Market Newsdesk

February 16, 2021 4:35 pm

Summit Midstream Partners, LP Provides Preliminary Fourth Quarter 2020 Results and Full Year 2021 Financial Guidance

– Expect fourth quarter 2020 net income of $119 million to $121 million and adjusted EBITDA of $61 million to $63 million, resulting in full year 2020 adjusted EBITDA of $251.5 million to $253.5 million

– Providing full year 2021 adjusted EBITDA guidance of $210 million to $230 million

– Providing full year 2021 capital expenditure guidance of $20 million to $35 million, including approximately $10 million of maintenance capital expenditures

– SMLP’s 2021 investment in Double E expected to be fully financed by previously announced $175 million of new, non-recourse senior secured credit facilities at Summit Permian Transmission, LLC

– Expect to generate sufficient cash in 2021, after interest expense and all capital expenditures, to reduce outstanding indebtedness by approximately $130 million to $150 million

PR Newswire

HOUSTON, Feb. 16, 2021 /PRNewswire/ — Summit Midstream Partners, LP (NYSE: SMLP) (“Summit,” “SMLP,” or the “Partnership”) announced today preliminary financial and operating results for the three months ended December 31, 2020 and also provided full year 2021 financial guidance. The Partnership expects fourth quarter 2020 net income of $119 million to $121 million and adjusted EBITDA of $61 million to $63 million. Net income for the quarter was primarily driven by approximately $124 million of gain on the early extinguishment of debt from the Partnership’s open market repurchase of its senior unsecured notes and the consensual debt discharge and restructuring of a subsidiaries’ $155.2 million term loan (“GP Term Loan Restructuring”), partially offset by an approximate $5 million asset impairment charge for an $8 million sale of compressor equipment completed in January 2021. Financial guidance for full year 2021 includes $210 million to $230 million of adjusted EBITDA, and $20 million to $35 million of total capital expenditures.

Heath Deneke, President, Chief Executive Officer and Chairman of SMLP commented, “We expect our fourth quarter 2020 financial and operating results to be moderately ahead of our third quarter financial results and in-line with the expectations we outlined during our November earnings call. Fourth quarter results were positively impacted by a combination of factors during the quarter, including 7 new wells that were connected behind our Summit Utica system in late September and 8 new wells connected behind our Williston liquids system in October and November, together with the return of substantially all of the temporarily shut-in production behind the Ohio Gathering system, and continued cost reductions across our back-office and field operations. Consequently, we expect fourth quarter 2020 adjusted EBITDA in the range of $61 million to $63 million, natural gas volume throughput on our operated systems of 1.4 to 1.5 Bcf/d and liquids volume throughput of 70 Mbbl/d to 72 Mbbl/d. Total outstanding indebtedness, net of cash on hand, totaled approximately $1.34 billion as of December 31, 2020, which will result in a total leverage ratio of approximately 5.1x, and reflects a reduction in total outstanding recourse net indebtedness of more than $132 million since December 31, 2019. Our focus on simplifying our organizational structure, reducing outstanding net indebtedness and other fixed capital obligations occurred despite significant cash outflows during the year, including the $35 million acquisition of our general partner in 2Q 2020 and our $27 million cash payment to facilitate the GP Term Loan Restructuring in 4Q 2020. We expect to continue to focus on maximizing free cash flow in 2021 and re-allocating free cash towards aggressive debt reduction efforts going forward.”

“Our liability management strategy during the fourth quarter of 2020 included a series of transactions which resulted in the retirement of more than $350 million face value of fixed capital obligations with recourse to SMLP, and fully extinguishing our GP’s $155.2 million term loan, all at substantial discounts to face value. We also successfully completed an amendment to our revolving credit facility during the quarter, including a new $400 million junior lien debt basket, which provides us with additional flexibility to address our 2022 bond maturities, and a less restrictive 5.75x total leverage covenant.”

“2020 was a challenging year for the oil and gas industry, both for our customers and for Summit, with the prolonged global COVID-19 pandemic, commodity price volatility, wide-spread temporary production curtailments, an uptick in certain of our customers filing for bankruptcy protection, and tempered drilling and completion activity collectively weighing on our financial and operating metrics. Summit cannot predict the timing or the extent of a recovery, but we did anticipate that this recovery would take time, which was a key consideration in aggressively pursuing our liability management initiatives in 2020. Based on the latest feedback from our customers, we currently anticipate 45 to 75 new wells will be connected to our systems in 2021, which compares to 104 new wells in 2020, and 262 new wells in 2019. We believe that the recent pullback in drilling and completion activity will have a self-correcting impact on both commodity prices and increased future drilling and completion activity. The recent uptick in commodity prices, thawing of the capital markets, and successful restructuring proceedings of several key customers, are encouraging developments that should facilitate a recovery in late 2021 and into 2022.”

“Our 2021 adjusted EBITDA guidance range of $210 million to $230 million reflects what we believe is a conservative outlook, and includes a material amount of risking to customer-provided plans. The lower end of our guidance represents further well-completion schedule delays to our already conservative outlook and the higher end of our guidance represents a scenario where our customers meet their stated schedules. We expect total 2021 capital expenditures of $20 million to $35 million, with approximately $10 million planned for maintenance capex. While we expect up to approximately $150 million of capital contributions for our 70% proportionate share of the Double E Pipeline in 2021, we plan to finance it completely with the previously announced commercial bank financing at Summit Permian Transmission. We continue to progress the Double E Pipeline project towards our expected Q4 2021 in-service date and have commenced construction related activities, including environmental and civil construction surveys.”

“We expect that this financial guidance, together with $8 million of compressor asset sales completed in January 2021, and $3.5 million of customer-reimbursements for certain development projects, will provide the Partnership with adequate liquidity in 2021 and an ability to reduce outstanding net indebtedness between $130 million and $150 million in 2021.”

Expected Select 4Q 2020 Financial Results
The following provides a preliminary range of adjusted EBITDA for the three months ended December 31, 2020 and a reconciliation to net income.

	Three Months Ended December 31, 2020
	Low	High
	($ in millions)
Reconciliation of net income or loss to adjusted EBITDA:

Net income (loss)	$ 119	$ 121
Add:
Interest expense	15	13
Depreciation and amortization (1)	30	28
Proportional adjusted EBITDA for equity method investees (2)	9	7
Loss (gain) on early extinguishment of debt	(123)	(125)
Other, net (3)	11	19
Adjusted EBITDA (4)	$ 61	$ 63

_{_______________________}


(1)	Includes the amortization expense associated with our favorable gas gathering contracts as reported in other revenues.
(2)	Reflects SMLP’s proportionate share of Ohio Gathering adjusted EBITDA, subject to a one-month lag.
(3)	Includes various items such as, but not limited to, income tax benefits and expenses, adjustments related to MVC shortfall payments that recognize the earnings from MVC shortfall payments ratably over the term of the associated MVC, adjustments related to capital reimbursement activity which represent contributions in aid of construction revenue recognized in accordance with Accounting Standards Update No. 2014-09 Revenue from Contracts with Customers (“Topic 606”), unit-based and noncash compensation, net loss or gain on asset sales, long-lived asset impairment, income or loss from equity method investees and items of income or loss that we characterize as unrepresentative of our ongoing operations, including restructuring expenses.
(4)	Adjusted EBITDA is a non-GAAP financial measure. For a definition of adjusted EBITDA, see “Use of Non-GAAP Financial Measures” at the end of this release.

2021 Financial Guidance
SMLP is providing financial guidance for 2021, which is summarized in the table below. These projections are subject to risks and uncertainties as described in the “Forward-Looking Statements” section at the end of this press release.

	2021 Financial Guidance Range
($ in millions)	Low		High
Natural Gas Throughput (MMcf/d)
Core Focus Areas	625	–	725
Legacy Areas	835	–	855
Total	1,460	–	1,580

Liquids Throughput (Mbbl/d)	67	–	71


Adjusted EBITDA
Core Focus Areas	$115	–	$130
Legacy Areas	$125	–	$130
Unallocated G&A, Other	($30)	–	($30)
Total	$210	–	$230


Capital Expenditures
Growth Capital Expenditures	$10	–	$25
Maintenance Capital Expenditures	$10	–	$10
Total	$20	–	$35

We believe our 2021 financial guidance reflects a conservative, yet appropriate, level of risking to the most recent drill schedules and volume forecasts provided by our customers. Our 2021 capital expenditure guidance is presented on a gross basis and does not include asset sales or capital reimbursements related to specific development projects with certain customers. The mid-point of our guidance incorporates an approximate 40% reduction in new well connects on our systems in 2021, as compared to 2020; however, approximately 75% of the new wells that are included in our forecast in 2021 are either drilled or are currently being drilled. The remaining new wells that are expected in our 2021 forecast either have active permits or have recently been affirmed by our customers to be included in their 2021 capital programs. We currently expect limited activity in 2021 behind our systems in the DJ, Permian and Williston basins, which are basins that will benefit from a continued increase in oil prices. Our 2021 financial guidance also includes the estimated impact of approximately $10 million of contractual MVC shortfall payment step-downs relative to 2020, primarily from customers in the Piceance and Williston basins.

Capital Expenditures

Expected growth capital expenditures of $10 million to $25 million, focused primarily on pad connections to accommodate near-term volume growth in the Utica Shale and Williston Basin segments;

Growth capital expenditures guidance does not include any investments in Double E, which is expected to be fully funded by third-party commercial bank financing (see below in the “Investment in Double E” section);

Expected maintenance capital expenditures of approximately $10 million;

Investment in Double E

Expect to utilize the previously announced $175 million of senior secured credit facilities, consisting of a $160 million delayed draw term loan facility and $15 million working capital facility, to fund all of SMLP’s approximately $150 million of capital contributions for Double E in 2021

Note Regarding Preliminary Results
The preliminary financial information included in this release is subject to completion of the Partnership’s year-end close procedures and further financial review. Actual results may differ from these estimates as a result of the completion of the Partnership’s year-end closing procedures, review adjustments and other developments that may arise between now and the time such financial information for the period is finalized. As a result, these estimates are preliminary, may change and constitute forward-looking information and, as a result, are subject to risks and uncertainties. These preliminary estimates should not be viewed as a substitute for full interim financial statements prepared in accordance with United States generally accepted accounting principles (GAAP), and they should not be viewed as indicative of our results for any future period. Neither our independent registered public accounting firm nor any other independent registered public accounting firm has audited, reviewed or compiled, examined or performed any procedures with respect to the preliminary results, nor have they expressed any opinion or any other form of assurance on the preliminary results.

About Summit Midstream Partners, LP
SMLP is a value-driven limited partnership focused on developing, owning and operating midstream energy infrastructure assets that are strategically located in unconventional resource basins, primarily shale formations, in the continental United States. SMLP provides natural gas, crude oil and produced water gathering services pursuant to primarily long-term and fee-based gathering and processing agreements with customers and counterparties in six unconventional resource basins: (i) the Appalachian Basin, which includes the Utica and Marcellus shale formations in Ohio and West Virginia; (ii) the Williston Basin, which includes the Bakken and Three Forks shale formations in North Dakota; (iii) the Denver-Julesburg Basin, which includes the Niobrara and Codell shale formations in Colorado and Wyoming; (iv) the Permian Basin, which includes the Bone Spring and Wolfcamp formations in New Mexico; (v) the Fort Worth Basin, which includes the Barnett Shale formation in Texas; and (vi) the Piceance Basin, which includes the Mesaverde formation as well as the Mancos and Niobrara shale formations in Colorado. SMLP has an equity investment in Double E Pipeline, LLC, which is developing natural gas transmission infrastructure that will provide transportation service from multiple receipt points in the Delaware Basin to various delivery points in and around the Waha Hub in Texas. SMLP also has an equity investment in Ohio Gathering, which operates extensive natural gas gathering and condensate stabilization infrastructure in the Utica Shale in Ohio. SMLP is headquartered in Houston, Texas.

Use of Non-GAAP Financial Measures
We report financial results in accordance with U.S. generally accepted accounting principles (“GAAP”). We also present adjusted EBITDA, a non-GAAP financial measure. We define adjusted EBITDA as net income or loss, plus interest expense, income tax expense, depreciation and amortization, our proportional adjusted EBITDA for equity method investees, adjustments related to MVC shortfall payments, adjustments related to capital reimbursement activity, unit-based and noncash compensation, impairments, items of income or loss that we characterize as unrepresentative of our ongoing operations and other noncash expenses or losses, less interest income, income tax benefit, income (loss) from equity method investees and other noncash income or gains. Because adjusted EBITDA may be defined differently by other entities in our industry, our definition of this non-GAAP financial measure may not be comparable to similarly titled measures of other entities, thereby diminishing its utility.

Management uses adjusted EBITDA in making financial, operating and planning decisions and in evaluating our financial performance. Furthermore, management believes that adjusted EBITDA may provide external users of our financial statements, such as investors, commercial banks, research analysts and others, with additional meaningful comparisons between current results and results of prior periods as they are expected to be reflective of our core ongoing business.

Adjusted EBITDA is used as a supplemental financial measure by external users of our financial statements such as investors, commercial banks, research analysts and others.

Adjusted EBITDA is used to assess:

the ability of our assets to generate cash sufficient to make future potential cash distributions and support our indebtedness;

the financial performance of our assets without regard to financing methods, capital structure or historical cost basis;

our operating performance and return on capital as compared to those of other entities in the midstream energy sector, without regard to financing or capital structure;

the attractiveness of capital projects and acquisitions and the overall rates of return on alternative investment opportunities; and

the financial performance of our assets without regard to (i) income or loss from equity method investees, (ii) the impact of the timing of minimum volume commitments shortfall payments under our gathering agreements or (iii) the timing of impairments or other income or expense items that we characterize as unrepresentative of our ongoing operations.

Adjusted EBITDA has limitations as an analytical tool and investors should not consider it in isolation or as a substitute for analysis of our results as reported under GAAP. For example:

certain items excluded from adjusted EBITDA are significant components in understanding and assessing an entity’s financial performance, such as an entity’s cost of capital and tax structure;

adjusted EBITDA does not reflect our cash expenditures or future requirements for capital expenditures or contractual commitments;

adjusted EBITDA does not reflect changes in, or cash requirements for, our working capital needs; and

although depreciation and amortization are noncash charges, the assets being depreciated and amortized will often have to be replaced in the future, and adjusted EBITDA does not reflect any cash requirements for such replacements.

We compensate for the limitations of adjusted EBITDA as an analytical tool by reviewing the comparable GAAP financial measures, understanding the differences between the financial measures and incorporating these data points into our decision-making process.

We do not provide the GAAP financial measures of net income or loss or net cash provided by operating activities on a forward-looking basis because we are unable to predict, without unreasonable effort, certain components thereof including, but not limited to, (i) income or loss from equity method investees and (ii) asset impairments. These items are inherently uncertain and depend on various factors, many of which are beyond our control. As such, any associated estimate and its impact on our GAAP performance and cash flow measures could vary materially based on a variety of acceptable management assumptions.

Forward-Looking Statements
This press release includes certain statements concerning expectations for the future that are forward-looking within the meaning of the federal securities laws. Forward-looking statements include, without limitation, any statement that may project, indicate or imply future results, events, performance or achievements and may contain the words “expect,” “intend,” “plan,” “anticipate,” “estimate,” “believe,” “will be,” “will continue,” “will likely result,” and similar expressions, or future conditional verbs such as “may,” “will,” “should,” “would,” and “could.” In addition, any statement concerning future financial performance (including future revenues, earnings or growth rates), ongoing business strategies and possible actions taken by us or our subsidiaries are also forward-looking statements. Forward-looking statements also contain known and unknown risks and uncertainties (many of which are difficult to predict and beyond management’s control) that may cause SMLP’s actual results in future periods to differ materially from anticipated or projected results. An extensive list of specific material risks and uncertainties affecting SMLP is contained in its 2019 Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on March 9, 2020, Quarterly Report on Form 10-Q for the three months ended March 31, 2020 filed with the SEC on May 8, 2020, Quarterly Report on Form 10-Q for the three months ended June 30, 2020 filed with the SEC on August 10, 2020 and Quarterly Report on Form 10-Q for the three months ended September 30, 2020 filed with the SEC on November 6, 2020, each as amended and updated from time to time. Any forward-looking statements in this press release are made as of the date of this press release and SMLP undertakes no obligation to update or revise any forward-looking statements to reflect new information or events.

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SOURCE Summit Midstream Partners, LP

February 16, 2021 4:33 pm

Apple Growth Partners Broadens Team, Introduces Remote Professionals

AKRON, Ohio, Feb. 16, 2021 (GLOBE NEWSWIRE) — Apple Growth Partners (AGP), award-winning accounting and business advisory firm, has welcomed two professionals to its shared services team, including the firm’s first remote position new hire.

Cayla Allen joins the firm’s creative team as a marketing manager. As AGP’s first new hire outside of Northeastern Ohio, Allen’s onboarding directly results from the firm’s successful transition to a remote workforce in 2020, relying on technology and communication for virtual collaboration. Allen joins the creative team with extensive digital and content marketing experience, including email, inbound lead, and media strategies. She is well-versed in social media reach, website design, collateral production, marketing analytics, and impactful messaging. Allen’s collaborative experience will help expand the team’s services within the firm, along with the forthcoming strategy for offering clients a comprehensive marketing audit as a value-added service. Allen holds a Bachelor of Business Administration in Marketing from Eastern Michigan University, completed her Google Ads display and measurement certification, and is certified in inbound, content, and social media marketing.

David Long joins the firm’s finance team as assistant controller. Experienced in corporate accounting, Long joins AGP with a broad career in hospitality, most recently as the director of finance and accounting for Marriott International in downtown Cleveland. Long’s background includes tax accounting and daily reconciliation, capital expense forecasting and budgeting, purchasing, financial reporting, project management, and leadership. He was responsible for conducting employee training on purchasing and budgeting and the annual budget and monthly forecasting. Long’s proficiency in corporate accounting will help support the firm’s finance team as AGP continues to grow over the next 10 years. Long holds a bachelor’s degree from Kansas State University.

Embracing the modern workforce by hiring outside of Northeastern Ohio for the first time positions AGP for national success, explains chairman Chuck Mullen.

“Our team transitioned remotely last year to keep our employees safe during the pandemic, and what we discovered was increased productivity and engagement. Our firm’s leadership believes remote work is here to stay post-COVID, as supported by our latest initiative titled AGP Anywhere,” says Mullen. “AGP Anywhere is our firm’s strategy for supporting employees’ choice to work where they feel the most productive. Our marketing department has excelled remotely, and thus it made sense for the new manager role to be posted nationally as our first fully remote new hire.”

“Welcoming Cayla and David to our team strengthens our shared services department as we kick off our busiest time of year,” comments Mullen. “Adding their expertise, while expanding our talent reach outside of Ohio, supports our award-winning culture where we place employees first.”

About Apple Growth Partners

Apple Growth Partners is an award-winning accounting and business advisory firm with more than 75 years of helping grow local businesses. With offices in Cleveland, Akron, Canton, and Kent, AGP offers a full range of services, including audit and assurance, tax planning and compliance, business valuation, litigation consulting, employee stock ownership plans, and transaction advisory services. To learn more, visit www.applegrowth.com.

###

Brittany White
Apple Growth Partners
[email protected]

February 16, 2021 4:33 pm

IDEXX Laboratories to Present at Two Upcoming Institutional Investor Conferences

PR Newswire

WESTBROOK, Maine, Feb. 16, 2021 /PRNewswire/ — IDEXX Laboratories, Inc. (NASDAQ: IDXX), a global leader in veterinary diagnostics, veterinary practice software and water microbiology testing, will participate in two upcoming conferences:

Thursday, February 25, 11:45 am EST – Jay Mazelsky, President and Chief Executive Officer, and Brian McKeon, Executive Vice President and Chief Financial Officer, will participate in a virtual fireside chat at the BofA Securities Animal Health Summit.
Monday, March 1, 9:10 am EST – Jay Mazelsky, President and Chief Executive Officer, will participate in a virtual fireside chat at the 42^nd Annual Raymond James Institutional Investors Conference.

Individuals can access the live audio webcasts of the presentations through links on the IDEXX website, www.idexx.com/investors. An archived edition of the presentations will be available via the same link.

About IDEXX Laboratories, Inc.

IDEXX Laboratories, Inc. is a member of the S&P 500® Index and is a leader in pet healthcare innovation, offering diagnostic and software products and services that deliver solutions and insights to practicing veterinarians around the world. IDEXX products enhance the ability of veterinarians to provide advanced medical care, improve staff efficiency and build more economically successful practices. IDEXX is also a worldwide leader in providing diagnostic tests and information for livestock and poultry and tests for the quality and safety of water and milk and point-of-care and laboratory diagnostics for human medicine. Headquartered in Maine, IDEXX employs more than 9,000 people and offers products to customers in over 175 countries. For more information about IDEXX, visit: www.idexx.com.

Contact:
Investor Relations:
John Ravis
207-556-8155

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SOURCE IDEXX Laboratories, Inc.

February 16, 2021 4:33 pm

Carrier to Present at Baird’s 2021 Sustainability Conference

PR Newswire

PALM BEACH GARDENS, Fla., Feb. 16, 2021 /PRNewswire/ — Carrier Global Corporation (NYSE:CARR) President & Chief Executive Officer Dave Gitlin and Senior Vice President & Chief Financial Officer Patrick Goris will speak at Baird’s 2021 Sustainability Conference on Tuesday, Feb. 23, 2021 at 8:50 a.m. EST.

The event will be broadcast live at ir.carrier.com. A webcast replay will be available on the website following the event.

About Carrier

As the leading global provider of healthy, safe and sustainable building and cold chain solutions, Carrier Global Corporation is committed to making the world safer, sustainable and more comfortable for generations to come. From the beginning, we’ve led in inventing new technologies and entirely new industries. Today, we continue to lead because we have a world-class, diverse workforce that puts the customer at the center of everything we do. For more information, visit www.Corporate.Carrier.com or follow us on social media at @Carrier.

CARR-IR

Contact:	Media Inquiries
	Danielle Canzanella
	561-365-1101
	[email protected]

	Investor Relations
	Sam Pearlstein
	561-365-2251
	[email protected]

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SOURCE Carrier Global Corporation

February 16, 2021 4:33 pm

Precision Optics Reports Second Quarter Fiscal Year 2021 Financial Results

Conference Call Scheduled for today, February 16, 2021 at 5:00pm ET

PR Newswire

GARDNER, Mass., Feb. 16, 2021 /PRNewswire/ — Precision Optics Corporation, Inc. (OTCQB: PEYE), a leading designer and manufacturer of advanced optical instruments for the medical and defense industries, announced operating results on an unaudited basis for its second quarter fiscal year ended December 31, 2020.

Second quarter fiscal 2021 highlights:

Revenue for the quarter ended December 31, 2020 was $2.79 million compared to $2.80 million in the same quarter of the previous fiscal year, essentially flat year over year; and up slightly sequentially compared to $2.76 million in the quarter ended September 30, 2020.
Gross margins for the quarter ended December 31, 2020 were 31% compared to 33% in the same quarter of the previous fiscal year; and compared to 35% for the quarter ended September 30, 2020.
Net loss of $213,000 during the quarter included $157,000 of stock-based compensation. This compared to a loss of $551,000, including $275,000 of stock-based compensation in the same quarter of the previous fiscal year.
The Company’s cash position remains strong with an ending balance for the second quarter of $816,000.

Precision Optics’ CEO, Joseph Forkey, commented, “The positive operating trends we saw in the first quarter continued as we reported another quarter of sequential revenue growth and significant year-over-year improvements in our adjusted EBITDA, all while still working through the ongoing impacts to certain commercial projects from COVID-19 discussed in recent quarters. While our two largest customers continue to adjust the timing of ongoing production due to COVID-19 disruptions, both are optimistic about the long-term prospects for their products and anticipate an uptick in demand as pandemic restrictions start to subside. Much of the reduction in revenue due to these delays has been filled by a significant increase in our Engineering product pipeline activity which has rebounded strongly after a lull at the beginning of the pandemic almost a year ago.”

Dr. Forkey continued, “Capitalizing on these opportunities, our team has done a great job of expanding our pipeline and advancing key projects to pre-commercialization stage. A strong indicator of this progress is that engineering revenue through the first six months of fiscal 2021 has surpassed that from all of fiscal 2020. This engineering revenue, which is derived from work performed on pipeline projects for our customers, has the potential to be a leading indicator of our future long-term production revenue. I believe the strategy we laid out to make investments in Sales & Marketing, Engineering and overall corporate operational infrastructure in order to identify, capture, and execute on additional pipeline opportunities, is progressing nicely. We have a number of projects in what we believe are the final stage of pre-commercialization, and a pipeline that is larger than at any point in our company’s recent history. All told, while there are still challenges to be overcome relating to the impacts from COVID-19, I am pleased with the progress being made in the business to position us well for both the near- and long-term.”

The following table summarizes the second quarter (unaudited) results for the periods ended December 31, 2020 and 2019:

		Three Months Ended Dec 31,
		2020	2019
Revenues		$ 2,785,450	$ 2,796,762

Gross Profit		854,440	917,939

Stock Compensation Expenses		145,846	263,473
Other		921,319	1,206,064
Total Operating Expenses		1,067,165	1,469,537

Operating Income (Loss)		(212,725)	(551,598)

Net Income (Loss)		(213,454)	(550,825)

Income (Loss) per Share		$ (0.02)	$ (0.04)
	Basic and Diluted

Weighted Average Common Shares Outstanding
	Basic and Diluted	13,191,789	12,873,971

Conference Call Details
The Company has scheduled a conference call to discuss the second quarter 2021 financial results for Tuesday, February 16, 2021 at 5:00 p.m. ET.

Call-in Information: Interested parties can access the conference call by dialing (844) 735-3662 or (412) 317-5705.

Live Webcast Information: Interested parties can access the conference call via a live Internet webcast, which is available at https://www.webcaster4.com/Webcast/Page/2109/39473.

Replay: A teleconference replay of the call will be available until February 23, 2021 at (877) 344-7529 or (412) 317-0088, confirmation # 10151225. A webcast replay will be available at https://www.webcaster4.com/Webcast/Page/2109/39473.

About Precision Optics Corporation
Precision Optics Corporation has been a leading developer and manufacturer of advanced optical instruments since 1982. Using proprietary optical technologies, the Company designs and produces next generation medical instruments, Microprecision™ micro-optics with characteristic dimensions less than 1 millimeter, and other advanced optical systems for a broad range of customers including some of the largest global medical device companies. The Company’s innovative medical instrumentation line includes state-of-the-art endoscopes and endocouplers as well as custom illumination and imaging products for use in minimally invasive surgical procedures. The Company believes that current advances in its proprietary micro-optics and 3D imaging technologies present significant opportunities for expanding applications to numerous potential medical products and procedures. The Company’s website is www.poci.com. Investors can find Real-Time Quotes and market information for the Company on www.otcmarkets.com/stock/PEYE/quote.

About Forward-Looking Statements
This press release contains forward-looking statements. Forward-looking statements include, but are not limited to, statements that express the Company’s intentions, beliefs, expectations, strategies, predictions or any other statements related to the Company’s future activities or future events or conditions. These statements are based on current expectations, estimates and projections about the Company’s business based, in part, on assumptions made by the Company’s management. These statements are not guarantees of future performances and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in the forward-looking statements due to numerous factors, including those risks discussed in the Company’s annual report on Form 10-K and in other documents that we file from time to time with the SEC. Any forward-looking statements speak only as of the date on which they are made, and the Company does not undertake any obligation to update any forward-looking statement, except as required by law.

Company Contact:
PRECISION OPTICS CORPORATION
22 East Broadway
Gardner, Massachusetts 01440-3338
Telephone: 978-630-1800

Investor Contact:
LYTHAM PARTNERS, LLC
Robert Blum
Phoenix | New York
Telephone: 602-889-9700
[email protected]

Following are the Company’s Consolidated Balance Sheets at December 31, 2020 and June 30, 2020, and Statements of Operations, for the three and six month periods ended December 31, 2020 and 2019:

PRECISION OPTICS CORPORATION, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)

	December 31, 2020		June 30, 2020
ASSETS
Current Assets:
Cash and cash equivalents	$	816,263	$	1,134,697
Accounts receivable (net of allowance for doubtful accounts of $249,883 at December 31, 2020 and $248,450 at June 30, 2020)		1,590,867		1,481,437
Inventories		1,945,066		2,197,244
Prepaid expenses		146,619		133,707
Total current assets		4,498,815		4,947,085

Fixed Assets:
Machinery and equipment		2,915,847		2,907,533
Leasehold improvements		759,281		731,801
Furniture and fixtures		178,640		178,640
		3,853,768		3,817,974
Less—Accumulated depreciation and amortization		3,385,552		3,314,824
Net fixed assets		468,216		503,150

Operating lease right-to-use asset		90,181		118,403
Patents, net		118,468		95,229
Goodwill		687,664		687,664

TOTAL ASSETS	$	5,863,344	$	6,351,531

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Current portion of capital lease obligation	$	14,293	$	51,761
Current portion of acquisition earn out liability		166,667		166,667
Note payable to bank		808,962		808,962
Accounts payable		997,125		1,066,005
Customer advances		151,877		417,059
Accrued compensation and other		482,264		581,770
Current portion of operating lease liability		59,127		57,156
Total current liabilities		2,680,315		3,149,380

Capital lease obligation, net of current portion		31,317		35,810
Acquisition earn out liability		333,333		333,333
Operating lease liability, net of current portion		31,054		61,247

Stockholders’ Equity:
Common stock, $0.01 par value: 50,000,000 shares authorized; issued and outstanding – 13,191,789 shares at December 31, 2020 and June 30, 2020		131,918		131,918
Additional paid-in capital		49,931,211		49,702,986
Accumulated deficit		(47,275,804)		(47,063,143)
Total stockholders’ equity		2,787,325		2,771,761

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	5,863,344	$	6,351,531

PRECISION OPTICS CORPORATION, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE AND SIX MONTHS ENDED
DECEMBER 31, 2020 AND 2019
(UNAUDITED)

	Three Months Ended December 31,				Six Months Ended December 31,
	2020		2019		2020		2019
Revenues	$	2,785,450	$	2,796,762	$	5,543,351	$	5,311,746

Cost of Goods Sold		1,931,010		1,878,823		3,713,733		3,419,690
Gross Profit		854,440		917,939		1,829,618		1,892,056

Research and Development Expenses, net		145,970		228,576		297,546		380,730
Selling, General and Administrative Expenses		921,195		1,240,961		1,743,197		2,148,806
Total Operating Expenses		1,067,165		1,469,537		2,040,743		2,529,536

Operating Loss		(212,725)		(551,598)		(211,125)		(637,480)

Interest (Expense) Income		(729)		773		(1,536)		545

Net Loss	$	(213,454)	$	(550,825)	$	(212,661)	$	(636,935)

Loss Per Share:
Basic and Fully Diluted	$	(0.02)	$	(0.04)	$	(0.02)	$	(0.05)

Weighted Average Common Shares Outstanding:
Basic and Fully Diluted		13,191,789		12,873,971		13,191,789		12,856,218

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SOURCE Precision Optics Corporation

February 16, 2021 4:33 pm

SHAREHOLDER ALERT: WeissLaw LLP Investigates Aegion Corp.

PR Newswire

NEW YORK, Feb. 16, 2021 /PRNewswire/ — WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the board of directors of Aegion Corp. (“Aegion” or the “Company”) (NASDAQ: AEGN) in connection with the proposed acquisition of the Company by New Mountain Capital, L.L.C., (“New Mountain”), a privately held investment company. Under the terms of the merger agreement, Aegion shareholders will receive $26.00 in cash for each share of Aegion common stock that they hold. The transaction is valued at approximately $963 million.

If you own AEGN shares and wish to discuss this investigation or have any questions concerning this notice or your rights or interests, visit our website:

http://www.weisslawllp.com/AEGN/

Or please contact:

Joshua Rubin, Esq.

WeissLaw LLP
1500 Broadway, 16^th Floor
New York, NY 10036
(212) 682-3025
(888) 593-4771
[email protected]

WeissLaw LLP is investigating whether Aegion’s board acted in the best interest of Aegion’s public shareholders in agreeing to the proposed transaction, whether the $26.00 merger consideration represents full and fair value for Aegion shares, and whether all information regarding the process undertaken by the board and the valuation of the transaction will be fully and fairly disclosed to Aegion’s public shareholders.

WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at [email protected]

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SOURCE WeissLaw LLP

February 16, 2021 4:33 pm

Hermon Laboratories Enters into Agreement to Buy Ribbon’s QualiTech Testing and Standardization Business

PR Newswire

Agreement allows Hermon Laboratories to continue to provide testing and standardization services to Ribbon, while enabling Ribbon to focus on core strategic business

WESTFORD, Mass., Feb. 16, 2021 /PRNewswire/ — Ribbon Communications Inc. (Nasdaq: RBBN), a global provider of real time communications software and IP optical transport solutions to service providers, enterprises, and critical infrastructure sectors, today announced that the company has entered into an Asset Purchase Agreement under which Hermon Laboratories, a leading provider of testing, measurement and certification services, will acquire the testing and standardization business conducted by Ribbon’s QualiTech division. QualiTech operates as an independent division of former ECI Telecom (now part of Ribbon), providing high-quality testing and standardization laboratory services supporting both the company’s product development activities and external customers. Under the agreement, Hermon Laboratories will continue to provide testing and standardization services to Ribbon anchored by the strong team of QualiTech employees, who are expected to transfer to Hermon Laboratories.

“The sale of the QualiTech business aligns with our strategy of increasing our focus on our core IP Optical Networks and Cloud and Edge businesses,” said Bruce McClelland, President and CEO of Ribbon. “The agreement allows Ribbon to maintain the high level of testing and standardization services provided by the same dedicated professionals that have been delivering these services for years. They will simply be transferring to the Hermon Laboratories team.”

“This transaction allows Hermon Laboratories to broaden our services, both in content and geographically, and add to our roster a world-class team of testing and standardization professionals,” said Alex Usoskin, Chairman of the Board at Hermon Laboratories. “In addition to adding these new capabilities to our offerings, we look forward to continuing to support Ribbon as they build their global IP Optical Networks and Cloud and Edge businesses.”

The transaction is subject to closing conditions including approval of the Israeli Competition Commissioner and other customary closing conditions. Closing is currently expected during the second quarter of 2021.

About Ribbon

Ribbon Communications (Nasdaq: RBBN) delivers communications software, IP and optical networking solutions to service providers, enterprises and critical infrastructure sectors globally. We engage deeply with our customers, helping them modernize their networks for improved competitive positioning and business outcomes in today’s smart, always-on and data-hungry world. Our innovative, end-to-end solutions portfolio delivers unparalleled scale, performance, and agility, including core to edge software-centric solutions, cloud-native offers, leading-edge security and analytics tools, along with IP and optical networking solutions for 5G. To learn more about Ribbon visit rbbn.com.

About Hermon Laboratories
Hermon Laboratories provides a one-stop-shop for EMC, Product Safety, Radio, Telecom and Environmental testing for a broad range of commercial, industrial, household, military and medical products. Our comprehensive portfolio of accreditations by local and global regulatory bodies allows us to offer our clients turnkey certification solutions world-wide.

Important Information Regarding Forward-Looking Statements
The information in this release contains forward-looking statements regarding future events that involve risks and uncertainties. All statements other than statements of historical facts contained in this release, including those regarding the expected sale of the QualiTech business, are forward-looking statements. Factors that could cause actual results to differ materially from those in the forward-looking statements include failure to consummate the proposed transaction; failure to make or take any filing or other action required to consummate the proposed transaction in a timely matter or at all; failure to obtain regulatory approval or to satisfy other closing conditions to the proposed transactions; failure to realize anticipated benefits of the transaction; ability to retain key personnel; and the potential impact of announcement or consummation of the proposed transaction on relationships with third parties, including customers, employees and competitors. The foregoing list of factors is not exhaustive. For further information regarding risks and uncertainties associated with Ribbon Communications’ business, please refer to the “Risk Factors” section of Ribbon Communications’ most recent annual or quarterly report filed with the SEC. Any forward-looking statements represent Ribbon Communications’ views only as of the date on which such statement is made and should not be relied upon as representing Ribbon Communications’ views as of any subsequent date. While Ribbon Communications may elect to update forward-looking statements at some point, Ribbon Communications specifically disclaims any obligation to do so.

Investor Relations Tom Berry +1 (978) 614-8050 [email protected]		APAC, CALA & EMEA Press Catherine Berthier +1 (646) 741-1974 [email protected]

North American Press Dennis Watson +1 (214) 695-2224 [email protected]		Analyst Relations Michael Cooper +1 (708) 212-6922 [email protected]

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SOURCE Ribbon Communications Inc.

February 16, 2021 4:33 pm

Neuberger Berman Closed-End Municipal Funds Announce Monthly Distributions

PR Newswire

NEW YORK, Feb. 16, 2021 /PRNewswire/ — The Board of each of Neuberger Berman Municipal Fund Inc. (NYSE American: NBH), Neuberger Berman California Municipal Fund Inc. (NYSE American: NBW), and Neuberger Berman New York Municipal Fund Inc. (NYSE American: NBO) has declared monthly distributions for the dates below. The Funds seek to provide income that is exempt from regular federal income tax. Additionally, Neuberger Berman California Municipal Fund Inc. seeks to provide income that is exempt from California personal income tax and Neuberger Berman New York Municipal Fund Inc. seeks to provide income that is exempt from New York State and New York City personal income tax. Distributions of the Funds may be subject to the federal alternative minimum tax for some stockholders. Each Fund’s distribution announced today is payable on March 15, 2021, has a record date of February 26, 2021 and an ex-date of February 25, 2021.

The Funds will make the distributions described above in the following per share amounts:

NBH	Neuberger Berman Municipal Fund Inc.	$0.06244
NBW	Neuberger Berman California Municipal Fund Inc.	$0.04480
NBO	Neuberger Berman New York Municipal Fund Inc.	$0.03933

In compliance with Section 19 of the Investment Company Act of 1940, as amended, a notice would be provided for any distribution that does not consist solely of net investment income. The notice would be for informational purposes and not for tax reporting purposes, and would disclose, among other things, estimated portions of the distribution, if any, consisting of net investment income, capital gains and return of capital. The final determination of the source and tax characteristics of all distributions paid in 2021 will be made after the end of the year.

About Neuberger Berman

Neuberger Berman, founded in 1939, is a private, independent, employee-owned investment manager. The firm manages a range of strategies—including equity, fixed income, quantitative and multi-asset class, private equity, real estate and hedge funds—on behalf of institutions, advisors and individual investors globally. With offices in 24 countries, Neuberger Berman’s diverse team has over 2,300 professionals. For seven consecutive years, the company has been named first or second in Pensions & Investments Best Places to Work in Money Management survey (among those with 1,000 employees or more). In 2020, the PRI named Neuberger Berman a Leader, a designation awarded to fewer than 1% of investment firms for excellence in Environmental, Social and Governance (ESG) practices. The PRI also awarded Neuberger Berman an A+ in every eligible category for our approach to ESG integration across asset classes. The firm manages $405 billion in client assets as of December 31, 2020. For more information, please visit our website at www.nb.com.

Statements made in this release that look forward in time involve risks and uncertainties. Such risks and uncertainties include, without limitation, the adverse effect from a decline in the securities markets or a decline in the Fund’s performance, a general downturn in the economy, competition from other closed end investment companies, changes in government policy or regulation, inability of the Fund’s investment adviser to attract or retain key employees, inability of the Fund to implement its investment strategy, inability of the Fund to manage rapid expansion and unforeseen costs and other effects related to legal proceedings or investigations of governmental and self-regulatory organizations.

Contact:
Neuberger Berman Investment Advisers LLC
Investor Information
(877) 461-1899

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SOURCE Neuberger Berman

February 16, 2021 4:33 pm

AGBA Acquisition Limited Announces Additional Contribution to Trust Account to Extend Period to Consummate Business Combination

PR Newswire

HONG KONG
, Feb. 16, 2021 /PRNewswire/ — AGBA Acquisition Limited (NASDAQ: AGBA, the “Company”), a special purpose acquisition company, announced today that AGBA Holding Limited, the Company’s initial public offering sponsor (“Sponsor”), has deposited into the Company’s trust account (the “Trust Account”) an aggregate of $594,466.50 (representing approximately $0.15 per share of common stock), in order to extend the period of time the Company has to complete a business combination for an additional three (3) months period, from February 16, 2021 to May 16, 2021. The Company issued a promissory note to Sponsor with a principal amount equal to the amount deposited. The promissory note bears no interest and is convertible into the Company’s units (with each unit consisting of one ordinary share, one warrant to purchase one-half of one ordinary share, and one right to receive one-tenth of one ordinary share upon the consummation of the Company’s initial business combination) at a price of $10.00 per unit at the closing of a business combination by the Company. The purpose of the extension is to provide time for the Company to complete a business combination.

About AGBA Acquisition Limited

AGBA Acquisition Limited is a British Virgin Islands company incorporated as a blank check company for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or similar business combination with one or more businesses or entities. The Company’s efforts to identify a prospective target business will not be limited to a particular industry or geographic region, although the Company intends to focus on operating businesses in the healthcare, education, entertainment and financial services sectors that have their principal operations in China.

Forward-Looking Statements

This press release includes forward-looking statements that involve risks and uncertainties. Forward looking statements are statements that are not historical facts. Such forward-looking statements, including the successful consummation of the Company’s initial public offering, are subject to risks and uncertainties, which could cause actual results to differ from the forward looking statements. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

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SOURCE AGBA Acquisition Limited

February 16, 2021 4:33 pm

ProQR Announces Expert Perspectives Call on Disease Education and Endpoints in Usher Syndrome

LEIDEN, Netherlands & CAMBRIDGE, Mass., Feb. 16, 2021 (GLOBE NEWSWIRE) — ProQR Therapeutics N.V. (Nasdaq: PRQR) (the “Company”), a company dedicated to changing lives through the creation of transformative RNA therapies for inherited retinal diseases (IRDs), today announced that the Company will host an Expert Perspectives call on February 22, 2021 at 12:00pm EST. The call will feature a discussion between Aniz Girach, MD, Chief Medical Officer of ProQR Therapeutics and Paul Yang, MD, PhD about disease education and endpoints in Usher syndrome and non-syndromic Retinitis Pigmentosa (nsRP). Areas of focus for the session will include which vision measures are most informative in the context of this disease setting, the role of patient baseline and disease progression, and an overview of the objectives of the Phase 1/2 Stellar trial of QR-421a.

Event Details

Date/Time: February 22, 2021, 12:00pm EST

To register, please follow this link.

Following the discussion, a portion of the call will be dedicated to Q&A. The archived presentation will be available on the Company’s website for approximately 30 days following the presentation date.

Paul Yang, MD, PhD, Casey Eye Institute, Oregon Health & Science University

Dr. Paul Yang received doctorates in medicine and neurophysiology at Dartmouth Medical School, which was funded by an MD/PhD pre-doctoral award from the National Institutes of Health. He completed residency and fellowship in ophthalmology at the Moran Eye Center in Salt Lake City, during which he first developed an interest in inflammatory eye diseases and degenerative retinal disorders. Thereafter, he pursued a fellowship in ocular immunology and uveitis at the Massachusetts Eye Research and Surgery Institution in Cambridge, Massachusetts, as well as a fellowship in ophthalmic genetics and inherited retinal degenerations at Casey Eye Institute in Portland, Oregon. He was funded by the Foundation Fighting Blindness (FFB) Clinical Research Fellowship Award, FFB Career Development Award, and NIH K08 to evaluate the effectiveness of mycophenolate as a neuroprotective agent in inherited retinal degenerations. For his pioneering work, he was awarded the 2015 ARVO/Alcon Early Career Clinician-Scientist Research Award. Dr. Yang is an assistant professor in ophthalmic genetics and immunology at the Casey Eye Institute (Oregon Health & Science University) where he specializes in patients with inherited retinal degenerations, autoimmune retinopathy, and gene therapy associated uveitis. He is a principal investigator and sub-investigator on numerous gene therapy and neuroprotection clinical trials for inherited retinal degenerations. Dr. Yang continues to conduct translational research in his lab with the goal of bringing new medical treatments to the clinic for patients with inherited retinal degenerations.

About Usher Syndrome Type 2a and Non-Syndromic Retinitis Pigmentosa

Usher syndrome is the leading cause of combined deafness and blindness. People with Usher syndrome type 2a are usually born with hearing loss and start to have progressive vision loss during adulthood. The vision loss can also occur without hearing loss in a disease called non-syndromic retinitis pigmentosa. Usher syndrome type 2a and non-syndromic retinitis pigmentosa can be caused by mutations in the USH2A gene. To date, there are no pharmaceutical treatments approved or in clinical development that treat the vision loss associated with mutations in USH2A.

About QR-421a

QR-421a is being evaluated in the Phase 1/2 Stellar trial and is a first-in-class investigational RNA therapy designed to address the underlying cause of vision loss in Usher syndrome type 2a and non-syndromic retinitis pigmentosa (RP) due to mutations in exon 13 of the USH2A gene. QR-421a is designed to restore functional usherin protein by using an exon skipping approach with the aim to stop or reverse vision loss in patients. QR-421a is intended to be administered through intravitreal injections in the eye and has been granted orphan drug designation in the US and the European Union and received fast-track and rare pediatric disease designations from the FDA.

About ProQR

ProQR Therapeutics is dedicated to changing lives through the creation of transformative RNA therapies for the treatment of severe genetic rare diseases such as Leber congenital amaurosis 10, Usher syndrome and retinitis pigmentosa. Based on our unique proprietary RNA repair platform technologies we are growing our pipeline with patients and loved ones in mind.

Learn more about ProQR at www.proqr.com.

FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements. All statements other than statements of historical fact are forward-looking statements, which are often indicated by terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “goal,” “intend,” “look forward to”, “may,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would” and similar expressions. Such forward-looking statements include, but are not limited to, statements regarding this Expert Perspectives event. Forward-looking statements are based on management’s beliefs and assumptions and on information available to management only as of the date of this press release. Our actual results could differ materially from those anticipated in these forward-looking statements for many reasons, including, without limitation, the risks, uncertainties and other factors in our filings made with the Securities and Exchange Commission, including certain sections of our annual report filed on Form 20-F. Given these risks, uncertainties and other factors, you should not place undue reliance on these forward-looking statements, and we assume no obligation to update these forward-looking statements, even if new information becomes available in the future, except as required by law.

ProQR Therapeutics N.V.

Investor Contact:

Sarah Kiely
ProQR Therapeutics N.V.
T: +1 617 599 6228
[email protected]
or
Hans Vitzthum
LifeSci Advisors
T: +1 617 535 7743
[email protected]

Media Contact:

Cherilyn Cecchini, MD
LifeSci Communications
T: +1 646 876 5196
[email protected]