Posts

Posted on

Gaia Sets Fourth Quarter and Full Year 2020 Conference Call for Monday, March 1, 2021, at 4:30 p.m. ET

BOULDER, Colo., Feb. 16, 2021 (GLOBE NEWSWIRE) — Gaia, Inc. (NASDAQ: GAIA), a conscious media and community company, will conduct a conference call on Monday, March 1, 2021, at 4:30 p.m. Eastern time (2:30 p.m. Mountain time) to discuss its financial results for the fourth quarter and full year ended December 31, 2020. The company will report its financial results in a press release prior to the call.

Gaia management will host the conference call, followed by a question and answer period.

Date: Monday, March 1, 2021
Time: 4:30 p.m. Eastern time (2:30 p.m. Mountain time)
Toll-free dial-in number: 1-866-548-4713
International dial-in number: 1-323-794-2093
Conference ID: 1665604

Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Gateway Investor Relations at (949) 574-3860.

The conference call will be broadcast live and available for replay here and via ir.gaia.com.

A telephonic replay of the conference call will be available after 7:30 p.m. Eastern time on the same day through March 15, 2021.

Toll-free replay number: 1-844-512-2921
International replay number: 1-412-317-6671
Replay ID: 1665604

About Gaia

Gaia is a global video streaming service and community that provides curated conscious media in four primary channels—Seeking Truth, Transformation, Alternative Healing and Yoga—to its subscribers in 185 countries with approximately 8,000 titles. Over 85% of its library is exclusive to Gaia, and approximately 80% of the views are generated by content produced or owned by Gaia. For more information about Gaia, visit www.gaia.com.

Contacts

Paul Tarell
Gaia, Inc.
(303) 222-3330
[email protected]

Cody Slach
Gateway Investor Relations
(949) 574-3860
[email protected]



Posted on

Clikia Corp. Receives an Additional $100,000 Purchase Order for Luxury Timepieces From Signet International, Bringing Total to Over $450,000 This Year

FORT LEE, NJ, Feb. 16, 2021 (GLOBE NEWSWIRE) — via NewMediaWire — Clikia Corp. (OTC: CLKA), an emerging leader in the global custom luxury goods marketplace, through its wholly owned subsidiary, Maison Luxe, announces an additional $100,000 purchase order from Signet International Group (“Signet”) for the travel retail market bringing total purchase orders so far this year from Signet to over $450,000.

The travel retail market includes airports, cruise lines, ferries, and ports. Airports lead the way and are expected to remain the dominant player in the upcoming years. The travel retail market experienced a tremendous setback in 2020 due to the worldwide pandemic known as COVID-19. As a result, the travel retail market which was valued at US$ 74.31 Bn in 2019 is estimated to reach only US$ 33.43 Bn in 2020, registering a year-on-year decline of over 55%. However, with expected relaxations in travel restrictions from the start of 2021, the market can expect a steady increase in retail sales during the forecast period from 2020 to 2028.

However, at a conservative growth forecast of about 4.1% during the forecast period, the travel retail market is expected to reach US$ 46.11 Bn by 2028. Some of the factors driving this estimated growth include an uptick in international travel post COVID-19 restrictions, travel retailers adopting digital technologies to drive online sales, and promotional activities planned by leading retailers. This outlook for 2021 and beyond is very encouraging to the projected growth of Clikia. For further information, please visit https://www.researchandmarkets.com/reports/5232540/travel-retail-market-size-market-share?utm_source=GNOM&utm_medium=PressRelease&utm_code=tzzqvx&utm_campaign=1489258+-+Global+Travel+Retail+Market+Report+2020%3a+Market+was+Valued+at+US%24+74.31+Billion+in+2019+-+Leading+Duty-Free+Operators+Experienced+a+55%25+to+65%25+Fall+in+Turnover&utm_exec=chdo54prd.

Anil Idnani, CEO of Clikia, stated, “The increasing distribution through Signet’s established network in the travel retail market is leading to increasing revenues and profitability for Clikia as the travel retail market recovers from the devastating effects of Covid-19.”

ABOUT CLIKIA CORP.

Clikia Corp., through its wholly owned subsidiary (1) Maison Luxe, offers highly desired luxury retail consumer items that are responsibly sourced and affordable to the end customer. Maison Luxe focuses its efforts primarily within the fine time pieces and jewelry segments both on a wholesale and B2C (business-to-consumer) basis (2) Amani Jewelers, operates in the jewelry marketplace, with a strategic focus on the rapidly growing lab-grown diamonds market. For more information, please reference https://www.maisonluxeny.com.

SAFE HARBOR STATEMENT

This press release contains forward-looking statements that can be identified by terminology such as “believes,” “expects,” “potential,” “plans,” “suggests,” “may,” “should,” “could,” “intends,” or similar expressions. Many forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results implied by such statements. These factors include, but are not limited to, our ability to continue to enhance our products and systems to address industry changes, our ability to expand our customer base and retain existing customers, our ability to effectively compete in our market segment, the lack of public information on our company, our ability to raise sufficient capital to fund our business, operations, our ability to continue as a going concern, and a limited public market for our common stock, among other risks. Many factors are difficult to predict accurately and are generally beyond the company’s control. Forward-looking statements speak only as to the date they are made, and we do not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.

FOR MEDIA INQUIRIES, PLEASE CONTACT:

Anil Idnani, CEO

[email protected]

551-486-3980



Posted on

Expeditors Reports Fourth Quarter 2020 EPS Of $1.16

Expeditors Reports Fourth Quarter 2020 EPS Of $1.16

SEATTLE–(BUSINESS WIRE)–
Expeditors International of Washington, Inc. (NASDAQ:EXPD) today announced fourth quarter 2020 financial results including the following highlights compared to the same quarter of 2019:

  • Diluted Net Earnings Attributable to Shareholders per share (EPS1) increased 47% to $1.16
  • Net Earnings Attributable to Shareholders increased 45% to $199 million
  • Operating Income increased 56% to $282 million
  • Revenues increased 55% to $3.2 billion
  • Airfreight tonnage volume increased 10% and ocean container volume increased 19%

“We moved more freight in the fourth quarter of 2020 than in any other quarter in our history,” said Jeffrey S. Musser, President and Chief Executive Officer. “We set Company bests in airfreight tonnage and ocean containers shipped, as well as in revenue, operating income and net earnings. All 17,500 people in our international network performed at levels we have never experienced before and in one of the most challenging operating environments in our 40-year history. I cannot thank our people enough and am tremendously proud to be part of an organization capable of performing at these levels while facing so many disruptions due to the COVID-19 pandemic. I credit our strong knowledge-based culture and our ability to collectively work as one team as primary factors in our success.

“Air buy and sell rates were elevated and volatile during the quarter, and supply and demand remained severely out of alignment, as demand for certain goods, particularly from North Asia, drove record high air tonnage. Air capacity remained extremely tight, as passenger flights have not returned to anywhere near their pre-COVID-19 pandemic levels. We anticipate that air supply/demand and pricing conditions are likely to remain unsettled well into 2021.

“Our ocean services business also experienced significant marketplace imbalance during the quarter, as demand soared and volumes increased, particularly on exports from North and South Asia, which drove higher average buy and sell rates. In addition, port congestion from labor and equipment shortages have significantly disrupted sailing schedules. We expect the pressure on buy rates to remain elevated until those conditions subside.

“In addition to our diverse workforce and our inclusive culture, our solid performance was largely based on the strength of our carrier relationships – both in air and ocean. Here, too, I applaud the extra focus and dedication of our people to keep those relationships strong and to secure available space for our customers in such unpredictable conditions. The marketplace remains very fluid. Despite some signs of improved COVID-19 conditions in certain parts of the world, supply chains continue to be disrupted. We remain focused on keeping our people safe, first and foremost, while continuing to serve our customers at the very highest level.”

Bradley S. Powell, Senior Vice President and Chief Financial Officer, added, “We also experienced strong growth in Customs Brokerage, Order Management, Transcon and Distribution, as our customers’ businesses improved and we on-boarded new customers. These latest results are particularly striking in comparison to the fourth quarter of 2019, when average sell rates had declined faster than our average buy rates, and both air and ocean volumes fell as slowing trade to and from China impacted overall freight movement around the globe just as the earliest effects of COVID-19 were being felt. While we are unable to predict how ongoing disruptions related to COVID-19 will affect our future operations or financial results going forward, we do not expect these unprecedented operating conditions to persist long-term. We will continue to make important investments in people, processes and technology, as well as to invest in our strategic efforts to explore new areas for profitable growth.”

Mr. Powell noted that the Company’s effective tax rate for the full year of 2020 was 27.0%, compared to 25.6% in 2019. Earnings of our international subsidiaries, which on average have higher effective tax rates when compared to U.S. Federal and State tax rates, were proportionally higher in 2020 than in the U.S.

Expeditors is a global logistics company headquartered in Seattle, Washington. The Company employs trained professionals in 176 district offices and numerous branch locations located on six continents linked into a seamless worldwide network through an integrated information management system. Services include the consolidation or forwarding of air and ocean freight, customs brokerage, vendor consolidation, cargo insurance, time-definite transportation, order management, warehousing and distribution and customized logistics solutions.

_______________________

1Diluted earnings attributable to shareholders per share.

NOTE: See Disclaimer on Forward-Looking Statements on the following page of this release.

Expeditors International of Washington, Inc.

Fourth Quarter 2020 Earnings Release, February 16, 2021

Financial Highlights for the Three and Twelve months ended December 31, 2020 (Unaudited)

(in 000’s of US dollars except per share data)
 

 

 

Three months ended December 31,

 

 

Twelve months ended December 31,

 

 

2020

 

 

2019

 

 

% Change

 

 

2020

 

 

2019

 

 

% Change

Revenues

 

$

3,169,188

 

 

$

2,044,941

 

 

55

%

 

 

$

10,116,481

 

 

$

8,175,426

 

 

24

%

Directly related cost of transportation and other expenses1

 

$

2,340,603

 

 

$

1,398,638

 

 

67

%

 

 

$

7,188,790

 

 

$

5,538,958

 

 

30

%

Salaries and other operating expenses2

 

$

546,774

 

 

$

465,963

 

 

17

%

 

 

$

1,987,254

 

 

$

1,869,776

 

 

6

%

Operating income

 

$

281,811

 

 

$

180,340

 

 

56

%

 

 

$

940,437

 

 

$

766,692

 

 

23

%

Net earnings attributable to shareholders

 

$

198,620

 

 

$

137,326

 

 

45

%

 

 

$

696,140

 

 

$

590,395

 

 

18

%

Diluted earnings attributable to shareholders per share

 

$

1.16

 

 

$

0.79

 

 

47

%

 

 

$

4.07

 

 

$

3.39

 

 

20

%

Basic earnings attributable to shareholders per share

 

$

1.17

 

 

$

0.81

 

 

44

%

 

 

$

4.14

 

 

$

3.45

 

 

20

%

Diluted weighted average shares outstanding

 

 

171,692

 

 

 

173,401

 

 

 

 

 

 

 

170,896

 

 

 

174,209

 

 

 

 

Basic weighted average shares outstanding

 

 

169,473

 

 

 

170,339

 

 

 

 

 

 

 

168,333

 

 

 

170,899

 

 

 

 

1

Directly related cost of transportation and other expenses totals Operating Expenses from Airfreight services, Ocean freight and ocean services and Customs brokerage and other services as shown in the Consolidated Statements of Earnings.

2

Salaries and other operating expenses totals Salaries and related, Rent and occupancy, Depreciation and amortization, Selling and promotion and Other as shown in the Consolidated Statements of Earnings.

The twelve months ended December 31, 2019 includes the effect of changing our presentation of certain import services from a net to a gross basis and our revised presentation of destination services that started in the second quarter of 2019, which increased revenues and directly related operating expenses in customs brokerage and other services but did not change operating income.

During the three and twelve months ended December 31, 2020, we repurchased 0.2 million and 4.6 million shares of common stock at an average price of $90.81 and $72.26 per share, respectively. During the three and twelve months ended December 31, 2019, we repurchased 1.2 million and 5.3 million shares of common stock at an average price of $73.89 and $72.91 per share, respectively.

 

 

Employee Full-time Equivalents as of December 31,

 

 

2020

 

 

2019

North America

 

 

6,724

 

 

 

6,905

Europe

 

 

3,492

 

 

 

3,459

North Asia

 

 

2,398

 

 

 

2,488

South Asia

 

 

1,631

 

 

 

1,697

Middle East, Africa and India

 

 

1,497

 

 

 

1,548

Latin America

 

 

784

 

 

 

855

Information Systems

 

 

983

 

 

 

961

Corporate

 

 

399

 

 

 

384

Total

 

 

17,908

 

 

 

18,297

 

 

Fourth quarter year-over-year

percentage increase in:

 

 

Airfreight

kilos

 

 

Ocean freight

FEU

2020

 

 

 

 

 

 

 

October

 

5

%

 

 

15

%

November

 

12

%

 

 

20

%

December

 

13

%

 

 

21

%

Quarter

 

10

%

 

 

19

%

 

Investors may submit written questions via e-mail to: [email protected]. Questions received by the end of business on February 19, 2021 will be considered in management’s 8-K “Responses to Selected Questions.”

Disclaimer on Forward-Looking Statements

Certain statements contained in this news release are “forward-looking statements,” such as statements relating to management’s views with respect to future events and underlying assumptions that involve risks and uncertainties, including statements such as our expectations of continued volatility in air pricing, ongoing pressure for elevated buy rates in the ocean services business, that the COVID-19-related operating conditions will not continue long-term, and that the Company expects to continue making investments in people, processes and technology. Future financial performance could differ materially because of factors such as: our ability to perform at these levels while facing several disruptions due to the COVID-19 pandemic, including employee retention and their health and safety; our ability to execute during port congestion due to labor and equipment shortages and disrupted sailing schedules; the timing of passenger flights returning close to their pre-COVID-19 levels; the impact on our ocean volumes; continued volatility in airfreight and ocean buy and sell rates; our access to carrier capacity; our ability to keep our global offices open and operating; our ability to execute our business continuity plans; the strength of our financial position and our ability to continue to make investments in our strategic initiatives; our ability to remain a strong, healthy, unified and resilient organization; and the future impact of changes in the mix of domestic and foreign income on our effective tax rate. The COVID-19 pandemic could have the effect of heightening many of the other risks described in Item 1A of our Annual Report on Form 10-K, including, without limitation, those related to the success of our strategy and desire to maintain historical unitary profitability, our ability to attract and retain customers, our ability to manage costs, interruptions to our information technology systems, the ability of third-party providers to perform and potential litigation as updated by our reports on Form 10-Q, filed with the Securities and Exchange Commission. These and other factors are discussed in the Company’s regulatory filings with the Securities and Exchange Commission, including those in “Item 1A. Risk Factors” of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019 and in “Item 1A. Risk Factors” of the Company’s most recent Quarterly Report on Form 10-Q. Additional information will also be set forth in our Annual Report on Form 10-K for the year ended December 31, 2020. The forward-looking statements contained in this news release speak only as of this date, and the Company does not assume any obligation to update them except as required by law.

EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.

AND SUBSIDIARIES

Consolidated Balance Sheets

(In thousands, except per share data)

(Unaudited)
 

 

 

December 31, 2020

 

 

December 31, 2019

 

Assets:

 

 

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

1,527,791

 

 

$

1,230,491

 

Accounts receivable, net

 

 

1,998,055

 

 

 

1,315,091

 

Deferred contract costs

 

 

327,448

 

 

 

131,783

 

Other

 

 

110,250

 

 

 

92,558

 

Total current assets

 

 

3,963,544

 

 

 

2,769,923

 

Property and equipment, net

 

 

506,425

 

 

 

499,344

 

Operating lease right-of-use assets

 

 

432,723

 

 

 

390,035

 

Goodwill

 

 

7,927

 

 

 

7,927

 

Deferred federal and state income taxes, net

 

 

—

 

 

 

8,034

 

Other assets, net

 

 

16,884

 

 

 

16,621

 

Total assets

 

$

4,927,503

 

 

$

3,691,884

 

Liabilities:

 

 

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

1,136,859

 

 

$

735,695

 

Accrued expenses, primarily salaries and related costs

 

 

257,021

 

 

 

189,446

 

Contract liabilities

 

 

379,722

 

 

 

154,183

 

Current portion of operating lease liabilities

 

 

74,004

 

 

 

65,367

 

Federal, state and foreign income taxes

 

 

45,437

 

 

 

23,627

 

Total current liabilities

 

 

1,893,043

 

 

 

1,168,318

 

Noncurrent portion of operating lease liabilities

 

 

364,185

 

 

 

326,347

 

Deferred federal and state income taxes, net

 

 

7,048

 

 

 

—

 

Commitments and contingencies

 

 

 

 

 

 

 

 

Shareholders’ Equity:

 

 

 

 

 

 

 

 

Preferred stock, none issued

 

 

—

 

 

 

—

 

Common stock, par value $0.01 per share, authorized 640,000. Issued and outstanding: 169,294 shares at December 31, 2020 and 169,622 shares at December 31, 2019

 

 

1,693

 

 

 

1,696

 

Additional paid-in capital

 

 

157,496

 

 

 

3,203

 

Retained earnings

 

 

2,600,201

 

 

 

2,321,316

 

Accumulated other comprehensive loss

 

 

(99,753

)

 

 

(131,187

)

Total shareholders’ equity

 

 

2,659,637

 

 

 

2,195,028

 

Noncontrolling interest

 

 

3,590

 

 

 

2,191

 

Total equity

 

 

2,663,227

 

 

 

2,197,219

 

Total liabilities and equity

$

4,927,503

$

3,691,884

EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.

AND SUBSIDIARIES

Consolidated Statements of Earnings

(In thousands, except per share data)

(Unaudited)
 

 

Three months ended December 31,

Twelve months ended December 31,

 

2020

 

2019

 

 

2020

 

2019

Revenues:

 

 

 

 

 

 

 

 

Airfreight services

$

1,547,223

$

757,954

$

4,784,402

$

2,929,882

Ocean freight and ocean services

 

755,250

 

519,730

 

2,353,247

 

2,217,554

Customs brokerage and other services

 

866,715

 

767,257

 

2,978,832

 

3,027,990

Total revenues

 

3,169,188

 

2,044,941

 

10,116,481

 

8,175,426

Operating Expenses:

 

 

 

 

 

 

 

 

Airfreight services

 

1,228,254

 

569,282

 

3,679,185

 

2,143,999

Ocean freight and ocean services

 

577,600

 

378,801

 

1,762,754

 

1,613,646

Customs brokerage and other services

 

534,749

 

450,555

 

1,746,851

 

1,781,313

Salaries and related

 

427,344

 

352,723

 

1,538,104

 

1,422,315

Rent and occupancy

 

43,480

 

41,775

 

169,863

 

166,182

Depreciation and amortization

 

14,339

 

12,494

 

56,959

 

50,950

Selling and promotion

 

4,135

 

11,150

 

18,436

 

44,002

Other

 

57,476

 

47,821

 

203,892

 

186,327

Total operating expenses

 

2,887,377

 

1,864,601

 

9,176,044

 

7,408,734

Operating income

 

281,811

 

180,340

 

940,437

 

766,692

Other Income (Expense):

 

 

 

 

 

 

 

 

Interest income

 

1,545

 

4,680

 

10,415

 

22,803

Other, net

 

551

 

477

 

5,712

 

6,299

Other income, net

 

2,096

 

5,157

 

16,127

 

29,102

Earnings before income taxes

 

283,907

 

185,497

 

956,564

 

795,794

Income tax expense

 

84,382

 

47,749

 

258,350

 

203,778

Net earnings

 

199,525

 

137,748

 

698,214

 

592,016

Less net earnings attributable to the noncontrolling

interest

 

905

 

422

 

2,074

 

1,621

Net earnings attributable to shareholders

$

198,620

$

137,326

$

696,140

$

590,395

Diluted earnings attributable to shareholders per share

$

1.16

$

0.79

$

4.07

$

3.39

Basic earnings attributable to shareholders per share

$

1.17

$

0.81

$

4.14

$

3.45

Weighted average diluted shares outstanding

 

171,692

 

173,401

 

170,896

 

174,209

Weighted average basic shares outstanding

 

169,473

 

170,339

 

168,333

 

170,899

EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.

AND SUBSIDIARIES

Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)
 

 

 

Three months ended December 31,

 

Twelve months ended December 31,

 

 

2020

 

2019

 

2020

 

2019

Operating Activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings

 

$

199,525

 

 

$

137,748

 

 

$

698,214

 

 

$

592,016

 

Adjustments to reconcile net earnings to net cash from operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provisions for losses (recoveries) on accounts receivable

 

 

977

 

 

 

(454

)

 

 

5,584

 

 

 

(1

)

Deferred income tax expense

 

 

5,499

 

 

 

4,499

 

 

 

8,371

 

 

 

4,482

 

Stock compensation expense

 

 

17,407

 

 

 

12,182

 

 

 

62,498

 

 

 

61,543

 

Depreciation and amortization

 

 

14,339

 

 

 

12,494

 

 

 

56,959

 

 

 

50,950

 

Other, net

 

 

490

 

 

 

129

 

 

 

3,960

 

 

 

941

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Increase) decrease in accounts receivable

 

 

(372,753

)

 

 

19,744

 

 

 

(647,193

)

 

 

265,919

 

Increase (decrease) in accounts payable and accrued expenses

 

 

228,555

 

 

 

(40,788

)

 

 

430,495

 

 

 

(181,987

)

(Increase) decrease in deferred contract costs

 

 

(89,560

)

 

 

261

 

 

 

(189,447

)

 

 

28,811

 

Increase (decrease) in contract liabilities

 

 

105,455

 

 

 

(164

)

 

 

217,699

 

 

 

(37,097

)

Increase (decrease) in income taxes payable, net

 

 

19,146

 

 

 

14,812

 

 

 

8,502

 

 

 

(18,472

)

Decrease (increase) in other, net

 

 

12,612

 

 

 

4,783

 

 

 

(630

)

 

 

4,830

 

Net cash from operating activities

 

 

141,692

 

 

 

165,246

 

 

 

655,012

 

 

 

771,935

 

Investing Activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchase of property and equipment

 

 

(10,124

)

 

 

(9,079

)

 

 

(47,543

)

 

 

(47,022

)

Other, net

 

 

553

 

 

 

(518

)

 

 

1,516

 

 

 

1,007

 

Net cash from investing activities

 

 

(9,571

)

 

 

(9,597

)

 

 

(46,027

)

 

 

(46,015

)

Financing Activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from issuance of common stock

 

 

12,329

 

 

 

28,055

 

 

 

186,345

 

 

 

148,245

 

Repurchases of common stock

 

 

(18,162

)

 

 

(92,138

)

 

 

(332,387

)

 

 

(389,060

)

Dividends Paid

 

 

(88,114

)

 

 

(85,369

)

 

 

(174,929

)

 

 

(170,553

)

Payments for taxes related to net share settlement of equity awards

 

 

—

 

 

 

—

 

 

 

(10,566

)

 

 

(6,674

)

Net cash from financing activities

 

 

(93,947

)

 

 

(149,452

)

 

 

(331,537

)

 

 

(418,042

)

Effect of exchange rate changes on cash and cash equivalents

 

 

24,107

 

 

 

8,324

 

 

 

19,852

 

 

 

(1,122

)

Change in cash and cash equivalents

 

 

62,281

 

 

 

14,521

 

 

 

297,300

 

 

 

306,756

 

Cash and cash equivalents at beginning of period

 

 

1,465,510

 

 

 

1,215,970

 

 

 

1,230,491

 

 

 

923,735

 

Cash and cash equivalents at end of period

 

$

1,527,791

 

 

$

1,230,491

 

 

$

1,527,791

 

 

$

1,230,491

 

Taxes Paid:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income taxes

$

59,607

$

25,914

$

239,849

$

222,083

EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.

AND SUBSIDIARIES

Business Segment Information

(In thousands)

(Unaudited)
 

 

UNITED

STATES

OTHER

NORTH

AMERICA

LATIN

AMERICA

NORTH

ASIA

SOUTH

ASIA

EUROPE

MIDDLE

EAST,

AFRICA

AND

INDIA

ELIMI-

NATIONS

 

CONSOLI-

DATED

For the three months ended December 31, 2020:

 

 

 

 

 

 

 

 

 

 

 

Revenues1

$

800,663

94,153

41,527

1,300,215

329,050

458,012

146,596

(1,028

)

3,169,188

Directly related cost of transportation and other expenses2

$

460,288

60,625

23,422

1,103,063

256,677

325,878

111,179

(529

)

2,340,603

Salaries and other operating expenses3

$

245,721

26,367

11,894

96,498

40,251

101,631

24,905

(493

)

546,774

Operating income

$

94,654

7,161

6,211

100,654

32,122

30,503

10,512

(6

)

281,811

Identifiable assets at period end

$

2,532,324

186,204

85,085

876,856

272,106

752,589

240,984

(18,645

)

4,927,503

Capital expenditures

$

3,328

194

66

417

1,229

2,976

1,914

—

 

10,124

Depreciation and amortization

$

9,235

498

284

1,283

493

2,091

455

—

 

14,339

Equity

$

1,928,945

67,243

32,273

241,155

121,411

196,637

114,369

(38,806

)

2,663,227

For the three months ended December 31, 2019:

 

 

 

 

 

 

 

 

 

 

 

Revenues1

$

678,979

89,370

38,925

615,401

188,278

327,879

107,104

(995

)

2,044,941

Directly related cost of transportation and other expenses2

$

386,114

54,372

23,148

495,267

137,231

227,248

75,813

(555

)

1,398,638

Salaries and other operating expenses3

$

223,703

25,371

14,170

62,813

30,154

83,734

26,459

(441

)

465,963

Operating income

$

69,162

9,627

1,607

57,321

20,893

16,897

4,832

1

 

180,340

Identifiable assets at period end

$

1,978,307

153,813

72,677

538,526

178,336

551,576

219,953

(1,304

)

3,691,884

Capital expenditures

$

5,122

844

485

600

323

1,216

489

—

 

9,079

Depreciation and amortization

$

7,581

494

324

1,227

449

1,945

474

—

 

12,494

Equity

$

1,521,059

65,100

29,148

247,725

94,727

159,308

114,726

(34,574

)

2,197,219

 

UNITED

STATES

OTHER

NORTH

AMERICA

LATIN

AMERICA

NORTH

ASIA

SOUTH

ASIA

EUROPE

MIDDLE

EAST,

AFRICA

AND

INDIA

ELIMI-

NATIONS

 

CONSOLI-

DATED

For the twelve months ended December 31, 2020:

 

 

 

 

 

 

 

 

 

 

 

Revenues1

$

2,776,546

328,427

156,163

3,838,332

989,633

1,544,130

487,011

(3,761

)

10,116,481

Directly related cost of transportation and other expenses2

$

1,568,461

192,875

93,249

3,157,086

738,648

1,080,741

359,682

(1,952

)

7,188,790

Salaries and other operating expenses3

$

877,117

100,687

48,114

332,978

149,269

375,900

104,968

(1,779

)

1,987,254

Operating income

$

330,968

34,865

14,800

348,268

101,716

87,489

22,361

(30

)

940,437

Identifiable assets at period end

$

2,532,324

186,204

85,085

876,856

272,106

752,589

240,984

(18,645

)

4,927,503

Capital expenditures

$

31,604

1,886

564

2,202

2,264

6,394

2,629

—

 

47,543

Depreciation and amortization

$

37,081

1,946

1,194

4,961

1,876

8,029

1,872

—

 

56,959

Equity

$

1,928,945

67,243

32,273

241,155

121,411

196,637

114,369

(38,806

)

2,663,227

For the twelve months ended December 31, 2019:

 

 

 

 

 

 

 

 

 

 

 

Revenues1

$

2,712,067

354,405

150,202

2,494,556

743,406

1,280,669

443,487

(3,366

)

8,175,426

Directly related cost of transportation and other expenses2

$

1,528,815

212,369

87,297

1,970,662

544,873

884,968

311,997

(2,023

)

5,538,958

Salaries and other operating expenses3

$

859,946

101,654

55,512

271,594

127,478

342,073

112,844

(1,325

)

1,869,776

Operating income

$

323,306

40,382

7,393

252,300

71,055

53,628

18,646

(18

)

766,692

Identifiable assets at period end

$

1,978,307

153,813

72,677

538,526

178,336

551,576

219,953

(1,304

)

3,691,884

Capital expenditures

$

28,666

2,353

1,556

1,767

1,558

9,231

1,891

—

 

47,022

Depreciation and amortization

$

31,049

1,881

1,489

5,263

1,912

7,398

1,958

—

 

50,950

Equity

$

1,521,059

65,100

29,148

247,725

94,727

159,308

114,726

(34,574

)

2,197,219

1

In 2019, the Company revised its process to record the transfer, between its geographic operating segments, of revenues and the directly related cost of transportation and other expenses for freight service transactions between Company origin and destination locations. This change better aligns revenue reporting with the location where the services are performed, as well as the transactional reporting being developed as part of the Company’s new accounting systems and processes. The change in presentation had no impact on consolidated or segment operating income. The 2019 results also include the effect of changing the presentation of certain import services from a net to a gross basis, which increased segment revenues and directly related operating expenses but did not change operating income. The impact of these changes on reported segment revenues was immaterial and prior year segment revenues have not been revised.

2

Directly related cost of transportation and other expenses totals Operating Expenses from Airfreight services, Ocean freight and ocean services and Customs brokerage and other services as shown in the Consolidated Statements of Earnings.

3

Salaries and other operating expenses totals Salaries and related, Rent and occupancy, Depreciation and amortization, Selling and promotion and Other as shown in the Consolidated Statements of Earnings.

 

Jeffrey S. Musser

President and Chief Executive Officer

(206) 674-3433

Bradley S. Powell

Senior Vice President and Chief Financial Officer

(206) 674-3412

Geoffrey Buscher

Director – Investor Relations

(206) 892-4510

KEYWORDS: United States North America Washington

INDUSTRY KEYWORDS: Trucking Rail Maritime Air Logistics/Supply Chain Management Transport Other Transport

MEDIA:

Posted on

Ten Advisors Named to Forbes’ Best-in-State Wealth Advisor List

Rankings reflect Mariner Wealth Advisors high-caliber associates delivering on client-first mission

OVERLAND PARK, Kan., Feb. 16, 2021 (GLOBE NEWSWIRE) — Mariner Wealth Advisors landed ten of its advisors on Forbes’ 2021 Best-in-State Wealth Advisors list. The list recognizes advisors who have established a local reputation for forging positive change in their clients’ lives.

Managing Director Rob Thomas ranked #5 for Western Pennsylvania; Managing Director Jake Kern ranked #6, followed by Senior Wealth Advisor Trey Barnes as #7 for Kansas; Managing Director Jim Siemonsma ranked #9 for Nebraska; Managing Director Jana Shoulders ranked #10 for Oklahoma; Director and Senior Wealth Advisor Faith Xenos ranked #14 for Miami, Fla.; National Managing Director, Wealth Consulting, Keith Plywaczynski ranked #39 for Illinois; Managing Director Pamela Thompson ranked #39 for Kentucky; Managing Director Patrick Kimbrough ranked #99 for North Texas; and Director and Senior Wealth Advisor Justin McCarthy ranked #140 for New York City.

Xenos climbed the list from the #47 spot in 2020 and Shoulders climbed from the #27 spot. Kern held steady at #6, and Thomas, Barnes, Siemonsma, Thompson, Plywaczynski, Kimbrough and McCarthy debuted on the list for the first time. These advisors who have unique niches across the wealth management space, share the commonality of putting their clients first and delivering personalized financial advice tailored to their needs.

“Congratulations to our advisors for this recognition, and to all of the advisors on the list,” said Marty Bicknell, CEO and president of Mariner Wealth Advisors. “This accolade reflects the client-first approach that our advisors enact every day to build our relationships across the nation. Divided only by geography, they are united toward the goal of improving their clients’ financial futures and uplifting the strength of Mariner Wealth Advisors custom advice and solutions.”

The 2021 ranking of the Forbes’ Best-in-State Wealth Advisors list was developed by SHOOK Research. Each advisor is chosen based on an algorithm of qualitative and quantitative criteria, including: due diligence interviews; industry experience; compliance records; revenue produced; and assets under management.

About Mariner Wealth Advisors

At Mariner Wealth Advisors, we provide 360° advice designed to last. We focus on one thing—partnering with clients to create a financial strategy for today and beyond that’s flexible enough to change along with them. The ultimate goal? Helping clients identify what is important so they can achieve their goals—we’re committed to being here for everything life brings their way. We’ve built our firm around what our clients need. We began by offering wealth planning resources and then added services from tax planning to insurance – under one roof. We believe this integrated approach to wealth management helps simplify our clients’ lives. Founded in 2006 with $300 million in assets under advisement, Mariner Wealth Advisors has grown to more than $39 billion in assets under advisement (as of 12/31/20).

Contact
Heather Valle
[email protected]



Posted on

Stonehenge and UGI Acquire Pine Run Midstream Natural Gas Gathering System

Stonehenge and UGI Acquire Pine Run Midstream Natural Gas Gathering System

WESTMINSTER, Colo.–(BUSINESS WIRE)–
Pine Run Gathering LLC (“Pine Run Gathering”) announced today that it has completed a transaction to acquire Pine Run Midstream, LLC (“Pine Run Midstream”) from an affiliate of PennEnergy Resources, LLC (“PennEnergy”) and minority partners for $205 million. Pine Run Gathering is a joint venture owned by a subsidiary of Stonehenge Energy Resources III, LLC (“Stonehenge III”), a portfolio company of Energy Spectrum Partners VIII LP, and by a subsidiary of UGI Energy Services, LLC (“UGIES”), which is a subsidiary of UGI Corporation (NYSE: UGI).

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210216005371/en/

PennEnergy, a Pittsburgh-based independent oil and gas company, is a leading Appalachian based producer and anchor customer on the Pine Run system. Stonehenge III is the third partnership between Energy Spectrum Capital and Stonehenge Energy Resources (“Stonehenge”) management. The transaction will be financed with equity capital from both Stonehenge III (51%) and UGIES (49%) as well as a senior secured loan credit facility.

Pine Run Midstream operates 43-miles of dry gas gathering pipeline and compression assets located in Butler and Armstrong counties in western Pennsylvania. The Pine Run Midstream system has been in operation since 2014 and will be operated by Stonehenge. Stonehenge and UGI expect the investment to be immediately accretive to earnings.

Pine Run Gathering is Stonehenge’s fourth venture in the Appalachian basin. “Stonehenge is pleased to add the Pine Run Midstream system to our operations in western Pennsylvania and views the strategic partnership with UGIES as a beneficial step to providing area producers with cost-effective, customer-focused services,” said Patrick Redalen, CEO of Stonehenge. “The Pine Run Midstream system is a high-quality asset that has been well managed and operated by the PennEnergy team. We are very pleased to have the chance to expand our relationship with Rich, Greg and the entire team at PennEnergy.”

This is the second recent investment in Appalachian basin natural gas gathering systems by UGIES as it continues to invest in assets well positioned in highly productive areas of the Marcellus Shale. UGIES will add its ownership stake in Pine Run Gathering to UGI Appalachia, LLC, which operates gathering assets in Pennsylvania, Ohio and West Virginia. “We are very pleased to announce this investment, which complements our existing portfolio of midstream assets,” said Robert F. Beard, Executive Vice President – Natural Gas, UGI. “Adding our stake in Pine Run Gathering to UGI Appalachia enhances and expands our footprint in western Pennsylvania and is consistent with the strategy outlined when we announced our acquisition of Columbia Midstream Group in 2019. Pine Run Midstream has direct connectivity to UGI’s Big Pine Pipeline, which is one of the assets acquired as part of the Columbia Midstream deal, and is well positioned to capture additional production nearby. Importantly, expansion of our natural gas portfolio enables us to provide low-cost, environmentally responsible energy to more consumers.”

Joseph L. Hartz, President of UGIES, stated, “Pine Run Gathering is a great addition to our portfolio. It is well run and has a strong operations team in place that fits nicely with our midstream business.” Hartz added, “This asset will accelerate the growth of our existing western Pennsylvania natural gas gathering business and is a great strategic fit for UGIES.”

In connection with the transaction, Baker Botts L.L.P. served as legal counsel for Pine Run Gathering and Winston & Strawn LLP served as legal counsel for PennEnergy.

Tudor, Pickering, Holt & Co. served as financial advisor for PennEnergy.

About Stonehenge

Headquartered in Westminster, CO and backed by Energy Spectrum Capital, Stonehenge Energy Resources is a private energy company focused on building, owning and operating midstream facilities in the Appalachian basin to support its producer-partners in the optimum development of their resources. Formed in 2007, Stonehenge supported the early Appalachian unconventional shale gas development by gathering and processing NGL-rich gas in Butler County, Pennsylvania. Stonehenge currently operates two natural gas gathering systems in Butler, Clarion and Armstrong Counties, Pennsylvania. For more information about Stonehenge, visit www.stonehengeenergy.com.

About UGI Corporation

UGI Corporation is a distributor and marketer of energy products and services. Through subsidiaries, UGI operates natural gas and electric utilities in Pennsylvania, distributes LPG both domestically (through AmeriGas) and internationally (through UGI International), manages midstream energy assets in Pennsylvania, Ohio and West Virginia and electric generation assets in Pennsylvania, and engages in energy marketing, including renewable natural gas, in twelve states and the District of Columbia and internationally in France, Belgium, the Netherlands and the UK.

Comprehensive information about UGI Corporation is available on the Internet at https://www.ugicorp.com.

About Energy Spectrum Capital

Founded in 1995, Energy Spectrum Capital is a Dallas, Texas-based venture capital firm that makes direct investments in well-managed, lower-middle-market companies that acquire, develop and operate energy infrastructure assets in North America. Since inception, Energy Spectrum has raised more than $4.5 billion of equity capital across eight funds. For more information, please visit www.energyspectrum.com.

STONEHENGE MEDIA CONTACT

Pat Redalen

Chief Executive Officer

(303) 829-6221

[email protected]

UGI MEDIA CONTACT

610-337-1000

Tameka Morris, ext. 6297

Arnab Mukherjee, ext. 7498

KEYWORDS: United States North America Colorado

INDUSTRY KEYWORDS: Energy Other Energy Oil/Gas

MEDIA:

Logo
Logo
Photo
Photo
Posted on

DMG Provides Update on Crypto-Mining Facility’s Upgrades

VANCOUVER, British Columbia, Feb. 16, 2021 (GLOBE NEWSWIRE) — DMG Blockchain Solutions Inc. (TSX-V:DMGI) (DMGGF:OTCQB US) (FRANKFURT:6AX) (“DMG” or the “Company”), a vertically integrated blockchain and cryptocurrency technology company, is pleased to announce updates and plans for its infrastructure and immersion cooling deployment initiative at its flagship cryptocurrency facility in anticipation of adding additional miners.

As previously reported, the Company has sufficient funds on hand to complete the retrofitting of the first 30 megawatts of infrastructure to immersion cooling, which will increase the Company’s future bitcoin mining capacity to approximately 1.0 Exahash (EH/s) when complete as planned in the first half of 2021. Immersion cooling requires approximately 30% less bitcoin miners than air cooled for the same hashrate, leading to significant capital cost reductions over air cooled systems.

DMG expects completion of the facility’s retrofitting of the next 30MW to reach a total of 60MW in the second half of 2021. Upon completion of the infrastructure and retrofitting upgrades and access to power supply, DMG’s facility will then have a future capacity for approximately 2.0 Exahash of immersion cooled Bitcoin mining utilizing 60MW of power.

In anticipation of the retrofitting timelines, DMG is currently in discussions with leading Bitcoin mining equipment manufacturers for a purchase order that would give DMG the right to purchase, in stages, a minimum of 1.0 EH/s of the newest generation of mining equipment specific to immersion cooling. Various manufacturing companies are developing specific immersion cooling Bitcoin miners which DMG has been reviewing for the optimal purchase for its retrofitting.

The future deployment of at least 1.0 EH/s of immersion cooled mining in the first half of this year is expected to occur in stages based on the amount of capital raised through equity and/or debt financing.

DMG’s COO, Sheldon Bennett, commented:

“DMG’s self-mining strategy is to deploy capital into the most efficient technology possible to ensure the best possible ROI on miners and greatest revenue potential over the life of the hardware. Upon the formalization of the Digital Currency Miners of North America (DCMNA) pool, DMG will connect all its miners to the DCMNA, thus increasing mining margins. Depending on the size of the purchase order(s), DMG may seek financial instruments to aid in completing this deployment of new miners.”

A large-scale purchase of mining equipment is subject to certain conditions including, but not limited to, DMG having sufficient funds to complete the purchase and the execution of a definitive contract setting forth the terms and conditions. Depending on the size of the purchase order, DMG may need to raise funds through the issuance of equity and/or debt financing.

The Company expects COVID-19 to affect the availability and timing of mining equipment, including increased shipping costs. If additional mining equipment is purchased for the Christina Lake facility, the Company expects longer than normal delivery times. As a result of this (which is happening industry-wide), DMG is using this time to upgrade its facility to be prepared for this future deployment of Bitcoin miners.

In addition to the physical retrofitting of the Christina Lake data centre, there are specific major components that are underway in parallel, to ensure the best operational performance from capital investments.

In order to ensure that the retrofitting and the addition of new infrastructure at the Christina Lake data center maintains DMG’s timelines, the Company has selected a British Columbia construction and manufacturing firm to oversee design, procurement, proprietary manufacturing and installation during this project. This will greatly aid DMG during the Covid-19 constrained supply chain challenges that most companies are facing in this industry.

“DMG’s goal is to be the most efficient and technologically advanced mining company in the entire Bitcoin mining industry,” said DMG’s COO, Sheldon Bennett. “Our immersion cooling deployment initiative is just the beginning of numerous technological innovations to be developed and implemented by DMG as part of our rapid growth strategy in the coming years, and the best is yet to come.”

Future changes in the Bitcoin network-wide mining difficulty rate or Bitcoin hashrate may materially affect the future performance of DMG’s production of Bitcoin, and future operational results could also be materially affected by the price of Bitcoin and an increase in hashrate mining difficulty.

About DMG Blockchain Solutions Inc.

DMG is a vertically integrated blockchain and cryptocurrency company that manages, operates, and develops end-to-end digital solutions to monetize the blockchain ecosystem. DMG’s businesses are segmented into three main divisions: data centre operations, data analytics and forensics and developing enterprise blockchains. DMG’s data centre operations focus on earning revenues from block rewards and transaction fees by mining primarily bitcoin as well as providing hosting services for industrial mining clients. DMG’s data analytics and forensic services provide technical expertise software products such as Blockseer Pool, Mine Manager and Walletscore, as well as working with auditors, law firms, and law enforcement organizations. DMG’s permissioned blockchain technology is focused on developing enterprise software for the supply chain management of controlled products. DMG’s strategy is to become the domain experts across the business verticals it focuses on. DMG’s management team includes seasoned crypto experts, forensic & financial professionals and blockchain developers with deep relationships throughout the industry.

For more information on DMG Blockchain Solutions visit: www.dmgblockchain.com

On behalf of the Board of Directors,

Daniel Reitzik, CEO & Director

For further information, please contact:

DMG Blockchain Solutions Inc.

Email: [email protected]
Web: www.dmgblockchain.com

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Cautionary Note Regarding Forward-Looking Information

This news release contains forward-looking information based on current expectations. Statements about the purchase and timing of mining equipment and the related potential financings, to increase petahash (PH) (or exahash (EH/s)) by self-mining, completion of the upgrades to the facility and the expected benefits therefrom, price of bitcoin, plans and intentions, other potential transactions, acquisition of customers, product development, events, courses of action, and the potential of the Company’s technology and operations, among others, are all forward-looking information. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forwarding looking wording such as “may”, “expect”, “estimate”, “anticipate”, “intend”, “believe” and “continue” or the negative thereof or similar variations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including but not limited to, business, economic and capital market conditions; the ability to manage operating expenses, which may adversely affect the Company’s financial condition; the ability to remain competitive as other better financed competitors develop and release competitive products; regulatory uncertainties; access to equipment; market conditions and the demand and pricing for products; the demand and pricing of bitcoins; security threats, including a loss/theft of DMG’s bitcoins; DMG’s relationships with its customers, distributors and business partners; the inability to add more power to DMG’s facilities; DMG’s ability to successfully define, design and release new products in a timely manner that meet customers’ needs; the ability to attract, retain and motivate qualified personnel; competition in the industry; the impact of technology changes on the products and industry; failure to develop new and innovative products; the ability to successfully maintain and enforce our intellectual property rights and defend third-party claims of infringement of their intellectual property rights; the impact of intellectual property litigation that could materially and adversely affect the business; the ability to manage working capital; and the dependence on key personnel. DMG may not actually achieve its plans, projections, or expectations. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the demand for its products, the ability to successfully develop software, that there will be no regulation or law that will prevent the Company from operating its business, anticipated costs, the ability to secure sufficient capital to complete its business plans, the ability to achieve goals and the price of bitcoin. Given these risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements.

The securities of DMG are considered highly speculative due to the nature of DMG’s business.

Factors that could cause actual results to differ materially from those in forward-looking statements include, failure to obtain regulatory approval, the continued (or lack thereof) availability of capital and financing, equipment failures, lack of supply of equipment, power and infrastructure, failure to obtain any permits required to operate the business, the impact of technology changes on the industry, the impact of Covid-19 or other viruses and diseases on the Company’s ability to operate, secure equipment, and hire personnel, competition, security threats including stolen bitcoins from DMG or its customers, consumer sentiment towards DMG’s products, services and blockchain technology generally, failure to develop new and innovative products, litigation, increase in operating costs, increase in equipment and labor costs, failure of counterparties to perform their contractual obligations, government regulations, loss of key employees and consultants, and general economic, market or business conditions. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The reader is cautioned not to place undue reliance on any forward-looking information. The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, the Company undertakes no obligation to comment on the expectations of, or statements made by third parties in respect of the matters discussed above.



Posted on

AMC Networks to Report Full Year and Fourth Quarter 2020 Results

NEW YORK, Feb. 16, 2021 (GLOBE NEWSWIRE) — AMC Networks Inc. (NASDAQ: AMCX) will host a conference call to discuss results for the full year and fourth quarter 2020 on Friday, February 26, 2021 at 8:30 a.m. Eastern Time. AMC Networks will issue a press release reporting its results prior to the market opening.

The conference call will be webcast live via the company’s website at www.amcnetworks.com under the heading “Investors”. Those parties interested in participating via telephone please dial 833-714-3268 with the conference ID number 5976434 approximately 15 minutes prior to the call.

For those who are unable to participate on the conference call, you may access a recording of the call by dialing 855-859-2056 (conference ID number 5976434). The call replay will be available from 11:30 a.m. on Friday, February 26, 2021 until 11:59 p.m. on Friday, March 5, 2021.

Internet replays will also be available on the AMC Networks website beginning approximately two hours after the call ends.


About AMC Networks

AMC Networks is a global entertainment company known for its popular and critically acclaimed content. Its portfolio of brands includes AMC, BBC AMERICA (operated through a joint venture with BBC Studios), IFC, SundanceTV, WE tv, IFC Films, and a number of fast-growing streaming services, including the AMC+ premium streaming bundle, Acorn TV, Shudder, Sundance Now and ALLBLK (formerly branded “UMC”). AMC Studios, the Company’s in-house studio, production and distribution operation, is behind award-winning owned series and franchises, including The Walking Dead, the highest-rated series in cable history. The Company also operates AMC Networks International, its international programming business, and Levity Entertainment Group, its production services and comedy venues business.


Contacts

Investor Relations   Corporate Communications
Nicholas Seibert (646) 740-5749   Georgia Juvelis (917) 542-6390
[email protected]   [email protected]



Posted on

American Industrial Partners Announces Extension of SEACOR Holdings Inc. Tender Offer

American Industrial Partners Announces Extension of SEACOR Holdings Inc. Tender Offer

NEW YORK–(BUSINESS WIRE)–
American Industrial Partners has announced that Safari Merger Subsidiary, Inc. (“Purchaser”), an affiliate of American Industrial Partners, has extended until 5:00 p.m. Eastern Time on Friday, February 19, 2021 the expiration time for its previously announced cash tender offer to purchase all of the outstanding shares of common stock (the “Shares”) of SEACOR Holdings Inc. (NYSE:CKH) (“SEACOR”) at a price of $41.50 per share. The tender offer, which was previously scheduled to expire at 5:00 p.m., Eastern Time, on February 12, 2021, was extended to allow additional time to meet the minimum tender condition that shares actually delivered (excluding shares tendered pursuant to guaranteed delivery procedures) represent at least 66 2/3% of all outstanding Shares.

American Stock Transfer & Trust Company, LLC, the depository for the tender offer, has indicated that, as of the prior expiration time, a total of approximately 1,924,112 Shares, representing approximately 9.23% of the outstanding Shares, had been validly tendered. The amount tendered includes approximately 18,602 Shares delivered pursuant to guaranteed delivery procedures that had been validly tendered pursuant to the tender offer. Shareholders who have already tendered their Shares do not have to re-tender their Shares or take any other action as a result of the extension of the tender offer.

The tender offer is being made pursuant to the tender offer materials (including an Offer to Purchase, a related Letter of Transmittal and certain other offer documents) in the Tender Offer Statement on Schedule TO (together with any amendments or supplements thereto, the “Tender Offer Statement”) filed by Purchaser and its affiliates with the United States Securities and Exchange Commission on December 18, 2020, as amended.

About American Industrial Partners

American Industrial Partners is an operationally oriented private equity firm that makes control investments in industrial businesses serving domestic and global markets. The firm has deep roots in the industrial economy and has been active in private equity investing since 1989. To date, American Industrial Partners has completed over 100 transactions and currently has more than $7 billion of assets under management on behalf of leading pension, endowment and financial institutions. For more information on American Industrial Partners, visit www.americanindustrial.com.

Additional Information and Where to Find It

The tender offer described in this communication commenced on December 18, 2020. This communication is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell shares of SEACOR. On December 18, 2020, the bidders filed with the United States Securities and Exchange Commission (the “SEC”) a Tender Offer Statement on Schedule TO, and SEACOR filed with the SEC a Solicitation/Recommendation Statement on Schedule 14D-9. SEACOR’S STOCKHOLDERS AND OTHER INVESTORS ARE URGED TO READ THE TENDER OFFER MATERIALS (INCLUDING AN OFFER TO PURCHASE, A RELATED LETTER OF TRANSMITTAL AND CERTAIN OTHER TENDER OFFER DOCUMENTS) AND THE SOLICITATION/RECOMMENDATION STATEMENT BECAUSE THEY CONTAIN IMPORTANT INFORMATION WHICH SHOULD BE READ CAREFULLY BEFORE ANY DECISION IS MADE WITH RESPECT TO THE TENDER OFFER. The Tender Offer Statement and the Solicitation/Recommendation Statement are available for free at the SEC’s web site at www.sec.gov. Additional copies may be obtained for free by contacting SEACOR. Free copies of these materials and certain other offering documents will be made available by SEACOR upon request by mail to SEACOR Holdings Inc., 2200 Eller Drive, P.O. Box 13038, Fort Lauderdale, FL 33316, attention: Investor Relations, or by phone at 1-954-523-2200, or by directing requests for such materials to the information agent for the offer named in the Tender Offer Statement. Copies of the documents filed with the SEC by SEACOR will be available free of charge under the “Investors” section of SEACOR’s internet website at seacorholdings.com. In addition to the Offer to Purchase, the related Letter of Transmittal and certain other tender offer documents, as well as the Solicitation/Recommendation Statement, SEACOR files annual, quarterly and current reports, proxy statements and other information with the SEC. SEACOR’s filings with the SEC are also available for free to the public from commercial document-retrieval services and at the website maintained by the SEC at www.sec.gov.

Information Agent Contact

Michael Madalon

D.F. King & Co., Inc.

212-269-5732 / 917-294-9326

[email protected]

Media Contact

Stephen Pettibone / Mike DeGraff

Sard Verbinnen & Co.

[email protected]

KEYWORDS: United States North America New York

INDUSTRY KEYWORDS: Banking Professional Services Finance

MEDIA:

Posted on

AgEagle Aerial Systems and Valqari Piloting On-Demand Drone Delivery of Food and Beverages to Golfers

Live Demonstration Conducted at Sun City Country Club in Sun City, Arizona

WICHITA, Kan. and CHICAGO, Feb. 16, 2021 (GLOBE NEWSWIRE) — AgEagle Aerial Systems Inc. (NYSE American: UAVS) (“AgEagle” or the “Company”), an industry leading drone systems and solutions provider, and Valqari, LLC, creator of the patented Smart Drone Delivery Station, today jointly announced that the companies have teamed to produce a turnkey, fully automated, on-demand drone delivery system for order and delivery of food and beverages to golfers while they are in active play on a golf course.

Earlier this week, AgEagle and Valqari demonstrated its innovative new drone delivery system to officials at the Sun City Country Club, the proud home of the 2015, 2016 and 2017 Arizona Women’s Open and the 2015, 2017 and 2019 Arizona Special Olympics State Golf Championship. The primary objective of the demo was to test and affirm the functionality of the system hardware and mechanical components of the drone delivery system in a real-world use case. A food and beverage order was placed via a Valqari Drone Delivery Station positioned just outside the clubhouse restaurant. The delivery drone was called to pick-up the order and fly it to another Drone Delivery Station located on the course. Once the drone released the package and departed, the Drone Delivery Station was activated, relocating the package from the top of the station to a lower compartment for the gofer to securely retrieve the order. To view a brief video on the demo, please go to https://ageagle.com/insights/#insights-vids.

Michael Drozd, CEO of AgEagle, stated, “Successfully demonstrating our drone delivery system at Sun City Country Club was the first crucial step in advancing our efforts to produce turnkey drone solutions capable of addressing real-world commercial applications on and off the golf course. This pilot project has also given AgEagle and Valqari the opportunity to leverage and combine our respective strengths, experience and technologies, serving to introduce a dynamic new dimension to our exciting business partnership.”

Ryan Walsh, Valqari Founder and CEO, added, “Sun City Country Club provided us with the ideal venue for conducting this initial pilot test. We greatly appreciate their enthusiasm for the prospect of enhancing the overall golfing experience for their patrons through drone-enabled on-demand delivery of food and refreshments to our secure Drone Delivery Stations. This demonstration of AgEagle and Valqari technologies shows just one of the many ways our joint system can be used to optimize fast and secure deliveries for industries ranging from hospitality to commercial deliveries and beyond.”

Sun City Country Club Manager Jamey Lewis, said, “We were very pleased to have Sun City serve as the site for the AgEagle and Valqari pilot demo. We were duly impressed with their game-changing approach to delivering drinks, food and snacks to golfers and can envision this system being integrated into our course, and perhaps courses worldwide, in the future. It really does take customer experience and convenience to an entirely new level.”

About AgEagle Aerial Systems Inc.

Founded in 2010, Wichita-based AgEagle is one of the nation’s leading commercial drone technology, services and solutions providers.  We deliver the metrics, tools and strategies necessary to define and implement drone-enabled solutions that solve important problems for our valued customers.  AgEagle’s growth strategies are centered on the delivery of advanced drone technologies, contract manufacturing services and agtech solutions.  Our goal is to establish AgEagle as one of the dominant commercial drone design, engineering, manufacturing, assembly and testing companies in the United States and become the world’s trusted source for turnkey drone delivery services and solutions.  In addition, we continue to leverage our reputation as one of the leading technology solutions providers to the Agriculture industry with best-in-class drones, along with data analytics for hemp and other commercial crops.  Through our subsidiary, AgEagle Sensor Systems, Inc., d/b/a MicaSense, we remain at the forefront of multispectral sensor development, providing high quality drone-based cameras to the global market. For additional information, please visit www.ageagle.com and www.micasense.com.

About Valqari, LLC

Valqari, a Chicago-based start-up and recently named “Best Tech Startup in North America” for the 2020 Timmy Awards, has created the only drone delivery solution that has solved the “last inch” logistic problems with its patented Drone Delivery Station. It features communication technology that will allow for an entirely automated drone delivery. Valqari patents have been cited by 108 other patents and holds utility patents in 14 countries and territories including: the U.S., the U.K., Germany, China, Hong Kong, Macau, Australia, South Africa, and several other countries in the European Union. To learn more about Valqari visit valqari.com.


Forward-Looking Statements

This press release may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements involve risks and uncertainties that could negatively affect our business, operating results, financial condition and stock price. Factors that could cause actual results to differ materially from management’s current expectations include those risks and uncertainties relating to our competitive position, the industry environment, successful integration of acquisitions, potential growth opportunities, and the effects of regulation and events outside of our control, such as natural disasters, wars or health epidemics. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions or circumstances on which any such statement is based, except as required by law.

Contacts:

AgEagle Aerial Systems Inc.

Gateway Investor Relations
Sean Mansouri or Cody Cree
Phone: 949-574-3860
Email: [email protected]

Media Contact:
Clarity PR
Monica Feig
Phone: 818-917-0770
Email: [email protected]

Valqari, LLC

3

rd

Coast PR

Madeline Zenz
Phone: 815-762-9228
Email: [email protected]

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b9d7dbbf-36b7-44e3-a730-f6d218996b38

 



Posted on

LSB Industries, Inc. Provides Update on its Pryor, OK Facility

LSB Industries, Inc. Provides Update on its Pryor, OK Facility

OKLAHOMA CITY, Okla.–(BUSINESS WIRE)–
LSB Industries, Inc. (“LSB” or “the Company”), (NYSE: LXU), today announced that on Friday, February 12, 2021 the Company temporarily took its Pryor, OK facility (“Pryor”) out of service as a result of a recent surge in natural gas prices that has taken place in the region due to extremely cold temperatures. Also related to the cold weather, the operator of the pipeline that supplies natural gas to the Pryor facility is experiencing significant weather related gas supply impacts and, as a result, has curtailed gas distribution to commercial customers. LSB is closely monitoring the situation and will re-start production at Pryor as soon as natural gas prices and availability normalize.

LSB does not expect a material impact to its first quarter 2021 financial results due to Pryor’s temporary shutdown. However, the longer natural gas prices persist at the current elevated levels and/or gas availability remains constrained, the more significant the potential impact to the Company’s financial results.

About LSB Industries, Inc.

LSB Industries, Inc., headquartered in Oklahoma City, Oklahoma, manufactures and sells chemical products for the agricultural, mining, and industrial markets. The Company owns and operates facilities in Cherokee, Alabama, El Dorado, Arkansas and Pryor, Oklahoma, and operates a facility for a global chemical company in Baytown, Texas. LSB’s products are sold through distributors and directly to end customers primarily throughout the United States. Additional information about the Company can be found on its website at www.lsbindustries.com.

Forward-Looking Statements

Statements in this release that are not historical are forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements, which are subject to known and unknown risks, uncertainties and assumptions about us, may include projections of our future financial performance including the effects of the COVID-19 pandemic and anticipated performance based on our growth and other strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or actual achievements to differ materially from the results, level of activity, performance or anticipated achievements expressed or implied by the forward-looking statements. Significant risks and uncertainties may relate to, but are not limited to, business and market disruptions related to the COVID-19 pandemic, market conditions and price volatility for our products and feedstocks, as well as global and regional economic downturns, including as a result of the COVID-19 pandemic, that adversely affect the demand for our end-use products; disruptions in production at our manufacturing facilities; and other financial, economic, competitive, environmental, political, legal and regulatory factors. These and other risk factors are discussed in the Company’s filings with the Securities and Exchange Commission (SEC).

Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for our management to predict all risks and uncertainties, nor can management assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance or achievements. Neither we nor any other person assumes responsibility for the accuracy or completeness of any of these forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. Unless otherwise required by applicable laws, we undertake no obligation to update or revise any forward-looking statements, whether because of new information or future developments.

Company Contact:

Mark Behrman, President & CEO

Cheryl Maguire, Executive Vice President & CFO

(405) 235-4546

Investor Contact: The Equity Group Inc.

Fred Buonocore, CFA (212) 836-9607

Mike Gaudreau (212) 836-9620

KEYWORDS: United States North America Oklahoma

INDUSTRY KEYWORDS: Agriculture Natural Resources Manufacturing Mining/Minerals Chemicals/Plastics

MEDIA:

Logo
Logo