Market Newsdesk

March 5, 2021 7:03 am

Superior Reports Fourth Quarter and Full Year 2020 Financial Results

Superior Reports Fourth Quarter and Full Year 2020 Financial Results

Portfolio delivered significant growth above market

Execution drove margin expansion and solid cash generation

Fourth Quarter and Full Year 2020 Financial Highlights:

Q4 net sales of $338M; Value-Added Sales¹ of $202M, a 12%² increase YoY
Q4 portfolio delivered 12% Content per Wheel¹ growth and growth over market of 11%²
Q4 net loss of $21M; Adjusted EBITDA¹ increased 25% YoY to $47M
Reduced funded debt to $643M and Net Debt¹ to $491M; $28M reduction in Q4
FY 2020 cash from operations of $150M; Free Cash Flow¹ increased 10% YoY to $87M

SOUTHFIELD, Mich.–(BUSINESS WIRE)–Superior Industries International, Inc. (“Superior” or the “Company”) (NYSE:SUP), one of the world’s leading light vehicle aluminum wheel suppliers for OEMs and the European aftermarket, today reported financial results for the fourth quarter and fiscal year ended December 31, 2020.

($ in millions, units in thousands)	Three Months				Twelve Months
	4Q 2020		4Q 2019		YTD 2020		YTD 2019
Units
North America		2,264		2,177		7,716		9,795
Europe		2,193		2,289		7,478		9,451
Global		4,457		4,466		15,194		19,246

Net Sales
North America	$	168.9	$	150.7	$	550.1	$	704.3
Europe		168.8		159.6		550.7		668.2
Global	$	337.7	$	310.3	$	1,100.8	$	1,372.5

Value-Added Sales ⁽¹⁾
North America	$	91.7	$	74.7	$	296.4	$	344.8
Europe		109.8		98.8		351.9		410.5
Global	$	201.5	$	173.4	$	648.3	$	755.3

“2020 proved to be an inflection point for Superior. Despite the immense operational challenges due to the pandemic, we remained committed to executing on our key initiatives while following our COVID-19 playbook. During the year we delivered substantial cash flow, operating performance improvement, and enhanced margins after the COVID-19-related shutdowns. We captured tailwinds from the portfolio shift towards premium, larger diameter wheels, which supported our growth above market in 2020. Further, we realized the benefits of the structural cost improvements and working capital initiatives implemented throughout the year, leading to the second consecutive year of substantial Free Cash Flow¹ generation,” commented Majdi Abulaban, President and Chief Executive Officer of Superior.

Mr. Abulaban continued, “Overall, I am pleased with our results and our progress in achieving our long-term value-creation initiatives. We look forward to continuing this momentum throughout 2021 as we leverage our differentiated technology portfolio to further position Superior for growth and deliver value to our shareholders, customers, and other stakeholders.”

Fourth Quarter Results

Net sales for the fourth quarter of 2020 were $338 million, compared to net sales of $310 million in the prior year period. Value-Added Sales, a non-GAAP financial measure, were $202 million for the fourth quarter of 2020 compared to $173 million in the prior year period. Value-Added Sales Adjusted for Foreign Exchange, a non-GAAP financial measure, increased 12%, or 11% above market, which was driven by the ongoing portfolio shift to larger diameter wheels with more premium content. See “Non-GAAP Financial Measures” below and the reconciliation of consolidated net sales to Value-Added Sales and Value-Added Sales Adjusted for Foreign Exchange in this press release.

Gross profit for the fourth quarter of 2020 was $33 million, compared to $27 million in the prior year period. The increase in gross profit for the quarter was due to stronger product mix, which resulted in higher sales, and structural cost improvements, partially offset by operating costs associated with the virus of approximately $3 million.

Selling, general, and administrative (“SG&A”) expenses for the fourth quarter of 2020 were $16 million, compared to $17 million in the prior year period. The decrease in SG&A was driven by lower hiring and separation costs and other cost reduction initiatives.

Operating income for the fourth quarter of 2020 was $18 million, compared to a loss from operations of $92 million in the prior year period. The increase in operating income for the quarter was driven by the goodwill and indefinite-lived intangible asset impairment incurred in the prior year period totaling $102 million, as well as higher gross profit and lower SG&A expenses in the fourth quarter of 2020 as discussed above.

The income tax provision for the fourth quarter of 2020 was $26 million on pre-tax income of $5 million. The tax provision for the quarter was primarily driven by a valuation allowance recorded against deferred tax assets in the U.S. This non-cash charge does not affect our ability to use these deferred tax assets to offset taxable income in future periods.

For the fourth quarter of 2020, the Company reported a net loss of $21 million, or a loss per diluted share of $1.16 including the impact of $0.19 per share loss from restructuring, change in fair value of preferred derivative, and net other items and the impact of $0.92 per share related to the valuation allowance on deferred tax assets as described above. This compares to a net loss of $99 million, or loss per diluted share of $4.25, in the fourth quarter of 2019. See “Impact of Acquisition, Restructuring, and Other Items on EPS” in this press release.

Adjusted EBITDA, a non-GAAP financial measure, was $47 million for the fourth quarter of 2020, or 23.2% of Value-Added Sales, which compares to $38 million, or 21.6% of Value-Added Sales, in the prior year period. The increase in Adjusted EBITDA was driven by stronger product mix, which resulted in higher sales, and structural cost improvements. See “Non-GAAP Financial Measures” below and the reconciliation of net income to Adjusted EBITDA in this press release.

The Company reported net cash provided by operating activities of $58 million in the fourth quarter of 2020, compared to cash provided by operating activities of $61 million during the fourth quarter of 2019. Free Cash Flow, a non-GAAP financial measure, for the fourth quarter was $42 million, compared to $38 million in the prior year period. Free Cash Flow in the fourth quarter of 2020 benefited from improved financial performance, lower cash taxes, and lower capital expenditures, which were partially offset by a lower source of working capital during the quarter compared to the prior year period. See “Non-GAAP Financial Measures” below and the reconciliation of cash flow from operations to Free Cash Flow in this press release.

Full Year 2020 Results

Net sales for 2020 were $1,101 million, compared to net sales of $1,372 million in 2019. Value-Added Sales, a non-GAAP financial measure, were $648 million for 2020, compared to $755 million in the prior year. The decrease was driven by lower unit shipments, partially offset by stronger product mix. See “Non-GAAP Financial Measures” below and the reconciliation of consolidated net sales to Value-Added Sales in this press release.

Gross profit for 2020 was $66 million, compared to $116 million in the prior year. The decrease in gross profit was due to lower sales driven by COVID-19, partially offset by temporarily closing manufacturing facilities, reducing personnel and other operating expenses, reducing structural costs, as well as stronger mix, which supported higher sales.

SG&A expenses for 2020 were $52 million, compared to $64 million in the prior year. The decrease in SG&A was primarily due to temporary initiatives including reduced compensation, discretionary spending, and travel expenses, in addition to permanent cost actions.

The loss from operations for 2020 was $180 million, compared to a loss of $50 million in the prior year, reflecting lower gross profit as previously described and higher non-cash impairments of goodwill and indefinite-lived intangible assets, partially offset by lower SG&A expenses.

The income tax provision for 2020 was $15 million. This compares to an income tax provision for the year ended 2019 of $3 million. The increased tax provision is primarily due to the recognition of a valuation allowance on deferred tax assets partially offset by a favorable split of jurisdictional pre-tax income. Cash taxes for 2020 were $7 million.

For 2020, the Company reported a net loss of $244 million, or loss per diluted share of $10.81, including the impact of $8.13 per share from restructuring, change in fair value of preferred derivative, impairment, and net other items. This compares to net loss of $97 million, or loss per diluted share of $5.10, in 2019. See “Impact of Acquisition, Restructuring, and Other Items on EPS” in this press release.

Adjusted EBITDA, a non-GAAP financial measure, was $129 million, or 20.0% of Value-Added Sales, in 2020, which compares to $169 million, or 22.3% of Value-Added Sales, in 2019. The decrease in Adjusted EBITDA was driven by lower volumes due to COVID-19, partially offset by improved product mix and the cost saving initiatives previously listed. See “Non-GAAP Financial Measures” below and the reconciliation of net income to Adjusted EBITDA in this press release.

The Company reported cash provided by operating activities of $150 million for the full year 2020, compared to cash provided by operating activities of $163 million in 2019. For the full year, Free Cash Flow, a non-GAAP financial measure, was $87 million, compared to $79 million in the prior year period. The improvement in Free Cash Flow compared to the prior year period was driven by a higher source of working capital, lower capital expenditures, and lower dividends partially offset by lower earnings. See “Non-GAAP Financial Measures” below and the reconciliation of cash flow from operations to Free Cash Flow in this press release.

Financial Position

As of December 31, 2020, Superior had funded debt of $643 million and Net Debt, a non-GAAP financial measure, of $491 million, compared to funded debt of $631 million and Net Debt of $553 million as of the end of the prior year period. The improvement in Net Debt of $62 million during the full year was supported by cash flow generation as described above, partially offset by an increase related to Superior’s Euro-denominated debt as the Euro strengthened relative to the US Dollar. See “Non-GAAP Financial Measures” below and the reconciliation of funded debt to Net Debt in this press release.

2021 Outlook

Based on IHS’ latest forecast and management’s estimates for 2021, Superior assumes industry production in North America and Europe to increase year-over-year in 2021 by 20% and 10%, respectively. Based on this outlook for industry production and Superior’s portfolio, the Company’s full year 2021 outlook is as follows:

		FY 2021
Unit Shipments		16.9 – 17.7 million
Net Sales		$1.30 – $1.37 billion
Value-Added Sales		$740 – $780 million
Adjusted EBITDA		$160 – $180 million
Cash Flow from Operations		$110 – $130 million
Capital Expenditures		Approximately $75 million

Value-Added Sales and Adjusted EBITDA are non-GAAP measures as defined below. In reliance on the safe harbor provided under section 10(e) or Regulation S-K, Superior has not quantitatively reconciled from net income, the most comparable GAAP measure, to Adjusted EBITDA presented in the 2021 outlook, as Superior is unable to quantify certain amounts included in net income without unreasonable efforts and due to the inherent uncertainty regarding such variables. Superior also believes that such reconciliation would imply a degree of precision that could potentially be confusing or misleading to investors. However, the magnitude of these amounts may be significant.

Conference Call

Superior will host a conference call beginning at 8:30 AM ET on Friday, March 5, 2021. The conference call may be accessed by dialing 800-367-2403 for participants in the U.S./Canada or +1 334-777-6978 for participants outside the U.S./Canada using the required conference ID 8857902. The live conference call can also be accessed by logging into the Company’s website at www.supind.com or by clicking this link: earnings call webcast. A replay of the webcast will be available on the Company’s website immediately following the conclusion of the call.

During the conference call, the Company’s management plans to review operating results and discuss other financial and operating matters. In addition, management may disclose material information in response to questions posed by participants during the call.

About Superior Industries

Superior is one of the world’s leading aluminum wheel suppliers. Superior’s team collaborates with customers to design, engineer, and manufacture a wide variety of innovative and high-quality products utilizing the latest lightweighting and finishing technologies. Superior also maintains leading aftermarket brands ATS^®, RIAL^®, ALUTEC^®, and ANZIO^®. Headquartered in Southfield, Michigan, Superior is listed on the New York Stock Exchange. For more information, please visit www.supind.com.

Non-GAAP Financial Measures

In addition to the results reported in accordance with GAAP included throughout this earnings release, this release refers to the following non-GAAP measures:

“Adjusted EBITDA,” defined as earnings before interest income and expense, income taxes, depreciation, amortization, restructuring charges and other closure costs, impairments of long-lived assets and investments, changes in fair value of redeemable preferred stock embedded derivative, acquisition and integration costs, certain hiring and separation related costs, proxy contest fees, gains associated with early debt extinguishment and accounts receivable factoring fees. “Value-Added Sales,” defined as net sales less the value of aluminum and services provided by outsourced service providers that are included in net sales. “Value-Added Sales Adjusted for Foreign Exchange,” defined as Value-Added Sales adjusted for the impact of foreign exchange translation. “Content per Wheel,” defined as Value-Added Sales Adjusted for FX on a per unit (wheel) shipment basis. “Free Cash Flow,” defined as the net cash from operations, investing activities, and non-debt components of financing activities. “Net Debt,” defined as total funded debt less cash and cash equivalents.

For reconciliations of these non-GAAP measures to the most directly comparable GAAP measure, see the attached supplemental data pages. Management believes these non-GAAP measures are useful to management and may be useful to investors in their analysis of Superior’s financial position and results of operations. Further, management uses these non-GAAP financial measures for planning and forecasting purposes. This non-GAAP financial information is provided as additional information for investors and is not in accordance with or an alternative to GAAP and may be different from similar measures used by other companies.

Forward-Looking Statements

This press release contains statements that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that do not relate solely to historical or current facts and can generally be identified by the use of future dates or words such as “may,” “should,” “could,” “will,” “expects,” “expected,” “seeks to,” “anticipates,” “plans,” “believes,” “estimates,” “intends,” “outlook”, “predicts,” “projects,” “potential” or “continue,” or the negative of such terms and other comparable terminology. These statements also include, but are not limited to, the 2021 outlook included herein, Superior’s strategic and operational initiatives, product mix and overall cost improvement and are based on current expectations, estimates, and projections about Superior’s business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties, and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, risks, and uncertainties discussed in Superior’s Securities and Exchange Commission filings and reports, including Superior’s current Annual Report on Form 10-K, and other reports from time to time filed with the Securities and Exchange Commission. You are cautioned not to unduly rely on such forward-looking statements when evaluating the information presented in this press release. Such forward-looking statements speak only as of the date on which they are made, and Superior does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release.

¹ See “Non-GAAP Financial Measures” below for a definition and reconciliation to the most comparable GAAP measure.

² Based on Value-Added Sales Adjusted for Foreign Exchange; comparison vs. Q4 NA and Western and Central EU industry production per February 16th, 2021 IHS.

SUPERIOR INDUSTRIES INTERNATIONAL, INC.
Condensed Consolidated Statements of Operations (Unaudited)
(Dollars in Millions, Except Per Share Amounts)

	Three Months						Twelve Months
	4Q 2020			4Q 2019			YTD 2020			YTD 2019
Net Sales	$	337.7		$	310.3		$	1,100.8		$	1,372.5
Cost of Sales		304.4			283.4			1,035.1			1,256.4
Gross Profit	$	33.3		$	26.9		$	65.6		$	116.1

SG&A Expenses		15.9			17.1			52.4			63.9
Impairment of Goodwill and Indefinite-Lived Intangibles		–			102.2			193.6			102.2
Income (Loss) From Operations	$	17.5		$	(92.4	)	$	(180.4	)	$	(50.1	)

Interest Expense, net		(11.0	)		(11.5	)		(45.4	)		(47.0	)
Other (Expense) Income, net		(1.9	)		0.6			(2.8	)		4.0
Income (Loss) Before Income Taxes	$	4.6		$	(103.3	)	$	(228.7	)	$	(93.0	)

Income Tax Benefit (Provision)		(26.0	)		4.3			(14.9	)		(3.4	)
Net Loss	$	(21.4	)	$	(99.0	)	$	(243.6	)	$	(96.5	)

Loss Per Share:
Basic	$	(1.16	)	$	(4.25	)	$	(10.81	)	$	(5.10	)
Diluted	$	(1.16	)	$	(4.25	)	$	(10.81	)	$	(5.10	)

Weighted Average and Equivalent Shares Outstanding for EPS (in Thousands):
Basic		25,592			25,128			25,498			25,099
Diluted		25,592			25,128			25,498			25,099

SUPERIOR INDUSTRIES INTERNATIONAL, INC.
Condensed Consolidated Balance Sheets (Unaudited)
(Dollars in Millions)

	12/31/2020			12/31/2019
Current Assets	$	383.6		$	354.2
Property, Plant and Equipment, net		522.1			529.3
Intangibles and Other Assets		203.6			428.4
Total Assets	$	1,109.3		$	1,311.9

Current Liabilities	$	231.1		$	191.1
Long-Term Liabilities		718.6			701.6
Redeemable Preferred Shares		179.4			161.0
European Non-controlling Redeemable Equity		1.7			6.5
Shareholders’ Equity (Deficit)		(21.5	)		251.7
Total Liabilities and Shareholders’ Equity (Deficit)	$	1,109.3		$	1,311.9

SUPERIOR INDUSTRIES INTERNATIONAL, INC.
Consolidated Statements of Cash Flows (Unaudited)
(Dollars in Millions)

	Three Months						Twelve Months
	4Q 2020			4Q 2019			YTD 2020			YTD 2019
Net Loss	$	(21.4	)	$	(99.0	)	$	(243.6	)	$	(96.5	)
Depreciation and Amortization		25.0			23.2			98.2			100.7
Income tax, Non-cash changes		26.9			–			7.5			(3.5	)
Impairments of Goodwill and Indefinite-Lived Intangibles		–			102.2			193.6			102.2
Stock-based Compensation		1.6			2.0			2.4			5.7
Amortization of Debt Issuance Costs		0.9			1.2			4.0			4.8
Other Non-cash items		7.3			(1.2	)		5.8			(0.7	)
Changes in Operating Assets and Liabilities:
Accounts Receivable		32.1			57.2			28.1			26.7
Inventories		(8.4	)		(3.8	)		20.9			5.3
Other Assets and Liabilities		(0.3	)		(12.9	)		11.3			7.4
Accounts Payable		(2.9	)		(3.7	)		24.5			7.5
Income Taxes		(3.3	)		(4.8	)		(2.5	)		3.1
Cash Flow Provided By Operating Activities	$	57.6		$	60.5		$	150.1		$	162.8

Capital Expenditures		(11.4	)		(16.7	)		(45.0	)		(64.3	)
Proceeds from Sale of Property, Plant and Equipment		–			–			0.9			–
Other Investing Activities		–			–			–			9.6
Cash Flow Used In Investing Activities	$	(11.4	)	$	(16.7	)	$	(44.2	)	$	(54.7	)

Proceeds from the Issuance of Long-term Debt		–			–			11.7			–
Debt Repayment		(0.8	)		(11.0	)		(25.7	)		(46.0	)
Proceeds from Borrowings on Revolving Credit Facility		–			44.4			313.8			114.0
Repayments of Borrowings on Revolving Credit Facility		–			(44.4	)		(316.9	)		(114.0	)
Cash Dividends		(3.4	)		(3.4	)		(13.6	)		(22.6	)
Purchase of Non-controlling Redeemable Shares		–			(2.8	)		(5.0	)		(6.7	)
Payments Related to Tax Withholdings for Stock-Based Compensation		(0.5	)		–			(0.5	)		(0.1	)
Finance Lease Payments		(0.2	)		(0.2	)		(1.0	)		(1.2	)
Cash Flow Used In Financing Activities	$	(4.9	)	$	(17.4	)	$	(37.1	)	$	(76.6	)

Effect of Exchange Rate on Cash		0.1			2.2			5.6			(1.1	)
Net Change in Cash	$	41.3		$	28.6		$	74.5		$	30.4

Cash – Beginning		111.1			49.3			77.9			47.5
Cash – Ending	$	152.4		$	77.9		$	152.4		$	77.9

SUPERIOR INDUSTRIES INTERNATIONAL, INC.
Earnings Per Share Calculation (Unaudited)
(Dollars, except per share, and Shares in Millions)

	Three Months						Twelve Months
	4Q 2020			4Q 2019			YTD 2020			YTD 2019
Basic EPS Calculation⁽¹⁾
Net Loss	$	(21.4	)	$	(99.0	)	$	(243.6	)	$	(96.5	)
Less: Accretion of Preferred Stock		(4.8	)		(4.3	)		(18.4	)		(16.5	)
Less: Redeemable Preferred Stock Dividends		(3.4	)		(3.4	)		(13.6	)		(14.5	)
Less: European Noncontrolling Redeemable Equity Dividends		–			–			(0.2	)		(0.6	)
Numerator	$	(29.6	)	$	(106.7	)	$	(275.8	)	$	(128.0	)

Denominator: Weighted Avg. Shares Outstanding		25.6			25.1			25.5			25.1

Basic Loss Per Share	$	(1.16	)	$	(4.25	)	$	(10.81	)	$	(5.10	)

Diluted EPS Calculation⁽¹⁾
Net Loss	$	(21.4	)	$	(99.0	)	$	(243.6	)	$	(96.5	)
Less: Accretion of Preferred Stock		(4.8	)		(4.3	)		(18.4	)		(16.5	)
Less: Redeemable Preferred Stock Dividends		(3.4	)		(3.4	)		(13.6	)		(14.5	)
Less: European Noncontrolling Redeemable Equity Dividends		–			–			(0.2	)		(0.6	)
Numerator	$	(29.6	)	$	(106.7	)	$	(275.8	)	$	(128.0	)

Weighted Avg. Shares Outstanding-Basic		25.6			25.1			25.5			25.1
Dilutive Stock Options and Restricted Stock Units		–			–			–			–
Denominator: Weighted Avg. Shares Outstanding		25.6			25.1			25.5			25.1

Diluted Loss Per Share	$	(1.16	)	$	(4.25	)	$	(10.81	)	$	(5.10	)

⁽¹⁾Basic earnings per share is computed by dividing net income (loss), after deducting preferred dividends and accretion and European non-controlling redeemable equity dividends, by the weighted average number of common shares outstanding. For purposes of calculating diluted earnings per share, the weighted average shares outstanding includes the dilutive effect of outstanding stock options and time and performance based restricted stock units under the treasury stock method. The redeemable preferred shares are not included in the diluted earnings per share because the conversion would be anti-dilutive for the periods ended December 31, 2020 and 2019.

SUPERIOR INDUSTRIES INTERNATIONAL, INC.
Impact of Acquisition, Restructuring and Other Items on EPS (Unaudited)
(Dollars in Millions, except EPS amounts)

	Three Months						Twelve Months						Location on Income Statement
Before Tax Impact on Net Income (Loss)	4Q 2020			4Q 2019			YTD 2020			YTD 2019			Location on Income Statement
Acquisition, Integration, Certain Hiring & Separation Costs	$	(0.7	)	$	(1.7	)	$	(2.9	)	$	(4.8	)	SG&A
Acquisition, Integration, Certain Hiring & Separation Costs		(0.8	)		–			(6.4	)		(1.7	)	COGS
Restructuring Costs		(2.5	)		(1.8	)		(8.7	)		(14.8	)	COGS
Debt Extinguishment Gains		–			0.2			–			3.7		Other Income
Change in Fair Value of Preferred Derivative		(1.6	)		(0.5	)		(1.6	)		(0.8	)	Other Income
Impairment of Goodwill and Indefinite-Lived Intangibles		–			(102.2	)		(193.6	)		(102.2	)	Operating Income
Total Before Tax Impact on Net Income (Loss)	$	(5.6	)	$	(106.0	)	$	(213.1	)	$	(120.6	)

After Tax Impact on Net Income (Loss)	$	(4.9	)	$	(104.7	)	$	(207.2	)	$	(116.8	)

Impact on Earnings (Loss) Per Share	$	(0.19	)	$	(4.17	)	$	(8.13	)	$	(4.65	)

SUPERIOR INDUSTRIES INTERNATIONAL, INC.
Non-GAAP Financial Measures (Unaudited)
(Dollars in Millions, except per wheel, and Units in Thousands)

Value-Added Sales; Value-Added Sales Adjusted for FX; and Content per Wheel
	Three Months						Twelve Months
	4Q 2020			4Q 2019			YTD 2020			YTD 2019
Net Sales	$	337.7		$	310.3		$	1,100.8		$	1,372.5
Less: Aluminum Value and Outside Service Provider Costs		(136.2	)		(136.9	)		(452.5	)		(617.2	)
Value-Added Sales	$	201.5		$	173.4		$	648.3		$	755.3
Impact of FX on Value-Added Sales		(7.6	)		–			(9.2	)		–
Value-Added Sales Adjusted for FX	$	193.9		$	173.4		$	639.1		$	755.3

Wheels Shipped		4,457			4,466			15,194			19,246
Content per Wheel	$	43.50		$	38.84		$	42.06		$	39.25

Adjusted EBITDA	Three Months						Twelve Months
	4Q 2020			4Q 2019			YTD 2020			YTD 2019
Net Loss	$	(21.4	)	$	(99.0	)	$	(243.6	)	$	(96.5	)
Adjusting Items:
– Interest Expense, net		11.0			11.5			45.4			47.0
– Income Tax (Benefit) Provision		26.0			(4.3	)		14.9			3.4
– Depreciation		18.4			18.4			72.8			75.8
– Amortization		6.6			4.8			25.4			24.9
– Acquisition, Integration, Hiring/Separation/Restructuring Costs, and Other		5.6			3.7			19.5			10.9
– Factoring Fees		0.6			0.2			1.4			1.0
– Impairment of Goodwill and Indefinite-Lived Intangibles		–			102.2			193.6			102.2
	$	68.2		$	136.5		$	372.9		$	265.2
Adjusted EBITDA	$	46.8		$	37.5		$	129.4		$	168.8

Free Cash Flow	Three Months						Twelve Months
	4Q 2020			4Q 2019			YTD 2020			YTD 2019
Cash Flow Provided By Operating Activities	$	57.6		$	60.5		$	150.1		$	162.8
Cash Flow Used In Investing Activities		(11.4	)		(16.7	)		(44.2	)		(54.7	)
Less: Cash Payments for Non-debt Financing Activities		(3.9	)		(6.2	)		(19.1	)		(29.4	)
Free Cash Flow	$	42.3		$	37.6		$	86.8		$	78.7

Net Debt
	12/31/2020			12/31/2019
Long Term Debt (less current portion)	$	637.1		$	626.6
Short Term Debt		6.1			4.0
Total Debt		643.2			630.6
Less: Cash and Cash Equivalents		(152.4	)		(77.9	)
Net Debt	$	490.8		$	552.7

Outlook for Full Year 2021 Value-Added Sales	Outlook Range
Net Sales Outlook	$	1,300.0		$	1,370.0
Less: Aluminum Value and Outside Service Provider Costs		(560.0	)		(590.0	)
Value-Added Sales Outlook	$	740.0		$	780.0

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Superior Investor Relations

Troy Ford

(248) 234-7104

[email protected]

KEYWORDS: United States North America Michigan

INDUSTRY KEYWORDS: Other Manufacturing Aftermarket Automotive Engineering Tires & Rubber Automotive Manufacturing General Automotive Manufacturing

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March 5, 2021 7:03 am

Can-Fite Enrolls First Patient in Phase II COVID-19 Study Under FDA Protocol

Can-Fite Enrolls First Patient in Phase II COVID-19 Study Under FDA Protocol

Piclidenoson’s robust anti-inflammatory effect has the potential to treat COVID-19 and its mutations

PETACH TIKVA, Israel–(BUSINESS WIRE)–Can-Fite BioPharma Ltd. (NYSE American: CANF) (TASE:CFBI), a biotechnology company advancing a pipeline of proprietary small molecule drugs that address inflammatory, cancer and liver diseases, today announced it has enrolled the first of 40 patients in its Phase II COVID-19 study.

The randomized, double blind, placebo-controlled study is evaluating the benefits of treatment with Piclidenoson plus standard supportive care (SSC) vs. placebo plus SSC in patients hospitalized with moderate to severe COVID-19, as defined by the U.S. National Institutes of Health Coronavirus Disease 2019 (COVID-19) Treatment Guidelines. Patients are randomized in a 1:1 ratio to receive 2 mg Piclidenoson twice daily or placebo, and treated for up to 28 days. Efficacy will be assessed through standard measures of clinical and respiratory status at Day 29, including the proportion of patients alive and free of respiratory failure, as well as the proportion discharged home without need for supplemental oxygen. Safety and pharmacokinetic data will also be captured.

Piclidenoson’s robust anti-inflammatory effect has the potential to treat COVID-19 and its mutations because it treats disease manifestations. The drug has anti-inflammatory effects proven in Phase II psoriasis clinical studies and in an interim analysis of an ongoing Phase III psoriasis study. The drug’s anti-viral properties are protected by U.S. patent US7589075. Piclidenoson also inhibits cytokine release syndrome which is associated with the severity of COVID-19.

“We are eager to test the potential benefits of Piclidenoson added to the current standard of care for patients hospitalized with moderate to severe COVID-19. The treatment modalities for COVID-19 continue to evolve as the medical community learns more about the disease. Piclidenoson’s proven anti-inflammatory effects combined with its excellent safety profile may improve outcomes and we look forward to seeing its impact following 28 days of treatment,” stated Can-Fite CEO Dr. Pnina Fishman.

About Piclidenoson

Piclidenoson is a novel, first-in-class, A3 adenosine receptor agonist (A3AR) small molecule, orally bioavailable drug with a favorable therapeutic index demonstrated in Phase II clinical studies. It is currently being evaluated in a multinational Phase III study as a treatment for moderate to severe psoriasis and a Phase II U.S. study for the treatment of moderate to severe COVID-19.

About Can-Fite BioPharma Ltd.

Can-Fite BioPharma Ltd. (NYSE American: CANF) (TASE: CFBI) is an advanced clinical stage drug development Company with a platform technology that is designed to address multi-billion dollar markets in the treatment of cancer, liver, inflammatory disease and COVID-19. The Company’s lead drug candidate, Piclidenoson, is currently in a Phase III trial for psoriasis and a Phase II study in the treatment of moderate COVID-19. Can-Fite’s liver drug, Namodenoson, is headed into a Phase III trial for hepatocellular carcinoma (HCC), the most common form of liver cancer, and successfully achieved its primary endpoint in a Phase II trial for the treatment of non-alcoholic steatohepatitis (NASH). Namodenoson has been granted Orphan Drug Designation in the U.S. and Europe and Fast Track Designation as a second line treatment for HCC by the U.S. Food and Drug Administration. Namodenoson has also shown proof of concept to potentially treat other cancers including colon, prostate, and melanoma. CF602, the Company’s third drug candidate, has shown efficacy in the treatment of erectile dysfunction. These drugs have an excellent safety profile with experience in over 1,500 patients in clinical studies to date. For more information please visit: www.can-fite.com.

Forward-Looking Statements

This press release may contain forward-looking statements, about Can-Fite’s expectations, beliefs or intentions regarding, among other things, market risks and uncertainties, its product development efforts, business, financial condition, results of operations, strategies or prospects. In addition, from time to time, Can-Fite or its representatives have made or may make forward-looking statements, orally or in writing. Forward-looking statements can be identified by the use of forward-looking words such as “believe,” “expect,” “intend,” “plan,” “may,” “should” or “anticipate” or their negatives or other variations of these words or other comparable words or by the fact that these statements do not relate strictly to historical or current matters. These forward-looking statements may be included in, but are not limited to, various filings made by Can-Fite with the U.S. Securities and Exchange Commission, press releases or oral statements made by or with the approval of one of Can-Fite’s authorized executive officers. Forward-looking statements relate to anticipated or expected events, activities, trends or results as of the date they are made. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties that could cause Can-Fite’s actual results to differ materially from any future results expressed or implied by the forward-looking statements. Many factors could cause Can-Fite’s actual activities or results to differ materially from the activities and results anticipated in such forward-looking statements. Factors that could cause our actual results to differ materially from those expressed or implied in such forward-looking statements include, but are not limited to: our history of losses and needs for additional capital to fund our operations and our inability to obtain additional capital on acceptable terms, or at all; uncertainties of cash flows and inability to meet working capital needs; the impact of the COVID-19 pandemic; the initiation, timing, progress and results of our preclinical studies, clinical trials and other product candidate development efforts; our ability to advance our product candidates into clinical trials or to successfully complete our preclinical studies or clinical trials; our receipt of regulatory approvals for our product candidates, and the timing of other regulatory filings and approvals; the clinical development, commercialization and market acceptance of our product candidates; our ability to establish and maintain strategic partnerships and other corporate collaborations; the implementation of our business model and strategic plans for our business and product candidates; the scope of protection we are able to establish and maintain for intellectual property rights covering our product candidates and our ability to operate our business without infringing the intellectual property rights of others; competitive companies, technologies and our industry; statements as to the impact of the political and security situation in Israel on our business; and risks and other risk factors detailed in Can-Fite’s filings with the SEC and in its periodic filings with the TASE. In addition, Can-Fite operates in an industry sector where securities values are highly volatile and may be influenced by economic and other factors beyond its control. Can-Fite does not undertake any obligation to publicly update these forward-looking statements, whether as a result of new information, future events or otherwise.

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Can-Fite BioPharma

Motti Farbstein

[email protected]

+972-3-9241114

KEYWORDS: Israel Middle East

INDUSTRY KEYWORDS: Biotechnology FDA Health General Health Pharmaceutical Oncology Other Science Research Infectious Diseases Science Clinical Trials

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March 5, 2021 7:03 am

WeCommerce Signs Definitive Agreement to Acquire Stamped for up to US$110 million

WeCommerce Signs Definitive Agreement to Acquire Stamped for up to US$110 million

Adds a leading provider of reviews, ratings, loyalty and rewards programs for merchants in the Shopify partner ecosystem and offers an attractive platform for growth
Aligns with WeCommerce’s strategy to start, buy and invest in businesses in the Shopify partner ecosystem
Majority of the combined business’ revenue expected to be recurring subscription revenue
US$85 million upfront consideration, comprising US$75 million in cash and US$10 million in common shares of WeCommerce
Upfront cash consideration to be funded from cash on hand and a new senior secured credit facility with a syndicate of lenders led by JPMorgan Chase Bank, N.A.

VICTORIA, British Columbia–(BUSINESS WIRE)–
WeCommerce Holdings Ltd. (“WeCommerce” or the “Company”) is pleased to announce that it has signed a definitive purchase agreement (the “Purchase Agreement”) to acquire substantially all of the assets of Stamped.io Pte. Ltd. (“Stamped”) for up to US$110 million (collectively, the “Acquisition”). Stamped is a leading SaaS platform enabling online merchants to implement and manage customer reviews and loyalty programs through Shopify and other ecommerce platforms.

Since its launch in 2016, Stamped has grown to approximately US$11 million annualized recurring subscription revenue¹ as of the month ending December 31, 2020, reflecting an estimated growth rate of over 100% compared to the same period in 2019, with minimal spend on customer acquisition. Net revenue retention¹ is estimated to be approximately 125% in the fourth quarter of 2020.

“Merchants turn to Stamped to build social trust and power customer engagement. Stamped’s strong growth is a testament to its product-first focus and customer obsession,” said Chris Sparling, CEO of WeCommerce. “We are thrilled to welcome Stamped into the WeCommerce family and are excited about its future growth potential.”

“We could not be more excited to join WeCommerce,” said Tommy Ong, Founder and CEO of Stamped. “WeCommerce’s management team brings over a decade of experience developing similar businesses, which is expected to help us accelerate growth. Amongst many suitors, we chose WeCommerce because of their founder friendly approach, straightforward deal structure, and focus on the long term”

Acquisition Overview

Pursuant to the Purchase Agreement, WeCommerce has agreed to pay Stamped an aggregate purchase price of up to US$110 million, comprising:

US$75 million payable in cash on closing of the Acquisition;
US$10 million through the issuance of 496,697 Class A common shares of WeCommerce (the “Common Shares”) at a price of C$25.43 on closing of the Acquisition, representing approximately 1.36% of the issued and outstanding Common Shares as of the date hereof (after giving effect to such issuance). The price of the Common Shares has been determined based on the 30-day volume-weighted average trading price of the Common Shares on the TSX Venture Exchange (“TSXV“) for the period ending on March 3, 2021; and
US$25 million payable in the first quarter of 2022 contingent on, among other things, Stamped achieving a minimum revenue target in 2021 of US$10 million. The contingent consideration will be satisfied, at WeCommerce’s sole discretion, in either cash, the issuance of Common Shares to Stamped, or a combination thereof.

The upfront cash consideration will be funded through a combination of cash on hand and a senior secured credit facility (the “Credit Facility”) with a syndicate of lenders led by JPMorgan Chase Bank, N.A. from which the Company has received aggregate financing commitments of US$77 million. Further details on the Credit Facility are provided below.

The Acquisition is subject to customary closing conditions, including the approval of the TSXV,² receipt of certain third party consents and the other conditions set out in the Purchase Agreement. Subject to the satisfaction of such conditions, the Acquisition is expected to close within the next 45 days.

Credit Facility

WeCommerce has obtained commitments from a syndicate of lenders led by JPMorgan Chase Bank, N.A. (collectively, the “Lenders”) to provide financing of up to an aggregate of US$77 million to partially finance the purchase price for the Acquisition. The Credit Facility is expected to consist of a revolving credit facility, a term loan facility and a delayed draw term loan facility.

In addition to financing the Acquisition, WeCommerce plans to use the proceeds of the Credit Facility to (i) finance the working capital needs and for general corporate purposes of the Company and its subsidiaries in the ordinary course of business; (ii) finance future acquisitions; and (iii) repay existing indebtedness.

The commitments of the Lenders are subject to the execution of mutually acceptable credit documentation giving effect to the terms provided in the commitment documents between the Company and the Lenders and the satisfaction of the other customary conditions to closing, including the satisfaction of all conditions to the completion of the Acquisition.

About WeCommerce Holdings Ltd.

WeCommerce is a Canadian ecommerce technology holding company that owns a family of companies and brands in the Shopify partner ecosystem, including, Pixel Union, Out of the Sandbox, Yopify, SuppleApps, Rehash and Foursixty. The Company’s primary focus is to build, grow and acquire businesses that serve the Shopify Partner ecosystem. These businesses consist largely of SaaS, Digital Goods and Services businesses. Generally, these businesses build Apps and Themes and run Agencies that support Shopify merchants.

WeCommerce is focused on acquiring businesses with growth potential, a sustainable competitive advantage and that are, or have the potential to become, a leader within their particular market. The Company targets businesses within the Shopify ecosystem due to its confidence in the Shopify platform, the fragmented nature of the ecosystem and the attractive economics that the businesses generally exhibit. As one of Shopify’s first partners since 2010, WeCommerce believes it is well positioned to continue to identify acquisition opportunities in the Shopify Partner ecosystem.

For more about WeCommerce, please visit https://www.wecommerce.co/ or refer to the public disclosure documents available under WeCommerce’s SEDAR profile on SEDAR at www.sedar.com. Further information regarding the Company’s strategic rationale for the Acquisition are contained in a presentation prepared by the Company, available at https://investors.wecommerce.co/.

Cautionary Note Regarding Forward-Looking Information

This press release contains statements which constitute “forward-looking statements” and “forward-looking information” within the meaning of applicable securities laws (collectively, “forward-looking statements”), including statements regarding the plans, intentions, beliefs and current expectations of the Company with respect to future business activities and operating performance. Forward-looking statements are often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” or similar expressions and forward-looking statements in this news release includes, but is not limited to, information and statements regarding: whether and when the Acquisition will be consummated; the anticipated benefits of the Acquisition; the Company’s revenue and cash flow upon completion of the Acquisition, including the Company’s expectation that a majority of its revenue will be recurring subscription revenue; the anticipated timing for closing of the Acquisition; the Company’s ability to satisfy the conditions to drawdown under the Credit Facility; the Company’s belief that the Acquisition will provide significant value to shareholders; the Company obtaining and/or satisfying customary approvals and conditions, including the TSXV approval for the Acquisition and the closing of the Credit Facility; and expectations for other economic, business, and/or competitive factors.

Investors are cautioned that forward-looking statements are not based on historical facts but instead reflect the Company’s expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed thereon, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of the Company. Financial outlooks, as with forward-looking information generally, are, without limitation, based on the assumptions and subject to various risks as set out herein.

Among the key factors that could cause actual results to differ materially from those projected in the forward-looking statements are the following: the parties’ ability to consummate the Acquisition; the ability to receive, in a timely manner and on satisfactory terms, all necessary regulatory, and other third party approvals; the ability of the parties to satisfy, in a timely manner, all other conditions to the closing of the Acquisition; the potential impact of the announcement or consummation of the Acquisition on relationships, including with regulatory bodies, stock exchanges, lenders, employees and competitors; the diversion of management time on the Acquisition; assumptions concerning the Acquisition and the operations and capital expenditure plans of the Company following completion of the Acquisition; credit, liquidity and additional financing risks for the Company and its investees; stock market volatility; changes in e-commerce industry growth and trends; changes in the business activities, focus and plans of the Company and its investees and the timing associated therewith; the Company’s actual financial results and ability to manage its cash resources; changes in general economic, business and political conditions, including challenging global financial conditions and the impact of the novel coronavirus pandemic; competition risks; potential conflicts of interest; changes in applicable laws and regulations both locally and in foreign jurisdictions; compliance with extensive government regulation; the risks and uncertainties associated with foreign markets; and the other risk factors more fully described in the Company’s filing statement dated November 30, 2020 prepared in connection with its qualifying transaction, which has been filed with the Canadian securities regulators and is available on the Company’s profile on SEDAR at www.sedar.com

Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended and such changes could be material. The Company does not intend, and do not assume any obligation, to update the forward-looking statements except as otherwise required by applicable law.

In addition, Stamped’s estimates of annualized recurring subscription revenue and net revenue retention for the period ending December 31, 2020 are preliminary and are inherently uncertain due to a number of factors, and remain subject to WeCommerce’s management and Audit Committee reviews and the completion of regular financial closing review procedures and audit procedures for the year ended December 31, 2020. Additional adjustments to the preliminary estimates presented above may be identified, and final results for the relevant periods may differ materially from these preliminary estimates and will not be finalized until after the Company completes its normal year-end accounting procedures, including execution of internal controls over financial reporting. These preliminary estimates are intended to provide information about management’s current expectations regarding certain aspects of Stamped’s financial performance. Reliance on the information presented herein may not be appropriate for other purposes.

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

Operating Metrics

Net Revenue Retention. Stamped’s net revenue retention compares the revenue from paying subscribers in a quarter to the same quarter in the prior year. To calculate net revenue retention, Stamped first identifies the cohort of active paying subscribers that were active paying subscribers in the same quarter of the prior year. The net revenue retention is the quotient obtained by dividing the revenue generated from that cohort in a quarter, by the revenue generated from that same cohort in the corresponding quarter in the prior year.

Annualized recurring subscription revenue. Stamped’s annualized recurring subscription revenue at a point in time indicates the amount of revenue it would expect to generate from paying subscribers over the following twelve months, assuming Stamped customers do not upgrade, cancel or downgrade their subscription. Stamped calculates annualized recurring subscription revenue at the end of a particular month by multiplying the subscription revenue generated during such month by twelve.

Non-IFRS Measures

This press release makes reference to certain non-IFRS measures. These measures are not recognized measures under IFRS, and do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of our and Stamped’s results of operations from management’s perspective. Accordingly, these measures should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS. We use non-IFRS measures including “net revenue retention” and “annualized recurring subscription revenue”. Management uses these non-IFRS measures in order to, among other things, facilitate operating performance comparisons from period to period and to prepare annual operating budgets and forecasts.

We are presenting these measures because we believe that our current and potential investors, and many analysts, use them to assess our current and future operating results and to make investments decisions. Management uses these measures in managing the business and making decisions. The non-IFRS measures used in this press release are not intended as a substitute for IFRS measures.

¹ For more information on the meaning of certain non-IFRS measures used in this press release, please refer to the information provided under the headings “Operating Metrics” and “Non-IFRS Measures” below.

² The Acquisition constitutes an arm’s length reviewable transaction under TSXV Corporate Finance Manual Policy 5.3 – Acquisitions and Dispositions of Non-Cash Assets, and as such it will require approval of the TSXV.

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Evan Brown, Chief Financial Officer

[email protected]

250-888-9424

KEYWORDS: North America Canada

INDUSTRY KEYWORDS: Software Finance Banking Professional Services Technology Online Retail Retail Other Technology

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March 5, 2021 7:03 am

Romeo Power Announces Timing of Fourth Quarter and Full Year 2020 Financial Results and Webcast

Romeo Power Announces Timing of Fourth Quarter and Full Year 2020 Financial Results and Webcast

LOS ANGELES–(BUSINESS WIRE)–
Romeo Power, Inc. (“Romeo Power”) (NYSE: RMO), an energy technology leader delivering large-scale electrification solutions for complex commercial applications, announced that it will release its fourth quarter and full year 2020 financial results after market close on Tuesday, March 30th. This release will be followed by a conference call at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time). Participating on the call will be Lionel Selwood, Jr., President and Chief Executive Officer, and Lauren Webb, Chief Financial Officer, of Romeo Power.

The call can be accessed via a live webcast accessible on the Events Calendar page of Romeo Power’s Investor Relations website at https://investors.romeopower.com/. An archive of the webcast will be available shortly after the call for twelve months following the call.

About Romeo Power, Inc.

Founded in 2016 and headquartered in Los Angeles, California, Romeo Power (NYSE: RMO) is an energy technology leader delivering large-scale electrification solutions for complex commercial applications. The company’s suite of advanced hardware, combined with its innovative battery management system, delivers the safety, performance, reliability and configurability its customers need to succeed. Romeo Power’s 113,000 square-foot manufacturing facility brings its flexible design and development process inhouse to pack the most energy dense modules on the market. To keep up with everything Romeo Power, please follow the company on social @romeopowerinc or visit www.romeopower.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210305005095/en/

Romeo Power

For Investors

ICR, Inc.

[email protected]

For Media

ICR, Inc.

[email protected]

KEYWORDS: United States North America California

INDUSTRY KEYWORDS: Other Energy Utilities Technology Manufacturing Energy Other Manufacturing Hardware

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March 5, 2021 7:03 am

Ruth’s Hospitality Group, Inc. Reports Fourth Quarter With a Return to Positive Net Income

Ruth’s Hospitality Group, Inc. Reports Fourth Quarter With a Return to Positive Net Income

WINTER PARK, Fla.–(BUSINESS WIRE)–
Ruth’s Hospitality Group, Inc. (the “Company”) (NASDAQ: RUTH) today provided a business update on the impact of the COVID-19 pandemic and reported unaudited financial results for its fourth quarter and fiscal year ended December 27, 2020.

Business and Liquidity Update:

At the end of the fourth quarter of 2020, 91% (70 of 77) of company-owned and managed restaurants were open, which included 48 restaurants offering limited capacity dining service, three restaurants offering outdoor seating only, and 19 restaurants offering to-go and delivery service only. Beginning in the second half of November, the Company faced an increasing number of local COVID-19 pandemic-related governmental restrictions, including all of the Company’s California-based restaurants being limited to to-go and delivery service only.
93% (67 of 72) of the Company’s franchisee-owned restaurants were open as of the end of the fourth quarter, which included 60 restaurants offering limited capacity dining service, two restaurants offering outdoor seating only, and five restaurants offering to-go and delivery service only.
Fourth quarter comparable restaurant sales at Company-owned restaurants decreased 39.7% compared to the fourth quarter of 2019. While sales trends improved in October with comparable sales down 26.1% at Company-owned restaurants compared to 2019, the renewed COVID-related restrictions negatively impacted sales trends in November and December, with comparable sales down 35.2% and 53.9% compared to 2019, respectively. In 2021, we have seen improved performance in January and February with Company-owned comparable sales down 38.9% and 25.6% compared to 2020, respectively, reflecting restaurants shifting to open or outdoor dining status.
Fourth quarter comparable sales for Company-owned restaurants with open dining rooms decreased 24.4% compared to the fourth quarter of 2019. In 2021, comparable sales for Company-owned restaurants with open dining rooms decreased 16.3% through February compared to 2020.
As of December 27, 2020, the Company’s cash balance was approximately $95.4 million, with $115.0 million of debt outstanding under its senior credit facility and $4.8 million of outstanding letters of credit.
During the fourth quarter, the Company repaid $20.2 million in debt and secured a term extension to February 2023 on its senior credit facility.
On January 28, 2021, the Company entered into an amendment to its existing $120.0 million credit agreement that provided for a $10.0 million commitment reduction from the existing credit agreement. The amendment also extended relief from the financial covenants to maintain a specified quarterly minimum adjusted Fixed Charge Coverage Ratio and maximum Consolidated Leverage Ratio until the second fiscal quarter of 2021.
As of February 26, 2021, the Company’s cash balance was approximately $112.0 million.

Highlights for the Fourth Quarter 2020

Total revenue in the fourth quarter of 2020 was $77.4 million, compared to $135.0 million in the fourth quarter of 2019.
Net income in the fourth quarter of 2020 was $1.4 million, or $0.04 per diluted share, compared to net income of $14.5 million, or $0.50 per diluted share, in the fourth quarter of 2019.
- Net income in the fourth quarter of 2020 included a $2.5 million employee retention payroll tax credit, which reduced restaurant operating expenses; $322 thousand in severance costs and accelerated stock expense; $28 thousand in gain related to lease modifications; a $295 thousand impairment loss related to restaurant closures, and a $1.1 million income tax expense related to the impact of discrete income tax items. Net income in the fourth quarter of 2019 included $124 thousand in acquisition-related expenses associated with the previously completed acquisition of the three restaurants from our Philadelphia and Long Island franchisee and $374 thousand in closure costs associated with accelerating the closure of a restaurant in Washington, DC.
- Excluding these items, non-GAAP diluted earnings per common share was $0.03 in the fourth quarter of 2020, compared to $0.52 in the fourth quarter of 2019. The Company believes that non-GAAP diluted earnings per common share provides a useful alternative measure of financial performance to improve comparability of diluted earnings per common share between periods. Investors are advised to see the attached Reconciliation of Non-GAAP Financial Measure table for additional information.

Cheryl Henry, President and Chief Executive Officer of Ruth’s Hospitality Group, Inc., stated, “2020 was truly a challenging year for our Ruth’s Chris team and our franchisees. We managed through two significant shutdowns during the year, the first in late March, and the other most recently during our fourth quarter. Despite these challenges, I’m pleased that our amazing team and franchise partners displayed resilience and agility in the face of uncertainty, resulting in strong fourth quarter results.”

Henry added, “COVID has taught us flexibility and innovation, which includes new operating procedures at the restaurant level as well as a more flexible labor model, better capacity utilization, and the adoption of technology not only by us as an organization, but by our customers. With an iconic, 55-year old brand behind these efforts we are proud of where we are today and optimistic about the future.”

Review of Fourth Quarter 2020 Operating Results

Restaurant sales in the fourth quarter of 2020 were $72.2 million compared to $127.1 million in the fourth quarter of 2019. Average unit weekly sales for restaurants with open dining rooms were $90.2 thousand in the fourth quarter of 2020, compared to $118.8 thousand in the fourth quarter of 2019.

Company-owned Sales

Comparable restaurant sales at Company-owned restaurants decreased 39.7% compared to the fourth quarter of 2019, which consisted of a 34.7% decrease in traffic, as measured by entrees, and a 7.6% decrease in average check.
At the end of the fourth quarter of 2020, 70 Company-owned and managed Ruth’s Chris Steak House restaurants were in operation, which included 48 restaurants offering limited capacity dining service, three restaurants offering outdoor seating only, and 19 restaurants offering to-go and delivery service only. Seven Company-owned restaurants remained temporarily closed as of December 27, 2020. At the end of the fourth quarter of 2019, 86 Company-owned and managed Ruth’s Chris Steak House restaurants were in operation.

Franchise Income

Franchise income in the fourth quarter of 2020 was $3.6 million compared to $5.0 million in the fourth quarter of 2019. The reduction in franchise income was due to a decrease in sales from franchise operations.
At the end of the fourth quarter of 2020, 67 franchisee-owned Ruth’s Chris Steak House restaurants were open, which included 60 restaurants offering limited capacity dining service, two restaurants offering outdoor seating only, and five restaurants offering to-go and delivery service only. Five franchise restaurants remained temporarily closed as of December 27, 2020. At the end of the fourth quarter of 2019, 73 franchisee-owned restaurants were open.

Operating Expenses

Food and beverage costs, as a percentage of restaurant sales, decreased 34 basis points to 29.5% compared to the fourth quarter of 2019. Total beef costs decreased 2.0% compared to the fourth quarter of 2019.
Restaurant operating expenses, as a percentage of restaurant sales, decreased 19 basis points to 46.0% compared to the fourth quarter of 2019. Restaurant operating expenses in the fourth quarter of 2020 were reduced by a $2.5 million employee retention payroll tax credit.
Marketing and advertising costs decreased $2.9 million (65.1%) from the fourth quarter of 2019.
General and administrative expenses increased $2.0 million to $10.6 million compared to the fourth quarter of 2019. The increase was largely due to the timing of the accrual of bonus expense for home office team members.
Pre-opening costs were $448 thousand in the fourth quarter of 2020, compared to $948 thousand in the fourth quarter of 2019. The pre-opening costs in 2020 were related to rent accruals for unopened locations where the Company has taken possession of the property.

Highlights for Fiscal Year 2020

Total revenues in 2020 decreased 40.7% to $277.7 million, compared to $468.0 million in 2019.
Net loss in 2020 was $25.3 million, or ($0.80) per diluted share, compared to net income of $42.2 million, or $1.44 per diluted share, in 2019.
- Net loss in 2020 included a $2.5 million employee retention payroll tax credit; $1.8 million in severance costs and accelerated stock expense; $0.2 million in gain related to lease modifications; a $16.5 million impairment loss primarily related to restaurant closures, and a $1.5 million income tax expense related to the impact of discrete income tax items. Net income in 2019 included $0.5 million in acquisition-related expenses associated with the acquisition of the three restaurants from our Philadelphia and Long Island franchisee, $0.4 million in closure costs associated with accelerating the closure of a restaurant in Washington, DC and a $0.8 million benefit related to other discrete income tax items.
- Excluding these adjustments, as well as the results from discontinued operations and certain discrete income tax items, non-GAAP diluted loss per common share was ($0.38) in 2020, compared to a non-GAAP diluted earnings per common share of $1.43 in 2019. The Company believes that non-GAAP diluted earnings per common share provides a useful alternative measure of financial performance to improve comparability of diluted earnings per common share between periods. Investors are advised to see the attached Reconciliation of Non-GAAP Financial Measure table for additional information.

Review of Fiscal Year 2020 Operating Results

Restaurant sales in 2020 were $260.8 million compared to $441.4 million in 2019.

Company-owned Sales

Comparable restaurant sales at Company-owned restaurants decreased 40.2% compared to 2019, which consisted of a 36.1% decrease in traffic, as measured by entrees, and an average check decrease of 6.4%.

Franchise Income

Franchise income in 2020 was $11.7 million compared to $17.9 million compared to 2019. The reduction in franchise income was due to a decrease in sales from franchise operations.

Operating Expenses

Food and beverage costs, as a percentage of restaurant sales, increased 17 basis points to 29.1%. Total beef costs decreased 1.6% compared to 2019.
Restaurant operating expenses, as a percentage of restaurant sales, increased to 57.7% compared to 48.6% in 2019, primarily due to the impact of fixed costs on lower restaurant sales in 2020.
Marketing and advertising costs decreased $8.6 million (55.6%) from 2019.
General and administrative expenses decreased $1.4 million to $33.2 million compared to 2019. The decrease in G&A expenses was primarily due to lower compensation related expenses.
Pre-opening costs were $1.6 million in 2020, compared to $1.8 million in 2019.

Development Update

The Company currently expects to open a new restaurant in 2021 in Short Hills, NJ early in the third quarter. The Company will begin construction of a new restaurant in Aventura, FL in 2021 with an expected opening date in the second quarter of 2022.

Leadership Update

The Company today announced that the Board of Directors has appointed Cheryl J. Henry, the Company’s President and Chief Executive Officer, to the role of Chairperson effective upon her re-election to the Board of Directors at the Annual Meeting to be held on May 25, 2021. Michael O’Donnell, currently Chairman of the Board, will step down at that time and continue to serve as a Director of Ruth’s Hospitality Group, Inc. upon his re-election. This is consistent with the Board’s long-term succession planning.

Henry said, “On behalf of the Company, I would like to thank Mike for his leadership and the contribution he has made as Chairman. I am very proud to have been asked by the Board to serve as Chairperson to continue our work for the benefit of our shareholders, team members and guests.”

Financial Outlook

Due to the ongoing uncertainty around the duration and severity of the COVID-19 pandemic, the Company will not be providing financial guidance for fiscal year 2021 at this time.

The foregoing statements are not guarantees of future performance, and therefore, undue reliance should not be placed upon them. We refer you to the “Cautionary Note Regarding Forward-Looking Statements” section in this earnings press release and to our recent filings with the Securities and Exchange Commission for more detailed discussions of the risks that could impact our financial outlook and our future operating results and financial condition.

Conference Call

The Company will host a conference call to discuss fourth quarter 2020 and fiscal year 2020 financial results today at 8:30 AM Eastern Time. Hosting the call will be Cheryl J. Henry, President and Chief Executive Officer, and Kristy Chipman, Chief Financial Officer.

The conference call can be accessed live over the phone by dialing 201-689-8470. A replay will be available one hour after the call and can be accessed by dialing 412-317-6671; the password is 13716005. The replay will be available until Friday, March 12, 2021. The call will also be webcast live from the Company’s website at www.rhgi.com under the Investor Relations section.

About Ruth’s Hospitality Group, Inc.

Ruth’s Hospitality Group, Inc., headquartered in Winter Park, Florida, is the largest fine dining steakhouse company in the U.S. as measured by the total number of Company-owned and franchisee-owned restaurants, with over 140 Ruth’s Chris Steak House locations worldwide specializing in USDA Prime grade steaks served in Ruth’s Chris’ signature fashion – “sizzling.”

For information about our restaurants or to purchase gift cards, please visit www.RuthsChris.com. For more information about Ruth’s Hospitality Group, Inc., please visit www.rhgi.com.

Cautionary Note Regarding Forward-Looking Statements

This press release contains “forward-looking statements” that reflect, when made, the Company’s expectations or beliefs concerning future events that involve risks and uncertainties. Forward-looking statements frequently are identified by the words “believe,” “anticipate,” “expect,” “estimate,” “intend,” “project,” “targeting,” “will be,” “will continue,” “will likely result,” or other similar words and phrases. Similarly, statements herein that describe the Company’s objectives, plans or goals, including with respect to restaurant openings and acquisitions or closures, capital expenditures, strategy, financial outlook, cash flows, our effective tax rate and the impact of recent accounting pronouncements, also are forward-looking statements. Actual results could differ materially from those projected, implied or anticipated by the Company’s forward-looking statements. Some of the factors that could cause actual results to differ include: the negative impact the COVID-19 pandemic has had and will continue to have on our business, financial condition and results of operations; reductions in the availability of, or increases in the cost of, USDA Prime grade beef, fish and other food items; changes in economic conditions and general trends; the loss of key management personnel; the effect of market volatility on the Company’s stock price; health concerns about beef or other food products; the effect of competition in the restaurant industry; changes in consumer preferences or discretionary spending; labor shortages or increases in labor costs; the impact of federal, state or local government regulations relating to income taxes, unclaimed property, Company employees, the sale or preparation of food, the sale of alcoholic beverages and the opening of new restaurants; political conditions, civil unrest or other developments and risks in the markets where the Company’s restaurants are located; harmful actions taken by the Company’s franchisees; the inability to successfully integrate franchisee acquisitions into the Company’s business operations; economic, regulatory and other limitations on the Company’s ability to pursue new restaurant openings and other organic growth opportunities; a material failure, interruption or security breach of the Company’s information technology network; the Company’s indemnification obligations in connection with its sale of the Mitchell’s Restaurants; the Company’s ability to protect its name and logo and other proprietary information; an impairment in the financial statement carrying value of our goodwill, other intangible assets or property; gains or losses on lease modifications; the impact of litigation; the restrictions imposed by the Company’s credit agreement; changes in, or the suspension or discontinuation of, the Company’s quarterly cash dividend payments or share repurchase program; and the inability to secure additional financing on terms acceptable to the Company. For a discussion of these and other risks and uncertainties that could cause actual results to differ from those contained in the forward-looking statements, see “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 29, 2019, “Risk Factors” in the Company’s Quarterly Report on Form 10-Q for the quarter ended September 27, 2020, and the Company’s other filings with the Securities and Exchange Commission (“SEC”). Such filings are available on the SEC’s website at www.sec.gov. All forward-looking statements are qualified in their entirety by this cautionary statement, and the Company undertakes no obligation to revise or update this press release to reflect events or circumstances after the date hereof. You should not assume that material events subsequent to the date of this press release have not occurred.

Unless the context otherwise indicates, all references in this report to the “Company,” “Ruth’s,” “we,” “us,” “our” or similar words are to Ruth’s Hospitality Group, Inc. and its subsidiaries. Ruth’s Hospitality Group, Inc. is a Delaware corporation formerly known as Ruth’s Chris Steak House, Inc., and was founded in 1965.

RUTH’S HOSPITALITY GROUP, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations – Preliminary and Unaudited
(Amounts in thousands, except share and per share data)


	13 Weeks Ended						52 Weeks Ended
	December 27,			December 29,			December 27,			December 29,
	2020			2019			2020			2019

Revenues:
Restaurant sales	$	72,151		$	127,132		$	260,763		$	441,361
Franchise income		3,644			4,972			11,737			17,879
Other operating income		1,577			2,929			5,248			8,786
Total revenues		77,372			135,033			277,748			468,026

Costs and expenses:
Food and beverage costs		21,268			37,909			75,831			127,597
Restaurant operating expenses		33,195			58,740			150,420			214,715
Marketing and advertising		1,574			4,508			6,859			15,432
General and administrative costs		10,581			8,627			33,248			34,643
Depreciation and amortization expenses		5,304			5,901			21,964			21,354
Pre-opening costs		448			948			1,633			1,824
Gain on lease modifications		(28	)		—			(206	)		—
Loss on impairment		295			—			16,548			—
Total costs and expenses		72,637			116,633			306,297			415,565
Operating income (loss)		4,735			18,400			(28,549	)		52,461
Other income (expense):
Interest expense, net		(1,340	)		(737	)		(4,681	)		(2,197	)
Other		38			82			26			115
Income (loss) before income taxes		3,433			17,745			(33,204	)		50,379
Income tax expense (benefit)		2,010			3,287			(7,910	)		8,173
Net income (loss)	$	1,423		$	14,458		$	(25,294	)	$	42,206

Basic earnings (loss) per share	$	0.04		$	0.51		$	(0.80	)	$	1.46

Diluted earnings (loss) per share	$	0.04		$	0.50		$	(0.80	)	$	1.44

Shares used in computing net income per common share:
Basic		34,256,769			28,513,764			31,683,920			28,998,382
Diluted		34,396,700			28,835,275			31,683,920			29,376,980
Dividends declared per common share	$	–		$	0.13		$	0.15		$	0.52

RECONCILIATION OF NON-GAAP FINANCIAL MEASURE

We prepare our financial statements in accordance with U.S. generally accepted accounting principles (GAAP). Within our press release, we make reference to non-GAAP diluted earnings per common share. This non-GAAP measurement was calculated by excluding acquisition costs, employee retention payroll tax credit, accelerated stock compensation and severance payments, gain on lease modifications, loss on impairment and restaurant closure costs and certain discrete income tax items. We exclude the impact of the acquisition costs, employee retention payroll tax credit, accelerated stock compensation and severance payments, gain on lease modifications, loss on impairment and restaurant closure costs and certain discrete income tax items to improve comparability of diluted earnings per common share between periods. This non-GAAP measurement has been included as supplemental information. We believe that this measure represents a useful internal measure of performance. Accordingly, where this non-GAAP measure is provided, it is done so that investors have the same financial data that management uses in evaluating performance with the belief that it will assist the investment community in assessing our underlying performance on a quarter-over-quarter basis. However, because this measure is not determined in accordance with GAAP, such a measure is susceptible to varying calculations and not all companies calculate the measure in the same manner. As a result, the aforementioned measure as presented may not be directly comparable to a similarly titled measure presented by other companies. This non-GAAP financial measure is presented as supplemental information and not as an alternative to diluted earnings per share as calculated in accordance with GAAP.

Reconciliation of Non-GAAP Financial Measure – Unaudited
(Amounts in thousands, except share and per share data)


	13 Weeks Ended						52 Weeks Ended
	December 27,			December 29,			December 27,			December 29,
	2020			2019			2020			2019
GAAP Net income (loss)	$	1,423		$	14,458		$	(25,294	)	$	42,206
GAAP Income tax expense (benefit)		2,010			3,287			(7,910	)		8,173
GAAP Income (loss) from continuing operations before income taxes		3,433			17,745			(33,204	)		50,379
Adjustments:
Franchisee acquisition costs		—			124			—			536
Employee retention payroll tax credit		(2,525	)		—			(2,525	)		—
Accelerated stock compensation and severance payments		322			—			1,824			—
Gain on lease modifications		(28	)		—			(206	)		—
Loss on impairment and restaurant closure costs		295			374			16,548			374
Adjusted net income before income taxes		1,497			18,243			(17,563	)		51,289
Adjusted income tax benefit (expense) (1)		(1,526	)		(3,411	)		4,000			(8,400	)
Impact of excluding certain discrete income tax items		1,142			36			1,455			(849	)
Non-GAAP Net income (loss)	$	1,113		$	14,868		$	(12,108	)	$	42,040

GAAP Diluted earnings (loss) per common share	$	0.04		$	0.50		$	(0.80	)	$	1.44

Non-GAAP Diluted earnings (loss) per common share	$	0.03		$	0.52		$	(0.38	)	$	1.43

Weighted-average number of common shares outstanding – diluted		34,396,700			28,835,275			31,683,920			29,376,980

(1)

Adjusted income tax is calculated by multiplying the Non-GAAP adjustments by our marginal federal and state income tax rates and adding or subtracting the result to/from our GAAP income tax expense.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210305005090/en/

Investor Relations

Fitzhugh Taylor

[email protected]

KEYWORDS: United States North America Florida

INDUSTRY KEYWORDS: Retail Luxury Restaurant/Bar Other Retail Specialty Food/Beverage

MEDIA:

March 5, 2021 7:03 am

Universal Electronics Inc. to Host Investor Day on March 19

Universal Electronics Inc. to Host Investor Day on March 19

SCOTTSDALE, Ariz.–(BUSINESS WIRE)–Universal Electronics Inc. (UEI) (NASDAQ: UEIC), the global leader in universal control and sensing technologies for the smart home, will host a virtual Investor Day on Friday, March 19, 2021. The event will begin at 9:00 a.m. PT/12:00 p.m. ET.

During this three-hour Investor Day event, Paul Arling, Chairman and CEO, and members of UEI’s leadership team will share the company’s vision, strategy and financial outlook, as well as offer guidance on the trends and opportunities in the company’s business channels. Attendees will get a look at UEI’s latest product and technology solutions designed to blend entertainment and smart home experiences. UEI’s leadership team will be available to answer questions throughout the event.

Participants can pre-register to attend UEI’s Investor Day here. A recording of the webcast will be available for replay on the Investor section of UEI’s website for one year.

About Universal Electronics

Founded in 1986, Universal Electronics Inc. (NASDAQ: UEIC) is the global leader in universal control and sensing technologies for the smart home. The company designs, develops, manufactures and ships over 500 innovative products that are used by the world’s leading brands in the consumer electronics, subscription broadcast, security, home automation, hospitality and climate control markets. For more information, please visit www.uei.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210305005109/en/

Press Contact

Shoshana Leon

Corporate Communications

Universal Electronics Inc.

[email protected]

+1 480-521-3354

Investor Contact

Kirsten Chapman

Managing Director

LHA Investor Relations

[email protected]

+1 415-433-3777

KEYWORDS: United States North America Arizona

INDUSTRY KEYWORDS: Mobile/Wireless Technology Security Other Technology Software Home Goods Internet Hardware Retail Consumer Electronics

MEDIA:

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March 5, 2021 7:03 am

AVROBIO Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

AVROBIO Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

CAMBRIDGE, Mass.–(BUSINESS WIRE)–AVROBIO, Inc. (Nasdaq: AVRO), a leading clinical-stage gene therapy company with a mission to free people from a lifetime of genetic disease, today announced that the company has granted non-statutory stock options for the purchase of up to an aggregate of 61,500 shares of the company’s common stock to five new employees as inducement awards under the company’s 2019 Inducement Plan. The grants were made in accordance with Nasdaq Listing Rule 5635(c)(4).

The stock options were granted as inducements material to the new employees’ acceptance of employment with the company and were approved by the Compensation Committee of the company’s Board of Directors. The stock options were granted on Mar. 1, 2021, with an exercise price of $11.45 per share, representing the closing price of AVROBIO’s common stock as reported by Nasdaq on the grant date.

The stock option awards have a 10-year term and vest over four years, with 25 percent of the original number of shares vesting on the first anniversary of the employees’ new hire date and the remainder vesting in equal monthly installments over the following three years. Vesting of the option awards is subject to continued service with AVROBIO by the employee through the applicable vesting dates.

About AVROBIO

Our vision is to bring personalized gene therapy to the world. We aim to prevent, halt or reverse disease throughout the body with a single dose of gene therapy designed to drive durable expression of therapeutic protein, even in hard-to-reach tissues and organs including brain, muscle and bone. Our ex vivo lentiviral gene therapy pipeline includes clinical programs in Fabry disease, Gaucher disease type 1 and cystinosis, as well as preclinical programs in Hunter syndrome, Gaucher disease type 3 and Pompe disease. AVROBIO is powered by our industry leading plato® gene therapy platform, our foundation designed to deliver gene therapy worldwide. We are headquartered in Cambridge, Mass., with an office in Toronto, Ontario. For additional information, visit avrobio.com, and follow us on Twitter and LinkedIn.

Forward-Looking Statements

This press release contains forward-looking statements, including statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements may be identified by words and phrases such as “aims,” “anticipates,” “believes,” “could,” “designed to,” “estimates,” “expects,” “forecasts,” “goal,” “intends,” “may,” “plans,” “possible,” “potential,” “seeks,” “will,” and variations of these words and phrases or similar expressions that are intended to identify forward-looking statements. These forward-looking statements include, without limitation, statements regarding our business strategy for and the potential therapeutic benefits of our prospective product candidates, the design, commencement, enrollment and timing of ongoing or planned clinical trials, clinical trial results, product approvals and regulatory pathways, anticipated benefits of our gene therapy platform including potential impact on our commercialization activities, timing and likelihood of success, the expected benefits and results of our implementation of the plato platform in our clinical trials and gene therapy programs and the expected safety profile of our investigational gene therapies. Any such statements in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Results in preclinical or early-stage clinical trials may not be indicative of results from later stage or larger scale clinical trials and do not ensure regulatory approval. You should not place undue reliance on these statements, or the scientific data presented.

Any forward-looking statements in this press release are based on AVROBIO’s current expectations, estimates and projections about our industry as well as management’s current beliefs and expectations of future events only as of today and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, the risk that any one or more of AVROBIO’s product candidates will not be successfully developed or commercialized, the risk of cessation or delay of any ongoing or planned clinical trials of AVROBIO or our collaborators, the risk that AVROBIO may not successfully recruit or enroll a sufficient number of patients for our clinical trials, the risk that AVROBIO may not realize the intended benefits of our gene therapy platform, including the features of our plato platform, the risk that our product candidates or procedures in connection with the administration thereof will not have the safety or efficacy profile that we anticipate, the risk that prior results, such as signals of safety, activity or durability of effect, observed from preclinical or clinical trials, will not be replicated or will not continue in ongoing or future studies or trials involving AVROBIO’s product candidates, the risk that we will be unable to obtain and maintain regulatory approval for our product candidates, the risk that the size and growth potential of the market for our product candidates will not materialize as expected, risks associated with our dependence on third-party suppliers and manufacturers, risks regarding the accuracy of our estimates of expenses and future revenue, risks relating to our capital requirements and needs for additional financing, risks relating to clinical trial and business interruptions resulting from the COVID-19 outbreak or similar public health crises, including that such interruptions may materially delay our development timeline and/or increase our development costs or that data collection efforts may be impaired or otherwise impacted by such crises, and risks relating to our ability to obtain and maintain intellectual property protection for our product candidates. For a discussion of these and other risks and uncertainties, and other important factors, any of which could cause AVROBIO’s actual results to differ materially and adversely from those contained in the forward-looking statements, see the section entitled “Risk Factors” in AVROBIO’s most recent Annual or Quarterly Report, as well as discussions of potential risks, uncertainties and other important factors in AVROBIO’s subsequent filings with the Securities and Exchange Commission. AVROBIO explicitly disclaims any obligation to update any forward-looking statements except to the extent required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210305005044/en/

Investor Contact:

Christopher F. Brinzey

Westwicke, an ICR Company

339-970-2843

[email protected]

Media Contact:

Stephanie Simon

Ten Bridge Communications

617-581-9333

[email protected]

KEYWORDS: United States North America Massachusetts

INDUSTRY KEYWORDS: Biotechnology General Health Health Genetics Pharmaceutical

MEDIA:

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March 5, 2021 7:03 am

GasLog Announces Availability of its Annual Report on Form 20-F for the Year Ended December 31, 2020

Piraeus, Greece, March 05, 2021 (GLOBE NEWSWIRE) — GasLog Ltd. (GasLog) (NYSE: GLOG), an international owner, operator and manager of liquefied natural gas (“LNG”) carriers, announced today that its Annual Report on Form 20-F for the fiscal year ended December 31, 2020 (the “Annual Report”) has been filed with the U.S. Securities and Exchange Commission and can be accessed on the Company’s website, http://www.gaslogltd.com, in the “Investor Relations” section under “SEC Filings”.

Shareholders may also request a hard copy of the Annual Report, which includes the Company’s complete 2020 audited financial statements, free of charge by contacting:

Email: [email protected]
Phone: +1-212-223-0643

About GasLog Ltd.

GasLog is an international owner, operator and manager of LNG carriers providing support to international energy companies as part of their LNG logistics chain. GasLog’s consolidated fleet consists of 35 LNG carriers. Of these vessels, 17 (15 on the water and two on order) are owned by GasLog, three have been sold to a subsidiary of Mitsui & Co. Ltd. to CMBFL and ICBC respectively, and leased back by GasLog under long-term bareboat charters and the remaining 15 LNG carriers are owned by the Company’s subsidiary, GasLog Partners. GasLog’s principal executive offices are at 69 Akti Miaouli, 18537 Piraeus, Greece. Visit GasLog’s website at http://www.gaslogltd.com.

Contact:

Joseph Nelson
Head of Investor Relations
Phone: +1-212-223-0643

Email: [email protected]

March 5, 2021 7:03 am

Trevena to Release Fourth Quarter and Full Year 2020 Financial Results on March 9, 2021

—

Company to host conference call on March 9^th, 2021, at 8:00 a.m. ET

—

CHESTERBROOK, Pa., March 05, 2021 (GLOBE NEWSWIRE) — Trevena, Inc. (Nasdaq: TRVN), a biopharmaceutical company focused on the development and commercialization of novel medicines for patients with central nervous system (CNS) disorders, today announced that it will release its financial results for the fourth quarter and full year ended December 31, 2020, prior to the market open on Tuesday, March 9^th, 2021.

The Company will host a conference call and webcast with the investment community at 8:00 a.m. ET that same day, featuring remarks by Carrie Bourdow, President and Chief Executive Officer, Bob Yoder, SVP and Chief Commercial Officer, Mark Demitrack, M.D., SVP and Chief Medical Officer, and Barry Shin, SVP and Chief Financial Officer.

Additionally, Dr. Gregory Hammer, Professor of Anesthesiology, Stanford University Medical Center, will be providing additional remarks on the role of OLINVYK™ (oliceridine) injection in acute pain management and key considerations in the formulary review process at his institution.

Title:	Trevena Fourth Quarter & Full Year 2020 Financial Results Conference Call & Webcast
Date:	Tuesday, March 9, 2021
Time:	8:00 a.m. ET
Conference Call Details:	Toll-Free: 855-465-0180 International: 484-756-4313 Conference ID: 7276985
Webcast:	https://edge.media-server.com/mmc/p/z467y594

The webcast will be available starting 15 minutes prior to the conference call start time. A replay of the webcast will be accessible following the conclusion of the live broadcast on the company’s website at https://www.trevena.com/investors/events-presentations/ir-calendar.

The Company today also announced that Carrie Bourdow will participate on a panel hosted by Scott Gottlieb, M.D., Former FDA Commissioner (2017-2019), as part of the H.C. Wainwright Global Life Sciences Virtual Conference. Additional details are below:

Title:	Reimbursement and Pricing – Pre- and Post-Commercialization Considerations
Date:	Tuesday, March 9, 2021
Time:	1:00 p.m. ET
Webcast:	https://journey.ct.events/view/77c19841-d2aa-433e-8447-a47e4dde66de

About Trevena

Trevena, Inc. is a biopharmaceutical company focused on the development and commercialization of novel medicines for patients with CNS disorders. The Company has one approved product in the U.S., OLINVYK™ (oliceridine) injection, indicated in adults for the management of acute pain severe enough to require an intravenous opioid analgesic and for whom alternative treatments are inadequate. The Company also has four novel and differentiated investigational drug candidates: TRV250 for the acute treatment of migraine, TRV734 for maintenance treatment of opioid use disorder, and TRV027 for acute lung injury / abnormal blood clotting in COVID-19 patients. The Company has also identified TRV045, a novel S1P receptor modulator that may offer a new, non-opioid approach to treating a variety of CNS disorders.

For more information, please visit www.trevena.com.

Investor Contact:

Dan Ferry – Managing Director
LifeSci Advisors, LLC
[email protected]
(617) 430-7576

Company Contact:

Bob Yoder
SVP and Chief Commercial Officer
Trevena, Inc.
(610) 354-8840

March 5, 2021 7:03 am

Aquestive Therapeutics to Host Investor & Analyst Virtual Epinephrine Drug Delivery R&D Event on March 25 at 9:00 a.m. ET

WARREN, N.J., March 05, 2021 (GLOBE NEWSWIRE) — Aquestive Therapeutics, Inc. (NASDAQ: AQST), a pharmaceutical company focused on developing and commercializing differentiated products that address patients’ unmet needs and solve therapeutic problems, announced today that it will host a virtual investor and analyst epinephrine drug delivery research and development event on Thursday, March 25, 2021 at 9:00 am ET.

The event will feature a review of the epinephrine drug delivery program, inclusive of the data from the two Phase 1 PK trials and clinical development strategy, and a Q&A discussion. Presentations will be delivered by members of Aquestive’s senior management team and by two prominent Key Opinion Leaders in the field of allergy disorders:

David Fleischer, M.D., Section Head, Pediatric Allergy and Immunology at Children’s Hospital Colorado, Professor of Pediatrics at University of Colorado School of Medicine
John Oppenheimer, M.D., Clinical Professor of Medicine at UMDNJ Rutgers, Pulmonary and Allergy Associates NJ

A webcast of the virtual R&D event and accompanying slides will be available under “Events and Presentations” in the Investors section of the Company’s website at https://investors.aquestive.com/events-and-presentations. In addition, the R&D event can be accessed by dialing (833) 640-1722 from the U.S. and (602) 585-9829 internationally, followed by the conference ID: 3598556. The event webcast will be archived for 30 days.

About Aquestive Therapeutics

Aquestive Therapeutics is a pharmaceutical company that applies innovative technology to solve therapeutic problems and improve medicines for patients. The Company has commercialized one internally-developed proprietary product to date, Sympazan® (clobazam) oral film, has a commercial proprietary product pipeline focused on the treatment of diseases of the central nervous system, or CNS, and other unmet needs, and is developing orally administered complex molecules to provide alternatives to invasively administered standard of care therapies. The Company also collaborates with other pharmaceutical companies to bring new molecules to market using proprietary, best-in-class technologies, like PharmFilm®, and has proven capabilities for drug development and commercialization.

Forward-Looking Statement

This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “believe,” “anticipate,” “plan,” “expect,” “estimate,” “intend,” “may,” “will,” or the negative of those terms, and similar expressions, are intended to identify forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding the advancement of Libervant™ and other product candidates through the regulatory and development pipeline and business strategies, market opportunities, and other statements that are not historical facts. These forward-looking statements are also subject to the uncertain impact of the COVID-19 global pandemic on our business including with respect to our clinical trials including site initiation, patient enrollment and timing and adequacy of clinical trials; on regulatory submissions and regulatory reviews and approvals of our product candidates; pharmaceutical ingredient and other raw materials supply chain, manufacture, and distribution; sale of and demand for our products; our liquidity and availability of capital resources; customer demand for our products and services; customers’ ability to pay for goods and services; and ongoing availability of an appropriate labor force and skilled professionals. Given these uncertainties, the Company is unable to provide assurance that operations can be maintained as planned prior to the COVID-19 pandemic.

These forward-looking statements are based on our current expectations and beliefs and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Such risks and uncertainties include, but are not limited to, risks associated with the Company’s development work, including any delays or changes to the timing, cost and success of our product development activities and clinical trials and plans for AQST-108 and our other drug candidates; risk of delays in regulatory advancement through the FDA of our drug candidate Libervant and AQST-108 and our other drug candidates or failure to receive approval; ability to address the concerns identified in the FDA’s Complete Response Letter dated September 25, 2020 regarding the New Drug Application for Libervant; risk of our ability to demonstrate to the FDA “clinical superiority” within the meaning of the FDA regulations of Libervant relative to FDA-approved diazepam rectal gel and nasal spray products including by establishing a major contribution to patient care within the meaning of FDA regulations relative to the approved products as well as risks related to other potential pathways or positions which are or may in the future be advanced to the FDA to overcome the seven year orphan drug exclusivity granted by the FDA for the approved nasal spray product of a competitor in the U.S. and there can be no assurance that we will be successful; risk that a competitor obtains FDA orphan drug exclusivity for a product with the same active moiety as any of our other drug products for which we are seeking FDA approval and that such earlier approved competitor orphan drug blocks such other product candidates in the U.S. for seven years for the same indication; risk that a competitor will obtain other market exclusivity with respect to our products; risk inherent in commercializing a new product (including technology risks, financial risks, market risks and implementation risks and regulatory limitations); risks and uncertainties concerning the royalty and other revenue stream of the KYNMOBI™ monetization transaction, achievement of royalty targets worldwide or in any jurisdiction and certain other commercial targets required for contingent payments under the monetization transaction; risk of development of our sales and marketing capabilities; risk of legal costs associated with and the outcome of our patent litigation challenging third party at risk generic sale of our proprietary products; risk of sufficient capital and cash resources, including access to available debt and equity financing and revenues from operations, to satisfy all of our short-term and longer term cash requirements and other cash needs, at the times and in the amounts needed; risk of failure to satisfy all financial and other debt covenants and of any default; our and our competitors’ orphan drug approval and resulting drug exclusivity for our products or products of our competitors; short-term and long-term liquidity and cash requirements, cash funding and cash burn; risk related to government claims against Indivior for which we license, manufacture and sell Suboxone® and which accounts for the substantial part of our current operating revenues; risk associated with Indivior’s cessation of production of its authorized generic buprenorphine naloxone film product, including the impact from loss of orders for the authorized generic product and risk of eroding market share for Suboxone and risk of sunsetting product; risks related to the outsourcing of certain marketing and other operational and staff functions to third parties; risk of the rate and degree of market acceptance of our product and product candidates; the success of any competing products, including generics; risk of the size and growth of our product markets; risks of compliance with all FDA and other governmental and customer requirements for our manufacturing facilities; risks associated with intellectual property rights and infringement claims relating to the Company’s products; risk of unexpected patent developments; the impact of existing and future legislation and regulatory provisions on product exclusivity; legislation or regulatory actions affecting pharmaceutical product pricing, reimbursement or access; claims and risks that may arise regarding the safety or efficacy of the Company’s products and product candidates; risk of loss of significant customers; risks related to legal proceedings, including patent infringement, securities, investigative and antitrust litigation matters; changes in government laws and regulations; risk of product recalls and withdrawals; uncertainties related to general economic, political, business, industry, regulatory and market conditions and other unusual items; and other uncertainties affecting the Company described in the “Risk Factors” section and in other sections included in our Annual Report on Form 10 K, in our Quarterly Reports on Form 10-Q, and in our Current Reports on Form 8-K filed with the Securities Exchange Commission (SEC). Given those uncertainties, you should not place undue reliance on these forward-looking statements, which speak only as of the date made. All subsequent forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by this cautionary statement. The Company assumes no obligation to update forward-looking statements or outlook or guidance after the date of this press release whether as a result of new information, future events or otherwise, except as may be required by applicable law.

PharmFilm®, Sympazan® and the Aquestive logo are registered trademarks of Aquestive Therapeutics, Inc. All other registered trademarks referenced herein are the property of their respective owners.

Investor inquiries:
Westwicke, an ICR Company
Stephanie Carrington
[email protected]
646-277-1282