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SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in LifeMD, Inc. f/k/a Conversion Labs, Inc. of Class Action Lawsuit and Upcoming Deadline – LFMD

NEW YORK, May 26, 2021 (GLOBE NEWSWIRE) — Pomerantz LLP announces that a class action lawsuit has been filed against LifeMD, Inc. f/k/a Conversion Labs, Inc. (“LifeMD” or the “Company”) (NASDAQ: LFMD) and certain of its officers.   The class action, filed in the United States District Court for the Southern District of New York, and docketed under 21-cv-04004, is on behalf of a class consisting of all persons and entities other than Defendants who purchased or otherwise acquired LifeMD securities between January 19, 2021 and April 13, 2021, inclusive (the “Class Period”).  Plaintiff pursues claims against the Defendants under the Securities Exchange Act of 1934 (the “Exchange Act”).

If you are a shareholder who purchased LifeMD securities during the Class Period, you have until June 15, 2021 to ask the Court to appoint you as Lead Plaintiff for the class.  A copy of the Complaint can be obtained at www.pomerantzlaw.com.  To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased. 



[Click here for information about joining the class action]

LifeMD is a direct-to-patient telehealth company.  It offers a telemedicine platform that purports to help patients access licensed providers for diagnoses, virtual care, and prescription medications.

The complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business.  Specifically, Defendants made false and/or misleading statements and/or failed to disclose that:  (i) many of LifeMD’s executives were associated with Redwood Scientific Technologies, Inc. (“Redwood Scientific”) when it was charged for unlawful autoshipping, abusive telemarketing, and false claims, and that they employed similar practices at the Company; (ii) LifeMD engaged in autoshipping products to unwilling customers to record recurring revenue and the Company made it difficult to cancel such subscriptions; (iii) certain of the purportedly licensed physicians on the Company’s platform were not in fact licensed and faced disciplinary action; (iv) as a result of the foregoing practices, the Company was reasonably likely to face regulatory scrutiny and/or reputational harm; and (v) as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

On April 14, 2021, Culper Research (“Culper”) issued a report alleging that “LifeMD appears to use unlicensed doctors to dispense OTC medications, has implemented an autoshipping/autobilling scheme, failed to honor guarantees, and put in place abusive telemarketing practices.”  The report also alleged that several of the Company’s executives were involved in “wide ranging fraud” at Redwood Scientific, which was charged by the U.S. Federal Trade Commission for “unlawful autoshipping, abusive telemarketing, and false claims.”  Specifically, according to Culper, “many customers are effectively duped into purchasing subscriptions rather than one-time purchases” and LifeMD “makes cancellations difficult if not impossible.”

On this news, the Company’s share price fell $2.84, or 24%, to close at $9.00 per share on April 14, 2021, on unusually heavy trading volume.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.

CONTACT:

Robert S. Willoughby

Pomerantz LLP


[email protected]

888-476-6529 ext. 7980



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Aberdeen Standard Investments Inc. Announces Release Of U.S. Closed End Funds Monthly Factsheets

PR Newswire

PHILADELPHIA, May 26, 2021 /PRNewswire/ — Please see below for links to each of the Aberdeen Standard Investments U.S. closed-end monthly factsheets including performance and portfolio composition as of April 30, 2021. 

Equity Funds

Aberdeen Australia Equity Fund, Inc. (“IAF”) Factsheet 
Aberdeen Emerging Markets Equity Income Fund, Inc. (“AEF”) Factsheet 
Aberdeen Global Dynamic Dividend Fund (“AGD”) Factsheet 
Aberdeen Japan Equity Fund, Inc. (“JEQ”) Factsheet 
Aberdeen Standard Global Infrastructure Income Fund (“ASGI”) Factsheet 
Aberdeen Total Dynamic Dividend Fund (“AOD”) Factsheet 
The India Fund, Inc. (“IFN”) Factsheet

Fixed Income Funds

Aberdeen Asia-Pacific Income Fund, Inc. (“FAX”) Factsheet 
Aberdeen Global Income Fund, Inc. (“FCO”) Factsheet 
Aberdeen Income Credit Strategies Fund (“ACP”) Factsheet

Property Funds

Aberdeen Global Premier Properties Fund (“AWP”) Factsheet

Important Information
In the United States, Aberdeen Standard Investments is the marketing name for the following affiliated, registered investment advisers:  Aberdeen Standard Investments Inc., Aberdeen Asset Managers Ltd., Aberdeen Standard Investments Australia Ltd., Aberdeen Standard Investments (Asia) Ltd., Aberdeen Capital Management, LLC, Aberdeen Standard Investments ETFs Advisors LLC and Aberdeen Standard Alternative Funds Limited.

Closed-end funds are traded on the secondary market through one of the stock exchanges. The Fund’s investment return and principal value will fluctuate so that an investor’s shares may be worth more or less than the original cost. Shares of closed-end funds may trade above (a premium) or below (a discount) the net asset value (NAV) of the fund’s portfolio. There is no assurance that the Fund will achieve its investment objective. Past performance does not guarantee future results. 

If you wish to receive this information electronically, please contact: [email protected]

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/aberdeen-standard-investments-inc-announces-release-of-us-closed-end-funds-monthly-factsheets-301300295.html

SOURCE Aberdeen Standard Investments Inc.

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IIROC Trading Resumption – GQ

Canada NewsWire

VANCOUVER, BC, May 26, 2021 /CNW/ – Trading resumes in:

Company: Great Quest Fertilizer Ltd.

TSX-Venture Symbol: GQ

All Issues: No

Resumption (ET): 9:30 AM  5/27/2021

IIROC can make a decision to impose a temporary suspension (halt) of trading in a security of a publicly-listed company. Trading halts are implemented to ensure a fair and orderly market. IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada.

SOURCE Investment Industry Regulatory Organization of Canada (IIROC) – Halts/Resumptions

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Coming together to address the mental health pandemic

Chicago, May 26, 2021 (GLOBE NEWSWIRE) — COVID-19 has generated a mental health pandemic that is taking a heavy toll on frontline healthcare workers. The annual Naomi Ruth Cohen Institute for Mental Health Education’s (NRCI) June 13, Community Mental Health Conference, is focused this year on supporting those health professionals. Key topics for COVID-19: Stress and Grief during a Global Pandemic include wellness strategies to address the unprecedented rise in grief, uncertainty and anxiety.

The conference is an opportunity for mental health professionals, allied health care workers and community members to learn effective ways to cope with grief and manage stress. In addition, the panel will focus on effective ways to help diverse communities cope with stress and find a healthy path for post-COVID life.

This year’s conference will take place virtually in line with the prescribed safety guidelines.

The conference moderator is Michael M. Kocet, Ph.D., LMHC, NCC, ACS, who is Professor and Department Chair of the Counselor Education Department at The Chicago School of Professional Psychology in Chicago, Illinois.

This year’s conference is dedicated to Kate Mahoney, NRCI Executive Director (2017-2021) for her tireless efforts and commitment to the mental health field. Ms. Mahoney joined The Chicago School as the Executive Director of the Naomi Ruth Cohen Institute for Mental Health Education at The Chicago School (NRCI) in 2017. She passed away last February.

“Kate was passionately dedicated to reducing the stigma surrounding mental illness and provide support for individuals and families impacted by mental illness and suicide,” said Chicago Campus Dean Margie Martyn, Ph.D.

“I will always remember Kate as the most positive person, who truly believed in The Chicago School’s mission of education, innovation, and service to our community” added Dr. Martyn.

Featured presenters for the virtual conference include:

  • Serena Wadhwa, Psy.D., LCPC, CADC, RYT, CCTP is a psychotherapist and professor at Governors State University. Through her many roles as a consultant, trainer, yoga practitioner, etc. Dr. Wadhwa has developed a holistic approach to therapy.
  • Jillian Blueford, Ph.D., LPC, NCC, CT is a faculty member at The University of Denver and is the Chair of Grief Competencies Task Force for the American Counseling Association. Her clinical professional background includes working in a variety of settings such as a hospice bereavement center, a psychiatric behavioral hospital, and as an independent counselor for the Tennessee Department of Children Services.
  • David Fireman, MSW, LCSW is the Executive Director of the Center for Grief Recovery and Therapeutic Services in Rogers Park, Illinois. He also holds a psychotherapy practice grounded in self and depth psychologies.
  • Michael Catania, Community Member was hospitalized due to COVID where he forged a special relationship with one of the ER physicians who helped save his life. He later collaborated with that doctor to spread the word about COVID through social media with the goal of helping others.

About NRCI

The Naomi Ruth Cohen Institute is dedicated to eliminating the stigma associated with mental illness and to providing support to individuals and families impacted by mental health challenges by creating community. Housed at The Chicago School of Professional Psychology, NRCI offers mental health education, trainings, and presentations to the greater Chicagoland community, and support organizations engaged in mental illness research, education, self-help, anti-discrimination and advocacy



Victor Abalos
The Chicago School of Professional Psychology
(213)615-7270
[email protected]

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NVIDIA Announces Financial Results for First Quarter Fiscal 2022

  • Record revenue of $5.66 billion, up 84 percent from a year earlier
  • Record Gaming revenue of $2.76 billion, up 106 percent from a year earlier
  • Record Data Center revenue of $2.05 billion, up 79 percent from a year earlier

SANTA CLARA, Calif., May 26, 2021 (GLOBE NEWSWIRE) — NVIDIA (NASDAQ: NVDA) today reported record revenue for the first quarter ended May 2, 2021, of $5.66 billion, up 84 percent from a year earlier and up 13 percent from the previous quarter, with record revenue from the company’s Gaming, Data Center and Professional Visualization platforms.

GAAP earnings per diluted share for the quarter were a record $3.03, up 106 percent from a year ago and up 31 percent from the previous quarter. Non-GAAP earnings per diluted share were $3.66, up 103 percent from a year earlier and up 18 percent from the previous quarter.

“We had a fantastic quarter, with strong demand for our products driving record revenue,” said Jensen Huang, founder and CEO of NVIDIA.

“Our Data Center business continues to expand, as the world’s industries take up NVIDIA AI to process computer vision, conversational AI, natural language understanding and recommender systems. NVIDIA RTX has reinvented computer graphics and is driving upgrades across the gaming and design markets. Our partners are launching the largest-ever wave of NVIDIA-powered laptops. Across industries, the adoption of NVIDIA computing platforms is accelerating.

“Mellanox, one year in, has exceeded our expectations and transformed NVIDIA into a data-center-scale computing company. We continue to make headway with our planned acquisition of Arm, which will accelerate innovation and growth for the Arm ecosystem. From gaming, cloud computing, AI, robotics, self-driving cars, to genomics and computational biology, NVIDIA continues to do impactful work to invent a better future,” he said.

NVIDIA paid quarterly cash dividends of $99 million in the first quarter. It will pay its next quarterly cash dividend of $0.16 per share on July 1, 2021, to all shareholders of record on June 10, 2021.

On May 21, 2021, the company’s board of directors declared a four-for-one split of NVIDIA’s common stock payable in the form of a stock dividend, with the additional shares expected to be distributed on July 19, 2021. The stock dividend is conditioned on obtaining stockholder approval at the company’s 2021 Annual Meeting of Stockholders on June 3, 2021, to increase the number of authorized shares of common stock from 2 billion to 4 billion.

Q1 Fiscal 2022 Summary

GAAP

($ in millions, except earnings per share)
 		Q1 FY22 Q4 FY21 Q1 FY21 Q/Q Y/Y
Revenue $5,661 $5,003 $3,080 Up 13% Up 84%
Gross margin 64.1% 63.1% 65.1% Up 100 bps Down 100 bps
Operating expenses $1,673 $1,650 $1,028 Up 1% Up 63%
Operating income $1,956 $1,507 $976 Up 30% Up 100%
Net income $1,912 $1,457 $917 Up 31% Up 109%
Diluted earnings per share $3.03 $2.31 $1.47 Up 31% Up 106%

Non-GAAP

($ in millions, except earnings per share)
 		Q1 FY22 Q4 FY21 Q1 FY21 Q/Q Y/Y
Revenue $5,661 $5,003 $3,080 Up 13% Up 84%
Gross margin 66.2% 65.5% 65.8% Up 70 bps Up 40 bps
Operating expenses $1,189 $1,187 $821 — Up 45%
Operating income $2,557 $2,089 $1,205 Up 22% Up 112%
Net income $2,313 $1,957 $1,120 Up 18% Up 107%
Diluted earnings per share $3.66 $3.10 $1.80 Up 18% Up 103%

NVIDIA’s outlook for the second quarter of fiscal 2022 is as follows:

  • Revenue is expected to be $6.30 billion, plus or minus 2 percent.
  • GAAP and non-GAAP gross margins are expected to be 64.6 percent and 66.5 percent, respectively, plus or minus 50 basis points.
  • GAAP and non-GAAP operating expenses are expected to be approximately $1.76 billion and $1.26 billion, respectively.
  • GAAP and non-GAAP other income and expense are both expected to be an expense of approximately $50 million.
  • GAAP and non-GAAP tax rates are both expected to be 10 percent, plus or minus 1 percent, excluding any discrete items. GAAP discrete items include excess tax benefits or deficiencies related to stock-based compensation, which are expected to generate variability on a quarter-by-quarter basis.

Highlights

NVIDIA achieved progress since its previous earnings announcement in these areas:

Gaming

Data Center

  • First-quarter revenue was a record $2.05 billion, up 79 percent from a year earlier and up 8 percent from the previous quarter.
  • Hosted its largest-ever GPU Technology Conference, virtually, with more than 200,000 registrations from 195 countries, and an opening keynote with over 14 million views.
  • Unveiled NVIDIA Grace™, its first Arm-based data center CPU, designed for giant-scale AI and high performance computing, which will deliver 10x the performance of today’s fastest servers and power the world’s most powerful AI-capable supercomputer at the Swiss National Supercomputing Centre.
  • Collaborated with Amazon Web Services to deploy NVIDIA GPU inferencing through GPU-accelerated, AWS Graviton2-based Amazon EC2 instances, enabling GPU-accelerated games to run natively on AWS and allowing greater performance for Arm-based workloads.
  • Unveiled the NVIDIA® BlueField-3® DPU, the first data processing unit built for AI and accelerated computing, with support from VMware, Splunk, NetApp, Cloudflare and others.
  • Announced the new NVIDIA DGX SuperPOD™, the first cloud-native, multi-tenant supercomputer, with customers in conversational AI, drug discovery, autonomous vehicles and more.
  • Announced that its AI inference platform, expanded with NVIDIA A30 and A10 GPUs for mainstream servers, set records across every category in the latest release of the MLPerf benchmark for AI performance across a range of workloads.
  • Announced the
    NVIDIA AI Enterprise software suite for VMware vSphere, enabling scale-out, multi-node performance and compatibility for a range of applications and data science.
  • Introduced the NVIDIA Morpheus AI application framework to enable cybersecurity providers to instantly detect cyber breaches using AI and NVIDIA BlueField DPUs.
  • Announced availability of NVIDIA Jarvis, a framework for interactive conversational AI, and NVIDIA Maxine™, a framework for real-time video-based experiences.
  • Unveiled NVIDIA TAO, a framework for accelerating the creation of enterprise AI applications.
  • Expanded its work supporting drug development and discovery with NVIDIA Clara Discovery, announcing a partnership with Schrödinger to support the pharmaceutical industry with AI software to speed drug-discovery workflows.

Professional Visualization

  • First-quarter revenue was a record $372 million, up 21 percent both from a year earlier and the previous quarter.
  • Launched NVIDIA Omniverse™ Enterprise software for real-time 3D design and collaboration, with BMW Group, Foster + Partners and WPP as early customers.
  • Unveiled NVIDIA RTX™ GPUs for next-gen laptop and desktop workstations, including the NVIDIA RTX A4000 and A5000 for desktops and the A2000, A3000, A4000 and A5000 for laptops.
  • Revealed GANverse3D, an AI model for creating 3D object models from standard 2D images.

Automotive

CFO Commentary

Commentary on the quarter by Colette Kress, NVIDIA’s executive vice president and chief financial officer, is available at https://investor.nvidia.com/.

Conference Call and Webcast Information

NVIDIA will conduct a conference call with analysts and investors to discuss its first quarter financial results and current financial prospects today at 2 p.m. Pacific time (5 p.m. Eastern time). A live webcast (listen-only mode) of the conference call will be accessible at NVIDIA’s investor relations website, https://investor.nvidia.com. The webcast will be recorded and available for replay until NVIDIA’s conference call to discuss its financial results for its second quarter of fiscal 2022.

Non-GAAP Measures

To supplement NVIDIA’s condensed consolidated financial statements presented in accordance with GAAP, the company uses non-GAAP measures of certain components of financial performance. These non-GAAP measures include non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP income from operations, non-GAAP other income (expense), net, non-GAAP net income, non-GAAP net income, or earnings, per diluted share, and free cash flow. For NVIDIA’s investors to be better able to compare its current results with those of previous periods, the company has shown a reconciliation of GAAP to non-GAAP financial measures. These reconciliations adjust the related GAAP financial measures to exclude stock-based compensation expense, acquisition-related and other costs, IP-related costs, gains and losses from non-affiliated investments, mark to market adjustments of our publicly traded equity securities, interest expense related to amortization of debt discount, and the associated tax impact of these items, where applicable. Free cash flow is calculated as GAAP net cash provided by operating activities less both purchases of property and equipment and intangible assets and principal payments on property and equipment and intangible assets. NVIDIA believes the presentation of its non-GAAP financial measures enhances the user’s overall understanding of the company’s historical financial performance. The presentation of the company’s non-GAAP financial measures is not meant to be considered in isolation or as a substitute for the company’s financial results prepared in accordance with GAAP, and the company’s non-GAAP measures may be different from non-GAAP measures used by other companies.

About NVIDIA

NVIDIA’s (NASDAQ: NVDA) invention of the GPU in 1999 sparked the growth of the PC gaming market and has redefined modern computer graphics, high performance computing and artificial intelligence. The company’s pioneering work in accelerated computing and AI is reshaping trillion-dollar industries, such as transportation, healthcare and manufacturing, and fueling the growth of many others. More information at https://nvidianews.nvidia.com/.


For further information, contact:

Simona Jankowski   Robert Sherbin
Investor Relations   Corporate Communications
NVIDIA Corporation   NVIDIA Corporation
[email protected]   [email protected]

Certain statements in this press release including, but not limited to, statements as to: NVIDIA’s next quarterly cash dividend; the expected timing of our stock split; our stock split being conditioned on stockholder approval of our charter amendment; our data center business continuing to expand; the world’s industries taking up AI to process computer vision, conversational AI, natural language understanding, and recommender systems; NVIDIA RTX reinventing computer graphics and driving upgrades across the gaming and design markets; improving gamers’ access to GeForce GPUs by reducing the Ethereum hash rate on certain RTX graphics cards; our partners launching the largest-ever wave of NVIDIA-powered laptops; the acceleration of the adoption of NVIDIA computing platforms; NVIDIA’s financial outlook for the second quarter of fiscal 2022; NVIDIA’s expected tax rates for the second quarter of fiscal 2022; NVIDIA’s expectation to generate variability from excess tax benefits or deficiencies; expanding our footprint across the data center; our progress on the Arm acquisition, when it is expected to close and it creating new opportunities for the entire ecosystem; the benefits, performance and abilities of our products and technologies, including NVIDIA Grace, NVIDIA Clara Discovery and NVIDIA GeForce RTX 30 Series GPUs; the release and availability of certain of our products and technologies, including the NVIDIA BlueField-3 DPU, the DGX SuperPOD, a new class of NVIDIA-Certified Systems, NVIDIA AI Enterprise, the NVIDIA Morpheus AI application framework, the NVIDIA Jarvis framework, NVIDIA Maxine, NVIDIA TAO, NVIDIA Omniverse Enterprise and GANverse3D; collaborations with third parties, including Amazon and Schrödinger; our GPU series expansion; expanding our RTX 30 Series GPUs and their features; the games using NVIDIA Reflex and NVIDIA DLSS technology; GeForce NOW’s availability and the number of members that can access it; NVIDIA DRIVE powering a range of next-generation cars and self-driving trucks; expanding the NVIDIA DRIVE ecosystem; NVIDIA powering the Mercedes-Benz AI cockpit and the cars and timing for its debut; and NVIDIA’s pioneering work in accelerated computing and its impacts are forward-looking statements that are subject to risks and uncertainties that could cause results to be materially different than expectations. Important factors that could cause actual results to differ materially include: global economic conditions; our reliance on third parties to manufacture, assemble, package and test our products; the impact of technological development and competition; development of new products and technologies or enhancements to our existing product and technologies; market acceptance of our products or our partners’ products; design, manufacturing or software defects; changes in consumer preferences or demands; changes in industry standards and interfaces; unexpected loss of performance of our products or technologies when integrated into systems; as well as other factors detailed from time to time in the most recent reports NVIDIA files with the Securities and Exchange Commission, or SEC, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q. Copies of reports filed with the SEC are posted on the company’s website and are available from NVIDIA without charge. These forward-looking statements are not guarantees of future performance and speak only as of the date hereof, and, except as required by law, NVIDIA disclaims any obligation to update these forward-looking statements to reflect future events or circumstances.

© 2021 NVIDIA Corporation. All rights reserved. NVIDIA, the NVIDIA logo, NVIDIA DGX SuperPOD, NVIDIA DRIVE, NVIDIA DRIVE AGX, NVIDIA DRIVE Atlan, NVIDIA DRIVE Hyperion, NVIDIA DRIVE Orin, NVIDIA Grace, NVIDIA Omniverse, NVIDIA RTX, BlueField, GeForce, GeForce NOW, GeForce RTX and Maxine are trademarks and/or registered trademarks of NVIDIA Corporation in the U.S. and/or other countries. Other company and product names may be trademarks of the respective companies with which they are associated. Features, pricing, availability, and specifications are subject to change without notice.

 

NVIDIA CORPORATION
 CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In millions, except per share data)
(Unaudited)
           
           
      Three Months Ended
      May 2,   April 26,
        2021       2020  
           
Revenue $ 5,661     $ 3,080  
Cost of revenue   2,032       1,076  
Gross profit   3,629       2,004  
Operating expenses      
  Research and development   1,153       735  
  Sales, general and administrative   520       293  
    Total operating expenses   1,673       1,028  
Income from operations   1,956       976  
  Interest income   6       31  
  Interest expense   (53 )     (25 )
  Other, net   135       (1 )
    Other income (expense), net   88       5  
Income before income tax   2,044       981  
Income tax expense   132       64  
Net income $ 1,912     $ 917  
           
Net income per share:      
  Basic $ 3.08     $ 1.49  
  Diluted $ 3.03     $ 1.47  
           
Weighted average shares used in per share computation:    
  Basic   621       614  
  Diluted   632       622  
           

NVIDIA CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions)
(Unaudited)
             
             
        May 2,   January 31,
          2021       2021  
ASSETS        
             
Current assets:        
  Cash, cash equivalents and marketable securities   $ 12,667     $ 11,561  
  Accounts receivable, net     3,024       2,429  
  Inventories     1,992       1,826  
  Prepaid expenses and other current assets     444       239  
    Total current assets     18,127       16,055  
             
Property and equipment, net     2,268       2,149  
Operating lease assets     727       707  
Goodwill     4,193       4,193  
Intangible assets, net     2,613       2,737  
Deferred income tax assets     778       806  
Other assets     2,090       2,144  
    Total assets   $ 30,796     $ 28,791  
             
LIABILITIES AND SHAREHOLDERS’ EQUITY
             
Current liabilities:        
  Accounts payable   $ 1,218     $ 1,201  
  Accrued and other current liabilities     1,787       1,725  
  Short-term debt     999       999  
    Total current liabilities     4,004       3,925  
             
Long-term debt     5,964       5,964  
Long-term operating lease liabilities     640       634  
Other long-term liabilities     1,414       1,375  
    Total liabilities     12,022       11,898  
             
             
Shareholders’ equity     18,774       16,893  
    Total liabilities and shareholders’ equity   $ 30,796     $ 28,791  
             

NVIDIA CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
           
           
      Three Months Ended
      May 2,   April 26,
        2021       2020  
           
Cash flows from operating activities:      
Net income $ 1,912     $ 917  
Adjustments to reconcile net income to net cash      
provided by operating activities:      
  Stock-based compensation expense   429       224  
  Depreciation and amortization   281       107  
  Deferred income taxes   24       16  
  (Gains) losses on investments in non affiliates, net   (133 )     3  
  Other   (3 )     1  
Changes in operating assets and liabilities, net of acquisitions:      
  Accounts receivable   (595 )     (249 )
  Inventories   (159 )     (151 )
  Prepaid expenses and other assets   2       (8 )
  Accounts payable   70       71  
  Accrued and other current liabilities   (1 )     (32 )
  Other long-term liabilities   47       10  
Net cash provided by operating activities   1,874       909  
Cash flows from investing activities:      
  Proceeds from maturities of marketable securities   3,140       –  
  Proceeds from sales of marketable securities   358       1  
  Purchases of marketable securities   (4,470 )     (861 )
  Purchases related to property and equipment and intangible assets     (298 )     (155 )
  Investments and other, net   (2 )     (6 )
  Acquisitions, net of cash acquired   –       (34 )
Net cash used in investing activities   (1,272 )     (1,055 )
Cash flows from financing activities:      
  Proceeds related to employee stock plans   126       88  
  Payments related to tax on restricted stock units   (477 )     (222 )
  Dividends paid   (99 )     (98 )
  Principal payments on property and equipment   (19 )     –  
  Other   (2 )     (3 )
  Issuance of debt, net of issuance costs   –       4,979  
Net cash provided by (used in) financing activities   (471 )     4,744  
Change in cash and cash equivalents   131       4,598  
Cash and cash equivalents at beginning of period   847       10,896  
Cash and cash equivalents at end of period $ 978     $ 15,494  
           
  NVIDIA CORPORATION
  RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
  (In millions, except per share data)
  (Unaudited)
                   
        Three Months Ended  
        May 2,   January 31,   April 26,  
          2021       2021       2020    
                   
  GAAP gross profit $ 3,629     $ 3,157     $ 2,004    
    GAAP gross margin   64.1 %     63.1 %     65.1 %  
    Acquisition-related and other costs (A)   87       92       1    
    Stock-based compensation expense (B)   25       26       21    
    IP-related costs     5       1       –    
  Non-GAAP gross profit $ 3,746     $ 3,276     $ 2,026    
    Non-GAAP gross margin   66.2 %     65.5 %     65.8 %  
                   
  GAAP operating expenses $ 1,673     $ 1,650     $ 1,028    
    Stock-based compensation expense (B)   (404 )     (391 )     (203 )  
    Acquisition-related and other costs (A)   (80 )     (72 )     (4 )  
  Non-GAAP operating expenses $ 1,189     $ 1,187     $ 821    
                   
  GAAP income from operations $ 1,956     $ 1,507     $ 976    
    Total impact of non-GAAP adjustments to income from operations   601       582       229    
  Non-GAAP income from operations $ 2,557     $ 2,089     $ 1,205    
                   
  GAAP other income (expense), net $ 88     $ (37 )   $ 5    
    (Gains) losses from non-affiliated investments   (134 )     (9 )     3    
    Interest expense related to amortization of debt discount   1       1       1    
  Non-GAAP other income (expense), net $ (45 )   $ (45 )   $ 9    
                   
  GAAP net income   $ 1,912     $ 1,457     $ 917    
    Total pre-tax impact of non-GAAP adjustments   468       574       232    
    Income tax impact of non-GAAP adjustments (C)   (67 )     (74 )     (29 )  
  Non-GAAP net income $ 2,313     $ 1,957     $ 1,120    
                   
  Diluted net income per share            
    GAAP   $ 3.03     $ 2.31     $ 1.47    
    Non-GAAP   $ 3.66     $ 3.10     $ 1.80    
                   
  Weighted average shares used in diluted net income per share computation   632       631       622    
                   
  GAAP net cash provided by operating activities $ 1,874     $ 2,067     $ 909    
    Purchases related to property and equipment and intangible assets   (298 )     (283 )     (155 )  
    Principal payments on property and equipment   (19 )     (17 )     –    
  Free cash flow   $ 1,557     $ 1,767     $ 754    
                   
   
                   
  (A) Acquisition-related and other costs primarily include amortization of intangible assets, transaction costs, and certain compensation charges presented as follows:
        Three Months Ended  
        May 2,   January 31,   April 26,  
          2021       2021       2020    
    Cost of revenue $ 87     $ 92     $ 1    
    Research and development $ 1     $ 2     $ 2    
    Sales, general and administrative $ 79     $ 70     $ 2    
                   
  (B) Stock-based compensation consists of the following:    
        Three Months Ended  
        May 2,   January 31,   April 26,  
          2021       2021       2020    
    Cost of revenue $ 25     $ 26     $ 21    
    Research and development $ 276     $ 266     $ 134    
    Sales, general and administrative $ 128     $ 125     $ 69    
                   
  (C) Income tax impact of non-GAAP adjustments, including the recognition of excess tax benefits or deficiencies related to stock-based compensation under GAAP accounting standard (ASU 2016-09).
 
                   

NVIDIA CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP OUTLOOK
     
 
    Q2 FY2022 Outlook
    ($ in millions)
     
GAAP gross margin   64.6 %
  Impact of stock-based compensation expense, acquisition-related costs, and other costs   1.9 %
Non-GAAP gross margin   66.5 %
     
GAAP operating expenses $ 1,760  
  Stock-based compensation expense, acquisition-related costs, and other costs   (500 )
Non-GAAP operating expenses $ 1,260  
     

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b223f560-684a-4e92-a9e8-66af48f1c799



Posted on

Graphic Packaging Holding Company Declares Quarterly Dividend

PR Newswire

ATLANTA, May 26, 2021 /PRNewswire/ — Graphic Packaging Holding Company (NYSE: GPK), announced today that its Board of Directors declared a quarterly dividend of $0.075 per share of common stock to stockholders of record at the close of business on June 15, 2021.  The dividend is payable on July 5, 2021.

About Graphic Packaging Holding Company
Graphic Packaging Holding Company (NYSE: GPK), headquartered in Atlanta, Georgia, is committed to providing consumer packaging that makes a world of difference. The Company is a leading provider of sustainable fiber-based packaging solutions for a wide variety of products to food, beverage, foodservice, and other consumer products companies. The Company operates on a global basis, is one of the largest producers of folding cartons and paper-based foodservice products in the United States, and holds leading market positions in coated recycled paperboard, coated unbleached kraft paperboard and solid bleached sulfate paperboard. The Company’s customers include many of the world’s most widely-recognized companies and brands. Additional information about Graphic Packaging, its business and its products is available on the Company’s web site at www.graphicpkg.com.

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/graphic-packaging-holding-company-declares-quarterly-dividend-301300306.html

SOURCE Graphic Packaging Holding Company

Posted on

Forbes Ranks Tractor Supply a Top Employer for New Graduates for Second Year in a Row

Forbes Ranks Tractor Supply a Top Employer for New Graduates for Second Year in a Row

BRENTWOOD, Tenn.–(BUSINESS WIRE)–
Tractor Supply Company(NASDAQ: TSCO), the largest rural lifestyle retailer in the United States, today announced that it has been included on Forbes’ 2021 “America’s Best Employers for New Graduates” list for the second year in a row.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210526006094/en/

Tractor Supply Team Members at its Store Support Center in Brentwood, TN (Photo: Business Wire)

Tractor Supply Team Members at its Store Support Center in Brentwood, TN (Photo: Business Wire)

“Tractor Supply strives to be a place where all Team Members feel welcomed, can contribute and find success,” said Melissa Kersey, Tractor Supply’s Executive Vice President, Chief Human Resources Officer. “We know that our young professionals, especially, seek ample training, social connection and meaningful work that allows them to grow and develop both personally and professionally. We are thrilled to be recognized by Forbes for the second year in a row for our efforts to make Tractor Supply a great place for new graduates to work. With our Mission and Values at the forefront, we will continue to prioritize ways to support and engage all Team Members and advance our culture.”

Tractor Supply offers a wide range of programs and development opportunities across all stages of its Team Members’ careers.

Summer Internship Program: Since 2015, Tractor Supply has offered a summer internship program at the Company’s Store Support Center (HQ), giving college and recently graduated students the opportunity to gain work experience in their field of study. The internship program has continued throughout the COVID-19 pandemic with the 2020 and 2021 classes working remotely.

Graduate Development Program: The Company also offers Graduate Development Programs where new graduates can enter a 12-week rotational program to gain a holistic understanding of the relationship between key retail functions such as buying, marketing, pricing, supply chain and more. Both the internship program and graduate development programs have served as a pipeline for full-time positions.

Team Member Engagement Groups: Last year the Company launched a Young Professionals resource group focused on development, social and service opportunities for anyone identifying as earlier in their career. This Team Member Engagement Group is in addition to five other resource groups: African Americans on the R.I.S.E., Fuerte Juntos Hispanic Group, LGTBQ+ You Belong OUT Here, Veterans Group and Women Out Here. The resource groups, governed by the Diversity, Equity and Inclusion Council chaired by the Company’s President and CEO Hal Lawton, create communities for those within the targeted demographic and their allies to help make sure Tractor Supply is meeting the needs of all Team Members.

Continuing Education and Professional Development: Tractor Supply offers dozens of continuing education courses and leadership development opportunities. The Company also offers tuition reimbursement for approved degree programs.

The list for the “America’s Best Employers for New Graduates 2021” was conducted through an independent survey by Statista. They surveyed over 20,000 Americans with less than 10 years of professional experience working for businesses with at least 1,000 employees. All the surveys were anonymous, allowing participants to openly share their opinions. The respondents were asked to rate their employers on a variety of criteria, including safety of work environment, competitiveness of compensation, opportunities for advancement, effectiveness of diversity and inclusion efforts and company image. They then asked respondents how likely they would be to recommend their employer to others, and to nominate organizations outside of their own.

To learn more about a career at Tractor Supply, visit TractorSupply.jobs.

About Tractor Supply Company

Tractor Supply Company (NASDAQ: TSCO), the largest rural lifestyle retailer in the United States, has been passionate about serving its unique niche, as a one-stop shop for recreational farmers, ranchers and all those who enjoy living the rural lifestyle, for more than 80 years. Tractor Supply offers an extensive mix of products necessary to care for home, land, pets and animals with a focus on product localization, exclusive brands and legendary customer service that addresses the needs of the Out Here lifestyle. With more than 42,000 Team Members, the Company leverages its physical store assets with digital capabilities to offer customers the convenience of purchasing products they need anytime, anywhere and any way they choose at the everyday low prices they deserve. At March 27, 2021, the Company operated 1,944 Tractor Supply stores in 49 states and an e-commerce website at www.TractorSupply.com.

Tractor Supply Company also owns and operates Petsense, a small-box pet specialty supply retailer focused on meeting the needs of pet owners, primarily in small and mid-size communities, and offering a variety of pet products and services. At March 27, 2021, the Company operated 177 Petsense stores in 23 states. For more information on Petsense, visit www.Petsense.com.

Mary Winn Pilkington (615) 440-4212

KEYWORDS: Tennessee United States North America

INDUSTRY KEYWORDS: Professional Services Training Specialty Consumer Agriculture Continuing Natural Resources Teens Education Retail Human Resources Pets

MEDIA:

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Tractor Supply Team Members at its Store Support Center in Brentwood, TN (Photo: Business Wire)
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Paratek Pharmaceuticals to Present at Jefferies Virtual Healthcare Conference

BOSTON, May 26, 2021 (GLOBE NEWSWIRE) — Paratek Pharmaceuticals, Inc. (Nasdaq: PRTK), a commercial-stage biopharmaceutical company focused on the development and commercialization of novel life-saving therapies for life-threatening diseases or other public health threats for civilian, government and military use, today announced that the Company will present at the Jefferies Virtual Healthcare Conference which will be broadcast on Wednesday, June 2, 2021 at 9:00 a.m. ET.

To access the live webcast of Paratek’s presentation, please visit https://wsw.com/webcast/jeff174/prtk/1878903.

Please connect to the web site at least 15 minutes prior to the live presentation to ensure adequate time for any software downloads that may be necessary to listen to the webcast. A replay of the webcast can be accessed for up to 90 days following the live presentation.

About Paratek Pharmaceuticals, Inc.

Paratek Pharmaceuticals, Inc. is a commercial-stage biopharmaceutical company focused on the development and commercialization of novel life-saving therapies for life-threatening diseases or other public health threats for civilian, government and military use.

The Company’s lead commercial product, NUZYRA® (omadacycline), is a once-daily oral and intravenous antibiotic available in the U.S. for the treatment of adults with community-acquired bacterial pneumonia and acute bacterial skin and skin structure infections. Paratek has a collaboration agreement with Zai Lab for the development and commercialization of omadacycline in the greater China region and retains all remaining global rights.

Paratek exclusively licensed U.S. rights and rights to the greater China territory for SEYSARA® (sarecycline), a once-daily oral therapy for the treatment of moderate to severe acne vulgaris, to Almirall, LLC (Almirall). Paratek retains the development and commercialization rights for sarecycline in the rest of the world.

In 2019, Paratek was awarded a contract from BARDA, valued at ~$285 million, to support the development and U.S.-based manufacturing of NUZYRA for the treatment of pulmonary anthrax.

For more information, visit www.ParatekPharma.com or follow @ParatekPharma on Twitter.

Forward Looking Statements 
This press release contains forward-looking statements including statements related to our overall strategy, products, prospects and potential.  All statements, other than statements of historical facts, included in this press release are forward-looking statements, and are identified by words such as “advancing,” “expect,” “look forward,” “anticipate,” “continue,” and other words and terms of similar meaning. These forward-looking statements are based upon our current expectations and involve substantial risks and uncertainties.  We may not actually achieve the plans, carry out the intentions or meet the expectations or projections disclosed in our forward-looking statements and you should not place undue reliance on these forward-looking statements.  Our actual results and the timing of events could differ materially from those included in such forward-looking statements as a result of these risks and uncertainties.  These and other risk factors are discussed under “Risk Factors” and elsewhere in our Annual Report on Form 10-K for the year ended December 31, 2020 and our other filings with the Securities and Exchange Commission.  We expressly disclaim any obligation or undertaking to update or revise any forward-looking statements contained herein.

CONTACT:

Investor and Media Relations:     
Ben Strain     
617-807-6688     
[email protected]     



Posted on

Universal Corporation Reports Annual Results

PR Newswire

RICHMOND, Va., May 26, 2021 /PRNewswire/ — George C. Freeman, III, Chairman, President, and Chief Executive Officer of Universal Corporation (NYSE:UVV), stated, “I am pleased to report that our net income and diluted earnings per share, and our non-GAAP adjusted operating income for fiscal year 2021, are all up over 20% compared to fiscal year 2020. Strong leaf tobacco shipments in the second half of fiscal year 2021, the addition of our plant-based ingredients acquisitions, and favorable foreign currency comparisons all contributed to this improvement in our results. I am especially proud that we were able to deliver these results in the midst of the COVID-19 pandemic, and would like to thank our employees, growers, customers, and other partners for their support, adaptability, and hard work that made this a successful year.

“Leaf tobacco shipments, which started slowly in fiscal year 2021, accelerated in the second half of the fiscal year. We ended the year with leaf tobacco volumes that were just slightly below those in fiscal year 2020, in part due to some tobacco shipments that were delayed and will ship in fiscal year 2022. Despite global challenges including increased safety protocols, work-from-home mandates, and travel restrictions that necessitated adjustment to how we conduct our leaf tobacco business, we successfully delivered the leaf tobacco desired by our customers.

“We also delivered on our capital allocation strategy objective to build and enhance our plant-based ingredients platform through the acquisition of Silva International in the third quarter of fiscal year 2021. We are excited about the prospects for our plant-based ingredients platform and continue to progress on our integration process. In the fourth quarter of fiscal year 2021, our Ingredients Operations segment performed well against its objectives in both the human and pet food categories.

“In the quarter and year ended March 31, 2021, we benefited from positive net foreign currency comparisons, mostly non-cash currency remeasurement, of $21 million and $26 million, respectively, compared to the same periods in fiscal year 2020. Certain currencies weakened significantly in the fourth quarter of fiscal year 2020, largely due to uncertain market conditions related to the burgeoning COVID-19 pandemic. We ended our fiscal year 2021 with a strong balance sheet and uncommitted leaf tobacco inventory levels just over our target range, at 22%. In addition to our investments in growth opportunities, we are also pleased to have announced our 51st annual dividend increase today, continuing our commitment to delivering shareholder value.

“As we move into fiscal year 2022, we currently expect global supply for flue-cured leaf tobacco to be in line with anticipated demand and for burley leaf tobacco to be in a slight undersupply position. We are continuing to monitor freight costs as the COVID-19 pandemic disrupted shipping patterns, which has resulted in cost increases due to limited container availability.

“We published our second annual Sustainability Report in fiscal year 2021 on our website. The report showcases our strong commitment to our sustainability programs and initiatives which stems from our belief that sustainability is a key component of our past and future success. In fiscal year 2022, we will continue to deliver on our fundamental responsibility to our stakeholders to set high standards of social and environmental performance to support a sustainable supply chain.”

 


FINANCIAL HIGHLIGHTS

Fiscal Year Ended March 31,

Change


(in millions of dollars, except per share data)

2021

2020

$

%


Consolidated Results

Sales and other operating revenue

$

1,983.4

$

1,910.0

$

73.4

4

%

Cost of goods sold

1,597.4

1,553.2

44.2

3

%

Gross Profit Margin

19.5

%

18.7

%

—

80 bps

Selling, general and administrative expenses

219.8

222.9

(3.1)

(1)

%

Restructuring and impairment costs

22.6

7.5

15.0

199

%

Operating income (as reported)

147.8

126.4

21.4

17

%

Adjusted operating income (non-GAAP)*

172.9

141.3

31.7

22

%

Diluted earnings per share (as reported)

3.53

2.86

0.67

24

%

Adjusted diluted earnings per share (non-GAAP)*

4.25

3.49

0.76

22

%


Segment Results

Tobacco operations sales and other operating revenues

$

1,841.8

$

1,887.1

$

(45.2)

(2)

%

Tobacco operations operating income

168.8

146.6

22.2

15

%

Ingredients operations sales and other operating revenues

141.5

22.9

118.6

518

%

Ingredient operations operating income

0.4

(8.5)

8.9

(104)

%

*See Reconciliation of Certain Non-GAAP Financial Measures in Other Items below

 

Net income for the fiscal year ended March 31, 2021, was $87.4 million, or $3.53 per diluted share, compared with $71.7 million, or $2.86 per diluted share, for the fiscal year ended March 31, 2020. Excluding restructuring and impairment costs and certain other non-recurring items, detailed in Other Items below, net income and diluted earnings per share increased by $17.6 million and $0.76, respectively, for fiscal year 2021, compared to fiscal year 2020. Operating income of $147.8 million for the year ended March 31, 2021, increased by $21.4 million, compared to operating income of $126.4 million for the year ended March 31, 2020. Adjusted operating income, detailed in Other Items below, of $172.9 million increased by $31.7 million for fiscal year 2021, compared to adjusted operating income of $141.3 million for fiscal year 2020.

Net income for the quarter ended March 31, 2021, was $39.4 million, or $1.58 per diluted share, compared with net income of $15.6 million, or $0.63 per diluted share, for the quarter ended March 31, 2020. Excluding restructuring and impairment costs and certain other non-recurring items, detailed in Other Items below, net income and diluted earnings per share increased by $14.3 million and $0.57, respectively, for the quarter ended March 31, 2021, compared to the quarter ended March 31, 2020. Operating income for the fourth quarter of fiscal year 2021 increased by $31.2 million to $62.7 million compared to $31.5 million for the three months ended March 31, 2020.

Consolidated revenues increased by $73.4 million to $2.0 billion for the year ended March 31, 2021, and decreased by $14.5 million to $617.6 million for the three months ended March 31, 2021, compared to the same periods in fiscal year 2020, on the addition of businesses acquired in calendar year 2020 in the Ingredients Operations segment, offset in part by lower comparative leaf tobacco shipment volumes.

TOBACCO OPERATIONS

Operating income for the Tobacco Operations segment increased by $22.2 million to $168.8 million for the fiscal year and by $16.1 million to $61.2 million for the quarter ended March 31, 2021, compared with the same periods for fiscal year 2020. Favorable foreign currency remeasurement comparisons and strong tobacco shipment volumes benefited Tobacco Operations segment results for both the quarter and year ended March 31, 2021. Tobacco shipment volumes for fiscal year 2021, which were heavily weighted to the second half of the fiscal year, ended up just slightly below tobacco shipment volumes for fiscal year 2020.

In fiscal year 2021, compared to fiscal year 2020, sales volumes were up in Brazil and the United States on higher sales of carryover crop tobacco, while volumes decreased in Africa in part on weather reduced crop sizes as well as some delayed shipments that will occur in fiscal year 2022. Selling, general, and administrative costs for the segment were lower for fiscal year 2021, compared to fiscal year 2020, largely on favorable net foreign currency remeasurement comparisons, mainly in Indonesia and Brazil. A favorable product mix and continued strong wrapper demand also benefited Tobacco Operations results in fiscal year 2021. Revenues for the Tobacco Operations segment of $1.8 billion for fiscal year 2021 were down $45.2 million, compared to fiscal year 2020, on slightly lower leaf tobacco shipment volumes and sales prices.

In the quarter ended March 31, 2021, results for the Tobacco Operations segment were up largely on favorable currency remeasurement comparisons, mainly in Indonesia, Brazil, Mozambique, and Mexico compared to the quarter ended March 31, 2020, when certain currencies drastically weakened mainly due to market uncertainties caused by the COVID-19 pandemic. Leaf tobacco shipments were modestly lower in the quarter ended March 31, 2021, compared to the same quarter in the prior fiscal year, largely due to reduced African volumes, including some volumes that will ship in fiscal year 2022. An improved product mix and continued strong wrapper demand benefited Tobacco Operations segment results in the fourth quarter of fiscal year 2021, compared to the fourth quarter of fiscal year 2020. Revenues for the Tobacco Operations segment of $563.0 million for the quarter ended March 31, 2021, were down $49.2 million, compared to the same period in the prior fiscal year, on lower tobacco shipment volumes.

INGREDIENTS OPERATIONS

As part of our capital allocation strategy to build and enhance our plant-based ingredients platform, we acquired two companies, FruitSmart on January 1, 2020, and Silva on October 1, 2020. We also made the strategic decision to wind down our Carolina Innovative Food Ingredients business in the quarter ended December 31, 2020.

Operating income for the Ingredients Operations segment was $0.4 million and $5.1 million, respectively, for the fiscal year and quarter ended March 31, 2021, compared to an operating loss of $8.5 million and $4.1 million, respectively, for the fiscal year and quarter ended March 31, 2020. Results for the segment included costs from amortization of intangibles related to the acquisitions, which totaled $6.4 million and $2.4 million, respectively, in the fiscal year and quarter ended March 31, 2021, as well as purchase accounting adjustments of $2.8 million in year ended March 31, 2021, and $2.7 million in the year and quarter ended March 31, 2020, that also reduced our results for the segment. Our Ingredients Operations saw some changes in product mix during fiscal year 2021 due to changes in customer demand resulting from the ongoing COVID-19 pandemic. While demand for ingredients used in products for restaurants and social venues declined, we saw demand increase for ingredients used in grocery items and pet foods. In the fourth quarter of fiscal year 2021, we began to see demand for our products recover from certain sectors, such as food service, which were negatively impacted by COVID-19. Selling, general, and administrative expenses increased in the fiscal year and quarter ended March 31, 2021, on the addition of the acquired businesses. Revenues for the Ingredients Operations segment of $141.5 million for the fiscal year and $54.6 million for the quarter ended March 31, 2021, were up $118.6 million and $34.7 million, respectively, compared to the same periods in the prior fiscal year, on the addition of the revenues for the acquired businesses.

COVID-19 PANDEMIC IMPACT

On March 11, 2020, the World Health Organization declared the coronavirus (“COVID-19”) a pandemic. Foreign governmental organizations and governmental organizations in the United States have taken various actions to combat the spread of COVID-19, including imposing stay-at-home orders and closing “non-essential” businesses and their operations. We continue to closely monitor developments related to the ongoing COVID-19 pandemic and have taken and continue to take steps intended to mitigate the potential risks to us. It is paramount that our employees who operate our businesses are safe and informed. We have assessed and regularly update our existing business continuity plans for our business in the context of this pandemic. For example, we have taken precautions with regard to employee and facility hygiene, imposed travel limitations on our employees, implemented work-from-home procedures, and we continue to assess and reevaluate protocols designed to protect our employees, customers and the public.

We continue to work with our suppliers to mitigate the impacts to our supply chain due to the ongoing pandemic. To date, we have not experienced a material impact to our supply chain, although the ongoing COVID-19 pandemic resulted in delays in certain operations during fiscal year 2021. In addition, our plant-based ingredients platform has seen some shifts in product mix due to the ongoing COVID-19 pandemic related to changes in customer demand. Since March 2020, we have at times also experienced increased volatility in foreign currency exchange rates, which we believe is in part related to the continued uncertainties from COVID-19, as well as actions taken by governments and central banks in response to COVID-19.

We continue to monitor the impacts of the ongoing COVID-19 pandemic. We believe we currently have sufficient liquidity to meet our current obligations and our business operations remain fundamentally unchanged other than shipping delays, which could continue to impact quarterly comparisons. This is, however, a rapidly evolving situation, and we cannot predict the extent, resurgence, or duration of the ongoing COVID-19 pandemic, the effects of it on the global, national or local economy, including the impacts on our ability to access capital, or its effects on our business, financial position, results of operations, and cash flows. We continue to monitor developments affecting our employees, customers and operations. We will take additional steps and reevaluate current protocols to address the spread of COVID-19 and its impacts, as necessary, and remain thankful for the hard work of our employees and the continued support of our customers, growers, and other partners during these challenging times.

OTHER ITEMS

Cost of goods sold in the fiscal year and quarter ended March 31, 2021, increased by 3% to $1.6 billion and declined by 6% to $493.6 million, respectively, both compared with the same periods in the prior fiscal year, as a result of variances in tobacco shipment volumes and green tobacco prices as well as the acquisition of businesses in the Ingredients Operations segment. Selling, general, and administrative costs for the fiscal year and quarter ended March 31, 2021, decreased by $3.1 million to $219.8 million and by $11.4 million to $58.6 million, respectively, compared to the same periods in the prior fiscal year, as positive comparisons on foreign currency remeasurement and exchange variances more than offset additional costs from the business acquisitions in the Ingredients Operations segment. The positive foreign currency remeasurement and exchange variances, primarily in Indonesia, Brazil, Mozambique, and Mexico, totaled approximately $26 million and $21 million in the fiscal year and quarter ended March 31, 2021, respectively.

For the fiscal year and quarter ended March 31, 2021, our consolidated effective tax rates were 23% and 29%, respectively. For the fiscal year ended March 31, 2021, income tax expense included a $4.4 million benefit for final tax regulations regarding the treatment of dividends paid by foreign subsidiaries and a $3.4 million benefit due to amending and finalizing prior year returns. Without these benefits, the consolidated effective tax rate for the fiscal year ended March 31, 2021, would have been approximately 30%.

Our consolidated effective tax rates for the fiscal year and quarter ended March 31, 2020, were approximately 34% and 31%, respectively. Income tax expense for the fiscal year ended March 31, 2020 included a $2.8 million net tax accrual for an unresolved tax matter at a foreign subsidiary and a $1.5 million benefit due to amending and finalizing prior year returns. Without the effect of these items, the consolidated effective tax rate for the fiscal year ended March 31, 2020, would have been approximately 30%.

Reconciliation of Certain Non-GAAP Financial Measures

The following tables set forth certain non-recurring items included in reported results to reconcile adjusted operating income to consolidated operating income and adjusted net income to net income attributable to Universal Corporation:


Adjusted Operating Income Reconciliation

Fiscal Year Ended March 31,

(in thousands)

2021

2020

As Reported: Consolidated operating income

$

147,810

$

126,367

Purchase accounting adjustments(1)

2,800

2,700

Transaction costs for acquisitions(2)

3,915

4,668

Fair value adjustment to contingent consideration for FruitSmart acquisition(3)

(4,173)

Restructuring and impairment costs(4)

22,577

7,543

Adjusted operating income

$

172,929

$

141,278


Adjusted Net Income and Diluted Earnings Per Share Reconciliation

(in thousands except for per share amounts)

Fiscal Year Ended March 31,

(all amounts reported net of income taxes)

2021

2020

As Reported: Net income attributable to Universal Corporation

$

87,410

$

71,680

Purchase accounting adjustments(1)

2,800

2,133

Transaction costs for acquisitions(2)

3,915

4,668

Fair value adjustment to contingent consideration for FruitSmart acquisition(3)

(4,173)

—

Restructuring and impairment costs(4)

17,800

6,283

Interest expense related to an uncertain tax matter at a foreign subsidiary

1,849

—

Income tax benefit from dividend withholding tax liability reversal(5)

(4,421)

—

Income tax settlement for foreign subsidiary(6)

—

2,766

Adjusted Net income attributable to Universal Corporation

$

105,180

$

87,530

As reported: Diluted earnings per share

$

3.53

$

2.86

Adjusted: Diluted earnings per share

$

3.49

$

3.49


(1)

The Company recognized an increase in cost of goods sold in fiscal year 2021 and 2020, relating to the expensing of a fair value adjustments to inventory associated with the initial acquisition accounting for Silva (effective October 1, 2020) and FruitSmart (effective January 1, 2020).


(2)

The Company incurred selling, general, and administrative expenses for due diligence and other transaction costs associated with the acquisitions of Silva and FruitSmart. These costs are not deductible for U.S. income tax purposes.


(3)

The Company reversed a portion of the contingent consideration liability for the FruitSmart acquisition, as a result of certain performance metrics that did not meet the required threshold stipulated in the purchase agreement.


(4)

Restructuring and impairment costs are included in Consolidated operating income in the consolidated statements of income, but excluded for purposes of Adjusted operating income, Adjusted net income attributable to Universal Corporation, and Adjusted diluted earnings per share. See Note 4 for additional information.


(5)

The Company recognized an income tax benefit for final U.S. tax regulations on certain dividends paid by foreign subsidiaries in a prior fiscal year.


(6)

The Company recognized an income tax settlement charge related to operations at a foreign subsidiary.

 

Additional information

Amounts described as net income (loss) and earnings (loss) per diluted share in the previous discussion are attributable to Universal Corporation and exclude earnings related to non-controlling interests in subsidiaries. Adjusted operating income (loss), adjusted net income (loss) attributable to Universal Corporation, adjusted diluted earnings (loss) per share, and the total for segment operating income (loss) referred to in this discussion are non-GAAP financial measures. These measures are not financial measures calculated in accordance with GAAP and should not be considered as substitutes for operating income (loss), net income (loss) attributable to Universal Corporation, diluted earnings (loss) per share, cash from operating activities or any other operating or financial performance measure calculated in accordance with GAAP, and may not be comparable to similarly-titled measures reported by other companies. A reconciliation of adjusted operating income (loss) to consolidated operating (income), adjusted net income (loss) attributable to Universal Corporation to consolidated net income (loss) attributable to Universal Corporation and adjusted diluted earnings (loss) per share to diluted earnings (loss) per share are provided in Other Items above. In addition, we have provided a reconciliation of the total for segment operating income (loss) to consolidated operating income (loss) in Note 3 “Segment Information” to the consolidated financial statements. Management evaluates the consolidated Company and segment performance excluding certain significant charges or credits. We believe these non-GAAP financial measures, which exclude items that we believe are not indicative of our core operating results, provide investors with important information that is useful in understanding our business results and trends.

This release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. The Company cautions readers that any statements contained herein regarding financial condition, results of operation, and future business plans, operations, opportunities, and prospects for its performance are forward-looking statements based upon management’s current knowledge and assumptions about future events, and involve risks and uncertainties that could cause actual results, performance, or achievements to be materially different from any anticipated results, prospects, performance, or achievements expressed or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to, impacts of the ongoing COVID-19 pandemic; success in pursuing strategic investments or acquisitions and integration of new businesses and the impact of these new businesses on future results; product purchased not meeting quality and quantity requirements; reliance on a few large customers; its ability to maintain effective information technology systems and safeguard confidential information; anticipated levels of demand for and supply of its products and services; costs incurred in providing these products and services; timing of shipments to customers; changes in market structure; government regulation and other stakeholder expectations; product taxation; industry consolidation and evolution; changes in exchange rates and interest rates; impacts of regulation and litigation on its customers; industry-specific risks related to its plant-based ingredient businesses; exposure to certain regulatory and financial risks related to climate change; changes in estimates and assumptions underlying its critical accounting policies; the promulgation and adoption of new accounting standards, new government regulations and interpretation of existing standards and regulations; and general economic, political, market, and weather conditions. Actual results, therefore, could vary from those expected. A further list and description of these risks, uncertainties, and other factors can be found in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2020, and in other documents the Company files with the Securities and Exchange Commission. This information should be read in conjunction with the Annual Report on Form 10-K for the years ended March 31, 2020 and March 31, 2021, which is expected to be filed later this week. The Company cautions investors not to place undue reliance on any forward-looking statements as these statements speak only as of the date when made, and it undertakes no obligation to update any forward-looking statements made.

At 5:00 p.m. (Eastern Time) on May 26, 2021, the Company will host a conference call to discuss these results. Those wishing to listen to the call may do so by visiting www.universalcorp.com at that time. A replay of the webcast will be available at that site through August 26, 2021. A taped replay of the call will be available through June 9, 2021, by dialing (855) 859-2056. The confirmation number to access the replay is 7935248.

Universal Corporation (NYSE: UVV), headquartered in Richmond, Virginia, is a global business-to-business agri-products supplier to consumer product manufacturers, operating in over 30 countries on five continents, that sources and processes leaf tobacco and plant-based ingredients. Tobacco has been the Company’s principal focus since its founding in 1918, and Universal is the leading global leaf tobacco supplier. Through the Company’s plant-based ingredients platform, it provides a variety of value-added manufacturing processes to produce high-quality, specialty vegetable- and fruit-based ingredients for the food and beverage end markets. Universal has been finding innovative solutions to serve its customers and meet their agri-product needs for more than 100 years. The Company’s revenues for the fiscal year ended March 31, 2021, were $2.0 billion. Visit www.universalcorp.com for more information on Universal Corporation and the latest Company news.

 

 


UNIVERSAL CORPORATION


CONSOLIDATED STATEMENTS OF INCOME


(in thousands of dollars, except per share data)

 


Three Months Ended March 31,


Fiscal Year Ended March 31,


2021


2020


2021


2020


(Unaudited)


(Unaudited)

Sales and other operating revenues

$

617,590

$

632,094

$

1,983,357

$

1,909,979

Costs and expenses

Cost of goods sold

493,610

522,934

1,597,354

1,553,167

Selling, general and administrative expenses

58,637

70,078

219,789

222,902

Other income

—

—

(4,173)

—

Restructuring and impairment costs

2,598

7,543

22,577

7,543

Operating income

62,745

31,539

147,810

126,367

Equity in pretax earnings of unconsolidated affiliates

896

1,930

2,985

4,211

Other non-operating income (expense)

(432)

(907)

(440)

986

Interest income

63

169

325

1,581

Interest expense

5,814

5,493

24,954

19,854

Income before income taxes

57,458

27,238

125,726

113,291

Income taxes

16,734

9,195

29,412

35,288

Net income

40,724

18,043

96,314

78,003

Less: net income attributable to noncontrolling interests in subsidiaries

(1,363)

(2,478)

(8,904)

(6,323)


Net income attributable to Universal Corporation


$


39,361


$


15,565


$


87,410


$


71,680

Earnings per share:

Basic

$

1.59

$

0.63

$

3.55

$

2.87

Diluted

$

1.58

$

0.63

$

3.53

$

2.86

See accompanying notes.

 

 


UNIVERSAL CORPORATION


CONSOLIDATED BALANCE SHEETS


(in thousands of dollars)

 


March 31,


2021


2020


ASSETS

Current assets

Cash and cash equivalents

$

197,221

$

107,430

Accounts receivable, net

367,482

340,711

Advances to suppliers, net

121,618

133,778

Accounts receivable—unconsolidated affiliates

584

11,483

Inventories—at lower of cost or net realizable value:

Tobacco

640,653

707,298

Other

145,965

99,275

Prepaid income taxes

15,029

12,144

Other current assets

66,806

67,498

Total current assets

1,555,358

1,479,617

Property, plant and equipment

Land

22,400

21,376

Buildings

284,430

256,488

Machinery and equipment

658,826

634,395

965,656

912,259

Less accumulated depreciation

(616,146)

(597,106)

349,510

315,153

Other assets

Operating lease right-of-use assets

31,230

39,256

Goodwill, net

173,051

126,826

Other intangibles, net

72,304

17,861

Investments in unconsolidated affiliates

84,218

77,543

Deferred income taxes

12,149

20,954

Pension asset

11,950

—

Other noncurrent assets

52,154

43,711

437,056

326,151

Total assets

$

2,341,924

$

2,120,921

See accompanying notes.

 


UNIVERSAL CORPORATION


CONSOLIDATED BALANCE SHEETS


(in thousands of dollars)


March 31,


2021


2020


LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities

Notes payable and overdrafts

$

101,294

$

78,033

Accounts payable and accrued expenses

139,484

140,202

Accounts payable—unconsolidated affiliates

1,282

55

Customer advances and deposits

8,765

10,242

Accrued compensation

29,918

23,710

Income taxes payable

4,516

5,334

Current portion of operating lease liabilities

7,898

9,823

Current portion of long-term debt

—

—

Total current liabilities

293,157

267,399

Long-term debt

518,172

368,764

Pensions and other postretirement benefits

57,637

70,680

Long-term operating lease liabilities

19,725

25,893

Other long-term liabilities

59,814

69,427

Deferred income taxes

44,994

29,474

Total liabilities

993,499

831,637

Shareholders’ equity

Universal Corporation:

Preferred stock:

Series A Junior Participating Preferred Stock, no par value, 500,000 shares authorized,
none issued or outstanding

—

—

Common stock, no par value, 100,000,000 shares authorized, 24,514,867 shares issued
and outstanding (24,421,835 at March 31, 2020)

326,673

321,502

Retained earnings

1,087,663

1,076,760

Accumulated other comprehensive loss

(107,037)

(151,597)

Total Universal Corporation shareholders’ equity

1,307,299

1,246,665

Noncontrolling interests in subsidiaries

41,126

42,619

Total shareholders’ equity

1,348,425

1,289,284

Total liabilities and shareholders’ equity

$

2,341,924

$

2,120,921

See accompanying notes.

 

 


UNIVERSAL CORPORATION     


CONSOLIDATED STATEMENTS OF CASH FLOWS


(in thousands of dollars)

 


Fiscal Year Ended March 31,


2021


2020


CASH FLOWS FROM OPERATING ACTIVITIES:

Net income

$

96,314

$

78,003

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

44,733

38,379

Provision for losses (recoveries) on advances and guaranteed loans to suppliers

5,534

937

Inventory write-downs

13,463

10,319

Stock-based compensation expense

6,106

5,631

Foreign currency remeasurement loss (gain), net

(8,475)

16,422

Foreign currency exchange contracts

(1,567)

499

Deferred income taxes

(2,335)

(8,697)

Equity in net income of unconsolidated affiliates, net of dividends

(296)

1,101

Restructuring and impairment costs

22,577

7,543

Restructuring payments

(8,283)

(2,787)

Change in estimated fair value of contingent consideration for FruitSmart acquisition

(4,173)

—

Other, net

(1,373)

(9,271)

Changes in operating assets and liabilities, net:

58,189

(127,182)


  Net cash provided by operating activities

220,414

10,897


Cash Flows From Investing Activities:

Purchase of property, plant and equipment

(66,154)

(35,227)

Purchase of business, net of cash held by the business

(161,751)

(80,180)

Proceeds from sale of property, plant and equipment

11,436

8,547

Other

(800)

495


  Net cash used by investing activities

(217,269)

(106,365)


Cash Flows From Financing Activities:

Issuance (repayment) of short-term debt, net

29,396

24,114

Issuance of long-term debt

150,000

—

Dividends paid to noncontrolling interests in subsidiaries

(10,881)

(6,251)

Repurchase of common stock

—

(33,457)

Dividends paid on common stock

(75,177)

(75,368)

Debt issuance costs and other

(1,949)

(3,184)


  Net cash provided/(used) by financing activities

91,389

(94,146)

Effect of exchange rate changes on cash

1,257

(512)

Net increase (decrease) in cash and cash equivalents

95,791

(190,126)

Cash, restricted cash and cash equivalents at beginning of year

107,430

297,556


Cash, Restricted Cash and Cash Equivalents at End of Year

$

203,221

$

107,430


Supplemental Information:


Cash and cash equivalents

$

197,221

$

107,430


Restricted cash (Other noncurrent assets)

6,000

—


Total cash, restricted cash and cash equivalents

$

203,221

$

107,430

See accompanying notes.

 

NOTE 1. BASIS OF PRESENTATION

Universal Corporation, with its subsidiaries (“Universal” or the “Company”), is a global business-to-business agri-products supplier to consumer product manufacturers. The Company is the leading global leaf tobacco supplier and provides high-quality plant-based ingredients to food and beverage end markets. Because of the seasonal nature of the Company’s business, the results of operations for any fiscal quarter will not necessarily be indicative of results to be expected for other quarters or a full fiscal year. All adjustments necessary to state fairly the results for the period have been included and were of a normal recurring nature. These financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2020.

NOTE 2.   EARNINGS PER SHARE

The following table sets forth the computation of basic and diluted earnings per share:


Three Months Ended March 31,


Fiscal Year Ended March 31,


(in thousands, except per share data)


2021


2020


2021


2020



Basic Earnings Per Share


Numerator for basic earnings per share

Net income attributable to Universal Corporation

$

39,361

$

15,565

$

87,410

$

71,680


Denominator for basic earnings per share

Weighted average shares outstanding

24,685,343

24,751,819

24,656,009

24,982,259


 Basic earnings per share

$

1.59

$

0.63

$

3.55

$

2.87



Diluted Earnings Per Share


Numerator for diluted earnings per share

Net income attributable to Universal Corporation

$

39,361

$

15,565

$

87,410

$

71,680


Denominator for diluted earnings per share:

Weighted average shares outstanding

24,685,343

24,751,819

24,656,009

24,982,259

Effect of dilutive securities

 Employee and outside director share-based awards

175,935

136,392

132,557

124,092

Denominator for diluted earnings per share

24,861,278

24,888,211

24,788,566

25,106,351


Diluted earnings per share

$

1.58

$

0.63

$

3.53

$

2.86

 

NOTE 3. SEGMENT INFORMATION

As a result of recent acquisitions of plant-based ingredients companies in fiscal year 2020 and 2021, during the fiscal year ended March 31, 2021 management evaluated the Company’s global business activities, including product and service offerings to its customers, as well as senior management’s operational and financial responsibilities. This assessment included an analysis of how its chief operating decision maker measures business performance and allocates resources. As a result of this analysis, senior management determined the Company conducts operations across two reportable operating segments, Tobacco Operations and Ingredients Operations.

Universal incurs overhead expenses related to senior management, sales, finance, legal, and other functions that are centralized at its corporate headquarters, as well as functions performed at several sales and administrative offices around the world. These overhead expenses are currently allocated to the reportable operating segments, generally on the basis of volumes planned to be purchased and/or processed. Management believes this method of allocation is currently representative of the value of the related services provided to the operating segments. The Company currently evaluates the performance of its segments based on operating income after allocated overhead expenses, plus equity in the pretax earnings of unconsolidated affiliates.

Operating results for the Company’s reportable segments for each period presented in the consolidated statements of income were as follows:


Three Months Ended March 31,


Fiscal Year Ended March 31,


(in thousands of dollars)


2021


2020


2021


2020


SALES AND OTHER OPERATING REVENUES

Tobacco Operations

$

562,993

$

612,231

$

1,841,837

$

1,887,084

Ingredients Operations

54,597

19,863

141,520

22,895

Consolidated sales and other operating revenues

$

617,590

$

632,094

$

1,983,357

$

1,909,979


OPERATING INCOME

Tobacco Operations

$

61,174

$

45,069

$

168,832

$

146,637

Ingredients Operations

5,065

(4,057)

367

(8,516)

Subtotal

66,239

41,012

169,199

138,121

Deduct: Equity in pretax earnings of unconsolidated affiliates (1)

(896)

(1,930)

(2,985)

(4,211)

Restructuring and impairment costs (2)

(2,598)

(7,543)

(22,577)

(7,543)

Add: Other income (3)

—

—

4,173

—

Consolidated operating income

$

62,745

$

31,539

$

147,810

$

126,367

 


(1)

Equity in pretax earnings of unconsolidated affiliates is included in reportable segment operating income, but is reported below consolidated operating income and excluded from that total in the consolidated statements of income.


(2)

Restructuring and impairment costs are excluded from reportable segment operating income, but are included in consolidated operating income in the consolidated statements of income.


(3)

Other income represents the reversal of a portion of the contingent consideration liability associated with the acquisition of FruitSmart.

 

NOTE 4. RESTRUCTURING AND IMPAIRMENT COSTS

During the fiscal years ended March 31, 2021 and 2020 Universal recorded restructuring and impairment costs related to business changes and various initiatives to adjust certain operations and reduce costs.

Fiscal Year Ended March 31, 2021

Tobacco Operations

In fiscal year 2021, the Company incurred $4.4 million of termination and impairment costs associated with restructuring of tobacco buying and administrative operations in Africa, $1.2 million of combined termination costs in other regions, and a $0.9 million charge for the liquidation of an idled service entity in Tanzania. Total restructuring and impairments costs related to the Tobacco Operations segment were $6.5 million for the fiscal year ended March 31, 2021.

Ingredients Operations

In fiscal year 2021, the Company committed to a plan to wind-down its subsidiary, Carolina Innovative Food Ingredients, Inc. (“CIFI”), a sweet potato processing operation located in Nashville, North Carolina. The CIFI operation was a start-up project initially undertaken by the Company in fiscal year 2015. The decision to wind down CIFI is consistent with the Company’s capital allocation strategy to focus on delivering shareholder value through building and enhancing a plant-based ingredients platform, which includes integrating and exploring the synergies of recently acquired businesses, FruitSmart and Silva. The Company determined that CIFI was not a strategic fit for the platform’s long-term objectives. CIFI’s single-product focused processing facility and ongoing international pricing pressures, among other factors, created challenges that proved insurmountable. Sales of existing inventory and certain administrative activities at CIFI will continue into fiscal year 2022, but no manufacturing occurred subsequent to December 31, 2020. As a result of the decision to wind down the CIFI operations, the Company incurred termination costs totaling approximately $0.6 million for employees whose permanent positions were eliminated. In addition to the termination costs, the Company recognized various other costs associated with the wind-down of the CIFI facility. These costs include impairments of property, plant, and equipment (including the factory building), as well as inventory and supply write-downs. The total restructuring and impairment charge incurred for the CIFI wind-down was $16.1 million for the fiscal year ended March 31, 2021.

Fiscal Year Ended March 31, 2020

Tobacco Operations

In fiscal year 2020, the Company recorded restructuring and impairment costs totaling $7.5 million, primarily related to $3.4 million of employee termination benefits for a voluntary workforce reduction at the Company’s tobacco facilities in North Carolina, $1.8 million of employee termination benefits for the Company’s operations in Africa, and a $2.2 million impairment charge for machinery used by the Company’s operations in Africa. Restructuring and impairment costs were also incurred in connection with downsizing efforts at several other locations around the Company.

A summary of the restructuring and impairment costs incurred during the fiscal years ended March 31, 2021, and 2020 is as follows:


Fiscal Years Ended
March 31,


2021


2020


Restructuring Costs:

   Employee termination benefits

$

5,237

$

5,356

   Other restructuring costs

3,468

—

8,705

5,356


Impairment Costs:

   Property, plant, and equipment and other noncurrent assets

13,872

2,187

$

13,872

$

2,187

     Total restructuring and impairment costs

$

22,577

$

7,543

 

 

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/universal-corporation-reports-annual-results-301300291.html

SOURCE Universal Corporation

Posted on

BD to Present at Upcoming Investor Conferences in June

PR Newswire

FRANKLIN LAKES, N.J., May 26, 2021 /PRNewswire/ — BD (Becton, Dickinson and Company) (NYSE: BDX), a leading global medical technology company, today announced that it will present at the following upcoming virtual investor conferences during the month of June:

  • The Piper Sandler June Med Tech Series Conference on Friday, June 4, 2021 at 1:30 p.m. Eastern Time (ET).
  • The Goldman Sachs 42nd Annual Global Healthcare Conference on Tuesday, June 8, 2021, at 8:50 a.m. Eastern Time (ET).

Live webcasts of BD’s presentations, along with any related materials, can be accessed on the BD corporate website at www.bd.com/investors.  A replay will be available for a minimum of seven days after each conference. 

About BD
BD is one of the largest global medical technology companies in the world and is advancing the world of health by improving medical discovery, diagnostics and the delivery of care. The company supports the heroes on the frontlines of health care by developing innovative technology, services and solutions that help advance both clinical therapy for patients and clinical process for health care providers. BD and its 70,000 employees have a passion and commitment to help enhance the safety and efficiency of clinicians’ care delivery process, enable laboratory scientists to accurately detect disease and advance researchers’ capabilities to develop the next generation of diagnostics and therapeutics. BD has a presence in virtually every country and partners with organizations around the world to address some of the most challenging global health issues. By working in close collaboration with customers, BD can help enhance outcomes, lower costs, increase efficiencies, improve safety and expand access to health care. For more information on BD, please visit bd.com or connect with us on LinkedIn at www.linkedin.com/company/bd1/ and Twitter @BDandCo.


Contacts:


Media 


Investors

Troy Kirkpatrick 

Kristen M. Stewart, CFA

VP, Public Relations 

SVP, Strategy & Investor Relations

858.617.2361

201.847.5378        


[email protected] 


[email protected]  

 

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/bd-to-present-at-upcoming-investor-conferences-in-june-301300244.html

SOURCE BD (Becton, Dickinson and Company)