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NovaSource Becomes #1 Solar O&M Company With Acquisition of First Solar’s North American O&M Business

TORONTO, March 31, 2021 (GLOBE NEWSWIRE) — Clairvest Group Inc. (TSX: CVG) has announced that NovaSource Power Services (“NovaSource” or the “Company”), a portfolio company of Clairvest Group Inc. and Clairvest Equity Partners VI (together, “Clairvest”), has today closed its previously announced acquisition of the North American operations and maintenance (“O&M”) business (also known as “First Solar Energy Services”, “FSES” or the “Business”) from First Solar, Inc. (“First Solar”, NASDAQ: FSLR). In connection with the transaction, Clairvest invested an incremental USD$67 million in equity in NovaSource (USD$18 million from CVG).

NovaSource is now the largest solar O&M provider globally through the combination of three industry leaders: the O&M business units acquired from both SunPower and First Solar along with the private company SunSystem Technology. Under the NovaSource banner, the Company has the capabilities to service utility, commercial, industrial, and residential scale solar operations with industry leading quality and service.

“This is a transformational acquisition for NovaSource that will position the company as the clear market leader. The FSES team is bringing invaluable industry knowledge as well as advanced technical capabilities to the Company. We are delighted to have FSES’ management join NovaSource as leaders and shareholders,” said Ken Rotman, CEO and Managing Director at Clairvest Group.

“The First Solar Energy Services management team is looking forward to joining NovaSource, bringing together multiple segment leaders as one company, with a unified purpose of maximizing the return on investment of our clients’ assets. We share their enthusiasm and common goal to be the operations and maintenance provider of choice for players in the solar industry,” said Troy Lauterbach, Senior VP of Energy Services at FSES.

“We believe that this acquisition will accelerate our investment in new technologies, systems, and business lines to help asset owners optimize the performance of their renewable energy powerplants. I have admired Troy and his team for many years and am excited to be working alongside them to build an exciting, customer-focused leader,” said Jack Bennett, CEO of NovaSource.

About Clairvest

Clairvest’s mission is to partner with entrepreneurs to help them build strategically significant businesses. Founded in 1987 by a group of successful Canadian entrepreneurs, Clairvest is a top performing private equity management firm with over CAD $2.5 billion of capital under management. Clairvest invests its own capital and that of third parties through the Clairvest Equity Partners limited partnerships in owner-led businesses. Under the current management team, Clairvest has initiated investments in 56 different platform companies and generated top quartile performance over an extended period.

Contact Information

Clairvest Group Inc.
Maria Shkolnik
Director, Investor Relations and Marketing
Clairvest Group Inc.
Tel: (416) 925-9270



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GRUPO LALA, S.A.B. DE C.V. Invitation For Ordinary General Meeting Of Shareholders

PR Newswire

MEXICO CITY, March 31, 2021 /PRNewswire/ — By agreement of the Board of Directors of GRUPO LALA, S.A.B. de C.V. (or the “Company”) (BMV: LALAB), the shareholders of the Company are invited to the Ordinary General Meeting of Shareholders (the “Meeting”) to be held on April 16, 2021, starting at 4:30 p.m. local time, in the facilities of Centro de Investigación y Desarrollo “LALA”, located at Roberto Dávila #50, Colonia Ciudad Industrial, Torreón, Coahuila, México, during which the following items will be undertaken:

ORDER OF THE DAY

  1. Presentation and, where appropriate, approval of the following resolutions:
      1. report of the Board of Directors, prepared in accordance with the terms of article 172 b) of the General Law of Commercial Companies, regarding the main accounting policies and criteria used for the preparation of the Company’s financial information;
      2. report of the Board of Directors on the main activities and operations in which it engaged during the fiscal year 2020, under the terms of article 28, section IV, subsection (e) of the Securities Market Law;
      3. report of the General Director, prepared under the terms of article 172 of the General Law of Commercial Companies and article 44 section XI of the Securities Market Law, together with the opinion of the Company’s external auditor, regarding the activities carried out by the Company’s general management during the fiscal year 2020, as well as the opinion of the Board of Directors on said report;
      4. financial statements of the Company as of December 31, 2020;
      5. annual report on the activities carried out by the Audit and Corporate Practices Committee under the terms of article 43 of the Securities Market Law;
      6. report on the repurchase and sale of the Company’s own shares; and
      7. report on the fulfillment of the fiscal obligations of the Company under the terms of article 76, section XIX of the Income Tax Law.
  2. Proposal on the application of financial results for the year ended December 31, 2020, which includes: (i) the one related to decreeing a cash dividend; and (ii) the determination of the maximum amount of resources that may be used to purchase the Company’s own shares. Resolutions in this regard.
  3. Ratification, where appropriate, of the management of the Board of Directors and the General Director of the Company for the fiscal year 2020, as well as any resolutions in this regard.
  4. Appointment and / or ratification of the members of the Board of Directors, of the Secretary of the Board of Directors, and of the members of the Board’s Committees, as well as the determination of the corresponding compensation, as well as any resolutions in this regard.
  5. Appointment of delegates tasked with fulfilling the resolutions approved by this Meeting, and formalizing them as appropriate, and any resolutions in this regard.
  6. Reading and, where appropriate, approval of the minutes of the Meeting. Resolutions in this regard.

Attendance Requirements

To be able to attend the Ordinary General Meeting of Shareholders, no later than 2 (two) business days prior to the date and time indicated for the Meeting: (i) the shareholders or their representatives must present their share certificates and / or records of the certificates of shares deposited with the offices of the Company or with the custodian S.D. Indeval, Institución para el Depósito de Valores, S.A. de C.V. (“Indeval”); and (ii) brokerage firms and other depositors with Indeval must present a list containing the name, address, nationality and number of shares of the shareholders they will represent at the Meeting. Upon delivery of said documents, the Company will issue to the shareholders an admission pass and / or deliver proxy forms which they may use to be represented at the Meeting. To attend the meeting, shareholders must present the admission pass and / or proxy form.

Torreón, Coahuila, March 31, 2021

Andrés Gutiérrez Fernández
Secretary of the Board of Directors

SOURCE Grupo LALA, S.A.B. de C.V.

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Arco Announces Limit Increase to Its Share Repurchase Program

Arco Announces Limit Increase to Its Share Repurchase Program

SÃO PAULO, Brazil–(BUSINESS WIRE)–Arco Platform Limited, or Arco (Nasdaq: ARCE), today announced that its Board of Directors has approved to increase the share repurchase limit of its existing share repurchase program established on January 6, 2021, or the Repurchase Program. Pursuant to the increased repurchase limit, Arco may repurchase up to 2.5 million of its outstanding Class A common shares in the open market, based on prevailing market prices, or in privately negotiated transactions, over a period beginning on March 31, 2021 continuing until the earlier of the completion of the repurchase or January 6, 2023, depending upon market conditions. Arco’s Board of Directors will review the Repurchase Program periodically and may authorize further adjustments to its terms and size or suspend or discontinue the Repurchase Program. Arco expects to utilize its existing funds to fund repurchases made under the Repurchase Program.

“The Repurchase Program demonstrates the confidence we have in the fundamentals, strategy and long-term outlook of the Company,” said Ari de Sá Neto, CEO and founder of Arco.

J.P. Morgan Securities LLC, or JPMS, is Arco’s agent under the Repurchase Program and purchases Securities on its behalf in the open market. It is Arco’s intention such purchases benefit from the safe harbor provided by Rule 10b-18 (“Rule 10b-18”), promulgated by the Securities and Exchange Commission (the “SEC”) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Accordingly, Arco shall not take, nor permit any person or entity under its control to take, any action that could jeopardize the availability of Rule 10b-18 for purchases of Securities under the Repurchase Program.

The actual timing, number and value of shares repurchased under the Repurchase Program will depend on several factors, including constraints specified in the Rule 10b-18, price, general business and market conditions, and alternative investment opportunities. The Repurchase Program does not obligate Arco to acquire any specific number of shares in any period, and may be expanded, extended, modified or discontinued at any time.

About Arco Platform Limited (Nasdaq: ARCE)

Arco has empowered hundreds of thousands of students to rewrite their futures through education. Our data-driven learning methodology, proprietary adaptable curriculum, interactive hybrid content, and high-quality pedagogical services allow students to personalize their learning experience while enabling schools to thrive.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of the U.S. federal securities laws. Statements contained herein that are not clearly historical in nature are forward-looking, and the words “anticipate,” “believe,” “continues,” “expect,” “estimate,” “intend,” “project” and similar expressions and future or conditional verbs such as “will,” “would,” “should,” “could,” “might,” “can,” “may,” or similar expressions are generally intended to identify forward-looking statements. These forward-looking statements speak only as of the date hereof and are based on Arco’s current plans, estimates of future events, expectations and trends that affect or may affect our business, financial condition, results of operations, cash flow, liquidity, prospects and the trading price of Arco’s Class A common shares, and are subject to several known and unknown uncertainties and risks, many of which are beyond Arco’s control. Therefore, current plans, anticipated actions and future financial position and results of operations may differ significantly from those expressed in any forward-looking statements in this press release. You are cautioned not to unduly rely on such forward-looking statements when evaluating the information presented. Arco does not undertake any obligation to update publicly or to revise any forward-looking statements after we distribute this press release because of new information, future events or other factors.

Investor Relations Contact:

Arco Platform Limited

Carina Carreira

[email protected]

KEYWORDS: South America Brazil

INDUSTRY KEYWORDS: Primary/Secondary Education Technology Software Other Education Continuing

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New Concept Energy, Inc. Reports Fourth Quarter and Full Year 2020 Results

New Concept Energy, Inc. Reports Fourth Quarter and Full Year 2020 Results

DALLAS–(BUSINESS WIRE)–
New Concept Energy, Inc. (NYSE American: GBR), (the “Company” or “NCE”) a Dallas based company, today reported Results of Operations for the fourth quarter and the full year ended December 31, 2020.

Discontinued Operations:

In August 2020 the Company sold its oil and gas operation and recorded a gain from the sale of $2.1 million. The sales price was $85,000 however the Company had previously established a reserve for plug and abandonment costs of $2 million. Upon the sale the Company was relieved of any plug and abandonment obligations.

For the full year ended December 31, 2020 the Company reported a net loss from discontinued operations of $170,000 as compared to net loss of $2.4 million for the same period ended December 31, 2019. Included in the loss in 2019 is an impairment loss of $2.3 million whereby the Company had reduced the recorded value of its oil and gas operation.

Continuing Operations:

During the three months ended December 31, 2020 the Company reported a net loss from continuing operations of $32,000 compared to a net loss of $17,000 for the same period ended December 31, 2019.

For the full year ended December 31, 2020 the Company reported a net loss from continuing operations of $52,000 as compared to net income of $60,000 for the same period ended December 31, 2019.

Revenues: Total revenues from rent for the leased property was $101,000 in 2020 and $98,000 in 2019.

Operating Expenses: Operating expenses for the real estate property was $72,000 in 2020 and $61,000 in 2019. General and administrative expenses were $396,000 in 2020 and 418,000 in 2019.

Interest Income:Interest Income was $242,000 in 2020 as compared to $257,000 in 2019. The decrease was due to the reduction in the principal balance outstanding due to payments received.

Other Income:Other income was $85,000 in 2020 which is an income tax refund for prior years. Other income was $199,000 in 2019 which is comprised of a gain on sale of equipment of $46,000 and the settlement of a legal claim of $153,000.

Discontinued Operations: During the first nine months of 2020 the Company recorded a net loss from its oil and gas operations of $170,000. In August 2020 the Company sold the oil and gas operation and recorded a gain of $2,138,000.

About New Concept Energy, Inc.

New Concept Energy, Inc. is a Dallas-based company which owns real estate in West Virginia. For more information, visit the Company’s website at www.newconceptenergy.com.

 
NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(amounts in thousands)
December 31,

2020

2019
Assets
 
Current assets
Cash and cash equivalents

$

27

$

22

Current portion note receivable (including $ $3,631 and $4,005 in 2020 and 2019 from related parties)

 

3,683

 

4,046

Other current assets

 

92

 

–

Total current assets

 

3,802

 

4,068

 
Property and equipment, net of depreciation
Land, buildings and equipment

 

656

 

668

 
Note Receivable

 

153

 

214

 
Assets held for sale

 

–

 

840

 
Total assets

$

4,611

$

5,790

 
NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS – CONTINUED
(amounts in thousands, except share amounts)
 
December 31,

2020

2019
Liabilities and stockholders’ equity
 
Current liabilities
Accounts payable – trade (including $55 and $180 in 2020 and 2019 due to related parties)

$

80

 

$

226

 

Accrued expenses

 

32

 

 

20

 

Current portion of long term debt

 

52

 

 

44

 

Total current liabilities

 

164

 

 

290

 

 
Long-term debt
Notes payable less current portion

 

122

 

 

177

 

 
Liabilities of assets held for sale

 

–

 

 

2,914

 

 
Total liabilities

 

286

 

 

3,381

 

 
Stockholders’ equity
Series B convertible preferred stock, $10 par value, liquidation value
of $100 authorized 100 shares, issued and outstanding one share

 

1

 

 

1

 

Common stock, $.01 par value; authorized, 100,000,000
shares; issued and outstanding, 5,131,934 shares
at December 31, 2020 and 2019

 

51

 

 

51

 

Additional paid-in capital

 

63,579

 

 

63,579

 

Accumulated deficit

 

(59,306

)

 

(61,222

)

 

4,325

 

 

2,409

 

 
Total liabilities & stockholders’ equity

$

4,611

 

$

5,790

 

 
 
NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(amounts in thousands, except per share data)
 
Year Ended December 31,

2020

2019

2018
Revenue
Rent

$

101

 

$

98

 

$

123

 

 

101

 

 

98

 

 

123

 

 
Operating expenses
Operating Expenses

 

72

 

 

61

 

 

59

 

Corporate general and administrative

 

396

 

 

418

 

 

359

 

 

468

 

 

479

 

 

418

 

Operating loss

 

(367

)

 

(381

)

 

(295

)

 
Other income (expense)
Interest income (including $226 and $240 for the year ended 2020 and 2019 from related parties)

 

242

 

 

257

 

 

37

 

Interest expense

 

(12

)

 

(15

)

 

(18

)

Other income (expense), net

 

85

 

 

199

 

 

11

 

 

315

 

 

441

 

 

30

 

 
Net income (loss) from continuing operations

 

(52

)

 

60

 

 

(265

)

 
Net income (loss) from discontinued operations
Gain (loss) from discontinued operations

 

(170

)

 

(2,412

)

 

(219

)

Gain from Disposal of oil and gas operations

 

2,138

 

 

1,968

 

 

(2,412

)

 

(219

)

 
Net income (loss) applicable to common shares

$

1,916

 

$

(2,352

)

$

(484

)

 
Net income (loss) per common share-basic and diluted

$

0.37

 

$

(0.46

)

$

(0.21

)

 
Weighted average common and equivalent shares outstanding – basic

 

5,132

 

 

5,132

 

 

2,358

 

 

 

New Concept Energy Inc.

Gene Bertcher

(800) 400-6407

[email protected]

KEYWORDS: United States North America West Virginia Texas

INDUSTRY KEYWORDS: Oil/Gas Commercial Building & Real Estate Energy Construction & Property Urban Planning Building Systems

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Micron Solutions, Inc. Reports 2020 Fourth Quarter and Year End Results

FITCHBURG, Mass., March 31, 2021 (GLOBE NEWSWIRE) — Micron Solutions, Inc. (OTCQB: MICR) (the “Company”), a diversified contract manufacturing organization, through its wholly-owned subsidiary, Micron Products, Inc., producing highly-engineered, innovative components requiring precision machining and injection molding, announced results for its fourth quarter and year ended December 31, 2020.

In the fourth quarter of 2020, the Company reported $5,613,000 in revenue, as compared to $3,590,000 in the fourth quarter of 2019, a 56.4% increase. Net Income for the fourth quarter of 2020 was $78,000 compared to a net loss of $644,000 in the fourth quarter of 2019. Gross Margin improved to 14.8% in the fourth quarter of 2020, compared to 2.2% in the fourth quarter of 2019.

For the year ended December 31, 2020, the Company reported $20,838,000 in revenue, as compared to $17,499,000 for the year ended December 31, 2019, a 19.1% increase. Net Income for the year ended December 31, 2020 was $1,148,000 compared to a net loss of $2,141,000 for the year ended December 31, 2019. Gross Margin improved to 17.0% for the year ended December 31, 2020, compared to 10.1% for the year ended December 31, 2019.

Adjusted EBITDA for the fourth quarter of 2020, which excludes certain expense items, was $523,000 compared to negative EBITDA of $188,000 in the fourth quarter of 2019. Adjusted EBITDA for the year ended December 31, 2020, which in addition to excluding certain expense items also excludes grant income from Paycheck Protection Program loan forgiveness, was $1,673,000 compared to negative EBITDA of $27,000 for the year ended December 31, 2019.

Outlook:         

CEO Bill Laursen commented, “Although 2020 was a very challenging year due to the constant adaptations required to manage the impact of Covid-19, I am very pleased by the results. Micron’s management team was proactive in planning so we could be as prepared as possible to react to the many external and internal changes affecting the business. Our operations team has done an excellent job maintaining consistency in quality and delivery. Our strong relationships with our customers, bank and the business community in Fitchburg and the Commonwealth have been key in navigating through these unchartered waters.”

CFO Wayne Coll commented, “On August 25, 2020, we announced that we entered into a purchase and sale agreement for the sale and leaseback of our main manufacturing facility. Although the original purchaser was unable to complete their due diligence in the time provided, we were able to promptly identify alternate buyers and are negotiating a purchase and sale agreement under terms we expect to be substantially similar to the previously disclosed terms. We now expect the Company to be in a position to close a sale-leaseback by the end of the second quarter of 2021. In addition, we have extended the maturity date on our credit facility until June 29, 2021.

About Micron Solutions, Inc.

Micron Solutions, Inc., through its wholly-owned subsidiary, Micron Products, Inc., is a diversified contract manufacturing organization that produces highly-engineered, innovative medical device components requiring precision machining and injection molding. The Company also contract manufactures components, devices and equipment for military, law enforcement, industrial and automotive applications. In addition, the Company is a market leader in the production and sale of silver/silver chloride coated and conductive resin sensors used as consumable component parts in the manufacture of integrated disposable electrophysiological sensors. The Company’s strategy for growth is to build a best-in-class contract manufacturer with a specialized focus on plastic injection molding and highly-engineered medical devices and components requiring precision machining.

The Company routinely posts news and other important information on its website: http://www.micronsolutions.com

FINANCIAL TABLES FOLLOW.



Fourth Quarter 2020

$ In thousands Q4 2020   Q4 2019 $ Change % Change
Net sales $ 5,613     $ 3,590     $ 2,023   56.4 %
Gross profit $ 831     $ 80     $ 751   938.8 %
Gross margin   14.80 %     2.20 %        
Net income (loss) $ 78     $ -644     $ 722    
Loss per share $ 0.03     $ -0.22     $ 0.25    



Fiscal Year 2020

$ In thousands 2020     2019 $ Change % Change
Net sales $ 20,838     $ 17,499     $ 3,339   19.1 %
Gross profit $ 3,546     $ 1,762     $ 1,794   101.8 %
Gross margin   17.00 %     10.10 %        
Net income (loss) $ 1,148     $ -2,141     $ 3,289    
Earnings (loss) per share $ 0.39     $ -0.74     $ 1.13    



MICRON SOLUTIONS, INC.

EBITDA RECONCILIATION
(1)

($ in thousands)

 

  Three Months Ended   Year Ended
  December 31,
 		  December 31,
  2020
 		  2019
 		  2020   2019
Net income (loss) $ 78     $ (644 )   $ 1,148     $ (2,141 )
Income tax benefit                              
Interest expense   75       99       323       432  
Deprecation and amortization   321       355       1,296       1, 463  
Share-based compensation   49       1       120       219  
Paycheck Protection Program Grant Income   —       —       (1,213 )     —  
Adjusted EBITDA $ 523     $ (188 )   $ 1673     $ (27 )
Adjusted EBITDA margin %   9.31 %     —       8.03 %     —  

 



(1)



Non-GAAP Financial Measures


In addition to reporting net income (loss), a U.S. generally accepted accounting principle (“GAAP”) measure, this news release contains information about Adjusted EBITDA (income from continuing operations adjusted for income taxes, interest, depreciation and amortization, share-based compensation expense and certain non-recurring income and expenses), which is a non-GAAP measure. Share-based compensation includes directors fees paid by means of stock grants versus cash as well as non-cash incentives. The Company believes Adjusted EBITDA allows investors to view its performance in a manner similar to the methods used by management and provides additional insight into its operating results. Adjusted EBITDA is not calculated through the application of GAAP. Accordingly, it should not be considered as a substitute for the GAAP measure of net income (loss) and, therefore, should not be used in isolation of, but in conjunction with, the GAAP measure. The use of any non-GAAP measure may produce results that vary from the GAAP measure and may not be comparable to a similarly defined non-GAAP measure used by other companies.

Safe Harbor Statement

Forward-looking statements made herein, including but not limited to, the duration and effect of Covid-19 on our results of operations and business, and the terms, conditions, timing and ability to close on a sale leaseback transaction are based on current expectations of Micron Solutions, Inc. (“our” or the “Company”) that involve a number of risks and uncertainties and should not be considered as guarantees of future performance. Therefore, actual results may differ materially from what is expressed in or implied by these forward-looking statements. The factors that could cause our actual results of operations, financial condition, performance or achievements to be affected materially include, but are not limited to, our ability to obtain and retain order volumes from customers who represent significant proportions of net sales; our ability to maintain our pricing model, offset higher costs with price increases and/or decrease our cost of sales; variability of customer delivery requirements; the level of and ability to generate sales of higher margin products and services; our ability to manage our level of debt and provisions in the debt agreements which could make the Company sensitive to the effects of economic downturns and limit our ability to react to changes in the economy or our industry; failure to comply with financial and other covenants in our credit facility; our ability to refinance the terms of our credit facility on commercially reasonable terms or at all; the impact on the Company’s financial results due to economic uncertainty and disruption including, but not limited to, recent events concerning COVID-19; reliance on revenues from exports and impact on financial results due to economic uncertainty or downturns in foreign markets; volatility in commodity and energy prices and our ability to offset higher costs with price increases; continued availability of supplies or materials used in manufacturing at competitive prices; variations in the mix of products sold; the amount and timing of investments in capital equipment, sales and marketing, engineering and information technology resources; and the terms, timing, and ability to close a sale-leaseback transaction. The Company assumes no obligation to update the information included in this press release, whether as a result of new information, future events or otherwise. More information about the Company’s financial results is included in the Company’s most recent Annual Report which is posted at https://www.otcmarkets.com/stock/MICR/ and https://micronsolutions.com/.

For more information, contact:    
   
Mr. Wayne Coll  
Chief Financial Officer  
978.345.5000  

 



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NexImmune Reports Fiscal Year 2020 Financial Results and Recent Updates

  • In 2020, advanced two product candidates into Phase 1/2 clinical trials while strengthening Board of Directors and management team
  • Completed successful $126M initial public offering (IPO) in February 2021 to fund continuing operations through the second quarter of 2022
  • Additional clinical and preclinical data anticipated in the second half of 2021

GAITHERSBURG, Md., March 31, 2021 (GLOBE NEWSWIRE) — NexImmune, Inc. (Nasdaq: NEXI), a clinical-stage biotechnology company developing a novel approach to immunotherapy designed to orchestrate a targeted immune response by directing the function of antigen-specific T cells, today reported its financial results for 2020 and highlighted recent corporate accomplishments.

“2020 was a transformational year for NexImmune,” said Scott Carmer, Chief Executive Officer. “Our first two programs, NEXI-001 and NEXI-002, entered Phase 1/2 clinical trials and successfully enrolled patients throughout the year despite the COVID-19 pandemic. We were very pleased to have initial data from our first cohort of patients in the NEXI-001 trial accepted for oral presentation at the ASH annual meeting in December. In addition, we strengthened our management team, scientific advisory board and Board of Directors with the addition of several industry-leading scientists and executives. All of these advancements contributed to our successful IPO in February, 2021.”

Mr. Carmer added, “With a strong cash position from the completion of our IPO, we are focused on driving our current clinical trials toward completion, and to accelerating ongoing development of our AIM ACT product pipeline and platform technology. This work will concentrate on clinical programs targeting solid tumors and IND-enabling pre-clinical experiments to support the initial application of our ‘AIM Injectable’ formulation, respectively. In developing our proprietary AIM nanoparticle technology, our mission is to transform cell-mediated immunotherapy for the benefit of patients facing a number of difficult-to-treat diseases.”


Select corporate highlights

On February 17, 2021, NexImmune completed a successful IPO and raised gross proceeds of $126M. The IPO was oversubscribed and priced at the top of the range.

During January 2021, NexImmune announced the appointments of Robert Knight, MD as Chief Medical Officer; Jerome Zeldis, MD, PhD as Executive Vice President, Research and Devopment; Jeffery Weber, MD, PhD as Chief Scientific Advisor and Scientific Advisory Board Chair; and Grant Verstandig as a member of the Board of Directors.

On December 7, 2020, lead investigators for the Company’s ongoing Phase 1/2 clinical trial evaluating NEXI-001 provided an oral presentation at the 62nd American Society of Hematology (ASH) Annual Meeting and Exposition that highlighted initial results from the first five patients treated. Initial data demonstrated early signs of safety, tolerability and robust immune responses in acute myeloid leukemia (AML) patients with relapsed disease after allogeneic hematopoietic stem cell transplantation (allo-HSCT).

On October 6, 2020, NexImmmune announced dosing of the first patient in its Phase 1/2 trial of NEXI-002 for the treatment of patients with relapsed and/or refractory multiple myeloma that had failed at least three lines of prior therapy.

NEXI-001 and NEXI-002 are both in Phase 1/2 clincal trials. The company expects to share preliminary data from the initial safety cohorts of each trial at a conference in Q2 2021, with more complete results for each trial at the end of Q4 2021.


Select financial highlights

Cash and cash equivalents for the company as of December 31, 2020 were $5.0M, compared to $9.1M at December 31, 2019. Based upon its current operating plans and cash and cash equivalents, including the net proceeds from the IPO, the Company expects to have sufficient capital to fund its operating expenses and capital expenditure requirements through the second quarter of 2022.

Research and development expenses were $17.8M in 2020, compared to $15.2M in 2019. The increase in R&D expenses were mainly attributable to costs for the two clinical trials as well as personnel-related expenses driven by increased headcount, offset partially by reduced preclinical and regulatory-related spending.

General and administrative expenses were $10.0M and $5.7M in 2020 and 2019, respectively. The increase was due primarily to increases in headcount and fees related to professional and consulting services.

Net loss in 2020 was $29.9M, compared to $20.5M in 2019.

About NexImmune

NexImmune is a clinical-stage biotechnology company developing a novel approach to immunotherapy designed to employ the body’s own T cells to generate a specific, potent, and durable immune response. The backbone of NexImmune’s approach is a proprietary Artificial Immune Modulation (AIM™) nanoparticle technology platform. The AIM technology enables NexImmune to construct nanoparticles that function as synthetic dendritic cells capable of directing a specific T cell-mediated immune response. AIM constructed nanoparticles employ natural biology to engage, activate and expand endogenous T cells in ways that combine anti-tumor attributes of antigen-specific precision, potency and long-term persistence with reduced potential for off-target toxicities.

NexImmune’s two lead programs, NEXI-001 and NEXI-002, are in Phase 1/2 clinical trials for the treatment of relapsed AML after allogeneic stem cell transplantation and multiple myeloma refractory to at least 3 prior lines of therapy, respectively. NexImmune is also developing new AIM nanoparticle constructs and modalities for potential clinical evaluation in oncology and in disease areas outside of oncology, including autoimmune disorders and infectious disease.

For more information, visit www.neximmune.com.

Forward Looking Statements

This press release may contain “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on the beliefs and assumptions and on information currently available to management of NexImmune, Inc. (the “Company”). All statements other than statements of historical fact contained in this press release are forward-looking statements, including statements concerning our results of operations for the year ended December 31, 2020; the sufficiency of the Company’s current cash and cash equivalents to fund its planned operations through the second quarter of 2022; our planned and ongoing clinical studies for the Company’s product candidates, including NEXI-001 and NEXI-002; the initiation, enrollment, timing, progress, release of data from and results of those planned and ongoing clinical studies; and the utility of prior preclinical and clinical data in determining future clinical results. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these terms or other comparable terminology. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These risks and uncertainties include, but are not limited to, the risks and uncertainties set forth in the “Risk Factors” section of our Annual Report on Form 10-K for the year ended December 31, 2020 filed with the Securities and Exchange Commission (“SEC”) on March 31, 2021, and subsequent reports that we file with the SEC. Forward-looking statements represent the Company’s beliefs and assumptions only as of the date of this press release. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, levels of activity, performance or achievements. Except as required by law, the Company assumes no obligation to publicly update any forward-looking statements for any reason after the date of this press release to conform any of the forward-looking statements to actual results or to changes in its expectations.

Contacts

Investors:

Chad Rubin
Solebury Trout
646-378-2947
[email protected]

Media:

Mike Beyer
Sam Brown Inc. Healthcare Communications
312-961-2502
[email protected]

NEXIMMUNE, INC.

SELECTED FINANCIAL DATA

BALANCE
SHEETS

  December 31,
    2020       2019  
ASSETS              
Current assets:              
               
Cash and cash equivalents $ 5,031,079     $ 9,128,987  
Available-for-sale marketable securities   —       1,006,878  
Restricted cash   67,500       67,500  
Prepaid expenses and other current assets   3,293,858       833,187  
Total current assets    8,392,437       11,036,552  
Property and equipment, net    2,885,260       2,577,930  
Related party advances   —       80,224  
Other non-current assets   23,373       23,372  
Total assets $ 11,301,070     $ 13,718,078  
LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ DEFICIT              
Current liabilities:              
Accounts payable $ 2,760,129     $ 1,171,654  
Accrued expenses   2,603,027       1,853,372  
Derivative liability   1,702,359       —  
Other current liabilities   843,619       —  
Convertible notes issued to related parties   7,324,267       —  
Convertible notes   11,793,397       —  
Total current liabilities   27,026,798       3,025,026  
Deferred rent, net of current portion   23,529       64,677  
Other non-current liabilities   4,935       17,194  
Total liabilities   27,055,262       3,106,897  
Commitments and contingencies              
Redeemable convertible preferred stock              
Series A Redeemable Convertible Preferred Stock, $0.0001 par value, 121,735,303 shares authorized, issued and outstanding as of December 31, 2020 and 2019. Liquidation value of $42,314,789 and $40,169,716 as of December 31, 2020 and 2019, respectively   35,047,435       35,047,435  
Series A-2 Redeemable Convertible Preferred Stock, $0.0001 par value, 28,384,899 shares authorized, 22,047,361 shares issued and outstanding as of December 31, 2020 and 2019. Liquidation value of $8,683,746 and $8,217,709 as of December 31, 2020 and 2019, respectively   7,685,865       7,685,865  
Series A-3 Redeemable Convertible Preferred Stock, $0.0001 par value, 34,061,879 shares authorized, 31,209,734 shares issued and outstanding as of December 31, 2020 and 2019. Liquidation value of $11,699,176 and $11,038,966 as of December 31, 2020 and 2019, respectively   10,887,449       10,887,449  
Total redeemable convertible preferred stock   53,620,749       53,620,749  
Stockholders’ deficit              
Common Stock, $0.0001 par value, 246,180,160 shares authorized, 1,256,609 issued and outstanding as of December 31, 2020 and 1,254,641 shares issued and outstanding as of December 31, 2019   126       126  
Additional paid-in-capital   8,206,938       4,705,808  
Accumulated deficit   (77,582,005 )     (47,716,008 )
Accumulated other comprehensive income (loss)   —       506  
Total stockholders’ deficit   (69,374,941 )     (43,009,568 )
Total liabilities, redeemable convertible preferred stock and stockholders’ 
deficit 		$ 11,301,070     $ 13,718,078  
               

STATEMENTS
OF OPERATIONS

  Year Ended December 31,
    2020       2019  
Revenue $ —     $ —  
Operating expenses:              
Research and development   17,839,053       15,172,027  
General and administrative   10,012,380       5,713,742  
Total operating expenses   27,851,433       20,885,769  
Loss from
operations 		  (27,851,433 )     (20,885,769 )
               
Other
(expense)
income: 		             
Interest income   20,837       254,040  
Interest expense   (1,682,894 )     (7,260 )
Change in fair value of derivative liabilities   (442,284 )     —  
Other income   89,777       92,278  
Other (expense) income   (2,014,564 )     339,058  
Net loss   (29,865,997 )     (20,546,711 )
Accumulated dividends on Redeemable Convertible Preferred Stock   (3,281,194 )     (2,659,898 )
Net loss available to common stockholders’ $ (33,147,191 )   $ (23,206,609 )
Basic and diluted net loss available to common stockholders per common share $ (26.42 )   $ (18.71 )
Basic and diluted weighted-average number of common shares outstanding   1,254,831       1,240,475  
               

STATEMENTS
OF COMPREHENSIVE
LOSS

  Year ended December 31,
  2020 2019
Net loss $ (29,865,997 ) $ (20,546,711 )
Other comprehensive loss:            
Unrealized (loss) gain on available-for-sale marketable securities, net of tax   (506 )   30,053  
Comprehensive
loss 		$ (29,866,503 ) $ (20,516,658 )
             



Posted on

BIGtoken’s Top 10 Privacy and Crypto Headlines From March

BIGtoken’s Top 10 Privacy and Crypto Headlines From March

LOS ANGELES–(BUSINESS WIRE)–
BIGtoken, Inc., the first privacy focused, opt-in data marketplace where people can own and monetize their data, publishes a monthly report on the top 10 stories in data and crypto privacy.

Throughout March, Oklahoma and Florida reached new milestones in passing their own state data privacy bill, which helped further push the federal government to officially propose legislation concerning data privacy rules and security.

1. “Florida Data Privacy Bill,” The National Law Review – March 2, 2021

  • The Florida Data Privacy Bill would establish consumer rights for Florida citizens. If passed, covered businesses will be required to share data collection and selling practices with consumers.

2. “Oklahoma House Passes Data Privacy Bill,” Tulsaworld – March 5, 2021

  • Following Virginia, Oklahoma passed their own data privacy legislation. The bill includes an “opt-in” provision, which would require social media and telecommunications companies to obtain explicit agreement from consumers before collecting their personal information.

3. “Proposed Data Privacy Bill Creates Federal Data Standard, Empowers FTC,” HealthITSecurity – March 11, 2021

  • A national consumer data privacy bill was introduced to Congress this month. The proposed bill would create federal data privacy standards and eliminate inconsistencies in various enacted state laws to establish a strong, uniform, and easily understood law that protects sensitive personal information from abuse.

Two major court hearings against Facebook and Google took place where both judges ruled in favor of the claimants who took action against the big tech companies for privacy violations. Although it’s not looking good for the two companies, both maintain they were not in the wrong or violating any terms of service agreements.

4. “After Final Approval In $650 mm Biometric Data Privacy Suit, Facebook Seeks Arbitration For Instagram,” Biometric Update – March 1, 2021

  • On Monday, Judge James Donato approved a $650 million settlement giving each claimant a $345 award. The agreement also includes the face recognition feature as an opt-in option, and includes the deletion of some stored face biometric templates. However, Facebook is seeking arbitration for Instagram, claiming that users in Illinois had to agree to the app’s terms of service three different times that all included arbitration agreements.

5. “Judge Upholds Privacy Lawsuit Against Google,” Infosecurity – March 15, 2021

  • A California judge ruled that the lawsuit accusing Google of collecting user data on those who are browsing in “incognito mode” can move forward despite Google’s attempts to dismiss the case. The court found that the users were not properly notified that Google continues to collect data even when in private browsing mode.

Big tech companies continue to battle one another over data protection and security. While the acrimony between big tech corporations will persist, other companies are implementing new protocols to comply with new rules and regulations that utilize robust blockchain technology to improve security and data privacy.

6. “Why Facebook and Apple Are Fighting Over Your iPhone,” USA Today – March 11, 2021

  • As new rules and regulations and company policies are enacted, the market is going to see a lot of change in their technology applications. While Apple is going to require users to specifically authorize Facebook to collect information, Facebook is expected to counter with a policy directly to its users rather than leave privacy decisions in Apple’s hands. Both accuse each other of acting solely for the purpose of profits rather than focusing on implementing truly effective data privacy policies.

7. “DuckDuckGo Shames Google For ‘Spying’ On iPhone Users,” BGR – March 19, 2021

  • Search engine company DuckDuckGo recently called Google out on the staggering amount of personal data it collects. Contrary to Google’s act of “spying” on its users, DuckDuckGo’s private browser engine does not collect data linked to a specific person enabling a user to maintain privacy.

8. “Blockchain Could Be The Answer To Online Privacy Concerns,” CPO Magazine – March 23, 2021

  • Now that consumers and internet users are more aware of the importance of data rights and security, companies are encouraged to provide quality privacy and data controls by implementing built-in technology blockchain solutions.

As the cryptocurrency market matures, investors are expressing more concern over possible breaches with crypto transactions, creating a higher demand for more blockchain technology that will provide strong privacy and security as the market continues to grow and crypto spending starts becoming accepted by payment services.

9. “Where Does Crypto Stand When It Comes To Privacy,” Nasdaq – March 18, 2021

  • Cryptocurrency traders are concerned that transactions continue to take place over centralized systems which are vulnerable to data and privacy breaches. The crypto community is focused on building-out direct communication lines within a decentralized financial model to ensure the integrity of transactions.

10. “Mina’s Mainnet Launch Marks A New Era For Internet Privacy And Data Security,” YahooFinance – March 23, 2021

  • Mina, a blockchain development company, is creating a private gateway enabling users’ direct access to cryptocurrency opportunities without compromising data integrity that would occur if the users were forced to continue to utilize internet based applications which are more vulnerable to data compromises.

About BIGtoken

BIGtoken is the first privacy focused, opt-in data marketplace where people can own and monetize their data. Through a transparent platform and consumer reward system, BIG offers users choice, transparency, and compensation for their anonymized data. Participating consumers earn rewards and advertisers and media companies get access to insights from compliant first-party data for marketing and media activation. BIGtoken believes that data privacy is a human right. For more information on BIGtoken, visit bigtoken.com.

Cautionary Statement Regarding Forward-Looking Information:

This news release contains “forward-looking statements” made pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements relate to future, not past, events and may often be identified by words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek” or “will.” Forward-looking statements by their nature address matters that are, to different degrees, uncertain. Specific risks and uncertainties that could cause our actual results to differ materially from those expressed in our forward-looking statements include risks inherent in our business, and our need for future capital. Actual results may differ materially from the results anticipated in these forward-looking statements. Additional information on potential factors that could affect our results and other risks and uncertainties are detailed from time to time in BIGtoken’s periodic reports filed with the Securities and Exchange Commission (SEC). We do not assume any obligation to update any forward-looking statements.

Natalie Santos

[email protected]

KEYWORDS: United States North America California

INDUSTRY KEYWORDS: Data Management Security Technology Other Technology Software Internet

MEDIA:

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Posted on

Brownie’s Marine Group Announces 53.5% Increase in Revenues for Fiscal Year End 2020

Pompano Beach, FL, March 31, 2021 (GLOBE NEWSWIRE) — Brownie’s Marine Group, Inc. (OTCQB: BWMG), a leading developer, manufacturer and distributor of tankless dive equipment and high-pressure air and industrial compressors in the marine industry, today announced results for the fiscal fourth quarter and twelve months ending December 31, 2020.

Chris Constable, CEO of Brownie’s Marine Group, Inc. stated, “Brownie’s Marine Group had a break-out year in 2020 achieving an Adjusted Net Income profit, in addition to overall revenue increasing 53% year over year. The strong performance can be attributed in part to the team at BLU3, led by Blake Carmichael, who had a fantastic fourth quarter holiday season with a 35% Q4 revenue increase year over year. The BLU3 division continues to grow sales of our BLU3 Nemo product, which has strong momentum in 2021, and we are looking forward to the introduction of the BLU3 Nomad later this year during the third quarter. Additionally, Brownie’s Third Lung division also made a significant leap forward growing Q4 sales by 70% year over year. We have worked to diversify and reduce seasonal impacts to revenue within our Brownie’s Third Lung division and are very pleased with the contribution we are seeing from new geographic areas, such as Australia. We are also proud of our efforts to increase Direct to Consumer sales, which grew 59.9% in 2020, and can be attributed primarily to an increased focus on marketing through our social media channels.”

Chris Constable added, “We have a strong outlook in 2021 for our platform businesses, in addition to a strategic mindset towards several acquisitions which could further accelerate our growth plans. We are excited for the year ahead and look forward to updating shareholders in the near term.”


4th Quarter Fiscal Quarter Highlights

  ■ Net Revenues increased 26.7% to $0.93 million versus $0.73 million last year;
  ■ Adjusted Net loss for Q4 2020 was trimmed by 34.3% as compared to the same quarter last year; and
  ■ At the close of the fourth quarter, cash and cash equivalents totaled $345,200, and the Company had a working capital balance of $439,834.


Fiscal Year ended December 31, 2020 Highlights

  ■ Net Revenues increased 53.5% to $4.6 million versus $3.0 million last year
  ■ Revenue from BLU3, launched in Q4, 2019, contributed $1.3 million for the twelve months ended December 31, 2020 or 594.2% of overall growth. The BLU Vent project accounted for 12.6% of consolidated revenues for the twelve-month period.
  ■ Net Loss through FY 2020 was ($1.35) million versus ($1.42) million through FY 2020
  ■ Adjusted Net Income for the twelve months ending December 31, 2020 was $57,230 versus ($946,800) in the same period last year.

Select Financial Metrics: Fiscal 4th Quarter and Twelve Months Ended December 31, 2020 Comparisons

(in thousands)   Q420     Q419     Change     FYE20     FYE19     Change  
Total Net Revenues   $ 930.0     $ 734.1       26.69 %   $ 4,556.0     $ 2,967.7       53.52 %
Legacy SSA Products – Brownies Third Lung   $ 529.6     $ 310.8       70.40 %   $ 2,721.8     $ 2,073.3       31.28 %
High Pressure Gas Systems – LW America’s   $ 137.2     $ 229.6       -40.24 %   $ 489.6     $ 700.7       -30.13 %
Ultra-Portable Tankless Dive Systems – Blu3   $ 263.2     $ 193.7       35.88 %   $ 1,344.6     $ 193.7       594.17 %
Operating Income (loss)   $ (693.6 )   $ (319.9 )     116.81 %   $ (1,333.1 )   $ (1,283.7 )     3.85 %
Net Income (loss)   $ (697.4 )   $ (322.0 )     116.59 %   $ (1,351.6 )   $ (1,421.7 )     -4.93 %
Adjusted Net Income (loss)   $ (314.3 )   $ (478.4 )     -34.31 %   $ 57.2     $ (946.8 )     NM  
NM = not measurable/meaningful                                                

“We are so proud of our team for what they have accomplished in this last year, persevering through disruptions in parts of the supply-chain as well as a challenging backdrop for consumer confidence. We have increased sales significantly, driven by our market-leading products. And, importantly, we have also taken steps to optimize the cost structure of the company, one which will enable the opportunity for stronger profitability going forward,” said Robert M. Carmichael, President and Chairman of the Board. “We are looking to build on this momentum in 2021 and continue to deliver value to our customers, employees and shareholders.”

Non-GAAP Financial Measures

This press release includes certain financial measures that exclude the impact of certain items and therefore have not been calculated in accordance with U.S. generally accepted accounting principles (“GAAP”). We report adjusted net income (loss) to measure our overall results because we believe it better reflects our net results by excluding the impact of non-cash equity-based compensation. We believe the presentation of adjusted net income (loss) enhances our investors’ overall understanding of the financial performance of our business.

We believe that investors should have access to the same set of tools that we use in analyzing our results. This non-GAAP measure should be considered in addition to results prepared in accordance with GAAP but should not be considered a substitute for or superior to GAAP results.

The following is an unaudited reconciliation of adjusted net income (loss) to net income (loss) for the periods presented:

    Three Months Ended December 31,     Twelve Months Ended December 31,  
    2020     2019     2020     2019  
Net income (loss)   $ (697,419 )   $ (595,425 )   $ (1,351,619 )   $ (1,421,740 )
plus:                                
Stock issued for services     57,758       90,763       308,479       342,890  
Stock-based compensation incentive bonus shares issued to CEO and employees     –       –       241,670       –  
Stock-based compensation – options     325,395       26,303       858,695       132,064  
Adjusted net income (loss)   $ (314,266 )   $ (478,359 )   $ 57,225     $ (946,786 )

About Brownie’s Marine Group

Brownie’s Marine Group, Inc., is the parent company to a family of innovative brands with a unique concentration in the industrial, and recreational diving industry. The Company, together with its subsidiaries, designs, tests, manufactures, and distributes recreational hookah diving, yacht-based scuba air compressors and nitrox generation systems, and scuba and water safety products in the United States and internationally. The Company has three subsidiaries: Trebor Industries, Inc., founded in 1981, dba as “Brownie’s Third Lung”; BLU3, Inc.; and Brownie’s High-Pressure Services, Inc., dba LW Americas. The Company is headquartered in Pompano Beach, Florida.

For more information, visit: www.browniesmarinegroup.com.

Safe Harbor Statement

This press release may contain forward looking statements which are based on current expectations, forecasts, and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially from those anticipated or expected. Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors. Stockholders and potential investors should not place undue reliance on these forward-looking statements. Although we believe that our plans, intentions and expectations reflected in or suggested by the forward-looking statements in this report are reasonable, we cannot assure stockholders and potential investors that these plans, intentions or expectations will be achieved. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. Except to the extent required by law, we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, a change in events, conditions, circumstances or assumptions underlying such statements, or otherwise. You are urged to carefully review and consider any cautionary statements and other disclosures, including the statements made under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 as filed with the Securities and Exchange Commission (the “SEC”) on June 29, 2020, and our other periodic and quarterly filings with the SEC.

Source: Brownie’s Marine Group, Inc.
Contact Information: (954)-462-5570
[email protected]



Posted on

UFP Industries, Inc. Earnings Press Release and Conference Call

GRAND RAPIDS, Mich., March 31, 2021 (GLOBE NEWSWIRE) —

UFP Industries, Inc.

Nasdaq: UFPI
www.ufpi.com

Conference Call to Discuss Q1 2021

Hosted by:
Matthew J. Missad, Chief Executive Officer
Michael Cole, Chief Financial Officer

Press Release

Wednesday, April 21, 2021 (after market)

Conference Call

Wednesday, April 21, 2021
4:30 p.m. ET

* Webcast of Conference Call *

www.ufpi.com
Click on Investor Relations, then Webcast

U.S. dial-in number: 866-518-4547
International dial-in: 213-660-0879
Chairperson: Matthew J. Missad

Conference ID

6679712

Conference Call Replay (Encore) available through Saturday, April 24, 2021
855-859-2056, 404-537-3406, or 800-585-8367

For more information, please contact:
Dick Gauthier, Vice President of Business Outreach, 616-365-1555



Posted on

Medley Management Inc. Reports Fourth Quarter and Full Year 2020 results

PR Newswire

NEW YORK, March 31, 2021 /PRNewswire/ — Medley Management Inc. (NYSE: MDLY) today reported its financial results for its fourth quarter and year ended December 31, 2020.

Summary

  • Fee earning assets under management were $1.3 billion as of December 31, 2020
  • Total assets under management were $2.9 billion as of December 31, 2020
  • Total revenues were $8.5 million for the three months ended December 31, 2020 and $33.3 million for the year ended December 31, 2020
  • U.S. GAAP net loss per share attributable to Medley Management Inc. was $0.88 for Q4 2020 and $4.26 for the year ended December 31, 2020
  • Core Net Loss Per Share was $0.24 for Q4 2020 and $2.12 for the year ended December 31, 2020


Results of Operations for the Three Months Ended December 31, 2020

Total revenues were $8.5 million for the three months ended December 31, 2020 compared to $10.7 million for the same period in 2019. The decrease in total revenues was due primarily to lower base management fees as a result of a decrease in fee earning assets under management, which was mainly driven by a reduction in leverage and change in portfolio valuations, offset in part by an increase in investment income.

Total expenses from operations were $9.2 million for the three months ended December 31, 2020 compared to $11.3 million for the same period in 2019. The variance was attributed to a $2.5 million decrease in compensation and benefits expense offset by a $0.3 million increase in general, administrative and other expenses. The decrease in compensation and benefits expense was primarily attributed to a decline in average headcount, stock compensation expense and discretionary bonuses. The increase in other expenses was due primarily to an increase in professional fees.

Total expenses, net were $2.1 million for the three months ended December 31, 2020 and consisted of $2.5 million of interest expense, $0.4 million of other income and less than $0.1 million of dividend income. Total other expenses, net were $6.4 million for the three months ended December 31, 2019 and consisted of $2.9 million of interest expense, $3.8 million of other expenses and $0.2 million of dividend income. Of the $3.8 million of other expenses, $3.6 million was related to an unrealized loss on shares held of MCC which were no longer held by us during the year ended December 31, 2020.

Net loss attributable to Medley Management Inc. and non-controlling interests in Medley LLC was $2.6 million for the three months ended December 31, 2020 compared to a net loss $8.2 million for the same period in 2019. Medley Management Inc.’s net loss per share was $0.88 for the three months ended December 31, 2020 compared to a net loss per share of $4.59 for the same period in 2019.

Pre-Tax Core Net Loss was $1.5 million for the three months ended December 31, 2020 compared to $1.9 million for the same period in 2019. Core Net Loss Per Share was $0.24 for the three months ended December 31, 2020, compared to $0.37 for the same period in 2019. Core EBITDA was $1.2 million for the three months ended December 31, 2020 compared to $1.1 million for the same period in 2019.


Results of Operations for the Year Ended December 31, 2020

Total revenues were $33.3 million for the year ended December 31, 2020 compared to $48.8 million in 2019. The decrease was due primarily to lower base management fees as a result of a decrease in fee earning assets under management, which was mainly driven by a decline in portfolio valuations, a reduction in leverage, and a decline in investment income due to equity losses and reversal of previously recorded carried interest.

Total expenses from operations were $38.0 million for the year ended December 31, 2020 compared to $46.1 million in 2019. The variance was attributed to a $7.4 million decrease in compensation and benefits expense and a $0.7 million decrease in general, administrative and other expenses. The decrease in compensation and benefits expense was primarily attributed to a decline in average headcount, stock compensation expense and discretionary bonuses. The decrease in other expenses was due primarily to a decrease in general and administrative expenses as a result of headcount reduction, employees working remotely and restrictions on travel and other expenses due to the impact of the continuing COVID-19 pandemic.

Total expenses, net were $15.5 million for the year ended December 31, 2020, and consisted of $10.5 million of interest expense and $5.2 million of other expenses, net, offset in part by $0.2 million of dividend income. Total other expenses, net were $14.8 million for the year ended December 31, 2019 and consisted of $11.5 million of interest expense, $4.4 million of other expenses, offset in part by $1.1 million of dividend income. The increase of $0.7 million in other expenses was due primarily to the revaluation of our revenue share payable.

Net loss attributable to Medley Management Inc. and non-controlling interests in Medley LLC was $18.5 million for the year ended December 31, 2020 compared to a net loss of $13.1 million in 2019. Medley Management Inc.’s net loss per share was $4.26 for the year ended December 31, 2020 compared to net loss per share of $6.00 in 2019.

Pre-Tax Core Net Loss was $13.3 million for the year ended December 31, 2020 as compared to Pre-Tax Core Net Loss of $1.3 million in 2019. Core Net Loss Per Share was $2.12 for the year ended December 31, 2020 as compared to $0.25 in 2019. Core EBITDA was ($2.1) million for the year ended December 31, 2020 as compared to $10.9 million in 2019.

Investor Contact:

Sam Anderson

Head of Capital Markets & Risk Management
Medley Management Inc.
212-759-0777

Media Contact:

Jonathan Gasthalter/Nathaniel Garnick
Gasthalter & Co. LP
212-257-4170



Key Performance Indicators:


For the Three Months
Ended December 31,


(unaudited)


For the Years Ended
December 31,


2020


2019


2020


2019

(dollars in thousands, except AUM, share and per share amounts)


Consolidated Financial Data:

Pre-Tax (Loss) Income

$

(2,753)

$

(7,070)

$

(20,184)

$

(12,060)

Net loss attributable to Medley Management Inc. and non-
controlling interests in Medley LLC

$

(2,600)

$

(8,225)

$

(18,454)

$

(13,074)

Net loss per Class A common stock

$

(0.88)

$

(4.59)

$

(4.26)

$

(6.00)

Net (Loss) Income Margin (1)

(30.7)

%

(77.2)

%

(55.7)

%

(26.8)

%

Weighted average shares – Basic and Diluted

678,288

600,795

643,351

578,821


Non-GAAP Data:

Pre-Tax Core Net (Loss) Income (2)

$

(1,510)

$

(1,910)

$

(13,258)

$

(1,254)

Core Net (Loss) Income (2)

$

(1,362)

$

(7,030)

$

(12,111)

$

(6,652)

Core EBITDA (3)

$

1,206

$

1,115

$

(2,053)

$

10,945

Core Net (Loss) Income Per Share (4)

$

(0.24)

$

(0.37)

$

(2.12)

$

(0.25)

Core Net (Loss) Income Margin (5)

(10.0)

%

(12.1)

%

(22.6)

%

(1.7)

%

Pro-Forma Weighted Average Shares Outstanding (6)

3,539,023

3,438,806

3,506,147

3,360,349


Other Data (at period end, in millions):

AUM

$

2,859

$

4,122

$

2,859

$

4,122

Fee Earning AUM

$

1,325

$

2,138

$

1,325

$

2,138

(1)

Net (Loss) Income Margin equals net loss attributable to Medley Management Inc. and non-controlling interests in Medley LLC
divided by total revenue.

(2)

Pre-Tax Core Net (Loss) Income is calculated as Core Net Income before income taxes. Core Net (Loss) Income reflects net loss
attributable to Medley Management Inc. and non-controlling interests in Medley LLC adjusted to exclude reimbursable expenses
associated with the launch of funds, stock-based compensation associated with restricted stock units that were granted in connection
with our IPO, non-recurring expenses associated with strategic initiatives, such as our pending merger with Sierra, other non-core
items and the income tax expense associated with the foregoing adjustments. Please refer to the reconciliation of Core Net (Loss)
Income to Net loss attributable to Medley Management Inc. and non-controlling interests in Medley LLC in Exhibit B for additional details.

(3)

Core EBITDA is calculated as Core Net (Loss) Income before interest expense, income taxes, depreciation and amortization.
Please refer to the reconciliation of Core EBITDA to Net loss attributable to Medley Management Inc. and non-controlling interests
in Medley LLC in Exhibit B for additional details.

(4)

Core Net (Loss) Income Per Share is calculated as Core Net (Loss) Income, adjusted for the income tax effect of assuming that all
of our pre-tax earnings were subject to federal, state and local corporate income taxes, divided by Pro-Forma Weighted Average
Shares Outstanding (as defined below). We assume that all of our pre-tax earnings are subject to federal, state and local corporate
income taxes. In determining corporate income taxes, we used a combined effective corporate tax rate of 44.0% for the three
months and year ended December 31, 2020 and 33.0% for the three months and year ended December 31, 2019. Please refer
to the calculation of Core Net (Loss) Income Per Share in Exhibit C for additional details.

(5)

Core Net (Loss) Income Margin equals Core Net (Loss) Income Per Share divided by total revenue per share.

(6)

The calculation of Pro-Forma Weighted Average Shares Outstanding assumes the conversion by the pre-IPO holders of up to 2,686,848 vested and unvested LLC Units for 2,686,848 shares of Class A common stock at the beginning of each period presented, as well as the vesting of the weighted average number of restricted stock units granted to employees and directors during each of the periods presented.

 



Fee Earning AUM

The table below presents the quarter-to-date roll forward of our total fee earning AUM:


% of Fee Earning AUM


Permanent


Long-dated


Permanent


Long-dated


Capital


Private
Funds


Capital


Private
Funds


Vehicles


and SMAs


Total


Vehicles


and SMAs

(Dollars in millions)

Ending balance, September 30, 2020

$

995

$

675

$

1,670

60

%

40

%

Commitments

(35)

33

(2)

Capital reduction

(306)

—

(306)

Distributions

(3)

(67)

(70)

Change in fund value

27

6

33

Ending balance, December 30, 2020

678

$

647

$

1,325

51

%

49

%

Total fee earning AUM decreased by $345.0 million, or 21%, to $1.3 billion as of December 31, 2020 compared to September 30, 2020, due primarily to debt repayments representing capital reductions, distributions and changes in fund value.

The table below presents the roll forward of fee earning AUM for the year ended December 31, 2020:


% of Fee Earning AUM


Permanent


Long-dated


Permanent


Long-dated


Capital


Private
Funds


Capital


Private
Funds


Vehicles


and SMAs


Total


Vehicles


and SMAs

(Dollars in millions)

Ending balance, December 31, 2019

$

1,361

$

777

$

2,138

64

%

36

%

Commitments

(126)

92

(34)

Capital reduction

(412)

—

(412)

Distributions

(24)

(157)

(181)

Change in fund value

(121)

(65)

(186)

Ending balance, December 31, 2020

$

678

$

647

$

1,325

51

%

49

%

Total fee earning AUM decreased by $813.0 million, or 38%, to $1.3 billion as of December 31, 2020 compared to December 31, 2019, due primarily to distributions, debt repayments representing capital reductions and changes in fund value.


Dividend Declaration

Medley did not declare a dividend this quarter. Medley’s board of directors will continue to monitor the dividend policy on an ongoing basis.


About Medley

Medley is an alternative asset management firm offering yield solutions to retail and institutional investors. Medley has $2.9 billion of assets under management in one business development company, Sierra Income Corporation, and several private investment vehicles. Over the past 19 years, Medley has provided capital to over 450 companies across 35 industries in North America.(1)

Medley LLC, the operating company of Medley Management Inc., has outstanding bonds which trade on the NYSE under the symbols (NYSE:MDLX) and (NYSE:MDLQ).


Forward-Looking Statements

Statements included herein may contain “forward-looking statements.” Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of assumptions, risks and uncertainties, which change over time. Actual results may differ materially from those anticipated in any forward-looking statements as a result of a number of factors, including those described from time to time in filings by the Company with the Securities and Exchange Commission (the “SEC”), including those described in the section “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020.

Such forward-looking statements include, without limitation: the impact of COVID19 on our business; the ability of the Company to continue as a going concern; the timing and outcome of the SEC’s investigation and pending Chapter 11 proceedings; Medley LLC’s ability to repay, refinance or restructure its debt; general volatility of the capital markets and the market price of our common stock; availability, terms and deployment of capital; and availability of qualified personnel. These and other risk factors are more fully discussed in the Company’s filings with the SEC.

Except as required by law, the Company undertakes no duty to update any forward-looking statement made herein. All forward-looking statements made herein speak only as of the date of this press release.


Non-GAAP Financial Measures

We make reference to certain non-GAAP financial measures in this press release. A reconciliation of these non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with U.S. GAAP is contained in the exhibits attached hereto.

Non-GAAP measures used by management include Pre-Tax Core Net Income (Loss), Core Net Income (Loss), Core EBITDA, Core Net Income (Loss) Per Share and Core Net Income Margin. Management believes that these measures provide analysts, investors and management with helpful information regarding our underlying operating performance and our business, as they remove the impact of items management believes are not reflective of underlying operating performance. These non-GAAP measures are also used by management for planning purposes, including the preparation of internal budgets; and for evaluating the effectiveness of operational strategies. Additionally, we believe these non-GAAP measures provide another tool for investors to use in comparing our results with other companies in our industry, many of whom use similar non-GAAP measures. There are limitations associated with the use of non-GAAP financial measures as compared to the use of the most directly comparable U.S. GAAP financial measure and these measures supplement and should be considered in addition to and not in lieu of the results of operations discussed below. Furthermore, such measures may be inconsistent with measures presented by other companies.

This press release does not constitute an offer for any Medley fund.


Available Information

Medley Management Inc.’s filings with the Securities and Exchange Commission, press releases, earnings releases and other financial information are available at www.mdly.com.

(1)

Medley Management Inc. is the parent company of Medley LLC and several registered investment advisors (collectively,
“Medley”). Assets under management refers to assets of our funds, which represents the sum of the net asset value of
such funds, the drawn and undrawn debt (at the fund level, including amounts subject to restrictions) and uncalled committed
capital (including commitments to funds that have yet to commence their investment periods). Assets under management
are as of December 31, 2020.

 


Exhibit A. Consolidated Statements of Operations of Medley Management Inc.



For the Three Months
Ended December 31,


For the Years Ended
December 31,


(unaudited)


2020


2019


2020


2019

(in thousands, except share and per share data)


Revenues

Management fees

$

6,328

$

8,745

$

26,135

$

39,473

Other revenues and fees

1,598

1,972

7,867

9,703

Investment income:

Carried interest

254

168

337

819

Other investment loss, net

297

(231)

(1,087)

(1,154)

Total Revenues

8,477

10,654

33,252

48,841


Expenses

Compensation and benefits

4,401

6,856

21,520

28,925

General, administrative and other expenses

4,755

4,423

16,437

17,186

Total Expenses

9,156

11,279

37,957

46,111


Other Income (Expense)

Dividend income

22

177

159

1,119

Interest expense

(2,537)

(2,851)

(10,487)

(11,497)

Other expenses, net

441

(3,771)

(5,151)

(4,412)

Total other expenses, net

(2,074)

(6,445)

(15,479)

(14,790)

Loss before income taxes

(2,753)

(7,070)

(20,184)

(12,060)

(Benefit from) provision for income taxes

(319)

4,991

(1,956)

4,710

Net Loss

(2,434)

(12,061)

(18,228)

(16,770)

Net income (loss) attributable to redeemable non-controlling interests and non-controlling
interests in consolidated subsidiaries

166

(3,836)

226

(3,696)

Net loss attributable to non-controlling interests in Medley LLC

(2,002)

(5,617)

(15,790)

(9,695)

Net Loss Attributable to Medley Management Inc.

$

(598)

$

(2,608)

$

(2,664)

$

(3,379)


Net Loss Per Share of Class A Common Stock:

Basic

$

(0.88)

$

(4.59)

$

(4.26)

$

(6.00)

Diluted

$

(0.88)

$

(4.59)

$

(4.26)

$

(6.00)

Weighted average shares outstanding – Basic and Diluted

678,288

600,795

643,351

587,821

 


Exhibit B. Reconciliation of Core Net Income (Loss) and Core EBITDA to Net income (loss) attributable to Medley
Management Inc. and non-controlling interests in Medley LLC




For the Three Months
Ended December 31,
(unaudited)


For the Years
Ended December 31,


2020


2019


2020


2019

(in thousands)

Net loss attributable to Medley Management Inc.

$

(598)

$

(2,608)

$

(2,664)

$

(3,379)

Net loss attributable to non-controlling interests in Medley LLC

(2,002)

(5,617)

(15,790)

(9,695)

Net loss attributable to Medley Management Inc. and non-controlling interests in Medley LLC

$

(2,600)

$

(8,225)

$

(18,454)

$

(13,074)

Reimbursable fund startup expenses

—

6

1

289

IPO date award stock-based compensation

—

222

—

777

Expenses associated with strategic initiatives

1,409

1,070

4,928

4,556

Other non-core items:

Unrealized loss on shares of MCC

—

(70)

—

(70)

Severance expense

—

96

2,103

1,558

Other

—

—

120

—

Income tax expense on adjustments

(171)

(129)

(809)

(688)

Core Net Income (Loss)

$

(1,362)

$

(7,030)

$

(12,111)

$

(6,652)

Interest expense

2,537

2,850

10,487

11,497

Income taxes

(148)

5,120

(1,147)

5,398

Depreciation and amortization

179

175

718

702

Core EBITDA

$

1,206

$

1,115

$

(2,053)

$

10,945

 


Exhibit C. Calculation of Core Net Income (Loss) Per Share




For the Three Months
Ended December 31,
(unaudited)


For the Years
Ended December 31,


2020


2019


2020


2019

(in thousands, except share and per share amounts)


Numerator

Core Net Income (Loss)

$

(1,362)

$

(7,030)

$

(12,111)

$

(6,652)

Add: Income taxes

(148)

5,120

(1,147)

5,398

Pre-Tax Core Net Income (loss)

$

(1,510)

$

(1,910)

$

(13,258)

$

(1,254)


Denominator

Class A common stock

678,288

600,795

643,351

587,821

Conversion of LLC Units and restricted LLC Units to Class A common stock

2,673,516

2,631,664

2,659,678

2,562,337

Restricted Stock Units

187,219

206,347

203,118

210,191

Pro-Forma Weighted Average Shares Outstanding (1)

3,539,023

3,438,806

3,506,147

3,360,349

Pre-Tax Core Net Income (Loss) Per Share

$

(0.43)

$

(0.56)

$

(3.78)

$

(0.37)

Less: corporate income taxes per share (2)

0.19

0.18

1.66

0.12

Core Net Income (Loss) Per Share

$

(0.24)

$

(0.37)

$

(2.12)

$

(0.25)

(1)

The calculation of Pro-Forma Weighted Average Shares Outstanding assumes the conversion by the pre-IPO holders of up
to 2,686,848 vested and unvested LLC Units for 2,686,848 shares of Class A common stock at the beginning of each period
presented, as well as the vesting of the weighted average number of restricted stock units granted to employees and directors
during each of the periods presented.

(2)

Assumes that all of our pre-tax earnings are subject to federal, state and local corporate income taxes. In determining corporate
income taxes, we used a combined effective corporate tax rate of 44.0% for the three months and year ended December 31, 2020
and 33.0% for the three months and year ended December 31, 2019

 


Exhibit D. Reconciliation of Net Income Margin to Core Net Income Margin


For the Three Months
Ended December 31,


For the Years
Ended December 31,


(unaudited)


2020


2019


2020


2019

Net Income Margin

(30.9)

%

(77.2)

%

(55.7)

%

(26.8)

%

Reimbursable fund startup expenses (1)

—

%

0.1

%

—

%

0.6

%

IPO date award stock-based compensation (1)

—

%

2.1

%

—

%

1.6

%

Expenses associated with strategic initiatives (1)

16.7

%

10.0

%

14.8

%

9.3

%

Other non-core items:(1)

Unrealized losses on shares of MCC

—

%

(0.7)

%

—

%

(0.1)

%

Severance expense

—

%

0.9

%

6.3

%

3.2

%

Other

—

%

—

%

0.4

%

—

%

Provision for income taxes (1)

(3.8)

%

46.8

%

(5.9)

%

9.6

%

Corporate income taxes (2)

7.9

%

5.9

%

17.6

%

0.9

%

Core Net Income Margin

(10.0)

%

(12.1)

%

(22.6)

%

(1.7)

%

(1)

Adjustments to Net income (loss) attributable to Medley Management Inc. and non-controlling interests in Medley LLC to
calculate Core Net Income are presented as a percentage of total revenue.

(2)

Assumes that all of our pre-tax earnings are subject to federal, state and local corporate income taxes. In determining
corporate income taxes, we used a combined effective corporate tax rate of 44.0% for the three months and year ended
December 31, 2020 and 33.0% for the three months and year ended December 31, 2019

 


Exhibit E. Consolidated Balance Sheets of Medley Management Inc.


As of December 31,


2020


2019

(in thousands)


Assets

Cash and cash equivalents

$

3,862

$

10,558

Investments, at fair value

9,498

13,287

Management fees receivable

5,870

8,104

Right-of-use assets under operating leases

4,731

6,564

Other assets

11,592

10,283

Total Assets

$

35,553

$

48,796


Liabilities, Redeemable Non-controlling Interests and Equity

Liabilities

Senior unsecured debt, net

$

119,151

$

118,382

Loans payable, net

10,000

10,000

Due to former minority interest holder, net

7,022

8,145

Operating lease liabilities

6,019

8,267

Accounts payable, accrued expenses and other liabilities

27,031

22,835

Total Liabilities

169,223

167,629

Redeemable Non-controlling Interests

—

(748)

Equity

Class A common stock

7

6

Class B common stock

—

—

Additional paid in capital

17,645

13,835

Accumulated deficit

(25,394)

(22,960)

Total stockholders’ deficit, Medley Management Inc.

(7,742)

(9,119)

Non-controlling interests in consolidated subsidiaries

(555)

(391)

Non-controlling interests in Medley LLC

(125,373)

(108,575)

Total Deficit

(133,670)

(118,085)

Total Liabilities, Redeemable Non-controlling Interests and Equity

$

35,553

$

48,796

 

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SOURCE Medley Management Inc.