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Lincoln Financial Group to Hold Annual Meeting of Shareholders on May 25, 2023

Lincoln Financial Group to Hold Annual Meeting of Shareholders on May 25, 2023

RADNOR, Pa.–(BUSINESS WIRE)–
Lincoln Financial Group (NYSE:LNC) announced today that it will hold its annual meeting of shareholders on Thursday, May 25, 2023, at 9:00 a.m. Eastern Time in Philadelphia.

Event details and annual meeting materials are available on the company’s Investor Relations web page at www.lincolnfinancial.com/webcast.

About Lincoln Financial Group

Lincoln Financial Group provides advice and solutions that help people take charge of their financial lives with confidence and optimism. Today, approximately 16 million customers trust our retirement, insurance and wealth protection expertise to help address their lifestyle, savings and income goals, and guard against long-term care expenses. Headquartered in Radnor, Pennsylvania, Lincoln Financial Group is the marketing name for Lincoln National Corporation (NYSE:LNC) and its affiliates. The company had $290 billion in end-of-period account balances net of reinsurance as of March 31, 2023. Lincoln Financial Group is a committed corporate citizen included on major sustainability indices including the Dow Jones Sustainability Index North America and ranks among Newsweek’s Most Responsible Companies. Dedicated to diversity, equity and inclusion, we are included on transparency benchmarking tools such as the Corporate Equality Index, the Disability Equality Index and the Bloomberg Gender-Equality Index. Committed to providing our employees with flexible work arrangements, we were named to FlexJobs’ list of the Top 100 Companies to Watch for Remote Jobs in 2022. With a long and rich legacy of acting ethically, telling the truth and speaking up for what is right, Lincoln was recognized as one of Ethisphere’s 2022 World’s Most Ethical Companies®. We create opportunities for early career talent through our intern development program, which ranks among WayUp and Yello’s annual list of Top 100 Internship Programs. Learn more at: www.LincolnFinancial.com. Follow us on Facebook, Twitter, LinkedIn, and Instagram. Sign up for email alerts at http://newsroom.lfg.com.

Al Copersino

(800) 237-2920

Investor Relations

[email protected]

Kelly Capizzi

(484) 583-7824

Media Relations

[email protected]

KEYWORDS: Pennsylvania United States North America

INDUSTRY KEYWORDS: Finance Banking Professional Services Asset Management Insurance

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Blackboxstocks Announces First Quarter 2023 Financial Results

Blackboxstocks Announces First Quarter 2023 Financial Results

DALLAS–(BUSINESS WIRE)–
Blackboxstocks Inc. (NASDAQ: BLBX), (“Blackbox” or the “Company”), a financial technology and social media hybrid platform offering real-time proprietary analytics for stock and options traders of all levels, today announced the Company’s financial results for the first quarter of 2023, ended March 31, 2023.

First Quarter Financial and Operating Highlights:

  • Total revenue for the first quarter of 2023 was $859,004 as compared to $1,272,486 for the same period in 2022.

  • The average member count for the first quarter of 2023 was 3,555 compared to 5,709 for the prior year quarter.

  • Adjusted EBITDA was $(1,168,160) and $(893,846) for the three months ended March 31, 2023 and 2022, respectively.

  • Cash and marketable securities totaled $2.4 million at March 31, 2023.

  • Released Blackboxstocks 2.0 in March 2023.

Gust Kepler, Chief Executive Officer, commented, “We believe we have stabilized our revenue decline since March which we attribute in part to the release of the new Blackbox 2.0 platform. Blackbox 2.0 is our next generation platform that includes new proprietary features combined with a more intuitive updated user-friendly UX.”

“We continue to be excited about Stock Nanny, which we expect to release this year. Stock Nanny is a mobile application for the self-directed investor, a market demographic that is exponentially larger than the day-trader segment we currently serve. We have already launched our new marketing initiative to license our existing technology on an enterprise level to brokerages and other fintech platforms. We believe that this new B2B strategy will allow us to leverage our existing relationships with our brokerage partners as well as with new prospects, and provide us with a new opportunity for growth outside of our current B2C market.”

Robert Winspear, Chief Financial Officer, added, “We continue to pursue closing a merger transaction with Evtec Holdings Limited and its related companies. We believe that the proposed deal will generate significant value for our stockholders, and we look forward to updating shareholders at the appropriate time.”

Summary financial data is presented in the tables below. Please see the Company’s quarterly report on Form 10-Q filed with the Securities and Exchange Commission on May 15, 2023 for additional information.

About Blackboxstocks, Inc.

Blackboxstocks, Inc. is a financial technology and social media hybrid platform offering real-time proprietary analytics and news for stock and options traders of all levels. Our web-based software employs “predictive technology” enhanced by artificial intelligence to find volatility and unusual market activity that may result in the rapid change in the price of a stock or option. Blackbox continuously scans the NASDAQ, New York Stock Exchange, CBOE, and all other options markets, analyzing over 10,000 stocks and up to 1,500,000 options contracts multiple times per second. We provide our users with a fully interactive social media platform that is integrated into our dashboard, enabling our users to exchange information and ideas quickly and efficiently through a common network. We recently introduced a live audio/video feature that allows our members to broadcast on their own channels to share trade strategies and market insight within the Blackbox community. Blackbox is a SaaS company with a growing base of users that spans 42 countries; current subscription fees are $99.97 per month or $959.00 annually. For more information, go to: https://blackboxstocks.com

Safe Harbor Statement

Our prospects here at Blackbox stocks are subject to uncertainties and risks. This press release contains forward-looking statements that involve substantial uncertainties and risks. These forward-looking statements are based upon our current expectations, estimates and projections about our business, and reflect our beliefs and assumptions based upon information available to us at the date of this press release. In some cases, you can identify these statements by words such as “if,” “may,” “might,” “will, “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” “continue,” and other similar terms. These forward-looking statements include, among other things, plans for proposed operations, descriptions of our strategies, our product and market development plans, and other objectives, expectations and intentions, the trends we anticipate in our business and the markets in which we operate, and the competitive nature and anticipated growth of those markets. We caution readers that forward-looking statements are predictions based on our current expectations about future events. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions that are difficult to predict. Our actual results, performance or achievements could differ materially from those expressed or implied by the forward-looking statements as a result of a number of factors including, but not limited to, the risks and uncertainties discussed in our other filings with the Securities Exchange Commission. We undertake no obligation to revise or update any forward-looking statement for any reason.

Disclosure of Non-GAAP Financial Measures

We report our financial results in accordance with accounting principles generally accepted in the United States of America (“GAAP”). However, management believes the presentation of certain non-GAAP financial measures provides useful information to management and investors regarding financial and business trends relating to the Company’s financial condition and results of operations, and that when GAAP financial measures are viewed in conjunction with the non-GAAP financial measures, investors are provided with a more meaningful understanding of the Company’s ongoing operating performance. In addition, these non-GAAP financial measures are among the primary indicators management uses as a basis for evaluating performance. For all non-GAAP financial measures in this release, we have provided corresponding GAAP financial measures for comparative purposes in the report.

We refer to the term “EBITDA” in various places of our financial discussion. EBITDA is defined by us as net income (loss) from continuing operations before interest expense, income tax, depreciation and amortization expense and certain non-cash expenses including stock-based compensation. EBITDA is not a measure of operating performance under GAAP and therefore should not be considered in isolation nor construed as an alternative to operating profit, net income (loss) or cash flows from operating, investing or financing activities, each as determined in accordance with GAAP. Also, EBITDA should not be considered as a measure of liquidity. Moreover, since EBITDA is not a measurement determined in accordance with GAAP, and thus is susceptible to varying interpretations and calculations, EBITDA, as presented, may not be comparable to similarly titled measures presented by other companies.

-Tables Follow-

Blackboxstocks Inc.
Summary Statements of Operations
For the Three Months Ended March 31,2023 and 2022
(Unaudited)
 
For the three months ended
March 31,

2023

2022
 
Revenue

$

859,004

 

$

1,272,486

 
Cost of revenue

 

447,631

 

 

579,962

 
Gross margin

$

411,373

 

$

692,524

 
Operating expenses:

 

2,358,177

 

 

1,713,678

 
Operating loss

$

(1,946,804

)

$

(1,021,154

)
Other income (expense)

 

(46,436

)

 

221,289

 
Net loss

$

(1,900,368

)

$

(1,242,443

)
 
 
Adjusted EBITDA

$

(1,168,160

)

$

(893,846

)
 
Adjusted EBITDA Calculation
Net loss

$

(1,900,368

)

$

(1,242,443

)
Adjustments:
Depreciation and amortization expense

 

10,518

 

 

5,275

 
Interest and financing expense

 

165

 

 

42,557

 
Investment (income) loss

 

(46,601

)

 

178,732

 
Stock based compensation

 

768,126

 

 

122,033

 
Total adjustments

$

732,208

 

$

348,597

 
Adjusted EBITDA

$

(1,168,160

)

$

(893,846

)
Blackboxstocks Inc.
Summary Balance Sheet Data
As of March 31, 2023 and December 31, 2022
(Unaudited)
 
March 31, 2023 December 31, 2022
Assets
 
Cash

$

249,818

$

425,578
Marketable securities

 

2,180,590

 

3,216,280
Other current assets

 

363,632

 

265,197
Total current assets

$

2,794,040

$

3,907,055
 
Property and equipment, net

 

400,321

 

428,726
Total assets

$

3,194,361

$

4,335,781
 
Liabilities and Stockholders’ Equity
 
Current liabilities:
Accounts payable

$

974,843

$

730,099
Unearned subscriptions

$

872,649

$

1,022,428
Other current liabilities

$

70,296

$

71,615
Note payable, current portion

$

28,805

$

28,733
Total current liabilities

$

1,946,593

$

1,852,875
 
Long term liabilities:
Note payable, net of current portion

$

32,386

$

39,614
Lease liability right of use, long term

$

249,071

$

265,639
Total long term liabilities

$

281,457

$

305,253
 
Total stockholders’ equity

$

966,311

$

2,177,653
 
Total liabilities and stockholders’ equity

$

3,194,361

$

4,335,781

Tags: SOFTWARE-APPLICATIONTECHNOLOGY

[email protected]

PCG Advisory

Stephanie Prince

(646) 863-6341

[email protected]

 

KEYWORDS: Texas United States North America

INDUSTRY KEYWORDS: Software Mobile/Wireless Internet Social Media Professional Services Fintech Apps/Applications Technology Artificial Intelligence Data Analytics Communications Finance

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DiaMedica Therapeutics Provides a Business Update and Announces First Quarter 2023 Financial Results

DiaMedica Therapeutics Provides a Business Update and Announces First Quarter 2023 Financial Results

Conference Call and Webcast May 16 at 8:00 am Eastern Time / 7:00 am Central Time

  • Company Completed In-Use Study, Results Support Proposed ReMEDy2 IV Dose Revision
  • Company Completed a Phase 1C Study in Healthy Volunteers in Australia Affirming Proposed Revised DM199 IV Dose of 0.5 µg/kg for Continuing the ReMEDy2 Trial
  • DiaMedica Plans to File Complete Clinical Hold Response This Week
  • Cash Runway Into Q4 2024

MINNEAPOLIS–(BUSINESS WIRE)–
DiaMedica Therapeutics Inc. (Nasdaq: DMAC), a clinical-stage biopharmaceutical company focused on developing novel treatments for neurological disorders and kidney diseases, today provided a business update and financial results for the quarter ended March 31, 2023. Management will host a conference call Tuesday, May 16, 2023, at 7:00AM Central Daylight Time/8:00AM Eastern Daylight Time to discuss its business update and first quarter 2023 financial results.

Clinical Developments

ReMEDy2 Phase 2/3 Trial for Acute Ischemic Stroke – Clinical Hold Update

DiaMedica plans to file complete response requesting hold lift this week

DiaMedica plans to file a clinical hold response with the U.S. Food and Drug Administration (FDA) by the end of the week. This request for lifting the clinical hold will include the submission of requested additional supporting data to address prior issues that led to the clinical hold in July 2022. DiaMedica has completed supplemental in-use studies as requested by the FDA. These studies, performed at an independent laboratory, were conducted in two parts. Part 1 simulated actual use of DM199 administration in a hospital setting and Part 2 evaluated worst-case scenarios such as varying storage durations, temperature(s) and light exposure to DM199. DiaMedica believes data from Part 1 confirmed its conclusions from prior testing that the intravenous (IV) dose administered in the ReMEDy2 study was higher than planned due to the change in IV bag materials and was the cause of the hypotension. Accordingly, a dose revision in ReMEDy2 from 1.0 µg/kg to 0.5 µg/kg should avoid or minimize the risk of clinically significant hypotension while still reaching what we believe will be a therapeutic blood concentration level. Additionally, results from part 2 of the in-use study were substantially consistent with Part 1 indicating that no special handling instructions should be required. These results are also similar to the Company’s IV bag study completed in the fall of 2022. The Company further notes that there are no proposed changes to the ensuing three weeks of subcutaneous dosing under the study protocol.

As previously announced, the Company provided responses to FDA inquiries on a potential trypsin impurity contributing to hypotension and methods assays to be used to measure results in the in-use study. The FDA responded to the Company indicating that the assays developed for the in-use study appeared appropriate and its assessment of the potential trypsin impurity was also acceptable.

“With the pending submission of our request to lift the clinical hold, we are optimistic that we have fully identified the cause for last year’s unexpected hypotensive events and have provided the FDA with adequate data to support our position and allow the FDA to lift the clinical hold,” commented Rick Pauls, DiaMedica’s Chief Executive Officer. “We look forward to receiving the FDA’s response and hope to then be able to resume our work advancing the science of stroke care.”

DiaMedica also completed, in healthy volunteers, a Phase 1C open label, single ascending dose (SAD) study of DM199, administered with the polyvinylchloride (PVC) IV bags used in the ReMEDy2 trial. The purpose of the study was to confirm, with human data, that the revised IV dose of DM199, 0.5 µg/kg, was well-tolerated in humans and achieved an appropriate DM199 blood concentration level similar to prior clinical trials and in the desired therapeutic range. The results from this study will be included as additional supporting data in the Company’s clinical hold response package to the FDA.

“Patient safety is paramount for DiaMedica and we’re pleased to go above and beyond to achieve that end,” stated Kirsten Gruis, M.D., DiaMedica’s Chief Medical Officer. “Data developed in our Phase 1C study at the 0.5 µg/kg IV dose level has demonstrated similar DM199 exposure with the IV dosing regimen used in our ReMEDy1 AIS trial. These results, in addition to the in-use study, give us further assurance that we have identified the correct DM199 IV dose level and we hope that this will also give confidence to physician investigators once we are able to resume the ReMEDy2 trial.”

Balance Sheet and Cash Flow

DiaMedica reported total cash, cash equivalents and investments of $28.7 million, current liabilities of $2.8 million and working capital of $26.9 million as of March 31, 2023, compared to total cash, cash equivalents and investments of $33.5 million, $2.2 million in current liabilities and $31.7 million in working capital as of December 31, 2022. The decreases in cash and investments and in working capital were due primarily to cash used to fund operating activities during the quarter ended March 31, 2023. After the end of the quarter, DiaMedica received $750,000 from a private investment from its newly appointed Chief Business Officer.

Net cash used in operating activities for the three months ended March 31, 2023 was $5.1 million compared to $3.9 million for the three months ended March 31, 2022. The increase in cash usage relates primarily to the increased net loss in the current year period over the prior year period, partially offset by non-cash share-based compensation and the effects of changes in operating assets and liabilities in the current year period.

Financial Results

Research and development (R&D) expenses increased to $3.6 million for the three months ended March 31, 2023, up $1.6 million from $2.0 million for the three months ended March 31, 2022. The increased costs were driven by a number of factors, including primarily increased manufacturing and process development costs, the costs for the in-use study performed to address the clinical hold on the IND for the ReMEDy2 trial, costs incurred for the Phase 1C health volunteer study and increased personnel costs associated with expansion of the clinical team. These increases were partially offset by decreased costs incurred in the Phase 2/3 ReMEDy2 trial due to the clinical hold.

General and administrative (G&A) expenses were $1.9 million for the three months ended March 31, 2023, up from $1.6 million for the three months ended March 31, 2022. The increase was primarily due to recruiting costs incurred in conjunction the expansion of the Company’s team and increased legal fees incurred in connection with the Company’s lawsuit against Pharmaceutical Research Associates Group B.V., which was acquired by and is now a subsidiary of ICON plc.

Conference Call and Webcast Information

DiaMedica Management will host a conference call and webcast to discuss its business update and first quarter 2023 financial results on Tuesday, May 16, 2023, at 8:00 AM Eastern Time / 7:00 AM Central Time:

Date:

Tuesday, May 16, 2023

Time:

7:00 AM CT / 8:00 AM ET

Web access:

https://app.webinar.net/r4298p1YBXV

Dial In:

(877) 550-1858

Conference ID:

2125#

Interested parties may access the conference call by dialing in or listening to the simultaneous webcast. Listeners should log on to the website or dial in 15 minutes prior to the call. The webcast will remain available for play back on the Company’s website, under investor relations – events and presentations, following the earnings call and for 12 months thereafter. A telephonic replay of the conference call will be available until May 23, 2023, by dialing (800) 645-7964 (US Toll Free) and entering the replay passcode: 2125#.

About ReMEDy2 Trial

The ReMEDy2 trial is an adaptive design, randomized, double-blind, placebo-controlled trial studying the use of the Company’s product candidate, DM199, to treat acute ischemic stroke (AIS) patients. The trial is intended to enroll approximately 350 patients at 75 sites in the United States. Patients enrolled in the trial will be treated for three weeks with either DM199 or placebo, beginning within 24 hours of the onset of AIS symptoms, with the final follow-up at 90 days. The trial excludes patients treated with tissue plasminogen activator (tPA) and/or mechanical thrombectomy. The study population is representative of the approximately 80% of AIS patients who do not have treatment options today, primarily due to the limitations on treatment with tPA or mechanical thrombectomy. DiaMedica believes that the proposed trial has the potential to serve as a pivotal registration study of DM199 in this patient population.

About DM199

DM199 is a recombinant (synthetic) form of human tissue kallikrein-1 (KLK1). KLK1 is a serine protease (protein) that plays an important role in the regulation of diverse physiological processes including blood flow, inflammation, fibrosis, oxidative stress and neurogenesis via a molecular mechanism that increases production of nitric oxide and prostaglandin. KLK1 deficiency may play a role in multiple vascular and fibrotic diseases such as stroke, chronic kidney disease, retinopathy, vascular dementia, and resistant hypertension where current treatment options are limited or ineffective. DiaMedica is the first company to have developed and clinically studied a recombinant form of the KLK1 protein. The KLK1 protein, produced from the pancreas of pigs and human urine, has been used to treat patients in Japan, China and South Korea for decades. DM199 is currently being studied in patients with acute ischemic stroke (AIS) and patients with chronic kidney disease. In September 2021, the FDA granted Fast Track Designation to DM199 for the treatment of AIS.

About DiaMedica Therapeutics Inc.

DiaMedica Therapeutics Inc. is a clinical stage biopharmaceutical company committed to improving the lives of people suffering from serious diseases. DiaMedica’s lead candidate DM199 is the first pharmaceutically active recombinant (synthetic) form of the KLK1 protein, an established therapeutic modality in Asia for the treatment of acute ischemic stroke and chronic kidney disease. For more information visit the Company’s website at www.diamedica.com.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and forward-looking information that are based on the beliefs of management and reflect management’s current expectations. When used in this press release, the words “anticipates,” “believes,” “look forward,” “continue,” “could,” “estimates,” “expects,” “intends,” “may,” “plans,” “potential,” “hope,” “should,” or “will,” the negative of these words or such variations thereon or comparable terminology, and the use of future dates are intended to identify forward-looking statements and information. The forward-looking statements and information in this press release include statements regarding the Company’s expectations regarding the timing of its complete clinical hold response, its ability to resolve the clinical hold imposed by the FDA and the timing thereof, and its belief that the issues raised by the FDA are potentially addressable, the resumption of the ReMEDy2 trial, and the anticipated clinical benefits and success of DM199. Such statements and information reflect management’s current view and DiaMedica undertakes no obligation to update or revise any of these statements or information. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Applicable risks and uncertainties include, among others, the risk that the Company may not be able to provide objective evidence acceptable to the FDA substantiating the Company’s belief as to the cause of the hypotension events that occurred and led to the clinical hold or that its plan to resolve the issues and prevent future events may not be successful; the risk that the Company may not be able to address sufficiently the concerns identified by the FDA or may require the Company to collect additional data or information beyond what the FDA has currently requested and what the Company currently expects; the Company’s ability to successfully engage with the FDA and satisfactorily respond to requests from the FDA for further information and data regarding the ReMEDy2 trial and the timing and outcome of the Company’s planned interactions with the FDA concerning the related clinical hold; the risk that the Company may not be able to lift the clinical hold or do so in a timely manner; uncertainties relating to regulatory applications and related filing and approval timelines, including the risk that FDA may not remove the clinical hold on the ReMEDy2 trial; the possibility of additional future adverse events associated with or unfavorable results from the ReMEDy2 trial; the possibility of unfavorable results from DiaMedica’s ongoing or future clinical trials of DM199; the risk that existing preclinical and clinical data may not be predictive of the results of ongoing or later clinical trials; DiaMedica’s plans to develop, obtain regulatory approval for and commercialize its DM199 product candidate for the treatment of acute ischemic stroke and chronic kidney disease and its expectations regarding the benefits of DM199; DiaMedica’s ability to conduct successful clinical testing of DM199 and within its anticipated parameters, enrollment numbers, costs and timeframes; the adaptive design of the ReMEDy2 trial and the possibility that the targeted enrollment and other aspects of the trial could change depending upon certain factors, including additional input from the FDA and the blinded interim analysis; the perceived benefits of DM199 over existing treatment options; the potential direct or indirect impact of COVID-19, hospital and medical facility staffing shortages, and worldwide global supply chain shortages on DiaMedica’s business and clinical trials, including its ability to meet its site activation and enrollment goals; DiaMedica’s reliance on collaboration with third parties to conduct clinical trials; DiaMedica’s ability to continue to obtain funding for its operations, including funding necessary to complete planned clinical trials and obtain regulatory approvals for DM199 for acute ischemic stroke and chronic kidney disease, and the risks identified under the heading “Risk Factors” in DiaMedica’s annual report on Form 10-K for the fiscal year ended December 31, 2022 and subsequent U.S. Securities and Exchange Commission filings. The forward-looking information contained in this press release represents the expectations of DiaMedica as of the date of this press release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While DiaMedica may elect to, it does not undertake to update this information at any particular time except as required in accordance with applicable laws.

DiaMedica Therapeutics Inc.

Condensed Consolidated Statements of Operations and Comprehensive Loss

(In thousands, except share and per share amounts)

(Unaudited)
 

 

Three Months Ended

March 31,

 

2023

 

2022

Operating expenses:

 

 

 

 

 

Research and development

$

3,618

 

 

$

1,974

 

General and administrative

 

1,903

 

 

 

1,562

 

Operating loss

 

(5,521

)

 

 

(3,536

)

 

 

 

 

 

 

Other income:

 

 

 

 

 

Other income, net

 

256

 

 

 

35

 

Total other income, net

 

256

 

 

 

35

 

 

 

 

 

 

 

Loss before income tax expense

 

(5,265

)

 

 

(3,501

)

 

 

 

 

 

 

Income tax expense

 

(7

)

 

 

(7

)

 

 

 

 

 

 

Net loss

 

(5,272

)

 

 

(3,508

)

 

 

 

 

 

 

Other comprehensive loss

 

 

 

 

 

Unrealized loss on marketable securities

 

45

 

 

 

(56

)

 

 

 

 

 

 

Net loss and comprehensive loss

$

(5,227

)

 

$

(3,564

)

 

 

 

 

 

 

Basic and diluted net loss per share

$

(0.20

)

 

$

(0.13

)

Weighted average shares outstanding – basic and diluted

 

26,448,941

 

 

 

26,443,067

 

DiaMedica Therapeutics Inc.

Condensed Consolidated Balance Sheets

(In thousands, except share amounts)
 

 

 

March 31, 2023

 

December 31, 2022

 

 

(unaudited)

 

 

 

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

2,147

 

 

$

4,728

 

Marketable securities

 

 

26,508

 

 

 

28,774

 

Prepaid expenses and other assets

 

 

962

 

 

 

251

 

Amounts receivable

 

 

57

 

 

 

82

 

Total current assets

 

 

29,674

 

 

 

33,835

 

 

 

 

 

 

 

 

Non-current assets:

 

 

 

 

 

 

Operating lease right-of-use asset

 

 

407

 

 

 

424

 

Property and equipment, net

 

 

136

 

 

 

136

 

Total non-current assets

 

 

543

 

 

 

560

 

 

 

 

 

 

 

 

Total assets

 

$

30,217

 

 

$

34,395

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

1,780

 

 

$

734

 

Accrued liabilities

 

 

956

 

 

 

1,365

 

Operating lease obligation

 

 

73

 

 

 

63

 

Finance lease obligation

 

 

5

 

 

 

6

 

Total current liabilities

 

 

2,814

 

 

 

2,168

 

 

 

 

 

 

 

 

Non-current liabilities:

 

 

 

 

 

 

Operating lease obligation, non-current

 

 

377

 

 

 

396

 

Finance lease obligation, non-current

 

 

4

 

 

 

4

 

Total non-current liabilities

 

 

381

 

 

 

400

 

 

 

 

 

 

 

 

Shareholders’ equity:

 

 

 

 

 

 

Common shares, no par value; unlimited authorized; 26,464,977 and 26,443,067 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively

 

 

—

 

 

 

—

 

Paid-in capital

 

 

128,500

 

 

 

128,078

 

Accumulated other comprehensive loss

 

 

(29

)

 

 

(74

)

Accumulated deficit

 

 

(101,449

)

 

 

(96,177

)

Total shareholders’ equity

 

 

27,022

 

 

 

31,827

 

Total liabilities and shareholders’ equity

 

$

30,217

 

 

$

34,395

 

 

 

 

 

 

 

 

DiaMedica Therapeutics Inc.

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)
 

 

 

Three Months Ended March 31,

 

 

2023

 

2022

Cash flows from operating activities:

 

 

 

 

 

 

Net loss

 

$

(5,272

)

 

$

(3,508

)

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

 

 

 

 

 

 

Share-based compensation

 

 

422

 

 

 

308

 

Amortization of discount on marketable securities

 

 

(205

)

 

 

120

 

Non-cash lease expense

 

 

17

 

 

 

15

 

Depreciation

 

 

7

 

 

 

6

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

Amounts receivable

 

 

25

 

 

 

(38

)

Prepaid expenses and other assets

 

 

(711

)

 

 

(699

)

Accounts payable

 

 

1,046

 

 

 

(76

)

Accrued liabilities

 

 

(418

)

 

 

(16

)

Net cash used in operating activities

 

 

(5,089

)

 

 

(3,888

)

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

Purchase of marketable securities

 

 

(9,824

)

 

 

(13,379

)

Maturities of marketable securities

 

 

12,340

 

 

 

15,593

 

Purchases of property and equipment

 

 

(7

)

 

 

—

 

Net cash provided by investing activities

 

 

2,509

 

 

 

2,214

 

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

Principal payments on finance lease obligations

 

 

(1

)

 

 

(1

)

Net cash used in financing activities

 

 

(1

)

 

 

(1

)

 

 

 

 

 

 

 

Net decrease in cash and cash equivalents

 

 

(2,581

)

 

 

(1,675

)

Cash and cash equivalents at beginning of period

 

 

4,728

 

 

 

4,707

 

Cash and cash equivalents at end of period

 

$

2,147

 

 

$

3,032

 

 

 

 

 

 

 

 

Supplemental disclosure of non-cash transactions:

 

 

 

 

 

 

Assets acquired under financing lease

 

$

—

 

 

$

10

 

Cash paid for income taxes

 

$

14

 

 

$

7

 

 

Scott Kellen

Chief Financial Officer

Phone: (763) 496-5118

[email protected]

Paul Papi

Corporate Communications

Phone: (508) 444-6790

[email protected]

KEYWORDS: Minnesota United States North America

INDUSTRY KEYWORDS: Health Neurology Clinical Trials Pharmaceutical Cardiology Biotechnology

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SciPlay to Participate in Two Investor Conferences

SciPlay to Participate in Two Investor Conferences

JP Morgan 51st Annual Global Technology Media & Communications Conference on May 24th

Stifel 2023 Cross Sector Insight Conference on June 6th

LAS VEGAS–(BUSINESS WIRE)–
SciPlay Corporation (NASDAQ: SCPL) (the “Company”) announced today that the Company’s executives will conduct presentations at two upcoming investor conferences. The presentations will be webcast live, and the information for both webcasts are below.

JP Morgan Technology Media & Communications Conference

Wednesday, May 24, 2023

2:00 p.m. – 2:35 p.m. ET / 11:00 a.m. – 11:35 a.m. PT

Presenter: Josh Wilson, Chief Executive Officer

To access the live event, click here: SciPlay’s JP Morgan TMC Webcast

Stifel Cross Sector Insight Conference

Tuesday, June 6, 2023

4:45 p.m. – 5:15 p.m. ET / 1:45 p.m. – 2:15 p.m. PT

Presenter: Danny Moy, Chief Strategy Officer

To access the live event, click here: SciPlay’s Stifel CSI Webcast

Investor Webcasts

The presentations from these conferences can be accessed via the Company’s Investor News and Events section of its website https://investors.sciplay.com/news-and-events/events-and-presentations and click on the webcast link. A replay of these webcasts will be available approximately one day after each event and be archived on the Company’s website for the JP Morgan Conference for thirty days following the event, and for the Stifel Conference for 120 days following the event.

About SciPlay

SciPlay Corporation (NASDAQ: SCPL) is a leading developer and publisher of digital games on mobile and web platforms. SciPlay currently offers social casino games Jackpot Party® Casino, Gold Fish® Casino, Quick Hit® Slots, 88 Fortunes® Slots, MONOPOLY Slots, and Hot Shot Casino®, and casual gamesBingo Showdown®,Solitaire Pets™ Adventure, and Backgammon Live and a variety of hyper casual games such as Rob Master 3d™, Deep Clean Inc.™ and Oh God™. All of SciPlay’s games are offered and played on multiple platforms, including Apple, Google, Facebook, and Amazon. In addition to developing original games, SciPlay has access to a library of more than 1,500 real-world slot and table games provided by Light & Wonder, and its Subsidiaries. For more information, please visit SciPlay.com.

All ® and © notices signify copyrights owned by and/or marks registered in the United States by SciPlay Games, LLC and/or SG Gaming, Inc., and or their respective affiliates.

© 2023 SciPlay Corporation. All Rights Reserved.

Robert Weiner

Vice President, Investor Relations

+1 (904) 495-8227

KEYWORDS: Nevada United States North America

INDUSTRY KEYWORDS: Electronic Games Online Casino/Gaming Mobile Entertainment Entertainment

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Tivic Reports First Quarter 2023 Financial Results

Tivic Reports First Quarter 2023 Financial Results

Gross Profit Increase by 61.3%; extends innovation pipeline to include vagus nerve stimulation.

SAN FRANCISCO–(BUSINESS WIRE)–
Tivic Health® Systems, Inc. (“Tivic”, Nasdaq: TIVC), a health tech company that develops and commercializes bioelectronic medicine, is pleased to announce its financial results for the first quarter of 2023 ended March 31, 2023 (“Q1 2023”).

First Quarter 2023 Financial Summary

  • Gross profit increased 61.3% to $113 thousand in the first quarter of 2023, compared with $70 thousand in the first quarter of 2022, on a decrease of 12% in total revenue to $376 thousand in the first quarter 2023 from $428 thousand in first quarter 2022.

  • Net loss of $2.1 million in the first quarter of 2023, compared with $2.2 million in the first quarter of 2022.

  • Cash and cash equivalents totaled $5.2 million as of the quarter’s end.

First Quarter 2023 Business Highlights

  • Increased gross profit by 61.3% by increasing average selling price by 17% and reducing variable unit cost by 15% vs. the prior year’s first quarter.

  • Invested in product improvements to enhance customer experience and support cost-effective product line expansion.

  • Completed a product versioning plan to target additive market segments with higher price tolerance and greater likelihood to purchase.

  • Obtained recertification of ISO 13485 Quality Management System and the European Medical Device CE-Mark in support of international markets.

  • Broadened our intellectual property portfolio, to include new therapeutic targets via vagus nerve stimulation.

  • Expanded collaboration with a renowned international hospital, which started with a focus solely on functional endoscopic sinus surgery and has been expanded to include additional surgical interventions in facial plastic surgery and sinus surgeries.

  • Initiated partnership with The Feinstein Institute for Medical Research on a pilot study of Tivic’s internally tested non-invasive targeting of vagus nerve activity. Successful completion of this study has the potential to open new product opportunities in neurology, cardiology, and rheumatology.

  • Closed financing activities of $5.0 million in February 2023, with net proceeds to the company of approximately $3.6 million.

  • As of the quarter close, the company had $5.2 million in cash and cash equivalents including proceeds from financing.

Recent Developments

  • Launched B2B (business-to-business) sales portal in April 2023.

  • Implemented pricing increases on ClearUP in April 2023, aligned with rigorous price testing completed in Q1 2023.

Management Commentary

“In the first quarter of 2023, several important initiatives began showing results. With new manufacturing partners, our gross margins improved significantly, with additional improvements expected in Q2. In addition, market testing supported a significant retail price increase, which was implemented in April. Expansion in the margin to over 50% should allow us to sell profitably through more diverse channels. These represent critical turning points for our ClearUP business,” said Jennifer Ernst, Chief Executive Officer of Tivic. She continued, “We also saw the expansion of one externally funded clinical program and initiated a second innovation program in partnership with The Feinstein Institute at Northwell Health, leaders in bioelectronic medicine. These product-oriented innovation activities are designed to expand our bioelectronic portfolio.”

Ernst concluded, “The past two years have been challenging, and I believe we are now turning a corner within our ClearUP business while putting the foundation in place for growth beyond current revenue streams. I look forward with excitement to the remainder of the year.”

First Quarter 2022 Financial Review

Net revenue for the first quarter of 2023 was $376 thousand, a decrease of $52 thousand (or 12%) compared to $428 thousand in the same period in 2022, primarily due to decreased unit sales of 27% and termination of less profitable retail distribution arrangements.

The cost of sales for the first quarter of 2023 was $263 thousand, a decrease of $95 thousand (or 27%) compared to $357 thousand in the same period in 2022. The period-over-period decrease was primarily due to the decrease in unit sales of 27%.

Gross profit for the first quarter of 2023 was $113 thousand, an increase of $43 thousand (or 61%) compared to $70 thousand in the same period in 2022. The increase was due to a higher average price point and lower variable cost per unit.

Sales and marketing expenses were $458 thousand for the first quarter of 2023, compared to $684 thousand in the same period in 2022. The decrease of $226 thousand was due to more targeted marketing spend in the first quarter focused on driving direct sales.

Research and development expenses were $490 thousand for the first quarter of 2023, an $89 thousand increase from $401 thousand for the same period in 2022. The increase was primarily related to the initiation of the company’s vagus nerve program and development activities associated with product line expansion.

General and administrative expenses were $1.3 million for the first quarter of 2023, compared to $1.2 million in the same period in 2022. The increase of $55 thousand was primarily attributable to personnel-related costs offset by lower insurance costs.

As of March 31, 2023, the Company had $5.2 million of cash and cash equivalents, including proceeds from the offering closed in Q1 2023.

The Company’s MD&A and consolidated financial statements for the first quarter ended March 31, 2023, will be filed on May 15, 2023, with the company’s Quarterly Report on Form 10-Q. The company’s previous public filings may be found on www.sec.gov and can also be located on Tivic’s website at: https://tivichealth.com/investor/#SEC.

Conference Call and Webcast Information

Management will host a conference call on Monday, May 15, 2023, at 4:30 p.m. Eastern Time to discuss the company’s first quarter 2023 financial results and provide a business update.

The conference call will be available via telephone by dialing toll-free 877-545-0523 for local callers; or 973-528-0016 for international callers and using entry code 888610.

The conference call will also be available via Webcast link: https://www.webcaster4.com/Webcast/Page/2865/48259

An audio replay of the call will be available from the “Investor” page on the Tivic Health website at https://tivichealth.com/investor/.

About Tivic

Tivic is a commercial health tech company advancing the field of bioelectronic medicine. Tivic’s patented technology platform leverages stimulation on the trigeminal, sympathetic, and vagus nerve structures. Tivic’s non-invasive and targeted approach to the treatment of inflammatory chronic health conditions gives consumers and providers drug-free therapeutic solutions with high safety profiles, low risk, and broad applications. Tivic’s first commercial product ClearUP is an FDA approved, award-winning, handheld bioelectronic sinus device. ClearUP is clinically proven, doctor recommended, and is available through online retailers and commercial distributors. For more information visit http://tivichealth.com @TivicHealth

Forward-Looking Statements

This press release may contain “forward-looking statements” that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,” “will” “would,” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on Tivic Health Systems, Inc.’s current expectations and are subject to inherent uncertainties, risks, and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate.Actual results could differ materially from those contained in any forward-looking statement as a result of various factors, including, without limitation: market, economic and other conditions; supply chain constraints; macroeconomic factors, including inflation; the company’s ability to raise additional capital on favorable terms; changes in regulatory requirements; and unexpected costs, charges or expenses that reduce Tivic’s capital resources. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. For a discussion of other risks and uncertainties, and other important factors, any of which could cause Tivic’s actual results to differ from those contained in the forward-looking statements, see Tivic’s filings with the SEC, including, its Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on March 31, 2023, under the heading “Risk Factors,” as well as the company’s subsequent filings with the SEC. Forward-looking statements contained in this press release are made as of this date, and Tivic Health Systems, Inc. undertakes no duty to update such information except as required by applicable law.

Tivic Health Systems, Inc.

Condensed Balance Sheets

(in thousands, except share and per share data)
 

 

 

March 31, 2023

 

December 31, 2022

 

 

(Unaudited)

 

(Audited)

ASSETS

 

 

 

 

Cash and cash equivalents

 

$

5,167

 

 

$

3,517

 

Other current assets

 

 

1,315

 

 

 

1,770

 

TOTAL CURRENT ASSETS

 

 

6,482

 

 

 

5,287

 

PROPERTY AND EQUIPMENT, NET

 

 

104

 

 

 

12

 

NONCURRENT ASSETS

 

 

515

 

 

 

557

 

TOTAL ASSETS

 

$

7,101

 

 

$

5,856

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

Accounts payable and accrued expenses

 

$

1,391

 

 

$

1,696

 

Other current liabilities

 

 

182

 

 

 

163

 

TOTAL CURRENT LIABILITIES

 

 

1,573

 

 

 

1,859

 

TOTAL LONG-TERM LIABILITIES

 

 

323

 

 

 

367

 

STOCKHOLDERS’ EQUITY

 

 

 

 

Common stock

 

 

3

 

 

 

1

 

Additional paid in capital

 

 

36,960

 

 

 

33,271

 

Accumulated deficit

 

 

(31,758

)

 

 

(29,642

)

TOTAL STOCKHOLDERS’ EQUITY

 

 

5,205

 

 

 

3,630

 

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

 

$

7,101

 

 

$

5,856

 

Tivic Health Systems, Inc.

Condensed Statements of Operations

(Unaudited)

(in thousands, except share and per share data)
 

 

 

Three Months Ended March 31,

 

 

2023

 

2022

REVENUES

 

$

376

 

 

$

428

 

COST OF SALES

 

 

263

 

 

 

358

 

GROSS PROFIT

 

 

113

 

 

 

70

 

OPERATING EXPENSES

 

 

 

 

Research and development

 

 

490

 

 

 

401

 

Sales and marketing

 

 

458

 

 

 

684

 

General and administrative

 

 

1,281

 

 

 

1,226

 

TOTAL OPERATING EXPENSES

 

 

2,229

 

 

 

2,311

 

NET OPERATING LOSS

 

 

(2,116

)

 

 

(2,241

)

OTHER INCOME, NET

 

 

—

 

 

1

 

NET LOSS

 

$

(2,116

)

 

$

(2,240

)

NET LOSS PER SHARE – BASIC AND DILUTED

 

$

(0.11

)

 

$

(0.23

)

WEIGHTED-AVERAGE NUMBER OF SHARES – BASIC AND DILUTED

 

 

20,122,178

 

 

 

9,715,234

 

 

Investor Contact:

Hanover International, Inc.

[email protected]

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Health Technology Health Biometrics Medical Devices

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Ark Restaurants Announces Financial Results for the Second Quarter of 2023

Ark Restaurants Announces Financial Results for the Second Quarter of 2023

NEW YORK–(BUSINESS WIRE)–
Ark Restaurants Corp. (NASDAQ:ARKR) today reported financial results for the second quarter ended April 1, 2023.

Financial Results

Total revenues for the 13 weeks ended April 1, 2023 were $41,897,000 versus $39,586,000 for the 13 weeks ended April 2, 2022 and total revenues for the 26 weeks ended April 1, 2023 were $89,342,000 versus $83,571,000 for the 26 weeks ended April 2, 2022. As required by our lease, Gallagher’s Steakhouse at the New York-New York Hotel and Casino in Las Vegas, NV was substantially closed for renovation for the period from February 5, 2023 through April 27, 2023. Revenues for the period from closure through April 1, 2023 were $714,000 as compared to $2,326,000 for the comparable prior period.

Excluding Gallagher’s Steakhouse, which was closed for much of the quarter, Company-wide same store sales increased 8.3% for the 13 weeks ended April 1, 2023 as compared to the same period of the prior year. The increase was driven primarily by substantial gains in our event business in New York City, NY and Washington, D.C.

The Company’s EBITDA, excluding gains on the forgiveness of Paycheck Protection Program Loans (the “PPP Loan Forgiveness”) and adjusted for other items all as set out in the table below, for the 13 weeks ended April 1, 2023 was $1,001,000 versus $1,481,000 for the 13 weeks ended April 2, 2022. Net loss for the 13 weeks ended April 1, 2023 was $(484,000), or $(0.13) per basic and diluted share, compared to net income of $1,055,000 (which includes PPP Loan Forgiveness of $1,122,000), or $0.30 and $0.29 per basic and diluted share, respectively, for the 13 weeks ended April 2, 2022.

The Company’s EBITDA, excluding gains on PPP Loan Forgiveness and adjusted for other items all as set out in the table below, for the 26 weeks ended April 1, 2023 was $4,020,000 versus $5,427,000 for the 26 weeks ended April 2, 2022. Net income for the 26 weeks ended April 1, 2023 was $1,241,000 (which includes PPP Loan Forgiveness of $272,000), or $0.34 per basic and diluted share, compared to net income of $3,264,000 (which includes PPP Loan Forgiveness of $1,122,000), or $0.92 and $0.91 per basic and diluted share, respectively, for the 26 weeks ended April 2, 2022.

On May 9, 2023, the Board of Directors declared a quarterly cash dividend of $0.1875 per share to be paid on June 13, 2023 to shareholders of record of each share of the Company’s common stock at the close of business on May 31, 2023.

As of April 1, 2023, the Company had a cash balance of $17,890,000 and total outstanding debt of $14,292,000. Subsequent to quarter end, the Company repaid two promissory notes totaling $6,049,000.

COVID-19 and Inflation

Recent global events, including the COVID-19 pandemic (“COVID-19”), have adversely affected global economies, disrupted global supply chains and labor force participation and created significant volatility and disruption of financial markets. As a result, we experienced significant and variable disruptions to our business as federal, state and local restrictions were mandated, among other remedial measures, to mitigate the spread of the COVID-19 virus. While restrictions on the type of permitted operating model and occupancy capacity may continue to change, during fiscal 2022 all of our restaurants operated with no restrictions, other than in New York City where customers were required to show proof of vaccination through November 1, 2022.

In addition to the associated impacts of COVID-19, our operating results have been impacted by geopolitical and other macroeconomic factors, leading to increased commodity and wage inflation and other increased costs. The ongoing effects of COVID-19 and its variants, along with other geopolitical and macroeconomic events, could lead to further government mandates, including but not limited to capacity restrictions, shifts in consumer behavior, wage inflation, staffing challenges, product and services cost inflation and disruptions in our supply chain. If these factors significantly impact our cash flow in the future, we may again implement mitigation actions such as suspending dividends, increasing borrowings or modifying our operating strategies. Some of these measures may have an adverse impact on our business, including possible impairments of assets.

Other Matters

On April 8, 2022, the Company extended its lease for Gallagher’s Steakhouse at the New York-New York Hotel and Casino in Las Vegas, NV through December 31, 2032. In connection with the extension, the Company has agreed to spend a minimum of $1,500,000 to materially refresh the premises by April 30, 2023 (as extended from September 30, 2022 due to supply chain issues). The property was substantially closed for renovation on February 5, 2023 and reopened on April 28, 2023. The total cost of the refresh was approximately $1,900,000.

On June 24, 2022, the Company extended its lease for America at the New York-New York Hotel and Casino in Las Vegas, NV through December 31, 2033. In connection with the extension, the Company has agreed to spend a minimum of $4,000,000 to materially refresh the premises by December 31, 2024, subject to various extensions as set out in the agreement. No amounts have been expended to date related to this refresh.

On July 21, 2022, the Company extended its lease for the Village Eateries at the New York-New York Hotel and Casino in Las Vegas, NV through December 31, 2034. As part of this extension, the Broadway Burger Bar and Grill and Gonzalez y Gonzalez, were carved out of the Village Eateries footprint and the extended date for those two locations is December 31, 2033. In connection with the extension, the Company has agreed to spend a minimum of $3,500,000 to materially refresh all three of these premises by June 30, 2023 (of which approximately $50,000 has been spent to date), subject to various extensions as set out in the agreement, which the Company expects will be agreed to.

About Ark Restaurants Corp.

Ark Restaurants owns and operates 17 restaurants and bars, 16 fast food concepts and catering operations primarily in New York City, Florida, Washington, DC, Las Vegas, Nevada and the gulf coast of Alabama. Four restaurants are located in New York City, one is located in Washington, DC, five are located in Las Vegas, Nevada, one is located in Atlantic City, New Jersey, four are located on the east coast of Florida and two are located on the Gulf Coast of Alabama. The Las Vegas operations include four restaurants within the New York-New York Hotel & Casino Resort and operation of the hotel’s room service, banquet facilities, employee dining room and six food court concepts and one restaurant within the Planet Hollywood Resort and Casino. In Atlantic City, New Jersey, the Company operates a restaurant in the Tropicana Hotel and Casino. The Florida operations include the Rustic Inn in Dania Beach, Shuckers in Jensen Beach, JB’s on the Beach in Deerfield Beach, Blue Moon Fish Company in Lauderdale-by-the-Sea and the operation of four fast food facilities in Tampa and six fast food facilities in Hollywood, each at a Hard Rock Hotel and Casino operated by the Seminole Indian Tribe at these locations. In Alabama, the Company operates two Original Oyster Houses, one in Gulf Shores and one in Spanish Fort.

Cautionary Note Regarding Forward-Looking Statements

Except for historical information, this news release contains forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These statements involve unknown risks, and uncertainties that may cause the Company’s actual results or outcomes to be materially different from those anticipated and discussed herein. Important factors that might cause such differences are discussed in the Company’s filings with the Securities and Exchange Commission. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Actual results could differ materially from those anticipated in these forward-looking statements, if new information becomes available in the future.

ARK RESTAURANTS CORP.

Consolidated Condensed Statements of Operations

For the 13- and 26- week periods ended April 1, 2023 and April 2, 2022

(In Thousands, Except per share amounts)

 

 

13 Weeks Ended

April 1,

2023

 

13 Weeks Ended

April 2,

2022

 

26 Weeks Ended

April 1,

2023

 

26 Weeks Ended

April 2,

2022

 

 

 

 

 

 

 

 

 

TOTAL REVENUES

 

$

41,897

 

 

$

39,586

 

 

$

89,342

 

 

$

83,571

 

COSTS AND EXPENSES:

 

 

 

 

 

 

 

 

Food and beverage cost of sales

 

 

11,795

 

 

 

12,255

 

 

 

24,231

 

 

 

24,796

 

Payroll expenses

 

 

15,311

 

 

 

13,482

 

 

 

31,833

 

 

 

27,722

 

Occupancy expenses

 

 

5,255

 

 

 

4,616

 

 

 

11,438

 

 

 

9,848

 

Other operating costs and expenses

 

 

5,352

 

 

 

4,840

 

 

 

11,283

 

 

 

9,978

 

General and administrative expenses

 

 

3,023

 

 

 

3,018

 

 

 

6,159

 

 

 

5,982

 

Depreciation and amortization

 

 

1,138

 

 

 

1,148

 

 

 

2,171

 

 

 

2,227

 

Total costs and expenses

 

 

41,874

 

 

 

39,359

 

 

 

87,115

 

 

 

80,553

 

OPERATING INCOME

 

 

23

 

 

 

227

 

 

 

2,227

 

 

 

3,018

 

OTHER (INCOME) EXPENSE:

 

 

 

 

 

 

 

 

Interest expense, net

 

 

248

 

 

 

250

 

 

 

588

 

 

 

525

 

Other income

 

 

—

 

 

 

(125

)

 

 

—

 

 

 

(347

)

Gain on forgiveness of PPP Loans

 

 

—

 

 

 

(1,122

)

 

 

(272

)

 

 

(1,122

)

Total other (income) expense, net

 

 

248

 

 

 

(997

)

 

 

316

 

 

 

(944

)

INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES

 

 

(225

)

 

 

1,224

 

 

 

1,911

 

 

 

3,962

 

Provision for income taxes

 

 

19

 

 

 

76

 

 

 

133

 

 

 

385

 

CONSOLIDATED NET INCOME (LOSS)

 

 

(244

)

 

 

1,148

 

 

 

1,778

 

 

 

3,577

 

Net income attributable to non-controlling interests

 

 

(240

)

 

 

(93

)

 

 

(537

)

 

 

(313

)

NET INCOME (LOSS) ATTRIBUTABLE TO ARK RESTAURANTS CORP.

 

$

(484

)

 

$

1,055

 

 

$

1,241

 

 

$

3,264

 

 

 

 

 

 

 

 

 

 

NET INCOME (LOSS) ATTRIBUTABLE TO ARK RESTAURANTS CORP. PER COMMON SHARE

 

 

 

 

 

 

 

 

Basic

 

$

(0.13

)

 

$

0.30

 

 

$

0.34

 

 

$

0.92

 

Diluted

 

$

(0.13

)

 

$

0.29

 

 

$

0.34

 

 

$

0.91

 

 

 

 

 

 

 

 

 

 

WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:

 

 

 

 

 

 

 

 

Basic

 

 

3,600

 

 

 

3,552

 

 

 

3,600

 

 

 

3,552

 

Diluted

 

 

3,645

 

 

 

3,604

 

 

 

3,646

 

 

 

3,600

 

 

 

 

 

 

 

 

 

 

EBITDA Reconciliation:

 

 

 

 

 

 

 

 
Income (loss) before provision for income taxes

 

$

(225

)

 

$

1,224

 

 

$

1,911

 

 

$

3,962

 

Depreciation and amortization

 

 

1,138

 

 

 

1,148

 

 

 

2,171

 

 

 

2,227

 

Interest expense, net

 

 

248

 

 

 

250

 

 

 

588

 

 

 

525

 

EBITDA (a)

 

$

1,161

 

 

$

2,622

 

 

$

4,670

 

 

$

6,714

 

EBITDA, adjusted:

 

 

 

 

 

 

 

 

EBITDA (as defined) (a)

 

 

1,161

 

 

 

2,622

 

 

 

4,670

 

 

 

6,714

 

Non-cash stock option expense

 

 

80

 

 

 

74

 

 

 

159

 

 

 

148

 

Gain of forgiveness of PPP Loans

 

 

—

 

 

 

(1,122

)

 

 

(272

)

 

 

(1,122

)

Net income attributable to non-controlling interests

 

 

(240

)

 

 

(93

)

 

 

(537

)

 

 

(313

)

EBITDA, as adjusted

 

$

1,001

 

 

$

1,481

 

 

$

4,020

 

 

$

5,427

 

(a)

EBITDA is defined as earnings before interest, taxes, depreciation and amortization. Although EBITDA is not a measure of performance or liquidity calculated in accordance with generally accepted accounting principles (“GAAP”), the Company believes the use of this non-GAAP financial measure enhances an overall understanding of the Company’s past financial performance as well as providing useful information to the investor because of its historical use by the Company as both a performance measure and measure of liquidity, and the use of EBITDA by virtually all companies in the restaurant sector as a measure of both performance and liquidity. However, investors should not consider this measure in isolation or as a substitute for net income (loss), operating income (loss), cash flows from operating activities or any other measure for determining the Company’s operating performance or liquidity that is calculated in accordance with GAAP, it may not necessarily be comparable to similarly titled measures employed by other companies. A reconciliation of EBITDA to the most comparable GAAP financial measure, pre-tax income, is included above.

 

Anthony J. Sirica

(212) 206-8800

[email protected]

KEYWORDS: New York United States North America

INDUSTRY KEYWORDS: Retail Restaurant/Bar Food/Beverage

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agilon health Announces Secondary Offering and Share Repurchase

agilon health Announces Secondary Offering and Share Repurchase

AUSTIN, Texas–(BUSINESS WIRE)–
agilon health, inc. (NYSE: AGL), the trusted partner empowering physicians to transform health care in our communities, today announced the launch of an underwritten secondary public offering of 70,000,000 shares of its common stock by the selling stockholder, CD&R Vector Holdings, L.P., an affiliate of Clayton, Dubilier & Rice, LLC. The selling stockholder expects to grant the underwriters a 30-day option to purchase up to an additional 10,500,000 shares of agilon’s common stock. agilon health will not receive any proceeds from the secondary offering.

In addition, agilon health announced that, subject to the completion of the offering, it intends to purchase approximately $200 million of common stock from the underwriters at the same per share price to be paid by the underwriters to the selling stockholder in the offering, net of underwriting discounts and commissions. agilon health intends to fund the purchase with cash on hand. The closing of such purchase from the underwriters is subject to the closing of the offering. The closing of the offering is not conditioned upon the closing of the purchase from the underwriters.

J.P. Morgan and Goldman Sachs & Co. LLC are acting as lead book-running managers for the proposed offering.

A shelf registration statement (including a prospectus) relating to these securities has been filed with the SEC and is effective. Before investing, interested parties should read the shelf registration statement and other documents filed with the SEC for information about agilon health and this offering. You may get these documents for free by visiting EDGAR on the SEC website at sec.gov. Alternatively, a copy may be obtained from: J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at (866) 803-9204, or by email at [email protected]; or Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, New York 10282, telephone: 1-866-471-2526, facsimile: 212-902-9316 or by email at [email protected].

This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Any offers, solicitations or offers to buy, or any sales of securities will be made in accordance with the registration requirements of the Securities Act of 1933, as amended.

About agilon health

agilon health is the trusted partner empowering physicians to transform health care in our communities. Through our partnerships and purpose-built platform, agilon is accelerating at scale how physician groups transition to a value-based Total Care Model for senior patients. agilon provides the technology, people, capital, process, and access to a peer network of 2,700+ PCPs that allow physician groups to maintain their independence and focus on the total health of their most vulnerable patients. Together, agilon and its physician partners are creating the healthcare system we need – one built on the value of care, not the volume of fees. The result: healthier communities and empowered doctors. agilon is the trusted partner in 30+ diverse communities and is here to help more of our nation’s leading physician groups and health systems have a sustained, thriving future.

Cautionary Note Regarding Forward-Looking Statements

This press release contains statements that constitute “forward-looking statements,” including with respect to the proposed offering and repurchase. No assurance can be given that the offering discussed above will be completed on the terms described, or at all. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of agilon health, including those set forth in the Risk Factors section of agilon health’s most recent Annual Report on Form 10-K and in the registration statement for this offering and the related prospectus supplement, as filed with the Securities and Exchange Commission. Copies are available on the SEC’s website at www.sec.gov.

agilon health undertakes no obligation to update these statements for revisions or changes after the date of this press release, except as required by law.

Investor Contact

Matthew Gillmor

VP, Investor Relations

[email protected]

Media Contact

Megan Strothman

Director, Communications & Public Affairs

[email protected]

KEYWORDS: Texas United States North America

INDUSTRY KEYWORDS: General Health Health Practice Management Health Technology Managed Care

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Cutera Cancels Special Meeting

Cutera Cancels Special Meeting

BRISBANE, Calif.–(BUSINESS WIRE)–
CUTERA, INC. (“Cutera” or the “Company”) (Nasdaq: CUTR), a leading provider of aesthetic and dermatology solutions, today announced that it has cancelled the Special Meeting of Stockholders previously scheduled for June 9, 2023 (the “Special Meeting”). The cancellation of the Special Meeting follows the withdrawals by former Chairman of the Board of Directors J. Daniel Plants and former Chief Executive Officer David H. Mowry of their respective demands to hold a special meeting of stockholders.

As previously announced, Cutera intends to hold its Annual Meeting of Stockholders on July 13, 2023.

About Cutera, Inc.

Brisbane, California-based Cutera is a leading provider of aesthetic and dermatology solutions for practitioners worldwide. Since 1998, Cutera has been developing innovative, easy-to-use products that harness the power of science and nature to enable medical practitioners to offer safe and effective treatments to their patients. For more information, call +1-415-657-5500 or 1-888-4CUTERA or visit www.cutera.com.

Additional Information and Where to Find It

The Company intends to file a proxy statement on Schedule 14A, an accompanying white proxy card and other relevant documents with the Securities and Exchange Commission (the “SEC”) in connection with the solicitation of proxies from the Company’s stockholders for the Annual Meeting of Stockholders (the “Annual Meeting”). STOCKHOLDERS OF THE COMPANY ARE STRONGLY ENCOURAGED TO READ THE COMPANY’S DEFINITIVE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO), AND ALL OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and stockholders may obtain a copy of any proxy statement of the Company, an accompanying white proxy card, any amendments or supplements thereto and other documents filed by the Company with the SEC when they become available at no charge at the SEC’s website at www.sec.gov. Copies will also be available at no charge in the “SEC Filings” subsection of the Company’s Investor Relations website at http://ir.cutera.com or by contacting the Company’s Investor Relations Department at [email protected], as soon as reasonably practicable after such materials are electronically filed with, or furnished to, the SEC.

Participants in the Solicitation

The Company and certain of its directors and executive officers may be deemed participants in the solicitation of proxies from the Company’s stockholders in connection with matters to be considered at the Annual Meeting. Information regarding the direct and indirect interests, by security holdings or otherwise, of the Company’s directors and executive officers is included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on April 7, 2023, as amended, and in the Company’s Current Reports on Form 8-K filed with the SEC from time to time. Changes to the direct or indirect interests of the Company’s directors and executive officers are set forth in SEC filings on Initial Statements of Beneficial Ownership on Form 3 or Statements of Change in Ownership on Form 4. These documents are available free of charge as described above. Updated information regarding the identities of potential participants and their direct or indirect interests, by security holdings or otherwise, in the Company will be set forth in the proxy statement for the Annual Meeting and other relevant documents to be filed with the SEC, if and when they become available.

Forward Looking Statements

Statements contained in this communication which are not historical facts, such as those relating to future events, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company undertakes no duty to publicly update or revise such forward-looking information, whether as a result of new information, future events, or otherwise. Investors should consult further disclosures and risk factors included in our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, the Registration Statement on Form S-8 and other documents filed from time to time with the SEC by the Company.

Greg Barker

VP, Corporate FP&A

415-657-5500

[email protected]

Nick Lamplough / Rachel Goldman

Joele Frank, Wilkinson Brimmer Katcher

212-355-4449

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: General Health Health Medical Devices

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Permianville Royalty Trust Announces Monthly Cash Distribution

Permianville Royalty Trust Announces Monthly Cash Distribution

HOUSTON–(BUSINESS WIRE)–
Permianville Royalty Trust (NYSE: PVL, the “Trust”) today announced a cash distribution to the holders of its units of beneficial interest of $0.013500 per unit, payable on June 14, 2023 to unitholders of record on May 31, 2023. The net profits interest calculation represents reported oil production for the month of February 2023 and reported natural gas production during January 2023. The calculation includes accrued costs incurred in March 2023.

The following table displays reported underlying oil and natural gas sales volumes and average received wellhead prices attributable to the current and prior month recorded net profits interest calculations.

 

 

Underlying Sales Volumes

 

Average Price

 

 

Oil

 

Natural Gas

 

Oil

 

Natural Gas

 

 

Bbls

 

Bbls/D

 

Mcf

 

Mcf/D

 

(per Bbl)

 

(per Mcf)

Current Month

 

39,651

 

1,416

 

241,119

 

7,778

 

$

75.60

 

$

3.84

Prior Month

 

38,896

 

1,255

 

191,223

 

6,168

 

$

75.01

 

$

4.71

Recorded oil cash receipts from the oil and gas properties underlying the Trust (the “Underlying Properties”) totaled $3.0 million for the current month on realized wellhead prices of $75.60/Bbl, up $0.1 million from the prior month’s oil cash receipts. The current month’s reported oil volumes reflected the first revenues received from several previously disclosed new drill capital projects.

Recorded natural gas cash receipts from the Underlying Properties totaled $0.9 million for the current month on realized wellhead prices of $3.84/Mcf, consistent with the prior month.

Total accrued operating expenses for the period were $2.4 million, up $0.2 million from the prior period. Capital expenditures increased $0.7 million from the prior period to $0.9 million. The increase in capital expenditures in the Current Month was driven by certain projects previously listed in the capital expenditure summary in the Trust’s Quarterly Report on Form 10-Q for the period ended March 31, 2023. These projects involve three operators on the Underlying Properties that have participated in prior projects under the capital expenditure program. The largest portion of the capital expenditures in the Current Month were for a new drill project in the Permian with a large investment grade operator, while a portion of the capital expenditures were directed to a refrac opportunity with a private Haynesville operator.

About Permianville Royalty Trust

Permianville Royalty Trust is a Delaware statutory trust formed to own a net profits interest representing the right to receive 80% of the net profits from the sale of oil and natural gas production from certain, predominantly non-operated, oil and gas properties in the states of Texas, Louisiana and New Mexico. As described in the Trust’s filings with the Securities and Exchange Commission (the “SEC”), the amount of the periodic distributions is expected to fluctuate, depending on the proceeds received by the Trust as a result of actual production volumes, oil and gas prices, the amount and timing of capital expenditures, and the Trust’s administrative expenses, among other factors. Future distributions are expected to be made on a monthly basis. For additional information on the Trust, please visit www.permianvilleroyaltytrust.com.

Forward-Looking Statements and Cautionary Statements

This press release contains statements that are “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release, other than statements of historical facts, are “forward-looking statements” for purposes of these provisions. These forward-looking statements include the amount and date of any anticipated distribution to unitholders. The anticipated distribution is based, in large part, on the amount of cash received or expected to be received by the Trust from the Sponsor with respect to the relevant period. The amount of such cash received or expected to be received by the Trust (and its ability to pay distributions) has been and will continue to be directly affected by the volatility in commodity prices, which have experienced significant fluctuation since the beginning of 2020 as a result of a variety of factors that are beyond the control of the Trust and the Sponsor. Low oil and natural gas prices will reduce profits to which the Trust is entitled, which will reduce the amount of cash available for distribution to unitholders and in certain periods could result in no distributions to unitholders. Other important factors that could cause actual results to differ materially include expenses of the Trust, reserves for anticipated future expenses and public health concerns, including the COVID-19 pandemic. In addition, future monthly capital expenditures may exceed the average levels experienced in 2022 and prior periods. Statements made in this press release are qualified by the cautionary statements made in this press release. Neither the Sponsor nor the Trustee intends, and neither assumes any obligation, to update any of the statements included in this press release. An investment in units issued by the Trust is subject to the risks described in the Trust’s filings with the SEC, including the risks described in the Trust’s Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on March 23, 2023. The Trust’s quarterly and other filed reports are or will be available over the Internet at the SEC’s website at http://www.sec.gov.

Permianville Royalty Trust

The Bank of New York Mellon Trust Company, N.A., as Trustee

Sarah Newell 1 (512) 236-6555

KEYWORDS: Texas United States North America

INDUSTRY KEYWORDS: Oil/Gas Energy

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Digital Media Solutions, Inc. Announces Q1 2023 Financial Results

Digital Media Solutions, Inc. Announces Q1 2023 Financial Results

  • First-quarter net revenue of $90.3 million

  • First-quarter gross margin of 24.7% and Variable Marketing Margin (VMM) of 29.8%

  • Completed organizational restructuring and cost reduction plan reducing annualized operating costs by 6%

CLEARWATER, Fla.–(BUSINESS WIRE)–
Digital Media Solutions, Inc. (NYSE: DMS), a leading provider of technology-enabled digital performance advertising solutions connecting consumers and advertisers, today announced financial results for the quarter ended March 31, 2023.

DMS serves 291 scaled enterprise customers and nearly 6,500 SMBs across the P&C Insurance, Health Insurance, Ecommerce, Career and Education and Consumer Finance verticals with digital performance marketing solutions.

“In the face of an evolving operating landscape, we believe our Q1 2023 results are modestly positive,” said Joe Marinucci, CEO of DMS. “Although in Q2 we are facing some headwinds, particularly in our insurance business, we maintain a positive long-term outlook. A concentrated, in-depth focus on key solutions defines our strategic approach to long-term growth. Our robust and flexible business model is evident in the diversity of our customer base and the broad range of markets we cater to, and we are encouraged by Q1 growth in our Ecommerce and Consumer Finance verticals. Going forward, our focus is to refine our vertical-agnostic, data-driven solutions further, in the US as well as internationally, allowing us to deliver innovative solutions that offer mutual benefit to both consumers and advertisers.”

“Our recent strategic reorganization takes us deeper versus wider, enabling us to excel in competitive markets and concentrate on the key solutions that are poised to drive our long-term growth. The associated reduction in our workforce is resulting in a significant decrease in our operating costs. We remain steadfast in our commitment to managing these expenses, recognizing them as a crucial financial performance lever under our complete control,” Vanessa Guzman-Clark, Interim CFO, added.

First Quarter 2023 Performance:

(All comparisons are relative to the first quarter of 2022)

  • Net revenue of $90.3 million, down 17.2%

  • Gross profit margin of 24.7%, a decrease of 4.0 PPTS

  • Variable Marketing Margin of 29.8%, a decrease of 5.1 PPTS

  • Operating expenses totaled $32.5 million, a decrease of $2.0 million

  • Net loss of $20.7 million compared to net income of $5.4 million

  • Adjusted EBITDA of $3.4 million compared to $10.5 million

  • EPS of $(0.32) compared to $(0.09); and adjusted EPS of $(0.05) compared to $0.00

  • Ended the quarter with $20.1 million in cash and cash equivalents, and total debt of $256.6 million

First Quarter 2023 Segment Performance (including intercompany revenue):

(All comparisons are relative to the first quarter of 2022)

  • Brand Direct Solutions generated revenue of $55.4 million, down 9.5%. Gross margin was 22.7%, up from 20.9%.

  • Marketplace Solutions generated revenue of $37.3 million, down 36.6%. Gross margin was 21.3%, down from 27.9%.

  • Technology Solutions generated revenue of $2.3 million, down 0.0%. Gross margin was 74.2%, down from 88.6%.

Second Quarter 2023 Guidance:

DMS is providing updated guidance for the second quarter of 2023, and now anticipates Revenue, Gross Margin, Variable Marketing Margin and Adjusted EBITDA to be in the following ranges:

Second Quarter 2023:

  • Net Revenue: $90 – $93 million

  • Gross Margin: 23% – 26%

  • Variable Marketing Margin: 29% – 34%

  • Adjusted EBITDA: $3 – $6 million

Adjusted EBITDA and Variable Marketing Margin are non-GAAP financial measures. Management believes that Adjusted EBITDA and Variable Marketing Margin provide useful information to investors and help explain and isolate the core operating performance of the business — refer to the “Non-GAAP Financial Measures” section below. For guidance purposes, the Company is not providing a quantitative reconciliation of these non-GAAP measures in reliance on the “unreasonable efforts” exception for forward-looking non-GAAP measures set forth in SEC rules because certain financial information, the probable significance of which cannot be determined, is not available and cannot be reasonably estimated without unreasonable effort and expense.

Conference Call and Webcast Information:

The U.S. toll-free dial-in for the conference call is 1-833-470-1428, and the international dial-in number is 1-404-975-4839. The access code is 747018. A live webcast of the conference call will be available on the investor relations page of the company’s website at https://investors.digitalmediasolutions.com.

A replay will be available after the conclusion of the call on May 15, 2023, through May 22, 2023. The U.S. toll-free replay dial-in number is 1-866-813-9403, and the international replay dial-in number is 1-929-458-6194. The access code is 519795.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of that term in Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended, and are made in reliance upon such acts and the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1955. DMS’s actual results may differ from its expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. These forward statements are often identified by words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions. These forward-looking statements include, without limitation, DMS’s expectations with respect to its and ClickDealer’s future performance and its ability to implement its strategy and are based on the beliefs and expectations of our management team from the information available at the time such statements are made. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside DMS’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) DMS’s ability to attain the expected financial benefits from the ClickDealer transaction, (2) any impacts to the ClickDealer business from our acquisition thereof, (3) the COVID-19 pandemic or other public health crises; (4) management of our international expansion as a result of the ClickDealer acquisition; (5) changes in client demand for our services and our ability to adapt to such changes; (6) the entry of new competitors in the market; (7) the ability to maintain and attract consumers and advertisers in the face of changing economic or competitive conditions; (8) the ability to maintain, grow and protect the data DMS obtains from consumers and advertisers, and to ensure compliance with data privacy regulations in newly entered markets; (9) the performance of DMS’s technology infrastructure; (10) the ability to protect DMS’s intellectual property rights; (11) the ability to successfully source, complete and integrate acquisitions; (12) the ability to improve and maintain adequate internal controls over financial and management systems, and remediate material weaknesses therein, including any integration of the ClickDealer business; (13) changes in applicable laws or regulations and the ability to maintain compliance; (14) our substantial levels of indebtedness; (15) volatility in the trading price on the NYSE of our common stock and warrants; (16) fluctuations in value of our private placement warrants; and (17) other risks and uncertainties indicated from time to time in DMS’s filings with the SEC, including those under “Risk Factors” in DMS’s Annual Report on Form 10-K and its subsequent filings with the SEC. There may be additional risks that we consider immaterial or which are unknown, and it is not possible to predict or identify all such risks. DMS cautions that the foregoing list of factors is not exclusive. DMS cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. DMS does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based.

About DMS:

Digital Media Solutions, Inc. (NYSE: DMS) is a leading provider of data-driven, technology-enabled digital performance advertising solutions connecting consumers and advertisers within the auto, home, health, and life insurance, plus a long list of top consumer verticals. The DMS first-party data asset, proprietary advertising technology, significant proprietary media distribution, and data-driven processes help digital advertising clients de-risk their advertising spend while scaling their customer bases. Learn more at https://digitalmediasolutions.com.

For the full press release, please visit https://investors.digitalmediasolutions.com/news/default.aspx.

Investor Relations

[email protected]

For inquiries related to media, contact [email protected]

KEYWORDS: Florida United States North America

INDUSTRY KEYWORDS: Marketing Advertising Communications Other Communications

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