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April 27, 2021 8:04 am

Fancamp Provides Previously Undisclosed Results of Past Exploration Programs

Fancamp Provides Previously Undisclosed Results of Past Exploration Programs

Results from 2019 drill program at Harvey Hill show up to 1.77% Cu over nine meters

VANCOUVER, British Columbia–(BUSINESS WIRE)–
Fancamp Exploration Ltd. (“Fancamp” or the “Corporation”) (TSX Venture Exchange: FNC) is pleased to provide updates on its exploration projects.

As discussed on the January 19, 2021 and March 4, 2021 investor calls, the new management team of the Corporation recently completed a strategic review of its properties to reprioritize the project pipeline and develop its resource base through a systematic and efficient approach to exploration, in a clear contrast to the unfocused approach by former president and CEO, Mr. Peter H. Smith. The strategic review process faced delays and difficulties as Mr. Smith withheld technical information belonging to the Corporation.

While conducting the strategic review, the new management team discovered that Mr. Smith failed to keep the Board of Directors and the market informed of the results of the Corporation’s previous exploration programs, raising further questions about his business judgment, adherence to his fiduciary duty, and his commitment to act in the best interest of Fancamp’s shareholders.

Mr. Smith is a disgruntled director, who recently had his consulting agreement terminated for cause, and has initiated an unnecessary, costly and time-consuming challenge to the Corporation’s proposed acquisition of ScoZinc Mining Ltd. at a time when Fancamp’s future is bright and the Corporation is finally set to deliver significant value to shareholders.

In line with industry best practices, the Corporation is pleased to share the following information:

Harvey Hill

The best intercepts from the 66-hole Harvey Hill 2019 program were 1.77% Cu over 9 meters (drill hole HH19-26) and 0.66% over 11 meters (drill hole HH19-05). The best intercept from the 15-hole 2020 program was 0.97% over 2 meters (drill hole HH20-01). A summary of key intercepts is found in Table 1, and drill hole location information is provided in Table 2 (see appendix).

The Corporation’s Harvey Hill project is a past producing, precious metal bearing copper project in the Appalachian region of eastern Quebec. In 2019 and 2020, the Corporation completed 81 drill holes in two campaigns, targeting three near surface mineralized lenses. The mineralized lenses are interpreted as vertically stacked, flat to shallow-dipping zones, extending over more than 425 meters of strike in an east-northeast direction. The zones are interpreted to average two to three meters in thicknesses. Further description of the Harvey Hill project and its past production can be found on the Corporation’s at Harvey Hills Project (fancamp.ca). More detailed interpretation of this data is planned for later in 2021.

Table 1.

Previously unreported drill results for the Harvey Hill project, composite intervals greater than 0.3% Cu.

2019 Drill Program
Drill Hole	From (m)	To (m)	Drilled Length (m)	%Cu
HH19-02	9	11	2	0.36
HH19-03	2	5	3	0.51
HH19-04	7	13	6	0.72
HH19-05	3.5	14.5	11	0.66
HH19-08	36	39	3	0.83
HH19-10	5.8	6.1	0.3	0.83
HH19-10	22	23	1	0.66
HH19-10	51	53	2	1.09
HH19-11	24.5	26.5	2	0.44
HH19-11	34	40	6	0.41
HH19-14	25	27	2	0.32
HH19-15	48	49	1	0.60
HH19-17	27	30	3	1.06
HH19-18	40	42	2	0.34
HH19-19	10	12	2	0.96
HH19-21	13	18	5	0.63
HH19-22	4	7	3	0.74
HH19-22	14	17	3	0.45
HH19-25	13.7	14.7	1	0.43
HH19-26	13	14	1	0.33
HH19-26	87	92	5	0.50
HH19-26	111	120	9	1.77
Incl.	113	114	1	10.70
Incl.	118	120	2	2.11
HH19-27	28	29	1	0.43
HH19-30	13	16	3	0.89
HH19-31	8	10	2	0.89
RI-19-04 (TEST)	9	10	1	0.31
HH19-32	15	17	2	0.88
HH19-34	10	17	7	0.60
HH19-37	3	4	1	0.55
HH19-44	12	18	6	0.34
HH19-47	60	62	2	0.43
HH19-49	5	7	2	1.51
HH19-55	9	11	2	1.86
HH19-58	14	15	1	0.75
HH19-63	20	23	3	2.16
HH19-64	6	10	4	0.59



2020 Drill Program
Hole	From (m)	To (m)	Drilled Length (m)	%Cu
HH20-01	59	61	2	0.97
HH20-04	60.5	61.5	1	1.46
HH20-08	33	35	2	0.82
HH20-15	18	19	1	0.95

Boisbuisson

Fancamp’s 2020 field sampling reconnaissance field sampling returned up to 7.54 gpt Au (Table 3) confirming high grades of previous workers.

The Boisbuisson project is located in the Humber Zone, of the northern Gaspe Peninsula. Numerous structure-hosted, base metal bearing precious metal quartz veins occurrences are recorded on the south and central parts of the property. Fancamp has held the Boisbuisson project since 2015 but has completed very little work on the concessions. A description of the Boisbuisson project can be found on the Corporation’s website at Boisbuisson Project (fancamp.ca).

Table 3.

Bedrock grab sample results from the 2020 Boisbuisson reconnaissance program.
Sample #	Location	Easting (m)	Northing (m)	Description	Au (gpt)
787941	Trench 3	292798	5439750	Fault gouge, grey, 10% sulphides in 5-meter-wide quartz bearing zone N110°/- 20°NW	3.42
787947	Trench 5	291288	5438907	Quartz vein, sub-horizontal, 10 cm wide	1.21
787948	Trench 5	291281	5438792	Semi to massive galena-pyrite bands, 25-30cm wide N020°/ Sub vertical	7.54

Note: Coordinate system, NAD 83 zone 20.

Ste. Marguerite (Gaspe)

Reconnaissance sampling by the Corporation during its 2015 and 2016 field programs returned up to 8.9 gpt Au over 1 meter from a chip channel sample (sample P134040), and up to 54.9 gpt Au and 10.1 gpt Au from grab sampling (samples 62816 and 62815, respectively) of altered, structure hosted quartz veining in the Sainte-Florence faults zone. Sampling results by the Corporation are provided in Table 4. Silver was not analyzed in these programs. These results confirm high gold grades identified by previous workers on the property.

The Ste. Marguerite (Gaspe) property hosts a linear trend of gold bearing vein occurrences, more than 10 km long. The mineral occurrences are largely hosted by a band of mafic to intermediate volcanic rocks in close proximity to the Sainte-Florence fault, within the Gaspe Belt. Fancamp has held the property since 2015 and has completed minor reconnaissance activities. A description of the Ste. Marguerite (Gaspe) project can be found on the Corporation’s website at St. Margarite (Gaspe) Project (fancamp.ca).

Table 4.

Bedrock and subcrop grab sample results from the 2015 and 2016 Ste. Marguerite (Gaspe) reconnaissance sampling program.
Sample #	Location	Easting (m)	Northing (m)	Description	Au (gpt)
63537	46W	638875	5351331	Quartz vein + sulphides	7.04
63538	46W	638876	5351336	Quartz vein + sulphides	0.72
63539	46W	638864	5351349	Quartz vein + sulphides	2.45
63540	46W	63888	5351295	Quartz vein + sulphides	1.69
63544	46W	638887	5351297	Quartz vein + sulphides	4.43
62814	46W	638856	5351330	Fractured quartz (fine visible gold grains)	6.83
62815	46W	638856	5351330	Kaolinite patches coarse gold	10.1
62816	46W	638856	5351331	Black oxides with several gold grains	54.9
62817	46W	638856	5351331	Rusty quartz with several gold grains	3.98
62818	46W	638856	5351332	Contact between sedimentary rocks and basalt	2.15
63236	46W	638862	5351333	Subcropping quartz vein with sporadic arsenopyrite.	1.89
63240	46W	638887	5351303	Subcrop from trench T-2A , red, with more than 80% rusty quartz fragments.	2.32
63545	42W	639290	5351377	Quartz vein, atleast 3 meters wide.	0.27
62537	FRASER	644416	5354068	Quartz vein with arsenopyrite	0.22
62540	FRASER	644381	5354006	Quartz vein with sulphides	0.163
63529	FRASER	644301	5353948	Quartz vein with sulphides	1.6
63231	FRASER	644595	5354120	Sulphides veinlets with 20% pyrite and 1% arsenopyrite	0.45
63232	FRASER	644600	5354112	70% quartz with patches of massive sulphides	3.49
63233	FRASER	644603	5354108	Oxidized zone, stockwork quartz veins	0.24
P134054	LEPAGE 1	647611	5354915	Gossan zone, heavily rusted.	1.085
P134055	LEPAGE 1	647611	5354915	Gossan zone, heavily rusted.	2.03
P134075	LEPAGE 1	647611	5354915	Gossan zone, heavily rusted.	0.369
P134058	LEPAGE 2	648313	5355355	Subcropping gossan comprising 60% altered basalt and 40% quartz	0.745
P134059	LEPAGE 2	648320	5355358	Subcrop, gossan zone	3.44
P134061	LEPAGE 2	648332	5355344	Gossan, rusty with quartz veins and massive arsenopyrite in basalt	6.46
P134062	LEPAGE 2	644324	5355348	Subcropping gossan consisting of quartz veins and veinlets in altered basalt.	1.58
P134040	LEPAGE 2	644307	5355362	1 meter channel sample, oxidized zone with 10% arsenopyrite, 60% quartz veins, and 30% basalt.	8.9

Note 1: Coordinate system, NAD 83 zone 19.

Note 2: All samples are outcrop, unless otherwise noted in the description.

Qualified Person

Jean Bernard, P.Geo, has reviewed and approved the technical and scientific content of this news release. Jean Bernard is a Qualified Person within the description of the Canadian Securities Administrator’s National Instrument 43-101.

The 2019 and 2020 drill programs at Harvey Hill were directed by Jean Bernard. P.Geo, and a Qualified Person in the meaning of NI 43-101. The Boisbuisson and Ste. Marguerite (Gaspe) sampling programs were directed by Jean Bernard. P.Geo, and a Qualified Person in the meaning of NI 43-101.

Quality Control

Assays for the diamond drill programs were analyzed by Activations Laboratories Ltd. in Ancaster, Ontario. The Corporation inserts quality control samples (blanks, standard reference material, and duplicates) at regular intervals to monitor laboratory performance. Standard samples are inserted every 15-20 samples, with additional standard material added to mineralized zones. Reference samples are obtained from OREAS (Ore Research and Exploration P/L ABN) and comprised OREAS 620 (0.173% Cu), and OREAS 624 (3.10% Cu). Blanks are inserted every 15-20 samples and are obtained from a deposit of pure quartzite. Field duplicates are inserted every 20 samples.

Advisors

Lavery, de Billy, L.L.P. is serving as legal advisor to Fancamp. Kingsdale Advisors is acting as strategic shareholder and communications advisor to Fancamp.

About Fancamp Exploration Ltd. (TSX-V: FNC)

Fancamp is a growing Canadian mineral exploration corporation dedicated to its value-added strategy of advancing mineral properties through exploration and development. The Corporation owns numerous mineral resource properties in Quebec, Ontario and New Brunswick, including gold, rare earth metals, strategic and base metals, zinc, chromium, titanium and more. Fancamp is also building on the industrial possibilities inherent in dealing with some of these materials, notable being the development of its Titanium technology strategy. It has recently announced the acquisition of ScoZinc, a Canadian exploration and mining corporation that has full ownership of the Scotia Mine and related facilities near Halifax, Nova Scotia, as well as several prospective exploration licenses in surrounding regions. The Corporation is managed by a new and focused leadership team with decades of mining, exploration and complementary technology experience.

Forward-looking Statements

This news release includes certain forward-looking statements which are not comprised of historical facts. Forward-looking statements include estimates and statements that describe both companies’ future plans, objectives or goals, including words to the effect that both companies or their respective management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to Fancamp, Fancamp provides no assurance that actual results will meet the management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes, but is not limited to, the Corporation’s annual general meeting, objectives, goals or future plans, statements, potential mineralization, exploration and development results, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations, estimates of market conditions, future financial results or financing opportunities. There can be no assurance that forward-looking statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Fancamp’s expectations include, among others, political, economic, environmental and permitting risks, mining operational and development risks, litigation risks, regulatory restrictions, environmental and permitting restrictions and liabilities, the inability of both companies to satisfy the conditions precedent to complete the Transaction, the inability to obtain the necessary regulatory and third-party approvals for the Transaction, the inability to start production at the Scotia Mine, the inability of Fancamp to realize the anticipated financial gains from the Transaction, including generating, in the near-term, cash-flows from the Scotia Mine, the inability of Fancamp to raise capital or secure necessary financing in the future, as well as factors discussed in the section entitled “Risks and Uncertainties” in Fancamp’s management’s discussion and analysis of Fancamp’s financial statements for the period ended October 31, 2020. Although Fancamp has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. In addition, the Corporation provides no assurance regarding the outcome of the BCSC’s decision. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

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

APPENDIX

Table 2.

Drill hole collar, orientation and depth information for Fancamp’s 2019 and 2020 Harvey Hill programs.

2019 Drill Program
Drill Hole	Total Depth (m)	Azimuth (degrees)	Dip (degrees)	Northing (m)	Easting (m)
RIS19-01	36	360	-90	5125431	329198
R19-01	9	360	-90	5125416	329181
HH19-01	54	174	-48	5125366	329173
HH19-02	21	112	-60	5125434	329152
HH19-03	21	147	-83	5125423	329180
HH19-04	21	152	-83	5125469	329174
HH19-05	36	181	-85	5125496	329186
HH19-06	72	181	-69	5125815	329620
HH19-07	48	178	-59	5125679	329623
HH19-08	95	178	-59	5125741	329904
HH19-09	102	184	-60	5125678	330315
HH19-10	72	187	-58	5125598	330183
HH19-11	62	191	-69	5125648	330185
HH19-12	39	190	-68	5125667	330239
HH19-13	66	190	-60	5125585	330188
HH19-14	78	194	-59	5125635	330172
HH19-15	72	175	-69	5125667	330160
HH19-16	38	182	-69	5125606	330123
HH19-17	60	190	-69	5125556	330339
HH19-18	63	202	-69	5125590	330329
HH19-19	60	137	-84	5125485	329199
HH19-20	57	360	-90	5125507	329231
HH19-21	42	360	-90	5125526	329195
HH19-22	39	360	-90	5125485	329164
HH19-23	30	360	-90	5125479	329120
HH19-24	123	180	-60	5125864	329936
HH19-25	22	180	-60	5125806	329855
HH19-26	144	174	-74	5125806	329855
HH19-27	108	208	-49	5125784	329805
HH19-28	75	191	-74	5125886	330082
HH19-29	57	144	-74	5125792	329502
HH19-30	39	89	-79	5125533	330417
HH19-31	33	163	-80	5125525	330495
HH19-32	39	360	-90	5125512	329175
HH19-33	42	360	-90	5125536	329177
HH19-34	31	360	-90	5125541	329221
HH19-35	31	360	-90	5125522	329243
HH19-36	27	360	-90	5125488	329247
HH19-37	23	360	-90	5125446	329211
HH19-38	27	360	-90	5125459	329219
HH19-39	24	360	-90	5125445	329238
HH19-40	37.5	360	-90	5125559	329237
HH19-41	31.5	360	-90	5125544	329255
HH19-42	37.5	360	-90	5125575	329248
HH19-43	33	360	-90	5125567	329262
HH19-44	37.5	360	-90	5125550	329217
HH19-45	33	360	-90	5125530	329233
HH19-46	37.5	360	-90	5125568	329231
HH19-47	70.5	180	-70	5125702	329844
HH19-48	54	180	-70	5125643	329854
HH19-49	29.5	180	-70	5125788	329946
HH19-50	15	180	-70	5125790	329933
HH19-51	30	180	-70	5125786	329911
HH19-52	21	180	-70	5125781	329956
HH19-53	21	90	-70	5125772	329930
HH19-54	21	260	-70	5125754	329926
HH19-55	21	240	-70	5125766	329956
HH19-56	21	90	-70	5125759	329964
HH19-57	22	240	-50	5125807	329956
HH19-58	30	360	-90	5125720	329983
HH19-59	30	360	-90	5125701	329960
HH19-60	21	360	-90	5125535	330448
HH19-61	22.5	360	-90	5125547	330373
HH19-62	27	360	-90	5125510	330309
HH19-63	27	360	-90	5125534	330330
HH19-64	19.5	360	-90	5125511	330323



2020 Drill Program
Drill Hole	Total Depth (m)	Azimuth (degrees)	Dip (degrees)	Northing (m)	Easting (m)
HH20-01	70	119	-50	5125801	329858
HH20-02	70.5	285	-51	5125845	329904
HH20-03	70.5	104	-50	5125864	329938
HH20-04	100.5	95	-50	5125790	329940
HH20-05	70.5	116	-53	5125901	329881
HH20-06	51	108	-52	5125901	330055
HH20-07	70.5	136	-52	5125857	329489
HH20-08	100.5	43	-55	5125412	329483
HH20-09	54	94	-52	5125409	329488
HH20-10	84	218	-51	5125406	329479
HH20-11	15	38	-48	5125509	329508
HH20-12	70.5	0	-50	5125650	329959
HH20-13	70.5	254	-50	5125646	329958
HH20-14	51	122	-53	5125607	329899
HH20-15	49.5	110	-53	5125698	330210

Note: Coordinate system NAD 83, UTM zone 19N.

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For Further Information

Rajesh Sharma, Chief Executive Officer

+1 (604) 434 8829

[email protected]

Debra Chapman, Chief Financial Officer

+1 (604) 434 8829

[email protected]

Media

Hyunjoo Kim

Director, Communication, Marketing & Digital Strategy

Kingsdale Advisors

Phone: 416-867-2357

Cell: 416-899-6463

Email: [email protected]

KEYWORDS: North America Canada

INDUSTRY KEYWORDS: Mining/Minerals Natural Resources

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April 27, 2021 8:04 am

Blackstone Continues to Build Global ESG Team

Blackstone Continues to Build Global ESG Team

NEW YORK–(BUSINESS WIRE)–
Blackstone (NYSE: BX) today announced that it is continuing to expand its Environmental, Social, Governance (ESG) team, with five newly created senior positions across the U.S., Europe and Asia. The firm is adding new resources and capabilities within its business units and also building out a corporate ESG structure. Blackstone is committed to deepening ESG integration across its investment process and asset management.

The team will continue to advance Blackstone’s decade-long focus on ESG. With majority stakes in 200+ companies and 8,500+ real estate assets, Blackstone can create value through driving meaningful change for nearly half a million employees and countless communities. Last year, the firm announced a goal to reduce carbon emissions by 15 percent across all new investments globally where we control energy usage within the first three years of ownership; as well as two diversity initiatives starting in the U.S. and Europe – a target of at least one-third diverse representation on portfolio company boards for new control investments plus a program to support creating diverse hiring and career mobility.

Jon Gray, Blackstone President and COO, said, “We view ESG as central to our mission of delivering strong returns for clients. Blackstone is using its scale and expertise to help strengthen our companies, assets and the communities in which they operate. We are thrilled to have Elizabeth, James, Nina, Caroline and Rita joining our global ESG team. They each bring a wide spectrum of domain expertise as we continue to drive value for our investors and create impact across our portfolio.”

The new team members include five Managing Directors:

Elizabeth Lewis, Managing Director of ESG (Corporate) – Ms. Lewis will handle implementation of ESG policies across Blackstone’s businesses.She has two decades of experience at the intersection of climate change, business, and investment. Most recently, she led engagement on key ESG topics for the International Finance Corporation (IFC). Previously, Ms. Lewis held leadership roles at Global Environment Fund, where she developed the firm’s first ESG policies and practices, and Terra Alpha Investments. She serves as a Harvard Alumni Association Committee Member and is a Trustee of the Maryland/D.C. Chapter of The Nature Conservancy. She also serves on the Corporation of the Winsor School in Boston. Ms. Lewis holds an A.B. in Environmental Science and Public Policy from Harvard College and an MBA from Harvard Business School.

James Mandel, Ph.D., Managing Director of Sustainability (Portfolio Operations) – Dr. Mandel will support the work of Don Anderson, Blackstone’s Chief Sustainability Officer, in leading Blackstone’s carbon emissions reduction program. Since 2013, Dr. Mandel had been Managing Director of Global Carbon-Free Buildings Program for Rocky Mountain Institute (RMI). He led a team focused on cost-effectively decarbonizing buildings. Previously, he served as Engagement Manager and Associate at McKinsey & Company and as a consultant on market-based conservation for Advanced Conservation Strategies. Dr. Mandel is Board Chair of WattTime, an independent nonprofit startup focused on emissions analysis. He holds a Ph.D. in Ecology and Evolutionary Biology from Cornell University and a B.A. from Princeton University.

Nina James, Head of Real Estate ESG (Real Estate, Asia) – Ms. James will partner with the Global Head of Real Estate ESG, Eric Duchon, in building out our Asia-based capabilities in our Asset Management team. She was previously the General Manager of Responsible Investment and Corporate Sustainability for InvestaProperty Group. She sits on the Australian UNPRI Advisory Committee, the International WELL Building Institute WELL Portfolio Advisory Group, the ULI Australia Executive Counsel, and the Oceania GRESB Advisory Committee. Ms. James holds a B.A. Degree in Landscape Architecture, a Master’s Degree in Environmental Management from the University of New South Wales and a Certificate in Sustainable Finance from Columbia University.

Caroline Hill, Head of Real Estate ESG (Real Estate, Europe) – Ms. Hill will similarly partner with the Global Head of Real Estate ESG, Eric Duchon, in building out our ESG capabilities across Europe in Real Estate Asset Management. She was previously Head of Responsible Business for Lloyds Banking Group. Before that she was Director of Group Corporate Affairs and Sustainability at Landsec plc., developing one of the United Kingdom’s leading real estate sustainability programs and establishing Landsec’s net zero carbon strategy. She also held roles working on corporate responsibility and sustainability at PwC and Whitbread. Ms. Hill holds a B.A. in Economics from the University of Cambridge.

Rita Mangalick, Global Head of ESG for Blackstone Alternative Asset Management (BAAM) and Blackstone Credit – Ms. Mangalick will partner with both groups to lead ESG diligence, policy development, reporting and engagement. Prior to this role, Ms. Mangalick was instrumental in developing BAAM’s ESG program, along with a focus on BAAM’s Advisory Business. She was previously a member of the Business Financial Evaluation team performing operational due diligence of BAAM’s hedge fund managers. Before joining Blackstone in 2013, Ms. Mangalick was a Director at UBS Asset Management. She was previously with Union Bancaire Privee and KPMG. Ms. Mangalick received her B.A. from The George Washington University.

Read more about Blackstone’s commitment to ESG here.

About Blackstone

Blackstone is one of the world’s leading investment firms. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our $649 billion in assets under management include investment vehicles focused on private equity, real estate, public debt and equity, life sciences, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds, all on a global basis. Further information is available at www.blackstone.com. Follow Blackstone on Twitter @Blackstone.

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Emilie Stanton

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646-482-6143

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Posted on April 27, 2021 8:04 am
Make the Perfect Combination to Create Your Dream Home in Merge Villa

Make the Perfect Combination to Create Your Dream Home in Merge Villa

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This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210427005233/en/

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Collect coins and gems to personalize your villa with luxurious furniture, stylish decor, and vibrant colors.

Meet new characters and adorable pets as you renovate more rooms, and build them cute new spaces to roam.

For more information on Lion Studios and how you can work with the team on the next hit game, visit: https://lionstudios.cc/jobs/.

About Lion Studios

Lion Studios is a mobile games publisher, owned by AppLovin, that works with mobile developers to get their games discovered by players around the world. Headquartered in San Francisco, Lion Studios’ growth and product teams utilize their expertise to help game developers break through the noise and grow their businesses.

About AppLovin

AppLovin’s (Nasdaq: APP) global technology platform provides developers a powerful, integrated set of solutions to grow their businesses. AppLovin enables developers to market, monetize, analyze and publish their apps. Its studios create popular, immersive content and its technology brings that content to users around the world. AppLovin is headquartered in Palo Alto, California with several offices globally. Learn more at applovin.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210427005233/en/

Samantha Owyang

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KEYWORDS: Europe United States Turkey North America California

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Posted on April 27, 2021 8:04 am
UMB Financial Corporation Reports First Quarter Net Income of $92.6 Million

UMB Financial Corporation Reports First Quarter Net Income of $92.6 Million

First Quarter 2021 Financial Highlights (all comparisons to prior year)

GAAP net income of $92.6 million, or $1.91 per diluted share; net operating income of $92.8 million, or $1.91 per diluted share.

Pre-tax, pre-provision (PTPP) income of $102.1 million, an increase of $18.3 million.

Quarterly average loan balances increased $2.6 billion, or 19.3%.

Quarterly average deposits grew 28.8% to $26.8 billion.

Noninterest income increased 10.6% and comprised 35.9% of revenue.

Credit quality remained strong, with net charge-offs of just 0.13% of average loans, consistent with the company’s historical performance.

KANSAS CITY, Mo.–(BUSINESS WIRE)–
UMB Financial Corporation (Nasdaq: UMBF), a financial services company, announced net income for the first quarter of 2021 of $92.6 million, or $1.91 per diluted share, compared to net income of $156.3 million, or $3.24 per diluted share, in the fourth quarter of 2020 (linked quarter) and net loss of $3.4 million, or $0.07 per diluted share, in the first quarter of 2020.

Net operating income, a non-GAAP financial measure reconciled to net income, the nearest comparable GAAP measure, later in this release, was $92.8 million, or $1.91 per diluted share, for the first quarter of 2021, compared to $157.4 million, or $3.26 per diluted share, for the linked quarter and net operating loss of $1.9 million, or $0.04 per diluted share, for the first quarter of 2020. Pre-tax, pre-provision income on a fully tax equivalent basis (PTPP-FTE), a non-GAAP measure reconciled to the components of net income before taxes, the nearest comparable GAAP measure, later in this release, was $108.7 million, or $2.24 per diluted share, for the first quarter of 2021, compared to $202.9 million, or $4.20 per diluted share, for the linked quarter, and $90.2 million, or $1.85 per diluted share, for the first quarter of 2020. These PTPP-FTE results represent a decrease of 46.4% on a linked-quarter basis and an increase of 20.5% compared to the first quarter of 2020.

Net income comparisons to the linked quarter were primarily impacted by an $108.8 million pre-tax gain recognized in the prior period on the company’s equity investment in Tattooed Chef, Inc. (TTCF), and a subsequent $16.1 million pre-tax mark-to-market loss on those investments in the current period. Net income comparisons to the first quarter of 2020 were primarily impacted by the significantly higher provision expense in the prior period related to the implementation of the current expected credit loss (CECL) methodology for estimating allowance for credit losses as well as the $16.1 million pre-tax mark-to-market adjustment on TTCF shares.

Summary of quarterly financial results

UMB Financial Corporation

(unaudited, dollars in thousands, except per share data)

Q1

Q4

Q1

2021

2020

2020

Net income (loss) (GAAP)

$

92,643

$

156,320

$

(3,439

)

Earnings (losses) per share (diluted)

1.91

3.24

(0.07

)

Pre-tax, pre-provision income (Non-GAAP)

102,066

196,107

83,746

Pre-tax, pre-provision earnings per share (diluted)

2.10

4.06

1.72

Pre-tax, pre-provision income – FTE (Non-GAAP)

108,744

202,946

90,224

Pre-tax, pre-provision earnings per share – FTE (diluted)

2.24

4.20

1.85

Net operating income (loss) (Non-GAAP)

92,780

157,405

(1,881

)

Operating earnings (losses) per share (diluted)

1.91

3.26

(0.04

)

GAAP

Return on average assets

1.14

%

2.03

%

(0.05

)%

Return on average equity

12.56

21.18

(0.51

)

Efficiency ratio

66.46

53.44

68.93

Non-GAAP

Operating return on average assets

1.14

%

2.05

%

(0.03

)%

Operating return on average equity

12.58

21.33

(0.28

)

Operating efficiency ratio

66.40

53.11

68.19

“Our team continued to deliver and execute on core tenets that differentiate our story and value proposition for our shareholders,” said Mariner Kemper, chairman, president and chief executive officer. “During the first quarter, we saw optimistic signs of an improving operating environment. Strong balance sheet growth funded by a growing core deposit base, robust fee income generation from our diversified business lines, and solid asset quality metrics drove our strong financial results. Average loans, excluding Paycheck Protection Program (PPP) balances, increased 8.4% annualized on a linked-quarter basis. Net charge-offs averaged just 13 basis points of loans, while levels of non-performing assets and delinquencies improved from the end of the prior period. The 19-basis-point decline in net interest margin on a linked-quarter basis was due in part to excess liquidity as well as seasonal inflows in some of our businesses, which had approximately a 16 basis-point impact to our margin.”

Summary of revenue

UMB Financial Corporation

(unaudited, dollars in thousands)

Q1

Q4

Q1

CQ vs.

CQ vs.

2021

2020

2020

LQ

PY

Net interest income

$

194,115

$

194,675

$

173,941

$

(560

)

$

20,174

Noninterest income:

Trust and securities processing

54,834

50,773

47,000

4,061

7,834

Trading and investment banking

9,356

9,693

1,723

(337

)

7,633

Service charges on deposit accounts

21,976

20,074

25,081

1,902

(3,105

)

Insurance fees and commissions

420

318

259

102

161

Brokerage fees

3,334

3,918

9,860

(584

)

(6,526

)

Bankcard fees

14,673

15,788

16,545

(1,115

)

(1,872

)

Investment securities (losses) gains, net

(8,336

)

113,010

3,520

(121,346

)

(11,856

)

Other

12,640

14,716

(5,564

)

(2,076

)

18,204

Total noninterest income

$

108,897

$

228,290

$

98,424

$

(119,393

)

$

10,473

Total revenue

$

303,012

$

422,965

$

272,365

$

(119,953

)

$

30,647

Net interest income (FTE)

$

200,793

$

201,514

$

180,419

Net interest margin (FTE)

2.59

%

2.78

%

2.97

%

Total noninterest income as a % of total revenue

35.94

53.97

36.14

Net interest income

Net interest income totaled $194.1 million, which is a decrease of $0.6 million as compared to the linked quarter. The positive impact from strong balance sheet growth was reduced by the impacts of lower loan fees and PPP income in the quarter. Average earning assets increased $2.6 billion, or 8.9%, driven primarily by an increase in excess liquidity, while interest-bearing liabilities increased $1.6 billion, or 8.8%.

Net interest margin for the first quarter was 2.59%, a decrease of 19 basis points from the linked quarter, driven in part from the impacts of excess liquidity. Earning asset yields declined 21 basis points from the linked quarter, while the cost of interest-bearing liabilities decreased three basis points to 0.24%, driven by a four-basis-point decline in the cost of interest-bearing deposits. Net interest spread decreased 18 basis points to 2.50% from the linked quarter and was 16 basis points lower than the first quarter of 2020.

On a year-over-year basis, net interest income increased $20.2 million, or 11.6%, driven by a $2.6 billion, or 19.3%, increase in average loans, and a $1.9 billion, or 22.2%, increase in average securities. These increases were driven by organic loan growth, excess liquidity, and the company’s PPP participation.

Average deposits increased 7.5% on a linked-quarter basis and 28.8% compared to the first quarter of 2020. Average noninterest-bearing demand deposit balances increased 9.0% on a linked-quarter basis and 50.2% compared to the first quarter of 2020.

Noninterest income

First quarter 2021 noninterest income decreased $119.4 million, or 52.3%, on a linked-quarter basis, largely due to:

A decrease of $121.3 million in investment securities gains, primarily due to a decrease of $124.9 million in gains on the company’s investment in TTCF, partially offset by increases of $1.4 million in equity earnings on alternative investments and $1.3 million in gains on sales of available for sale securities.

Decreases of $4.4 million in company-owned life insurance income and $1.1 million in derivative income, both recorded in other income. The decrease in company-owned life insurance is offset by a proportionate decrease in deferred compensation expense as noted below.

These decreases were partially offset by increases of $2.6 million and $1.0 million in fund services income and trust services income, respectively, both recorded in trust and securities processing, an increase of $1.7 million in healthcare income, recorded in service charges on deposits, and an increase in other income of $4.3 million due to the gain on sale of Prairie Capital Management, LLC (PCM).

Compared to the prior year, noninterest income in the first quarter of 2021 increased $10.5 million, or 10.6%, primarily driven by:

An increase of $18.2 million in other income, driven by an increase of $15.0 million in company-owned life insurance and a gain of $4.3 million on the sale of PCM. The increase in company-owned life insurance is offset by a proportionate increase in deferred compensation expense as noted below.

An increase of $7.8 million in trust and securities processing, driven by increases of $5.0 million in fund services income, $1.6 million in trust services income, and $1.2 million in corporate trust revenue.

An increase of $7.6 million in trading and investment banking due to increased trading volume.

These increases were partially offset by the following decreases:

A decrease of $11.9 million in investment securities gains due to the $16.1 million mark-to-market loss on the company’s investment in TTCF, during the first quarter of 2021, partially offset by increased gains on sales of available for sale securities and equity earnings on alternative investments.

A decrease of $6.5 million in brokerage fees, primarily driven by lower 12b-1 income.

A decrease of $3.1 million in service charges on deposits, driven by reduced healthcare income related to customer transfer and conversion fees.

Noninterest expense

Summary of noninterest expense

UMB Financial Corporation

(unaudited, dollars in thousands)

Q1

Q4

Q1

CQ vs.

CQ vs.

2021

2020

2020

LQ

PY

Salaries and employee benefits

$

127,681

$

129,272

$

111,060

$

(1,591

)

$

16,621

Occupancy, net

11,935

11,858

12,180

77

(245

)

Equipment

19,615

22,008

21,241

(2,393

)

(1,626

)

Supplies and services

3,492

4,125

4,185

(633

)

(693

)

Marketing and business development

2,345

3,717

4,640

(1,372

)

(2,295

)

Processing fees

15,417

14,408

13,390

1,009

2,027

Legal and consulting

5,755

10,191

6,110

(4,436

)

(355

)

Bankcard

4,956

4,711

4,860

245

96

Amortization of other intangible assets

1,380

1,601

1,734

(221

)

(354

)

Regulatory fees

2,546

2,393

2,366

153

180

Other

5,824

22,574

6,853

(16,750

)

(1,029

)

Total noninterest expense

$

200,946

$

226,858

$

188,619

$

(25,912

)

$

12,327

Noninterest expense for the first quarter of 2021 was $200.9 million, a decrease of $25.9 million, or 11.4%, from the linked quarter and an increase of $12.3 million, or 6.5%, from the first quarter of 2020.

The linked-quarter decrease in noninterest expense was driven by:

Decreases of $14.2 million in operational losses, $1.0 million in derivative expense, $0.9 million in charitable contributions expense, and $0.9 million in losses on other real estate owned, all recorded in other noninterest expense.

A decrease of $2.4 million in software expense, recorded in equipment expense.

Decreases of $2.3 million in consulting expense and $2.1 million in legal expense, both recorded in legal and professional expense, due to timing of multiple technology initiatives and legal work performed on various matters.

Decreases of $8.4 million in bonus and commission expense, $1.9 million in deferred compensation expense, and $1.0 million in salary and wage expense, all recorded in salaries and employee benefits. These decreases were partially offset by a seasonal increase of $9.6 million in payroll taxes, insurance, and 401(k) expense recognized in the first quarter. The decrease in deferred compensation expense was offset by the decrease in company-owned life insurance income noted above.

The year-over-year increase in noninterest expense was driven by:

An increase of $16.6 million in salaries and employee benefits, primarily due to increased deferred compensation expense. The increase in deferred compensation expense was offset by the increase in company-owned life insurance income noted above.

These increases were partially offset by a decrease of $2.3 million in marketing and development expense, primarily due to a decline in travel and entertainment expense due to the pandemic, and a decrease of $1.3 million in software expense, recorded in equipment expense.

Income taxes

The company recognized income tax expense of $16.9 million, or 15.4%, on pre-tax income of $109.6 million for the three months ended March 31, 2021, compared to an income tax benefit of $0.8 million, or 19.2%, on a pre-tax loss of $4.3 million for the same period in 2020. The amount of tax expense recorded for the three months ended March 31, 2021 reflects management’s estimate of the annual effective tax rate applied to the year-to-date income adjusted for the tax impact of items discrete to the quarter.

Balance sheet

Average total assets for the first quarter of 2021 were $33.1 billion compared to $30.6 billion for the linked quarter and $26.0 billion for the same period in 2020.

Summary of average loans and leases – QTD Average

UMB Financial Corporation

(unaudited, dollars in thousands)

Q1

Q4

Q1

CQ vs.

CQ vs.

2021

2020

2020

LQ

PY

Commercial and industrial

$

7,139,101

$

7,079,646

$

5,786,545

$

59,455

$

1,352,556

Specialty lending

502,585

506,225

510,316

(3,640

)

(7,731

)

Commercial real estate

5,971,047

5,847,439

5,181,036

123,608

790,011

Consumer real estate

1,970,767

1,903,892

1,414,025

66,875

556,742

Consumer

117,095

128,350

141,972

(11,255

)

(24,877

)

Credit cards

362,051

382,166

418,485

(20,115

)

(56,434

)

Leases and other

183,447

193,363

164,187

(9,916

)

19,260

Total loans

$

16,246,093

$

16,041,081

$

13,616,566

$

205,012

$

2,629,527

Average loans for the first quarter of 2021 increased 1.3% on a linked-quarter basis and 19.3% compared to the first quarter of 2020 due to increased commercial real estate and consumer real estate loans and the company’s PPP participation, which had an average balance of $1.3 billion in the first quarter.

Summary of average securities – QTD Average

UMB Financial Corporation

(unaudited, dollars in thousands)

Q1

Q4

Q1

CQ vs.

CQ vs.

2021

2020

2020

LQ

PY

Securities available for sale:

U.S. Treasury

$

36,032

$

30,778

$

49,638

$

5,254

$

(13,606

)

U.S. Agencies

95,494

96,082

94,342

(588

)

1,152

Mortgage-backed

5,599,987

5,053,821

4,133,118

546,166

1,466,869

State and political subdivisions

3,552,945

3,600,704

3,058,594

(47,759

)

494,351

Corporates

83,271

76,870

188,257

6,401

(104,986

)

Total securities available for sale

$

9,367,729

$

8,858,255

$

7,523,949

$

509,474

$

1,843,780

Securities held to maturity:

State and political subdivisions

$

1,023,418

$

1,045,640

$

1,108,716

$

(22,222

)

$

(85,298

)

Trading securities

17,540

29,659

48,102

(12,119

)

(30,562

)

Other securities

308,297

267,445

124,795

40,852

183,502

Total securities

$

10,716,984

$

10,200,999

$

8,805,562

$

515,985

$

1,911,422

Average securities available for sale increased 5.8% on a linked-quarter basis and 24.5% compared to the first quarter of 2020.

Summary of average deposits – QTD Average

UMB Financial Corporation

(unaudited, dollars in thousands)

Q1

Q4

Q1

CQ vs.

CQ vs.

2021

2020

2020

LQ

PY

Deposits:

Noninterest-bearing demand

$

9,753,680

$

8,947,389

$

6,495,611

$

806,291

$

3,258,069

Interest-bearing demand and savings

16,302,880

15,250,236

13,232,370

1,052,644

3,070,510

Time deposits

769,464

767,755

1,097,780

1,709

(328,316

)

Total deposits

$

26,826,024

$

24,965,380

$

20,825,761

$

1,860,644

$

6,000,263

Noninterest bearing deposits as % of total

36.36

%

35.84

%

31.19

%

Average deposits increased 7.5% on a linked-quarter basis and 28.8% compared to the first quarter of 2020.

Average noninterest-bearing demand deposits increased 9.0% on a linked-quarter basis to $9.8 billion.

Capital

Capital information

UMB Financial Corporation

(unaudited, dollars in thousands, except per share data)

March 31,

2021

December 31,

2020

March 31,

2020

Total equity

$

2,958,239

$

3,016,948

$

2,663,441

Book value per common share

61.24

62.84

55.33

Tangible book value per common share

57.26

58.64

51.04

Regulatory capital:

Common equity Tier 1 capital

$

2,660,102

$

2,547,634

$

2,279,039

Tier 1 capital

2,660,102

2,547,634

2,279,039

Total capital

3,102,333

3,002,545

2,514,445

Regulatory capital ratios:

Common equity Tier 1 capital ratio

12.25

%

12.10

%

11.90

%

Tier 1 risk-based capital ratio

12.25

12.10

11.90

Total risk-based capital ratio

14.28

14.26

13.12

Tier 1 leverage ratio

8.08

8.37

8.81

At March 31, 2021, the regulatory capital ratios presented in the foregoing table exceeded all “well-capitalized” regulatory thresholds.

Asset Quality

Credit quality

UMB Financial Corporation

(unaudited, dollars in thousands)

Q1

Q4

Q3

Q2

Q1

2021

2020

2020

2020

2020

Net charge-offs – Total loans

$

5,310

$

1,801

$

5,111

$

5,541

$

7,672

Net loan charge-offs as a % of total average loans

0.13

%

0.04

%

0.13

%

0.15

%

0.23

%

Loans over 90 days past due

$

1,773

$

1,952

$

1,372

$

4,588

$

2,211

Loans over 90 days past due as a % of total loans

0.01

%

0.01

%

0.01

%

0.03

%

0.02

%

Nonaccrual and restructured loans

$

76,706

$

87,823

$

93,695

$

82,245

$

97,029

Nonaccrual and restructured loans as a % of total loans

0.46

%

0.55

%

0.59

%

0.54

%

0.70

%

Provision for credit losses

$

(7,500

)

$

5,000

$

16,000

$

21,500

$

88,000

Provision for credit losses for the first quarter decreased $12.5 million from the linked quarter and $95.5 million from the first quarter of 2020.

Provision expense in 2020 included increased expense related to the impact on various economic variables due to the COVID-19 pandemic. The decline in the first quarter of 2021 represents a release of Allowance for Credit Losses based on positive macro-economic data and portfolio credit metrics.

Net charge-offs for the first quarter totaled $5.3 million, or 0.13%, of average loans, compared to $1.8 million, or 0.04%, of average loans in the linked quarter, and $7.7 million, or 0.23%, of average loans for the first quarter of 2020.

Conference Call

The company plans to host a conference call to discuss its first quarter earnings results on Wednesday, April 28, 2021, at 8:30 a.m. (CT).

Interested parties may access the call by dialing (toll-free) 877-267-8760 or (international) 412-542-4148 and requesting to join the UMB Financial call. The live call may also be accessed by visiting investorrelations.umb.com or by using the following link:

UMB Financial 1Q 2021 Conference Call

A replay of the conference call may be heard through May 12, 2021 by calling (toll-free) 877-344-7529 or (international) 412-317-0088. The replay access code required for playback is 10153930. The call replay may also be accessed at investorrelations.umb.com.

Non-GAAP Financial Information

In this release, we provide information about net operating income (loss), operating earnings (losses) per share – diluted (operating EPS), operating return on average equity (operating ROE), operating return on average assets (operating ROA), operating noninterest expense, operating efficiency ratio, pre-tax, pre-provision income, pre-tax, pre-provision earnings per share – diluted (PTPP EPS), pre-tax, pre-provision income on a fully tax equivalent basis (PTPP-FTE), pre-tax, pre-provision FTE earnings per share – diluted (PTPP-FTE EPS), tangible shareholders’ equity, and tangible book value per share, all of which are non-GAAP financial measures. This information supplements the results that are reported according to generally accepted accounting principles in the United States (GAAP) and should not be viewed in isolation from, or as a substitute for, GAAP results. The differences between the non-GAAP financial measures – net operating income (loss), operating EPS, operating ROE, operating ROA, operating noninterest expense, operating efficiency ratio, PTPP, PTPP EPS, PTPP-FTE, PTPP-FTE EPS, tangible shareholders’ equity, and tangible book value per share – and the nearest comparable GAAP financial measures are reconciled later in this release. The company believes that these non-GAAP financial measures and the reconciliations may be useful to investors because they adjust for acquisition-, severance-, and COVID-19 related items that management does not believe reflect the company’s fundamental operating performance. COVID-19 related expense includes hazard pay for branch associates, computer hardware expense to support associates working remotely, and additional equipment, cleaning, and janitorial supplies to protect the well-being of our associates and customers while on the company’s premises.

Net operating income (loss) for the relevant period is defined as GAAP net income, adjusted to reflect the impact of excluding expenses related to acquisitions, severance expense, COVID-19 related expense, and the cumulative tax impact of these adjustments.

Operating EPS (diluted) is calculated as earnings per share as reported, adjusted to reflect, on a per share basis, the impact of excluding the non-GAAP adjustments described above for the relevant period. Operating ROE is calculated as net operating income, divided by the company’s average total shareholders’ equity for the relevant period. Operating ROA is calculated as net operating income, divided by the company’s average assets for the relevant period. Operating noninterest expense for the relevant period is defined as GAAP noninterest expense, adjusted to reflect the pre-tax impact of non-GAAP adjustments described above. Operating efficiency ratio is calculated as the company’s operating noninterest expense, net of amortization of other intangibles, divided by the company’s total non-GAAP revenue (calculated as net interest income plus noninterest income, less gains on sales of securities available for sale, net).

Pre-tax, pre-provision income for the relevant period is defined as GAAP net income, adjusted to reflect the impact of excluding income tax and provision expenses.

Pre-tax, pre-provision income on a fully tax equivalent basis for the relevant period is defined as GAAP net interest income on a fully tax equivalent basis plus noninterest income, less noninterest expense.

Tangible shareholders’ equity for the relevant period is defined as GAAP shareholders’ equity, net of intangible assets. Tangible book value per share is defined as tangible shareholders’ equity divided by the Company’s total shares outstanding.

Forward-Looking Statements:

This press release contains, and our other communications may contain, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements often use words such as “believe,” “expect,” “anticipate,” “intend,” “estimate,” “project,” “outlook,” “forecast,” “target,” “trend,” “plan,” “goal,” or other words of comparable meaning or future-tense or conditional verbs such as “may,” “will,” “should,” “would,” or “could.” Forward-looking statements convey our expectations, intentions, or forecasts about future events, circumstances, results, or aspirations. All forward-looking statements are subject to assumptions, risks, and uncertainties, which may change over time and many of which are beyond our control. You should not rely on any forward-looking statement as a prediction or guarantee about the future. Our actual future objectives, strategies, plans, prospects, performance, condition, or results may differ materially from those set forth in any forward-looking statement. Some of the factors that may cause actual results or other future events, circumstances, or aspirations to differ from those in forward-looking statements are described in our Annual Report on Form 10-K for the year ended December 31, 2020, our subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K, or other applicable documents that are filed or furnished with the U.S. Securities and Exchange Commission (SEC). In addition to such factors that have been disclosed previously, the COVID-19 pandemic (the pandemic) may also cause actual results or other future events, circumstances, or aspirations to differ from our forward-looking statements. The pandemic has created a global public-health crisis that has resulted in widespread volatility and deteriorations in household, business, economic, and market conditions. It is currently adversely affecting the company and its customers, counterparties, employees, and first-party service providers, and the continued adverse impacts on our business, financial position, results of operations, and prospects could be significant. We are not able to accurately predict the extent of the impact of the pandemic on our capital, liquidity, and other financial positions and on our business, results of operations, and prospects at this time, and we believe it will depend on a number of evolving factors, including: (i) the duration, extent and severity of the pandemic; (ii) the response of governmental and non-governmental authorities to the pandemic, which is rapidly changing and not always coordinated or consistent across jurisdictions; (iii) the effect of the pandemic on our customers, counterparties, employees and first-party service providers, which may vary widely, and which is generally expected to increase our credit, counterparty, operational, and other risks; and (iv) the effect of the pandemic on economies and markets, which in turn could adversely affect, among other things, the origination of new loans and the performance of our existing loans. Any forward-looking statement should be evaluated in light of these considerations. Any forward-looking statement made by us or on our behalf speaks only as of the date that it was made. We do not undertake to update any forward-looking statement to reflect the impact of events, circumstances, or results that arise after the date that the statement was made, except to the extent required by applicable securities laws. You, however, should consult further disclosures (including disclosures of a forward-looking nature) that we may make in any subsequent Annual Report on Form 10-K, Quarterly Report on Form 10-Q, Current Report on Form 8-K, or other applicable document that is filed or furnished with the SEC.

About UMB:

UMB Financial Corporation (Nasdaq: UMBF) is a financial services company headquartered in Kansas City, Missouri. UMB offers commercial banking, which includes comprehensive deposit, lending and investment services, personal banking, which includes wealth management and financial planning services, and institutional banking, which includes asset servicing, corporate trust solutions, investment banking, and healthcare services. UMB operates branches throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska, Arizona and Texas, and serves business and institutional clients nationwide. For more information, visit UMB.com, UMB Blog, UMB Facebook and UMB LinkedIn, or follow us on Twitter at @UMBBank. For information about UMB’s operations, approach and relief measures during the COVID-19 pandemic, please visit umb.com/COVID-19.

Consolidated Balance Sheets

UMB Financial Corporation

(unaudited, dollars in thousands)

March 31,

2021

2020

ASSETS

Loans

$

16,497,385

$

13,949,710

Allowance for credit losses on loans

(202,814

)

(187,911

)

Net loans

16,294,571

13,761,799

Loans held for sale

10,275

9,585

Securities:

Available for sale

9,753,392

7,639,451

Held to maturity, net of allowance for credit losses

1,039,711

1,110,925

Trading securities

29,099

61,177

Other securities

298,209

135,194

Total securities

11,120,411

8,946,747

Federal funds sold and resell agreements

1,629,813

784,750

Interest-bearing due from banks

3,860,763

1,109,254

Cash and due from banks

387,230

340,553

Premises and equipment, net

286,068

297,668

Accrued income

131,533

111,879

Goodwill

174,518

180,867

Other intangibles, net

17,793

25,839

Other assets

756,414

675,945

Total assets

$

34,669,389

$

26,244,886

LIABILITIES

Deposits:

Noninterest-bearing demand

$

11,604,415

$

7,269,520

Interest-bearing demand and savings

16,011,812

12,920,980

Time deposits under $250,000

457,290

595,128

Time deposits of $250,000 or more

207,275

389,892

Total deposits

28,280,792

21,175,520

Federal funds purchased and repurchase agreements

2,759,818

1,890,917

Short-term debt

—

15,000

Long-term debt

270,074

70,668

Accrued expenses and taxes

239,001

216,272

Other liabilities

161,465

213,068

Total liabilities

31,711,150

23,581,445

SHAREHOLDERS’ EQUITY

Common stock

55,057

55,057

Capital surplus

1,093,667

1,073,089

Retained earnings

1,968,318

1,646,751

Accumulated other comprehensive income, net

169,197

219,390

Treasury stock

(328,000

)

(330,846

)

Total shareholders’ equity

2,958,239

2,663,441

Total liabilities and shareholders’ equity

$

34,669,389

$

26,244,886

Consolidated Statements of Income

UMB Financial Corporation

(unaudited, dollars in thousands except share and per share data)

Three Months Ended

March 31,

2021

2020

INTEREST INCOME

Loans

$

150,170

$

151,026

Securities:

Taxable interest

27,162

27,212

Tax-exempt interest

24,964

24,404

Total securities income

52,126

51,616

Federal funds and resell agreements

2,821

5,452

Interest-bearing due from banks

703

2,663

Trading securities

159

654

Total interest income

205,979

211,411

INTEREST EXPENSE

Deposits

6,798

29,732

Federal funds and repurchase agreements

1,886

6,381

Other

3,180

1,357

Total interest expense

11,864

37,470

Net interest income

194,115

173,941

Provision for credit losses

(7,500

)

88,000

Net interest income after provision for credit losses

201,615

85,941

NONINTEREST INCOME

Trust and securities processing

54,834

47,000

Trading and investment banking

9,356

1,723

Service charges on deposit accounts

21,976

25,081

Insurance fees and commissions

420

259

Brokerage fees

3,334

9,860

Bankcard fees

14,673

16,545

Investment securities (losses) gains, net

(8,336

)

3,520

Other

12,640

(5,564

)

Total noninterest income

108,897

98,424

NONINTEREST EXPENSE

Salaries and employee benefits

127,681

111,060

Occupancy, net

11,935

12,180

Equipment

19,615

21,241

Supplies and services

3,492

4,185

Marketing and business development

2,345

4,640

Processing fees

15,417

13,390

Legal and consulting

5,755

6,110

Bankcard

4,956

4,860

Amortization of other intangible assets

1,380

1,734

Regulatory fees

2,546

2,366

Other

5,824

6,853

Total noninterest expense

200,946

188,619

Income (loss) before income taxes

109,566

(4,254

)

Income tax expense (benefit)

16,923

(815

)

NET INCOME (LOSS)

$

92,643

$

(3,439

)

PER SHARE DATA

Net income (loss) – basic

$

1.93

$

(0.07

)

Net income (loss) – diluted

1.91

(0.07

)

Dividends

0.32

0.31

Weighted average shares outstanding – basic

48,096,643

48,689,876

Weighted average shares outstanding – diluted

48,520,752

48,689,876

Consolidated Statements of Comprehensive Income

UMB Financial Corporation

(unaudited, dollars in thousands)

Three Months Ended

March 31,

2021

2020

Net income (loss)

$

92,643

$

(3,439

)

Other comprehensive (loss) income, before tax:

Unrealized gains and losses on debt securities:

Change in unrealized holding gains and losses, net

(199,038

)

164,116

Less: Reclassification adjustment for gains included in net income

(2,720

)

(1,227

)

Change in unrealized gains and losses on debt securities

(201,758

)

162,889

Unrealized gains and losses on derivative hedges:

Change in unrealized gains and losses on derivative hedges, net

6,503

14,525

Less: Reclassification adjustment for (gains) losses included in net income

(842

)

768

Change in unrealized gains and losses on derivative hedges

5,661

15,293

Other comprehensive (loss) income, before tax

(196,097

)

178,182

Income tax benefit (expense)

46,954

(41,972

)

Other comprehensive (loss) income

(149,143

)

136,210

Comprehensive (loss) income

$

(56,500

)

$

132,771

Consolidated Statements of Shareholders’ Equity

UMB Financial Corporation

(unaudited, dollars in thousands except per share data)

Common

Stock

Capital

Surplus

Retained

Earnings

Accumulated

Other

Comprehensive

Income (Loss)

Treasury

Stock

Total

Balance – January 1, 2020

$

55,057

$

1,073,764

$

1,672,438

$

83,180

$

(277,999

)

$

2,606,440

Total comprehensive (loss) income

—

—

(3,439

)

136,210

—

132,771

Dividends ($0.31 per share)

—

—

(15,209

)

—

—

(15,209

)

Purchase of treasury stock

—

(4,500

)

—

—

(54,886

)

(59,386

)

Forfeitures of equity awards, net of issuances

—

521

—

—

72

593

Recognition of equity-based compensation

—

2,817

—

—

—

2,817

Sale of treasury stock

—

95

—

—

89

184

Exercise of stock options

—

392

—

—

1,878

2,270

Cumulative effect adjustment

—

—

(7,039

)

—

—

(7,039

)

Balance – March 31, 2020

$

55,057

$

1,073,089

$

1,646,751

$

219,390

$

(330,846

)

$

2,663,441

Balance – January 1, 2021

$

55,057

$

1,090,450

$

1,891,246

$

318,340

$

(338,145

)

$

3,016,948

Total comprehensive income (loss)

—

—

92,643

(149,143

)

—

(56,500

)

Dividends ($0.32 per share)

—

—

(15,571

)

—

—

(15,571

)

Purchase of treasury stock

—

—

—

—

(4,027

)

(4,027

)

Issuances of equity awards, net of forfeitures

—

(4,043

)

—

—

4,738

695

Recognition of equity-based compensation

—

4,457

—

—

—

4,457

Sale of treasury stock

—

65

—

—

86

151

Exercise of stock options

—

2,738

—

—

9,348

12,086

Balance – March 31, 2021

$

55,057

$

1,093,667

$

1,968,318

$

169,197

$

(328,000

)

$

2,958,239

Average Balances / Yields and Rates

UMB Financial Corporation

(tax – equivalent basis)

(unaudited, dollars in thousands)

Three Months Ended March 31,

2021

2020

Average

Average

Average

Average

Balance

Yield/Rate

Balance

Yield/Rate

Assets

Loans, net of unearned interest

$

16,246,093

3.75

%

$

13,616,566

4.46

%

Securities:

Taxable

6,398,188

1.72

4,694,418

2.33

Tax-exempt

4,301,256

2.98

4,063,042

3.05

Total securities

10,699,444

2.23

8,757,460

2.67

Federal funds and resell agreements

1,643,894

0.70

1,224,196

1.79

Interest bearing due from banks

2,823,771

0.10

826,963

1.30

Trading securities

17,540

4.30

48,102

5.84

Total earning assets

31,430,742

2.74

24,473,287

3.58

Allowance for credit losses

(219,672

)

(112,751

)

Other assets

1,841,224

1,679,390

Total assets

$

33,052,294

$

26,039,926

Liabilities and Shareholders’ Equity

Interest-bearing deposits

$

17,072,344

0.16

%

$

14,330,150

0.83

%

Federal funds and repurchase agreements

2,519,373

0.30

2,030,385

1.26

Borrowed funds

269,576

4.78

70,647

7.73

Total interest-bearing liabilities

19,861,293

0.24

16,431,182

0.92

Noninterest-bearing demand deposits

9,753,680

6,495,611

Other liabilities

445,777

392,181

Shareholders’ equity

2,991,544

2,720,952

Total liabilities and shareholders’ equity

$

33,052,294

$

26,039,926

Net interest spread

2.50

%

2.66

%

Net interest margin

2.59

2.97

Business Segment Information

UMB Financial Corporation

(unaudited, dollars in thousands)

Three Months Ended March 31, 2021

Commercial

Banking

Institutional

Banking

Personal

Banking

Total

Net interest income

$

133,032

$

22,138

$

38,945

$

194,115

Provision for credit losses

(8,182

)

220

462

(7,500

)

Noninterest income

7,385

68,421

33,091

108,897

Noninterest expense

65,645

71,282

64,019

200,946

Income before taxes

82,954

19,057

7,555

109,566

Income tax expense

12,813

2,943

1,167

16,923

Net income

$

70,141

$

16,114

$

6,388

$

92,643

Three Months Ended March 31, 2020

Commercial

Banking

Institutional

Banking

Personal

Banking

Total

Net interest income

$

106,948

$

33,036

$

33,957

$

173,941

Provision for credit losses

82,220

275

5,505

88,000

Noninterest income

11,240

61,952

25,232

98,424

Noninterest expense

59,043

68,453

61,123

188,619

(Loss) income before taxes

(23,075

)

26,260

(7,439

)

(4,254

)

Income tax (benefit) expense

(4,421

)

5,032

(1,426

)

(815

)

Net (loss) income

$

(18,654

)

$

21,228

$

(6,013

)

$

(3,439

)

The company has strategically aligned its operations into the following three reportable segments: Commercial Banking, Institutional Banking, and Personal Banking. Senior executive officers regularly evaluate business segment financial results produced by the company’s internal reporting system in deciding how to allocate resources and assess performance for individual business segments. The company’s reportable segments include certain corporate overhead, technology and service costs that are allocated based on methodologies that are applied consistently between periods. For comparability purposes, amounts in all periods are based on methodologies in effect at March 31, 2021.

Non-GAAP Financial Measures

Net operating income Non-GAAP reconciliations:

UMB Financial Corporation

(unaudited, dollars in thousands except per share data)

Three Months Ended March 31,

2021

2020

Net income (loss) (GAAP)

$

92,643

$

(3,439

)

Adjustments:

Acquisition expense

—

123

Severance expense

21

1,652

COVID-19 related expense

155

228

Tax-impact of adjustments (i)

(39

)

(445

)

Total Non-GAAP adjustments (net of tax)

137

1,558

Net operating income (loss) (Non-GAAP)

$

92,780

$

(1,881

)

Earnings (losses) per share – diluted (GAAP)

$

1.91

$

(0.07

)

Acquisition expense

—

—

Severance expense

—

0.04

COVID-19 related expense

—

—

Tax-impact of adjustments (i)

—

(0.01

)

Operating earnings (losses) per share – diluted (Non-GAAP)

$

1.91

$

(0.04

)

GAAP

Return on average assets

1.14

%

(0.05

)%

Return on average equity

12.56

(0.51

)

Non-GAAP

Operating return on average assets

1.14

%

(0.03

)%

Operating return on average equity

12.58

(0.28

)

(i)

Calculated using the company’s marginal tax rate of 22.2%.

Operating noninterest expense and operating efficiency ratio Non-GAAP reconciliations:

UMB Financial Corporation

(unaudited, dollars in thousands)

Three Months Ended March 31,

2021

2020

Noninterest expense

$

200,946

$

188,619

Adjustments to arrive at operating noninterest expense (pre-tax):

Acquisition expense

—

123

Severance expense

21

1,652

COVID-19 related expense

155

228

Total Non-GAAP adjustments (pre-tax)

176

2,003

Operating noninterest expense (Non-GAAP)

$

200,770

$

186,616

Noninterest expense

$

200,946

$

188,619

Less: Amortization of other intangibles

1,380

1,734

Noninterest expense, net of amortization of other intangibles (Non-GAAP) (numerator A)

$

199,566

$

186,885

Operating noninterest expense

$

200,770

$

186,616

Less: Amortization of other intangibles

1,380

1,734

Operating expense, net of amortization of other intangibles (Non-GAAP) (numerator B)

$

199,390

$

184,882

Net interest income

$

194,115

$

173,941

Noninterest income

108,897

98,424

Less: Gains on sales of securities available for sale, net

2,720

1,227

Total Non-GAAP Revenue (denominator A)

$

300,292

$

271,138

Efficiency ratio (numerator A/denominator A)

66.46

%

68.93

%

Operating efficiency ratio (Non-GAAP) (numerator B/denominator A)

66.40

68.19

Pre-tax, pre-provision income non-GAAP reconciliations:

UMB Financial Corporation

(unaudited, dollars in thousands except per share data)

Three Months Ended March 31,

2021

2020

Net income (loss) before taxes (GAAP)

$

109,566

$

(4,254

)

Adjustments:

Provision for credit losses

(7,500

)

88,000

Pre-tax, pre-provision income (Non-GAAP)

$

102,066

$

83,746

Pre-tax earnings (losses) per share – diluted (GAAP)

$

2.26

$

(0.09

)

Provision for credit losses

(0.16

)

1.81

Pre-tax, pre-provision earnings per share – diluted (Non-GAAP)

$

2.10

$

1.72

Pre-tax, pre-provision income – FTE Non-GAAP reconciliations:

UMB Financial Corporation

(unaudited, dollars in thousands except per share data)

Three Months Ended March 31,

2021

2020

Net interest income

$

194,115

$

173,941

Adjustments to arrive at net interest income – FTE:

Tax equivalent interest

6,678

6,478

Net interest income – FTE

$

200,793

$

180,419

Noninterest income

108,897

98,424

Less: Noninterest expense

200,946

188,619

Pre-tax, pre-provision income – FTE (Non-GAAP)

$

108,744

$

90,224

Net interest income earnings per share – diluted

$

4.00

$

3.57

Tax equivalent interest

0.14

0.13

Net interest income – FTE

4.14

3.70

Noninterest income

2.24

2.02

Less: Noninterest expense

4.14

3.87

Pre-tax, pre-provision income – FTE earnings per share – diluted (Non-GAAP)

$

2.24

$

1.85

Tangible book value non-GAAP reconciliations:

UMB Financial Corporation

(unaudited, dollars in thousands except share and per share data)

As of March 31,

2021

2020

Total shareholders’ equity (GAAP)

$

2,958,239

$

2,663,441

Less: Intangible assets

Goodwill

174,518

180,867

Other intangibles, net

17,793

25,839

Total intangibles, net

192,311

206,706

Total tangible shareholders’ equity (Non-GAAP)

$

2,765,928

$

2,456,735

Total shares outstanding

48,302,634

48,134,601

Ratio of total shareholders’ equity (book value) per share

$

61.24

$

55.33

Ratio of total tangible shareholders’ equity (tangible book value) per share (Non-GAAP)

57.26

51.04

View source version on businesswire.com: https://www.businesswire.com/news/home/20210427005120/en/

Media Contact: Stephanie Hague: 816.860.5088

Investor Relations Contact: Kay Gregory: 816.860.7106

KEYWORDS: Missouri United States North America

INDUSTRY KEYWORDS: Banking Professional Services Finance

MEDIA:

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Posted on April 27, 2021 8:04 am
Revance Announces First Patient Enrolled for DaxibotulinumtoxinA in Glabellar Lines and Cervical Dystonia in China by Fosun Pharma

Revance Announces First Patient Enrolled for DaxibotulinumtoxinA in Glabellar Lines and Cervical Dystonia in China by Fosun Pharma

NASHVILLE, Tenn.–(BUSINESS WIRE)–
Revance Therapeutics, Inc. (Nasdaq: RVNC), a biotechnology company focused on innovative aesthetic and therapeutic offerings, today announced that Shanghai Fosun Pharmaceutical Industrial Development Co., Ltd., (Fosun Pharma Industrial), a wholly-owned subsidiary of Shanghai Fosun Pharmaceutical (Group) Co., Ltd, (Fosun Pharma), a leading healthcare group in China, has initiated Phase 3 trials of DaxibotulinumtoxinA for Injection in China, for the treatment of glabellar lines and cervical dystonia. Both trials enrolled and dosed their first patients in April. China is a fast-growing market for neuromodulators, with an estimated aesthetics and therapeutics opportunity of $318 million in 2021 that is projected to increase to $762 million by 2027 (15.7% CAGR)¹.

“The initiation of Phase 3 clinical trials for the treatment of glabellar lines and cervical dystonia marks an important advancement in our international expansion efforts and partnership with Fosun Pharma,” said Mark J. Foley, President and Chief Executive Officer at Revance. “Fosun Pharma is a leading pharmaceutical and healthcare company in China and we look forward to continuing our collaboration with them in order to bring our next-generation product to the second largest neuromodulator market in the world.”

Revance entered into a license agreement with Fosun Pharma Industrial in 2018, whereby Fosun Pharma Industrial received exclusive rights to develop and commercialize Revance’s proprietary long-acting neuromodulator, DaxibotulinumtoxinA for Injection, in mainland China, Hong Kong and Macau (the Territory). Under the license agreement, Fosun Pharma Industrial is responsible for conducting necessary clinical studies, marketing and sales in the Territory, while Revance is responsible for manufacturing drug substance and finished drug product for Fosun Pharma Industrial’s clinical and commercial activities. Under the terms of the license agreement, Revance has received payments of over $30 million and is eligible to receive additional potential development and sales milestone payments of approximately $230 million, as well as tiered royalty payments in low-double-digit to high-teen percentages on future annual net sales.

¹BOTULINUM TOXIN Global Market Trajectory & Analytics, GIA, September 2020

About Revance Therapeutics, Inc.

Revance Therapeutics, Inc. is a biotechnology company focused on innovative aesthetic and therapeutic offerings, including its next-generation neuromodulator product, DaxibotulinumtoxinA for Injection. DaxibotulinumtoxinA for Injection combines a proprietary stabilizing peptide excipient with a highly purified botulinum toxin that does not contain human or animal-based components. Revance has successfully completed a Phase 3 program for DaxibotulinumtoxinA for Injection in glabellar (frown) lines and is pursuing U.S. regulatory approval. Revance is also evaluating DaxibotulinumtoxinA for Injection in the full upper face, including glabellar lines, forehead lines and crow’s feet, as well as in two therapeutic indications – cervical dystonia and adult upper limb spasticity. To accompany DaxibotulinumtoxinA for Injection, Revance owns a unique portfolio of premium products and services for U.S. aesthetics practices, including the exclusive U.S. distribution rights to the RHA® Collection of dermal fillers, the first and only range of FDA-approved fillers for correction of dynamic facial wrinkles and folds, and the HintMD fintech platform, which includes integrated smart payment, subscription and loyalty digital services. Revance has also partnered with Viatris (formerly Mylan N.V.) to develop a biosimilar to BOTOX®, which would compete in the existing short-acting neuromodulator marketplace. Revance is dedicated to making a difference by transforming patient experiences. For more information or to join our team visit us at www.revance.com.

“Revance Therapeutics” and the Revance logo are registered trademarks of Revance Therapeutics, Inc.

Resilient Hyaluronic Acid® and RHA® are trademarks of TEOXANE SA.

BOTOX® is a registered trademark of Allergan, Inc.

Forward-Looking Statements

Any statements in this press release that are not statements of historical fact, including statements related to Revance’s business strategy, plans, prospects and other goals; the market for neuromodulators; Revance’s commercialization plans; and its partnership with Fosun Pharma Industrial, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. You should not rely upon forward-looking statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that the future results, levels of activity, performance, events, circumstances or achievements reflected in the forward-looking statements will ever be achieved or occur.

Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from our expectations. These risks and uncertainties relate, but are not limited to: general economic and political conditions; the results, timing, costs, and completion of our research and development activities and regulatory approvals, including the continuing delay in the FDA’s approval of the biologics license application for DaxibotulinumtoxinA for Injection for the treatment of glabellar lines; the impact of the COVID-19 pandemic on manufacturing operations, supply chain, end user demand for DaxibotulinumtoxinA for Injection, commercialization efforts, business operations, clinical trials and other aspects of our or Fosun Pharma Industrial’s business; our ability to source or manufacture supplies for DaxibotulinumtoxinA for Injection; the uncertain clinical development process; the risk that clinical trials may not have an effective design or generate positive results; the applicability of clinical study results to actual outcomes; our or Fosun Pharma Industrial’s ability to obtain regulatory approval of DaxibotulinumtoxinA for Injection; the rate and degree of economic benefit, commercial acceptance and the market, size and growth potential of DaxibotulinumtoxinA for Injection, if approved; our or Fosun Pharma Industrial’s ability to successfully commercialize DaxibotulinumtoxinA for Injection, if approved, and the timing and cost of commercialization activities; the status of commercial collaborations; our ability to obtain funding for our operations; our ability to continue obtaining and maintaining intellectual property protection for DaxibotulinumtoxinA for Injection; and our financial performance, including future revenue, expenses and capital requirements. Detailed information regarding factors that may cause actual results to differ materially from the results expressed or implied by statements in this press release may be found in our periodic filings with the Securities and Exchange Commission (SEC), including factors described in the section entitled “Risks Factors” on our Form 10-K filed with the SEC on February 25, 2021. The forward-looking statements in this press release speak only as of the date hereof. We disclaim any obligation to update these forward-looking statements.

Source: Revance Therapeutics, Inc.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210427005100/en/

Investors

Revance Therapeutics, Inc.:

Jessica Serra, 626-589-1007

[email protected]

or

Gilmartin Group, LLC.:

Laurence Watts, 619-916-7620

[email protected]

Media

Revance Therapeutics, Inc.:

Sara Fahy, 949-887-4476

[email protected]

or

General Media:

Y&R:

Jenifer Slaw, 347-971-0906

[email protected]

or

Trade Media:

Nadine Tosk, 504-453-8344

[email protected]

KEYWORDS: Tennessee China United States North America Asia Pacific

INDUSTRY KEYWORDS: Biotechnology Pharmaceutical Health Clinical Trials

MEDIA:

Posted on April 27, 2021 8:04 am
Lyra Therapeutics to Report First Quarter 2021 Financial Results and Provide Corporate Update

Lyra Therapeutics to Report First Quarter 2021 Financial Results and Provide Corporate Update

WATERTOWN, Mass.–(BUSINESS WIRE)–
Lyra Therapeutics, Inc. (Nasdaq: LYRA), a clinical-stage therapeutics company focused on the development and commercialization of novel integrated drug and delivery solutions for the localized treatment of patients with ear, nose and throat (ENT) diseases, today announced the company will release first quarter 2021 financial results on Tuesday, May 11, 2021 after the close of market. Lyra will host a corresponding conference call and live webcast at 4:30 p.m. ET on the same day to discuss the results and provide a corporate update.

Conference Call and Webcast Details

To access the live call by phone, dial (833) 519-1249 (domestic) or (914) 800-3822 (international) and use the conference ID: 3067707. To access a live webcast of the call, please visit the Investor Relations section of the Lyra Therapeutics website at www.lyratherapeutics.com. The recorded webcast will be available for replay for approximately 30 days following the call.

About Lyra Therapeutics

Lyra Therapeutics, Inc. is a clinical-stage therapeutics company focused on the development and commercialization of novel integrated drug and delivery solutions for the localized treatment of patients with ear, nose and throat (ENT) diseases. The company’s lead product candidate, LYR-210, is designed to deliver up to six months of continuous anti-inflammatory drug therapy to the sinonasal passages for the treatment of chronic rhinosinusitis (CRS) in patients who have not undergone surgery for the disease. Lyra is also developing LYR-220 for CRS patients who have undergone a prior surgery and have persistent disease. Beyond CRS, the company believes its XTreo™ platform, comprised of drug administered through a bioresorbable polymeric matrix, has the potential to address other disease areas by precisely, consistently and locally delivering medicines for sustained periods with a single administration.

For more information, please visit www.lyratherapeutics.com and follow us on LinkedIn and Twitter.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including statements regarding the company’s development of LYR-210 and LYR-220. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important 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, including, but not limited to, the following: the fact that the company has incurred significant losses since inception and expects to incur losses for the foreseeable future; the company’s need for additional funding, which may not be available; the company’s limited operating history; the fact that the company has no approved products; the fact that the company’s product candidates are in various stages of development; the fact that the company may not be successful in its efforts to identify and successfully commercialize its product candidates; the fact that clinical trials required for the company’s product candidates are expensive and time-consuming, and their outcome is uncertain; the fact that the FDA may not conclude that certain of the company’s product candidates satisfy the requirements for the Section 505(b)(2) regulatory approval pathway; the company’s inability to obtain required regulatory approvals; effects of recently enacted and future legislation; the possibility of system failures or security breaches; effects of significant competition; the fact that the successful commercialization of the company’s product candidates will depend in part on the extent to which governmental authorities and health insurers establish coverage, adequate reimbursement levels and pricing policies; failure to achieve market acceptance; product liability lawsuits; the fact that the company relies on third parties for the manufacture of materials for its research programs, pre-clinical studies and clinical trials; the company’s reliance on third parties to conduct its preclinical studies and clinical trials; the company’s inability to succeed in establishing and maintaining collaborative relationships; the company’s reliance on certain suppliers critical to its production; failure to obtain and maintain or adequately protect the company’s intellectual property rights; failure to retain key personnel or to recruit qualified personnel; difficulties in managing the company’s growth; effects of natural disasters; the fact that the global pandemic caused by COVID-19 could adversely impact the company’s business and operations, including the company’s clinical trials; the fact that the price of the company’s common stock may be volatile and fluctuate substantially; significant costs and required management time as a result of operating as a public company and any securities class action litigation. These and other important factors discussed under the caption “Risk Factors” in the company’s Annual Report on Form 10-K filed with the SEC on March 9, 2021 and its other filings with the SEC could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management’s estimates as of the date of this press release. While the company may elect to update such forward-looking statements at some point in the future, it disclaims any obligation to do so, even if subsequent events cause its views to change.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210427005103/en/

Media Contact:

Kathryn Morris

914-204-6412

[email protected]

Investor Contact:

Laurence Watts

619-916-7620

[email protected]

KEYWORDS: United States North America Massachusetts

INDUSTRY KEYWORDS: Health Other Science Clinical Trials General Health Pharmaceutical Science

MEDIA:

Posted on April 27, 2021 8:04 am
Reflexis Systems Named a “Leader” in Nucleus Research’s 2021 WFM Technology Value Matrix

Reflexis Systems Named a “Leader” in Nucleus Research’s 2021 WFM Technology Value Matrix

This marks the third consecutive year as a Leader for Reflexis, now part of Zebra Technologies

DEDHAM, Mass.–(BUSINESS WIRE)–
Reflexis Systems (now part of Zebra Technologies), a leading provider of AI-powered workforce management and real-time execution solutions for multi-site businesses in retail, food service, hospitality and banking, has been recognized by Nucleus Research as a Leader in the 2021 WFM (Workforce Management) Technology Value Matrix. This is the third consecutive year Reflexis has placed in the Leader quadrant of this analyst report. A complimentary copy of the full report is available here.

“We positioned Reflexis Systems as a Leader in the 2021 WFM Technology Value Matrix for the third straight year due to the continued strength and agility of Reflexis ONE^TM,” said Trevor White, Analyst at Nucleus Research. “Reflexis Workforce Scheduler and Employee Self-Service empower businesses across a wide range of industries to simplify store execution while streamlining labor and scheduling processes.”

Nucleus Research evaluated 17 WFM solutions and ranked them on their delivery of value to customers via both the functionality and usability of the software. Reflexis received accolades for its AI-powered Reflexis ONE^{platform, which allows retailers, quick service restaurants, hotels and banks to optimize execution processes and labor expenditures.}

“Reflexis Systems is honored Nucleus Research has again recognized us as a Leader in the 2021 WFM Technology Value Matrix,” said Suresh Menon, Senior Vice President and General Manager for Software Solutions, Zebra Technologies. “Reflexis ONE^{helps businesses across a wide range of industries optimize labor budgeting, forecasting and scheduling via our AI-powered Workforce Scheduler, while Employee Self-Service increases employee productivity, engagement and retention.”}

KEY TAKEAWAYS

For the third consecutive year, Reflexis Systems has been recognized as a Leader in the Nucleus Research WFM Technology Value Matrix.

The Reflexis ONE cloud-based platform of real-time store operations, task management and workforce management solutions enables retailers to optimize labor investments while simplifying work for stores.

The recent acquisition of Reflexis Systems by Zebra Technologies expands the company’s software suite, empowering businesses to modernize operations and drive value by simplifying communications, enhancing task execution and aligning labor with demand via AI-powered forecasting.

ABOUT ZEBRA TECHNOLOGIES

Zebra (NASDAQ: ZBRA) empowers the front line in retail/ecommerce, manufacturing, transportation and logistics, healthcare, public sector and other industries to achieve a performance edge. With more than 10,000 partners across 100 countries, Zebra delivers industry-tailored, end-to-end solutions to enable every asset and worker to be visible, connected and fully optimized. The company’s market-leading solutions elevate the shopping experience, track and manage inventory as well as improve supply chain efficiency and patient care. In 2020, Zebra made Forbes Global 2000 list for the second consecutive year and was listed among Fast Company’s Best Companies for Innovators. For more information, visit www.zebra.com or sign up for news alerts. Participate in Zebra’s Your Edge blog, follow the company on LinkedIn, Twitter and Facebook, and check out our Story Hub: Zebra Perspectives.

ABOUT REFLEXIS SYSTEMS

Reflexis Systems (now part of Zebra Technologies), is the leading provider of intelligent workforce management, execution and communication solutions for multi-site organizations in retail, food service, hospitality and banking. The Reflexis ONE™ intelligent work platform is used by our customers across the globe to simplify execution, improve communication and optimize labor decisions. Today, over 275 leaders in retail, food service, hospitality and banking are leveraging Reflexis ONE™ to achieve measurable improvements in customer engagement & employee productivity and retention. Reflexis Systems is headquartered in Dedham, Massachusetts and has offices in Atlanta, Columbus, London, Düsseldorf, and Pune (India), with additional sales presence across Europe and Latin America. For further information, please visit www.Reflexisinc.com.

Follow Reflexis on: LinkedIn | Blog | Twitter | YouTube

ABOUT NUCLEUS RESEARCH

Nucleus Research is the recognized global leader in investigative ROI technology research. Using a case-based approach, we provide research streams and advisory services that allow vendors and end users to quantify and maximize the return from their technology investments. We deliver the numbers that drive better business decisions. For more information, visit NucleusResearch.com or follow our latest updates on LinkedIn.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210427005094/en/

Media Contact:

Peter Czyryca

Zebra Technologies

+1 (781) 493-3400 x351

[email protected]

Industry Analyst Contact:

Kasia Fahmy

Zebra Technologies

+1-224-306-8654

[email protected]

KEYWORDS: United States North America Illinois Massachusetts

INDUSTRY KEYWORDS: Mobile/Wireless Technology Human Resources Finance Consulting Professional Services Software Internet Data Management Other Professional Services

MEDIA:

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Posted on April 27, 2021 8:04 am
Incyte to Present at Upcoming Investor Conference

Incyte to Present at Upcoming Investor Conference

WILMINGTON, Del.–(BUSINESS WIRE)–
Incyte (Nasdaq:INCY) announced today that it will present at the Bank of America Securities Virtual 2021 Healthcare Conference on Thursday, May 13, 2021 at 12:30 p.m. ET.

The presentation will be webcast live and can be accessed at Investor.Incyte.com and will be available for replay for 90 days.

About Incyte

Incyte is a Wilmington, Delaware-based, global biopharmaceutical company focused on finding solutions for serious unmet medical needs through the discovery, development and commercialization of proprietary therapeutics. For additional information on Incyte, please visit Incyte.com and follow @Incyte.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210427005031/en/

Media

Catalina Loveman

+1 302 498 6171

[email protected]

Investors

Christine Chiou

+1 302 274 4773

[email protected]

KEYWORDS: Delaware United States North America

INDUSTRY KEYWORDS: Health Clinical Trials Research Pharmaceutical Science Biotechnology

MEDIA:

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Posted on April 27, 2021 8:04 am
Sephora and Kohl’s Unveil More Than 125 Prestige Beauty Brands to Debut in their New Retail Partnership this Fall

Sephora and Kohl’s Unveil More Than 125 Prestige Beauty Brands to Debut in their New Retail Partnership this Fall

Sephora at Kohl’s beauty assortment will boast more than 125 coveted prestige beauty brands in makeup, skincare, hair, and fragrance, 75% of which are exclusive to Sephora US and Sephora in Kohl’s, including Fenty Beauty, Fenty Skin, Rare Beauty by Selena Gomez, Milk Makeup, Drunk Elephant, Tatcha, Fresh, Ole Henriksen, and more

Assortment will be available on Kohls.com and begin rolling out to 200 stores in August; in at least 850 stores by 2023

Strategic partnership expands reach and accessibility of prestige beauty brands through a unique, immersive beauty experience

SAN FRANCISCO–(BUSINESS WIRE)–Sephora, in partnership with Kohl’s (NYSE: KSS), announced today more than 125 prestige beauty brands will be coming to Sephora at Kohl’s this August as part of their new omni partnership – delivering on the companies’ shared strategic effort to bring a transformational, elevated beauty experience to customers nationwide. The carefully curated Sephora at Kohl’s assortment, available on Kohls.com and initially in 200 Kohl’s stores in 2021, will boast some of the most recognizable and coveted brands in makeup, skincare, hair, and fragrance and featured categories like Clean at Sephora.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210427005025/en/

Please find the interactive brand assortment list here: https://view.ceros.com/kohls/102104-sephora21-prceros/p/1

“We’re thrilled to bring the depth and diversity of Sephora’s brand assortment to Kohl’s that will ensure approachable access to prestige beauty. We are also proud to share that 75% of the brands we’re offering Kohl’s customers are exclusive to Sephora at Kohl’s and Sephora,” said Artemis Patrick, Sephora’s executive vice president and global chief merchandising officer. “All customers who enter Sephora at Kohl’s can expect the same experience, and will find the most highly sought-after brands, that Sephora clients have come to know and love at our freestanding Sephora locations and Sephora.com.”

From Sephora exclusives like Fenty Beauty and Drunk Elephant to cult classics like Lancôme and Bare Minerals to emerging clean beauty brands like ILIA and Milk Makeup, the wide-ranging Sephora at Kohl’s beauty assortment will have a brand and a product for everyone.

Some of the notable brands customers will discover include:

Makeup: Anastasia Beverly Hills, Benefit Cosmetics, Charlotte Tilbury, Fenty Beauty, ILIA, Lancôme, Makeup By Mario, Make Up For Ever, Milk Makeup, NARS, Rare Beauty, Tarte, Too Faced

Skincare: Drunk Elephant, Estee Lauder, Fenty Skin, Fresh, Glow Recipe, Kate Somerville, Ole Henriksen, Sol de Janeiro, Summer Fridays, Supergoop, Tatcha, The Ordinary, Youth to the People

Hair: Bumble and bumble, Briogeo Hair Care, Drybar, Olaplex

Fragrance: Armani, Gucci, Maison Margiela, Tom Ford, Viktor & Rolf, Yves Saint Laurent

The full list of beauty brands coming to Sephora at Kohl’s can be found here.

“The vast and diverse range of beauty brands coming to Sephora at Kohl’s demonstrates how we, together with Sephora, are making prestige beauty far more accessible to millions of consumers across the country,” said Doug Howe, Kohl’s chief merchandising officer. “Our curated assortment features some of the most relevant and exciting brands in the industry today and is sure to excite existing customers and attract new customers to Kohl’s. This game-changing milestone in our long-term partnership with Sephora is another proof point to how we are transforming Kohl’s beauty business to become a leading experiential beauty destination.”

Beginning in August, customers will be able to shop the deep assortment of prestige beauty brands in 200 Kohl’s stores, and online at Kohls.com. Kohl’s and Sephora intend to expand the immersive, premiere beauty destination to at least 850 stores by 2023, with 400 locations targeted to open in 2022.

All Sephora at Kohl’s locations will feature 2,500 square feet of dedicated space where customers can explore the signature Sephora experience on their own, or be guided by Sephora-trained beauty advisors, who will provide consultations and assistance in product discovery. Sephora’s high-touch customer engagement will prominently feature testing and discovery zones that serve up a rotating assortment of new, emerging or trending products, surprising and delighting customers every time they shop.

Sephora purchases at Kohl’s and Kohls.com will be eligible for Beauty Insider rewards benefits, as part of Sephora’s award-winning loyalty program. Kohl’s will also offer the added convenience of easy in-store returns, store pick-up, and curbside pick-up. Sephora.com and Kohls.com will also integrate their e-commerce experiences, allowing Sephora.com shoppers to find the nearest Sephora or Kohl’s locations that have their beauty products available.

More information on Kohl’s and Sephora’s long-term strategic partnership can be found here. To learn more about Sephora, find a store near you, or discover our newest beauty launches, please visit sephora.com.

Cautionary Statement Regarding Forward-Looking Information

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. The Company intends forward-looking terminology such as “believes,” “expects,” “may,” “will,” “should,” “anticipates,” “plans,” or similar expressions to identify forward-looking statements. Such statements are subject to certain risks and uncertainties, which could cause the Company’s actual results to differ materially from those anticipated by the forward-looking statements. These risks and uncertainties include, but are not limited to, risks described more fully in Item 1A in the Company’s Annual Report on Form 10-K, which are expressly incorporated herein by reference, and other factors as may periodically be described in the Company’s filings with the SEC. Forward-looking statements relate to the date initially made, and Kohl’s undertakes no obligation to update them.

About Kohl’s

Kohl’s (NYSE: KSS) is a leading omnichannel retailer. With more than 1,100 stores in 49 states and the online convenience of Kohls.com and the Kohl’s App, Kohl’s offers amazing national and exclusive brands at incredible savings for families nationwide. Kohl’s is uniquely positioned to deliver against its strategy and its vision to be the most trusted retailer of choice for the active and casual lifestyle.Kohl’s is committed to progress in its diversity and inclusion pledges, and the company’s environmental, social and corporate governance (ESG) stewardship. For a list of store locations or to shop online, visit Kohls.com. For more information about Kohl’s impact in the community or how to join our winning team, visit Corporate.Kohls.com or follow @KohlsNews on Twitter.

About Sephora

Since its debut in North America over 20 years ago, Sephora has been a leader in prestige omni-retail with the purpose of creating an inviting beauty shopping experience and inspiring fearlessness in our community. With the goal of delivering unbiased shopping support and a personalized experience, Sephora invites clients to touch and try 25,000 products from 400 carefully curated brands, enjoy services at the Beauty Studio and engage with expertly trained beauty advisors in more than 500 stores across the Americas. Clients can also experience Sephora online and through our mobile app, access the free-to-join Beauty Insider program and digital community, which together enhance the experience of Sephora’s passionate clients. Sephora has been an industry-leading champion of diversity, inclusivity, and empowerment, guided by our longstanding company values. In 2019, Sephora announced a new tagline and manifesto, “We Belong to Something Beautiful,” to reinforce its dedication to fostering belonging amongst all clients and employees and to publicly strive for a more inclusive vision for retail in the Americas. Sephora continues to give back to our communities and advance inclusion in our industry through our Sephora Stands social impact programs. For more information, visit: https://www.sephora.com/about-us and @Sephora on social media. For media inquiries, please visit our Sephora newsroom or email [email protected]

View source version on businesswire.com: https://www.businesswire.com/news/home/20210427005025/en/

Sephora – Jamie Bracci, [email protected], 212.546.8555

Kohl’s – Jen Johnson, [email protected], 262.703.5241

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Online Retail Other Retail Luxury Department Stores Consumer Teens Cosmetics Retail Marketing Women Advertising Communications

MEDIA:

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Please find the interactive brand assortment list here: https://view.ceros.com/kohls/102104-sephora21-prceros/p/1

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Posted on April 27, 2021 8:04 am
Graco Names David M. Lowe CFO and Treasurer and Timothy R. White President of its Worldwide Process Division

Graco Names David M. Lowe CFO and Treasurer and Timothy R. White President of its Worldwide Process Division

MINNEAPOLIS–(BUSINESS WIRE)–
The Board of Directors of Graco Inc. (NYSE: GGG), a leading manufacturer of fluid handling equipment, has named David M. Lowe Chief Financial Officer and Treasurer, and Timothy R. White President of its Worldwide Process Division, effective June 10, 2021. The moves are in alignment with Mark W. Sheahan moving from the CFO and Treasurer role to the President and CEO role on June 10.

“I believe this will be a seamless transition, as both David and Tim have decades of Graco experience,” said Mr. Sheahan. “Between David’s strong financial acumen and Tim’s mix of operational and commercial experience, I’m happy to have both individuals in key roles on the leadership team.”

Mr. Lowe joined Graco in 1995 and has held numerous senior management positions including President of the Worldwide Process Division since April 2020; President of the Worldwide Industrial Products Division from June 2018 until April 2020; Executive Vice President of the Industrial Products Division from April 2012 until June 2018; Vice President and General Manager of the Industrial Products Division from February 2005 to April 2012; Vice President and General Manager of European Operations from September 1999 to February 2005; and more, including Treasurer. Mr. Lowe holds a bachelor’s degree in Business and Administration Studies from Lewis & Clark College in Oregon, an MBA from the University of Michigan and is a Chartered Financial Analyst (CFA).

Mr. White has held a variety of operational and commercial roles in multiple business divisions since he joined the Company in 1992. Most recently, he has served as President of White Knight and QED Environmental Systems, businesses acquired by Graco that serve high-growth markets, since August 2020. He also recently served as President of the EMEA region from December 2018 through July 2020. Prior to moving to Belgium to lead the region, Mr. White was President of QED Environmental Systems from August 2015 to December 2018. Mr. White holds a bachelor’s degree in Operations Management and an MBA from the University of St. Thomas in Minnesota.

ABOUT GRACO

Graco Inc. supplies technology and expertise for the management of fluids and coatings in both industrial and commercial applications. It designs, manufactures and markets systems and equipment to move, measure, control, dispense and spray fluid and powder materials. A recognized leader in its specialties, Minneapolis-based Graco serves customers around the world in the manufacturing, processing, construction and maintenance industries. For additional information about Graco Inc., please visit us at www.graco.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210427005632/en/

Charlotte Boyd, 612-623-6153

[email protected]

KEYWORDS: United States North America Minnesota

INDUSTRY KEYWORDS: Chemicals/Plastics Manufacturing

MEDIA:

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