Market Newsdesk

ZURICH, Aug. 17, 2021 /PRNewswire/ —

2
021 Fiscal Year Highlights

• GAAP Net Income of $939 million, up 53%; GAAP earnings per share (EPS) of 60.2 cps, up 58%;
• Adjusted EPS of 74.4 cps, up 16% on a comparable constant currency basis, above guidance range;
• Adjusted Free Cash Flow of $1.1 billion, at upper end of guidance range;
• Bemis integration completed – financial targets exceeded and stronger foundation for growth: approximately $75 million of cost synergies in FY21 and expect total to exceed original $180 million target by at least 10%;
• Strong cash returns to shareholders: annual dividend increased to 47.0 cents per share, including 11.75 cents per share declared today. $350 million shares repurchased in FY21 (approximately 2% of outstanding shares);
• Accelerating sustainability agenda and delivery of responsible packaging solutions; and
• Fiscal 2022 outlook: Adjusted EPS growth of 7-11% on a comparable constant currency basis and Adjusted Free Cash Flow of $1.1–$1.2 billion. Allocating approximately $400 million of cash towards share repurchases.

Key Financials⁽¹⁾

Bemis cost synergies

The Bemis Company was acquired through an all-stock transaction in June 2019.  

Amcor continued to execute well against overhead, procurement and footprint initiatives and delivered approximately $75 million (pre-tax) of incremental cost synergies during fiscal 2021.  Of this amount, approximately $65 million was recognized in the Flexibles segment and approximately $10 million in Other. 

Combined with the $80 million delivered in fiscal 2020, cumulative costs synergies have reached approximately $155 million.  Amcor expects to exceed the original target of $180 million by the end of fiscal 2022 by at least 10%.

Cash Returns to Shareholders

Amcor generates significant and growing Free Cash Flow, maintains strong credit metrics and is committed to an investment grade credit rating. This annual Free Cash Flow provides substantial capacity to simultaneously reinvest in the business, pursue acquisitions and return cash to shareholders through a compelling and growing dividend as well as share repurchases.

Dividend

The Amcor Board of Directors today declared a quarterly cash dividend of 11.75 cents per share.  Combined with the last three quarterly dividends, this increases the annual dividend for fiscal 2021 to 47.0 US cents per share.  The quarterly dividend declared today will be paid in US dollars to holders of Amcor’s ordinary shares trading on the NYSE.  Holders of CDIs trading on the ASX will receive an unfranked dividend of 15.93 Australian cents per share, which reflects the quarterly dividend of 11.75 cents per share converted at an average AUD:USD exchange rate of 0.7374 over the five trading days ended August 10, 2021.

The ex-dividend date will be September 7, 2021, the record date will be September 8, 2021 and the payment date will be September 28, 2021. 

Share repurchases

$350 million was used to repurchase shares in fiscal 2021 which reduced the total number of shares issued and outstanding  by approximately 2%.

Amcor expects to allocate approximately $400 million of cash towards share repurchases in the 2022 fiscal year.

2021 financial results

Segment Information

Full year net sales for the Amcor Group of $12,861 million were 2% higher than the prior year on a comparable constant currency basis.  Overall volumes were 2% higher than the prior year and price/mix had no material impact on net sales.

EBIT margins increase by 60 basis points to 12.6% and return on average funds employed of 15.4% increased by 140 basis points compared with the prior year.

Net sales includes more than $100 million of price increases in the fourth quarter ending 30 June 2021, related to the pass through of higher raw material input costs. 

Full year net sales on a comparable constant currency basis were marginally higher than the prior period with 1% higher volumes partially offset by price/mix.

Full year segment volume growth of 1% reflects strong growth across a range of higher value end markets including meat, coffee and pet food, which was mostly offset by lower volumes in certain healthcare end markets driven by fewer elective surgeries and prescriptions trends during the COVID-19 pandemic.

In North America, low single digit volume growth for fiscal 2021 was mainly driven by strength in the meat, frozen food and condiments end markets. This was partly offset by lower healthcare, home and personal care volumes.

In Europe, full year volumes were marginally lower than the same period last year with higher volumes in the pet food, cheese and coffee end markets offset by lower healthcare and yogurt volumes.     

Full year volumes grew at mid-single digit rates across the Asian emerging markets, with double digit growth in both China and India, partly offset by lower volumes in South East Asia.  In Latin America, fiscal 2021 volumes grew at low single digit rates compared with the prior period.  

Adjusted EBIT for fiscal 2021 of $1,427 million was 9% higher than the prior period on a comparable constant currency basis.  This includes 4% organic growth primarily reflecting higher volumes and outstanding margin management through the year.  The remaining growth reflects approximately $65 million of cost synergy benefits related to the Bemis acquisition.

Adjusted EBIT margin expanded by 90 basis points to 14.2% compared with the prior year. 

Full year net sales on a comparable constant currency basis were 8% higher than the prior year.  Overall volumes were 5% higher than the prior period with broad growth across North America and Latin America, and price/mix had a 3% favorable impact which includes pricing to recover cost inflation in Latin America. 

In North America, full year beverage volumes were 8% higher than the prior year with hot fill container volumes up 13%.  Growth was driven by rising consumer demand through the year which resulted in capacity shortages across the industry.  Demand was particularly strong in hot fill categories including sports drinks, ready to drink tea and juice reflecting higher consumption and new product innovation in categories where the preferred package format is the PET container.  Specialty container volumes were also higher than the prior year with good growth in the spirits, home and personal care categories, partly offset by lower healthcare volumes. 

In Latin America, full year volumes were 5% higher than the prior year with sequential improvement in each quarter.  Volumes grew in particular in Brazil and Argentina, partly offset by lower volumes in certain other markets in the region.

Adjusted EBIT for fiscal 2021 of $299 million was 8% higher than the prior year in comparable constant currency terms.  Positive mix across the business and higher volumes were partly offset by increased labor and transportation costs incurred in North America to service rapidly increasing volume ahead of installing additional capacity.

Net interest and income tax expense

Combined net interest and adjusted tax expense were broadly in line with last year. Net interest expense for the twelve months ended June 30, 2021 was $139 million compared with $185 million in the same period last year, with the decrease primarily driven by lower interest rates on floating rate debt.  Offsetting this, adjusted tax expense for the twelve months ended June 30, 2021 (adjusted to exclude amounts related to non-GAAP adjustments) was $313 million compared with $276 million in the same period last year.  Adjusted tax expense represents an effective tax rate of 21.1% in the current period (21.0% in the same period last year).

Free Cash Flow

Adjusted Free Cash Flow for fiscal 2021 was $1,099 million.  This is lower than the prior year as higher EBITDA growth was offset by the adverse impact from the timing of tax payments and a lower working capital benefit compared with fiscal 2020 when the business released more than $200 million of cash from working capital following the Bemis acquisition.  Working capital performance remained strong through fiscal 2021 with Amcor’s twelve month average working capital to sales ratio decreasing to 8%.

Balance sheet

Net debt was $5,439 million at June 30, 2021, and leverage, measured as net debt divided by adjusted trailing twelve month EBITDA was 2.7 times.

Fiscal 2022 guidance

Amcor’s guidance contemplates a range of factors, however the COVID-19 pandemic creates higher degrees of uncertainty and additional complexity when estimating future financial results.   For the twelve month period ending 30 June 2022, the Company expects:

• Adjusted EPS growth of approximately 7 to 11% on a comparable constant currency basis, or approximately 79.0 to 81.0 cents per share on a reported basis assuming current exchange rates prevail through fiscal 2022.
• Adjusted Free Cash Flow of approximately $1.1 to $1.2 billion.
• Approximately $400 million of cash to be allocated towards share repurchases.

While Amcor’s business is expected to continue demonstrating resilience given it plays an important role in the supply of essential consumer goods, the level of earnings and Free Cash Flow generated across the business could be impacted by COVID-19 related factors such as the extent and nature of any future operational disruptions across the supply chain, government imposed restrictions on consumer mobility and the pace of macroeconomic recovery in key global economies.  The ultimate magnitude and duration of the pandemic’s impact on the Company’s business remains uncertain at this time.

Conference Call

Amcor is hosting a conference call with investors and analysts to discuss these results on Tuesday August 17, 2021 at 5:30pm US Eastern Daylight Time / Wednesday August 18, 20217:30am Australian Eastern Standard Time. Investors are invited to listen to a live webcast of the conference call at our website, www.amcor.com, in the “Investors” section.

Those wishing to access the call should use the following toll-free numbers, with the Conference ID 1892522:

• US & Canada – 866 211 4133
• Australia – 1800 287 011
• United Kingdom – 0800 051 7107
• Singapore – 800 852 6506
• Hong Kong – 800 901 563

From all other countries, the call can be accessed by dialing +1 647 689 6614 (toll).

A replay of the webcast will also be available on www.amcor.com following the call.

About Amcor

Amcor is a global leader in developing and producing responsible packaging for food, beverage, pharmaceutical, medical, home and personal-care, and other products.  Amcor works with leading companies around the world to protect their products and the people who rely on them, differentiate brands, and improve supply chains through a range of flexible and rigid packaging, specialty cartons, closures, and services. The company is focused on making packaging that is increasingly light-weighted, recyclable and reusable, and made using an increasing amount of recycled content. Around 46,000 Amcor people generate $13 billion in annual sales from operations that span about 225 locations in 40-plus countries.  NYSE: AMCR; ASX: AMC 

www.amcor.com  I  LinkedIn  I  Facebook  I  Twitter  I  YouTube

Contact Information

 

Cautionary Statement Regarding Forward-Looking Statements

This document contains certain statements that are “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identified with words like “believe,” “expect,” “target,” “project,” “may,” “could,” “would,” “approximately,” “possible,” “will,” “should,” “intend,” “plan,” “anticipate,” “estimate,” “potential,” “outlook,” or “continue,” the negative of these words, other terms of similar meaning or the use of future dates. Such statements are based on the current expectations of the management of Amcor and are qualified by the inherent risks and uncertainties surrounding future expectations generally. Actual results could differ materially from those currently anticipated due to a number of risks and uncertainties. None of Amcor or any of its respective directors, executive officers or advisors provide any representation, assurance or guarantee that the occurrence of the events expressed or implied in any forward-looking statements will actually occur. Risks and uncertainties that could cause actual results to differ from expectations include, but are not limited to: changes in consumer demand patterns and customer requirements, the loss of key customers, a reduction in production requirements of key customers; significant competition in the industries and regions in which Amcor operates; failure by Amcor to expand its business; failure to successfully integrate acquisitions; challenges to or the loss of Amcor’s intellectual property rights; adverse impacts from the ongoing COVID-19 pandemic; challenging future global economic conditions; impact of operating internationally; price fluctuations or shortages in the availability of raw materials and other inputs; disruptions to production, supply and commercial risks; a failure in our information technology systems; an inability to attract and retain key personnel; costs and liabilities related to current and future environmental and health and safety laws and regulations; labor disputes; foreign exchange rate risk; an increase in interest rates; a significant increase in indebtedness; failure to hedge effectively against adverse fluctuations in interest rates and foreign exchange rates; significant write-down of goodwill and/or other intangible assets; need to maintain an effective system of internal control over financial reporting; inability of the Company’s insurance policies to provide adequate protections; increasing scrutiny and changing expectations with respect to Amcor Environmental, Social and Governance policies resulting in increased costs; litigation, including product liability claims; changing government regulations in environmental, health and safety matters; changes in tax laws or changes in our geographic mix of earnings; and the Company’s ability to develop and successfully introduce new products; and other risks and uncertainties identified from time to time in Amcor’s filings with the U.S. Securities and Exchange Commission (the “SEC”), including without limitation, those described under Item 1A. “Risk Factors” of Amcor’s annual report on Form 10-K for the fiscal year ended June 30, 2020 and any subsequent quarterly reports on Form 10-Q. You can obtain copies of Amcor’s filings with the SEC for free at the SEC’s website (www.sec.gov). Forward-looking statements included herein are made only as of the date hereof and Amcor does not undertake any obligation to update any forward-looking statements, or any other information in this communication, as a result of new information, future developments or otherwise, or to correct any inaccuracies or omissions in them which become apparent, except as expressly required by law. All forward-looking statements in this communication are qualified in their entirety by this cautionary statement.

Presentation of non-GAAP information

Included in this release are measures of financial performance that are not calculated in accordance with U.S. GAAP.  These measures include adjusted EBIT (calculated as earnings before interest and tax), adjusted net income, adjusted earnings per share, adjusted free cash flow and net debt.  In arriving at these non-GAAP measures, we exclude items that either have a non-recurring impact on the income statement or which, in the judgment of our management, are items that, either as a result of their nature or size, could, were they not singled out, potentially cause investors to extrapolate future performance from an improper base. While not all inclusive, examples of these items include:

• material restructuring programs, including associated costs such as employee severance, pension and related benefits, impairment of property, plant, and equipment and other assets, accelerated depreciation, termination payments for contracts and leases, contractual obligations and any other qualifying costs related to the restructuring plan;
• material sales and earnings from disposed or ceased operations and any associated profit or loss on sale of businesses or subsidiaries;
• consummated and identifiable divestitures agreed to with certain regulatory agencies as a condition of approval for Amcor’s acquisition of Bemis;
• impairments in goodwill and equity method investments;
• material acquisition compensation and transaction costs such as due diligence expenses, professional and legal fees and integration costs;
• material purchase accounting adjustments for inventory;
• amortization of acquired intangible assets from business combinations;
• payments or settlements related to legal claims; and
• impacts from hyperinflationary accounting

Amcor also evaluates performance on a comparable constant currency basis, which measures financial results assuming constant foreign currency exchange rates used for translation based on the average rates in effect for the comparable prior-year period. In order to compute comparable constant currency results, we multiply or divide, as appropriate, current-year U.S. dollar results by the current-year average foreign exchange rates and then multiply or divide, as appropriate, those amounts by the prior-year average foreign exchange rates. We then adjust for other items affecting comparability. While not all inclusive, examples of items affecting comparability include the difference between sales or earnings in the current period and the prior period related to acquired, disposed or ceased operations. Comparable constant currency net sales performance also excludes the impact from passing through movements in raw material costs. 

Management has used and uses these measures internally for planning, forecasting, and evaluating the performance of the Company’s reporting segments and certain of the measures are used as a component of Amcor’s board of directors’ measurement of Amcor’s performance for incentive compensation purposes. Amcor believes that these non-GAAP measures are useful to enable investors to perform comparisons of current and historical performance of the company. For each of these non-GAAP financial measures, a reconciliation to the most directly comparable U.S. GAAP financial measure has been provided herein. These non-GAAP financial measures should not be construed as an alternative to results determined in accordance with U.S. GAAP.  The Company provides guidance on a non-GAAP basis as we are unable to predict with reasonable certainty the ultimate outcome and timing of certain significant forward-looking items without unreasonable effort.  These items include but are not limited to the impact of foreign exchange translation, restructuring program costs, asset impairments, possible gains and losses on the sale of assets, and certain tax related events.  These items are uncertain, depend on various factors, and could have a material impact on U.S. GAAP earnings and cash flow measures for the guidance period.

Dividends

Amcor has received a waiver from the ASX’s settlement operating rules, which will allow the Company to defer processing conversions between its ordinary share and CDI registers from September 7,  2021 to September 8, 2021 inclusive.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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SOURCE Amcor

SEATTLE, Aug. 17, 2021 /PRNewswire/ — ClearSign Technologies Corporation (Nasdaq: CLIR) (“ClearSign” or the “Company”), an emerging leader in industrial combustion and sensing technologies that improve energy, operational efficiency and safety while dramatically reducing emissions, announces that on Wednesday, September 8, 2021 the Company will host a conference call at 5:00 PM ET. The Company will file its quarterly report on form 10-Q with the SEC in the coming days and will issue a summary of its financial and operating results for the quarter ending on June 30, 2021 in a press release on the day of the call. 

Investors interested in participating on the live call can dial 1-866-372-4653 within the U.S. or 1-412-902-4217 from abroad. Investors can also access the call online through a listen-only webcast at https://www.webcaster4.com/Webcast/Page/987/42573 or on the investor relations section of the Company’s website at http://ir.clearsign.com/overview.

The webcast will be archived on the Company’s investor relations website for at least 90 days and a telephonic playback of the conference call will be available by calling 1-877-344-7529 within the U.S. or 1-412-317-0088 from abroad. The conference ID is 10159749.The telephonic playback will be available for 7 days after the conference call.

About ClearSign Technologies Corporation

ClearSign Technologies Corporation designs and develops products and technologies for the purpose of improving key performance characteristics of industrial and commercial systems, including operational performance, energy efficiency, emission reduction, safety and overall cost-effectiveness. Our patented technologies, embedded in established OEM products as ClearSign Core™, and ClearSign Eye™ and other sensing configurations, enhance the performance of combustion systems and fuel safety systems in a broad range of markets, including the energy (upstream oil production and down-stream refining), commercial/industrial boiler, chemical, petrochemical, transport and power industries. For more information, please visit www.clearsign.com.

Cautionary note on forward-looking statements

All statements in this press release that are not based on historical fact are “forward-looking statements.” You can find many (but not all) of these statements by looking for words such as “approximates,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “would,” “should,” “could,” “may,” “will” or other similar expressions. While management has based any forward-looking statements included in this press release on its current expectations, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of risks, uncertainties and other factors, many of which are outside of our control, that could cause actual results to materially differ from such statements. Such risks, uncertainties and other factors include, but are not limited to, general business and economic conditions, the performance of management and our employees, the performance of our products, our ability to obtain financing, competition, whether our technology will be accepted and adopted and other factors identified in our Annual Report on Form 10-K filed with the Securities and Exchange Commission and available at www.sec.gov and other factors that are detailed in our periodic and current reports available for review at www.sec.gov. Furthermore, we operate in a competitive environment where new and unanticipated risks may arise. Accordingly, investors should not place any reliance on forward-looking statements as a prediction of actual results. We disclaim any intention to, and undertake no obligation to, update or revise forward-looking statements to reflect events or circumstances that subsequently occur or of which we hereafter become aware.

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SOURCE ClearSign Technologies Corporation

ATLANTA, Aug. 17, 2021 /PRNewswire/ — Interface, Inc. (Nasdaq: TILE), a worldwide commercial flooring company and global leader in sustainability, today announced that its Board of Directors has declared a regular quarterly cash dividend of $0.01 per share, payable September 17, 2021 to shareholders of record as of September 3, 2021.

About Interface

Interface, Inc. is a global flooring company specializing in carbon neutral carpet tile and resilient flooring, including luxury vinyl tile (LVT) and nora® rubber flooring. We help our customers create high-performance interior spaces that support well-being, productivity, and creativity, as well as the sustainability of the planet. Our mission, Climate Take Back™, invites you to join us as we commit to operating in a way that is restorative to the planet and creates a climate fit for life. 

Learn more about Interface at interface.com and blog.interface.com, our nora brand at nora.com, our FLOR® brand at FLOR.com, and our Carbon Neutral Floors™ program at interface.com/carbonneutral. Learn more about our carbon negative products at interface.com/carbonnegative. 

Follow us on Twitter, YouTube, Facebook, Pinterest, LinkedIn, Instagram, and Vimeo.

 

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SOURCE Interface, Inc.

SAN JOSE, Calif., Aug. 17, 2021 /PRNewswire/ — Arlo Technologies, Inc. (NYSE: ARLO), a leading internet-connected camera brand, today announced that it has appointed Catriona Fallon to Arlo’s Board of Directors and as Chair of Arlo’s Audit Committee. Ms. Fallon’s appointment fills a vacant Arlo board seat and brings the total number of board members to seven. 

“Catriona brings financial and technology experience that will be an immediate positive asset to Arlo,” said Matthew McRae, CEO of Arlo. “Catriona is a perfect fit to our Board, and she will be an invaluable member of the Arlo leadership team going forward, as we continue to develop new products and services that provide cutting edge home security. We are excited to welcome Catriona to Arlo and look forward to working with her to continue to bring our users peace of mind and technological innovation.”

Ms. Fallon is currently the Chief Financial Officer at Aktana, a software and services company utilizing artificial intelligence to optimize sales and marketing. Before joining Aktana, Ms. Fallon served as the Chief Financial Officer of several technology companies, including Hitachi Vantara – an approximately $3.5 billion subsidiary of Hitachi, Ltd. She also worked with Silver Spring Networks, where she helped execute the sale of the company to Itron; and Marin Software, a company providing online advertising technology. 

“Arlo designs and builds robust home security products, while at the same time holding the privacy of its customers in the highest regard,” said Fallon. “As the convergence between home security and artificial intelligence accelerates, new opportunities and challenges are emerging. Customers want the people and things they care about most to be protected and connected, but at the same time they rightfully demand that their personal information not be used as currency. I look forward to working with Arlo’s leadership team to transform the way our customers experience the connected lifestyle.”

Ms. Fallon is on the board of directors of General Fusion and Palomar Holdings, Inc. She previously served as a board member for Cray, Inc., the supercomputing company, which she helped sell to Hewlett-Packard Enterprise. Ms. Fallon has held leadership positions across a variety of technology companies. She has worked with Cognizant Technology Solutions and Hewlett-Packard, was an equity analyst with Citigroup, and has held roles with Piper Jaffray, McKinsey & Co., and Oracle. Ms. Fallon is former World Champion rower and member of the U.S. National & Olympic Rowing Team, and competed in the 1996 Olympic Games in Atlanta. She received a Bachelor of Arts degree in Economics from the University of California, Los Angeles, and an MBA from Harvard Business School.

About Arlo Technologies, Inc.
Arlo is the award-winning, industry leader that is transforming the way people experience the connected lifestyle. Arlo’s deep expertise in product design, wireless connectivity, cloud infrastructure and cutting-edge AI capabilities focuses on delivering a seamless, smart home experience for Arlo users that is easy to setup and interact with every day. The company’s cloud-based platform provides users with visibility, insight and a powerful means to help protect and connect in real-time with the people and things that matter most, from any location with a Wi-Fi or a cellular connection. To date, Arlo has launched several categories of award-winning smart connected devices, including wire-free smart Wi-Fi and LTE-enabled security cameras, audio and video doorbells, and a floodlight.

With a mission to bring users peace of mind, Arlo is as passionate about protecting user privacy as it is about safeguarding homes and families. Arlo is committed to supporting industry standards for data protection designed to keep users’ personal information private and in their control. Arlo does not monetize personal data. Arlo provides enhanced controls for user data, supports privacy legislation, keeps user data safely secure, and puts security at the forefront of company culture.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:
This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. The words “anticipate,” “expect,” “believe,” “will,” “may,” “should,” “estimate,” “project,” “outlook,” “forecast” or other similar words are used to identify such forward-looking statements. However, the absence of these words does not mean that the statements are not forward-looking. The forward-looking statements represent Arlo Technologies, Inc.’s expectations or beliefs concerning future events based on information available at the time. These statements are based on management’s current expectations and are subject to certain risks and uncertainties, including the following: future demand for the Company’s products may be lower than anticipated; consumers may choose not to adopt the Company’s new product offerings or adopt competing products; and product performance may be adversely affected by real world operating conditions. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. Further information on potential risk factors that could affect Arlo and its business are detailed in the Company’s periodic filings with the Securities and Exchange Commission, including, but not limited to, those risk factors described in the Company’s Annual Report on Form 10-K for the year ending December 31, 2020 and Quarterly Report on Form 10-Q for the fiscal quarter ended June 27, 2021. Given these circumstances, you should not place undue reliance on these forward-looking statements. Arlo undertakes no obligation to release publicly any revisions to any forward-looking statements contained herein to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

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SOURCE Arlo Technologies, Inc.

BLOOMFIELD HILLS, Mich., Aug. 17, 2021  /PRNewswire/ — Agree Realty Corporation (NYSE: ADC) (the “Company”) today announced that its Board of Directors has authorized, and the Company has declared, a monthly cash dividend of $0.217 per common share. The monthly dividend reflects an annualized dividend amount of $2.604 per common share, representing an 8.5% increase over the annualized dividend amount of $2.400 per common share from the third quarter of 2020. The dividend is payable September 14, 2021 to stockholders of record at the close of business on August 31, 2021.  

About Agree Realty Corporation

Agree Realty Corporation is a publicly traded real estate investment trust that is RETHINKING RETAIL through the acquisition and development of properties net leased to industry-leading, omni-channel retail tenants. As of June 30, 2021, the Company owned and operated a portfolio of 1,262 properties, located in 46 states and containing approximately 26.1 million square feet of gross leasable area. The Company’s common stock is listed on the New York Stock Exchange under the symbol “ADC”. For additional information on the Company and RETHINKING RETAIL, please visit www.agreerealty.com.

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SOURCE Agree Realty Corporation

SAN JOSE, Calif., Aug. 17, 2021 /PRNewswire/ — QuickLogic Corporation (NASDAQ: QUIK) (“QuickLogic” or the “Company”), a developer of ultra-low power multi-core voice enabled SoCs, embedded FPGA IP, and Endpoint AI solutions, today announced its financial results for the second quarter of fiscal 2021, ended July 4, 2021.

Recent Highlights

• Q2 fiscal 2021 revenue of $2.9 million represents the highest since Q1 of fiscal 2019
• Delivered new eFPGA IP license during the quarter
• Partnered with Microchip Technology, enabling SensiML tools to read sensor data from MPLAB X IDE and generate machine learning models
• Announced Global Distribution Agreement with Digi-Key Electronics to offer the Basic Edition of SensiML’s Analytics Toolkit worldwide
• Developed an AI-enabled Industrial IoT solution for predictive maintenance applications with aiSensing
• Launched ZETA-TinyML Development Kit with Zifisense to develop smart IoT applications for embedded AI  
• Presented at COSCUP x RubyConf Taiwan, demonstrating how easy it is to use open source tools  

Fiscal 2021 Second Quarter Financial Results

Total revenue for the second quarter of fiscal 2021 was $2.9 million, an increase of 29% compared with the first quarter of 2021, and an increase of 31% compared with the second quarter of 2020. New product revenue was approximately $1.3 million in the second quarter of 2021, an increase of 17% compared with the first quarter of 2021, and an increase of 54% compared with the second quarter of 2020. The increases were primarily due to higher revenue from our sensor processing and connectivity products. Mature product revenue was $1.6 million in the second quarter of 2021, up 39% compared with the first quarter of 2021, and up 18% compared with the second quarter of 2020.

Second quarter 2021 GAAP gross margin was 50.9%, compared with 51.1% in the first quarter of 2021, and 45.7% in the second quarter of 2020.

Second quarter 2021 non-GAAP gross margin was 51.5%, compared with 52.7% in the first quarter of 2021, and 47.1% in the second quarter of 2020.

Second quarter 2021 GAAP operating expenses were $3.4 million, compared with $3.8 million in the first quarter of 2021, and $3.9 million in the second quarter of 2020.

Second quarter 2021 non-GAAP operating expenses were $3.3 million, compared with $3.5 million in the first quarter of 2021, and $3.2 million in the second quarter of 2020.

Second quarter 2021 GAAP net loss was $2.1 million, or $0.18 per share, compared with a net loss of $1.7 million, or $0.15 per share, in first quarter of 2021, and a net loss of $3.0 million, or $0.35 per share, in the second quarter of 2020.

Second quarter 2021 non-GAAP net loss was $1.9 million, or $0.16 per share, compared with a net loss of $1.3 million, or $0.12 per share, in first quarter of 2021, and a net loss of $2.2 million, or $0.26 per share, in the second quarter of 2020.

                 

Conference Call

QuickLogic will hold a conference call at 2:30 p.m. Pacific Time / 5:30 p.m. Eastern Time today, August 17, 2021, to discuss its current financial results. The conference call will be webcast at QuickLogic’s IR Site Events Page at https://ir.quicklogic.com/ir-calendar. To join the live conference, you may dial (877) 407-0792 and international participants should dial (201) 689-8263 by 2:15 p.m. Pacific Time. No Passcode is needed to join the conference call. A recording of the call will be available starting approximately one hour after completion. To access the recording, please call (412) 317-6671 and reference the passcode 13722114. The call recording, which can be accessed by phone, will be archived until Tuesday, August 24, 2021, and the webcast will be available for 12 months on the Company’s website.

About QuickLogic

QuickLogic is a fabless semiconductor company that develops low power, multi-core semiconductor platforms and Intellectual Property (IP) for Artificial Intelligence (AI), voice and sensor processing. The solutions include an embedded FPGA IP (eFPGA) for hardware acceleration and pre-processing, and heterogeneous multi-core SoCs that integrate eFPGA with other processors and peripherals. The Analytics Toolkit from the Company’s wholly owned subsidiary, SensiML Corporation, completes the end-to-end solution with accurate sensor algorithms using AI technology. The full range of platforms, software tools and eFPGA IP enables the practical and efficient adoption of AI, voice and sensor processing across the multitude of mobile, wearable, hearable, consumer, industrial, edge and endpoint IoT applications. For more information, visit www.quicklogic.com and https://www.quicklogic.com/blog/.

QuickLogic uses its website (www.quicklogic.com), the company blog (https://www.quicklogic.com/blog/), corporate Twitter account (@QuickLogic_Corp), Facebook page (https://www.facebook.com/QuickLogic), and LinkedIn page (https://www.linkedin.com/company/13512/) as channels of distribution of information about its products, its planned financial and other announcements, its attendance at upcoming investor and industry conferences, and other matters. Such information may be deemed material information, and QuickLogic may use these channels to comply with its disclosure obligations under Regulation FD. Therefore, investors should monitor the Company’s website and its social media accounts in addition to following the Company’s press releases, SEC filings, public conference calls, and webcasts.

Non-GAAP Financial Measures

QuickLogic reports financial information in accordance with United States Generally Accepted Accounting Principles, or U.S. GAAP, but believes that non-GAAP financial measures are helpful in evaluating its operating results and comparing its performance to comparable companies. Accordingly, the Company excludes certain charges related to stock-based compensation, restructuring, the effect of the write-off of long-lived assets and the tax effect on other comprehensive income in calculating non-GAAP (i) income (loss) from operations, (ii) net income (loss), (iii) net income (loss) per share, and (iv) gross margin percentage. The Company provides this non-GAAP information to enable investors to evaluate its operating results in a manner similar to how the Company analyzes its operating results and to provide consistency and comparability with similar companies in the Company’s industry.

Management uses the non-GAAP measures, which exclude gains, losses and other charges that are considered by management to be outside of the Company’s core operating results, internally to evaluate its operating performance against results in prior periods and its operating plans and forecasts. In addition, the non-GAAP measures are used to plan for the Company’s future periods, and serve as a basis for the allocation of the Company’s resources, management of operations and the measurement of profit-dependent cash and equity compensation paid to employees and executive officers.

Investors should note, however, that the non-GAAP financial measures used by QuickLogic may not be the same non-GAAP financial measures, and may not be calculated in the same manner, as that of other companies. QuickLogic does not itself, nor does it suggest that investors should, consider such non-GAAP financial measures alone or as a substitute for financial information prepared in accordance with U.S. GAAP. A reconciliation of U.S. GAAP financial measures to non-GAAP financial measures is included in the financial statements portion of this press release. Investors are encouraged to review the related U.S. GAAP financial measures and the reconciliation of non-GAAP financial measures with their most directly comparable U.S. GAAP financial measures.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, expectations regarding our future business, and actual results may differ due to a variety of factors including: delays in the market acceptance of the Company’s new products; the ability to convert design opportunities into customer revenue; our ability to replace revenue from end-of-life products; the level and timing of customer design activity; the market acceptance of our customers’ products; the risk that new orders may not result in future revenue; our ability to introduce and produce new products based on advanced wafer technology on a timely basis; our ability to adequately market the low power, competitive pricing and short time-to-market of our new products; intense competition by competitors; our ability to hire and retain qualified personnel; our ability to capitalize on synergies with our newly acquired subsidiary SensiML Corporation; changes in product demand or supply; general economic conditions; political events, international trade disputes, natural disasters and other business interruptions that could disrupt supply or delivery of, or demand for, the Company’s products; the unpredictable and ongoing impact of the COVID-19 pandemic; and changes in tax rates and exposure to additional tax liabilities. These and other potential factors and uncertainties that could cause actual results to differ materially from the results contemplated or implied are described in more detail in the Company’s public reports filed with the Securities and Exchange Commission (the “SEC”), including the risks discussed in the “Risk Factors” section in the Company’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and in the Company’s prior press releases, which are available on the Company’s Investor Relations website at http://ir.quicklogic.com/, and on the SEC website at www.sec.gov. In addition, please note that the date of this press release is August 17, 2021, and any forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of this date. We undertake no obligation to update these statements as a result of new information or future events.

QuickLogic and logo are registered trademarks of QuickLogic. All other trademarks are the property of their respective holders and should be treated as such.

CODE: QUIK-E

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SOURCE QuickLogic Corporation