Market Newsdesk

REDWOOD CITY, Calif., April 21, 2021 (GLOBE NEWSWIRE) — TigerGraph, provider of the leading graph analytics platform, today announced that the company continues to accelerate the adoption, application, and use of graph analytics on the cloud with broadened support across all cloud providers. TigerGraph Cloud is accessible with Amazon AWS, Microsoft Azure, and now, GCP. The company also announced connectors for Snowflake and Tableau, meaning users can access relationship analytics directly from their Snowflake and Tableau dashboards; valuable data insights are now just a few clicks away. TigerGraph made these announcements and shared details about its growing global developer community and more at Graph + AI Summit 2021, the industry’s only open conference devoted to accelerating analytics, AI, and machine learning with graph algorithms.

“AI augmentation will create nearly $3 trillion in business value in 2021, with graph being recognized as a foundational capability within today’s organizations,” said Dr. Yu Xu, founder and CEO of TigerGraph. “Businesses have struggled to capitalize on AI because it requires contextual awareness and an understanding of the data across multiple entities. Graph technologies can answer these critical business questions in minutes, where it takes weeks with other data management systems. Our vision behind hosting Graph + AI is to unite the ecosystem, and we’re seeing more of these attendees this year. The fact that there is a 200% increase in Graph + AI Summit registrants — just six months after the first Graph + AI World event — speaks to the ever-increasing appetite for graph among today’s forward-looking companies.”

Expanded Product Functionality

TigerGraph has expanded its product functionality with new TigerGraph Cloud support for Google Cloud Platform workloads. Just two months after announcing a $105 million Series C funding round, the largest funding round to date within the graph database and analytics market, TigerGraph Cloud is now the only distributed graph database-as-a-service available on all three major cloud platforms — AWS, Azure, and GCP.

TigerGraph’s distributed native graph architecture helps organizations scale fast and analyze many different aspects of data to form new models and generate new insights. TigerGraph Cloud users can:

• Use TigerGraph Cloud for free using free tier instances
• Preserve their investment in a graph platform that is designed to scale as their business grows
• Choose their preferred cloud platform for graph workloads (no vendor lock-in)
• Buy TigerGraph Cloud credits for additional discounts and pay using their pre-paid or committed spend on GCP
• Connect their TigerGraph platform with other data services and applications, including Kafka, Spark, Snowflake, Tableau, SageMaker, and developer services including Python (PyTigerGraph)
• Build analytics or machine learning applications with industry use case library of 20+ starter kits with pre-built schema, sample dataset, and queries for all major use cases including fraud, anti-money laundering, entity resolution, customer 360, recommendation, knowledge graph, cybersecurity, network analysis, influencer detection, and others

As transactional and analytical workloads move to the cloud, TigerGraph has become the graph database of choice to connect, analyze, and learn new insights from data. The company’s release of new connectors for Snowflake and Tableau (Salesforce) make it even easier for companies to integrate TigerGraph with both upstream and downstream data services. Connector capabilities include:

• TigerGraph’s Snowflake connector, which simplifies and speeds up data transfer from Snowflake data warehouse to TigerGraph
• Dedicated drivers for Tableau and Microsoft Power BI provide users with a rich capability for no-code analytics and visual dashboarding
• Standard JDBC and ODBC database connectors provide the foundation for a wealth of integrations

Expanded Global Developer Community

In addition to extending its product capabilities, TigerGraph is listening to its developer community by rolling out new support and services. TigerGraph’s Developer Community is a global network for developers that fosters a collaborative, supportive, and developer-centric environment. Developers are invited to join a virtual ecosystem located on TigerGraph’s website (community.tigergraph.com) where they can share information, ask questions, and collaborate with developers at all skill levels. While other technology companies rely on their users to share troubleshooting information in their communities, TigerGraph is actively engaged with its product team to interactively answer questions. This ongoing effort is led by TigerGraph’s manager of developer relations and liaison to the product team, Jon Herke.

TigerGraph enables developers to work in a team-like environment rather than troubleshooting issues alone without resources. Developers can share the courses they created, hackathon entries, blogs they are writing, and ask general questions about using TigerGraph. Herke runs a daily session on digital distribution platform Discord where developers ask impromptu questions, discuss clever solutions, or simply chat. In fact, other companies and products have replicated TigerGraph’s Discord Community due to its success in attracting and maintaining a lively, active developer community.

If you would like to be immersed in the latest TigerGraph ecosystem activities, join the developer relations team on TigerGraph Discord (Developer) Community every weekday at 8:15 a.m. CST to listen in or become active in current open-source efforts including:

• 
  tgcloud-jupyter
  – a JupyterLab extension allowing data scientists to interact with TigerGraph services while staying in their data science environments
• 
  TG-RASA-Pipeline
  – a data pipeline tool that connects TigerGraph to RASA (chatbot platform) allowing RASA users to have knowledge graph machine learning pipelines
• 
  pyTigerGraph
  – a Python connector to TigerGraph allowing users to integrate TigerGraph into their data science workflows or operational services
• TigerFlow – a flow-based (low to no-code) data pipelining orchestration tool that enables users to drag and drop nodes onto a canvas allowing them to quickly set up data flow that streams into TigerGraph

Expanded Developer Community Event Participation

The strength of TigerGraph’s community is on full display at Graph + AI Summit 2021, which features 40+ sessions, live workshops, and speakers from JPMorgan Chase, NewDay, Pinterest, Jaguar Land Rover, and more. The virtual conference, April 21-23, features keynotes, speakers, real-world customer case studies, and hands-on workshops for data, analytics, and AI professionals.

TigerGraph’s Graph + AI Summit Web App Hackathon attracted 200 developers from over 30 countries. Participants used one of TigerGraph’s 20+ Cloud Starter Kits to design innovative web application solutions on top of TigerGraph Cloud. TigerGraph teamed up with industry leading partners Streamlit (UI dashboarding solution for data scientists), Graphistry (Graph visualization product), and Galvanize (education training company). The winners, both women, will be presenting their projects at Graph + AI Summit: Linxiu Jiang and Qi Chen created Graph Shortest Path & Centrality based on “Airport Dataset: Explore the Graph and Network Analysis for Airports Around the World.” TigerGraph’s Web App Hackathon developer participants have remained actively involved with the TigerGraph Developer Community even after contest results were announced.

New “Graph-Powered Analytics and Machine Learning with TigerGraph” Book

TigerGraph is also announcing the early-release version of its O’Reilly book, “Graph-Powered Analytics and Machine Learning with TigerGraph.” This practical guide shows data scientists, data engineers, architects, and business analysts how to get started with a graph database using TigerGraph.

The early-release version includes multiple chapters with hands-on exercises that will teach readers how to combine machine learning with graph. Readers can run the exercises on TigerGraph Cloud free tier and other free tools. Readers will also receive additional chapters throughout 2021.

To access the early-release book version, visit: https://info.tigergraph.com/oreilly-book

For more information on Graph + AI Summit and to view the agenda, please visit:

https://www.tigergraph.com/graphaisummit/#day1

Register and secure your complimentary spot
:

https://www.tigergraph.com/graphaisummit/

Helpful Links

• 
  Graph + AI Summit
  
  
• 
  Get TigerGraph
  
  
• 
  TigerGraph Cloud
  
  
• 
  TigerGraph Website
  
  
• 
  TigerGraph Blog
  
  
• 
  TigerGraph on Twitter
  
  
• 
  TigerGraph on LinkedIn
  

About TigerGraph
                                                                                                       
TigerGraph is a platform for advanced analytics and machine learning on connected data. Based on the industry’s first and only distributed native graph database, TigerGraph’s proven technology supports advanced analytics and machine learning applications such as fraud detection, anti-money laundering (AML), entity resolution, customer 360, recommendations, knowledge graph, cybersecurity, supply chain, IoT, and network analysis. The company is headquartered in Redwood City, California, USA. Start free with tigergraph.com/cloud.

Media Contact

Cathy Wright
Offleash PR for TigerGraph
[email protected]
650-678-1905

QUINCY, Calif., April 21, 2021 (GLOBE NEWSWIRE) — Plumas Bancorp (Nasdaq: PLBC), the parent company of Plumas Bank, today announced record quarterly earnings during the first quarter 2021 of $4.4 million or $0.86 per share, an increase of $1.1 million from $3.3 million or $0.64 per share during the first quarter of 2020.   Diluted earnings per share increased to $0.85 during the three months ended March 31, 2021 up from $0.63 per share during the quarter ended March 31, 2020. Included in the current quarter are expenses totaling $191 thousand, or $0.04 per share, related to Plumas Bancorp’s pending acquisition of Feather River Bancorp, Inc. Return on average assets was 1.55% during the current quarter, up from 1.53% during the first quarter of 2020. Return on average equity increased to 17.7% for the three months ended March 31, 2021, up from 15.2% during the first quarter of 2020.

Financial Highlights

March 31, 2021 compared to March 31, 2020

• Net income increased by $1.1 million, or 34% to $4.4 million.
• Net interest income increased by $1.3 million or 14% to $10.5 million
• Total assets increased by $328 million, or 37%, to $1.2 billion.
• Gross loans increased by $109 million, or 18%, to $733 million.
• Total deposits increased by $306 million, or 40%, to $1.1 billion.
• Total equity increased by $11.8 million, or 13% to $102 million.
• Book value per share increased by $2.20, or 13%, to $19.63, up from $17.43.

President’s Comments

Andrew J. Ryback, director, president and chief executive officer of Plumas Bancorp and Plumas Bank stated, “I am pleased to report that we finished the first quarter of 2021 with improvements in many of our key financial metrics as compared to the first quarter of 2020. In terms of operational improvements, we implemented new Payroll Protection Program (“PPP”) software allowing Plumas Bank to efficiently process 774 PPP loans totaling $67 million as of March 31st. Additionally, we have processed over $90 million in PPP loan forgiveness from 2020 originations. Our loan forgiveness activities have generated significant fees that have contributed to our first quarter earnings.”

Ryback continued, “Furthermore, I am proud that in addition to successfully navigating all of the challenges of operating in a pandemic environment while at the same time generating improvements in profitability, we were able to identify and execute on two important strategic initiatives. Namely, we recently announced the signing of a definitive merger agreement whereby Plumas Bancorp will acquire Feather River Bancorp, Inc., the parent company of Bank of Feather River headquartered in Yuba City, California. That announcement was followed by notice that we have relocated the Plumas Bancorp headquarters to Reno, Nevada.” Ryback continued, “Our growth in these active markets has been driven by our strategic initiatives to expand both our regional footprint and the services we provide to our clients.

As we eagerly prepare for our acquisition of Bank of Feather River, we continue to develop technological services for clients including e-sign capabilities, enhanced remote deposit capture and ACH services for businesses, and real-time online banking enrollment. All the while we are continually enhancing our security program with a focus on fraud detection and prevention.”

Ryback concluded, “The expansion of our footprint as we integrate Bank of Feather River represents a key step in the direction of planned further growth. We will continue to stay focused on the fundamentals while at the same time identifying and executing on transactions that support our strategic direction. With each development, be it technological or geographical, we reinforce our guiding principle that Plumas Bank is Here. For Good.”

Loans, Deposits, Investments and Cash

Gross loans increased by $109 million, or 18%, from $624 million at March 31, 2020 to $733 million at March 31, 2021. The three largest areas of growth in the Company’s loan portfolio were $92 million in commercial loans, $21 million in commercial real estate loans and $11 million in construction loans. The three largest decreases were $7 million in agricultural loans, $3 million in residential real estate loans and $2 million in automobile loans. The increase in commercial loans relates to PPP loans which totaled $96 million at March 31, 2021. Unamortized loan fees net of unamortized loan costs on these loans totaled $3.5 million at March 31, 2021.

We have instituted loan forbearance programs to assist borrowers with managing cash flows disrupted due to COVID-19.  As of March 31, 2021, there were 80 loan forbearance agreements outstanding which allow for the deferral of up to 6 months in payments representing approximately $20.4 million in loan balances. 

The following table presents loans under forbearance programs by loan type as of March 31, 2021 with the expected month that payments are to resume, dollars in thousands.

Month Payments Resume
Loan Type	April			May			June			July			Other			Total
Commercial	$	253		$	–		$	37		$	349		$	–		$	639
Real Estate – Residential		2,274			–			–			–			–			2,274
Real Estate – Commercial		14,852			352			366			–			–			15,570
Equity Lines of Credit		198			–			–			–			–			198
Automobile		600			241			227			364			224			1,656
Other		40			–			51			–			6			97
Total	$	18,217		$	593		$	681		$	713		$	230		$	20,434

Total deposits increased by $306 million from $763 million at March 31, 2020 to $1.1 billion at March 31, 2021. We attribute much of this increase to retention of proceeds from PPP loans, a more cautious consumer, and continued growth in our customer base. The increase in deposits includes increases of $228 million in demand deposits, $80 million in savings accounts, $101 million in money market accounts, and $2 million in time deposits. These increases were partially offset by a decrease of $105 million in interest-bearing demand deposits.

During November 2020 we eliminated our interest-bearing demand deposit products, transferring these accounts to either money market accounts or non-interest bearing demand accounts based on product type. We made this change to simplify our product offerings in light of the changes to Federal Reserve Board Regulation D which no longer limits the number of transfers or withdrawals from Money Market or Savings accounts.

At March 31, 2021, 53% of the Company’s deposits were in the form of non-interest-bearing demand deposits. The Company has no brokered deposits.

Total investment securities increased by $45 million from $159 million at March 31, 2020 to $204 million at March 31, 2021. Cash and due from banks increased by $176 million from $58 million at March 31, 2020 to $234 million at March 31, 2021.

Asset Quality

Nonperforming assets (which are comprised of nonperforming loans, other real estate owned (“OREO”) and repossessed vehicle holdings) at March 31, 2021 were $4.4 million, up from $3.1 million at March 31, 2020. Nonperforming assets as a percentage of total assets increased slightly to 0.36% at March 31, 2021 up from 0.35% at March 31, 2020. OREO decreased by $127 thousand from $707 thousand at March 31, 2020 to $580 thousand at March 31, 2021. Nonperforming loans were $3.8 million at March 31, 2021 and $2.3 million at March 31, 2020. Nonperforming loans as a percentage of total loans increased to 0.52% at March 31, 2021, up from 0.37% at March 31, 2020.

The provision for loan losses decreased from $750 thousand during the first quarter of 2020 to $375 thousand during the current quarter. Net charge-offs totaled $315 thousand and $190 thousand during the three months ended March 31, 2021 and 2020, respectively. The allowance for loan losses totaled $10.0 million at March 31, 2021 and $7.8 million at March 31, 2020. The allowance for loan losses as a percentage of total loans increased from 1.25% at March 31, 2020 to 1.36% at March 31, 2021. Excluding PPP loans, the allowance for loan losses as a percentage of total loans at March 31, 2021 was 1.56%.

Shareholders’ Equity

Total shareholders’ equity increased by $11.8 million from $90.2 million at March 31, 2020 to $102.0 million at March 31, 2021. The $11.8 million includes earnings during the twelve-month period totaling $15.6 million and stock option activity totaling $0.4 million. These items were partially offset by cash dividends totaling $2.6 million and a decrease of $1.6 million in net accumulated other comprehensive income.

Net Interest Income and Net Interest Margin

Net interest income was $10.5 million for the three months ended March 31, 2021, an increase of $1.3 million from the same period in 2020. The increase in net interest income includes an increase of $1.1 million in interest income and a decrease of $122 thousand in interest expense. Interest and fees on loans increased by $1.2 million related to the amortization of loan fees/costs on PPP loans. During the current quarter we recorded amortization of loan fees net of loan costs on PPP loans totaling $1.6 million. This includes normal amortization on our PPP portfolio and the effect of $42 million in PPP loan forgiveness.

Average loan balances increased by $99 million, while the average yield on loans decreased by 2 basis points from 5.55% during the first quarter of 2020 to 5.53% during the current quarter. The reduction in loan yield includes the effect of a reduction in market rates, including a decline in the average prime rate of 1.2% mostly offset by the amortization of loan fees on PPP loans as discussed above. Interest on investment securities declined by $51 thousand related to a decline in yield of 48 basis points to 1.94%. Average investment securities increased by $30.4 million to $189 million. Interest on cash balances declined by $55 thousand related to a decline in the rate paid on these balances from 1.23% during the first quarter of 2020 to 0.11% during the current quarter. This decline in rate was partially offset by an increase in average balance of $160 million. Net interest margin for the three months ended March 31, 2021 decreased 71 basis points to 3.86%, down from 4.57% for the same period in 2020.

Non-Interest Income/Expense

During the three months ended March 31, 2021, non-interest income totaled $2.3 million, an increase of $125 thousand from the three months ended March 31, 2020. The largest component of this increase was an increase in interchange income of $176 thousand to $715 thousand. During the three months ended March 31, 2021, total non-interest expense increased by $156 thousand to $6.3 million. The largest components were a $262 thousand increase in accrued bonus expense consistent with the increase in pretax income and $191 thousand in legal and investment banking expenses related to our pending acquisition of Feather River Bancorp, Inc. The largest decrease in expense was an increase in the deferral of loan origination fees of $211 thousand, $155 thousand of which relates to origination of PPP loans.

_______________________________________________________________________________________

Founded in 1980, Plumas Bank is a locally owned and managed full-service community bank headquartered in Northeastern California. The Bank operates thirteen branches: eleven located in the northern California counties of Plumas, Lassen, Placer, Nevada, Modoc and Shasta and two branches located in the northern Nevada counties of Washoe and Carson City. The Bank also operates three loan production offices: two located in the northern California counties of Placer and Butte and one located in the southern Oregon county of Klamath. Plumas Bank offers a wide range of financial and investment services to consumers and businesses and has received nationwide Preferred Lender status with the United States Small Business Administration. For more information on Plumas Bancorp and Plumas Bank, please visit our website at www.plumasbank.com.

This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended and Plumas Bancorp intends for such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Future events are difficult to predict, and the expectations described above are necessarily subject to risk and uncertainty that may cause actual results to differ materially and adversely.

Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” These forward-looking statements are not guarantees of future performance, nor should they be relied upon as representing management’s views as of any subsequent date. Forward-looking statements involve significant risks and uncertainties and actual results may differ materially from those presented, either expressed or implied, in this news release. Factors that might cause such differences include, but are not limited to: the Company’s ability to successfully execute its business plans and achieve its objectives; changes in general economic and financial market conditions, either nationally or locally in areas in which the Company conducts its operations; changes in interest rates; continuing consolidation in the financial services industry; new litigation or changes in existing litigation; increased competitive challenges and expanding product and pricing pressures among financial institutions; legislation or regulatory changes which adversely affect the Company’s operations or business; loss of key personnel; and changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or other regulatory agencies

Contact: Jamie Huynh
Investor Relations
Plumas Bank
35 S. Lindan Avenue
Quincy, CA 95971
530.283.7305 ext.8908
[email protected]

PLUMAS BANCORP
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
	As of March 31,
	2021		2020		Dollar Change		Percentage Change
ASSETS
Cash and due from banks	$ 233,623		$ 58,058		$ 175,565		302.4%
Investment securities	204,656		159,247		45,409		28.5%
Loans, net of allowance for loan losses	722,416		619,487		102,929		16.6%
Premises and equipment, net	13,803		14,774		(971)		-6.6%
Bank owned life insurance	13,616		13,275		341		2.6%
Real estate acquired through foreclosure	580		707		(127)		-18.0%
Accrued interest receivable and other assets	18,787		14,023		4,764		34.0%
Total assets	$ 1,207,481		$ 879,571		$ 327,910		37.3%
LIABILITIES AND
SHAREHOLDERS’ EQUITY
Deposits	$ 1,069,218		$ 762,886		$ 306,332		40.2%
Accrued interest payable and other liabilities	25,937		16,148		9,789		60.6%
Junior subordinated deferrable interest debentures	10,310		10,310		–		0.0%
Total liabilities	1,105,465		789,344		316,121		40.0%
Common stock	7,858		7,425		433		5.8%
Retained earnings	91,468		78,460		13,008		16.6%
Accumulated other comprehensive income, net	2,690		4,342		(1,652)		-38.0%
Shareholders’ equity	102,016		90,227		11,789		13.1%
Total liabilities and shareholders’ equity	$ 1,207,481		$ 879,571		$ 327,910		37.3%
PLUMAS BANCORP
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
(Unaudited)
FOR THE THREE MONTHS ENDED MARCH 31,	2021		2020		Dollar Change		Percentage Change
Interest income	$ 10,734		$ 9,599		$ 1,135		11.8%
Interest expense	255		378		(123)		-32.5%
Net interest income before provision for loan losses	10,479		9,221		1,258		13.6%
Provision for loan losses	375		750		(375)		-50.0%
Net interest income after provision for loan losses	10,104		8,471		1,633		19.3%
Non-interest income	2,350		2,225		125		5.6%
Non-interest expense	6,292		6,136		156		2.5%
Income before income taxes	6,162		4,560		1,602		35.1%
Provision for income taxes	1,721		1,244		477		38.3%
Net income	$ 4,441		$ 3,316		$ 1,125		33.9%
Basic earnings per share	$ 0.86		$ 0.64		$ 0.22		34.4%
Diluted earnings per share	$ 0.85		$ 0.63		$ 0.22		34.9%

PLUMAS BANCORP
SELECTED FINANCIAL INFORMATION
(Dollars in thousands, except per share data)
(Unaudited)
	Three Months Ended																Year Ended
	3/31/2021						12/31/2020					3/31/2020					12/31/2020					12/31/2019
EARNINGS PER SHARE
Basic earnings per share	$	0.86				$	0.83					$	0.64				$	2.80				$	3.01
Diluted earnings per share	$	0.85				$	0.82					$	0.63				$	2.77				$	2.97
Weighted average shares outstanding		5,187					5,182						5,171					5,177					5,155
Weighted average diluted shares outstanding		5,253					5,234						5,231					5,230					5,228
Cash dividends paid per share 1	$	0.14				$	0.12					$	–				$	0.36				$	0.46
PERFORMANCE RATIOS (annualized for the three months)
Return on average assets		1.55	%				1.50	%					1.53	%				1.43	%				1.82	%
Return on average equity		17.7	%				17.4	%					15.2	%				15.5	%				20.2	%
Yield on earning assets		3.95	%				4.00	%					4.75	%				4.15	%				4.97	%
Rate paid on interest-bearing liabilities		0.20	%				0.22	%					0.34	%				0.25	%				0.39	%
Net interest margin		3.86	%				3.90	%					4.57	%				4.02	%				4.75	%
Noninterest income to average assets		0.82	%				0.76	%					1.02	%				0.83	%				0.95	%
Noninterest expense to average assets		2.19	%				2.23	%					2.83	%				2.34	%				2.68	%
Efficiency ratio 2		49.0	%				50.3	%					53.6	%				50.6	%				49.9	%
	3/31/2021						3/31/2020					12/31/2020					12/31/2019					12/31/2018
CREDIT QUALITY RATIOS AND DATA
Allowance for loan losses	$	9,962					7,804					$	9,902				$	7,243				$	6,958
Allowance for loan losses as a percentage of total loans		1.36	%				1.25	%					1.39	%				1.17	%				1.23	%
Nonperforming loans	$	3,804					2,310					$	2,536				$	2,050				$	1,117
Nonperforming assets	$	4,401					3,079					$	2,970				$	2,813				$	2,340
Nonperforming loans as a percentage of total loans		0.52	%				0.37	%					0.36	%				0.33	%				0.20	%
Nonperforming assets as a percentage of total assets		0.36	%				0.35	%					0.27	%				0.33	%				0.28	%
Year-to-date net charge-offs	$	315					189					$	516				$	1,215				$	711
Year-to-date net charge-offs as a percentage of average		0.18	%				0.12	%					0.07	%				0.21	%				0.14	%
loans (annualized)
CAPITAL AND OTHER DATA
Common shares outstanding at end of period		5,197					5,176						5,182					5,166					5,137
Shareholders’ equity	$	102,016					90,227					$	100,154				$	84,505				$	66,932
Book value per common share	$	19.63					17.43					$	19.33				$	16.36				$	13.03
Tangible common equity3	$	101,335					89,357					$	99,432				$	83,584				$	65,748
Tangible book value per common share4	$	19.50					17.26					$	19.19				$	16.18				$	12.80
Tangible common equity to total assets		8.4	%				10.2	%					8.9	%				9.7	%				8.0	%
Gross loans to deposits		68.6	%				81.8	%					72.9	%				82.9	%				77.9	%
PLUMAS BANK REGULATORY CAPITAL RATIOS
Tier 1 Leverage Ratio		9.3	%				10.8	%					9.2	%				10.4	%				9.3	%
Common Equity Tier 1 Ratio		14.7	%				13.6	%					14.2	%				13.1	%				11.8	%
Tier 1 Risk-Based Capital Ratio		14.7	%				13.6	%					14.2	%				13.1	%				11.8	%
Total Risk-Based Capital Ratio		16.0	%				14.8	%					15.4	%				14.2	%				13.0	%
(1) The Company paid a quarterly cash dividend of 14 cents per share on February 15, 2021 and quarterly cash dividends of 12 cents per share on May 15, 2020, August 14, 2020 and November 16, 2020.
(2) Efficiency ratio is defined as noninterest expense divided by total revenue (net interest income and total noninterest income).
(3) Tangible common equity is defined as common equity less core deposit intangibles.
(4) Tangible common book value per share is defined as tangible common equity divided by common shares outstanding.

 

NORTH LIBERTY, Iowa, April 21, 2021 (GLOBE NEWSWIRE) — Heartland Express, Inc. (Nasdaq: HTLD) announced today financial results for the three months ended March 31, 2021.

Three months ended March 31, 2021:

• Net Income of $13.7 million, and Basic Earnings per Share of $0.17,
• Operating Revenue of $152.4 million,
• Operating Income of $18.3 million,
• Operating Ratio of 88.0% and 86.5% Non-GAAP Adjusted Operating Ratio
  
  ⁽¹⁾
  
  
  _,
  
• Cash Balance of $148.2 million and Total Assets of $949.4 million,
• Stockholders’ Equity of $722.4 million,
• Debt-Free Balance Sheet.
  

Heartland Express Chief Executive Officer Mike Gerdin, commented on the quarterly operating results and ongoing initiatives of the Company, “Our operating results for the three months ended March 31, 2021 showed strength in terms of profit, overall operating efficiency, and our continued ability to build cash on our balance sheet. During the first quarter of 2021, we generated an additional $34 million of cash on hand. The first two months of the quarter delivered strong freight demand but were restricted by significant weather shutdowns in the month of February. Extreme winter weather events affected the Company’s revenues during the month of February while at the same time we continued to pay our drivers during extended weather shut downs to protect their pay while we had them shut down for safety. However, the month of March delivered a strong finish to the end of the first quarter, with significantly better revenue and operating results as compared to the first two months of 2021.”

Mr. Gerdin continued, “From a financial perspective, we were able to improve our operating income and control costs to deliver an operating ratio of 88.0% and a non-GAAP adjusted operating ratio⁽¹⁾ of 86.5%, an improvement to the same quarter of 2020 where we delivered an operating ratio of 89.6% and a non-GAAP adjusted operating ratio⁽¹⁾ of 88.2%. Our operating income for the first quarter was $18.3 million, a 5.5% increase, compared to $17.3 million in the first quarter of 2020. We also continue to navigate the challenge to recruit, hire, and retain qualified and safe operating drivers. Even though we recently increased driver pay by approximately 6% in October 2020, we intend to implement additional driver pay enhancements during the second quarter of 2021. We continue to be extremely proud of our drivers and have continued to challenge ourselves to develop strategies to better compensate our drivers for the critical work that they perform. We are proud of what we have accomplished and we believe we are well positioned for the days ahead.”

Financial Results

Heartland Express ended the first quarter of 2021 with operating revenues of $152.4 million, compared to $166.3 million in the first quarter of 2020. Operating revenues for the quarter included fuel surcharge revenues of $16.8 million, compared to $19.5 million in the same period of 2020, a $2.7 million decrease. Operating income for the three-month period ended March 31, 2021 was $18.3 million, an increase of $1.0 million as compared to the same period of the prior year. Net income was $13.7 million, compared to $13.2 million in the first quarter of 2020, an increase of 3.7%. Basic earnings per share were $0.17 during the quarter as compared to $0.16 during the same period of 2020. The Company posted an operating ratio of 88.0%, non-GAAP adjusted operating ratio⁽¹⁾ of 86.5%, and a 9.0% net margin (net income as a percentage of operating revenues) in the first quarter of 2021 compared to 89.6%, 88.2%, and 8.0%, respectively, in the first quarter of 2020.

Balance Sheet, Liquidity, and Capital Expenditures

As of March 31, 2021, the Company had $148.2 million in cash balances and no borrowings under the Company’s unsecured line of credit. The Company had $88.5 million in available borrowing capacity on the line of credit as of March 31, 2021 after consideration of $11.5 million outstanding letters of credit. In addition to the current borrowing base of $100 million, the Company has the ability to increase the available borrowing base by an additional $100 million, subject to normal credit and lender approvals. The Company continues to be in compliance with associated financial covenants. The Company ended the quarter with total assets of $949.4 million and stockholders’ equity of $722.4 million.

Net cash flows from operations for the first three months of 2021 were $35.4 million, 23.2% of operating revenue. Net revenue equipment and terminal transactions provided $15.4 million of cash. The primary uses of net cash during the three-month period ended March 31, 2021 was $15.0 million for the repurchase of our common stock and $1.6 million for dividends.

The average age of the Company’s tractor fleet was 1.7 years as of March 31, 2021 compared to 2.0 years on March 31, 2020. The average age of the Company’s trailer fleet was 3.8 years as of March 31, 2021 compared to 3.8 years on March 31, 2020. The Company currently anticipates a total of approximately $85 to $95 million in net capital expenditures for the remainder of calendar year 2021.

The Company ended the past twelve months with a return on total assets of 7.5% and a 9.9% return on equity.
            
The Company continues its commitment to stockholders through the payment of cash dividends and repurchases of common stock. A dividend of $0.02 per share was declared and paid during the first quarter of 2021. The Company has now paid cumulative cash dividends of $492.0 million, including three special dividends, ($2.00 in 2007, $1.00 in 2010, and $1.00 in 2012) over the past seventy-one consecutive quarters since 2003. During the three months ended March 31, 2021, the Company purchased 768,801 shares of our common stock for $14.5 million as compared to 710,376 shares of our common stock for $12.3 million during the same period of 2020. Our outstanding shares at March 31, 2021 were 79.9 million. A total of 3.6 million shares of common stock have been repurchased for $65.8 million over the past five years. The Company has the ability to repurchase an additional 4.7 million shares under the current authorization which would result in 75.2 million outstanding shares if fully executed.

Other Information

During the first quarter of 2021, we continued to deliver award-winning service and safety to our customers as evidenced by the following awards received:

• Transplace – 2020 Carrier of the Year
• Tosca – 2020 Carrier of the Year

Operating revenue excluding fuel surcharge revenue and adjusted operating ratio are non-GAAP financial measures and are not intended to replace financial measures calculated in accordance with GAAP. These non-GAAP financial measures supplement our GAAP results. We believe that using these measures affords a more consistent basis for comparing our results of operations from period to period. The information required by Item 10(e) of Regulation S-K under the Securities Act of 1933 and the Securities Exchange Act of 1934 and Regulation G under the Securities Exchange Act of 1934, including a reconciliation to the most directly comparable financial measure calculated in accordance with GAAP, is included in the table at the end of this press release.

This press release may contain statements that might be considered as forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Such statements may be identified by their use of terms or phrases such as “seek,” “expects,” “estimates,” “anticipates,” “projects,” “believes,” “hopes,” “plans,” “goals,” “intends,” “may,” “might,” “likely,” “will,” “should,” “would,” “could,” “potential,” “predict,” “continue,” “strategy,” “future,” “outlook,” and similar terms and phrases. In this press release, the statements relating to reducing unnecessary or unproductive costs, our ability to react to changing market conditions, operational improvements, progress toward our goals, and future capital expenditures are forward-looking statements. Such statements are based on management’s belief or interpretation of information currently available. These statements and assumptions involve certain risks and uncertainties, and undue reliance should not be placed on such statements. Actual events may differ materially from those set forth in, contemplated by, or underlying such statements as a result of numerous factors, including, without limitation, those specified in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. The Company assumes no obligation to update any forward-looking statements, which speak as of their respective dates.

Contact: Heartland Express, Inc. (319-626-3600) Mike Gerdin, Chief Executive Officer Chris Strain, Chief Financial Officer

HEARTLAND EXPRESS, INC.

AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except per share amounts)
(unaudited)

		Three Months Ended March 31,
		2021				2020
OPERATING REVENUE		$	152,402			$	166,318
OPERATING EXPENSES:
Salaries, wages, and benefits		$	64,782			$	70,254
Rent and purchased transportation		964				1,608
Fuel		24,157				25,941
Operations and maintenance		5,688				6,800
Operating taxes and licenses		3,621				3,842
Insurance and claims		5,439				5,354
Communications and utilities		1,226				1,421
Depreciation and amortization		26,926				26,634
Other operating expenses		5,552				6,909
(Gain)/Loss on disposal of property and equipment		(4,232		)		229
		134,123				148,992
Operating income		18,279				17,326
Interest income		138				377
Income before income taxes		18,417				17,703
Federal and state income taxes		4,683				4,465
Net income		$	13,734			$	13,238
Earnings per share
Basic		$	0.17			$	0.16
Diluted		$	0.17			$	0.16
Weighted average shares outstanding
Basic		80,152				81,870
Diluted		80,206				81,945
Dividends declared per share		$	0.02			$	0.02

HEARTLAND EXPRESS, INC. AND SUBSIDIARIES  CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except per share amounts) (unaudited)
		March 31,				December 31,
ASSETS		2021				2020
CURRENT ASSETS
Cash and cash equivalents		$	148,212			$	113,852
Trade receivables, net		60,568				55,577
Prepaid tires		8,758				8,241
Other current assets		9,129				15,342
Total current assets		226,667				193,012
PROPERTY AND EQUIPMENT		760,068				779,360
Less accumulated depreciation		247,235				240,080
		512,833				539,280
GOODWILL		168,295				168,295
OTHER INTANGIBLES, NET		24,148				24,746
DEFERRED INCOME TAXES, NET		—				8,164
OTHER ASSETS		17,478				17,679
		$	949,421			$	951,176
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable and accrued liabilities		$	16,954			$	12,751
Compensation and benefits		25,607				22,422
Insurance accruals		15,482				15,837
Income taxes payable		6,960				1,475
Other accruals		19,053				18,557
Total current liabilities		84,056				71,042
LONG-TERM LIABILITIES
Income taxes payable		5,564				5,801
Deferred income taxes, net		92,450				104,004
Insurance accruals less current portion		44,934				45,995
Total long-term liabilities		142,948				155,800
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY
Capital stock, common, $.01 par value; authorized 395,000 shares; issued 90,689 in 2021 and 2020; outstanding 79,905 and 80,653 in 2021 and 2020, respectively		907				907
Additional paid-in capital		4,476				4,330
Retained earnings		903,105				890,970
Treasury stock, at cost; 10,784 and 10,036 in 2021 and 2020, respectively		(186,071		)		(171,873		)
		722,417				724,334
		$	949,421			$	951,176

(1)

GAAP to Non-GAAP Reconciliation Schedule:
Operating revenue, operating revenue excluding fuel surcharge revenue, fuel surcharge revenue, operating income, operating ratio, and adjusted operating ratio reconciliation (a)
		Three Months Ended March 31,
		2021				2020
		(Unaudited, in thousands)
Operating revenue		$	152,402			$	166,318
Less: Fuel surcharge revenue		16,785				19,465
Operating revenue, excluding fuel surcharge revenue		135,617				146,853
Operating expenses		134,123				148,992
Less: Fuel surcharge revenue		16,785				19,465
Adjusted operating expenses		117,338				129,527
Operating income		$	18,279			$	17,326
Operating ratio		88.0		%		89.6		%
Adjusted operating ratio		86.5		%		88.2		%

(a) Operating revenue excluding fuel surcharge revenue, fuel surcharge revenue, and adjusted operating ratio as reported in this press release are based upon operating expenses, net of fuel surcharge revenue, as a percentage of operating revenue excluding fuel surcharge revenue. We believe that adjusted operating ratio is more representative of our underlying operations by excluding the volatility of fuel prices, which we cannot control. Adjusted operating ratio is not a substitute for operating ratio measured in accordance with GAAP. There are limitations to using non-GAAP financial measures. Although we believe that adjusted operating ratio improves comparability in analyzing our period-to-period performance, it could limit comparability to other companies in our industry if those companies define adjusted operating ratio differently. Because of these limitations, adjusted operating ratio should not be considered a measure of income generated by our business or discretionary cash available to us to invest in the growth of our business. Management compensates for these limitations by primarily relying on GAAP results and using non-GAAP financial measures on a supplemental basis.

Mississauga, ON, April 21, 2021 (GLOBE NEWSWIRE) — Applied Systems® today announced the first quarter 2021 results of the Applied Rating Index™, the Canadian insurance industry’s premium rate index. In Q1 2021, average premiums for Personal Auto lines decreased year over year, while Personal Property lines remained up over the same period. Quarter over quarter, premium renewal rate change decreased for both Personal Auto and Personal Property compared to Q4 2020.

Significant findings include:

Personal Auto

In Q1 2021, Personal Auto premium renewal rate change decreased -7.8% versus Q1 2020. Personal Auto premium renewal rate change decreased -6.7% versus -0.2% in Q4 2020.

• All provinces except Alberta experienced a downturn in premium renewal rate change relative to Q4 2020.
• Ontario, Quebec and the Atlantic provinces saw significant drops in premium renewal rates quarter over quarter with -7.5%, -6.9%, and -6.3% respectively, driven mainly from endorsements to policies reflecting changing driving habits as a result of social restrictions and lockdown measures, rather than decreases in base premiums.
• Alberta saw an increase in premium renewal rate change quarter over quarter of 1.4%.

 

Personal Property

In Q1 2021, Personal Property premium renewal rate change increased 3.0% versus Q1 2020. Personal Property premium renewal rate change decreased -0.2% versus 2.8% in Q4 2020.

• All provinces experienced an increase in premium renewal rate change year over year.
• Quebec’s year-over-year premium renewal rate change remained the highest for the fifth quarter running at 8.6%, albeit down from Q4 2020 at 13.6%.
• Alberta turned around its negative trajectory, up from -1.4% to 1.6% year over year.
• British Columbia, Ontario, Saskatchewan and Manitoba, and the Atlantic provinces all saw increases year over year of 3.9%, 0.3%, 4.2% and 4.9% respectively.

 

“Our findings indicate that the Personal Property market continued to harden in Q1 2021, as premium renewal rates increased compared to 2020. The market for Personal Auto, however, is reflective of changes in driving behaviour influencing premium decreases year over year,” said Steve Whitelaw, vice president of Industry & Partner Relations, Applied Systems. “As we continue to see the pandemic drive consumer purchasing behavior, insights derived from the Applied Rating Index provide brokers a data-backed reference point to determine competitive rates and renewal opportunities.”

The Applied Rating Index is a data-driven report of current conditions and trends for Personal Auto and Personal Property insurance premium rates. Analyzing more than 1.3 billion quotes completed, the Applied Rating Index measures the increase or decrease in average premium rate trends across Canada. Representing more than 80% of the brokerage market and 675 insurer rating plans written by brokers, the Applied Rating Index is the most complete depiction of the premium rate trends being experienced by consumers, brokerages, and their insurers across the Canadian market.

Access the complete quarterly report here.

Applied Rating Index is a trademark of Applied Systems, Inc. All data is fully anonymized when aggregating and analyzing the Applied Rating Index.

About Applied Systems

Applied Systems is the leading global provider of cloud-based software that powers the business of insurance. Recognized as a pioneer in insurance automation and the innovation leader, Applied is the world’s largest provider of agency and brokerage management systems, serving customers throughout the United States, Canada, the Republic of Ireland, and the United Kingdom. By automating the insurance lifecycle, Applied’s people and products enable millions of people around the world to safeguard and protect what matters most.

Lauren Malcolm
Applied Systems
[email protected]

MOUNTAIN VIEW, Calif., April 21, 2021 (GLOBE NEWSWIRE) — Lightup, developers of a breakthrough data quality monitoring solution, today announced the launch of its beta program to address the growing problem of proactively detecting and identifying issues with data that can have a devastating impact on data-driven application behavior and decisions. Lightup, which is backed by Andreesen Horowitz, is a developer-first solution that can be up and running in minutes, providing organizations with an ideal solution for ensuring data quality for SQL data stores such as Snowflake and Databricks and streaming data sources including Kafka and Segment.

A data outage can hurt user experience as much as an IT failure or a software bug. It can strike an internal input data interface like a feature feed for an ML model, a third-party API endpoint such as a payment gateway, an output going straight to the user like a price quote, or a data stream like customer events going to an internal decision-maker.  These problems in data pipelines escape detection by IT infrastructure monitoring (ITIM) and application performance monitoring (APM) alarms and scans as these tools are only monitoring the health of the infrastructure or application endpoints. They are not monitoring the health of what is inside the infrastructure — the data the pipes are carrying. This results in good pipes, bad data.

Lightup is designed for data engineers and analytics engineers building and operating ETL and ELT pipelines. Unlike open-source data quality monitoring technologies that require developers to take on even more programming responsibilities and enterprise approaches that require executive sponsorship and significant upfront investment, Lightup is a developer-first, pay-as-you go SaaS solution. It is available in several tiers, including a free option so users can try it before making a commitment.  

Lightup continuously tracks the data going into and coming out of a software product to detect significant changes that are indicative of degradation in data quality. Key data quality metrics such as data availability, data delay, and data volume indicators are built-in and start showing up instantly. In addition, the Lightup platform enables hands-off monitoring of data quality by automatically learning the normal behavior of those data quality metrics from past patterns and using that as a baseline to detect issues. This enables low-touch, fine-grained monitoring of data health that significantly cuts down the delay in detecting issues.

“While it is well understood that data is the oxygen that fuels every application and process in an organization, companies are flying blind when it comes to understanding the health of data driving their applications,” said Manu Bansal, co-founder, and CEO, Lightup. “With the data volumes, high cardinality, and complex data flows that we are all dealing with today, it is easy to end up with bad data in the pipeline. Lightup’s data quality monitoring solution provides data teams with a crystal clear understanding of the health and quality of the data fueling their applications. This ensures that data outages don’t silently turn into broken applications that can have a devastating impact on a company’s performance and bottom line.”

“Before we started using Lightup, we didn’t know the extent of our data quality issues, but with the Lightup SaaS solution, we identified and fixed problems with our data pipeline that we had been suffering from for months.  We now have a lot more faith in our data, and we can focus our time on extending our core reporting and analysis capabilities and spend much less time on fixing data quality issues,” said Alex Dovenmuehle, co-founder, Big Time Data

The Lightup platform is designed specifically for the purpose of catching data outages:

• Architecture: Lightup hooks right up to a company’s data warehouse where the data already lives. There is no need to publish data out with an agent, and the system scales to data volumes as a byproduct of warehousing.  
• Data quality checks: Lightup provides ready-made data quality metrics for common outage symptoms. Visibility begins the moment warehouse credentials are plugged into Lightup.
• Accurate real-time alerting: Lightup surfaces data outages instantaneously and accurately, focusing the developer’s attention where it’s needed the most.

The Lightup platform integrates seamlessly with data warehouses including BigQuery, Snowflake, Databricks, and Redshift that are used as destinations for product data. It can also run data quality checks on data flowing through an ingestion system including Segment, Rudder, and Kafka. It connects directly to a company’s data sources to instantly alert data teams via Slack, PagerDuty, email, or via API when data breaks. The platform is enterprise-ready with support for both SaaS and on-premise (private cloud or customer data center) deployment models. 

Beta Program

Lightup is currently accepting participants in its beta program. To get further information on joining, please sign up athttps://signup.lightup.ai and select the preferred deployment model.

About Lightup

Lightup has developed a breakthrough data quality monitoring solution that proactively detects and explains significant changes in data that indicate issues with the product or data pipeline. Backed by Andreesen Horowitz, Lightup is the first solution that provides developers with an out-of-box solution that ensures data quality for SQL data stores such as Snowflake and Databricks and streaming data sources including Kafka and Segment.

Contact

Merrill Freund
[email protected]
415-577-8637

• Chronic obstructive pulmonary disease (COPD) patients for whom a dry powder inhaler device is preferred, can now benefit from an extrafine formulation fixed triple combination therapy containing an inhaled corticosteroid (ICS) / long-acting β2-agonist (LABA) / long-acting muscarinic antagonist (LAMA) in a single device.
• With this new European authorization, Chiesi reinforces its commitment to providing a broad portfolio of formulations and devices to COPD patients.

PARMA, Italy, April 21, 2021 (GLOBE NEWSWIRE) — Chiesi, an international research-focused healthcare group (Chiesi Group), today announced that the European Commission has granted the marketing authorization for Trimbow® inhalation powder delivered through NEXThaler (beclometasone dipropionate, formoterol fumarate dihydrate and glycopyrronium), an extrafine formulation triple fixed combination therapy in a single dry powder inhaler (DPI), for the maintenance treatment in adult patients with moderate to severe chronic obstructive pulmonary disease (COPD) who are not adequately treated by a combination of an inhaled corticosteroid and a long-acting beta2-agonist or a combination of a long-acting beta2-agonist and a long-acting muscarinic antagonist.^1,2

Chiesi’s triple therapy in a pressurized metered dose inhaler (pMDI) formulation was previously approved in 2017³ and with this new authorization, COPD patients for whom a DPI is preferred may now benefit from this therapeutic option in a NEXThaler device. It is extremely important to have both options available for different patients’ needs as pMDIs and DPIs are the most commonly used devices for patients with chronic respiratory diseases such as COPD. Tailoring inhaler choice to a patient’s ability to use specific devices, coupled with ongoing education to support optimal inhaler usage, may improve patient confidence and enhance both adherence and disease control.⁴

“With the marketing authorization for our triple therapy in a NEXThaler device in the EU, the Chiesi Group reinforces its commitment to providing a broad portfolio of formulations and devices to COPD patients and physicians.” comments Alessandro Chiesi, Chief Commercial Officer, Chiesi Group. “Chiesi triple therapy is today the first and only triple fixed combination treatment providing both pMDI and DPI devices as options for patients and physicians. We aim to make this treatment available to appropriate patients in Europe as soon as possible.”

Chiesi’s triple therapy in a NEXThaler device was approved in EU based on the TRI-D study which found similar efficacy and safety to the pMDI formulation in patients with moderate to severe COPD.⁵ Data from the TRILOGY, TRINITY and TRIBUTE clinical trials have already established that Chiesi’s triple therapy in a pMDI formulation is an efficacious and well-tolerated treatment for moderate to severe COPD.^6,7,8

The NEXThaler device is equipped with a counter for the inhalations. The number of inhalations shown in the window on the device does not decrease on closing the cover if the patient has not inhaled through the inhaler², which potentially helps them track and manage their treatment. NEXThaler is a device with a breath-activated mechanism (BAM) which allows the dose to be fully delivered when the optimal inspiratory flow rate is reached.² For the EU Summary of Product Characteristics for Chiesi’s triple therapy, please visit https://www.ema.europa.eu/en/documents/product-information/trimbow-epar-product-information_en.pdf.

About Chiesi Group

Based in Parma, Italy, Chiesi is an international research-focused pharmaceuticals and healthcare group with over 85 years’ experience, operating in 30 countries with more than 6,000 employees (Chiesi Group). To achieve its mission of improving people’s quality of life by acting responsibly towards society and the environment, the Group research, develops and markets innovative drugs in its three therapeutic areas: AIR (products and services that promote respiration, from new-born to adult populations), RARE (treatment for patients with rare and ultra-rare diseases) and CARE (products and services that support special care and consumer-facing self-care). The Group’s Research and Development center is based in Parma and works alongside 6 other important research and development centres in France, the U.S., Canada, China, the UK, and Sweden to promote its pre-clinical, clinical and regulatory programs. Chiesi, since 2019, is the world’s largest Certified B Corporation™ pharmaceutical group. Chiesi Farmaceutici S.p.A. has changed in 2018 its legal status to a Benefit Corporation, by incorporating a double purpose for the creation of shared value, and to generate value for its business, for society and the environment. The global B Corporation movement promotes business as a force for good. Moreover, as a Benefit Corporation, Chiesi Farmaceutici S.p.A. is required by law to include objectives of common benefit in its bylaws and to report annually in a transparent way. The Group is committed to becoming carbon neutral by the end of 2035.
For further information: www.chiesi.com

About Chiesi triple therapy

¹

Chiesi’s triple therapy is an extrafine formulation, fixed triple combination, of beclometasone dipropionate (ICS) / formoterol fumarate (LABA) / glycopyrronium (LAMA). The therapy in pMDI and DPI device is licensed for the maintenance treatment in adult patients with moderate to severe chronic obstructive pulmonary disease (COPD) who are not adequately treated by a combination of an inhaled corticosteroid and a long-acting beta2-agonist or a combination of a long-acting beta2-agonist and a long-acting muscarinic antagonist (for effects on symptoms control and prevention of exacerbations see section 5.1).^2,9
The therapy in pMDI device is also licensed for the maintenance treatment of asthma, in adults not adequately controlled with a maintenance combination of a long-acting beta2-agonist and medium dose of inhaled corticosteroid, and who experienced one or more asthma exacerbations in the previous year.⁹

For a full list of side effects and information on dosage and administration, contraindications and other precautions, please refer to https://www.ema.europa.eu/ for further information.

About COPD

COPD is a respiratory disease characterized by a persistent bronchial obstruction, associated with an increased chronic inflammatory response of the airways to noxious particles or gas. The classic symptoms associated with COPD are dyspnea, chronic cough and chronic productive sputum. In some cases, an acute worsening of the above-mentioned symptoms may occur, triggering an exacerbation. In the adult population aged over 40 years, moderate and severe COPD is prevalent in 5-10% of the population, and including mild cases, the prevalence is 15-20%. There are 300,000 deaths in Europe from COPD each year.¹⁰

References

1. Trimbow.https://ec.europa.eu/health/documents/community-register/2021/20210407151230/dec_151230_en.pdf EMA marketing authorisation valid throughout the European Union, approved 07/04/2021. Available at: https://ec.europa.eu/health/documents/community-register/2021/20210407151230/dec_151230_en.pdf Accessed: April 2021.
2. Trimbow NEXThaler EMA SmPC. Available at: https://www.ema.europa.eu/en/documents/product-information/trimbow-epar-product-information_en.pdf Accessed: April 2021.
3. Trimbow, EMEA/H/C/004257, EMA marketing authorisation valid throughout the European Union, approved 17/07/2017. Available at: https://www.ema.europa.eu/en/medicines/human/EPAR/trimbow#authorisation-details-section. Accessed: March 2021.
4. Dekhuijzen PNR, Vincken W, Virchow JC et al, “Prescription of inhalers in asthma and COPD: Towards a rational, rapid and effective approach”. Respir Med, 2013, Vol 107(12), pp 1817–21
5. Beeh K-M et al. Comparison of Dry-Powder Inhaler and Pressurized Metered-Dose Inhaler Formulations of Extrafine Beclomethasone Dipropionate/Formoterol Fumarate/Glycopyrronium in Patients with COPD: The TRI-D Randomized Controlled Trial. International Journal of Chronic Obstructive Pulmonary Disease 2021:16 79–89
6. Singh D, Papi A, Corradi M, et al. Single inhaler triple therapy versus inhaled corticosteroid plus long-acting β2-agonist therapy for chronic obstructive pulmonary disease (TRILOGY): a double-blind, parallel group, randomised controlled trial. Lancet 2016; 388: 963–973.
7. Vestbo J, Papi A, Corradi M, et al. Single inhaler extrafine triple therapy versus long-acting muscarinic antagonist therapy for chronic obstructive pulmonary disease (TRINITY): a double-blind, parallel group, randomised controlled trial. Lancet 2017; 389: 1919–1929.
8. Papi A, Vestbo J, Fabbri L, et al. Extrafine inhaled triple therapy versus dual bronchodilator therapy in chronic obstructive pulmonary disease (TRIBUTE): a double-blind, parallel group, randomised controlled trial. Lancet 2018; 391: 1076–1084.
9. Trimbow 87 micrograms/5 micrograms/9 micrograms pressurised inhalation, solution SmPC. Available at: https://www.medicines.org.uk/emc/product/761/smpc.
10. European Lung Foundation. COPD. Available at https://www.europeanlung.org/en/lung-disease-and-information/lung-diseases/copd. Last accessed March 2021

Media contacts

Alessio Pappagallo
Press Office Manager
Phone +39 339 5897483,
Email [email protected]

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