide is also the global footwear licensee of the popular brands Cat® and Harley-Davidson®. Based in Rockford, Michigan, for more than 130 years, the Company’s products are carried by leading retailers in the U.S. and globally in approximately 170 countries and territories. For additional information, please visit our website, www.wolverineworldwide.com. FORWARD-LOOKING STATEMENTSThis press release contains forward-looking statements, including statements regarding the Company’s expectations regarding: its outlook for fiscal year 2021 revenue, earnings per share and owned eCommerce revenue; near-term demand; future growth; and new product launches. In addition, words such as “estimates,” “anticipates,” “believes,” “forecasts,” “step,” “plans,” “predicts,” “focused,” “projects,” “outlook,” “is likely,” “expects,” “intends,” “should,” “will,” “confident,” variations of such words, and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties, and assumptions (“Risk Factors”) that are difficult to predict with regard to timing, extent, likelihood, and degree of occurrence. Risk Factors include, among others: the effects of the COVID-19 pandemic on the Company’s business, operations, financial results and liquidity, including the duration and magnitude of such effects, which will depend on numerous evolving factors that the Company cannot currently accurately predict or assess, including: the duration and scope of the pandemic; the negative impact on global and regional markets, economies and economic activity, including the duration and magnitude of its impact on unemployment rates, consumer discretionary spending and levels of consumer confidence; actions governments, businesses and individuals take in response to the pandemic; the effects of the pandemic, including all of the foregoing, on the Company’s distributors, manufacturers, suppliers, joint venture partners, wholesale customers and other counterparties, and how quickly economies and demand for the Company’s products recover after the pandemic subsides; changes in general economic conditions, employment rates, business conditions, interest rates, tax policies and other factors affecting consumer spending in the markets and regions in which the Company’s products are sold; the inability for any reason to effectively compete in global footwear, apparel and consumer-direct markets; the inability to maintain positive brand images and anticipate, understand and respond to changing footwear and apparel trends and consumer preferences; the inability to effectively manage inventory levels; increases or changes in duties, tariffs, quotas or applicable assessments in countries of import and export; foreign currency exchange rate fluctuations; currency restrictions; capacity constraints, production disruptions, quality issues, price increases or other risks associated with foreign sourcing; the cost and availability of raw materials, inventories, services and labor for contract manufacturers; labor disruptions; changes in relationships with, including the loss of, significant wholesale customers; risks related to the significant investment in, and performance of, the Company’s consumer-direct operations; risks related to expansion into new markets and complementary product categories; the impact of seasonality and unpredictable weather conditions; changes in general economic conditions and/or the credit markets on the Company’s distributors, suppliers and retailers; increases in the Company’s effective tax rates; failure of licensees or distributors to meet planned annual sales goals or to make timely payments to the Company; the risks of doing business in developing countries, and politically or economically volatile areas; the ability to secure and protect owned intellectual property or use licensed intellectual property; the impact of regulation, regulatory and legal proceedings and legal compliance risks, including compliance with federal, state and local laws and regulations relating to the protection of the environment, environmental remediation and other related costs, and litigation or other legal proceedings relating to the protection of the environment or environmental effects on human health; the potential breach of the Company’s databases or other systems, or those of its vendors, which contain certain personal information, payment card data or proprietary information, due to cyberattack or other similar events; problems affecting the Company’s distribution system, including service interruptions at shipping and receiving ports; strategic actions, including new initiatives and ventures, acquisitions and dispositions, and the Company’s success in integrating acquired businesses, and implementing new initiatives and ventures; the risk of impairment to goodwill and other intangibles; changes in future pension funding requirements and pension expenses; and additional factors discussed in the Company’s reports filed with the Securities and Exchange Commission and exhibits thereto. The foregoing Risk Factors, as well as other existing Risk Factors and new Risk Factors that emerge from time to time, may cause actual results to differ materially from those contained in any forward-looking statements. Given these or other risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. Furthermore, the Company undertakes no obligation to update, amend, or clarify forward-looking statements. WOLVERINE WORLD WIDE, INC. CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (Unaudited)(In millions, except earnings per share) Quarter Ended Fiscal Year Ended January 2,2021 December 28,2019 January 2,2021 December 28,2019Revenue$509.6 $607.4 $1,791.1 $2,273.7 Cost of goods sold305.0 377.5 1,055.5 1,349.9 Gross profit204.6 229.9 735.6 923.8 Gross margin 40.1% 37.8% 41.1% 40.6% Selling, general and administrative expenses182.2 170.7 639.4 669.3 Impairment of intangible assets222.2 — 222.2 — Environmental and other related costs, net of recoveries4.3 64.4 11.1 83.5 Operating expenses408.7 235.1 872.7 752.8 Operating expenses as a % of revenue80.2% 38.7% 48.7% 33.1% Operating profit (loss), net(204.1) (5.2) (137.1) 171.0 Operating margin(40.1)% (0.9)% (7.7)% 7.5% Interest expense, net12.5 8.2 43.6 30.0 Debt extinguishment, interest rate swap termination, and other costs5.3 — 5.5 — Other expense (income), net0.8 (1.7) (2.1) (4.9) Total other expenses18.6 6.5 47.0 25.1 Earnings (loss) before income taxes(222.7) (11.7) (184.1) 145.9 Income tax expense (benefit)(51.5) (11.2) (45.5) 17.0 Effective tax rate23.1% 95.3% 24.7% 11.7% Net earnings (loss)(171.2) (0.5) (138.6) 128.9 Less: net earnings (loss) attributable to noncontrolling interests(0.5) 0.4 (1.7) 0.4 Net earnings (loss) attributable to Wolverine World Wide, Inc.$(170.7) $(0.9) $(136.9) $128.5 Diluted earnings (loss) per share$(2.10) $(0.01) $(1.70) $1.44 Supplemental information: Net earnings (loss) used to calculate diluted earnings (loss) per share$(170.9) $(1.1) $(137.7) $126.0 Shares used to calculate diluted earnings (loss) per share81.2 80.5 81.0 87.2 WOLVERINE WORLD WIDE, INC. CONSOLIDATED CONDENSED BALANCE SHEETS(Unaudited)(In millions) January 2,2021 December 28,2019ASSETS Cash and cash equivalents$347.4 $180.6 Accounts receivables, net268.3 331.2 Inventories, net243.1 348.2 Other current assets45.4 107.1 Total current assets904.2 967.1 Property, plant and equipment, net124.6 141.0 Lease right-of-use assets142.5 160.8 Goodwill and other indefinite-lived intangibles824.7 1,043.4 Other noncurrent assets141.4 167.7 Total assets$2,137.4 $2,480.0 LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable and other accrued liabilities$362.0 $380.8 Lease liabilities34.0 34.1 Current maturities of long-term debt10.0 12.5 Borrowings under revolving credit agreements— 360.0 Total current liabilities406.0 787.4 Long-term debt712.5 425.9 Lease liabilities, noncurrent130.3 147.2 Other noncurrent liabilities315.6 341.1 Stockholders' equity573.0 778.4 Total liabilities and stockholders' equity$2,137.4 $2,480.0 WOLVERINE WORLD WIDE, INC. CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Unaudited)(In millions) Fiscal Year Ended January 2,2021 December 28,2019OPERATING ACTIVITIES: Net earnings (loss)$(138.6) $128.9 Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: Depreciation and amortization32.8 32.7 Deferred income taxes(56.9) (9.0) Stock-based compensation expense28.9 24.5 Pension and SERP expense8.5 5.6 Debt extinguishment, interest rate swap termination, and other costs5.5 — Impairment of intangible assets222.2 — Environmental and other related costs, net of cash payments and recoveries received31.5 48.8 Other(12.7) (11.6) Changes in operating assets and liabilities187.9 2.7 Net cash provided by operating activities309.1 222.6 INVESTING ACTIVITIES: Business acquisition, net of cash acquired(5.5) (15.1) Additions to property, plant and equipment(10.3) (34.4) Proceeds from sale of assets0.2 — Investment in joint ventures(3.5) (8.5) Proceeds from company-owned insurance policy liquidations26.8 — Other(1.6) (3.5) Net cash provided by (used in) investing activities6.1 (61.5) FINANCING ACTIVITIES: Payments under revolving credit agreements(898.0) (469.3) Borrowings under revolving credit agreements538.0 704.3 Borrowings of long-term debt471.0 — Payments on long-term debt(183.5) (7.5) Payments of debt issuance and debt extinguishment costs(6.4) (0.3) Termination of interest rate swap(7.3) — Cash dividends paid(33.6) (33.6) Purchase of common stock for treasury(21.0) (319.2) Employee taxes paid under stock-based compensation plans(24.8) (16.9) Proceeds from the exercise of stock options9.8 12.2 Contributions from noncontrolling interests1.8 5.7 Net cash used in financing activities(154.0) (124.6) Effect of foreign exchange rate changes5.6 1.0 Increase in cash and cash equivalents166.8 37.5 Cash and cash equivalents at beginning of the year180.6 143.1 Cash and cash equivalents at end of the year$347.4 $180.6 The following tables contain information regarding the non-GAAP financial measures used by the Company in the presentation of its financial results: WOLVERINE WORLD WIDE, INC. Q4 2020 RECONCILIATION TABLES RECONCILIATION OF REPORTED REVENUETO ADJUSTED REVENUE ON A CONSTANT CURRENCY BASIS*(Unaudited)(In millions) GAAP Basis2020-Q4 ForeignExchangeImpact ConstantCurrencyBasis 2020-Q4 GAAP Basis2019-Q4 ConstantCurrency Growth(Decline) ReportedGrowth(Decline)REVENUE Wolverine Michigan Group$298.5 $(0.8) $297.7 $360.0 (17.3)% (17.1)%Wolverine Boston Group197.6 (1.2) 196.4 234.1 (16.1) (15.6) Other13.5 — 13.5 13.3 1.5 1.5 Total$509.6 $(2.0) $507.6 $607.4 (16.4)% (16.1)% RECONCILIATION OF REPORTED GROSS MARGIN TO ADJUSTED GROSS MARGIN*(Unaudited)(In millions) GAAP Basis Adjustments (1) As Adjusted Gross Profit - Fiscal 2020 Q4$204.6 $6.3 $210.9 Gross margin40.1% 41.4% Gross Profit - Fiscal 2019 Q4$229.9 $— $229.9 Gross margin37.8% 37.8%(1) Q4 2020 adjustments reflect expenses related to the COVID-19 pandemic including $3.2 million of inventory charges and $3.1 million of air freight charges related to production delays. RECONCILIATION OF REPORTED OPERATING MARGIN TO ADJUSTED OPERATING MARGIN*(Unaudited)(In millions) GAAP Basis Adjustments (1) As Adjusted Operating Profit (Loss) - Fiscal 2020 Q4$(204.1) $237.6 $33.5 Operating margin(40.1)% 6.6% Operating Profit (Loss) - Fiscal 2019 Q4$(5.2) $66.5 $61.3 Operating margin(0.9)% 10.1%(1) Q4 2020 adjustments reflect $222.2 million for a non-cash impairment of the Sperry trade name, $11.1 million of expenses related to the COVID-19 pandemic including $0.7 million of severance expenses, $3.6 million of facility exit costs, $3.2 million of inventory charges, $3.1 million of air freight charges related to production delays and $0.5 million of other costs and $4.3 million of environmental and other related costs net of recoveries. Q4 2019 adjustments reflect $64.4 million of environmental and other related costs net of a settlement and $2.1 million of costs related to business development costs and reorganization costs. RECONCILIATION OF REPORTED SELLING, GENERAL AND ADMINISTRATIVE EXPENSES TO ADJUSTED SELLING, GENERAL AND ADMINISTRATIVE EXPENSES*(Unaudited)(In millions) GAAP Basis Adjustment (1) As Adjusted Selling, general and administrative expenses - Fiscal 2020 Q4$408.7 $(231.3) $177.4 Selling, general and administrative expenses - Fiscal 2019 Q4$235.1 $(66.5) $168.6 (1) Q4 2020 adjustments reflect $222.2 million for a non-cash impairment of the Sperry trade name, $4.8 million of expenses related to the COVID-19 pandemic including $0.7 million of severance expenses, $3.6 million of facility exit costs and $0.5 million of other costs, and $4.3 million of environmental and other related costs net of recoveries. Q4 2019 adjustments reflect $64.4 million of environmental and other related costs net of a settlement and $2.1 million of costs related to business development costs and reorganization costs. RECONCILIATION OF REPORTED DILUTED EPS TO ADJUSTED DILUTED EPS ON A CONSTANT CURRENCY BASIS*(Unaudited) GAAP Basis Adjustments (1) As Adjusted ForeignExchangeImpact As AdjustedEPS On a ConstantCurrency Basis EPS - Fiscal 2020 Q4$(2.10) $2.31 $0.21 $0.01 $0.22 EPS - Fiscal 2019 Q4$(0.01) $0.60 $0.59 (1) Q4 2020 adjustments reflect a non-cash impairment of the Sperry trade name, expenses related to the COVID-19 pandemic, and environmental and other related costs net of recoveries. Q4 2019 adjustments reflect environmental and other related costs net of a settlement and costs related to business development costs and reorganization costs. RECONCILIATION OF THE REPORTED EFFECTIVE TAX RATETO THE ADJUSTED EFFECTIVE TAX RATE*(Unaudited) GAAP Basis Adjustment (1) As Adjusted Effective Tax Rate - Fiscal 2020 Q423.1% (8.5)% 14.6% Effective Tax Rate - Fiscal 2019 Q495.3% (86.6)% 8.7%(1) Q4 2020 adjustments reflect the tax impact of non-cash impairment of the Sperry trade name, expenses related to the COVID-19 pandemic, and environmental and other related costs net of recoveries. Q4 2019 adjustments reflect the tax impact of environmental and other related costs net of a settlement, business development costs and reorganization costs. 2020 FULL-YEAR RECONCILIATION TABLES RECONCILIATION OF REPORTED REVENUETO ADJUSTED REVENUE ON A CONSTANT CURRENCY BASIS*(Unaudited)(In millions) GAAP Basis2020 ForeignExchangeImpact ConstantCurrencyBasis 2020 GAAP Basis2019 ConstantCurrency Growth(Decline) Reported Growth(Decline)REVENUE Wolverine Michigan Group$1,051.0 1.7 $1,052.7 $1,299.7 (19.0)% (19.1)%Wolverine Boston Group696.0 (1.2) 694.8 910.9 (23.7) (23.6) Other44.1 — 44.1 63.1 (30.1) (30.1) Total$1,791.1 $0.5 $1,791.6 $2,273.7 (21.2)% (21.2)% RECONCILIATION OF REPORTED GROSS MARGIN TO ADJUSTED GROSS MARGIN*(Unaudited)(In millions) GAAP Basis Adjustments (1) As Adjusted Gross Profit - Fiscal 2020$735.6 $8.3 $743.9 Gross margin41.1% 41.5% Gross Profit - Fiscal 2019$923.8 $0.5 $924.3 Gross margin40.6% 40.6%(1) 2020 adjustments reflect expenses related to the COVID-19 pandemic including $4.4 million of inventory charges and $3.9 million of air freight charges related to production delays. RECONCILIATION OF REPORTED OPERATING MARGIN TO ADJUSTED OPERATING MARGIN*(Unaudited)(In millions) GAAP Basis Adjustments (1) As Adjusted Operating Profit (Loss) - Fiscal 2020$(137.1) $271.0 $133.9 Operating margin(7.7)% 7.5% Operating Profit - Fiscal 2019$171.0 $91.6 $262.6 Operating margin7.5% 11.5%(1) 2020 adjustments reflect $222.2 million for a non-cash impairment of the Sperry trade name, $37.7 million of expenses related to the COVID-19 pandemic including $10.9 million of severance expenses, $8.5 million of credit loss expenses, $4.9 million of inventory charges, $3.9 million of air freight charges related to production delays, $3.6 million of facility exit costs and $5.9 million of other costs, and $11.1 million of environmental and other related costs net of recoveries. 2019 adjustments reflect $83.5 million of environmental and other related costs net of a settlement and $8.1 million of other costs including business development costs and reorganization costs. RECONCILIATION OF REPORTED DILUTED EPS TO ADJUSTED DILUTED EPS ON A CONSTANT CURRENCY BASIS*(Unaudited) GAAP Basis Adjustments (1) As Adjusted ForeignExchangeImpact As AdjustedEPS On a ConstantCurrency Basis EPS - Fiscal 2020$(1.70) $2.63 $0.93 $0.02 $0.95 EPS - Fiscal 2019$1.44 $0.81 $2.25 (1) 2020 adjustments reflect a non-cash impairment of the Sperry trade name, expenses related to the COVID-19 pandemic, and environmental and other related costs net of recoveries. 2019 adjustments reflect environmental and other related costs net of a settlement, business development costs and reorganization costs. 2021 GUIDANCE RECONCILIATION TABLES RECONCILIATION OF REPORTED OPERATING MARGIN GUIDANCETO ADJUSTED OPERATING MARGIN GUIDANCE*(Unaudited)(In millions) GAAP Basis Adjustments (1) As Adjusted Operating Profit - Fiscal 2021$230 - $245 $15.0 $245 - $260 Operating margin10.5% - 10.9% 11.2% - 11.6%(1) 2021 adjustments reflect estimated environmental and other related costs net of recoveries and other costs. RECONCILIATION OF REPORTED DILUTED EPS GUIDANCE TO ADJUSTED DILUTED EPS GUIDANCE AND SUPPLEMENTAL INFORMATION*(Unaudited) GAAP Basis Adjustments (1) As Adjusted EPS - Fiscal 2021$ 1.75 - $1.90 $0.15 $ 1.90 - $2.05 Supplemental information: Net Earnings - Fiscal 2021$146 - $159 $12.0 $158 - $171 Net Earnings used to calculate diluted earnings per share$143 - $156 $12.0 $155 - $168 Shares used to calculate diluted earnings per share81.9 81.9(1) 2021 adjustments reflect estimated environmental and other related costs net of recoveries and certain other costs. To supplement the consolidated condensed financial statements presented in accordance with Generally Accepted Accounting Principles ("GAAP"), the Company describes what certain financial measures would have been if, impairment of intangible assets, environmental and other related costs net of recoveries, costs related to the COVID-19 pandemic including credit loss expenses, severance expenses and other related costs and reorganization expenses were excluded. The Company believes these non-GAAP measures provide useful information to both management and investors to increase comparability to the prior period by adjusting for certain items that may not be indicative of core operating measures and to better identify trends in our business. The adjusted financial results are used by management to, and allow investors to, evaluate the operating performance of the Company on a comparable basis. The constant currency presentation, which is a non-GAAP measure, excludes the impact of fluctuations in foreign currency exchange rates. The Company believes providing constant currency information provides valuable supplemental information regarding results of operations, consistent with how the Company evaluates performance. The Company calculates constant currency by converting the current-period local currency financial results using the prior period exchange rates and comparing these adjusted amounts to the Company's current period reported results. Management does not, nor should investors, consider such non-GAAP financial measures in isolation from, or as a substitution for, financial information prepared in accordance with GAAP. A reconciliation of all non-GAAP measures included in this press release, to the most directly comparable GAAP measures are found in the financial tables above. CONTACT: Michael D. Stornant(616) 866-5728
American Woodmark Corporation (NASDAQ: AMWD) (the "Company") today announced results for its third fiscal quarter ended January 31, 2021.
“At least half of my patients say that they’re waiting for us to get it before they get it from anywhere,” the head of Tryon Medical said.
New York, New York--(Newsfile Corp. - February 25, 2021) - The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Penumbra, Inc. (NYSE: PEN) alleging that the Company violated federal securities laws.Class Period: August 3, 2020 and December 15, 2020Lead Plaintiff Deadline: March 16, 2021Learn more about your recoverable losses in PEN:http://www.kleinstocklaw.com/pslra-1/penumbra-inc-loss-submission-form?id=13128&from=5The filed complaint alleges that Penumbra, Inc. made materially false and/or misleading statements and/or failed ...
- Commenced enrollment in both the Phase 1 INNATE trial of JTX-8064 (LILRB2 / ILT4) and the Phase 2 SELECT trial of Vopratelimab in combination with JTX-4014 - - Ended 2020 with $213.2 million in cash, cash equivalents and investments - - Company to host conference call and webcast today at 8:00 AM ET - CAMBRIDGE, Mass., Feb. 25, 2021 (GLOBE NEWSWIRE) -- Jounce Therapeutics, Inc. (NASDAQ: JNCE), a clinical-stage company focused on the discovery and development of novel cancer immunotherapies and predictive biomarkers, today reported financial results for the fourth quarter and year ended December 31, 2020 and provided a corporate update. “2020 proved to be a year of important pipeline execution and corporate development at Jounce despite the challenges presented by the COVID-19 pandemic. As we enter 2021, we are strongly positioned to execute on our two proof of concept studies, INNATE and SELECT, and continue to advance our sustainable discovery pipeline. Our potential first-in-class programs and biomarker approaches are aimed at bringing meaningful clinical benefit to the growing population of PD-(L)1 inhibitor naïve and experienced patients,” said Richard Murray, Ph.D., chief executive officer and president of Jounce Therapeutics. “The need for novel approaches targeting different immune cells in the tumor microenvironment highlights the importance of our translational science platform and our productive discovery engine. This approach has allowed us to generate multiple targets beyond T-cells, most notably our highest priority program, JTX-8064, targeting LILRB2, also known as ILT4. As we enter 2021, Jounce is poised to further our goal of bringing the right immunotherapies to the right patients.” Pipeline Update and Highlights: JTX-8064 (LILRB2 / ILT4) Initiated Phase 1 INNATE trial of JTX-8064: In January 2021, Jounce enrolled the first dose cohort in INNATE, a Phase 1 clinical trial of JTX-8064 alone and in combination with its PD-1 inhibitor, JTX-4014, or pembrolizumab. The trial is designed to progress quickly through dose escalation and demonstrate proof of concept in tumor specific expansion cohorts. Presented JTX-8064 preclinical data at the Society for Immunotherapy of Cancer’s (SITC) 35th Annual Meeting: In November 2020 at SITC, Jounce presented preclinical data for JTX-8064 that informed the indication selection and biomarker strategies for JTX-8064 to maximize potential therapeutic benefit for patients with solid tumor malignancies. Vopratelimab (ICOS) and JTX-4014 (PD-1) Initiated enrollment in the Phase 2 SELECT trial of vopratelimab: In October 2020, Jounce initiated enrollment in the randomized Phase 2 SELECT trial to evaluate vopratelimab in combination with JTX-4014 versus JTX-4014 alone in immunotherapy naïve TISvopra biomarker-selected, second line non-small cell lung cancer patients. COVID-19 related delays are currently impacting patient enrollment, and Jounce now anticipates reporting data from the SELECT trial in 2022. Continued to advance JTX-4014 as a combination agent: JTX-4014 is a PD-1 inhibitor intended for combination with Jounce’s broad pipeline beginning with its two ongoing proof of concept studies, the INNATE trial and the SELECT trial. The SELECT trial will also provide additional important single agent data for JTX-4014 in a new biomarker selection paradigm.. JTX-1811 (CCR8) Established exclusive license agreement with Gilead for the development and commercialization of JTX-1811: In October 2020, Jounce licensed to Gilead Sciences, Inc. (“Gilead”) the worldwide rights to JTX-1811, a potential first-in-class antibody designed to bind to CCR8 and selectively deplete immunosuppressive tumor-infiltrating T regulatory cells. Upon clearance of an investigational new drug application (“IND”), JTX-1811 will transition to Gilead for clinical development and potential commercialization. In addition to an $85.0 million upfront and a $35.0 million equity investment, Jounce has the potential to earn up to $685.0 million in milestones as well as royalties on worldwide sales. Jounce continues to progress JTX-1811 to IND clearance and remains on track for an IND filing in the first half of 2021. Discovery Pipeline Productive discovery engine with IND every 12 to 18 months: Jounce continues to invest in and advance its growing immuno-oncology pipeline. Its discovery engine is built upon the capability to thoroughly investigate different cell types in the tumor microenvironment, including T cells, myeloid cells and stromal cells. Fourth Quarter and Full Year 2020 Financial Results: Cash position: As of December 31, 2020, cash, cash equivalents and investments were $213.2 million, compared to $170.4 million as of December 31, 2019. The increase in cash, cash equivalents and investments was primarily due to receipt of $120.0 million in proceeds from the license and stock purchase agreements with Gilead and $14.5 million received during 2020 under Jounce’s at-the-market offering program (“ATM”), offset by operating expenses incurred during the year. In January 2021, the Company completed the sale of all available amounts under the existing ATM with the sale of 3,156,200 shares for net proceeds of $30.2 million.License and collaboration revenue: $62.3 million of license and collaboration revenue was recognized during the fourth quarter of 2020. Jounce did not recognize any license and collaboration revenue for the same period in 2019. License and collaboration revenue was $62.3 million for the full year 2020, compared to $147.9 million for the full year 2019. Revenue recognized during 2020 was related to Jounce’s license agreement with Gilead. Revenue recognized during 2019 was comprised of $50.0 million of cash revenue related to Jounce’s JTX-8064 license agreement with Celgene and $97.9 million of non-cash revenue recognition related to the $225.0 million upfront payment received in July 2016 under the Celgene collaboration agreement.Research and development expenses: Research and development expenses were $20.0 million for the fourth quarter of 2020, compared to $16.6 million for the same period in 2019. Research and development expenses were $78.7 million for the full year 2020, compared to $67.1 million for the full year 2019. The increase in research and development expenses for the full year 2020 was primarily due to $7.9 million of increased clinical and regulatory expense primarily attributable to the SELECT clinical trial, $3.2 million of increased manufacturing and IND-enabling expenses and $2.9 million of increased employee compensation costs. These increases were partially offset by $0.9 million and $0.8 million of decreased other research costs, primarily related to reduced travel, and lab consumable costs, respectively.General and administrative expenses: General and administrative expenses were $6.9 million for both the fourth quarter of 2020 and 2019. General and administrative expenses were $28.8 million for the full year 2020, compared to $27.9 million for the full year 2019. The increase in general and administrative expenses for full year 2020 was primarily attributable to $1.5 million of increased employee compensation costs.Net income (loss): Net income was $35.5 million for the fourth quarter of 2020, resulting in basic net income per share of $0.90 and diluted net income per share of $0.86. Net loss was $22.7 million for the same period in 2019, resulting in basic and diluted net loss per share of $0.68. Net loss was $43.8 million for the full year 2020, resulting in basic and diluted net loss per share of $1.24. Net income was $56.8 million for the full year 2019, resulting in basic net income per share of $1.72 and diluted net income per share of $1.66. Net loss for the full year 2020 was attributable to increased operating expenses, offset by $62.3 million of license revenue recognized under Jounce’s agreement with Gilead. Net income for the full year 2019 was primarily attributable to $147.9 million of revenue recognized under the Celgene license and collaboration agreements in the year. Financial Guidance: Based on its current operating and development plans, Jounce reiterates its financial guidance for 2021. Gross cash burn on operating expenses and capital expenditures for the full year 2021 is expected to be approximately $95.0 million to $110.0 million. Given the strength of its balance sheet, Jounce expects its existing cash, cash equivalents and investments to be sufficient to enable the funding of its operating expenses and capital expenditure requirements through the second quarter of 2023. Conference Call and Webcast Information: Jounce Therapeutics will host a live conference call and webcast today at 8:00 a.m. ET. To access the conference call, please dial (866) 916-3380 (domestic) or (210) 874-7772 (international) and refer to conference ID 4698355. The live webcast can be accessed under "Events & Presentations" in the Investors and Media section of Jounce's website at www.jouncetx.com. The webcast will be archived and made available for replay on Jounce’s website approximately two hours after the call and will be available for 30 days. About Jounce Therapeutics Jounce Therapeutics, Inc. is a clinical-stage immunotherapy company dedicated to transforming the treatment of cancer by developing therapies that enable the immune system to attack tumors and provide long-lasting benefits to patients through a biomarker-driven approach. Jounce currently has multiple development stage programs ongoing while simultaneously advancing additional early-stage assets from its robust discovery engine based on its Translational Science Platform. Jounce’s highest priority program, JTX-8064, is a LILRB2 (ILT4) receptor antagonist shown to reprogram immune-suppressive tumor associated macrophages to an anti-tumor state in preclinical studies. A Phase 1 clinical trial, named INNATE, for JTX-8064 as a monotherapy and in combination with JTX-4014, Jounce’s internal PD-1 inhibitor, or pembrolizumab is currently enrolling patients with advanced solid tumors. Jounce’s most advanced product candidate, vopratelimab, is a monoclonal antibody that binds to and activates ICOS, and is currently being studied in the SELECT Phase 2 trial. JTX-4014 is a PD-1 inhibitor intended for combination use in the INNATE and SELECT trials and with Jounce’s broader pipeline. Additionally, Jounce exclusively licensed worldwide rights to JTX-1811, a monoclonal antibody targeting CCR8 and designed to selectively deplete T regulatory cells in the tumor microenvironment, to Gilead Sciences, Inc. For more information, please visit www.jouncetx.com. Cautionary Note Regarding Forward-Looking Statements:Various statements in this release concerning Jounce’s future expectations, plans and prospects, including without limitation, Jounce’s expectations regarding financial guidance, operating expenses and capital expenditures; the timing, progress, results and release of data for clinical trials of vopratelimab, JTX-4014 and JTX-8064; identification, selection and enrollment of patients for Jounce’s clinical trials; the use of JTX-4014 in combination with Jounce’s other product candidates; and the timing, progress and results of preclinical studies and development of Jounce’s product candidates, including JTX-1811, and any future product candidates may constitute forward-looking statements for the purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995 and other federal securities laws and are subject to substantial risks, uncertainties and assumptions. You should not place reliance on these forward-looking statements, which often include words such as “expect,” “goal,” “plan,” “on track,” “will” or similar terms, variations of such terms or the negative of those terms. Although Jounce believes that the expectations reflected in the forward-looking statements are reasonable, Jounce cannot guarantee such outcomes. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, including, without limitation, Jounce’s ability to successfully demonstrate the efficacy and safety of its product candidates and future product candidates; the preclinical and clinical results for its product candidates, which may not support further development and marketing approval; the potential advantages of Jounce’s product candidates; Jounce’s ability to successfully manage its clinical trials; the development plans of its product candidates and any companion or complementary diagnostics; actions of regulatory agencies, which may affect the initiation, timing and progress of preclinical studies and clinical trials of Jounce’s product candidates; Jounce’s ability to obtain, maintain and protect its intellectual property; Jounce’s ability to manage operating expenses and capital expenditures; and those risks more fully discussed in the section entitled “Risk Factors” in Jounce’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission as well as discussions of potential risks, uncertainties, and other important factors in Jounce’s subsequent filings with the Securities and Exchange Commission. All such statements speak only as of the date made, and Jounce undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise. Jounce Therapeutics, Inc.Consolidated Statements of Operations (unaudited)(amounts in thousands, except per share data) Three Months EndedDecember 31, Year EndedDecember 31, 2020 2019 2020 2019Revenue: License and collaboration revenue—related party$62,339 $— $62,339 $147,872 Operating expenses: Research and development20,019 16,610 78,690 67,135 General and administrative6,899 6,922 28,766 27,920 Total operating expenses26,918 23,532 107,456 95,055 Operating income (loss)35,421 (23,532) (45,117) 52,817 Other income, net51 875 1,289 4,052 Income (loss) before provision for income taxes35,472 (22,657) (43,828) 56,869 Provision for income taxes— 10 14 46 Net income (loss)$35,472 $(22,667) $(43,842) $56,823 Net income (loss) per share, basic$0.90 $(0.68) $(1.24) $1.72 Net income (loss) per share, diluted$0.86 $(0.68) $(1.24) $1.66 Weighted-average common shares outstanding, basic39,434 33,272 35,426 33,080 Weighted-average common shares outstanding, diluted41,442 33,272 35,426 34,294 Jounce Therapeutics, Inc.Selected Consolidated Balance Sheet Data (unaudited)(amounts in thousands) December 31, 2020 2019Cash, cash equivalents and investments$213,188 $170,444 Working capital$192,067 $159,297 Total assets$244,236 $205,882 Total stockholders’ equity$211,294 $174,593 Investor and Media Contacts:Malin DeonJounce Therapeutics, Inc.+firstname.lastname@example.org Mark YoreJounce Therapeutics, Inc.+1-857-200-1255 email@example.com
CenterPoint Energy, Inc. (NYSE: CNP) today reported fourth quarter 2020 earnings of $0.27 per diluted common share, compared to $0.25 per diluted common share for the fourth quarter of 2019. On a guidance basis, fourth quarter 2020 earnings were $0.29 per diluted share, compared to $0.35 per diluted share for the fourth quarter of 2019.
The PBR, which was originally scheduled for Longview this weekend, brings plenty of star power including defending world champion Jose Vitor Leme.
EyeSouth Partners ("EyeSouth" or the "Company") is pleased to announce that it has completed an affiliation with North Georgia Eye Clinic ("NGEC"). The affiliation represents EyeSouth’s ninth in the state of Georgia and twenty-second affiliation overall. EyeSouth is an eye care-focused management services organization backed by Shore Capital Partners, committed to partnering with leading physicians to build a premier network of eye care services in the U.S. EyeSouth’s affiliate network consists of 22 practices with nearly 200 doctors providing medical and surgical eye care services at over 100 locations including 13 surgery centers throughout Georgia, Texas, Louisiana, Florida, Tennessee, Ohio, Kentucky and Alabama.
- Interim Data Reported from First 20 Adult Patients Enrolled with January 22, 2021 Data Cutoff - - 10/20 Patients (50%) Had Achieved an Objective Response by Blinded Independent Central Review (BICR) and 16/20 (80%) Remain on Study - - Mirdametinib Continues to Show a Potentially Differentiated Safety and Tolerability Profile - - Trial is Approximately 70% Enrolled and With Full Enrollment Expected in 2H2021 - - Conference Call and Webcast Scheduled for Today at 8:30 a.m. Eastern Time - STAMFORD, Conn., Feb. 25, 2021 (GLOBE NEWSWIRE) -- SpringWorks Therapeutics, Inc. (Nasdaq: SWTX), a clinical-stage biopharmaceutical company focused on developing life-changing medicines for patients with severe rare diseases and cancer, today reported interim data from the first 20 adult patients enrolled in the ongoing Phase 2b ReNeu trial evaluating mirdametinib, an investigational MEK inhibitor, in adult and pediatric patients with NF1-associated plexiform neurofibromas (NF1-PN). As of the January 22nd data cutoff date, 10/20 (50%) of these patients had achieved an objective response, as assessed by blinded independent central review (BICR), 16/20 (80%) remained on study, and the median time on treatment was 10.1 cycles (approximately 10 months). Mirdametinib was also generally well tolerated, with the majority of treatment related adverse events (TRAE) being Grade 1 or 2 and only one Grade 3 TRAE; there have been no Grade 4 or 5 adverse events (AE). SpringWorks also provided an update on the enrollment status of ReNeu, highlighting that the trial has reached approximately 70% of its target enrollment of 100 patients and that full enrollment is expected in the second half of 2021. “We are very encouraged by these emerging data from our ongoing ReNeu trial, as they reaffirm our belief that mirdametinib has the potential to be a best-in-class treatment for patients with NF1-PN,” said Saqib Islam, Chief Executive Officer of SpringWorks. “The robust response rate, which was assessed by blinded independent central review, and the very encouraging tolerability profile observed in these interim data are particularly compelling given the unmet need among NF1-PN patients for a therapy that can provide durable efficacy while maintaining a safety profile that is suitable for long-term dosing. We look forward to completing enrollment in the ReNeu trial in the second half of this year and sharing additional data from the study at a future medical conference in 2021.” Interim Phase 2b Data from ReNeu Trial: The interim Phase 2b ReNeu data set for the first 20 adult patients enrolled utilized a January 22, 2021 data cutoff. Objective responses were defined as a ≥ 20% reduction in target tumor volume measured by MRI and were assessed by BICR. Patients received mirdametinib at a dose of 2 mg/m2 twice daily (maximum dose: 4 mg twice daily) without regard to food on a three weeks-on, one week-off intermittent schedule, with patients being allowed to stay on treatment for up to 24 cycles (approximately two years). The median time on treatment for the 20 adult patients evaluated for this analysis was 10.1 cycles (approximately 10 months), with an initial efficacy assessment performed following cycle five and then every four cycles thereafter. The preliminary efficacy and safety analysis showed: 10/20 (50%) of patients had achieved an objective response by BICR.For seven of the 10 patients who achieved an initial objective response, subsequent scheduled scans were available, and six of these seven patients had confirmed responses.16/20 (80%) of these patients remain on study and only one patient required a dose reduction due to an AE. Reasons for discontinuation included one each of progressive disease, participant decision, AE (Grade 1 diarrhea), and a patient being unable to undergo required MRI imaging due to a titanium rod implant from non-treatment-related worsening of scoliosis.A generally well-tolerated safety profile. The majority of TRAEs were Grade 1 or 2 with only one Grade 3 TRAE reported. No Grade 4 or 5 AEs have been reported. The most common TRAEs were rash, nausea and diarrhea. Conference Call and Webcast:SpringWorks will host a conference call and webcast today, Thursday, February 25, 2021, at 8:30 a.m. Eastern Time to discuss the ReNeu trial data and program update. Participants can listen to the call by dialing +1 (800) 708-4539 (domestic) or +1 (847) 619-6396 (international) and providing the confirmation number 50110177. A live webcast presentation can be accessed through the “Investors & Media” section of the Company’s website at https://ir.springworkstx.com/. A replay of the webcast will be available on the SpringWorks website for a limited time following the event. About the ReNeu TrialThe ReNeu trial is a multi-center, open-label Phase 2b trial evaluating the efficacy, safety, and tolerability of mirdametinib in patients two years of age and older with an inoperable NF1-associated PN causing significant morbidity. The study will enroll approximately 100 patients in the United States. Patients receive mirdametinib at a dose of 2 mg/m2 twice daily (maximum dose of 4 mg twice daily, calculated based on body surface area) without regard to food. Mirdametinib is administered in a three-weeks on, one-week off dosing schedule. The primary endpoint is objective response rate, defined as ≥ 20% reduction in target tumor volume as measured by MRI and assessed by BICR. Secondary endpoints include safety and tolerability measures, duration of response, and changes from baseline in patient reported outcomes. More information about the ReNeu trial is available at www.clinicaltrials.gov under the identifier NCT03962543. About NF1-PNNeurofibromatosis type 1 (NF1) is a rare genetic disorder that arises from mutations in the NF1 gene, which encodes for neurofibromin, a key suppressor of the MAPK pathway.1,2 NF1 is the most common form of neurofibromatosis, with an estimated global birth incidence of approximately 1 in 3,000 individuals, and approximately 100,000 patients living with NF1 in the United States.3,4 The clinical course of NF1 is heterogeneous and manifests in a variety of symptoms across numerous organ systems, including abnormal pigmentation, skeletal deformities, tumor growth and neurological complications, such as cognitive impairment.5 Patients with NF1 have an eight to 15-year mean reduction in their life expectancy compared to the general population.2 NF1 patients have approximately a 30-50% lifetime risk of developing plexiform neurofibromas, or PN, which are tumors that grow in an infiltrative pattern along the peripheral nerve sheath and that can cause severe disfigurement, pain and functional impairment; in rare cases, NF1-PN may be fatal.3,4,6 Patients with NF1 can also experience additional manifestations, including neurocognitive deficits and developmental delays.4 NF1-PNs are most often diagnosed in the first two decades of life.3 These tumors can be aggressive and are associated with clinically significant morbidities; typically, they grow more rapidly during childhood.7,8 Surgical removal of these tumors is challenging due to the infiltrative tumor growth pattern along nerves and can lead to permanent nerve damage and disfigurement.9 MEK inhibitors have emerged as a validated class of treatment for NF1-PN.4 About MirdametinibMirdametinib is an oral small molecule designed to inhibit MEK1 and MEK2. MEK proteins occupy a pivotal position in the MAPK pathway, a key signaling network that regulates cell growth and survival, and that plays a central role in multiple oncology and rare disease indications. Mirdametinib has been evaluated in several Phase 1 and Phase 2 clinical trials, with over 200 subjects having been exposed to treatment. A Phase 2 trial was conducted by the Neurofibromatosis Clinical Trial Consortium and evaluated mirdametinib in 19 adolescent and adult patients with inoperable and symptomatic or growing plexiform neurofibromas. Patients received an oral dose of 2 mg/m2 BID with a maximum dose of 4 mg BID on a four-week cycle of three weeks-on, one week-off. Eight patients (42%) achieved an objective response by cycle 12, prospectively defined as volumetric reduction in their target PN of at least 20%. Mirdametinib was generally well-tolerated in this trial. The most commonly reported treatment-emergent Grade 2 or higher AEs were acneiform rash, fatigue and nausea. In addition to the Phase 2b monotherapy trial in NF1- PN, and given the critical role that the MAPK pathway plays in the growth and proliferation of a large number of tumor types, SpringWorks is also pursuing mirdametinib in combination with other rational anti-cancer agents across a range of solid tumors. About SpringWorks TherapeuticsSpringWorks is a clinical-stage biopharmaceutical company applying a precision medicine approach to acquiring, developing and commercializing life-changing medicines for underserved patient populations suffering from devastating rare diseases and cancer. SpringWorks has a differentiated portfolio of small molecule targeted oncology product candidates and is advancing two potentially registrational clinical trials in rare tumor types, as well as several other programs addressing highly prevalent, genetically defined cancers. SpringWorks’ strategic approach and operational excellence in clinical development have enabled it to rapidly advance its two lead product candidates into late-stage clinical trials while simultaneously entering into multiple shared-value partnerships with industry leaders to expand its portfolio. For more information, please visit www.springworkstx.com, and follow @SpringWorksTx on Twitter and LinkedIn. Forward-Looking StatementsThis press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 relating to our business, operations, and financial conditions, including but not limited to current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, our development plans, our preclinical and clinical results, the interim data of the ReNeu clinical trial, including its interim primary efficacy, safety and tolerability data, and other future conditions. Words such as, but not limited to, “look forward to,” “believe,” “expect,” “anticipate,” “estimate,” “intend,” “plan,” “would,” “should” and “could,” and similar expressions or words, identify forward-looking statements. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. Any forward-looking statements in this presentation are based on management’s current expectations and beliefs and are subject to a number of risks, uncertainties and important factors that may cause actual events or results to differ materially from those expressed or implied by any forward-looking statements contained in this presentation, including, without limitation, risks relating to: (i) the success and timing of our ongoing DeFi and ReNeu clinical trials, (ii) the fact that interim data from a clinical study may not be predictive of the final results of such study or the results of other ongoing or future studies, (iii) the success and timing of our product development activities and initiating clinical trials, (iv) the success and timing of our collaboration partners’ ongoing and planned clinical trials, (v) our ability to obtain and maintain regulatory approval of any of our product candidates, (vi) our plans to research, discover and develop additional product candidates, (vii) our ability to enter into collaborations for the development of new product candidates, (viii) our ability to establish manufacturing capabilities, and our and our collaboration partners’ abilities to manufacture our product candidates and scale production, (ix) our ability to meet any specific milestones set forth herein, and (x) uncertainties and assumptions regarding the impact of the COVID-19 pandemic on SpringWorks’ business, operations, clinical trials, supply chain, strategy, goals and anticipated timelines. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise. Although we believe the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Accordingly, readers are cautioned not to place undue reliance on these forward-looking statements. For further information regarding the risks, uncertainties and other factors that may cause differences between SpringWorks’ expectations and actual results, you should review the “Risk Factors” section(s) of our filings with the Securities and Exchange Commission. SpringWorks Media/Investor Contact: Kim DiamondVice President, Communications and Investor Relations203-561-1646 firstname.lastname@example.org References Yap YS, McPherson JR, Ong CK, et al. The NF1 gene revisited - from bench to bedside. Oncotarget. 2014;5(15):5873-5892. doi:10.18632/oncotarget.2194.Rasmussen S, Friedman J. NF1 Gene and Neurofibromatosis 1. Am J Epidemiol. 2000;151(1):33-40. doi:10.1093/oxfordjournals.aje.a010118.Prada C, Rangwala F, Martin L et al. Pediatric Plexiform Neurofibromas: Impact on Morbidity and Mortality in Neurofibromatosis Type 1. J Pediatr. 2012;160(3):461-467. doi:10.1016/j.jpeds.2011.08.051.Ferner R. Neurofibromatosis 1 and neurofibromatosis 2: a twenty first century perspective. The Lancet Neurology. 2007;6(4):340-351. doi:10.1016/s1474-4422(07)70075-3.Weiss BD, Wolters PL, Plotkin SR, et al. NF106: A Neurofibromatosis Clinical Trials Consortium Phase II Trial of the MEK Inhibitor Mirdametinib (PD-0325901) in Adolescents and Adults With NF1-Related Plexiform Neurofibromas. Journal of Clinical Oncology. 2021;JCO.20.02220.doi.org/10. 1200/JCO.20.02220.Hirbe A, Gutmann D. Neurofibromatosis type 1: a multidisciplinary approach to care. The Lancet Neurology. 2014;13(8):834-843. doi:10.1016/s1474-4422(14)70063-8.Gross A, Singh G, Akshintala S et al. Association of plexiform neurofibroma volume changes and development of clinical morbidities in neurofibromatosis 1. Neuro Oncol. 2018;20(12):1643-1651. doi:10.1093/neuonc/noy067.Nguyen R, Dombi E, Widemann B et al. Growth dynamics of plexiform neurofibromas: a retrospective cohort study of 201 patients with neurofibromatosis 1. Orphanet J Rare Dis. 2012;7(1):75. doi:10.1186/1750-1172-7-75.Needle M, Cnaan A, Dattilo J et al. Prognostic signs in the surgical management of plexiform neurofibroma: The Children’s Hospital of Philadelphia experience, 1974-1994. J Pediatr. 1997;131(5):678-682. doi:10.1016/s0022-3476(97)70092-1.
To Nasdaq OMX Copenhagen A/S Public announcement no. 487 February 25th, 2021 ECONOMIC KEY FIGURES FOR GLUNZ & JENSEN HOLDING A/S Q3 2020/21 The Q3, 2020/21 of the fiscal year was reviewed and approved at the Board of Directors meeting today. The Board of Directors announces the following consolidated financial statements year to date (YTD) for Q3 (the first 9 months) of 2020/21. The Q3 result of the fiscal year 2020/21 has met the expectations under very difficult market conditions. Highlights The revenue for YTD Q3 2020/21 was adversely impacted by COVID 19 and amounted to DKK 104,2 million (2019/20: DKK 150,6 million). The order intake and revenue have also been negatively impacted by the COVID-19 disruptions. The process of strengthening earnings by streamlining by consolidating production and supply chain at the subsidiary in Slovakia is still progressing according to the outlined plan. As a consequence of the transfer to Slovakia the production facilities in Nyborg have been vacated and we are now pursuing to sublease the premises.An ambitious reduction of fixed costs, including a substantial head-count reduction was launched in August 2020 to counter the impact of the sluggish market situation for equipment in the prepress industry. The full benefit of these savings will be realized before the end of the financial year. The major part will materialize in Q4 2020/2021 and hence, only a part has been included in Q3 2020/21 figures.EBITDA was DKK 12,0 million before non-recurring items and fair value adjustment on investment properties (2019/20: DKK 11,2 million.)Non-recurring items YTD 2020/21 amounted to DKK 2,5 million of which DKK 1,2 million related to the mold issues at the building complex Selandia Park, and the remaining DKK 1,3 million related to cost in connection with the transfer of production and spare-part center from Nyborg, Denmark to Presov, Slovakia. (2019/20: DKK 5,3 million). Fair value adjustment on investment properties are DKK 0,0 million (2019/20: DKK 0,0 million). Guidance for full year 2020/21Glunz & Jensen maintain its full year guidance for 2020/21 as communicated on August 20th 2020 with revenue in the range of DKK 130-140 million. The EBITDA before non-recurring items and fair value adjustment on investment properties was communicated in the range of DKK 12-14 million and this level is maintained. Sale of Selandia ParkAs highlighted in the annual report 2019/20 and in the H1 2020/21 company announcement, the Board of Directors decided to initiate a sales process for the investment properties in Selandia Park. The sales process is progressing and further information will be provided as a sale approaches its finalization. The potential sale of Selandia Park is not included in the guidance. For further information please contact:CEO Martin Overgaard Hansen: phone +45 22 60 84 05Chairman of the board Flemming Nyenstad Enevoldsen: phone +45 40 43 13 03
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Biodesix, Inc. (Nasdaq: BDSX), a leading data-driven diagnostic solutions company with a focus in lung disease, today announced that The Healthcare Technology Report announced Chief Executive Officer, Scott Hutton, as one of the Top 25 Biotech CEOs of 2021.
KKR Real Estate Finance Trust Inc. ("KREF") (NYSE: KREF) announced today that Matt Salem, Chief Executive Officer, will present at the Citi 2021 Virtual Global Property CEO Conference on Monday, March 8, 2021 at 8:15 AM ET.
The 2019 first-round pick said the phrase has become a motto and helps young players make necessary improvements.
SINGAPORE, Feb. 25, 2021 (GLOBE NEWSWIRE) -- ASLAN Pharmaceuticals (Nasdaq:ASLN), a clinical-stage immunology focused biopharmaceutical company developing innovative treatments to transform the lives of patients, today announced that it has entered into a securities purchase agreement to raise gross proceeds of approximately $18 million resulting from the sale of its ordinary shares through a private placement to new institutional investors, Vivo Capital and Surveyor Capital (a Citadel company). The financing, which is subject to customary closing conditions, is expected to close today, February 25, 2021. Pursuant to the terms of the securities purchase agreement, the Company will issue an aggregate of 25,568,180 ordinary shares (equivalent to 5,113,636 American Depositary Shares (“ADSs”)) at an equivalent price of $3.52 per ADS, equal to the last closing price of the Company’s ADSs. The Company intends to use the net proceeds from the private placement primarily to advance clinical development of ASLAN004, as well as for general corporate purposes. Dr Carl Firth, Chief Executive Officer, ASLAN Pharmaceuticals, said: “These additional resources position us well as we look forward to unblinding the interim data from our ongoing study of ASLAN004 in atopic dermatitis in early March and look towards initiating our phase 2b program later in 2021.” The securities to be sold in the private placement have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state or other applicable jurisdiction’s securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state or other jurisdictions’ securities laws. The Company has agreed to file a registration statement with the U.S. Securities and Exchange Commission (the “SEC”) registering the resale of the securities issued in the private placement. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any offer, solicitation or sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. Any offering of the securities under the resale registration statement will only be made by means of a prospectus. Media and IR contacts Emma ThompsonSpurwing CommunicationsTel: +65 6751 2021Email: ASLAN@spurwingcomms.comRobert UhlWestwicke PartnersTel: +1 858 356 5932 Email: email@example.com About ASLAN PharmaceuticalsASLAN Pharmaceuticals (Nasdaq:ASLN) is a clinical-stage immunology focused biopharmaceutical company developing innovative treatments to transform the lives of patients. Led by a senior management team with extensive experience in global development and commercialisation, ASLAN has a clinical portfolio comprised of a first-in-class monoclonal therapy, ASLAN004, that is being developed in atopic dermatitis and other immunology indications, and ASLAN003, which it plans to develop for autoimmune disease. For additional information please visit www.aslanpharma.com. Forward looking statements This release contains forward-looking statements. These statements are based on the current beliefs and expectations of the management of ASLAN Pharmaceuticals Limited and/or its affiliates (the "Company"). These forward-looking statements may include, but are not limited to, statements regarding the Company’s business strategy, the Company’s plans to develop and commercialise ASLAN004, the safety and efficacy of ASLAN004, the potential for ASLAN004 to be a first-in-class monoclonal therapy for people with atopic dermatitis and other immunology indications, and the Company’s plans and expected timing with respect to enrolment in its clinical trials for ASLAN004 and clinical trial results for ASLAN004. The Company’s estimates, projections and other forward-looking statements are based on management's current assumptions and expectations of future events and trends, which affect or may affect the Company’s business, strategy, operations or financial performance, and inherently involve significant known and unknown risks and uncertainties. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation the risk factors described in the Company’s U.S. Securities and Exchange Commission filings and reports (Commission File No. 001-38475), including the Company’s Form 20-F filed with the U.S. Securities and Exchange Commission (the “SEC”) on April 16, 2020. All statements other than statements of historical fact are forward-looking statements. The words “believe,” “may,” “might,” “could,” “will,” “aim,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “plan,” or the negative of those terms, and similar expressions that convey uncertainty of future events or outcomes are intended to identify estimates, projections and other forward-looking statements. Estimates, projections and other forward-looking statements speak only as of the date they were made, and, except to the extent required by law, the Company undertakes no obligation to update or review any estimate, projection or forward-looking statement.
NICE (Nasdaq: NICE) today announced that NICE inContact has been given the Best Practices Award for the 2020 Australia Cloud Contact Center Growth Excellence Frost Radar Awards, as well as the 2020 European Contact Center as Service Competitive Strategy Innovation and Leadership Award by analyst firm Frost & Sullivan. These recognitions in the European and Australian markets underscore the agility and flexibility of NICE inContact CXone, a market-leading cloud customer experience platform, and its ability to support contact centers anywhere in the world as they navigate an increasingly turbulent customer service landscape.
Gannett Co., Inc. ("Gannett", "we", "us", "our", or the "Company") (NYSE: GCI) today reported its financial results for the fourth quarter and full year ended December 31, 2020.