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STMicroelectronics Reports 2023 Second Quarter Financial Results

PR No: C3193C

STMicroelectronics Reports
2023
Second
Quarter
Financial Results

  • Q
    2
    net revenues $
    4.3
    3
    billion; gross margin
    49.0
    %; operating margin
    26.5
    %
    ; net income $
    1.00
    b
    illion
  • H1 net revenues $
    8
    .
    5
    7
    billion; gross margin 4
    9
    .
    3
    %; operating margin 2
    7
    .
    4
    %; net income $
    2
    .
    05
    billion
  • Business outlook at mid-point: Q
    3
    net revenues of $
    4.38
    billion and gross margin of
    47.
    5
    %

Geneva,
July
2
7
, 202
3
– STMicroelectronics (NYSE: STM), a global semiconductor leader serving customers across the spectrum of electronics applications, reported U.S. GAAP financial results for the second quarter ended July 1, 2023. This press release also contains non-U.S. GAAP measures (see Appendix for additional information).

ST reported second quarter net revenues of $4.33 billion, gross margin of 49.0%, operating margin of 26.5%, and net income of $1.00 billion or $1.06 diluted earnings per share.

Jean-Marc Chery, STMicroelectronics President & CEO, commented:

  • “Q
    2
    net revenues of $
    4.3
    3
    billion
    came
    in above the midpoint of our business outlook range
    ,
    and
    Q2 gross margin of 49.0% was in line
    with guidance
    .”
  • “
    Q2 net revenues increased
    12.7
    % year-over-year.
    The revenue performance continued to be driven by growth in
    Automotive and
    Industrial
    ,
    partially offset by
    low
    er revenues in Personal Electronics.
    ”
  • “On a year-over-year basis,
    gross margin
    increased to
    49.0
    %
    from 47.4%,
    operating margin increased to
    26.5
    %
    from
    26.2
    % and net income increased
    15.5
    % to $
    1.00
    billion
    .
    ”
  • “First half net revenues increased
    16.1
    % year-over-year
    ,
    d
    riven by growth in
    all product
    sub-
    groups except the Analog and MEMS sub-groups
    . Operating margin was
    27.4
    % and net income was $
    2.05
    billion.
    ”
  • “
    Our
    third
    quarter business outlook
    ,
    at the mid-point
    ,
    is for net revenues of $
    4.38
    billion
    , increasing year-over-year
    by
    1.
    2
    % and
    in
    creasing s
    equentially by
    1.
    1
    %
    ;
    gross margin
    is expected to be
    about
    47.
    5
    %.
    ”
  • “
    We
    will
    drive the Company based on a plan for FY23 revenues of $
    17.
    4
    billion
    ,
    plus or minus $150 million,
    and a gross margin
    exceeding
    48.0%
    .
    ”


Quarterly Financial Summary (U.S. GAAP)

(US$ m, except per share data) Q
2
202
3 		Q
1
202
3 		Q
2
20
2
2 		Q/Q Y/Y
Net Revenues $4,32
6 		$4,247 $3,
837 		1.9
% 		12.
7
%
Gross Profit $2,119 $2,110 $1,819 0.5% 16.5%
Gross Margin 49.0% 49.7% 4
7
.
4
% 		–
70
bps 		160
bps
Operating Income $1,146 $1,201 $1,004 -4.5% 14.2%
Operating Margin 26.5% 28.3% 2
6
.
2
% 		–
180
bps 		30
bps
Net Income $1,001 $1,044 $867 -4.1% 15.5%
Diluted Earnings Per Share $1.06 $1.10 $0.92 –
3.
6
% 		15.2
%


Second


Quarter 202


3


Summary Review

Net Revenues By Product Group (US$ m) Q
2
202
3 		Q
1
202
3 		Q
2
20
2
2 		Q/Q Y/Y
Automotive and Discrete Group (ADG) 1,955 1,807 1,454 8.2% 34.4%
Analog, MEMS and Sensors Group (AMS) 940 1,068 1,115 -11.9% -15.7%
Microcontrollers and Digital ICs Group (MDG) 1,427 1,368 1,263 4.3% 13.0%
Others 4 4 5 – –
Total Net Revenues 4,326 4,247 3,837 1.9
% 		12.7
%


Net revenues
totaled $4.33 billion, representing a year-over-year increase of 12.7%. On a year-over-year basis, ADG and MDG revenues increased 34.4% and 13.0%, respectively, while AMS decreased 15.7%. Year-over-year net sales to OEMs and Distribution increased 9.8% and 18.3%, respectively. On a sequential basis, net revenues increased 1.9%, 110 basis points better than the mid-point of the Company’s guidance. ADG and MDG both reported an increase in net revenues on a sequential basis, while AMS decreased, as expected.


Gross profit
 totaled $2.12 billion, representing a year-over-year increase of 16.5%. Gross margin of 49.0% increased 160 basis points year-over-year, mainly due to product mix, favorable pricing, positive currency effects, net of hedging, partially offset by higher manufacturing costs.


Operating income
 increased 14.2% to $1.15 billion, compared to $1.00 billion in the year-ago quarter. In the second quarter 2023, net operating expenses included negative non-recurring non-cash items amounting to $34 million. The Company’s operating margin increased 30 basis points on a year-over-year basis to 26.5% of net revenues, compared to 26.2% in the 2022 second quarter.

By product group, compared with the year-ago quarter:

Automotive and Discrete Group (ADG):

  • Revenue increased for both Automotive and Power Discrete.
  • Operating profit increased by 73.8% to $624 million. Operating margin was 31.9% compared to 24.7%.

Analog, MEMS and Sensors Group (AMS):

  • Revenue decreased in Analog, in Imaging and in MEMS.
  • Operating profit decreased by 48.3% to $139 million. Operating margin was 14.8% compared to 24.1%.

Microcontrollers and Digital
ICs
Group
(MDG):

  • Revenue increased for both Microcontrollers and RF Communications.
  • Operating profit increased by 19.0% to $505 million. Operating margin was 35.4% compared to 33.6%.


Net income
 and diluted earnings per share increased to $1.00 billion and $1.06 respectively, compared to $0.87 billion and $0.92 respectively, in the year-ago quarter.


Cash Flow and Balance Sheet Highlights

        Trailing 12 Months
(US$ m) Q
2
202
3 		Q
1
20
2
3 		Q
2
20
2
2 		Q
2
202
3 		Q
2
20
2
2 		TTM Change
Net cash from operating activities 1,311 1,320 1,056 5,832 3,777 54.4%
Free cash flow (non-U.S. GAAP)1 209 206 230 1,694 1,046 62.0%

Net cash from operating activities was $1.31 billion in the second quarter compared to $1.06 billion in the year-ago quarter.
Capital expenditure payments, net of proceeds from sales, capital grants and other contributions, were $1.07 billion in the second quarter. In the year-ago period, capital expenditures, net, were $0.81 billion.
Free cash flow (non-U.S. GAAP) was $209 million compared to $230 million in the year-ago quarter.

Inventory at the end of the second quarter was $3.05 billion, compared to $2.31 billion in the year-ago quarter. Days sales of inventory at quarter-end was 126 days compared to 104 days in the year-ago quarter.

In the second quarter, the Company paid cash dividends to its stockholders totaling $50 million and executed a $86 million share buy-back as part of its current share repurchase program.

ST’s net financial position (non-U.S. GAAP) was $1.91 billion as of July 1, 2023, compared to $1.86 billion as of April 1, 2023 and reflected total liquidity of $4.56 billion and total financial debt of $2.65 billion.


Corporate Developments

During the quarter, Orio Bellezza, President, Quality, Manufacturing, Technology and Supply Chain, and Member of the Company’s Executive Committee, announced his retirement from the Company.  Mr. Bellezza will remain Managing Director of the Company’s Italian subsidiary, STMicroelectronics Srl, until the expiration of his mandate as member of its Board of Directors, which will occur following shareholder approval of its 2023 financial statements.

Fabio Gualandris, the Company’s Executive Vice President, Head of Back-End Manufacturing & Technology, and Deputy to Mr. Bellezza, is appointed President, Quality, Manufacturing and Technology. Upon the proposal of the Company’s President & CEO, Jean-Marc Chery, the Company’s Supervisory Board approved the appointment of Mr. Gualandris to the Company’s Executive Committee.


Business Outlook

The Company’s guidance, at the mid-point, for the 2023 third quarter is:

  • Net revenues are expected to be $4.38 billion, an increase of 1.1% sequentially, plus or minus 350 basis points.
  • Gross margin of 47.5%, plus or minus 200 basis points.
  • This outlook is based on an assumed effective currency exchange rate of approximately $1.10 = €1.00 for the 2023 third quarter and includes the impact of existing hedging contracts.
  • The third quarter will close on September 30, 2023.


Conference Call and Webcast Information

STMicroelectronics will conduct a conference call with analysts, investors and reporters to discuss its second quarter 2023 financial results and current business outlook today at 9:30 a.m. Central European Time (CET) / 3:30 a.m. U.S. Eastern Time (ET). A live webcast (listen-only mode) of the conference call will be accessible at ST’s website, https://investors.st.com, and will be available for replay until August 11, 2023.


Use of Supplemental Non-U.S. GAAP Financial Information

This press release contains supplemental non-U.S. GAAP financial information.

Readers are cautioned that these measures are unaudited and not prepared in accordance with U.S. GAAP and should not be considered as a substitute for U.S. GAAP financial measures. In addition, such non-U.S. GAAP financial measures may not be comparable to similarly titled information from other companies. To compensate for these limitations, the supplemental non-U.S. GAAP financial information should not be read in isolation, but only in conjunction with the Company’s consolidated financial statements prepared in accordance with U.S. GAAP.

See the Appendix of this press release for a reconciliation of the Company’s non-U.S. GAAP financial measures to their corresponding U.S. GAAP financial measures.


Forward-looking Information

Some of the statements contained in this release that are not historical facts are statements of future expectations and other forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933 or Section 21E of the Securities Exchange Act of 1934, each as amended) that are based on management’s current views and assumptions, and are conditioned upon and also involve known and unknown risks and uncertainties that could cause actual results, performance, or events to differ materially from those anticipated by such statements, due to, among other factors:

  • changes in global trade policies, including the adoption and expansion of tariffs and trade barriers, that could affect the macro-economic environment and adversely impact the demand for our products;
  • uncertain macro-economic and industry trends (such as inflation and fluctuations in supply chains), which may impact production capacity and end-market demand for our products;
  • customer demand that differs from projections;
  • the ability to design, manufacture and sell innovative products in a rapidly changing technological
    environment;
  • changes in economic, social, public health, labor, political, or infrastructure conditions in the locations where we, our customers, or our suppliers operate, including as a result of macroeconomic or regional events, geopolitical and military conflicts (including the ongoing conflict between Russia and Ukraine), social unrest, labor actions, or terrorist activities;
  • unanticipated events or circumstances, which may impact our ability to execute our plans and/or meet the objectives of our R&D and manufacturing programs, which benefit from public funding;
  • financial difficulties with any of our major distributors or significant curtailment of purchases by key customers;
  • the loading, product mix, and manufacturing performance of our production facilities and/or our
    required volume to fulfill capacity reserved with suppliers or third-party manufacturing providers;
  • availability and costs of equipment, raw materials, utilities, third-party manufacturing services and
    technology, or other supplies required by our operations (including increasing costs resulting from
    inflation);
  • the functionalities and performance of our
    information technology (“
    IT
    ”)
    systems, which are subject to cybersecurity threats and
    which support our critical operational activities including manufacturing, finance and sales, and any
    breaches of our IT systems or those of our customers, suppliers, partners and providers of
    third-party
    licensed technology;
  • theft, loss, or misuse of personal data about our employees, customers, or other third parties, and
    breaches of data privacy legislation;
  • the impact of intellectual property claims by our competitors or other third parties, and our
    ability to obtain required licenses on reasonable terms and conditions;
  • changes in our overall tax position as a result of changes in tax rules, new or revised legislation, the
    outcome of tax audits or changes in international tax treaties which may impact our results of
    operations as well as our ability to accurately estimate tax credits, benefits, deductions and
    provisions and to realize deferred tax assets;
  • variations in the foreign exchange markets and, more particularly, the U.S. dollar exchange rate as
    compared to the Euro and the other major currencies we use for our operations;
  • the outcome of ongoing litigation as well as the impact of any new litigation to which we may
    become a defendant;
  • product liability or warranty claims, claims based on epidemic or delivery failure, or other claims
    relating to our products, or recalls by our customers for products containing our parts;
  • natural events such as severe weather, earthquakes, tsunamis, volcano eruptions or other acts of
    nature, the effects of climate change, health risks and epidemics or pandemics such as the COVID
    –
    19 pandemic in locations where we, our customers or our suppliers operate;
  • increased regulation and initiatives in our industry, including those concerning climate change and
    sustainability matters and our goal to become carbon neutral by 2027;
  • potential loss of key employees and potential inability to recruit and retain qualified employees as a
    result of epidemics or pandemics such as the COVID-19 pandemic, remote-working arrangements
    and the corresponding limitation on social and professional interaction;
  • the duration and the severity of the global outbreak of COVID-19 may continue to negatively
    impact the global economy in a significant manner for an extended period of time, and also could
    materially adversely affect our business and operating results;
  • industry changes resulting from vertical and horizontal consolidation among our suppliers,
    competitors, and customers; and
  • the ability to successfully ramp up new programs that could be impacted by factors beyond our
    control, including the availability of critical third-party components and performance of
    subcontractors in line with our expectations.

Such forward-looking statements are subject to various risks and uncertainties, which may cause actual results and performance of our business to differ materially and adversely from the forward-looking statements. Certain forward-looking statements can be identified by the use of forward looking terminology, such as “believes,” “expects,” “may,” “are expected to,” “should,” “would be,” “seeks” or “anticipates” or similar expressions or the negative thereof or other variations thereof or comparable terminology, or by discussions of strategy, plans or intentions.

Some of these risk
s
are set forth and are discussed in more detail in “Item 3. Key Information — Risk Factors” included in our Annual Report on Form 20-F for the year ended December 31, 202
2
as filed with the
Securities and Exchange Commission (“
SEC
”)
on February 2
3
, 202
3
. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in this
press
release as anticipated, believed, or expected. We do not intend, and do not assume any obligation, to update any industry information or forward-looking statements set forth in this release to reflect subsequent events or circumstances.

Unfavorable changes in the above or other risks or uncertainties listed under “Item 3. Key Information — Risk Factors”

from time to time in our
SEC
filings, could have a material adverse effect on our business

and/or financial condition.


About STMicroelectronics

At ST, we are over 50,000 creators and makers of semiconductor technologies mastering the semiconductor supply chain with state-of-the-art manufacturing facilities. An integrated device manufacturer, we work with more than 200,000 customers and thousands of partners to design and build products, solutions, and ecosystems that address their challenges and opportunities, and the need to support a more sustainable world. Our technologies enable smarter mobility, more efficient power and energy management, and the wide-scale deployment of the Internet of Things and connectivity. We are committed to achieving our goal of becoming carbon neutral by 2027. Further information can be found at www.st.com.

For further information, please contact:

INVESTOR RELATIONS:

Céline Berthier
Group VP, Investor Relations
Tel: +41 22 929 58 12
[email protected]

MEDIA RELATIONS:

Alexis Breton
Corporate External Communications
Tel: + 33 6 59 16 79 08
[email protected]

STMicroelectronics N.V.      
CONSOLIDATED STATEMENTS OF INCOME      
(in millions of U.S. dollars, except per share data ($))      
       
  Three months ended  
  July 1, July 2,  
  2023 2022  
  (Unaudited) (Unaudited)  
       
Net sales 4,320 3,830  
Other revenues 6 7  
NET REVENUES 4,326 3,837  
Cost of sales (2,207) (2,018)  
GROSS PROFIT 2,119 1,819  
Selling, general and administrative (414) (366)  
Research and development (555) (489)  
Other income and expenses, net (4) 40  
Total operating expenses (973) (815)  
OPERATING INCOME 1,146 1,004  
Interest income, net 33 6  
Other components of pension benefit costs (5) (2)  
INCOME BEFORE INCOME TAXES AND NONCONTROLLING INTEREST 1,174 1,008  
Income tax expense (171) (139)  
NET INCOME 1,003 869  
Net income attributable to noncontrolling interest (2) (2)  
NET INCOME ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS 1,001 867  
       
EARNINGS PER SHARE (BASIC) ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS 1.11 0.96  
EARNINGS PER SHARE (DILUTED) ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS 1.06 0.92  
       
NUMBER OF WEIGHTED AVERAGE SHARES USED IN CALCULATING DILUTED EPS 944.5 946.8  
       

STMicroelectronics N.V.      
CONSOLIDATED STATEMENTS OF INCOME      
(in millions of U.S. dollars, except per share data ($))      
       
  Six months ended  
  July 1, July 2,  
  2023 2022  
  (Unaudited) (Unaudited)  
       
Net sales 8,561 7,370  
Other revenues 12 13  
NET REVENUES 8,573 7,383  
Cost of sales (4,344) (3,909)  
GROSS PROFIT 4,229 3,474  
Selling, general and administrative (808) (723)  
Research and development (1,060) (966)  
Other income and expenses, net (14) 96  
Total operating expenses (1,882) (1,593)  
OPERATING INCOME 2,347 1,881  
Interest income, net 70 7  
Other components of pension benefit costs (9) (5)  
INCOME BEFORE INCOME TAXES AND NONCONTROLLING INTEREST 2,408 1,883  
Income tax expense (359) (268)  
NET INCOME 2,049 1,615  
Net income attributable to noncontrolling interest (4) (1)  
NET INCOME ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS 2,045 1,614  
       
EARNINGS PER SHARE (BASIC) ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS 2.27 1.78  
EARNINGS PER SHARE (DILUTED) ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS 2.16 1.70  
       
NUMBER OF WEIGHTED AVERAGE SHARES USED IN CALCULATING DILUTED EPS 945.0 947.6  
       

       
STMicroelectronics N.V.      
CONSOLIDATED BALANCE SHEETS      
As at July 1, April 1, December 31,
In millions of U.S. dollars 2023 2023 2022
  (Unaudited) (Unaudited) (Audited)

ASSETS
 		     
Current assets:      
Cash and cash equivalents 3,111 3,572 3,258
Short-term deposits 106 106 581
Marketable securities 1,346 841 679
Trade accounts receivable, net 1,984 2,013 1,970
Inventories 3,045 2,870 2,583
Other current assets 1,215 962 734
Total current assets 10,807 10,364 9,805
Goodwill 297 300 297
Other intangible assets, net 356 403 405
Property, plant and equipment, net 9,303 8,847 8,201
Non-current deferred tax assets 545 582 602
Long-term investments 21 11 11
Other non-current assets 572 697 661
  11,094 10,840 10,177
Total assets 21,901 21,204 19,982
       

LIABILITIES AND EQUITY
 		     
Current liabilities:      
Short-term debt 176 176 175
Trade accounts payable 1,990 2,095 2,122
Other payables and accrued liabilities 1,454 1,544 1,385
Dividends payable to stockholders 173 6 60
Accrued income tax 248 193 95
Total current liabilities 4,041 4,014 3,837
Long-term debt 2,473 2,488 2,542
Post-employment benefit obligations 340 337 331
Long-term deferred tax liabilities 56 55 60
Other long-term liabilities 418 445 454
  3,287 3,325 3,387
Total liabilities 7,328 7,339 7,224
Commitment and contingencies      
Equity      
Parent company stockholders’ equity      
Common stock (preferred stock: 540,000,000 shares authorized, not issued; common stock: Euro 1.04 par value, 1,200,000,000 shares authorized, 911,281,920 shares issued, 905,475,035 shares outstanding as of July 1, 2023) 1,157 1,157 1,157
Additional Paid-in Capital 2,743 2,693 2,631
Retained earnings 10,340 9,754 8,713
Accumulated other comprehensive income 505 546 460
Treasury stock (241) (352) (268)
Total parent company stockholders’ equity 14,504 13,798 12,693
Noncontrolling interest 69 67 65
Total equity 14,573 13,865 12,758
Total liabilities and equity 21,901 21,204 19,982
       
       

       
STMicroelectronics N.V.      
       
SELECTED CASH FLOW DATA      
       
Cash Flow Data (in US$ millions) Q2 2023 Q1 2023 Q2 2022
       
Net Cash from operating activities 1,311 1,320 1,056
Net Cash used in investing activities (1,615) (786) (676)
Net Cash used in financing activities (158) (221) (177)
Net Cash increase (decrease) (461) 314 200
       
Selected Cash Flow Data (in US$ millions) Q2 2023 Q1 2023 Q2 2022
       
Depreciation & amortization 383 368 290
Net payment for Capital expenditures (1,072) (1,090) (809)
Dividends paid to stockholders (50) (54) (54)
Change in inventories, net (175) (262) (205)
       

Ap
pendix

STMicroelectronics

Supplemental Financial Information

(a)  
Net revenues of Others include revenues from sales assembly services and other revenues.
Operating income (loss) of Others includes items such as unused capacity charges, including reduced manufacturing activity due to COVID-19 and incidents leading to power outage, impairment, restructuring charges and other related closure costs, management reorganization costs, start-up
and
phase
–
out
costs of certain manufacturing facilities, and other unallocated income (expenses) such as: strategic or special research and development programs, certain corporate-level operating expenses, patent claims and litigations, and other costs that are not allocated to product groups, as well as operating earnings of other products. Others includes:

  Q2 2023 Q1 2023 Q4 2022 Q
3
202
2 		Q
2
202
2
Net Revenues By Market Channel
(%) 		         
Total OEM 64% 64% 68% 67% 65%
Distribution 36% 36% 32% 33% 35%
           
€/$ Effective Rate 1.08 1.06 1.04 1.08 1.12
           
Product Group Data (US$ m)          
Automotive & Discrete Group (ADG)          
– Net Revenues 1,955 1,807 1,696 1,563 1,454
– Operating Income 624 577 470 404 359
Analog, MEMS & Sensors Group (AMS)          
– Net Revenues 940 1,068 1,339 1,380 1,115
– Operating Income 139 218 346 376 269
Microcontrollers & Digital ICs Group (MDG)          
– Net Revenues 1,427 1,368 1,383 1,374 1,263
– Operating Income 505 495 495 504 425
Others

(


a


)
 		         
– Net Revenues 4 4 6 4 5
– Operating Income (Loss) (122) (89) (24) (12) (49)
Total          
– Net Revenues 4,326 4,247 4,424 4,321 3,837
– Operating Income 1,146 1,201 1,287 1,272 1,004

(US$
m
)
Q2 2023
Q1 2023
Q4 2022
Q3 20


22
Q2 2022

Unused Capacity Charges
15
1
–
–
13

(Appendix – continued)

STMicroelectronics

Supplemental Non-U.S. GAAP Financial Information

U. S. GAAP – Non-U.S. GAAP Reconciliation

The supplemental non-U.S. GAAP information presented in this press release is unaudited and subject to inherent limitations. Such non-U.S. GAAP information is not based on any comprehensive set of accounting rules or principles and should not be considered as a substitute for U.S. GAAP measurements. Also, our supplemental non-U.S. GAAP financial information may not be comparable to similarly titled non-U.S. GAAP measures used by other companies. Further, specific limitations for individual non-U.S. GAAP measures, and the reasons for presenting non-U.S. GAAP financial information, are set forth in the paragraphs below. To compensate for these limitations, the supplemental non-U.S. GAAP financial information should not be read in isolation, but only in conjunction with our consolidated financial statements prepared in accordance with U.S. GAAP.

The Company believes that these non-U.S. GAAP financial measures provide useful information for investors and management because they offer, when read in conjunction with the Company’s U.S. GAAP financials, (i) the ability to make more meaningful period-to-period comparisons of the Company’s on-going operating results, (ii) the ability to better identify trends in the Company’s business and perform related trend analysis, and (iii) to facilitate a comparison of the Company’s results of operations against investor and analyst financial models and valuations, which may exclude these items.


Net Financial Position


(


non-U


.


S


.


GAAP measure


)

Net Financial Position, a non-U.S. GAAP measure, represents the difference between our total liquidity and our total financial debt. Our total liquidity includes cash and cash equivalents, restricted cash, if any, short-term deposits, and marketable securities, and our total financial debt includes short-term debt and long-term debt, as reported in our Consolidated Balance Sheets.

The Company believes our Net Financial Position provides useful information for investors and management because it gives evidence of our global position either in terms of net indebtedness or net cash by measuring our capital resources based on cash and cash equivalents, restricted cash, if any, short-term deposits and marketable securities and the total level of our financial debt. Our definition of Net Financial Position may differ from definitions used by other companies, and therefore, comparability may be limited.

(US$ m) July 1
202
3 		Apr 1
202
3 		Dec 31 2022 Oct
1
202
2 		Jul 2
20
22
Cash and cash equivalents 3,111 3,572 3,258 2,812 3,028
Short term deposits 106 106 581 780 186
Marketable securities 1,346 841 679 496 229
Total liquidity 4,563 4,519 4,518 4,088 3,443
Short-term debt (176) (176) (175) (155) (134)
Long-term debt (a) (2,473) (2,488) (2,542) (2,476) (2,385)
Total financial debt (2,649) (2,664) (2,717) (2,631) (2,519)
Net Financial Position 1,914 1,855 1,801 1,457 924

(a)  
Long-
term debt contains standard conditions but does not impose minimum financial ratios.
C
ommitted credit facilities
for
$
1.3
billion
equivalent, are currently undrawn.

(Appendix – continued)

STMicroelectronics


Free Cash Flow


(


non-U


.


S


.


GAAP measure


)

Free Cash Flow, which is a non-U.S. GAAP measure, is defined as (i) net cash from operating activities plus (ii) net cash used in investing activities, excluding payment for purchases of (and proceeds from matured) marketable securities and net investment in (and proceeds from) short-term deposits, which are considered as temporary financial investments. This definition ultimately results in net cash from operating activities plus payment for purchase (and proceeds from sale) of tangible, intangible and financial assets, proceeds from capital grants and other contributions, and net cash paid for business acquisitions.

The Company believes Free Cash Flow provides useful information for investors and management because it measures our capacity to generate cash from our operating and investing activities to sustain our operations. Free Cash Flow does not represent total cash flow since it does not include the cash flows from, or used in, financing activities.

Free Cash Flow reconciles with the total cash flow and the net cash increase (decrease) by including the payment for purchases of (and proceeds from matured) marketable securities and net investment in (and proceeds from) short-term deposits, the net cash from (used in) financing activities and the effect of changes in exchange rates. Our definition of Free Cash Flow may differ from definitions used by other companies.

(US$ m) Q2 2023 Q1 2023 Q4 2022 Q3
20
22 		Q2 2022
Net cash from operating activities 1,311 1,320 1,550 1,651 1,056
Payment for purchase of tangible assets, net of proceeds from sale and proceeds from capital grants and other contributions (1,072) (1,090) (920) (955) (809)
Payment for purchase of intangible assets, net of proceeds from sale (22) (24) (27) (20) (17)
Payment for purchase of financial assets, net of proceeds from sale (8) – – – –
Free Cash Flow

(a)
 		2
09 		206 603 676 230


(a)

Free Cash Flow can also be expressed as Net cash from operating and investing activities, excluding cash from (used in) marketable securities and short-term deposits
.

1
Non-U.S. GAAP. See Appendix for reconciliation to U.S. GAAP and information explaining why the Company believes these measures are important.

 

Attachment



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Global System Dynamics, Inc. Announces Rescheduled Special Meeting

HOUSTON, July 27, 2023 (GLOBE NEWSWIRE) — Global System Dynamics, Inc. (Nasdaq: GSD) (“GSD” or the “Company”) today announced that the special meeting of its stockholders (the “Special Meeting”) originally scheduled for Monday, July 31, 2023 is being rescheduled to Monday, August 7, 2023. At the Special Meeting, stockholders will be asked to vote on the proposals detailed in the definitive proxy statement (as amended, the “proxy statement”) initially filed with the Securities and Exchange Commission (the “SEC”) by the Company on July 19, 2023, as amended on July 26, 2023 (collectively, the “Proposals”).

The Special Meeting will now be held virtually at 10:00 a.m. Eastern Time on Monday, August 7, 2023 at https://www.cstproxy.com/gsd/2023.

As a result of the rescheduled Special Meeting date, the Company is extending the deadline for holders of its public shares to exercise their right to redeem their shares for their pro rata portion of the funds available in the Company’s trust account, or to withdraw any previously delivered demand for redemption, to 5:00 p.m. Eastern time on August 3, 2023 (two business days before the rescheduled Special Meeting date).

The Company plans to continue to solicit proxies from stockholders during the period prior to the Special Meeting. Only the holders of the Company’s Class A common stock and Class B common stock as of the close of business on July 5, 2023, the record date for the Special Meeting, are entitled to vote at the Special Meeting.

About Global System Dynamics, Inc.

GSD is a newly organized blank check company incorporated in January 2021 as a Delaware corporation formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.

In December 2022, GSD entered into a business combination agreement with DarkPulse, Inc., a Delaware corporation, the material terms of which are included in GSD’s filings with the Securities and Exchange Commission. The business combination is expected to be consummated upon completion of closing conditions which include, among other things, the approval of the transaction by DarkPulse’s stockholders, satisfaction of the conditions stated in the definitive business combination agreement and other customary closing conditions, including that the Securities and Exchange Commission completes its review of the proxy statement/prospectus relating to the transaction, the receipt of certain regulatory approvals, and the approval by The Nasdaq Stock Market to list the securities of the combined company.

For more information, visit www.gsd.xyz

Forward-Looking Statements

Certain statements made in this press release are not historical facts but may be considered “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), Section 21E of the Securities Exchange Act of 1934, as amended, and the “safe harbor” provisions under the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook” or the negatives of these terms or variations of them or similar terminology or expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include: the risk that approval of the Company’s stockholders for the Proposals is not obtained; the number of redemptions made by the Company’s stockholders in connection with the Proposals and its impact on the amount of funds available in the Company’s trust account and the Company’s ability to complete an initial business combination; and those factors discussed in the Company’s Annual Report on Form 10-K filed with the SEC on May 26, 2023, any subsequent Quarterly Report on Form 10-Q filed with the SEC and in the other documents the Company files with the SEC, including the proxy statement. The Company does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Additional Information and Where to Find It

The Company has filed a definitive proxy statement to be used at the Special Meeting to approve the Proposals. Investors and security holders are advised to read the proxy statement and any amendments or supplements thereto, as well as other documents filed by the Company with the SEC, because these documents will contain important information about the Special Meeting and the Company. Stockholders may obtain copies of the proxy statement, without charge, at the SEC’s website at www.sec.gov or by directing a request to: Global System Dynamics, Inc., 740-229-0829; [email protected].

Participants in the Solicitation

The Company and its directors and executive officers may be deemed to be participants in the solicitation of proxies of the Company’s stockholders in connection with the Proposals. Investors and security holders may obtain more detailed information regarding the names and interests of the Company’s directors and officers in the Company and the Proposals in the Company’s Annual Report on Form 10-K filed with the SEC on May 26, 2023, any subsequent Quarterly Report on Form 10-Q filed with the SEC and in the other reports the Company files with the SEC, including the proxy statement. These documents can be obtained free of charge from the sources indicated above.

No Offer or Solicitation

This press release shall not constitute a solicitation of a proxy, consent or authorization with respect to any securities or in respect of the proposals to be voted on at the Special Meeting. This communication shall also not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act or an exemption therefrom.

Source: Global System Dynamics, Inc.



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Surf Air Mobility Announces Update Regarding NYSE Reference Price and Common Stock Outstanding

Surf Air Mobility Announces Update Regarding NYSE Reference Price and Common Stock Outstanding

LOS ANGELES–(BUSINESS WIRE)–
Surf Air Mobility Inc. (“Surf Air Mobility” or “SAM”), a regional air travel company aiming to sustainably connect the world’s communities, today announced that a reference price of $20.00 per share of Common Stock has been established by the New York Stock Exchange (the “NYSE”) for the expected listing of SAM’s Common Stock on the NYSE on Thursday, July 27, 2023. The number of shares of SAM’s Common Stock outstanding upon listing will depend on the actual opening trading price per share on the listing date. Assuming that the opening trading price per share on the listing date equals the reference price of $20.00, SAM would have approximately 49.8 million shares of Common Stock outstanding upon listing.1 The reference price is not an offering price. The opening trading price will be determined by buy and sell orders collected by the NYSE from broker-dealers. The reference price may differ materially from the actual opening trading price per share on the NYSE.

For illustrative purposes only, the table below shows the total number of shares of Common Stock expected to be outstanding at various opening trading prices.

 

Assumed

Opening

Price

($)

 

Total Shares of

Common Stock

Outstanding 1

$

1.00

 

315,337,696

$

5.00

 

91,927,374

$

15.00

 

54,692,321

$

25.00

 

48,995,310

$

35.00

 

46,732,305

$

45.00

 

45,475,081
__________________________

1 Includes estimated shares of Common Stock to be issued in a future financing based on the reference price or assumed opening price, as applicable (the “financing shares”). The number of shares of Common Stock to be issued in such financing will be based on the trading prices of the shares at the time of the financing. For illustrative purposes only, excluding the issuance of such financing shares, the number of shares of Common Stock expected to be outstanding at the reference price would be approximately 45.4 million shares, at an assumed opening price of $45 per share would be approximately 43.0 million shares, at an assumed opening price of $35 per share would be approximately 43.6 million shares, at an assumed opening price of $25 per share would be approximately 44.6 million shares, at an assumed opening price of $15 per share would be approximately 47.3 million shares, at an assumed opening price of $5 per share would be approximately 69.7 million shares and at an assumed opening price of $1 per share would be approximately 204.2 million shares. This financing is referred to as the “GEM Advance” in the registration statement.

The Company has filed a registration statement on Forms S-1 and S-4 relating to these securities with the Securities and Exchange Commission, and such registration statement was declared effective on July 25, 2023. A copy of the prospectus related to the registration statement may be obtained by visiting EDGAR on the SEC website or via the investor relations page on Surf Air Mobility’s website at https://investors.surfair.com under the “SEC Filings” section.

FORWARD LOOKING STATEMENTS

The information in this press release includes “forward-looking statements”. Forward-looking statements include, among other things, statements about: Surf Air Mobility’s expectations regarding its ability to become a public company; Surf Air Mobility’s ability to anticipate the future needs of the air mobility market; future trends in the aviation industry, generally; and Surf Air Mobility’s future growth strategy and growth rate. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “could”, “might”, “plan”, “possible”, “project”, “strive”, “budget”, “forecast”, “expect”, “intend”, “will”, “estimate”, “anticipate”, “believe”, “predict”, “potential” or “continue”, or the negatives of these terms or variations of them or similar terminology. These forward-looking statements include, without limitation, statements regarding the satisfaction of required conditions for the listing of the Surf Air Mobility common stock. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: Surf Air Mobility’s future ability to pay contractual obligations and liquidity will depend on operating performance, cash flow and ability to secure adequate financing; Surf Air Mobility’s limited operating history and that Surf Air Mobility has not yet manufactured any hybrid-electric or fully-electric aircraft; the powertrain technology Surf Air Mobility plans to develop does not yet exist; the inability to maintain and strengthen Surf Air’s brand and its reputation as a regional airline; any accidents or incidents involving hybrid-electric or fully-electric aircraft; the inability to accurately forecast demand for products and manage product inventory in an effective and efficient manner; the dependence on third-party partners and suppliers for the components and collaboration in Surf Air Mobility’s development of hybrid-electric and fully-electric powertrains, and any interruptions, disagreements or delays with those partners and suppliers; the inability to execute business objectives and growth strategies successfully or sustain Surf Air Mobility’s growth; the inability of Surf Air Mobility’s customers to pay for Surf Air Mobility’s services; the inability of Surf Air Mobility to obtain additional financing or access the capital markets to fund its ongoing operations on acceptable terms and conditions; the outcome of any legal proceedings that might be instituted against Surf Air, Southern or Surf Air Mobility; changes in applicable laws or regulations, and the impact of the regulatory environment and complexities with compliance related to such environment; and other risks and uncertainties indicated in the prospectus. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements. Although Surf Air Mobility believes that the expectations reflected in the forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. Surf Air Mobility cannot guarantee future results, level of activity, performance or achievements and there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking statements and financial projections. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Surf Air Mobility does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

ABOUT SURF AIR

Surf Air Mobility is a Los Angeles-based electric aviation and air travel company expanding the category of regional air travel and reinventing flying through the power of electrification. Surf Air Mobility intends to develop powertrain technology with its commercial partners to electrify existing fleets, bringing electrified aircraft to market at scale in an effort to substantially reduce the cost and environmental impact of flying. The management team has deep experience and expertise across aviation, electrification, and consumer technology.

For Press:

[email protected]

For Investors:

[email protected]

KEYWORDS: United States North America California

INDUSTRY KEYWORDS: Environment Alternative Vehicles/Fuels EV/Electric Vehicles Automotive Air Transport Sustainability Alternative Energy Green Technology Energy

MEDIA:

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RingCentral to Double Its Workforce in India Over the Next 12 Months

RingCentral to Double Its Workforce in India Over the Next 12 Months

Announces first office opening in Bengaluru

BENGALURU, India–(BUSINESS WIRE)–RingCentral, Inc. (NYSE: RNG), a leading provider of AI-powered global enterprise cloud communications, collaboration, video meetings, and contact center solutions, today announced the opening of its inaugural office in Bengaluru. This significant milestone comes just after RingCentral announced it obtained key regulatory verifications to operate in India by Department of Telecommunications (DOT) and the Telecom Regulatory Authority of India (TRAI), making it the first global cloud provider to offer fully compliant cloud phone services in India.

As the fastest-growing major economy in the world, India is a key strategic priority for RingCentral. RingCentral is committed to investing in the rich talent pool, fostering innovation in the technology sector. RingCentral has over 200 employees in India, who have been working remotely from various locations, and plans to rapidly double its workforce in the next year. This expansion will target different markets across India, showcasing RingCentral’s dedication to delivering top-notch enterprise cloud communications services.

“Opening our first office in India’s silicon hub is a significant milestone as we look to establish RingCentral as a technology workplace destination for engineers and product leaders,” said Sathesh Murthy, Managing Director and Engineering Head of RingCentral India. “There is a tremendous opportunity to help global organizations streamline their business communications with RingCentral’s robust and reliable solutions as they turn to India for growth and technology development. We believe the deep Indian talent pool can help us further innovate and take advantage of these opportunities. As we lay the foundation to provide AI-powered global communications solutions for Indian enterprises, we will continue to invest in people, focusing on innovative approaches to support learning, digital skills development, and training opportunities for talent in India.”

With operations already spanning over 45 countries and supporting 18 languages, RingCentral provides multinational enterprises with the flexibility and global reach they require. The opening of the new office in India will facilitate seamless service deployment for international businesses, setting RingCentral up for expanding business operations in India, and creating numerous job opportunities in the country.

“Our goal is to grow and scale India as an engineering hub and center of excellence,” said Dan Deklich, Chief Development Officer at RingCentral. “We’re committed to delivering the best-in-class communications solutions multinational organizations need to drive better business outcomes, as well as providing a collaborative environment for our employees to engage and thrive. We want RingCentral India to be a great place to work, and opening our first office is a step in that direction.”

About RingCentral

RingCentral is a leading global provider of cloud-based business communications and collaboration solutions that seamlessly combine phone, messaging, video meetings, and contact center. RingCentral empowers customers with AI-powered conversation intelligence that unlocks insights from their interaction data to accelerate business outcomes. With decades of expertise in reliable and secure cloud communications, RingCentral has earned the trust of millions of customers and thousands of partners worldwide. Visit ringcentral.com to learn more.

© 2023 RingCentral, Inc. All rights reserved. RingCentral and the RingCentral logo are trademarks of RingCentral, Inc.

Bhavishay Arora

Email: [email protected]

Mobile: + 91 97118 04545

Hrishikesh Chaudhuri

Email: [email protected]

Mobile: +91 91239 6025

KEYWORDS: India Asia Pacific

INDUSTRY KEYWORDS: Technology VoIP Mobile/Wireless Audio/Video Telecommunications Networks

MEDIA:

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Buenaventura Announces Second Quarter and Six-month 2023 Results

Buenaventura Announces Second Quarter and Six-month 2023 Results

LIMA, Peru–(BUSINESS WIRE)–Compañia de Minas Buenaventura S.A.A. (“Buenaventura” or “the Company”) (NYSE: BVN; Lima Stock Exchange: BUE.LM), Peru’s largest publicly-traded precious metals mining company, today announced results for the second quarter (2Q23) and six-month period ended June 30, 2023 (6M23). All figures have been prepared in accordance with IFRS (International Financial Reporting Standards) on a non-GAAP basis and are stated in U.S. dollars (US$). Buenaventura has provided accumulated six-month results to reflect the provisional pricing effect on the first six months of 2023.

Second Quarter and Six-Month 2023 Highlights:

  • 2Q23 EBITDA from direct operations was US$ 17.1 million, compared to US$ -12.9 million reported in 2Q22. 6M23 EBITDA from direct operations reached US$ 68.7 million, compared to US$ 74.0 million reported in 6M22. 2022 EBITDA does not include US$ 300 million resulting from the sale of Buenaventura’s stake in Yanacocha.

  • 2Q23 net loss reached US$ 5.4 million, compared to a US$ 44.6 million net loss for the same period in 2022. 6M23 net income was US$ 67.5 million, compared to US$ 570.1 million net income for the 6M22. The 6M22 result includes a US$ 480 million net income from discontinued operations, primarily due to the reclassification of Buenaventura’s interest in Yanacocha.

  • The Company recorded a US$ 9.8 million provisional price adjustment for the accumulated first six months of 2023. This is comprised of US$ -13.7 million in fair value of accounts receivables and US$ +3.9 million in adjustments to prior period liquidations. This compares to a US$ 35.1 million loss for the accumulated first six months of 2022.

  • Buenaventura’s 6M23 consolidated copper production increased 23% YoY. Zinc production decreased by 68% YoY, lead decreased by 60% YoY, silver decreased by 28% YoY, and gold decreased by 11% YoY.

  • El Brocal’s underground mine production increased to 9,300 tpd during 2Q23, compared to 8,150 tpd in 2Q22. The El Brocal ramp-up remains on target to reach 10,000 tpd by year-end 2023.

  • Buenaventura’s cash position reached US$ 202.4 million and net debt decreased to US$ 520.9 million with an average maturity of 2.9 years by quarter’s end, June 30, 2023.

  • 2Q23 capital expenditures were US$ 49.7 million, compared to US$ 36.1 million for the same period in 2022. 6M23 capital expenditures reached US$ 85.9 million, compared to US$ 56.0 million in 6M22, and includes US$ 24.0 million related to the San Gabriel Project and US$ 19.2 million related to the Yumpag Project.

  • Buenaventura looks forward to permitting approval of Uchucchacua, Yumpag, El Brocal and Coimolache. The company continues to work with the Peruvian environmental authority (SENACE) on its final review. We expect permits for Uchucchacua and Yumpag to be approved during 3Q23.

  • Cerro Verde paid a total dividend of US$ 250 million on April 28, 2023. Buenaventura received US$ 49.0 million relative to its stake in Cerro Verde. Cerro Verde will pay a second dividend on August 3, 2023, from which Buenaventura will receive an additional US$ 49.0 million.

Financial Highlights (in millions of US$, except EPS figures):

 

2Q23

2Q22

Var

6M23

6M22

Var

Total Revenues

173.3

150.1

15%

358.8

383.0

-6%

Operating Income

-22.0

-64.2

-66%

-9.5

-32.0

N.A.

EBITDA Direct Operations (1)

17.1

-12.9

N.A.

68.7

74.0

-7%

EBITDA Including Affiliates (1)

87.4

57.8

51%

265.7

291.5

-9%

Net Income (2)

-6.7

-36.3

-81%

57.7

568.2

-90%

EPS (3)

-0.03

-0.14

-81%

0.23

2.24

-90%
(1)

Does not include US$ 300 million from the sale of Buenaventura’s stake in Yanacocha.
(2)

Net Income attributable to owners of the parent
(3)

As of June 30, 2023, Buenaventura had a weighted average number of shares outstanding of 253,986,867.
 

For a full version of Compañía de Minas Buenaventura Second Quarter 2023 Earnings Release, please visit: https://www.buenaventura.com/en/inversionistas/reportes-trimestrales/2023

CONFERENCE CALL INFORMATION:

Compañia de Minas Buenaventura will host a conference call on Thursday, July 27, 2023, to discuss these results at 11:00 a.m. Eastern Time / 10:00 a.m. Peru Time

To participate in the conference call, please dial:

Toll-Free US:

1-844-481-2914

Toll International:

1-412-317-0697

Passcode:

Ask to be joined into the Compañía de Minas Buenaventura’s call.

Webcast:

https://event.choruscall.com/mediaframe/webcast.html?webcastid=Bsgl7GLh

If you would prefer to receive a call rather than dial in, please register via the following link. Please use this option 10-15 minutes prior to the conference call start time:

Call Me Link: https://hd.choruscall.com/?callme=true&passcode=&info=company-email&r=true&b=16

Passcode:8818009

Participants who do not wish to be interrupted to have their information gathered may have Chorus Call dial out to them by clicking on the above link, filling in the information, and pressing the green phone button at the bottom. The phone number provided will be automatically called and connected to the conference without any interruption to the participant. (Please note: Participants will be joined directly to the conference and will hear hold music until the call begins. No confirmation message will be played when joined.)

Company Description

Compañía de Minas Buenaventura S.A.A. is Peru’s largest, publicly traded precious and base metals Company and a major holder of mining rights in Peru. The Company is engaged in the exploration, mining development, processing and trade of gold, silver and other base metals via wholly-owned mines and through its participation in joint venture projects. Buenaventura currently operates several mines in Peru (Orcopampa*, Uchucchacua*, Julcani*, Tambomayo*, La Zanja*, El Brocal and Coimolache).

The Company owns 19.58% of Sociedad Minera Cerro Verde, an important Peruvian copper producer (a partnership with Freeport-McMorRan Inc. and Sumitomo Corporation).

For a printed version of the Company’s 2022 Form 20-F, please contact the investor relations contacts on page 1 of this report or download the PDF format file from the Company’s web site at www.buenaventura.com.

(*) Operations wholly owned by Buenaventura

Note on Forward-Looking Statements

This press release and related conference call contain, in addition to historical information, forward-looking statements including statements related to the Company’s ability to manage its business and liquidity during and after the COVID-19 pandemic, the impact of the COVID-19 pandemic on the Company’s results of operations, including net revenues, earnings and cash flows, the Company’s ability to reduce costs and capital spending in response to the COVID-19 pandemic if needed, the Company’s balance sheet, liquidity and inventory position throughout and following the COVID-19 pandemic, the Company’s prospects for financial performance, growth and achievement of its long-term growth algorithm following the COVID-19 pandemic, future dividends and share repurchases.

This press release may also contain forward-looking information (as defined in the U.S. Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties, including those concerning the Company’s, Cerro Verde’s costs and expenses, results of exploration, the continued improving efficiency of operations, prevailing market prices of gold, silver, copper and other metals mined, the success of joint ventures, estimates of future explorations, development and production, subsidiaries’ plans for capital expenditures, estimates of reserves and Peruvian political, economic, social and legal developments. These forward-looking statements reflect the Company’s view with respect to the Company’s, Cerro Verde’s future financial performance. Actual results could differ materially from those projected in the forward-looking statements as a result of a variety of factors discussed elsewhere in this Press Release.

Contacts in Lima:

Daniel Dominguez, Chief Financial Officer

(511) 419 2540

Gabriel Salas, Head of Investor Relations

(511) 419 2591 / [email protected]

Contact in NY:

Barbara Cano

(646) 452-2334 / [email protected]

Company Website:http://www.buenaventura.com

KEYWORDS: South America Peru

INDUSTRY KEYWORDS: Mining/Minerals Natural Resources

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Banco Itaú Chile published a material event notice informing the placement of Bonds in the local market

SANTIAGO, Chile, July 26, 2023 (GLOBE NEWSWIRE) — BANCO ITAÚ CHILE (NYSE: ITCL; SSE: ITAUCL)

We inform you that, on this date, the settlement and placement of Banco Itaú Chile dematerialized and bearer bonds in the local market, charged to the Line of Bonds registered in the Securities Registry of the CMF, under No. N°12-1/2014.

The specific conditions of placement were as follows:

  • Series “CF”, Código BCORCF0914, for a total amount of CLP $ 12,000,000.000 collecting the sum of CLP $ $ 11,512,771,080 with a maturity date of September 1, 2029, at an average placement rate of 6.30%.

The full Material Event Notice is available on the company’s investor relations website at ir.itau.cl.

Investor Relations – Banco Itaú Chile

+56 (2) 2660-1701 / [email protected] / ir.itau.cl



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Taro Provides Results for the Quarter Ended June 30, 2023

Taro Provides Results for the Quarter Ended June 30, 2023

HAWTHORNE, N.Y.–(BUSINESS WIRE)–
Taro Pharmaceutical Industries Ltd. (NYSE: TARO) (“Taro” or the “Company”) today provided unaudited financial results for the quarter ended June 30, 2023.

Quarter ended June 30, 2023 Highlights ─ compared to June 30, 2022

  • Net sales increased $2.2 million, or 1.4%, to $158.9 million.

  • Gross profit of $64.1 million (40.3% of net sales) compared to $81.6 million (52.1% of net sales).

  • Research and development (R&D) expenses of $16.1 million increased $4.6 million.

  • Selling, marketing, general and administrative expenses (“SMGA”) of $55.9 million includes certain one-time items of $6.2 million related to transitional expenses for the planned relocation of our Alchemee operations from California to New York. Excluding this charge, SMGA was $49.7 million, or $6.4 million below the prior year quarter.

  • Operating income/(loss) of $(7.9) million compared to an operating income of $14.0 million. Excluding the impact from the aforementioned certain one-time items, operating income/(loss) was $(1.7) million in the current year quarter.

  • Interest and other financial income of $10.9 million increased $9.0 million.

  • Foreign Exchange (FX) income of $2.1 compared to FX expense of $0.3 million in the prior year quarter; a favorable impact of $2.4 million.

  • Tax/(benefit) of $(4.6) million compared to tax expense of $2.0 million in the prior year quarter.

  • Net income was $10.0 million compared to net income of $14.1 million, resulting in earnings per share of $0.27 compared to net earnings per share of $0.37. Excluding the impact from the certain one-time items in the current year quarter, net income was $14.9 million resulting in earnings per share of $0.40.

Cash Flow and Balance Sheet Highlights

  • Cash flow provided by operations for the quarter ended June 30, 2023, was $7.8 million; compared to cash flow used in operations for the quarter ended June 30, 2022, of $58.0 million (excluding the impact from the settlement and loss contingencies charges in the prior year quarter, cash flow provided by operations was $9.6 million).

  • As of June 30, 2023, cash and cash equivalents, short-term bank deposits and marketable securities (both short- and long-term) was $1.3 billion in line with March 31, 2023.

Form 20-F Filings with the SEC

On June 29, 2023, Taro filed its Annual Report on Form 20-F with the U.S. Securities and Exchange Commission (“SEC”) for the fiscal year ended March 31, 2023.

The Company cautions that the foregoing 2023 financial information is unaudited and is subject to change.

************************

About Taro

Taro Pharmaceutical Industries Ltd. is a multinational, science-based pharmaceutical company dedicated to meeting the needs of its customers through the discovery, development, manufacturing and marketing of the highest quality healthcare products. For further information on Taro Pharmaceutical Industries Ltd., please visit the Company’s website at www.taro.com.

SAFE HARBOR STATEMENT

The unaudited consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and, in the opinion of management, reflect all adjustments necessary to present fairly the financial condition and results of operations of the Company. The unaudited consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in the Company’s Annual Report on Form 20-F, as filed with the SEC.

Certain statements in this release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements that do not describe historical facts or that refer or relate to events or circumstances the Company “estimates,” “believes,” or “expects” to happen or similar language, and statements with respect to the Company’s financial performance, availability of financial information, and estimates of financial results and information for fiscal year 2024. Although the Company believes the expectations reflected in such forward-looking statements to be based on reasonable assumptions, it can give no assurances that its expectations will be attained. Factors that could cause actual results to differ include general domestic and international economic conditions, industry and market conditions, changes in the Company’s financial position, litigation brought by any party in any court in Israel, the United States, or any country in which Taro operates, regulatory and legislative actions in the countries in which Taro operates, and other risks detailed from time to time in the Company’s SEC reports, including its Annual Reports on Form 20-F. Forward-looking statements are applicable only as of the date on which they are made. The Company undertakes no obligations to update, change or revise any forward-looking statement, whether as a result of new information, additional or subsequent developments or otherwise.

**Financial Tables Follow**

TARO PHARMACEUTICAL INDUSTRIES LTD.
SUMMARY CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(U.S. dollars in thousands, except share data)
 
Quarter Ended June 30,

2023

2022
(unaudited) (unaudited)
Sales, net

$

158,894

 

$

156,665

 
Cost of sales

 

94,810

 

 

75,059

 
Gross profit

 

64,084

 

 

81,606

 
 
Operating Expenses:
Research and development

 

16,145

 

 

11,508

 
Selling, marketing, general and administrative

 

55,861

 

 

56,122

 
Operating income/(loss) *

 

(7,922

)

 

13,976

 
 
Financial (income) expense, net:

Interest and other financial income

 

(10,890

)

 

(1,926

)
Foreign exchange (income)/expense

 

(2,083

)

 

294

 
Other gain, net

 

390

 

 

445

 
Income/(loss) before income taxes

 

5,440

 

 

16,053

 
Tax expense/(benefit)

 

(4,593

)

 

1,974

 
Net income/(loss) *

$

10,033

 

$

14,079

 
 
Net income/(loss) per ordinary share:
Basic and Diluted *

$

0.27

 

$

0.37

 
 
Weighted-average number of shares used to compute net income/(loss) per share:
Basic and Diluted

 

37,584,891

 

 

37,584,891

 
 
May not foot due to rounding.
TARO PHARMACEUTICAL INDUSTRIES LTD.
SUMMARY CONSOLIDATED BALANCE SHEETS
(U.S. dollars in thousands)
 
June 30, March 31,

2023

2023
ASSETS (unaudited) (audited)
CURRENT ASSETS:
Cash and cash equivalents

$

124,165

$

154,495
Short-term bank deposits

 

119,980

 

119,980
Marketable securities

 

562,008

 

575,814
Accounts receivable and other:
Trade, net

 

226,873

 

202,260
Other receivables and prepaid expenses

 

56,555

 

57,210
Inventories

 

204,592

 

226,669
TOTAL CURRENT ASSETS

 

1,294,173

 

1,336,428
Marketable securities

 

451,174

 

404,896
Property, plant and equipment, net

 

189,590

 

190,139
Deferred income taxes

 

101,386

 

103,672
Goodwill

 

17,231

 

17,231
Other assets

 

81,495

 

83,147
TOTAL ASSETS

$

2,135,049

$

2,135,513
 
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Trade payables

$

59,368

$

68,485
Other current liabilities

 

325,638

 

317,064
TOTAL CURRENT LIABILITIES

 

385,006

 

385,549
Deferred taxes and other long-term liabilities

 

11,511

 

19,106
TOTAL LIABILITIES

 

396,517

 

404,655
 
Taro shareholders’ equity

 

1,738,532

 

1,730,858
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

$

2,135,049

$

2,135,513
TARO PHARMACEUTICAL INDUSTRIES LTD.
SUMMARY CONSOLIDATED STATEMENTS OF CASH FLOWS
(U.S. dollars in thousands)
 
Quarter Ended June 30,

2023

2022
(unaudited) (unaudited)
Cash flows from operating activities:
Net income

$

10,033

 

$

14,079

 
Adjustments required to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization

 

7,892

 

 

6,978

 
Change in derivative instruments, net

 

—

 

 

(24

)
Effect of change in exchange rate on marketable securities and bank deposits

 

(953

)

 

747

 
Deferred income taxes, net

 

2,379

 

 

2,415

 
Increase in trade receivables, net

 

(24,814

)

 

(19,321

)
Decrease (increase) in inventories, net

 

21,977

 

 

(6,566

)
Decrease (increase) in other receivables, income tax receivables, prepaid expenses and other

 

505

 

 

(467

)
Decrease in trade, income tax, accrued expenses and other payables

 

(6,513

)

 

(59,819

)
(Income)/expense from amortization of marketable securities bonds, net

 

(2,729

)

 

3,950

 
Net cash provided by (used in) operating activities

 

7,777

 

 

(58,028

)
 
Cash flows from investing activities:
Purchase of plant, property & equipment, net

 

(6,793

)

 

(2,074

)
Investment in other intangible assets

 

(51

)

 

(34

)
Proceeds from short-term bank deposits, net

 

—

 

 

25,000

 
Investment in long-term deposits and other assets

 

—

 

 

(73

)
(Investment in) proceeds from marketable securities, net

 

(31,860

)

 

11,936

 
Net cash used in investing activities

 

(38,704

)

 

34,755

 
 
Cash flows from financing activities:
Net cash used in financing activities

 

—

 

 

—

 
 
Effect of exchange rate changes on cash and cash equivalents

 

597

 

 

(2,060

)
Decrease in cash and cash equivalents

 

(30,330

)

 

(25,333

)
Cash and cash equivalents at beginning of period

 

154,495

 

 

251,134

 
Cash and cash equivalents at end of period

$

124,165

 

$

225,801

 
 
Cash Paid during the year for:
Income taxes

$

261

 

$

2,410

 
Cash Received during the year for:
Income taxes

$

—

 

$

12,511

 
Non-cash investing transactions:
Purchase of property, plant and equipment included in accounts payable

$

740

 

$

1,232

 
Non-cash financing transactions:
Purchase of marketable securities, net

$

3,023

 

$

2,050

 
Sale of marketable securities

$

157

 

$

—

 

 

William J. Coote

VP, CFO

(914) 345-9001

[email protected]

 

KEYWORDS: New York United States North America

INDUSTRY KEYWORDS: Health Other Health General Health Research Pharmaceutical Science

MEDIA:

Posted on

Stratasys Mails Letter to Shareholders Highlighting Nano Dimension’s Track Record of Value Destruction

Stratasys Mails Letter to Shareholders Highlighting Nano Dimension’s Track Record of Value Destruction

Warns Shareholders Not to Be Fooled by Yoav Stern; Nano Continues to Make Misleading Claims

Nano’s Campaign Risks Derailing Stratasys’ Future Growth Opportunities and Threatens to Destroy Value for Stratasys Shareholders

Urges Shareholders to Vote on the WHITE Proxy Card Today “FOR” the Re-Election of Each of Stratasys’ Director Nominees and “AGAINST” Each of Nano’s Unqualified Nominees

MINNEAPOLIS & REHOVOT, Israel–(BUSINESS WIRE)–
Stratasys Ltd. (Nasdaq: SSYS) (“Stratasys” or the “Company”), a leader in polymer 3D printing solutions, today mailed a letter to shareholders in connection with Stratasys’ Annual General Meeting of Shareholders (the “Meeting”) that will take place on August 8, 2023.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230726265287/en/

Image 1: Source: Company filings; Enterprise Value accounts for Nano’s investment in Stratasys as of Q3 2022

Image 1: Source: Company filings; Enterprise Value accounts for Nano’s investment in Stratasys as of Q3 2022

The full text of the letter follows:

Nano Continues to Make Misleading Claims; Don’t Be Fooled by Yoav Stern

Nano’s Misleading Claims

The Facts

Nano will pay Stratasys shareholders $25.00 per share in cash in the partial tender offer.

Due to the mechanism of the partial tender offer, you will be able to sell only ~40% of your shares for $25.00, assuming full participation in the offer.

 

Stratasys shareholders who tender risk being left with the majority of their shares and becoming minority shareholders in a Nano-controlled company.

The partial tender offer value is certain and shareholders will receive their cash IMMEDIATELY after Nano closes its partial tender offer.

Even Mr. Stern says that Stratasys shares not tendered could trade at $12 or $13 per share.1 If the remaining shares trade at a significantly lower price, the implied total value per share could be ~$16 to $19 or less.2 The timing of any potential closing of the partial tender offer could be months away due to the numerous conditions Nano has placed on its offer.

If Nano completes the partial tender offer and acquires at least 31.9% to 36.9% of Stratasys, Nano will purchase the rest of the Stratasys shares.

With the cash that Nano has3, they cannot pay for all of your Stratasys shares at $25.00 per share. They can only buy enough to get to 47%4 ownership in Stratasys.

Nano’s nominees are highly qualified and bring deep, relevant experience.

Mr. Stern has acknowledged that his current nominees are not suitable, are interim and will be replaced. Nano’s stagnant board structure indicates that Mr. Stern will likely not replace directors at Nano, so why would he do so with Stratasys? Mr. Stern provides no timetable for this replacement to happen nor any indication as to what these changes will be, which means your investment in Stratasys could be at significant risk for a prolonged period if Mr. Stern and his employees gain control of the Stratasys Board.

(1)

  

Yoav Stern, Nano Business Update Call, 5/30/23.

(2)

  

Illustrative pro-rata price assumes all Stratasys shareholders except Nano tender their aggregate 58.9mm shares and maximum of 25.3mm shares purchased as per Nano tender offer (~40% total shares tendered), leaving 33.6mm shares not purchased (~60% total shares tendered); Calculation based on blended value of shares tendered to Nano at $25 per share and illustrative value of remaining Stratasys shares. The 49% of Stratasys shares illustratively trading as Nano-controlled entity assumes for illustrative purposes a $14.88 unaffected Stratasys share price as of 5/24/2023 before announcement of the transaction with Desktop Metal at the upper end and ~40% discount to Stratasys unaffected price of $14.88 implying ~$9 per share at the low end. For the lower end, the ~40% discount to Stratasys unaffected price applied is calculated on the basis of the average 2023 YTD discount of Nano’s share price to its per share value of cash and investments.

The Stratasys Board reminds its shareholders as to what’s at stake if Nano Dimension Ltd. (“Nano”), a company that has destroyed significant shareholder value, gains control of Stratasys through its misleading and coercive campaign:

  • Nano can gain control of Stratasys without paying a penny to Stratasys shareholders, if their Board nominees are elected.

  • Shareholders risk becoming minority shareholders in a Nano-controlled company through Nano’s partial tender offer.

  • Nano’s partial tender offer implies that your Stratasys shares are valued at ~$16 to $19 per share or less,2 assuming full participation in the offer.

  • Nano’s non-independent director nominees, who are almost all Nano employees, may have significant conflicts of interest, and are not qualified to run a company of Stratasys’ scale.
  • Nano’s nominees could block Stratasys from engaging in discussions regarding any transactions that would maximize value for Stratasys shareholders.

Dear Stratasys Shareholder,

The Stratasys Annual General Meeting of Shareholders on August 8, 2023 is fast approaching and your vote is critical to ensuring Stratasys can continue to deliver long-term, resilient shareholder value.

Nano has launched a highly opportunistic and self-interested campaign to take control of Stratasys by commencing a partial tender offer and nominating an unqualified group of director candidates to stand for election to Stratasys’ Board of Directors.

(3)

 

Per Nano’s Schedule Tender Offer, Nano had $957M cash and cash equivalents as at 5/21/23.

(4)

 

Assumes Nano maintains minimum cash balance of $150M to account for transaction expenses and expected cash burn and spends remaining cash of $807M to acquire Stratasys shares at $25 per share. Based on 68.6M Stratasys basic shares outstanding. Excludes Nano’s current ownership in Stratasys.

Vote the WHITE Proxy Card Today

 

Support the Stratasys Board and VOTE TODAY on the WHITE proxy card “FOR” the re-election of each of Stratasys’ directors and “AGAINST” each of Nano’s unqualified nominees. The Stratasys Board urges shareholders NOT to tender into Nano’s coercive partial tender offer, to withdraw any shares previously tendered and to contact their broker and instruct them to file a Notice of Objection.

The Facts are Clear: Nano’s Leadership Team Has Destroyed Shareholder Value at an Alarming Rate

Under Nano CEO Yoav Stern’s oversight, Nano has been trading at a negative enterprise value5 for the last year and a half. In addition, Nano has lost hundreds of millions of dollars of shareholder value under the oversight of the Nano Board. In fact, without the value Stratasys has created for Nano through its 14.1% investment in Stratasys, we would expect that the value destruction will only increase.

With Nano’s track record, we are highly skeptical of the ability of Nano’s nominees – all but one of whom are Nano officers to carry out Stratasys’ significant growth opportunities and strategy to continue delivering value for all Stratasys shareholders.

(5)

 

Source: Company filings; Enterprise Value accounts for Nano’s investment in Stratasys as of Q3 2022.

See Images 1 and 2.

Nano’s Director Candidates are Not Qualified; Don’t Trust them with Your Company and Your Investment

Six of Nano’s seven nominees for the Stratasys Board are current Nano executives, including its CEO Yoav Stern, meaning that there would be significant conflicts of interest between their roles at Nano and their roles as directors of Stratasys.

The only independent nominee put forth by Nano, Zeev Holtzman, previously served on the Stratasys Board and was replaced after a year and a half due to his failure to make the positive contributions we had anticipated based on his venture capital experience. His lack of relevant public company board experience became more apparent during his tenure, and led the Stratasys Board to refrain from nominating him for a second term. This is further accentuated by his consent to serve on a public company board in which he would be the sole independent director and which would be immediately non-compliant with SEC and Nasdaq requirements related to independence.

See Image 3.

Act Now: Protect the Value of Your Investment in Stratasys to Prevent Nano from Destroying Our Strategy for Value-Creation

The Stratasys Board unanimously recommends that Stratasys shareholders vote on the WHITE proxy card “FOR” the re-election of each of Stratasys’ current directors, consisting of: S. Scott Crump, John J. McEleney, Dov Ofer, Ziva Patir, David Reis, Michael Schoellhorn, Yair Seroussi and Adina Shorr.

The Stratasys Board unanimously recommends that Stratasys shareholders vote on the WHITE proxy card “AGAINST” the election of each of Nano’s nominees, consisting of: Yoav Stern, Nick Geddes, Hanan Gino, Zeev Holtzman, Zivi Nedivi, Tomer Pinchas and Yael Sandler.

Furthermore, the Stratasys Board urges shareholders to reject Nano’s partial tender offer, deliver a Notice of Objection against the partial offer and NOT to tender their Stratasys shares in the partial offer.

Thank you for your support.

The Stratasys Board of Directors

Materials related to the Meeting can be found at http://www.NextGenerationAM.com/how-to-support-stratasys.

For assistance voting on your WHITE proxy card, please contact your broker or Stratasys’ information agent:

Morrow Sodali LLC 509 Madison Avenue, 12th Floor New York, NY 10022

Call toll-free (800) 662-5200 or (203) 658-9400

Email: [email protected]

Advisors

J.P. Morgan is acting as financial advisor to Stratasys, and Meitar Law Offices and Wachtell, Lipton, Rosen & Katz are serving as legal counsel.

About Stratasys

Stratasysis leading the global shift to additive manufacturing with innovative 3D printing solutions for industries such as aerospace, automotive, consumer products, healthcare, fashion and education. Through smart and connected 3D printers, polymer materials, a software ecosystem, and parts on demand, Stratasys solutions deliver competitive advantages at every stage in the product value chain. The world’s leading organizations turn to Stratasys to transform product design, bring agility to manufacturing and supply chains, and improve patient care.

To learn more about Stratasys, visit www.stratasys.com, the Stratasys blog, Twitter, LinkedIn, or Facebook. Stratasys reserves the right to utilize any of the foregoing social media platforms, including the Company’s websites, to share material, non-public information pursuant to the SEC’s Regulation FD. To the extent necessary and mandated by applicable law, Stratasys will also include such information in its public disclosure filings.

Stratasys is a registered trademark and the Stratasys signet is a trademark of Stratasys Ltd. and/or its subsidiaries or affiliates. All other trademarks are the property of their respective owners.

Forward-Looking Statements

This document contains forward-looking statements that involve risks, uncertainties and assumptions. If the risks or uncertainties ever materialize or the assumptions prove incorrect, the actual results of Stratasys Ltd. and its consolidated subsidiaries (“Stratasys”) may differ materially from those expressed or implied by such forward-looking statements and assumptions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements.

Such statements are based on management’s beliefs and assumptions made based on information currently available to management. All statements in this communication, other than statements of historical fact, are forward-looking statements that may be identified by the use of the words “outlook,” “guidance,” “expects,” “believes,” “anticipates,” “should,” “estimates,” and similar expressions. These forward-looking statements involve known and unknown risks and uncertainties, which may cause Stratasys’ actual results and performance to be materially different from those expressed or implied in the forward-looking statements. Factors and risks that may impact future results and performance include, but are not limited to those factors and risks described in Item 3.D “Key Information – Risk Factors”, Item 4 “Information on the Company”, and Item 5 “Operating and Financial Review and Prospects” in Stratasys’ Annual Report on Form 20-F for the year ended December 31, 2022, filed with the Securities and Exchange Commission (the “SEC”), and in other filings by Stratasys with the SEC. These include, but are not limited to: factors relating to the partial tender offer commenced by Nano Dimension Ltd. (“Nano”), including actions taken by Nano in connection with the offer, actions taken by Stratasys or its shareholders in respect of the offer and the effects of the offer on Stratasys’ businesses, or other developments involving Nano, the ultimate outcome of the proposed transaction between Stratasys and Desktop Metal, Inc. (“Desktop Metal”), including the possibility that Stratasys or Desktop Metal shareholders will reject the proposed transaction; the effect of the announcement of the proposed transaction on the ability of Stratasys and Desktop Metal to operate their respective businesses and retain and hire key personnel and to maintain favorable business relationships; the timing of the proposed transaction; the occurrence of any event, change or other circumstance that could give rise to the termination of the proposed transaction; the ability to satisfy closing conditions to the completion of the proposed transaction (including any necessary shareholder approvals); and other risks related to the completion of the proposed transaction and actions related thereto. For additional information about other factors that could cause actual results to differ materially from those described in the forward-looking statements, please refer to Stratasys’ periodic reports and other filings with the SEC, including the risk factors identified in Stratasys’ Annual Reports on Form 20-F and its Form 6-K report that published its results for the quarter ended March 31, 2023, which it furnished to the SEC on May 16, 2023. The forward-looking statements included in this communication are made only as of the date hereof. Stratasys does not undertake any obligation to update any forward-looking statements to reflect subsequent events or circumstances, except as required by law.

Important Additional Information

This communication is not an offer to purchase or a solicitation of an offer to sell the ordinary shares of Stratasys. In response to a tender offer commenced by Nano, Stratasys has filed with the Securities and Exchange Commission a Solicitation/Recommendation Statement on Schedule 14D-9. STRATASYS SHAREHOLDERS ARE ADVISED TO READ STRATASYS’ SOLICITATION/RECOMMENDATION STATEMENT ON SCHEDULE 14D-9 AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION WHEN THEY BECOME AVAILABLE BEFORE MAKING ANY DECISION WITH RESPECT TO ANY TENDER OFFER BECAUSE THEY CONTAIN IMPORTANT INFORMATION. Stratasys shareholders may obtain a copy of the Solicitation/Recommendation Statement on Schedule 14D-9, as well as any other documents filed by Stratasys in connection with the tender offer by Nano or one of its affiliates, free of charge at the SEC’s website at www.sec.gov. In addition, investors and security holders may obtain free copies of these documents from Stratasys by directing a request to Stratasys Ltd., 1 Holtzman Street, Science Park, P.O. Box 2496, Rehovot 7612, Israel, Attn: Yonah Lloyd, VP Investor Relations, or by calling +972-74-745-4029.

Investor Relations

Yonah Lloyd

CCO / VP Investor Relations

[email protected]

Morrow Sodali

[email protected]

(800) 662-5200

(203) 658-9400

U.S. Media

Ed Trissel / Joseph Sala / Kara Brickman

Joele Frank, Wilkinson Brimmer Katcher

(212) 355-4449

Israel Media

Rosa Coblens

VP Sustainability, Public Relations IL & Global Internal Communications

[email protected]

Yael Arnon

Scherf Communications

[email protected]

+972527202703

KEYWORDS: United States North America Israel Middle East Minnesota

INDUSTRY KEYWORDS: Software Electronic Design Automation Machinery Packaging Data Management Chemicals/Plastics Technology Manufacturing

MEDIA:

Photo
Photo
Image 1: Source: Company filings; Enterprise Value accounts for Nano’s investment in Stratasys as of Q3 2022
Photo
Photo
Image 2: From Nano’s Schedule Tender Offer filing
Photo
Photo
Image 3: Based on public information available and SSYS assessment
Posted on

Occidental Announces Dividend

HOUSTON, July 26, 2023 (GLOBE NEWSWIRE) — Occidental (NYSE: OXY) announced today that its Board of Directors declared a regular quarterly dividend of $0.18 per share on common stock, payable on October 13, 2023, to stockholders of record as of the close of business on September 8, 2023.

About Occidental

Occidental is an international energy company with assets primarily in the United States, the Middle East and North Africa. We are one of the largest oil producers in the U.S., including a leading producer in the Permian and DJ basins, and offshore Gulf of Mexico. Our midstream and marketing segment provides flow assurance and maximizes the value of our oil and gas. Our chemical subsidiary OxyChem manufactures the building blocks for life-enhancing products. Our Oxy Low Carbon Ventures subsidiary is advancing leading-edge technologies and business solutions that economically grow our business while reducing emissions. We are committed to using our global leadership in carbon management to advance a lower-carbon world. Visit oxy.com for more information.

Contacts

Media   Investors
Eric Moses
713-497-2017
[email protected]		   Neil Backhouse
713-552-8811
[email protected]



Posted on

HMN Financial, Inc. Announces Dividend

ROCHESTER, Minn., July 26, 2023 (GLOBE NEWSWIRE) — HMN Financial, Inc. (HMN or the Company) (Nasdaq:HMNF) today announced that its Board of Directors has declared a quarterly dividend of $0.08 per share of common stock, payable on September 7, 2023 to stockholders of record at the close of business on August 16, 2023. The declaration and amount of any future cash dividends remains subject to the sole discretion of the Board of Directors and will depend upon many factors, including the Company’s results of operations, financial condition, capital requirements, regulatory and contractual restrictions, business strategy and other factors deemed relevant by the Board of Directors.

General Information

HMN and Home Federal Savings Bank (the Bank) are headquartered in Rochester, Minnesota. The Bank operates twelve full service offices in Minnesota located in Albert Lea, Austin, Eagan, Kasson, La Crescent, Owatonna, Rochester (4), Spring Valley and Winona, one full service office in Marshalltown, Iowa, and one full service office in Pewaukee, Wisconsin. The Bank also operates two loan origination offices located in Sartell, Minnesota and La Crosse, Wisconsin.

***END**

 

 



Bradley Krehbiel,
Principal Executive Officer
HMN Financial, Inc. (507) 252-7169