Posts

Posted on

Agrify Corporation Announces Termination of Warrant Inducement Transaction

BILLERICA, Mass., April 24, 2023 (GLOBE NEWSWIRE) — Agrify Corporation (Nasdaq: AGFY) (“Agrify” or the “Company”), a leading provider of innovative cultivation and extraction solutions for the cannabis industry, today announced that it will not consummate the warrant inducement transaction that Agrify had previously announced on April 19, 2023, which, if completed, would have resulted in gross proceeds of up to $1.84 million and the issuance of approximately 21.3 million new warrants to exercising warrant holders.  

Agrify determined that the transaction would not be in the best interests of its stockholders due, in part, to limitations on Agrify’s ability to use its shelf registration statement. The reduction in the exercise price of warrants issued in Agrify’s December 2022 public offering to $0.1725 per share will remain effective in accordance with the terms of the warrants. Agrify intends to explore alternative options for raising capital.

About Agrify (Nasdaq: AGFY)

Agrify is a leading provider of innovative cultivation and extraction solutions for the cannabis industry, bringing data, science, and technology to the forefront of the market. Our proprietary micro-environment-controlled Vertical Farming Units (VFUs) enable cultivators to produce the highest quality products with unmatched consistency, yield, and ROI at scale. Our comprehensive extraction product line, which includes hydrocarbon, ethanol, solventless, post-processing, and lab equipment, empowers producers to maximize the quantity and quality of extract required for premium concentrates. For more information, please visit Agrify at http://www.agrify.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 concerning Agrify and other matters. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements including, without limitation, Agrify’s ability to consummate alternative financing transactions. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these terms or other similar expressions. The forward-looking statements in this press release are only predictions. Agrify has based these forward-looking statements largely on its current expectations and projections about future events and financial trends that it believes may affect its business, financial condition and results of operations. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. You should carefully consider the risks and uncertainties that affect our business, including those described in our filings with the Securities and Exchange Commission (“SEC”), including under the caption “Risk Factors” in Agrify’s Annual Report on Form 10-K filed for the year ended December 31, 2021 with the SEC, which can be obtained on the SEC website at www.sec.gov. These forward-looking statements speak only as of the date of this communication. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements, whether as a result of any new information, future events or otherwise. You are advised, however, to consult any further disclosures we make on related subjects in our public announcements and filings with the SEC.

Company Contacts

Investor Relations Inquiries

Caitlin Moakley Bricker
Chief of Staff 
[email protected]
(617) 733-0584

Media Inquiries

Rachel Soulsby
Vice President of Marketing
[email protected]
(978) 660-9125



Posted on

Kayne Anderson NextGen Energy & Infrastructure Announces Completion of Private Placement of $40 Million of Notes

HOUSTON, April 24, 2023 (GLOBE NEWSWIRE) — Kayne Anderson NextGen Energy & Infrastructure, Inc. (the “Fund”) (NYSE: KMF) announced today that it completed its previously announced private placement of $40 million of 5.18% Series F senior unsecured notes (“Notes”).

As previously announced, net proceeds will be used to refinance existing leverage and for general corporate purposes.

Kayne Anderson NextGen Energy & Infrastructure, Inc. (NYSE: KMF) is a non-diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended, whose common stock is traded on the NYSE. The Fund’s investment objective is to provide a high level of total return with an emphasis on making cash distributions to its stockholders. The Fund seeks to achieve its investment objective by investing at least 80% of its total assets in securities of Energy Companies and Infrastructure Companies. The Fund anticipates that the majority of its investments will consist of investments in “NextGen” companies, which we define as Energy Companies and Infrastructure Companies that are meaningfully participating in, or benefitting from, the Energy Transition. See Glossary of Key Terms in the Fund’s most recent quarterly report for a description of these investment categories and the meaning of capitalized terms.

This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of any securities in any jurisdiction in which such offer or sale is not permitted. Nothing contained in this press release is intended to recommend any investment policy or investment strategy or consider any investor’s specific objectives or circumstances. Before investing, please consult with your investment, tax, or legal adviser regarding your individual circumstances.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This communication contains statements reflecting assumptions, expectations, projections, intentions, or beliefs about future events. These and other statements not relating strictly to historical or current facts constitute forward-looking statements as defined under the U.S. federal securities laws. Forward-looking statements involve a variety of risks and uncertainties. These risks include but are not limited to changes in economic and political conditions; regulatory and legal changes; energy industry risk; leverage risk; valuation risk; interest rate risk; tax risk; and other risks discussed in detail in the Fund’s filings with the SEC, available at 

www.kaynefunds.com

 or 

www.sec.gov

. Actual events could differ materially from these statements or our present expectations or projections. You should not place undue reliance on these forward-looking statements, which speak only as of the date they are made. Kayne Anderson undertakes no obligation to publicly update or revise any forward-looking statements made herein. There is no assurance that the Fund’s investment objectives will be attained.

Contact: Investor Relations at 877-657-3863 or [email protected]



Posted on

Virios Therapeutics Announces Initial FDA Feedback on Proposed IMC-1 Phase 3 Program for Treatment of Fibromyalgia

-Virios’ IMC-1 Phase 3 Proposed Program is Considered Acceptable based on Initial FDA Feedback Pending Review of the Final Chronic Toxicology Program Results-

-Final Toxicology Results to be Submitted to FDA in May 2023-

-Company will Provide Material Updates on Further FDA Guidance as Process Proceeds for This Important FDA “Fast-track” Designated Program-

ATLANTA, April 24, 2023 (GLOBE NEWSWIRE) — Virios Therapeutics, Inc. (Nasdaq: VIRI) (the “Company”), a development-stage biotechnology company focused on advancing novel, combination antiviral therapies to treat debilitating chronic diseases, including fibromyalgia (“FM”), today announced a program summary based on initial feedback from the U.S. Food & Drug Administration (“FDA”) on its Phase 3 FM program proposal featuring its lead development candidate IMC-1. IMC-1 is a novel, proprietary, fixed dose combination of famciclovir and celecoxib designed to synergistically suppress herpes virus replication, with the end goal of reducing virally promoted fibromyalgia disease symptoms. This feedback was provided following a guidance meeting between the Anesthesiology, Addiction Medicine and Pain Medicine division of FDA and the Company in March 2023.

Key IMC-1 Phase 3 Program Proposal Highlights

  • The proposed Phase 3 program consists of four primary components: two adequate and well-controlled clinical studies, one of which would be a full factorial design with each of the individual components of IMC-1 (famciclovir and celecoxib) as separate comparator arms, a long-term safety trial, and a pharmacokinetic/food effect study.
  • Based on data from the recently completed FORTRESS Phase 2b trial, the Company proposed a Phase 3 development program targeting community-based FM patients, who have not participated in prior FM trials.
  • Initial FDA feedback was that the Company’s Phase 3 proposal is acceptable, subject to review of the final results from its recently completed chronic toxicology program. The Company will submit the final toxicology reports and associated data in May 2023.
  • An updated IMC-1 Phase 3 program proposal, responsive to FDA guidance, will also be provided once FDA completes its review of the chronic toxicology reports.

There is significant unmet medical need in the FM patient community, as reflected by the fact that existing treatments do not work for all patients and no new pharmaceutical treatments have been approved by FDA to treat FM over the past decade. The Company will provide material progress updates as it continues to work with FDA with the goal of advancing IMC-1 into Phase 3 development as a potential new treatment option for the FM patient community.

About Virios Therapeutics, Inc.

Virios Therapeutics (Nasdaq: VIRI) is a development-stage biotechnology company focused on advancing novel antiviral therapies to treat debilitating chronic diseases, such as fibromyalgia (“FM”). Immune responses related to the activation of tissue resident herpes have been postulated as a potential root cause triggering and/or sustaining chronic illnesses such as FM, irritable bowel disease, chronic fatigue syndrome and other functional somatic syndromes, all of which are characterized by waxing and waning symptoms with no obvious etiology. Our lead development candidate (“IMC-1”) is a novel, proprietary, fixed dose combination of famciclovir and celecoxib designed to synergistically suppress herpes virus replication, with the end goal of reducing virally promoted disease symptoms. IMC-1 has been granted fast track designation by the FDA.

The Company is pursuing a second development candidate, IMC-2 (valacyclovir and celecoxib), as a potential treatment for managing the fatigue, sleep, attention, pain, autonomic function, and anxiety associated with Long-COVID, otherwise known as Post-Acute Sequelae of COVID-19 (PASC). The Company has provided BHC with an unrestricted investigational grant to conduct this study. BHC is a non-profit, interdisciplinary Center of Excellence advancing the diagnosis and treatment of chronic fatigue disorders, FM, post-viral syndromes, and related comorbidities.

For more information, please visit www.virios.com.

Follow Virios Therapeutics

Forward-Looking Statements

Statements in this press release contain “forward-looking statements,” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, 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,” “suggest,” “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 Virios Therapeutics’ current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict, including risks related to the completion, timing and results of current and future clinical studies relating to Virios Therapeutics’ product candidates. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. These and other risks and uncertainties are described more fully in the section titled “Risk Factors” in the Annual Report on Form 10-K for the year ended December 31, 2022, filed with the Securities and Exchange Commission. Forward-looking statements contained in this announcement are made as of this date, and Virios Therapeutics, Inc. undertakes no duty to update such information except as required under applicable law.

Contact:

[email protected]



Posted on

Hexcel Reports 2023 First Quarter Results

Hexcel Reports 2023 First Quarter Results

  • Q1 2023 GAAP diluted EPS of $0.50 compared to Q1 2022 GAAP diluted EPS of $0.21.
  • Q1 2023 adjusted diluted EPS of $0.50, compared to Q1 2022 adjusted diluted EPS of $0.22.
  • Q1 2023 Sales were $458 million, an increase of 17.2% over Q1 2022 sales of $391 million (18.0% increase in constant currency).
  • Full year 2023 guidance is reaffirmed. 

See Table C for reconciliation of GAAP and non-GAAP operating income, net income, earnings per share and operating cash flow to free cash flow. Free cash flow is cash from operations less capital expenditures.

STAMFORD, Conn.–(BUSINESS WIRE)–
Hexcel Corporation (NYSE: HXL):

Summary of Results from Operations

 

 

 

 

 

 

 

Quarters Ended

 

 

 

 

 

March 31,

 

 

 

(In millions, except per share data)

 

2023

 

2022

 

% Change

 

 

 

 

 

 

 

 

 

Net Sales

 

$

457.7

 

$

390.6

 

 

17.2

%

Net sales change in constant currency

 

 

 

 

 

 

18.0

%

Operating Income

 

 

62.8

 

 

30.1

 

 

108.6

%

Net Income

 

 

42.7

 

 

17.8

 

 

139.9

%

Diluted net income per common share

 

$

0.50

 

$

0.21

 

 

138.1

%

 

 

 

 

 

 

 

 

Non-GAAP measures for year-over-year comparison (Table C)

 

 

 

 

 

 

 

Adjusted Operating Income

 

$

63.0

 

$

31.1

 

 

102.6

%

As a % of sales

 

 

13.8

%

 

8.0

%

 

 

Adjusted Net Income

 

 

42.9

 

 

18.6

 

 

130.6

%

Adjusted diluted net income per share

 

$

0.50

 

$

0.22

 

 

127.3

%

Hexcel Corporation (NYSE: HXL) today reported first quarter 2023 results including net sales of $458 million and adjusted diluted EPS of $0.50 per share.

Chairman, CEO and President Nick Stanage said, “Our relentless focus on execution and growing demand drove an 18% increase in sales, and we delivered adjusted operating income that was more than double the same period last year. The margin expansion reflects strong operating leverage from higher production levels as our key markets grow. Hexcel is well-positioned to benefit from the multi-year production ramps our aerospace customers have announced, as well as growth in other markets – all of which will lead to significant cash generation and expanding shareholder value.”

Mr. Stanage continued, “Innovating the next generation of advanced lightweight composite materials is at the heart of who we are and what we do, so it was a pleasure last month to welcome many customers and partners to join us at the grand opening of our new Center of Research & Technology Excellence in Salt Lake City, Utah. This state-of-the-art facility will allow us to expand our research and broaden our technology portfolio. It will provide an even stronger platform for us to collaborate with our customers on the latest developments in lightweight sustainable solutions, to create a better world for us all.”

Markets

Sales in the first quarter of 2023 were $457.7 million compared to $390.6 million in the first quarter of 2022.

Commercial Aerospace (62% of YTD Sales)

  • Commercial Aerospace sales of $284.5 million increased 30.0% (30.0% in constant currency) for the first quarter of 2023 compared to the first quarter of 2022 led by growth in the Airbus A350 and A320neo programs. Other Commercial Aerospace increased 23.5% for the first quarter of 2023 compared to the first quarter of 2022 on expanding business jet demand.

Space & Defense (28% of YTD Sales)

  • Space & Defense sales of $126.2 million increased 6.8% (7.6% in constant currency) for the quarter as compared to the first quarter of 2022 with growth across a number of platforms globally, including fixed-wing aircraft and both military and civilian rotorcraft.

Industrial (10% of YTD Sales)

  • Total Industrial sales of $47.0 million in the first quarter of 2023 decreased 12.1% (9.1% in constant currency) compared to the first quarter of 2022, due to lower wind energy sales that were partially offset by sales growth in recreation, automotive and other industrial markets.

Consolidated Operations

Gross margin for the first quarter of 2023 was 27.9% compared to 22.2% in first quarter of 2022 with the improvement driven by strong production volume leverage, and also reflecting a favorable sales mix, favorable absorption and a beneficial foreign exchange impact. As a percentage of sales, selling, general and administrative and R&T expenses for the first quarter of 2023 were 14.1% compared to 14.2% for the first quarter of 2022. Adjusted operating income in the first quarter of 2023 was $63.0 million or 13.8% of sales, compared to $31.1 million, or 8.0% of sales in 2022. The impact of exchange rates on operating income as a percentage of sales was favorable by approximately 80 basis points in the first quarter of 2023 compared to Q1 2022.

Cash and other

  • The first quarter 2023 tax expense was $11.7 million compared to a tax expense of $4.7 million for the first quarter of 2022.

  • Net cash used for operating activities in the first quarter of 2023 was $23.4 million, compared to a use of $19.0 million for the first quarter of 2022. Working capital increased to support higher sales and was a cash use of $104.0 million in the first quarter of 2023 compared to a use of $74.3 million in the first quarter of 2022. Capital expenditures on a cash basis were $18.1 million for the first quarter of 2023. Free cash flow was ($41.5) million in the first quarter of 2023 compared to ($39.9) million in the first quarter of 2022. Free cash flow is defined as cash generated from operating activities less cash paid for capital expenditures. Capital expenditures on an accrual basis were $16.8 million for the first quarter of 2023 compared to $11.1 million for the first quarter of 2022.

  • The Company did not repurchase any common stock during the first quarter of 2023 and the remaining authorization under the share repurchase program on March 31, 2023, was $217 million.

  • As announced today, the Board of Directors declared a quarterly dividend of $0.125 per share payable to stockholders of record as of May 5, 2023, with a payment date of May 12, 2023.

2023 Guidance (unchanged)

  • Sales of $1.725 billion to $1.825 billion

  • Adjusted diluted earnings per share of $1.70 to $1.90

  • Free cash flow greater than $140 million

  • Accrual basis capital expenditures of approximately $90 million

  • Underlying effective tax rate is estimated to be 23%

Hexcel will host a conference call at 10:00 a.m. ET, on April 25, 2023, to discuss first quarter 2023 results. The event will be webcast via the Investor Relations webpage at www.Hexcel.com. The event can also be accessed by dialing +1 (646) 960-0452. The conference ID is 3428143. Replays of the call will be available on the website.

About Hexcel

Hexcel Corporation is a global leader in advanced lightweight composites technology. We propel the future of flight, energy generation, transportation, and recreation through excellence in providinginnovative high-performance material solutions that are lighter, stronger and tougher, helping to create a better world for us all. Our broad and unrivaled product range includes carbon fiber, specialty reinforcements, prepregs and other fiber-reinforced matrix materials, honeycomb, resins, engineered core and composite structures for use in commercial aerospace, space and defense, and industrial applications.

Disclaimer on Forward Looking Statements

This news release contains statements that are forward looking within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the estimates and expectations based on aircraft production rates provided by Airbus, Boeing and others; the revenues we may generate from an aircraft model or program; the impact of the push-out in deliveries of the Airbus and Boeing backlog and the impact of delays in the startup or ramp-up of new aircraft programs or the final Hexcel composite material content once the design and material selection have been completed; expectations with regard to regulatory clearances or the build rate of the Boeing 737 MAX or Boeing 787 and the related impact on our revenues; expectations with regard to raw material cost and availability; expectations of composite content on new commercial aircraft programs and our share of those requirements; expectations regarding revenues from space and defense applications, including whether certain programs might be curtailed or discontinued; expectations regarding sales for wind energy, recreation, automotive and other industrial applications; expectations regarding working capital trends and expenditures and inventory levels; expectations as to the level of capital expenditures and timing of completion of capacity expansions and qualification of new products; expectations regarding our ability to improve and maintain margins; expectations regarding the sale of certain of our assets; projections regarding our tax rate; expectations with regard to the continued impact of the conflict between Russia and Ukraine; expectations regarding our strategic initiatives and other goals, including, but not limited to, our sustainability goals; expectations regarding the outcome of legal matters or the impact of changes in laws or regulations or government policies; expectations with regard to cybersecurity measures taken to protect confidential and proprietary information and the anticipated impact of the above factors and various market risks on our expectations of financial results for 2023 and beyond. Actual results may differ materially from the results anticipated in the forward looking statements due to a variety of factors, including but not limited to the extent of the impact of the conflict between Russia and Ukraine and the ongoing market recovery following the COVID-19 pandemic, including continued disruption in global financial markets and supply chains, and labor shortages,; reductions in sales to any significant customers, particularly Airbus or Boeing, including related to the timing of pending regulatory clearances for the Boeing 737 MAX and the Boeing 787 or other geopolitical events or conditions; our ability to effectively adjust production and inventory levels to align with customer demand; our ability to effectively motivate, retain and hire the necessary workforce; availability and cost of raw materials, including the impact of supply shortages and inflation; supply chain disruptions, which may be exacerbated by the conflict between Russia and Ukraine; our ability to successfully implement or realize our business strategies, plans, goals and objectives of management, including our sustainability goals and any restructuring or alignment activities in which we may engage; changes in sales mix; changes in current pricing and cost levels, including cost inflation, as well as increasing energy prices resulting from the conflict between Russia and Ukraine; changes in aerospace delivery rates; changes in government defense procurement budgets; changes in military aerospace program technology; timely new product development or introduction; industry capacity; increased competition; inability to install, staff and qualify necessary capacity or complete capacity expansions to meet customer demand; cybersecurity-related risks including the potential impact of breaches or intrusions; currency exchange rate fluctuations; changes in political, social and economic conditions, including, but not limited to, the effect of change in global trade policies, such as sanctions imposed as a result of the conflict between Russia and Ukraine; work stoppages or other labor disruptions; our ability to successfully complete any strategic acquisitions, investments or dispositions; compliance with environmental, health, safety and other related laws and regulations, including those related to climate change; the effects of natural disasters or other severe weather events, which may be worsened by the impact of climate change, and other severe catastrophic events, including any public health crisis; the potential impact of environmental, social and governance matters; and the unexpected outcome of legal matters or impact of changes in laws or regulations. Additional risk factors are described in our filings with the Securities and Exchange Commission. We do not undertake an obligation to update our forward-looking statements to reflect future events.

Hexcel Corporation and Subsidiaries

 

Condensed Consolidated Statements of Operations

 

 

 

Unaudited

 

 

 

Quarters Ended

 

 

 

March 31,

 

(In millions, except per share data)

 

2023

 

 

2022

 

Net sales

 

$

457.7

 

 

$

390.6

 

Cost of sales

 

 

330.0

 

 

 

303.9

 

Gross margin

 

 

127.7

 

 

 

86.7

 

% Gross Margin

 

 

27.9

%

 

 

22.2

%

 

 

 

 

 

 

 

Selling, general and administrative expenses

 

 

50.8

 

 

 

44.7

 

Research and technology expenses

 

 

13.9

 

 

 

10.9

 

Other operating expense

 

 

0.2

 

 

 

1.0

 

Operating income

 

 

62.8

 

 

 

30.1

 

Interest expense, net

 

 

9.4

 

 

 

9.1

 

Income before income taxes, and equity in earnings of affiliated companies

 

 

53.4

 

 

 

21.0

 

Income tax expense

 

 

11.7

 

 

 

4.7

 

Income before equity in earnings of affiliated companies

 

 

41.7

 

 

 

16.3

 

Equity in earnings from affiliated companies

 

 

1.0

 

 

 

1.5

 

Net income

 

$

42.7

 

 

$

17.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic net income per common share:

 

$

0.50

 

 

$

0.21

 

 

 

 

 

 

 

 

Diluted net income per common share:

 

$

0.50

 

 

$

0.21

 

 

 

 

 

 

 

 

Weighted-average common shares:

 

 

 

 

 

 

Basic

 

 

84.6

 

 

 

84.3

 

Diluted

 

 

85.5

 

 

 

84.9

 

Hexcel Corporation and Subsidiaries

 

Condensed Consolidated Balance Sheets

 

 

 

Unaudited

 

 

 

March 31,

 

 

December 31,

 

(In millions)

 

2023

 

 

2022

 

Assets

 

 

 

 

 

 

Cash and cash equivalents

 

$

105.7

 

 

$

112.0

 

Accounts receivable, net

 

 

265.3

 

 

 

222.7

 

Inventories, net

 

 

354.6

 

 

 

319.3

 

Contract assets

 

 

28.6

 

 

 

32.0

 

Prepaid expenses and other current assets

 

 

44.2

 

 

 

38.9

 

Assets held for sale

 

 

9.5

 

 

 

9.5

 

Total current assets

 

 

807.9

 

 

 

734.4

 

 

 

 

 

 

 

 

Property, plant and equipment

 

 

3,116.1

 

 

 

3,087.9

 

Less accumulated depreciation

 

 

(1,465.4

)

 

 

(1,430.1

)

Net property, plant and equipment

 

 

1,650.7

 

 

 

1,657.8

 

 

 

 

 

 

 

 

Goodwill and other intangible assets, net

 

 

255.2

 

 

 

256.0

 

Investments in affiliated companies

 

 

52.7

 

 

 

47.6

 

Other assets

 

 

140.8

 

 

 

141.5

 

Total assets

 

$

2,907.3

 

 

$

2,837.3

 

 

 

 

 

 

 

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

Short-term borrowings

 

$

0.2

 

 

$

0.2

 

Accounts payable

 

 

122.0

 

 

 

155.5

 

Accrued compensation and benefits

 

 

61.0

 

 

 

69.6

 

Accrued liabilities

 

 

106.9

 

 

 

104.5

 

Total current liabilities

 

 

290.1

 

 

 

329.8

 

 

 

 

 

 

 

 

Long-term debt

 

 

768.5

 

 

 

723.3

 

Retirement obligations

 

 

44.3

 

 

 

42.7

 

Other non-current liabilities

 

 

182.2

 

 

 

187.3

 

Total liabilities

 

$

1,285.1

 

 

$

1,283.1

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

Common stock, $0.01 par value, 200.0 shares authorized, 110.6 shares issued at March 31, 2023 and 110.4 shares issued at December 31, 2022

 

$

1.1

 

 

$

1.1

 

Additional paid-in capital

 

 

920.8

 

 

 

905.0

 

Retained earnings

 

 

2,137.2

 

 

 

2,104.9

 

Accumulated other comprehensive loss

 

 

(152.1

)

 

 

(174.4

)

 

 

 

2,907.0

 

 

 

2,836.6

 

 

 

 

 

 

 

 

Less – Treasury stock, at cost, 26.2 shares at March 31, 2023 and 26.2 shares at December 31, 2022

 

 

(1,284.8

)

 

 

(1,282.4

)

Total stockholders’ equity

 

 

1,622.2

 

 

 

1,554.2

 

Total liabilities and stockholders’ equity

 

$

2,907.3

 

 

$

2,837.3

 

Hexcel Corporation and Subsidiaries

 

Condensed Consolidated Statements of Cash Flows

 

 

 

Unaudited

 

 

 

Quarters Ended

 

 

 

March 31,

 

(In millions)

 

2023

 

 

2022

 

 

 

 

 

 

 

 

Cash flows from operating activities

 

 

 

 

 

 

Net income

 

$

42.7

 

 

$

17.8

 

Reconciliation to net cash used for operating activities:

 

 

 

 

 

 

Depreciation and amortization

 

 

30.7

 

 

 

32.2

 

Amortization related to financing

 

 

0.1

 

 

 

0.3

 

Deferred income taxes

 

 

(2.1

)

 

 

(1.8

)

Equity in earnings from affiliated companies

 

 

(1.0

)

 

 

(1.5

)

Stock-based compensation

 

 

12.9

 

 

 

10.4

 

Restructuring expenses, net of payments

 

 

(2.1

)

 

 

(5.0

)

Impairment of assets

 

 

1.7

 

 

 

–

 

 

 

 

 

 

 

 

Changes in assets and liabilities:

 

 

 

 

 

 

Increase in accounts receivable

 

 

(40.5

)

 

 

(54.7

)

Increase in inventories

 

 

(32.6

)

 

 

(24.4

)

Decrease (increase) in prepaid expenses and other current assets

 

 

0.1

 

 

 

(8.6

)

(Decrease) increase in accounts payable/accrued liabilities

 

 

(31.0

)

 

 

13.4

 

Other – net

 

 

(2.3

)

 

 

2.9

 

Net cash used for operating activities (a)

 

 

(23.4

)

 

 

(19.0

)

 

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

 

Capital expenditures (b)

 

 

(18.1

)

 

 

(20.9

)

Net cash used for investing activities

 

 

(18.1

)

 

 

(20.9

)

 

 

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

 

 

Borrowings from senior unsecured credit facilities

 

 

65.0

 

 

 

35.0

 

Net repayments from senior unsecured credit facilities

 

 

(20.0

)

 

 

–

 

Repayment of finance lease obligation and other debt, net

 

 

(0.1

)

 

 

(0.3

)

Dividends paid

 

 

(10.5

)

 

 

(8.5

)

Activity under stock plans

 

 

0.4

 

 

 

(0.3

)

Net cash provided by financing activities

 

 

34.8

 

 

 

25.9

 

Effect of exchange rate changes on cash and cash equivalents

 

 

0.4

 

 

 

(0.9

)

Net decrease in cash and cash equivalents

 

 

(6.3

)

 

 

(14.9

)

Cash and cash equivalents at beginning of period

 

 

112.0

 

 

 

127.7

 

Cash and cash equivalents at end of period

 

$

105.7

 

 

$

112.8

 

 

 

 

 

 

 

 

Supplemental data:

 

 

 

 

 

 

Free Cash Flow (a)+(b)

 

$

(41.5

)

 

$

(39.9

)

Accrual basis additions to property, plant and equipment

 

$

16.8

 

 

$

11.1

 

Hexcel Corporation and Subsidiaries

 

Net Sales to Third-Party Customers by Market

 

Quarters Ended March 31, 2023 and 2022

Unaudited

 

 

 

 

 

Table A

 

(In millions)

 

As Reported

 

 

Constant Currency (a)

 

 

 

 

 

 

 

 

 

B/(W)

 

 

FX

 

 

 

 

 

B/(W)

 

Market

 

2023

 

 

2022

 

 

%

 

 

Effect (b)

 

 

2022

 

 

%

 

Commercial Aerospace

 

$

284.5

 

 

$

218.9

 

 

 

30.0

 

 

$

(0.1

)

 

$

218.8

 

 

 

30.0

 

Space & Defense

 

 

126.2

 

 

 

118.2

 

 

 

6.8

 

 

 

(0.9

)

 

 

117.3

 

 

 

7.6

 

Industrial

 

 

47.0

 

 

 

53.5

 

 

 

(12.1

)

 

 

(1.8

)

 

 

51.7

 

 

 

(9.1

)

Consolidated Total

 

$

457.7

 

 

$

390.6

 

 

 

17.2

 

 

$

(2.8

)

 

$

387.8

 

 

 

18.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated % of Net Sales

 

%

 

 

%

 

 

 

 

 

 

 

 

%

 

 

 

 

Commercial Aerospace

 

 

62.2

 

 

 

56.0

 

 

 

 

 

 

 

 

 

56.4

 

 

 

 

Space & Defense

 

 

27.6

 

 

 

30.3

 

 

 

 

 

 

 

 

 

30.2

 

 

 

 

Industrial

 

 

10.2

 

 

 

13.7

 

 

 

 

 

 

 

 

 

13.4

 

 

 

 

Consolidated Total

 

 

100.0

 

 

 

100.0

 

 

 

 

 

 

 

 

 

100.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)

  

To assist in the analysis of the Company’s net sales trend, total net sales and sales by market for the quarter ended March 31, 2022 have been estimated using the same U.S. dollar, British pound and Euro exchange rates as applied for the respective period in 2023 and are referred to as “constant currency” sales.

(b)

  

FX effect is the estimated impact on “as reported” net sales due to changes in foreign currency exchange rates.

Hexcel Corporation and Subsidiaries

 

Segment Information

 

Unaudited

 

 

Table B

 

(In millions)

 

Composite Materials

 

 

Engineered Products

 

 

Corporate

& Other (a)

 

 

Total

 

First Quarter 2023

 

 

 

 

 

 

 

 

 

 

 

 

Net sales to external customers

 

$

378.2

 

 

$

79.5

 

 

$

–

 

 

$

457.7

 

Intersegment sales

 

 

19.3

 

 

 

1.0

 

 

 

(20.3

)

 

 

–

 

Total sales

 

 

397.5

 

 

 

80.5

 

 

 

(20.3

)

 

 

457.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other operating expense

 

 

0.2

 

 

 

–

 

 

 

–

 

 

 

0.2

 

Operating income (loss)

 

 

73.2

 

 

 

12.0

 

 

 

(22.4

)

 

 

62.8

 

% Operating margin

 

 

18.4

%

 

 

14.9

%

 

 

 

 

 

13.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

27.2

 

 

 

3.5

 

 

 

–

 

 

 

30.7

 

Stock-based compensation expense

 

 

3.1

 

 

 

0.8

 

 

 

9.0

 

 

 

12.9

 

Accrual based additions to capital expenditures

 

 

13.1

 

 

 

3.7

 

 

 

–

 

 

 

16.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First Quarter 2022

 

 

 

 

 

 

 

 

 

 

 

 

Net sales to external customers

 

$

313.8

 

 

$

76.8

 

 

$

–

 

 

$

390.6

 

Intersegment sales

 

 

16.5

 

 

 

0.3

 

 

 

(16.8

)

 

 

–

 

Total sales

 

 

330.3

 

 

 

77.1

 

 

 

(16.8

)

 

 

390.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other operating expense

 

 

0.9

 

 

 

0.1

 

 

 

–

 

 

 

1.0

 

Operating income

 

 

42.6

 

 

 

10.6

 

 

 

(23.1

)

 

 

30.1

 

% Operating margin

 

 

12.9

%

 

 

13.7

%

 

 

 

 

 

7.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

28.6

 

 

 

3.6

 

 

 

–

 

 

 

32.2

 

Stock-based compensation expense

 

 

2.6

 

 

 

0.7

 

 

 

7.1

 

 

 

10.4

 

Accrual based additions to capital expenditures

 

 

10.1

 

 

 

1.0

 

 

 

–

 

 

 

11.1

 

(a)

  

Hexcel does not allocate corporate expenses to the operating segments.

Hexcel Corporation and Subsidiaries

 

 

Reconciliation of GAAP to Non-GAAP Operating Income Net Income, EPS and Operating Cash Flow to Free Cash Flow

 

Table C

 

 

Unaudited

 

 

 

 

Quarters Ended

 

 

 

 

March 31,

 

 

(In millions)

 

2023

 

 

2022

 

 

GAAP operating income

 

$

62.8

 

 

$

30.1

 

 

Other operating expense (a)

 

 

0.2

 

 

 

1.0

 

 

Non-GAAP operating income

 

$

63.0

 

 

$

31.1

 

 

 

 

Unaudited

 

 

 

Quarters Ended March 31,

 

 

 

2023

 

 

2022

 

(In millions, except per diluted share data)

 

Net Income

 

 

EPS

 

 

Net Income

 

 

EPS

 

GAAP

 

$

42.7

 

 

$

0.50

 

 

$

17.8

 

 

$

0.21

 

Other operating expense, net of tax (a)

 

 

0.2

 

 

 

0.00

 

 

 

0.8

 

 

 

0.01

 

Non-GAAP

 

$

42.9

 

 

$

0.50

 

 

$

18.6

 

 

$

0.22

 

 

 

Unaudited

 

 

 

Quarters Ended March 31,

 

(In millions)

 

2023

 

 

2022

 

Net cash used for operating activities

 

$

(23.4

)

 

$

(19.0

)

Less: Capital expenditures

 

 

(18.1

)

 

 

(20.9

)

Free cash flow (non-GAAP)

 

$

(41.5

)

 

$

(39.9

)

(a)

  

The quarters ended March 31, 2023 and 2022 included restructuring costs. 

NOTE: Management believes that adjusted operating income, adjusted net income, adjusted diluted net income per share and free cash flow, which are non-GAAP measures, are meaningful to investors because they provide a view of Hexcel with respect to the underlying operating results excluding special items. Special items represent significant charges or credits that are important to an understanding of Hexcel’s overall operating results in the periods presented. Non-GAAP measurements are not recognized in accordance with generally accepted accounting principles and should not be viewed as an alternative to GAAP measures of performance.

Hexcel Corporation and Subsidiaries

 

Schedule of Total Debt, Net of Cash

Table D

 

 

 

Unaudited

 

 

 

March 31,

 

 

December 31,

 

 

March 31,

 

(In millions)

 

2023

 

 

2022

 

 

2022

 

 

 

 

 

 

 

 

 

 

 

Current portion finance lease

 

$

0.2

 

 

$

0.2

 

 

$

0.7

 

Total current debt

 

 

0.2

 

 

 

0.2

 

 

 

0.7

 

 

 

 

 

 

 

 

 

 

 

Senior unsecured credit facility

 

 

70.0

 

 

 

25.0

 

 

 

160.0

 

4.7% senior notes due 2025

 

 

300.0

 

 

 

300.0

 

 

 

300.0

 

3.95% senior notes due 2027

 

 

400.0

 

 

 

400.0

 

 

 

400.0

 

Senior notes original issue discounts

 

 

(0.9

)

 

 

(0.9

)

 

 

(1.1

)

Senior notes deferred financing costs

 

 

(2.0

)

 

 

(2.2

)

 

 

(2.7

)

Other debt

 

 

1.4

 

 

 

1.4

 

 

 

1.3

 

Total long-term debt

 

 

768.5

 

 

 

723.3

 

 

 

857.5

 

Total Debt

 

 

768.7

 

 

 

723.5

 

 

 

858.2

 

Less: Cash and cash equivalents

 

 

(105.7

)

 

 

(112.0

)

 

 

(112.8

)

Total debt, net of cash

 

$

663.0

 

 

$

611.5

 

 

$

745.4

 

 

Kurt Goddard | Vice President Investor Relations | [email protected] | +1 (203)-352-6826

KEYWORDS: Connecticut United States North America

INDUSTRY KEYWORDS: Other Transport Other Defense Air Engineering Transport Automotive Manufacturing Aerospace Manufacturing Defense

MEDIA:

Logo
Logo
Posted on

W. R. Berkley Corporation Names Jay Weber President of Berkley Southeast Insurance Group

W. R. Berkley Corporation Names Jay Weber President of Berkley Southeast Insurance Group

GREENWICH, Conn.–(BUSINESS WIRE)–W. R. Berkley Corporation (NYSE: WRB) today announced the appointment of Jay Weber as president of Berkley Southeast Insurance Group. Mr. Weber succeeds Dennis Barger, who has been named chairman of the business. The appointments are effective immediately.

Mr. Weber is a strategic leader with 30 years of commercial property and casualty insurance experience focused on small to mid-sized businesses. He most recently served as the business development leader for North America at a leading global insurance group. He holds a Bachelor of Science degree from the Syracuse University Martin J. Whitman School of Management.

Mr. Barger joined Berkley Southeast as president upon its formation in 2013. As chairman, he will continue to support the Berkley Southeast team through the transition, and he will remain a key member of the W. R. Berkley Corporation team.

W. Robert Berkley, Jr., president and chief executive officer of W. R. Berkley Corporation, commented on the appointment, “Dennis was instrumental in founding and developing Berkley Southeast over its first decade. We thank him for his outstanding contributions to our organization and we are extremely grateful that he will be continuing as Berkley Southeast’s chairman. Additionally, we are very pleased to welcome Jay as president of Berkley Southeast. We are confident his background, knowledge and expertise will be a great addition to the leadership team as they continue to serve their market. We are delighted to welcome him to Berkley.”

For further info about products and services available from Berkley Southeast Insurance Group, please visit www.berkleysig.com.

Founded in 1967, W. R. Berkley Corporation is an insurance holding company that is among the largest commercial lines writers in the United States and operates worldwide in two segments of the property casualty insurance business: Insurance and Reinsurance & Monoline Excess. For further information about W. R. Berkley Corporation, please visit www.berkley.com.

Karen A. Horvath

Vice President – External

Financial Communications

(203) 629-3000

KEYWORDS: Connecticut United States North America

INDUSTRY KEYWORDS: Insurance Professional Services

MEDIA:

Posted on

Month-End Portfolio Data Now Available for Ares Dynamic Credit Allocation Fund, Inc.

Month-End Portfolio Data Now Available for Ares Dynamic Credit Allocation Fund, Inc.

NEW YORK–(BUSINESS WIRE)–
Ares Capital Management II LLC today announced that monthly fund composition and performance data for Ares Dynamic Credit Allocation Fund, Inc. (NYSE: ARDC) as of March 31, 2023 is now available via www.arespublicfunds.com.

About Ares Dynamic Credit Allocation Fund, Inc.

Ares Dynamic Credit Allocation Fund, Inc. (“ARDC”) is a closed-end management company that is externally managed by Ares Capital Management II LLC, a subsidiary of Ares Management Corporation. ARDC seeks to provide an attractive level of total return, primarily through current income and, secondarily, through capital appreciation. ARDC invests in a broad, dynamically-managed portfolio of credit investments. There can be no assurance that ARDC will achieve its investment objective. ARDC’s net asset value may be accessed through its NASDAQ ticker symbol, XADCX. Additional information is available at www.arespublicfunds.com.

This document is not an offer to sell securities and is not soliciting an offer to buy securities in any jurisdiction where the offer or sale is not permitted. An investor should consider the investment objective, risks, charges and expenses of ARDC carefully before investing.

ARDC is a closed-end fund, which does not engage in continuous offerings of its shares. Since its initial public offering, ARDC has traded on the New York Stock Exchange under the symbol ARDC.Investors wishing to purchase or sell shares may do so by placing orders through a broker dealer or other intermediary.

Ares Dynamic Credit Allocation Fund, Inc.

Carl Drake

[email protected]

(678) 538-1981

or

John Stilmar

[email protected]

(678) 538-1983

or

Destra Capital Advisors LLC

[email protected]

(877) 855-3434

KEYWORDS: New York United States North America

INDUSTRY KEYWORDS: Professional Services Finance

MEDIA:

Logo
Logo
Posted on

Primerica Schedules First Quarter 2023 Financial Results Webcast

Primerica Schedules First Quarter 2023 Financial Results Webcast

DULUTH, Ga.–(BUSINESS WIRE)–
Primerica, Inc. (NYSE:PRI) announced today that it will hold a webcast on Tuesday, May 9, 2023, at 10:00 a.m. Eastern time to discuss the Company’s results for the quarter ended March 31, 2023, as well as other business-related matters, including future expectations. A news release announcing the quarter’s results will be distributed after the close of the market on Monday, May 8, 2023.

The earnings news release, financial supplement and live webcast will be available on the Primerica Investors website at https://investors.primerica.com. A replay of the call will be available for approximately 30 days.

About Primerica, Inc.

Primerica, Inc., headquartered in Duluth, GA, is a leading provider of financial services to middle-income households in North America. Independent licensed representatives educate Primerica clients about how to better prepare for a more secure financial future by assessing their needs and providing appropriate solutions through term life insurance, which we underwrite, and mutual funds, annuities and other financial products, which we distribute primarily on behalf of third parties. We insured over 5.7 million lives and had over 2.8 million client investment accounts on December 31, 2022. Primerica, through its insurance company subsidiaries, was the #3 issuer of Term Life insurance coverage in the United States and Canada in 2022. Primerica stock is included in the S&P MidCap 400 and the Russell 1000 stock indices and is traded on The New York Stock Exchange under the symbol “PRI”.

Investor Contact:

Nicole Russell

470-564-6663

Email: [email protected]

Media Contact:

Susan Chana

404-229-8302

Email: [email protected]

KEYWORDS: Georgia United States North America

INDUSTRY KEYWORDS: Finance Banking Professional Services Asset Management Insurance

MEDIA:

Logo
Logo
Posted on

UNIFI®, Makers of REPREVE®, Provides Business Update and Schedules Third Quarter Fiscal 2023 Earnings Conference Call

UNIFI®, Makers of REPREVE®, Provides Business Update and Schedules Third Quarter Fiscal 2023 Earnings Conference Call

Company expects double-digit sequential quarter improvement in revenue and profitability

GREENSBORO, N.C.–(BUSINESS WIRE)–
Unifi, Inc. (NYSE: UFI) (together with its consolidated subsidiaries, “UNIFI”), makers of REPREVE and one of the world’s leading innovators in recycled and synthetic yarns, today announced preliminary results for its third fiscal quarter ended April 2, 2023 and scheduled its third quarter fiscal 2023 earnings conference call.

For the third quarter of fiscal 2023, UNIFI expects the following results, compared to the immediately preceding second quarter of fiscal 2023:

  • Net sales between $155 million and $157 million, a sequential quarter increase of 14% to 15%;

  • Gross profit between $9 million and $10 million, a sequential quarter improvement from a gross loss of $8 million;

  • Operating loss between $2 million and $3 million, a sequential quarter improvement of $17 million to $18 million; and

  • Adjusted EBITDA between $4 million and $5 million, a sequential quarter improvement of $17 million to $18 million.

Eddie Ingle, Chief Executive Officer of UNIFI, said, “We are very pleased with our sales and profitability results in the third fiscal quarter, which demonstrate significant sequential recovery in our financial metrics and underlying business momentum. While the demand environment remains subdued, our diligence around labor efficiency, working capital management, liquidity resources, and tactical execution has allowed us to capitalize on some of the initial normalization of apparel production that has occurred thus far in calendar 2023.”

Ingle concluded, “REPREVE consistently garners interest from premier brands and retailers, as customer programs and development activities resonate with industry leaders. We expect to continue experiencing improvements in volumes and operating performance as we move through calendar 2023 and customer ordering patterns further stabilize. Our liquidity position and our credit facility that was amended, expanded, and extended in October 2022 continue to provide significant maneuverability for the current operating environment and our mid- and long-term strategic growth initiatives. We ended the third quarter of fiscal 2023 with approximately $50 million in cash, net debt of $86 million, and over $45 million of available borrowings under the credit facility.”

The preliminary, unaudited information contained herein remains subject to confirmation and finalization based on UNIFI’s quarter-end closing procedures, including the execution of internal controls over financial reporting and the subsequent occurrence or identification of events prior to the formal issuance of the quarterly financial statements.

UNIFI Schedules Third Quarter Fiscal 2023 Earnings Conference Call

UNIFI will host a conference call at 8:30 a.m., Eastern Time, on Thursday, May 4, 2023, to discuss its third quarter fiscal 2023 financial results. The third quarter fiscal 2023 financial results and supporting materials will be available after the close of market trading on Wednesday, May 3, 2023 on UNIFI’s website at http://investor.unifi.com. The conference call can be accessed approximately 10 minutes prior to the beginning of the call by dialing (800) 715-9871 (Domestic) or (646) 307-1963 (International) and, when prompted, providing conference ID number 4222806. There will also be a live audio webcast of the call, which can be accessed on UNIFI’s website at http://investor.unifi.com. A replay of the conference call will be available approximately two hours following the call through Thursday, May 11, 2023 and can be accessed via UNIFI’s website at http://investor.unifi.com. In addition, presentation slides will be available on UNIFI’s website for 12 months following the call.

About UNIFI

Unifi, Inc. (NYSE: UFI) is a global textile solutions provider and one of the world’s leading innovators in manufacturing synthetic and recycled performance fibers. Through REPREVE, one of UNIFI’s proprietary technologies and the global leader in branded recycled performance fibers, UNIFI has transformed more than 35 billion plastic bottles into recycled fiber for new apparel, footwear, home goods, and other consumer products. UNIFI continually innovates technologies to meet consumer needs in moisture management, thermal regulation, antimicrobial protection, UV protection, stretch, water resistance, and enhanced softness. UNIFI collaborates with many of the world’s most influential brands in the sports apparel, fashion, home, automotive, and other industries. For more information about UNIFI, visit www.unifi.com.

Davis Snyder

Alpha IR Group

312-445-2870

[email protected]

KEYWORDS: North Carolina United States North America

INDUSTRY KEYWORDS: Home Goods Footwear Environment Textiles Recycling Fashion Manufacturing Retail

MEDIA:

Logo
Logo
Posted on

Fabrinet to Announce Third Quarter 2023 Financial Results on May 8, 2023

Fabrinet to Announce Third Quarter 2023 Financial Results on May 8, 2023

BANGKOK, Thailand–(BUSINESS WIRE)–
Fabrinet (NYSE: FN), a leading provider of advanced optical packaging and precision optical, electro-mechanical and electronic manufacturing services to original equipment manufacturers of complex products, today announced it will release its third quarter fiscal year 2023 financial results for the period ended March 31, 2023 after market close on Monday, May 8, 2023. On that day, management will hold a conference call and webcast at 5:00 p.m. ET to review and discuss the Company’s results.

What:

  

Fabrinet Third Quarter Fiscal Year 2023 Financial Results Call

When:

  

Monday, May 8, 2023

Time:

  

5:00 p.m. ET

Live Call

  

 

& Replay:

  

https://investor.fabrinet.com/events-and-presentations/events

A recorded version of this webcast will be available approximately two hours after the call and also accessible at https://investor.fabrinet.com/. The webcast will be archived on Fabrinet’s website for a period of one year.

About Fabrinet

Fabrinet is a leading provider of advanced optical packaging and precision optical, electro-mechanical, and electronic manufacturing services to original equipment manufacturers of complex products, such as optical communication components, modules and subsystems, automotive components, medical devices, industrial lasers and sensors. Fabrinet offers a broad range of advanced optical and electro-mechanical capabilities across the entire manufacturing process, including process design and engineering, supply chain management, manufacturing, advanced packaging, integration, final assembly and testing. Fabrinet focuses on production of high complexity products in any mix and any volume. Fabrinet maintains engineering and manufacturing resources and facilities in Thailand, the United States of America, the People’s Republic of China and Israel. For more information visit: www.fabrinet.com.

Investor Contact:

Garo Toomajanian

[email protected]

KEYWORDS: Asia Pacific Thailand

INDUSTRY KEYWORDS: Packaging Engineering Other Manufacturing Manufacturing

MEDIA:

Logo
Logo
Posted on

Seven Hills Realty Trust Announces First Quarter 2023 Results

Seven Hills Realty Trust Announces First Quarter 2023 Results

NEWTON, Mass.–(BUSINESS WIRE)–Seven Hills Realty Trust (Nasdaq: SEVN) today announced financial results for the quarter ended March 31, 2023, which can be found at the Quarterly Results section of SEVN’s website at https://sevnreit.com/investors/financial-information/default.aspx.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230424005913/en/

A conference call to discuss SEVN’s first quarter 2023 results will be held on Tuesday, April 25, 2023 at 11:00 a.m. Eastern Time. The conference call may be accessed by dialing (866) 739-7850 or (412) 317-6592 (if calling from outside the United States or Canada); a pass code is not required. A replay will be available for one week by dialing (412) 317-0088; the replay passcode is 7674605. A live audio webcast of the conference call will also be available in a listen only mode on SEVN’s website, at www.sevnreit.com. The archived webcast will be available for replay on SEVN’s website after the call. The transcription, recording and retransmission in any way are strictly prohibited without the prior written consent of SEVN.

About Seven Hills Realty Trust

Seven Hills Realty Trust (Nasdaq: SEVN) is a real estate investment trust, or REIT, that originates and invests in first mortgage loans secured by middle market and transitional commercial real estate. SEVN is managed by Tremont Realty Capital, an affiliate of The RMR Group (Nasdaq: RMR), a leading U.S. alternative asset management company with over $37 billion in assets under management and more than 35 years of institutional experience in buying, selling, financing and operating commercial real estate. For more information about SEVN, please visit www.sevnreit.com.

A Maryland Real Estate Investment Trust with transferable shares of beneficial interest listed on the Nasdaq.

No shareholder, Trustee or officer is personally liable for any act or obligation of the Trust.

Kevin Barry, Director, Investor Relations

(617) 332-9530

KEYWORDS: Massachusetts United States North America

INDUSTRY KEYWORDS: Commercial Building & Real Estate Construction & Property REIT

MEDIA:

Logo
Logo