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NEW YORK, May 5, 2021 /PRNewswire/ — Mind Medicine (MindMed) Inc. (“MindMed” or the “Company”) (NASDAQ: MNMD) (NEO: MMED), (DE: MMQ), a leading psychedelic-inspired medicine company announces the launch of its Project Angie to advance the development of psychedelics, including LSD, to treat pain conditions. MindMed is currently exploring two primary clinical indications for the treatment of pain.

For the commencement of Project Angie, MindMed will initiate a study of LSD in a severe pain indication. MindMed is currently preparing a pre-IND briefing package for this Phase 2a Proof of Concept study which it plans to submit to the FDA in the second half of 2021. In addition, the Company is also evaluating a second indication in a common, often debilitating, chronic pain syndrome.

Patients experiencing chronic pain represent a large and growing segment of the population and, according to IQVIA, the global market for analgesics is expected to grow over $31 billion by 2030.  At the same time, overuse of opioids in the treatment of pain has contributed to the opioid epidemic in the United States and around the world. There has been little innovation in the pain market in decades and the treatment paradigm is still dominated by opioids and nonsteroidal anti-inflammatory drugs (NSAIDs).

Preliminary evidence, including a clinical study co-authored by MindMed collaborating researchers Prof. Dr. Matthias Liechti and Dr. Kim Kuypers, suggests that psychedelics may offer an entirely novel mechanism of action for treating pain, which could ultimately offer patients a new treatment option. The exact mechanisms by which psychedelics may carry out their analgesic effect have not been fully characterized but may involve direct effects on endogenous pain modulation pathways. This mechanism is particularly relevant as altered function, or dysfunction, of these pain modulation pathways has been implicated in a range of pain syndromes.

“Evidence dating back to the 1950s suggests that LSD and other psychedelics may have analgesic effects, but this treatment area remains largely untapped by companies studying psychedelics, with the majority of research focusing solely on psychiatric indications” said MindMed Chief Development Officer, Rob Barrow. 

MindMed CEO & Co-Founder J.R. Rahn said “With the launch of Project Angie, we seek to align closely with MindMed’s core mission to improve mental health and combat substance use for the many patients in need. If we can help to develop a new paradigm to treat pain, it may have the potential to greatly reduce the use of addictive medicines such as opioids currently ravaging society and its mental health.”

Additional details about MindMed’s planned clinical trials in pain will be forthcoming.

About MindMed

MindMed is a clinical-stage psychedelic medicine biotech company that discovers, develops and deploys psychedelic inspired medicines and therapies to address addiction and mental illness. The company is assembling a compelling drug development pipeline of innovative treatments based on psychedelic substances including Psilocybin, LSD, MDMA, DMT and an ibogaine derivative, 18-MC. The MindMed executive team brings extensive biopharmaceutical experience to MindMed’s approach to developing the next generation of psychedelic inspired medicines and therapies.

MindMed trades on the NASDAQ under the symbol MNMD and on the Canadian NEO exchange under the symbol MMED. MindMed is also traded in Germany under the symbol MMQ.

Forward-Looking Statements

Certain statements in this news release related to the Company constitute “forward-looking information” within the meaning of applicable securities laws and are prospective in nature. Forward-looking information is not based on historical facts, but rather on current expectations and projections about future events and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. These statements generally can be identified by the use of forward-looking words such as “will”, “may”, “should”, “could”, “intend”, “estimate”, “plan”, “anticipate”, “expect”, “believe”, “potential” or “continue”, or the negative thereof or similar variations. Forward-looking information in this news release include, but are not limited to, statements regarding the Company’s plans and the timing of such plans related to its study of LSD in a severe pain indications, the potential benefits associated with psychedelics as a pain treatment option generally and compared to other currently available treatment options ability and the Company’s other intended future business plans and operations. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of the Company. There are numerous risks and uncertainties that could cause actual results and the Company’s plans and objectives to differ materially from those expressed in the forward-looking information, including history of negative cash flows; limited operating history; incurrence of future losses; availability of additional capital; lack of product revenue; compliance with laws and regulations; difficulty associated with research and development; risks associated with clinical trials or studies; heightened regulatory scrutiny; early stage product development; clinical trial risks; regulatory approval processes; novelty of the psychedelic inspired medicines industry; as well as those risk factors discussed or referred to herein and the risks described under the headings “Risk Factors” in the Company’s filings with the securities regulatory authorities in all provinces and territories of Canada which are  available under the Company’s profile on SEDAR at www.sedar.com and with the U.S. Securities and Exchange Commission on EDGAR at www.sec.gov. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results and future events could differ materially from those anticipated in such information. Although the Company has attempted to identify important risks, uncertainties and factors that could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, the Company does not intend and does not assume any obligation to update this forward-looking information.

Media Contact:

[email protected]

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SOURCE Mind Medicine (MindMed) Inc.

CHICAGO and PARK CITY, Utah, May 5, 2021 /PRNewswire/ — Linden Capital Partners (“Linden”) and DW Healthcare Partners IV, LP (“DW Healthcare Partners”), both private equity firms focused exclusively on the healthcare sector, announced today the completion of the merger of Edge Systems, LLC (“HydraFacial”), a category-creating beauty health company, with Vesper Healthcare Acquisition Corp. (NASDAQ: VSPR) (“Vesper” or “Vesper Healthcare”). Vesper is a special purpose acquisition company (“SPAC”) led by former Allergan CEO Brent Saunders. As a result of the transaction, the combined company, now known as The Beauty Health Company (“BeautyHealth” or the “Company”), is expected to trade on the Nasdaq Stock Market under the ticker symbol “SKIN” beginning May 6, 2021. Linden will remain BeautyHealth’s largest shareholder.

Linden and DW Healthcare Partners acquired HydraFacial in 2016. At the time of its acquisition, HydraFacial operated as Edge Systems, LLC. As part of its differentiated Human Capital Program, Linden recruited and partnered with a new senior leadership team to execute on a proprietary value creation plan. Since the 2016 acquisition, HydraFacial has experienced significant growth as a result of Linden’s value creation plan, which included rebranding to HydraFacial, overhauling sales and marketing, expanding into new international markets, and investing heavily to build out the company’s infrastructure across operations, finance, IT, and R&D.

As a publicly traded company, BeautyHealth will continue to execute its organic and inorganic growth strategies under the leadership of Brent Saunders as Executive Chairman and Clint Carnell as CEO. Linden and DW Healthcare Partners will maintain active representation on the Company’s Board of Directors.

“We’d like to thank the entire HydraFacial team for driving extraordinary growth and building the Company into a global leader in the beauty health category,” said Brian Miller, Linden Managing Partner. “As the largest individual shareholder going forward, Linden looks forward to providing continued partnership and support to the Company.”

Linden Partner Kam Shah added, “HydraFacial’s rapid transformation from a niche medical technology provider into a global, category-creating leader in beauty health represents another great example of Linden’s differentiated value creation program at work.”

“We have built a tremendous business in HydraFacial, which has continued to perform well and grow its installed base amidst a global pandemic,” said Doug Schillinger, DW Healthcare Managing Director.

Brent Saunders, CEO of Vesper and former CEO of Allergan added, “Linden and DW Healthcare Partners have shepherded HydraFacial into an impressive, category-creating company that represents the perfect platform to achieve our goal of building a premier company in beauty health.”

Jefferies LLC served as Lead Financial Advisor, Piper Sandler served as Financial Advisor and Kirkland & Ellis LLP acted as legal advisor to HydraFacial.  Goldman Sachs & Co. served as financial advisor to Vesper Healthcare and Wachtell, Lipton, Rosen & Katz acted as legal counsel.

About Linden Capital Partners
Linden Capital Partners is a Chicago-based private equity firm focused exclusively on the healthcare industry. Founded in 2004, Linden is one of the country’s largest dedicated healthcare private equity firms. Linden’s strategy is based upon three elements: (i) healthcare specialization, (ii) integrated private equity and operating expertise, and (iii) its differentiated human capital program. Linden invests in middle market platforms in the medical products, specialty distribution, pharmaceutical, and services segments of healthcare. Since its founding, Linden has invested more than $2.5 billion in healthcare companies and has raised over $3 billion of commitments, augmented by capital provided by the firm’s limited partners for larger transactions. For more information, please visit www.lindenllc.com.

About DW Healthcare Partners
DW Healthcare Partners is a private equity firm focused exclusively on the healthcare industry. The firm manages over $1.43 billion in aggregate capital commitments and invests in leading healthcare companies with proven management teams. DW Healthcare Partners is led by seasoned healthcare executives with more than 120 years of combined industry experience. The firm provides the capital, strategic guidance, and acquisition expertise to help mid-stage companies realize their growth potential. For more information, please visit: www.dwhp.com.  

About The Beauty Health Company
BeautyHealth is a category-creating beauty health company focused on bringing innovative products to market. Our flagship brand HydraFacial is a non-invasive, and approachable beauty health platform and ecosystem with a powerful community of estheticians, consumers and partners, bridging medical and consumer retail to democratize and personalize skin care solutions for the masses. Leading the charge in beauty health as a category-creator, HydraFacial uses a unique delivery system to cleanse, extract, and hydrate with their patented hydradermabrasion technology and super serums that are made with nourishing ingredients, providing an immediate outcome and creating an instantly gratifying glow in just three steps and 30 minutes. HydraFacial® and Perk™ products are available in over 87 countries with over 16,000 delivery systems globally and millions of treatments performed each year. For more information, visit the brand on LinkedIn, Facebook, Instagram, or at HydraFacial.com. For more information, please visit at https://investors.beautyhealth.com/.

About Vesper Healthcare Acquisition Corp.
Vesper Healthcare Acquisition Corp. was a special purpose acquisition company 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, with the intention to focus its search on companies in the pharmaceutical and healthcare sectors.

Forward-Looking Statements
Certain statements made in this release are “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements.

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 Beauty Health 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 inability to recognize the anticipated benefits of the Business Combination; costs related to the Business Combination; the inability to obtain or maintain the listing of The Beauty Health Company’s shares on Nasdaq; The Beauty Health Company’s ability to manage growth; The Beauty Health Company’s ability to execute its business plan and meet its projections; potential litigation involving The Beauty Health Company’s; changes in applicable laws or regulations; the possibility that The Beauty Health Company’s may be adversely affected by other economic, business, and/or competitive factors; and the impact of the continuing COVID-19 pandemic on the Company’s business. The Beauty Health Company’s 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.

Media Contact:
Samantha Taccone,
[email protected]

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SOURCE DW Healthcare Partners

NEWARK, N.J., May 5, 2021 /PRNewswire/ — Public Service Enterprise Group (NYSE: PEG) reported Net Income for the first quarter of 2021 of $648 million, or $1.28 per share as compared to Net Income of $448 million, or $0.88 per share, in the first quarter of 2020. Non-GAAP Operating Earnings for the first quarter of 2021 were $650 million, or $1.28 per share, compared to non-GAAP Operating Earnings for the first quarter of 2020 of $520 million, or $1.03 per share. Non-GAAP results for the first quarter exclude items shown in Attachments 7 and 8.

Ralph Izzo, chairman, president and chief executive officer said, “We are off to a solid start in 2021 and well positioned to execute on our financial and strategic goals during the balance of the year.  With the majority of our nearly $2 billion of Clean Energy Future programs having moved from approval to execution, PSE&G is helping to advance the decarbonization of New Jersey in a sizable and equitable way. The recent Biden Infrastructure proposal focusing on climate action contains several encouraging signals supporting offshore wind, existing nuclear generation, and electrification of transportation, all aligned with PSEG’s business plan. PSEG strongly supports a national approach to accelerate economy-wide, net-zero emissions even sooner than 2050, in a constructive manner that expands green jobs by investing in clean energy infrastructure.

The New Jersey Board of Public Utilities’ (BPU) April 27 decision to award our three New Jersey nuclear units a continuation of the full $10 per MWh Zero Emission Certificate through May 2025 will similarly advance climate action in New Jersey by recognizing nuclear’s reliability, resiliency and environmental benefits and help to preserve the state’s largest carbon-free generating resource. We applaud the BPU for its decision – which we believe is in the best interests of the state of New Jersey and its ability to achieve its long-term clean energy goals. PSEG Power has also made progress on the exploration of strategic alternatives for its fossil and solar generating fleet. PSEG has entered into an agreement to sell its 467 MW_DC Solar Source portfolio to an affiliate of LS Power. The solar sale is expected to close in the second or third quarter of 2021, subject to customary regulatory and other closing conditions. PSEG Power is continuing the exploration of strategic alternatives for its fossil generating fleet, and currently anticipates reaching the contract stage around mid-year. With over a decade of capital allocation directed mainly toward PSE&G, PSEG today is primarily a regulated electric and gas utility, and these transactions will move us even further in that direction. PSEG’s remaining generating business will consist of a carbon-free nuclear fleet, and regional offshore wind investments that will be highly contracted.

The COVID-19 pandemic and its economic dislocations continue to impact the New Jersey economy. The large contribution of the Transmission and Residential electric and gas segments to our overall sales mix, as well as a supportive regulatory order that authorizes deferral of certain COVID-19 related costs for future recovery, have had a stabilizing effect on the margins of our utility business. New Jersey has been successful in vaccinating nearly half its population with at least one dose of the available vaccines, and we are hopeful that the remaining restrictions on economic activity will continue to ease in the near term.”

The following table provides a reconciliation of PSEG’s Net Income to non-GAAP Operating Earnings for the first quarter. See Attachments 7 and 8 for a complete list of items excluded from Net Income in the determination of non-GAAP Operating Earnings.

Ralph Izzo added, “We are re-affirming non-GAAP Operating Earnings guidance for full-year 2021 of $3.35 – $3.55 per share. This affirmation assumes normal weather and plant operations for the remainder of the year and incorporates the Conservation Incentive Programs that begin in June for electric and in October for gas to cover variations in revenue due to energy efficiency and other impacts. We are on track to execute PSEG’s five-year, $14 billion to $16 billion capital plan through 2025 and have the financial strength to fund it without the need to issue new equity. Over 90% of this capital program is directed to PSE&G, which is expected to produce 6.5% to 8% compound annual growth in rate base over the 2021 – 2025 period.”

The following table outlines PSEG’s expectations for non-GAAP Operating Earnings in 2021 by subsidiary:

Results and Outlook by Operating Subsidiary

PSE&G

PSE&G reported Net Income of $477 million ($0.94 per share) for the first quarter of 2021 compared with Net Income of $440 million ($0.87 per share) for the first quarter of 2020.

PSE&G’s first quarter 2021 results improved by $0.07 per share driven by revenue growth from ongoing capital investment programs, favorable pension/OPEB results and higher electric weather normalized Residential volume. Transmission rate base added $0.02 per share to first quarter Net Income compared to the first quarter of 2020. Gas margin improved by $0.03 per share over last year’s first quarter, driven by the scheduled recovery of investments made under the second phase of the Gas System Modernization Program. Electric margin was $0.01 per share favorable compared to the first quarter of 2020 on higher weather normalized Residential volume. O&M expense was $0.02 per share unfavorable compared with first quarter 2020, reflecting higher costs from several February snowstorms. Depreciation increased by $0.01 per share reflecting higher plant in service.  Distribution-related pension expense was $0.02 per share favorable compared to first quarter 2020.  Flow through taxes and other were $0.02 per share favorable compared to first quarter 2020. This benefit is due to the use of an annual effective tax rate that will reverse over the remainder of the year, and was partly offset by the timing of taxes related to bad debt expense. 

Winter weather, as measured by heating degree-days, was 4% milder than normal but was 18% colder than the mild winter experienced in first quarter 2020. For the trailing 12-months ended March 31, total weather-normalized sales reflect the expected higher Residential and lower Commercial and Industrial sales observed in 2020 due to the economic impacts of COVID-19. Total Electric sales declined by 2% while Gas sales increased by approximately 1%. Residential customer growth for Electric and Gas remained positive during the period.

PSE&G invested approximately $0.6 billion in the first quarter and is on track to fully execute on its planned 2021 capital investment program of $2.7 billion. The 2021 capital spending program will include infrastructure upgrades to its transmission and distribution facilities, as well as the rollout of the Clean Energy Future investments in energy efficiency, energy cloud (smart meters) and electric vehicle charging infrastructure.

PSE&G’s forecast of Net Income for 2021 is unchanged at $1,410 million – $1,470 million.

PSEG Power

PSEG Power reported Net Income of $161 million ($0.32 per share) for the first quarter of 2021, non-GAAP Operating Earnings of $163 million ($0.32 per share), and non-GAAP Adjusted EBITDA of $321 million. This compares to first quarter 2020 Net Income of $13 million, non-GAAP Operating Earnings of $85 million and non-GAAP Adjusted EBITDA of $201 million. 

PSEG Power’s first quarter results benefited from expected margin improvement in capacity and other items associated with a favorable weather comparison to the first quarter of 2020, as well as certain other items expected to reverse in subsequent quarters. A scheduled improvement in PJM capacity revenue improved non-GAAP Operating Earnings comparisons by $0.03 per share compared with Q1 2020. Higher generation output for the quarter added $0.01 per share from the absence of the unplanned Salem 1 outage in first quarter of 2020. Favorable market conditions, influenced by February’s cold weather, increased results by $0.03 per share, as the expected $2/MWh average decline in recontracting will become more pronounced in future quarters. The weather-related improvement in total gas send-out to Commercial and Industrial customers increased results by $0.04 per share. This increase in gas operations is expected to reverse later in the year due to the absence in 2021 of a one-time benefit recognized in the third quarter of 2020.  Lower O&M expense was $0.03 per share favorable in the quarter, reflecting the absence of first quarter outages at Bergen 2 and Salem Unit 1 in 2020.  Lower depreciation and lower interest expense combined to improve comparisons by $0.01 per share versus the year-ago quarter.

Generation output increased by just under 1% to total 13.3 TWh, reflecting the absence of a month-long unplanned outage experienced at Salem Unit 1 during the first quarter 2020. PSEG Power’s CCGT fleet produced 4.7 TWh, down 8%, reflecting lower market demand. The nuclear fleet produced 8.2 TWh, up 3%, and operated at a capacity factor of 98.8% for the first quarter, representing 62% of total generation. PSEG Power is forecasting generation output of 36 to 38 TWh for the three remaining quarters of 2021, and has hedged approximately 95% – 100% of production at an average price of $30 per MWh. 

The forecast of PSEG Power’s non-GAAP Operating Earnings and non-GAAP Adjusted EBITDA for 2021 remain unchanged at $280 million – $370 million, and $850 million – $950 million, respectively. 

PSEG Enterprise/Other

PSEG Enterprise/Other reported Net Income of $10 million, $0.02 per share, for the first quarter of 2021 compared to a Net Loss of $5 million, $(0.01) per share, for the first quarter of 2020. The increase was driven by higher tax benefits recorded in the first quarter of 2021 due to the use of an annual effective tax rate that will reverse over the remainder of the year, as well as interest income associated with a prior IRS audit settlement. 

For 2021, the forecast for PSEG Enterprise/Other remains unchanged at a Net Loss of $15 million. 

Public Service Enterprise Group Inc. (PSEG) (NYSE: PEG) is a publicly traded diversified energy company with approximately 13,000 employees. Headquartered in Newark, N.J., PSEG’s principal operating subsidiaries are: Public Service Electric and Gas Co. (PSE&G),
PSEG Power and PSEG Long Island. PSEG is a Fortune 500 company included in the S&P 500 Index and has been named to the Dow Jones Sustainability Index for North America for 13 consecutive years (

https://corporate.pseg.com

).

Non-GAAP Financial Measures

Management uses non-GAAP Operating Earnings in its internal analysis, and in communications with investors and analysts, as a consistent measure for comparing PSEG’s financial performance to previous financial results. Non-GAAP Operating Earnings exclude the impact of returns (losses) associated with the Nuclear Decommissioning Trust (NDT), Mark-to-Market (MTM) accounting and material one-time items.

Management believes the presentation of non-GAAP Adjusted EBITDA for PSEG Power is useful to investors and other users of our financial statements in evaluating operating performance because it provides them with an additional tool to compare business performance across companies and across periods. Management also believes that non-GAAP Adjusted EBITDA is widely used by investors to measure operating performance without regard to items such as income tax expense, interest expense and depreciation and amortization, which can vary substantially from company to company depending upon, among other things, the book value of assets, capital structure and whether assets were constructed or acquired. Non-GAAP Adjusted EBITDA also allows investors and other users to assess the underlying financial performance of our fleet before management’s decision to deploy capital. Non-GAAP Adjusted EBITDA excludes the same items as our non-GAAP Operating Earnings measure as well as income tax expense, interest expense and depreciation and amortization.

See Attachments 7 and 8 for a complete list of items excluded from Net Income in the determination of non-GAAP Operating Earnings and non-GAAP Adjusted EBITDA. The presentation of non-GAAP Operating Earnings and non-GAAP Adjusted EBITDA is intended to complement, and should not be considered an alternative to the presentation of Net Income, which is an indicator of financial performance determined in accordance with GAAP. In addition, non-GAAP Operating Earnings and non-GAAP Adjusted EBITDA as presented in this release may not be comparable to similarly titled measures used by other companies.

Due to the forward looking nature of non-GAAP Operating Earnings and non-GAAP Adjusted EBITDA guidance, PSEG is unable to reconcile these non-GAAP financial measures to the most directly comparable GAAP financial measure. Management is unable to project certain reconciling items, in particular MTM and NDT gains (losses), for future periods due to market volatility.

Forward-Looking Statements

Certain of the matters discussed in this report about our and our subsidiaries’ future performance, including, without limitation, future revenues, earnings, strategies, prospects, consequences and all other statements that are not purely historical constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward- looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from those anticipated. Such statements are based on management’s beliefs as well as assumptions made by and information currently available to management. When used herein, the words “anticipate,” “intend,” “estimate,” “believe,” “expect,” “plan,” “should,” “hypothetical,” “potential,” “forecast,” “project,” variations of such words and similar expressions are intended to identify forward-looking statements. Factors that may cause actual results to differ are often presented with the forward-looking statements themselves. Other factors that could cause actual results to differ materially from those contemplated in any forward- looking statements made by us herein are discussed in filings we make with the United States Securities and Exchange Commission (SEC), including our Annual Report on Form 10-K and subsequent reports on Form 10-Q and Form 8-K. These factors include, but are not limited to:

• any inability to successfully develop, obtain regulatory approval for, or construct generation, transmission and distribution projects;
• lack of growth or slower growth in the number of customers or the failure of our Conservation Incentive Program to fully address a decline in customer demand;
• any equipment failures, accidents, severe weather events, acts of war or terrorism or other incidents, including pandemics such as the ongoing coronavirus pandemic, that may impact our ability to provide safe and reliable service to our customers;
• any inability to recover the carrying amount of our long-lived assets;
• any inability to maintain sufficient liquidity;
• the impact of cybersecurity attacks or intrusions;
• the impact of the ongoing coronavirus pandemic;
• the impact of our covenants in our debt instruments on our operations;
• adverse performance of our nuclear decommissioning and defined benefit plan trust fund investments and changes in funding requirements;
• risks associated with the timeline and ultimate outcome of our exploration of strategic alternatives relating to PSEG Power’s non-nuclear generating fleet;
• the failure to complete, or delays in completing, our proposed investment in the Ocean Wind offshore wind project, or following the completion of our initial investment in the project, the failure to realize the anticipated strategic and financial benefits of the project;
• fluctuations in wholesale power and natural gas markets, including the potential impacts on the economic viability of our generation units;
• our ability to obtain adequate fuel supply;
• market risks impacting the operation of our generating stations;
• changes in technology related to energy generation, distribution and consumption and changes in customer usage patterns;
• third-party credit risk relating to our sale of generation output and purchase of fuel;
• any inability of PSEG Power to meet its commitments under forward sale obligations;
• reliance on transmission facilities to maintain adequate transmission capacity for our power generation fleet;
• the impact of changes in state and federal legislation and regulations on our business, including PSE&G’s ability to recover costs and earn returns on authorized investments;
• PSE&G’s proposed investment programs may not be fully approved by regulators and its capital investment may be lower than planned;
• the absence of a long-term legislative or other solution for our New Jersey nuclear plants that sufficiently values them for their carbon-free, fuel diversity and resilience attributes, or the impact of the current or subsequent payments for such attributes being materially adversely modified through legal proceedings;
• adverse changes in energy industry laws, policies and regulations, including market structures and transmission planning and transmission returns;
• risks associated with our ownership and operation of nuclear facilities, including regulatory risks, such as compliance with the Atomic Energy Act and trade control, environmental and other regulations, as well as financial, environmental and health and safety risks;
• changes in federal and state environmental regulations and enforcement; and
• delays in receipt of, or an inability to receive, necessary licenses and permits.

All of the forward-looking statements made in this report are qualified by these cautionary statements and we cannot assure you that the results or developments anticipated by management will be realized or even if realized, will have the expected consequences to, or effects on, us or our business, prospects, financial condition, results of operations or cash flows. Readers are cautioned not to place undue reliance on these forward-looking statements in making any investment decision. Forward- looking statements made in this report apply only as of the date of this report. While we may elect to update forward-looking statements from time to time, we specifically disclaim any obligation to do so, even in light of new information or future events, unless otherwise required by applicable securities laws.

The forward-looking statements contained in this report are intended to qualify for the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.

 

 

 

 

 

 

 

 

 

 

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SOURCE PSEG

CHICAGO, May 5, 2021 /PRNewswire/ — CME Group Inc., the world’s leading and most diverse derivatives marketplace, today declared a second-quarter dividend of $0.90 per share.  The dividend is payable June 25, 2021, to shareholders of record as of June 10, 2021.

As the world’s leading and most diverse derivatives marketplace, CME Group (www.cmegroup.com) enables clients to trade futures, options, cash and OTC markets, optimize portfolios, and analyze data – empowering market participants worldwide to efficiently manage risk and capture opportunities. CME Group exchanges offer the widest range of global benchmark products across all major asset classes based on interest rates, equity indexes, foreign exchange, energy, agricultural products and metals.  The company offers futures and options on futures trading through the CME Globex® platform, fixed income trading via BrokerTec and foreign exchange trading on the EBS platform. In addition, it operates one of the world’s leading central counterparty clearing providers, CME Clearing. With a range of pre- and post-trade products and services underpinning the entire lifecycle of a trade, CME Group also offers optimization and reconciliation services through TriOptima, and trade processing services through Traiana.

CME Group, the Globe logo, CME, Chicago Mercantile Exchange, Globex, and, E-mini are trademarks of Chicago Mercantile Exchange Inc.  CBOT and Chicago Board of Trade are trademarks of Board of Trade of the City of Chicago, Inc.  NYMEX, New York Mercantile Exchange and ClearPort are trademarks of New York Mercantile Exchange, Inc.  COMEX is a trademark of Commodity Exchange, Inc. BrokerTec, EBS, TriOptima, and Traiana are trademarks of BrokerTec Europe LTD, EBS Group LTD, TriOptima AB, and Traiana, Inc., respectively. Dow Jones, Dow Jones Industrial Average, S&P 500 and S&P are service and/or trademarks of Dow Jones Trademark Holdings LLC, Standard & Poor’s Financial Services LLC and S&P/Dow Jones Indices LLC, as the case may be, and have been licensed for use by Chicago Mercantile Exchange Inc.  All other trademarks are the property of their respective owners. 

CME-G

 

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SOURCE CME Group

CALGARY, AB, May 5, 2021 /PRNewswire/ – The Board of Directors of Enbridge Inc. (TSX: ENB) (NYSE: ENB) has declared a quarterly dividend of $0.835 per common share, payable on June 1, 2021 to shareholders of record on May 14, 2021. The amount of the dividend is consistent with the March 1, 2021 dividend.

The Board also declared the following quarterly dividends for Enbridge Inc. Preferred Shares. All dividends are payable on June 1, 2021 to shareholders of record on May 14, 2021.  All amounts shown are in Canadian dollars unless otherwise specified.

About Enbridge Inc.


Enbridge Inc. is a leading North American energy infrastructure company. We safely and reliably deliver the energy people need and want to fuel quality of life. Our core businesses include Liquids Pipelines, which transports approximately 25 percent of the crude oil produced in North America; Gas Transmission and Midstream, which transports approximately 20 percent of the natural gas consumed in the U.S.; Gas Distribution and Storage, which serves approximately 3.8 million retail customers in Ontario and Quebec; and Renewable Power Generation, which generates approximately 1,750 MW of net renewable power in North America and Europe. The Company’s common shares trade on the Toronto and New York stock exchanges under the symbol ENB. For more information, visit www.enbridge.com.

FOR FURTHER INFORMATION PLEASE CONTACT: 

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View original content:http://www.prnewswire.com/news-releases/enbridge-declares-quarterly-dividends-301283873.html

SOURCE Enbridge Inc.

WICHITA, Kan., May 5, 2021 /PRNewswire/ —

• Delivered 269 shipsets, compared to 324 in Q1 2020 including 29 737 MAX shipsets in Q1 2021 compared to 18 in Q1 2020; expect to deliver about 160 737 MAX shipsets in 2021
• $901 million in Q1 2021 revenue, compared to $1,077 million in Q1 2020
• Cash used in operations of $(170) million and free cash flow* of $(198) million in Q1 2021 compared to cash used in operations of $(331) million and free cash flow* of $(362) million in Q1 2020
• Full-year 2021 cash used in operations is expected to be between $(50) to $(150) million; full-year 2021 free cash flow* is expected to be between $(200) and $(300) million
• EPS of $(1.65) in Q1 2021 compared to $(1.57) in Q1 2020; Adjusted EPS* of $(1.22) in Q1 2021 compared to $(0.79) in Q1 2020
• Prepaid $300 million of floating rate notes in February 2021

Spirit AeroSystems Holdings, Inc. [NYSE: SPR] (“Spirit” or the “Company”) reported first quarter 2021 financial results.

“A year ago we were grappling with unprecedented disruption and uncertainty,” said Tom Gentile, Spirit AeroSystems President and Chief Executive Officer. “The recovery this year is underway but slower than expected, particularly for international air travel, which is creating headwinds for the widebody programs. We intend to use our excess widebody production capacity to pursue defense program opportunities. While a broader air traffic recovery will continue to take some time, we are encouraged by improving domestic air travel, which is primarily served by narrowbody aircraft.  We believe Spirit is well positioned to benefit from this improvement given about 85% of our backlog consists of narrowbody aircraft.  We are increasing 737 MAX production rates in line with Boeing’s objective of 31 aircraft per month in 2022, and have started bringing back employees to support our factories.”

“Over the past few months, we have also been performing ongoing 787 engineering analysis and rework to support Boeing’s resumption of deliveries in the first quarter of 2021 which has resulted in a forward loss,” said Gentile. “We are pleased to see that Boeing resumed 787 deliveries in the first quarter.”

Revenue

Spirit’s first quarter of 2021 revenue was $900.8 million, down from the same period of 2020, primarily due to the significantly lower widebody production rates due to reduced international air traffic resulting from the impacts of COVID-19 as well as lower production rates on the Airbus A320 program.  First quarter 2021 revenue includes increased revenue from the recently acquired A220 wing and Bombardier programs as well as defense program revenue.  Deliveries decreased to 269 shipsets during the first quarter of 2021 compared to 324 shipsets in the same period of 2020, including Boeing 787 deliveries of 15 shipsets compared to 40 shipsets in the same period of the prior year, and 12 Airbus A350 shipset deliveries compared to 26 in the same period of 2020.  In the first quarter of 2021, Airbus A320 deliveries were 130 compared to 188 in the first quarter of 2020.

Spirit’s backlog at the end of the first quarter of 2021 was approximately $33 billion, with work packages on all commercial platforms in the Boeing and Airbus backlog.

Earnings

Operating loss for the first quarter of 2021 was $125.9 million, as compared to operating loss of $167.5 million in the same period of 2020.  The decreased loss was primarily driven by lower restructuring costs, excess capacity, abnormal COVID-19 related production costs and SG&A expense in the first quarter of 2021 compared to the first quarter of 2020, partially offset by additional forward losses on Boeing 787 and Airbus A350 programs. Included in the first quarter 2021 operating loss were pretax $5.8 million of unfavorable cumulative catch-up adjustments and excess capacity costs of $67.6 million.  Additionally, the first quarter of 2021 included pretax forward loss charges of $72.4 million, primarily driven by Boeing 787 engineering analysis and rework to support Boeing’s resumption of deliveries and the impact of lower Airbus A350 production rates coupled with higher costs to achieve production quality improvements. In comparison, during the first quarter of 2020, Spirit recorded pretax $8.2 million of unfavorable cumulative catch-up adjustments, excess capacity costs of $73.4 million, $19.7 million of net forward loss charges, restructuring expenses of $42.6 million and abnormal COVID-19 costs of $25.4 million.

Other income for the first quarter 2021 was $12.8 million, compared to a net expense of $49.0 million for the same period in the prior year.  The increase in income primarily reflects a net pension loss recognized in the prior year period related to a voluntary retirement program (“VRP”).  Interest expense and financing fee amortization for the first quarter of 2021 increased $27.6 million, primarily driven by increased interest expense on more debt as well as higher interest rates on the debt compared to the same period in the prior year. 

First quarter EPS was $(1.65), compared to $(1.57) in the same period of 2020. First quarter 2021 adjusted EPS* was $(1.22), which excluded the impacts from the acquisitions, restructuring costs and the incremental $42.3 million deferred tax asset valuation allowance in the first quarter of 2021. During the same period of 2020, adjusted EPS* was $(0.79), which excluded the impact of the Asco and Bombardier acquisitions, restructuring costs and the voluntary retirement program offered during 2020.  (Table 1)  

Cash

Cash used in operations in the first quarter of 2021 was $(170) million as compared to $(331) million in the same quarter last year, primarily due to positive impacts of working capital and partially offset by $215 million received in the first quarter of 2020 related to the memorandum of agreement with Boeing.  Free cash flow* in the first quarter of 2021 was $(198) million as compared to $(362) million in the same period of 2020. Cash balance at the end of the first quarter of 2021 was $1.4 billion. (Table 2)   

2021 Cash Outlook

Full-year 2021 cash used in operations is expected to be between $(50) to $(150) million; full-year 2021 free cash flow* is expected to be between $(200) and $(300) million.  Please refer to our Cautionary Statement Regarding Forward-Looking Statements below and Item 1A. “Risk Factors” in our Annual Report on Form 10-K.

Segment Results

Fuselage Systems

Fuselage Systems segment revenue in the first quarter of 2021 decreased 21 percent from the same period last year to $437.1 million, primarily due to lower production volumes on the Boeing 777, 787 and Airbus A350 programs, partially offset by increased revenue from the Boeing 737 and recently acquired Bombardier programs. Operating margin for the first quarter of 2021 increased to (13.7) percent, compared to (15.7) percent during the same period of 2020.  This increase was partially due to increased profit on defense programs and Boeing 737 MAX production volumes resulting in decreased excess capacity costs.  First quarter 2021 increased profit was also due to lower restructuring expenses and abnormal COVID-19 costs.  The increased segment margin was partially offset by increased forward losses recognized on the Boeing 787 and Airbus A350 programs.  In the first quarter of 2021, the Fuselage Systems Segment includes restructuring expenses of $1.8 million, excess capacity costs of $42.6 million and abnormal COVID-19 costs of $0.7 million compared to restructuring expenses of $30.1 million, excess capacity costs of $51.2 million and abnormal COVID-19 costs of $15.3 million for the same period in 2020.  In the first quarter of 2021, the segment recorded pretax $1.9 million of favorable cumulative catch-up adjustments and $55.1 million of net forward losses. In the first quarter of 2020, the segment recorded pretax $4.0 million of unfavorable cumulative catch-up adjustments and $13.2 million of net forward losses.

Propulsion Systems

Propulsion Systems segment revenue in the first quarter of 2021 increased 1 percent from the same period last year to $226.5 million, primarily due to increased revenue from the 737 MAX program and aftermarket sales, partially offset by decreased revenue from the Boeing 777 and 787 programs. Operating margin for the first quarter of 2021 increased to 7.4 percent, compared to (2.4) percent during the same period of 2020, primarily due to lower restructuring expenses, excess capacity costs and abnormal COVID-19 costs.  Increased segment operating margin was offset by margin deterioration on the Boeing 737 MAX and 787 programs.  In the first quarter of 2021, the segment recorded $(0.2) million of restructuring costs, decreased excess capacity costs of $7.2 million and $0.1 million of abnormal COVID-19 costs compared to $8.8 million of restructuring expenses, excess capacity costs of $15.8 million, and abnormal COVID-19 costs of $6.2 million in the first quarter of 2020.  The segment recorded pretax $5.6 million of unfavorable cumulative catch-up adjustments and $4.7 million of net forward losses in the first quarter of 2021. In comparison, during the same period of the prior year, the segment recorded pretax $1.5 million of unfavorable cumulative catch-up adjustments, and $3.1 million of net forward losses.

Wing Systems

Wing Systems segment revenue in the first quarter of 2021 decreased 23 percent from the same period last year to $223.6 million, primarily due to lower production volumes on the Boeing 787, Airbus A320 and A350 programs, partially offset by revenue from the recently acquired A220 wing program. Operating margin for the first quarter of 2021 decreased to (8.5) percent, compared to 4.7 percent during the same period of 2020, primarily due to increased net forward losses recognized on the Boeing 787 and Airbus A350 programs as well as lower margin recognized due to increased excess capacity costs on the A320 and A220 wing. In the first quarter of 2021, the segment includes $0.5 million of restructuring costs, excess capacity costs of $17.8 million and $1.3 million of abnormal COVID-19 costs compared to the same period the prior year, which included restructuring expenses of $3.7 million, excess capacity costs of $6.4 million pretax and abnormal COVID-19 costs of $3.9 million.  In the first quarter of 2021, the segment recorded pretax $2.1 million of unfavorable cumulative catch-up adjustments and $12.6 million of net forward losses. In the first quarter of 2020, the segment recorded pretax $2.7 million of unfavorable cumulative catch-up adjustments and $3.4 million of net forward losses.

On the web: http:/ /www.spiritaero.com

Cautionary Statement Regarding Forward-Looking Statements

This press release contains “forward-looking statements” that may involve many risks and uncertainties. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “aim,” “anticipate,” “believe,” “could,” “continue,” “estimate,” “expect,” “goal,” “forecast,” “intend,” “may,” “might,” “model,” “objective,” “outlook,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will,” “would,” and other similar words, or phrases, or the negative thereof, unless the context requires otherwise. These statements are based on circumstances as of the date on which the statements are made and they reflect management’s current views with respect to future events and are subject to risks and uncertainties, both known and unknown. Our actual results may vary materially from those anticipated in forward-looking statements. We caution investors not to place undue reliance on any forward-looking statements.

Important factors that could cause actual results to differ materially from those reflected in such forward-looking statements and that should be considered in evaluating our outlook include, but are not limited to, the following:

• the impact of the COVID-19 pandemic on our business and operations, including on the demand for our and our customers’ products and services, on trade and transport restrictions, on the global aerospace supply chain, on our ability to retain the skilled work force necessary for production and development, and generally on our ability to effectively manage the impacts of the COVID-19 pandemic on our business operations;
• demand for our products and services and the general effect of economic or geopolitical conditions, or other events, such as pandemics, in the industries and markets in which we operate in the U.S. and globally;
• the timing and conditions surrounding the full worldwide return to service (including receiving the remaining regulatory approvals) of the B737 MAX, future demand for the aircraft, and any residual impacts of the B737 MAX grounding on production rates for the aircraft;
• our reliance on Boeing and Airbus for a significant portion of our revenues;
• the business condition and liquidity of our customers and their ability to satisfy their contractual obligations to the Company;
• the certainty of our backlog, including the ability of customers to cancel or delay orders prior to shipment;
• our ability to accurately estimate and manage performance, cost, margins, and revenue under our contracts, and the potential for additional forward losses on new and maturing programs;
• our accounting estimates for revenue and costs for our contracts and potential changes to those estimates;
• our ability to continue to grow and diversify our business, execute our growth strategy, and secure replacement programs, including our ability to enter into profitable supply arrangements with additional customers;
• the outcome of product warranty or defective product claims and the impact settlement of such claims may have on our accounting assumptions;
• our dependence on our suppliers, as well as the cost and availability of raw materials and purchased components;
• our ability and our suppliers’ ability to meet stringent delivery (including quality and timeliness) standards and accommodate changes in the build rates of aircraft;
• our ability to maintain continuing, uninterrupted production at our manufacturing facilities and our suppliers’ facilities;
• competitive conditions in the markets in which we operate, including in-sourcing by commercial aerospace original equipment manufacturers;
• our ability to successfully negotiate, or re-negotiate, future pricing under our supply agreements with Boeing, Airbus and other customers;
• our ability to effectively integrate the acquisition of select assets of Bombardier along with other acquisitions that we pursue, and generate synergies and other cost savings therefrom, while avoiding unexpected costs, charges, expenses, and adverse changes to business relationships and business disruptions;
• the possibility that our cash flows may not be adequate for our additional capital needs;
• any reduction in our credit ratings;
• our ability to access the capital markets to fund our liquidity needs, and the costs and terms of any additional financing;
• our ability to avoid or recover from cyber or other security attacks and other operations disruptions;
• legislative or regulatory actions, both domestic and foreign, impacting our operations, including the effect of changes in tax laws and rates and our ability to accurately calculate and estimate the effect of such changes;
• our ability to recruit and retain a critical mass of highly skilled employees;
• our relationships with the unions representing many of our employees, including our ability to avoid labor disputes and work stoppages with respect to our union employees;
• spending by the U.S. and other governments on defense;
• pension plan assumptions and future contributions;
• the effectiveness of our internal control over financial reporting;
• the outcome or impact of ongoing or future litigation, arbitration, claims, and regulatory actions or investigations, including our exposure to potential product liability and warranty claims;
• adequacy of our insurance coverage;
• our ability to continue selling certain receivables through our supplier financing programs;
• and the risks of doing business internationally, including fluctuations in foreign currency exchange rates, impositions of tariffs or embargoes, trade restrictions, compliance with foreign laws, and domestic and foreign government policies.

These factors are not exhaustive and it is not possible for us to predict all factors that could cause actual results to differ materially from those reflected in our forward-looking statements. These factors speak only as of the date hereof, and new factors may emerge or changes to the foregoing factors may occur that could impact our business. As with any projection or forecast, these statements are inherently susceptible to uncertainty and changes in circumstances. Except to the extent required by law, we undertake no obligation to, and expressly disclaim any obligation to, publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. You should review carefully the section captioned “Risk Factors” in the Company’s Annual Report on Form 10-K for a more complete discussion of these and other factors that may affect our business.

 

 

 

Appendix

In addition to reporting our financial information using U.S. Generally Accepted Accounting Principles (GAAP), management believes that certain non-GAAP measures (which are indicated by * in this report) provide investors with important perspectives into the company’s ongoing business performance. The non-GAAP measures we use in this report are (i) adjusted diluted earnings per share and (ii) free cash flow, which are described further below. The company does not intend for the information to be considered in isolation or as a substitute for the related GAAP measures. Other companies may define and calculate the measures differently than we do, limiting the usefulness of the measures for comparison with other companies.

Adjusted Diluted (Loss) Earnings Per Share. To provide additional transparency, we have disclosed non-GAAP adjusted diluted (loss) earnings per share (Adjusted EPS). This metric excludes various items that are not considered to be directly related to our operating performance. Management uses Adjusted EPS as a measure of business performance and we believe this information is useful in providing period-to-period comparisons of our results. The most comparable GAAP measure is diluted earnings per share.

Free Cash Flow. Free Cash Flow is defined as GAAP cash from operating activities (generally referred to herein as “cash used in operations”), less capital expenditures for property, plant and equipment. Management believes Free Cash Flow provides investors with an important perspective on the cash available for stockholders, debt repayments including capital leases, and acquisitions after making the capital investments required to support ongoing business operations and long term value creation. Free Cash Flow does not represent the residual cash flow available for discretionary expenditures as it excludes certain mandatory expenditures. The most comparable GAAP measure is cash provided by operating activities. Management uses Free Cash Flow as a measure to assess both business performance and overall liquidity.

The tables below provide reconciliations between the GAAP and non-GAAP measures.

 

 

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SOURCE Spirit AeroSystems